2.15 Provisions, Contingent Liabilities and
Contingent Assets:

Provisions

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation. The expense
relating to a provision is presented in the Statement
of Profit and Loss.

Contingent Liabilities

Contingent liability is disclosed for (i) Possible
obligations which will be confirmed only by the
future events not wholly within the control of the
company or (ii) Present obligations arising from past
events where it is not probable that an outflow of
resources will be required to settle the obligation or
a reliable estimate of the amount of the obligation
cannot be made.

Contingent Assets

Contingent Assets are only disclosed when it is
probable that the economic benefits will flow to the
Company.

2.16 Earnings per share

Basic earnings per equity share are computed by
dividing the net profit attributable to the equity holders
of the company by the weighted average number of
equity shares outstanding during the period. Diluted
earnings per equity share is computed by dividing
the net profit attributable to the equity holders of the
company by the weighted average number of equity
shares considered for deriving basic earnings per

equity share and also the weighted average number
of equity shares that could have been issued upon
conversion of all dilutive potential equity shares.

2.17 Business Combinations and
Goodwill

Business combinations are accounted for using
the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration
transferred (measured at acquisition date at fair
value) and the amount of any non-controlling
interests in the acquiree. For each business
combination, the Company elects whether to
measure the non-controlling interests in the
acquiree at fair value or at the proportionate share
of the acquiree's identifiable net assets. Acquisition-
related costs are expensed as incurred.

Goodwill is initially measured at cost, being the excess
of the aggregate of the consideration transferred and
the amount recognised for non-controlling interests,
and any previous interest held, over the net identifiable
assets acquired and liabilities assumed. If the fair
value of the net assets acquired is in excess of the
aggregate consideration transferred, the Company
re-assesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed
and reviews the procedures used to measure the
amounts to be recognised at the acquisition date.
If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised
in OCI and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain
purchase, the Company recognises the gain directly
in equity as capital reserve, without routing the same
through OCI.

After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired in
a business combination is, from the acquisition date,
allocated to each of the Group's cash-generating units
that are expected to benefit from the combination,
irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.

2.18 Current and Non current
Classification

The Company presents assets and liabilities in
the balance sheet based on current/non-current
classification.

An asset as current when it is:

Ý Expected to be realised or intended to be sold or
consumed in normal operating cycle;

Ý Held primarily for the purpose of trading;

Ý Expected to be realised within twelve months
after the reporting period; or

Ý Cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for at
least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

Ý It is expected to be settled in normal operating
cycle;

Ý It is held primarily for the purpose of
trading;

Ý It is due to be settled within twelve months after
the reporting period; or

Ý There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non¬
current assets and non-current liabilities, as the case
may be.

2.19 Financial Instruments

The Company recognizes financial assets and
financial liabilities when it becomes a party to the
contractual provisions of the instrument.

a) Financial Assets

Financial Instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the
contractual provisions of the instrument. Financial
assets and liabilities are initially measured at fair value.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial
liabilities at fair value through profit and loss) are
added to or deducted from the fair value measured on
initial recognition of financial asset or financial liability.
The transaction costs directly attributable to the
acquisition of financial assets and financial liabilities
at fair value through profit and loss are immediately
recognised in the statement of profit and loss.

Effective interest method

The effective interest method is a method of
calculating the amortised cost of a financial instrument
and of allocating interest income or expense over
the relevant period. The effective interest rate is the
rate that exactly discounts future cash receipts or
payments through the expected life of the financial
instrument, or where appropriate, a shorter period.

(i) Financial assets
Cash and bank balances

Cash and bank balances consist of:

- Cash and Cash equivalents - which includes
Cash in hand, deposits held at call with banks
and other short term deposits which are readily
convertible into known amounts of Cash, are
subject to an insignificant risk of change in value
and have maturities of less than one year from
the date of such deposits. These balances with
banks are unrestricted for withdrawal and usage.

- Other bank balances - which includes balances
and deposits with banks that are restricted for
withdrawal and usage.

Financial assets at amortised cost

Financial assets are subsequently measured at
amortised cost if these financial assets are held
within a business model whose objective is to hold
these assets in order to collect contractual cash flows
and the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.

Financial assets measured at fair value

Financial assets are measured at fair value through
other comprehensive income if these financial assets
are held within a business model whose objective is
to hold these assets in order to collect contractual
cash flows or to sell these financial assets and the
contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding.

Investment in Subsidaries

Investment in Subsidiaries is carried at cost in the
financial statements

Impairment of financial assets

Loss allowance for expected credit losses is
recognised for financial assets measured at amortised
cost and fair value through other comprehensive
income. The Company recognises life time expected
credit losses for all trade receivables that do not
constitute a financing transaction. For financial assets
whose credit risk has not significantly increased since
initial recognition, loss allowance equal to twelve
months expected credit losses is recognised. Loss
allowance equal to the lifetime expected credit
losses is recognised if the credit risk on the financial
instruments has significantly increased since initial
recognition.

De-recognition of financial assets

The Company de-recognises a financial asset only
when the contractual rights to the cash flows from
the asset expire, or it transfers the financial asset
and substantially all risks and rewards of ownership
of the asset to another entity. If the Company neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control
the transferred asset, the Company recognises its
retained interest in the assets and an associated
liability for amounts it may have to pay.

If the Company retains substantially all the risks and
rewards of ownership of a transferred financial asset,
the Company continues to recognise the financial
asset.

b) Financial Liabilities and Equity
Instruments

Classification as debt or equity

Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements entered
into and the definitions of a financial liability and an
equity instrument.

Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are
recorded at the proceeds received, net of direct issue
costs, if any.

Financial liabilities

Trade and other payables are initially measured at fair
value, net of transaction costs, and are subsequently
measured at amortised cost, during the effective
interest rate method where the time value of money
is significant. Interest bearing issued debt are initially
measured at fair value and are subsequently measured
at amortised cost using the effective interest rate
method. Any difference between the proceeds (net of
transaction costs) and the settlement or redemption
of borrowings is recognised over the term of the
borrowings in the statement of profit and loss.

Initial recognition and measurement

The Company's financial liabilities include trade and
other payables, loans and borrowings including cash
credit accounts and derivative financial instruments
like Forward Cover Contracts.

Financial liabilities are classified, at initial recognition,
as at fair value through profit and loss or as those
measured at amortised cost.

Subsequent measurement

The subsequent measurement of financial liabilities
depends on their classification as follows:

Financial liabilities at fair value through profit and
loss

Financial liabilities at fair value through profit and loss
include financial liabilities held for trading.

The Company has not designated any financial
liabilities upon initial recognition at fair value through
profit and loss.

De-recognition of Financial Liabilities

The Company de-recognises financial liabilities
when, and only when, the company's obligations are
discharged, cancelled or they expired.

2.20 Derivative Financial Instruments

The company holds derivative financial instruments
such as foreign exchange forward contracts generally
to mitigate the risk of changes in exchange rates on
foreign currency exposures. The counter party for
these contracts is generally a bank and these are
generally designated as hedges. Any derivative that
is either not designated a hedge, or is so designated
but is ineffective as per Ind AS 109, is categorized as a
financial asset or financial liability, at fair value through
profit or loss. Derivatives not designated as hedges
are recognized initially at fair value and attributable
transaction costs are recognized in net profit in
the statement of profit and loss when incurred.
Subsequent to initial recognition, these derivatives
are measured at fair value through profit or loss.
Assets/liabilities in this category are presented as
current assets/current liabilities if they are either held
for trading or are expected to be realized within 12
months after the balance sheet date The Company
measures financial instruments, such as, derivatives at
fair value at each balance sheet date.

2.21 Fair value measurement

The company measures financial instruments, such
as, derivatives at fair value at each balance sheet
date. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market for the asset or liability. The
principal or the most advantageous market must
be accessible by the company. The fair value of an
asset or a liability is measured using the assumptions
that market participants would use when pricing the
asset or liability, assuming that market participants
act in their best economic interest. A fair value
measurement of a non-financial asset takes into
account a market participant's ability to generate

economic benefits by using the asset in its highest
and best use or by selling it to another market
participant that would use the asset in its highest and
best use. The Company uses valuation techniques
that are appropriate in the circumstances and for
which sufficient data are available to measure fair
value, maximising the use of relevant observable
inputs and minimising the use of unobservable
inputs. All assets and liabilities for which fair value is
measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities • Level
2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement
is directly or indirectly observable • Level 3 -
Valuation techniques for which the lowest level
input that is significant to the fair value measurement
is unobservable For assets and liabilities that are
recognised in the financial statements on a recurring
basis, the Company determines whether transfers
have occurred between levels in the hierarchy by re¬
assessing categorisation (based on the lowest level
input that is significant to the fair value measurement
as a whole) at the end of each reporting period. The
Company's management determine the policies
and procedures for both recurring fair value
measurement, such as derivative instruments and
unquoted financial assets measured at fair value,
and for non-recurring measurement, such as assets
held for distribution in discontinued operations. At
each reporting date, the management analyses the
movements in the values of assets and liabilities which
are required to be remeasured or re-assessed as per
the Company's accounting policies. For this analysis,
the management verify the major inputs applied in
the latest valuation by agreeing the information in
the valuation computation to contracts and other
relevant documents. For the purpose of fair value
disclosures, the Company has determined classes
of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability and
the level of the fair value hierarchy as explained
above.

2.22 Investment Properties

Investment properties are measured initially at cost,
including transaction costs. Subsequent to initial
recognition, investment properties are stated at cost
less accumulated depreciation and accumulated
impairment loss, if any.

Though the Company measures investment property
using cost based measurement, the fair value of
investment property is disclosed in the notes. Fair
values are determined based on evaluation every
three years performed by an accredited external
independent valuer, at every 3 years rest, by applying
a valuation model recommended by the International
Valuation Standards Committee.

Investment properties are derecognised either
when they have been disposed of or when they are
permanently withdrawn from use and no future
economic benefit is expected from their disposal.
The difference between the net disposal proceeds
and the carrying amount of the asset is recognised in
profit or loss in the period of derecognition.

2.23 Cash & Cash equivalents and Short
Term deposits

Cash and Cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with a maturity of three months or less, which
are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, as they are considered an
integral part of the Company's cash management.

2.24 Research and Development Costs

Research costs are expensed as incurred.
Development expenditure on an individual project
are recognized as an Intangible asset when the
Company can demonstrate; (i) Technical feasibility of
completing the intangible asset so that the asset will
be available for use or sale (ii) It's intention to complete
and its ability and intentions to use or sell the asset (iii)
How the asset will generate future economic benefits
(iv) the availability of resources to complete the asset

(v) the ability to measure reliably the expenditure
during development.

Following initial recognition of the development
expenditure as an asset, the asset is carried at cost
less any accumulated amortization and accumulated
impairment losses. Amortization of the asset begins
when development is complete and the asset is
available for use. It is amortized over the period of
expected future benefits. Amortization expenses
is recognized in the Statement of Profit and Loss.
During the period of development, the asset is tested
for impairment annually.

2.25 Cash dividend to equity Shareholders

The Company recognises a liability to make cash or
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is
approved by the shareholders. A corresponding
amount is recognised directly in equity.

2.26 Recent 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. For the year ended
March 31, 2025, MCA has not notified any new
standards or amendments to the existing standards
applicable to the Company.

(a) (i) Car Loan from a bank/Financial Institotions

Loans against vehicles are for a period of three
to five years and repayable by way of equated
monthly installment, Interest rate ranges from
8.15% to 9.00%. Secured against hypothecation of
Vehicles. Out of total outstanding Car loan as on
31^st March, 2025 of ' 0.17 Lakhs (Previous Year:
' 3.34 lakhs), New Car Loan as on 31^st March 2025
of ' 37.00 Lakhs (Previous Year ' Nil ). Repayable in
36 EMI's commencing from 30.04.2025. Rate of
interest is 8.15%.

(a) (ii) Project Loan from bank

i) Sanctioned Term Loan - ' 700.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 196.41
Lakhs (Previous Year ' 347.20 Lakhs). Repayable
in 60 EMI's commencing from Jun-2021. Rate
of interest is 10.00%.

Secured against mortgage of all the fixed assets
of the Company, both present and future, situated
at Roha.

ii) Sanctioned Term Loan - ' 1500.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 75.00
Lakhs (Previous Year ' 375.00 Lakhs). Repayable

in 60 EMI's commencing from 15.07.2020. Rate
of interest is 10.00%.

Secured against mortgage of all the fixed assets
of the Company, both present and future, situated
at Dahej.

iii) Sanctioned Term Loan - ' 1875.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 876.24
Lakhs ( previous Year ' 1272.37 Lakhs).

Repayable in 60 EMI's commencing from

30.04.2022. Rate of interest is 10.00%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Dahej.

iv) Sanctioned Term Loan - ' 600.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 406.06
Lakhs (Previous Year ' 526.70 Lakhs).

Repayable in 60 EMI's commencing from

30.04.2022. Rate of interest is 10.00%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Dahej.

v) Sanctioned Term Loan - ' 2625.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 1273.00
Lakhs (Previous Year ' 1823.27 Lakhs). Repayable
in 60 EMI's commencing from 31.05.2022. Rate
of interest is 10.00%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Roha.

vi) Sanctioned Term Loan - ' 790.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 540.15
Lakhs. (Prvious Year ' 697.95 Lakhs), Repayable in
60 EMI's commencing from 10-09-2023. Rate of
interest is 10.00%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Roha.

vii) Sanctioned Term Loan - ' 1330.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 454.80
Lakhs (Previous Year ' 816.14 Lakhs). Repayable
in 60 EMI's commencing from 09.06.2023. Rate
of interest is 9.30%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Dahej.

viii) Sanctioned Term Loan - ' 475.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 293.00

Lakhs (Previous Year ' 449.00 Lakhs). Repayable
in 60 EMI's commencing from 24.02.2024. Rate
of interest is 9.25%.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Roha.

ix) Sanctioned Term Loan - ' 1750.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 1000.00
Lakhs (Previous Year ' 500.00 Lakhs). Repayable
in 60 EMI's commencing from 31.03.2025. Rate
of interest is 10.00%. 60 EMI's are remaining to
be paid as on that date.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Roha.

x) Sanctioned Term Loan - ' 250.00 Lakhs. Current
Outstanding as on 31^st March, 2025 is ' 250.00
Lakhs (Previous Year ' 250.00 Lakhs). Repayable
in 60 EMI's commencing from 31.03.2025. Rate
of interest is 10.00%. 60 EMI's are remaining to
be paid as on that date.

Secured against mortgage of land and building of
the Company, both present and future, situated
at Roha.

Out of total outstanding term loan as on
31^st March, 2025 of ' 5401.83 Lakhs (PY:
' 7060.97 Lakhs), amount due in next twelve
months is ' 2470.76 Lakhs (PY: ' 2248.74 Lakhs),
which is shown as 'Current maturities of Long
Term Debts' under 'Other Current Liabilities' (See
Note No. 21 (1)(iii)).

The Company has reviewed all its pending litigations & proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable. The Company does not expect
the outcome of these proceedings to have materially adverse effect.

The Company has received Differential Duty demand of ' 14.33 Crores (on Import of crude/un-refined
Sulphur during the period 2004-2005 to 2008-2009, provisionally assessed then), at concessional rate of Basic
Customs Duty in term of Entry at Sr. No. 60 of Notification No. 21/2002- Cus dated 01.03.2002 which granted
concessional rate of basic customs duty on the import of "Crude or unrefined Sulphur" falling under Chapter
Sub-heading No. 2503 00 of Customs Tariff). The Company has now filed Appeal before CESTAT being Appeal
No. C/89904/2018 - DB dated 2^nd January 2019 (against the Order dated 07.02.2018 of the Commissioner
(Appeals), Mumbai) and deposited an amount of ' 1.43 Crores (being the 10% of the alleged demand of
differential duty of ' 14.33 Crores), as a condition precedent for the Appeal before the CESTAT. The Appeal
is pending at CESTAT, Mumbai, and will come up for hearing in course of time. Based on the legal advice the
Company is confident to successfully succeed in the appeal.

The company had imported Rock Phosphate (for the manufacture of Fertilizer viz. Single Superphosphate) and
the Bill of Entry for the consignments of Rock Phosphate imported during the period 2005-2006 to 2007-2008,
were provisionally assessed and goods were allowed to be cleared with "Nil" Special additional Duty (SAD for
short) falling under Chapter heading, Sub-heading or tariff item "31 or any other chapter" of the first Schedule
of Customs Tariff. Subsequently, the Department raised an alleged demand of ' 1.21 crores on account of
the enhancement of declared value (Invoice value on which duty was assessed provisionally) and denial of
‘Nil" (SAD) under Notification- 20/2006-Cus dated 1.3.2006 on the alleged ground that the Company had
allegedly failed to submit the relevant documents which could prove that the imported Rock Phosphate was
used for the manufacturing of "fertilizer". The Company has now filed Appeal before CESTAT being Appeal
No. C/89910/2018 - DB dated 2^nd January 2019 ( against the Order dated 07.02.2018 of the Commissioner
(Appeals),Mumbai.)and deposited an amount of ' 12.16 Lakhs being the 10% of the alleged demand of ' 1.21
Crores. The Appeal is pending at CESTAT, Mumbai and will come up for hearing in course of time. Based on the
legal advice the Company is confident to successfully succeed in the appeal.

NOTE 37: RISK MANAGEMENT

FRAMEWORK

The Company's board of directors has overall
responsibility for the establishment and oversight
of the Company's risk management framework.
The Company, through three layers of defence
namely policies and procedures, review mechanism
and assurance aims to maintain a disciplined and
constructive control environment in which all
employees understand their roles and obligations. The
Audit committee of the Board with top management
oversee the formulation and implementation of the
Risk management policies. The risks are identified at
business unit level and mitigation plan are identified,
deliberated and reviewed at appropriate forums.

A Financial risk management

The Company has exposure to the following risks
arising from financial instruments:

- credit risk (see (i));

- liquidity risk (see (ii)); and

- market risk (see (iii)).

i. Credit risk

Credit risk is the risk of financial loss to the Company if
a customer or counter party to a financial instrument
fails to meet its contractual obligations, and arises
principally from the Company's receivables from
customers, loans and investments. The carrying
amount of financial assets represents the maximum
credit risk exposure.

Trade receivables

The Company has established a credit policy under
which each new customer is analysed individually for
creditworthiness before the payment and delivery
terms and conditions are offered. The Company's
review includes external ratings, if they are available,
financial statements, credit agency information,
industry information and business intelligence. Sale
limits are established for each customer and reviewed
annually. Any sales exceeding those limits require
approval from the appropriate authority as per policy.
In monitoring customer credit risk, customers are

grouped according to their credit characteristics,
including whether they are an individual or a legal
entity, whether they are a institutional, dealers or end-
user customer, their geographic location, industry,
trade history with the Company and existence of
previous financial difficulties.

Expected credit loss for trade receivables:

The Company based on internal assessment which
is driven by the historical experience/current facts
available in relation to default and delays in collection
thereof, the credit risk for trade receivables is
considered low. The Company estimates its allowance
for trade receivable using lifetime expected credit loss
and accordingly provision is made for the doubtful
debts.

Expected credit loss on financial assets other than
trade receivables:

With regards to all financial assets with contractual
cash flows other than trade receivable, management
believes these to be high quality assets with negligible
credit risk. The management believes that the parties
from which these financial assets are recoverable,
have strong capacity to meet the obligations and
where the risk of default is negligible and accordingly
no provision for excepted credit loss has been
provided on these financial assets.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter
difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash
or another financial asset. The Company's approach
to managing liquidity is to ensure, as far as possible,
that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or
risking damage to the Company's reputation.

The Company's finance and accounts department
is responsible for managing the short term and long
term liquidity requirements. Short term liquidity
situation is reviewed daily. Longer term liquidity
position is reviewed on a regular basis by the Board
of Directors and appropriate decisions are taken
according to the situation.

iii. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates that will
affect the Company's income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return.

Currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in
which sales, purchases and borrowings are denominated and the functional currency of the Company. The
currencies in which the Company is exposed to risk are generally USD and EUR. The Company follows a natural
hedge driven currency risk mitigation policy to the extent possible. Any residual risk is evaluated and appropriate
risk mitigating steps are taken, including but not limited to, entering into forward contract.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes
in variable interest rate. The borrowings of the Company are principally denominated in rupees of fixed rates
of interest. The Company has exposure to interest rate risk, arising principally on changes in base lending rate.

In order to optimize the company's position with regard to 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 the fixed rate and floating rate financial instruments in its total portfolio.

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

(iv) The company have not traded or invested in
Crypto currency or Virtual Currency during
the year.

(v) 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.

(vi) 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.

(vii) The company has no such transaction 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.

(viii) The company holds all the title deeds of
immovable property in its name.

(ix) The company is not declared as wilful defaulter
by any bank or financial Institution or other lender.

(x) The company is required to file any quarterly
returns/statements with the bank.

(xi) There is no Scheme of Arrangements approved
by the Competent Authority in terms of sections
230 to 237of the Companies Act, 2013.

(xii) The company has complied with the number of
layers prescribed under clause (87) of section 2
of the Act read with Companies (Restriction on
Number of Layers) Rules, 2017.

NOTE 43: quirements of rule 3(1) of

the Companies (Accounts Rules 2014 the Company
uses accounting software for maintaining its books
of account that have a feature of recording audit
trail of each and every transaction creating an edit
log of each change made in the books of account
alongwith the date when such changes were made
within such accounting software. This feature of
recording audit trail has operated throughout the
year except for certain transactions, changes made
through specific access and for direct database
changes and no audit trail features were tampered
during the year.

NOTE 44: Figures in respect of the previous
year have been regrouped/rearranged wherever
necessary.

As per our report of even date

For Rahul Gautam Divan & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No.: 120294W

Partner L.N. Goculdas B.L. Goculdas S. V. Joshi

Membership No. 138754 Chairman Managing Director & CEO Independent Director

DIN:00459347 DIN:00422783 DIN: 00392020

Place: Mumbai: Sunil Kumar Goyal Sonal Naik

Date: 5th May, 2025 Chief Financial Officer Company Secretary