n. Provisions and contingent liabilities

The Company creates a provision when there is present obligation,
legal or constructive, as a result of past events that probably requires
an outflow of resources and a reliable estimate can be made of the
amount of obligation.

Disclosure of contingent liability is made when there is a possible
obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or
a present obligation that arises from past events where it is either not
probable that an outflow of resources embodying economic benefits
will be required to settle or a reliable estimate of amount cannot be
made. Contingent assets are neither recognised nor disclosed in the
financial statements.

o. Impairment of non-financial assets

As at each reporting date, the Company assesses whether there
is an indication that a non-financial asset may be impaired and also
whether there is an indication of reversal of impairment loss recognised
in the previous periods. If any indication exists, or when annual
impairment testing for an asset is required, the Company determines
the recoverable amount and impairment loss is recognised when the
carrying amount of an asset exceeds its recoverable amount. If the

amount of impairment loss subsequently decreases and the decrease
can be related objectively to an event occurring after the impairment
was recognised, then the previously recognised impairment loss is
reversed through the statement of profit and loss.

p. Taxation

I ncome tax expense comprises current tax expense and the deferred
tax during the year. Current and deferred taxes are recognised in the
statement of profit and loss, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in
which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity, respectively.

Current income tax is recognised based on the estimated tax liability
computed after taking credit for allowances and exemptions in
accordance with the Income Tax Act, 1961. Current income tax assets
and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted or substantively
enacted, at the reporting date.

Deferred tax is recognised on temporary differences between the
carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable
profit.

Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are recognised for unused tax losses,
unused tax credits and deductible temporary differences to the extent
that it is probable that future taxable profits will be available against
which they can be used.

The carrying amount of deferred tax is reviewed at each reporting
date and measured at the tax rates that are expected to be applied
to temporary differences when they reverse, using tax rates enacted
or substantively enacted at the reporting date. The measurement of

deferred tax reflects the tax consequences that would follow from the
manner in which the Company expects, at the reporting date, to recover
or settle the carrying amount of its assets and liabilities.

q. Earnings per share

(i) Basic earnings per share is computed by dividing the net profit
or loss for the period attributable to the equity shareholders of
the Company by the weighted average number of equity shares
outstanding during the period. The weighted average number of
equity shares outstanding during the period and for all periods
presented is adjusted for events, such as bonus shares, other than
the conversion of potential equity shares that have changed the
number of equity shares outstanding, without a corresponding
change in resources.

(ii) For the purpose of calculating diluted earning per share, the net
profit or loss for the period attributable to the equity shareholders
and the weighted average number of equity shares outstanding
during the period is adjusted for the effects of all dilutive potential
equity shares.

r. Segment reporting

Operating segments are reported in a manner consistent with the
internal reporting provided to the operating decision makers. The
decision makers regularly monitor and review the operating result
of the whole Company. The activities of the Company primarily fall
under a single segment of "manufacturing and trading of kitchen sinks
and other appliances" in accordance with the Ind AS 108 "Operating
Segments".

e. Rights, preferences and restrictions attached to shares :

The Company has one class of equity shares having a face value of ' 2 each ranking pari pasu in all respect including voting rights and entitlement to dividend. Each holder
of equity shares is entitled to one vote per share. Dividend proposed by the board of directors and approved by the shareholders in the annual general meeting is paid to the
shareholders.

f. Details of allotment of shares through Qualified Institutional Placement (QIP) :

The Company, on July 03, 2024, issued 15,70,351 equity shares of ' 2 each at the price of ' 796.00 to seven Qualified Institutions through QIP aggregating to ' 125.00 Crores
which is 5.53% of the post-issue share capital of the Company.

This issue was made for the capital expenditure, working capital requirements and general corporate purposes of the Company.

Total unutilzed balance from the issue ' 55.09 Crores as on the balance sheet date have been invested in deposits with scheduled banks.

Customer credit risk is managed by the Company through established policy and procedures and control relating to customer credit risk management. Trade receivables are
non-interest bearing and are generally carrying upto 90 days credit terms. The Company has a detailed review mechanism of overdue customer receivables at various levels
within organisation to ensure proper attention and focus for realisation. Trade receivables are consisting of a large number of customers. Export receivables are backed by
forward contract in some cases. In respect of trade receivables, the Company uses a provision matrix to compute the expected credit loss allowances for trade recivables in
accordance with the excepcted credit loss (ECL) policy of the Company.

B. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet its commitments associated with financial instruments. Liquidity risk may result from
an inability to sell a financial assets quickly at close to its fair value.

The Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forcast and actual cash flows and by matching the
maturity profiles of financial assets and liabilities.

Contractual maturities of significant financial liabilities are as follows:

C. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial
instruments may result from changes in foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

The Company has several balances in foreign currency and consequently, the Company is exposed to foreign exchange risk. The Company evaluates exchange rate exposure
arising from foreign currency transactions and follows established risk management policies.

a) 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. The Company's
exposure to the risk of changes in market interest rates relates primarily to the Company's long-term debt obligations with floating interest rates. The Company manages
its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

b) Interest rate sensitivity:

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables
held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as follows:

c) Exposure in foreign currency:

The Company deals with foreign currency loan given, trade payables, trade receivables etc. and is therefore exposed to foreign exchange risk associated with exchange
rate movement.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk
through its sales in overseas and purchases from overseas suppliers in various foreign currencies.

e) Foreign currency sensitivity

The Company is mainly exposed to changes in USD, GBP and EURO. The below table demostrates the sentivity to a 5% increase or decrease in the USD, GBP and EURO
against INR, with all other variables held constant. The sentivity analysis is prepared on the the net unhedged exposure of the Company as at reporting date. 5% represents
management's assessment of reasonably possible change in foreign exchange rate.

NOTE 33 | CAPITAL MANAGEMENT

The Company's capital management objective is to maximise the total shareholder returns by optimising cost of capital through flexible capital structure that supports growth.
Further, the Company ensures optimal credit risk profile to maintain/enhance credit rating.

The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The funding requirements are met through internal
accruals and long-term/short-term borrowings. The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio
of the Company.

The following table summarises the capital of the Company:

b. The title deeds of all immovable properties (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of
the lessee), disclosed in the financial statements included under Property, Plant
and Equipment are held in the name of the Company as at the balance sheet date.

c. The Company does not have any Benami property, where any proceeding has
been initiated or pending against the Company for holding any Benami property.

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

e. The Company has not been declared as a wilful defaulter by any lender who has
powers to declare a company as a wilful defaulter at any time during the financial
year or after the end of reporting period but before the date when the financial
statements are approved.

f. As contended by the management and as verified by the Auditors on sample
test check basis, the Company does not have any transactions with struck-off
companies.

g. The Company has used the borrowings from banks for the specific purpose for
which it was obtained.

h. The Company has compiled with the number of layers prescribed under clause
(87) of section 2 of the Companies Act 2013 read with Companies (Restrictions
on number of Layers) Rules, 2017.

i. The Company has not advanced or loaned or invested funds to any other person(s)
or entity(is), including foreign entities(intermediaries), with the understanding
that the intermediary shall;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

j. The Company has not received any funds 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;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

k. The Company does not have any transactions which is not recorded in the books
of accounts but 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).

l. Quarterly returns or statements of current assets filed by the Company with banks
are generally in agreement with the books of accounts.

m. The Company does not have any charges or satisfaction which is yet to be
registered with the Registrar of Companies (ROC) beyond the statutory period.

n. The Company is operating under SAP environment which is fully integrated
financial accounting and reporting system. The management confirms that the
accounting software used by the Company for maintaining books of account
has a feature of recording audit trail (edit log) facility which has been operated
throughout the year for all transactions recorded in the software and the audit trail
feature is not being tampered with.

NO IE 39 | EMPLOYEE SHARE BASED PAYMEN I S :

During the year ended March 31,2022, the Company implemented Acrysil Employee Stock Option Plan 2021 ("the Plan"). The plan was approved by the shareholders through Postal
Ballot on 3rd May, 2021. The Plan enables grant of stock options to the eligible employees of the Company and its subsidiaries not exceeding 3,00,000 shares. The options granted
under the Plan have a maximum vesting period of 3 years. The maximum number of options that can be granted to any eligible single employee during any one-year or in agrregate
shall not be equal to to exceed 1% of the issued capital of the Company at the time of grant.

The options granted are based on the performance of the employees during the year of the grant and their continuity to remain in service over the next 3 years. The process for
determining the eligibility of employees for the grant of stock options under the Plan shall be determined by the Nomination and Remuneration Committee based on employee's
grade, performance rating and such other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of the Company on exercise of each
stock option, subject to performance of the employees and continuation of employment over the vesting period.

NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2025 (CONTD.)

NOTE 40~1 Balances for trade receivables, trade payables and loans and advances are subject to confirmations from the respective parties.

NOTE 41~1 All the amounts are stated in Indian ' in crores, unless otherwise stated.

NOTE 42~] Previous year's figures are regrouped and rearranged, wherever necessary.

Signatures to Notes 1 to 42

As per our report of even date

For P A R K & COMPANY For and on behalf of the Board of Directors

Chartered Accountants

ASHISH DAVE CHIRAG PAREKH PRABHAKAR DALAL

Partner Chairman & Managing Director Director

DIN:00298807 DIN:00544948

ANAND SHARMA REENA SHAH

Executive Director & Group CFO Company Secretary

DIN:00255426 Membership No. A31568

Bhavnagar London/Mumbai

May 19, 2025 May 19, 2025