j) Provisions, Contingent liabilities and Contingent Assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting period. The discount rate used to determine the
present value is a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest
expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made. The Company does
not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility
of an inflow of economic benefits to the entity. Contingent assets are not recognised in financial statements
since this may result in the recognition of income that may never be realised. However, when the realisation
of income is virtually certain, then the related asset is not a contingent asset and is recognised.

k) Revenue recognition

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable
that future economic benefits will flow to the Company and specific criteria have been met for each of the
Company's activities as described below

Sale of goods

Revenue from sale of goods is recognised when control of the products being sold is transferred to our
customers and there are no longer any unfulfilled obligations. The performance obligations in our contracts
are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer
terms.

Sale of Services

Sale of Service Income is recognised on rendering of related services.

Sales Return

The Company recognises provision for sales return, on the basis of mutual satisfaction which is measured at
the Sales value excluding taxes & duties.

Export Incentives

Export Incentives under various schemes are accounted in the year in which right to receive is irrevocably
established.

Other revenue:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable rate of interest.

Revenue in respect of insurance/other claims, etc., is recognized only when it is reasonably certain that the
ultimate collection will be made.

Dividends are generally recognised in the Statement of Profit and Loss only when the right to receive payment
is established.

l) Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are recognised
in respect of employees' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are
measured as the present value of expected future payments to be made in respect of services provided by
employees up to the end of the reporting period using the projected unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund.

Defined Benefit obligations

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plan is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The
defined benefit obligation is calculated annually by actuaries using the projected unit credit method as per
Requirement of Ind AS -19 - Employee Benefit.

The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognised in the period in which they occur, directly in other comprehensive income. They are included
in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund, etc., are charged to the Statement of Profit and Loss as
incurred.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognises termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

m) Foreign Currency Transactions:

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is Company's functional and
presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction
dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the
Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange
rates and the resultant exchange differences are recognised in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial transactions.

n) Leases

As a Leasee

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.

The Company recognises a Right-of-Use (ROU) asset and a lease liability at the lease commencement date.
The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted
for any lease payment made at or before the commencement date, plus any initial direct cost incurred and an
estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site
on which it is located, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful
lives of ROU assets are determined on the same basis as those of Property, Plant and Equipment. In addition,
the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental
borrowing rate as the discount rate.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-to-use assets and lease liabilities for short-term lease that
have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease
payments associated with these leases as expenses on a straight-line basis over the lease term.

o) Income taxes

The income tax expense or credit for the period is the tax payable on the current period's taxable income
based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.

Deferred income tax is provided in full, using the liability method on temporary differences arising between
the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of
the reporting period and are excepted to apply when the related deferred income tax assets is realised or the
deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it
is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax

assets and tax liabilities are off set where the Company has a legally enforceable right to offset and intends
either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also
recognised in other comprehensive income or directly in equity, respectively.

p) Earnings Per Share
Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• weighted average number of equity shares outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity
shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming
the conversion of all dilutive potential equity shares.

q) Impairment of Assets:

The Company assesses at each reporting date whether there is an indication that a non-financial asset may
be impaired based on internal/external factors. An asset is treated as impaired when the carrying cost of
asset exceeds its recoverable Value. An impairment loss is charged to the statement of Profit and Loss in the
year in which an asset is identified as impaired. The impairment loss recognized in earlier accounting period
is reversed if there has been a change in the estimate of recoverable amount. After impairment, depreciation
is provided on the revised carrying amount of the asset over its remaining useful life.

[C] Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,
2025, MCA has notified Ind AS 117 - Insurance Contracts and amendments to Ind As 116 - Leases, relating to sale
and lease back transactions, applicable from April 1,2024. The Company has assessed that there is no impact on
its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating
exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods
beginning on or after April 1,2025. The Company is currently assessing the probable impact of these amendments
on its financial statements.

(b) Defined benefit plan

Details of defined benefit obligation and plan assets in respect of retiring gratuity are given below :

The Company has a defined benefit gratuity plan. Every Employee who has completed five years or more
of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each
completed year of service. Employees at corporate office who has completed twenty five years or more of
service gets a gratuity on death or resignation or retirement at 30 days salary (last drawn salary) for each
completed year of service. The scheme is funded with an insurance company in the form of an qualifying
insurance policy.

41. Financial Instruments - Fair Values & Risk Management

41.1 Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value or amortized cost as
described below :

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on the
evaluation, allowances are taken to account for the expected losses of these receivables.

42.2 Financial Risk Management

The company's Board of Directors has overall responsibility for the establishment and oversight of the company's
risk management framework. The company's risk management policies are established to identify and analyse
the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the company's activities.

42.2.1. Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum
credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company
periodically assesses the financial reliability of customers, taking into account the financial condition, current
economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default
rates and overall credit worthiness of customers, management believes that no impairment allowance is required
in respect of outstanding trade receivables as on 31st March, 2025.

Other Financial Assets

The company has limited credit risk arising from cash and cash equivalents as the balances are maintained with
banks with high credit rating. Hence, these are low risk items.

The company evaluates the recoverability of Other financial assets at each reporting date and the same are
written off when there is no reasonable expectation of recovery. Where recoveries are made, these are recognised
in the Statement of Profit and Loss.

42.2.2 Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at
reasonable price. The company's treasury department is responsible for liquidity, funding as well as settlement
management. In addition, processes and policies related to such risks are overseen by senior management.
Management monitors the company's net liquidity position through rolling forecast on the basis of expected cash
flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the
reporting date based on contractual undiscounted payments.

42.2.3 Foreign Currency Risk

The company operates Internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the US$ and EUR. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the company's functional
currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows.

42.2.4 Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. In order to optimize the company's position with regards to the interest income
and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest
rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total
portfolio. The Company does not have any borrowings with floating interest rate as on 31st March, 2025.

42.2.5 Commodity Price Risk

Principal Raw Material for company's products is Crushed Bone and Lime. Company sources its raw material
requirements from domestic markets. Domestic market price generally remains in line with international market
prices. Volatility in bone prices, currency fluctuation of rupee vis a vis other prominent currencies coupled with
demand-supply scenario in the world market affect the effective price of bone and Lime. Company effectively
manages availability of material as well as price volatility through well planned procurement and inventory strategy
and also through appropriate contracts and commitments.

52 Audit Trail

The company has used accounting software for maintaining its books of accout which has a feature of recording
audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions
recorded in the software. Further, there are no instances of audit trail being tampered with. Additionally, the audit
trail of prior year(s) has been preserved by the Company as per the statutory requirements for record retention.

53 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the
approval of the financial statements to determine the necessity for recognition and/or reporting of any of these
events and transactions in the Financial Statements. As of May 22, 2025 there was no subsequent event to be
recognised or reported that are not already disclosed elsewhere in these Financial Statements.

54 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
the rules made thereunder.

55 The Company does not have any transactions with companies struck off.

56 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the
statutory period.

57 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

58 The Company does not have any such trasaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 ( Such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

59 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

60 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

61 Recent accounting pronouncements

Ministry of Corporate Affairs (“”MCA””) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,
2025, MCA has notified Ind AS 117 Insurance Contracts and amendments to Ind As 116 Leases, relating to sale

and lease back transactions, applicable from April 1,2024. The Company has assessed that there is no significant
impact on its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating
exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods
beginning on or after April 1,2025. The Company is currently assessing the probable impact of these amendments
on its financial statements.

62 Previous year's figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them
comparable with current year's figures.The management believes that such reclassification does not have any
material impact on the information presented in the financial statements.

63 Events occurring after reporting period

The Company evaluated subsequent events through May 22, 2025, the date the financial statements were available
for issuance, and determined that there were no additional material subsequent events requiring disclosure.

As per our attached report of even date For and on behalf of the Board

For Mahendra N. Shah & Co.

Chartered Accountants Mr. Abhay Kumar Jha

FRN 105775W Executive Director

Din: 09639121

Chirag M. Shah Tanaya T. Daryanani Vishakha H. Purohit

Partner Company Secretary Chief Financial Officer

Mem. No.: 045706 Mem. No. A37181

Place : Mumbai Place : Mumbai

Date : May 22, 2025 Date : May 22, 2025