(viii) Provisions, contingent liabilities and contingent assets:

A provision is recognised when the company has a present obligation as a result of past events and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to their present value and are determined based on best estimates required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current
best estimates.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably.

Contingent liabilities are disclosed by way of notes to the accounts. Contingent assets are not recognized.

(ix) Revenue Recognition:

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods or services. The Company has generally concluded that it is the principal in its revenue arrangements, except for
the agency services below, because it typically controls the goods or services before transferring them to the customer.

Sales of goods

Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer,
generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery.

The Company considers whether there are other promises in the contract that are separate performance obligations to
which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points). In determining
the transaction price for the sale of equipment, the Company considers the effects of variable consideration, the
existence of significant financing components, noncash consideration, and consideration payable to the customer (if
any).

1. Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it
will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract
inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative
revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently
resolved. Some contracts for the sale of electronic equipment provide customers with a right of return the goods within a
specified period. The Group also provides retrospective volume rebates to certain customers once the quantity of
electronic equipment purchased during the period exceeds the threshold specified in the contract. The rights of return
and volume rebates give rise to variable consideration.

• Rights of return

The Group uses the expected value method to estimate the variable consideration given the large number of contracts
that have similar characteristics. The Group then applies the requirements on constraining estimates of variable
consideration in order to determine the amount of variable consideration that can be included in the transaction price. A
refund liability is recognized for the goods that are expected to be returned (i.e., the amount not included in the
transaction price). A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right
to recover the goods from a customer.

• Volume rebates

The Group applies the most likely amount method or the expected value method to estimate the variable consideration
in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the
number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single
volume threshold, while the expected value method is used for those with more than one volume threshold. The Group
then applies the requirements on constraining estimates in order to determine the amount of variable consideration that
can be included in the transaction price and recognised as revenue. A refund liability is recognised for the expected
future rebates (i.e., the amount not included in the transaction price).

Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable
interest rate. Interest income is included under the head "other income" in the statement of profit and loss.

Dividend Income

Dividend income is recognized when the company's right to receive dividend is established by the reporting date.
Windmill energy income

Consideration for electricity generated by the windmill division and fed into the state power grid is received in the form of
credit in the manufacturing division's power bill. Credits are recognised as income net of wheeling charges. Income so
recognised is shown separately from the power cost under Other operating revenue.

Other income is recognized on accrual basis provided that it is probable that the economic benefits will flow to the
company and the amount of income can be measured reliably.

(x) Retirement Benefits and other employee benefits:

Defined Contribution Plans:

Defined contribution to provident fund is charged to the profit and loss account on accrual basis.

Defined Benefit Plans:

Provision for gratuity liability is provided based on actuarial valuation made at the end of the financial year. Re¬
measurement of Defined Benefit Plan in respect of post-employment are charged to the Profit & Loss account.

Leave encashment expenditure, if any, is charged to profit and loss account at the time of leave encashed and paid. Bonus
expenditure is charged to profit and loss account on accrual basis.

(xi) Foreign Currency Transactions:

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.
Exchange difference arising on settlement of transactions is recognised as income or expense in the year in which they
arise.

Monetary assets and liabilities related to foreign currency transactions outstanding at the balance sheet date are
translated at the exchange rate prevailing on that date and the net gain or loss is recognized in the profit and loss account.

Foreign currency translation differences relating to liabilities incurred for purchasing of fixed assets from foreign
countries are adjusted in the carrying cost of fixed asset for differences up to the year-end in the year of acquisition,
whereas differences arising thereafter to be recognized in the profit and loss account. All other foreign currency gain or
losses are recognized in the profit and loss account.

(xii) Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are
capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to
get ready for intended use. Costs incurred in raising funds are amortized equally over the period for which the funds are
acquired. All other borrowing costs are charged to profit and loss account.

(xiii) Taxes on Income:

Tax expenses comprise Current Tax and deferred tax charge or credit.

Current Tax:

Provision for current tax is made based on tax liability computed after considering tax allowances and exemptions, in
accordance with the provisions of The Income Tax Act, 1961.

Deferred Tax:

Deferred tax assets and liability is recognized, on timing differences, being the differences between taxable income and
accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred
tax assets arising mainly on account of brought forward losses, unabsorbed depreciation and minimum alternate tax
under tax laws, are recognised, only if there is a virtual certainty of its realization, supported by convincing evidence. At
each Balance Sheet date, the carrying amounts of deferred tax assets are reviewed to reassure realization. The deferred
tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively
enacted by the Balance Sheet date.

(xiv) Earnings/(Loss) per Share:

Basic earnings/(loss) per share are calculated by dividing the net profit / (loss) for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period are adjusted for any bonus shares issued during the year and also
after the balance sheet date but before the date the financial statements are approved by the board of directors.

(xv) Segment Reporting:

The Chief Operational Decision Maker(CODM) monitors the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated
based on the profit or loss and is measured consistently with the profit or loss in the financial statements. Operating
segments are reported in a manner consistent with the internal reporting provided to CODM.

In accordance with Ind AS - 108 - "Operating Segments", the Company has identified its business segment as
"Manufacturing of Micro Irrigation Systems & Allied Products" and "DCA cum CS of Indian Oil Corporation Ltd.(IOCL)
-Polymer Business". There are no other primary reportable segments. The major and material activities of the company
are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not
applicable.

(xvi) De-recognition:

The Company derecognizes a Financial Asset when the contractual rights to the cash flows from the Financial Asset expire
or it transfers the Financial Asset and the transfer qualifies for de-recognition under Ind AS 109. A Financial liability (or a
part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the
contract is discharged or cancelled or expires.

(xvii) Offsetfng:

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and only
when, the Company has a legally enforceable right to set-off the amount and it intends, either to settle them on a net basis
or to realise the asset and settle the liability simultaneously.

3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENTS

In the course of applying the policies outlined in all notes under section 2 above, the company is required to make judgement,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factor that are considered
to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future period, if the revision affects current and future period.

(I) Useful lives of property, plant and equipment and Intangible assets

Management reviews the useful lives of property, plant and equipment at least once a year. Such lives are dependent upon an
assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external
factors including relative efficiency and operating costs. Accordingly depreciable lives are reviewed annually using the best
information available to the Management.

(ii) Impairment of Investment in Subsidiary

Determining whether the investments in subsidiary are impaired, requires an estimate in the value in use of investments. In
considering the value in use, the Directors have anticipated the future commodities prices, capacity utilization of plants,
operating margins, discount rates and other factors of underlying businesses / operations of the investee companies. Any
subsequent changes to the cash flows due to changes in the above mentioned factors could impact the carrying value of
investments.

(iii) Provisions and liabilities

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds
resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of
judgement to existing facts and circumstances which may be subject to change. The amounts are determined by discounting
the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability.

(iv) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the company.
Potential liabilities that are possible but not probable of crystallizing or are very difficult to quantify reliably are treated as
contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

(v) Fair value measurements

When the fair values of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree
of judgement is required in establishing fair values. Judgments include consideration of inputs such as liquidity risk, credit risk
and volatility.

(vi) Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.

4. 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 notified Ind AS
- 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to
the Company w.e.f. April 1, 2024. The Group has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its financial statements.

For & on Behalf of For and on behalf of Board of Directors,

J C Ranpura & Co M/s. Captain Polyplast Limited

Chartered Accountants (CIN: L25209GJ1997PLC031985)

FRN:108647W

SD/- SD/-

Ramesh Khichadia ^{Ritesh Khichadia}

Managing Director DIN: 00087859 Wholetime Director DIN: 07617630

SD/- SD/- SD/-

Ketan Sheth Kaushik Mori Khyati S Mehta

Partner 118411 Chief Financial Officer Company Secretary M No.: ACS30529

UDIN:

Place: Rajkot Place: Rajkot

Date: 10-May-2025 Date: 10-May-2025