10) Provisions and Contingent Liabilities and Contingent
Assets

Provisions:

Provisions for legal claims, chargeback and sales
returns 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
embodying economic benefits 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.

Contingent Liabilities:

Contingent liabilities are disclosed 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 will be required to settle or a
reliable estimate of the amount cannot be made.

Contingent Assets

Contingent Assets are not recognised in the financial
statements. Contingent Assets if any, are disclosed in
the notes to the financial statements

11) Financial assets, financial liabilities, equity

instruments and impairment of financial assets

Financial assets and 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 or loss) are added
to or deducted from the fair value measured on initial
recognition of financial asset or financial liability.

The Company derecognises a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another entity. The Company
derecognises financial liabilities when, and only when,
the Company's obligations are discharged, cancelled
or have expired.

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

Financial assets at fair value through other
comprehensive income

Financial assets are measured at fair value through
other comprehensive income if these financial
assets are held within a business whose objective is
achieved by both collecting contractual cash flows on
specified dates that are solely payments of principal
and interest on the principal amount outstanding and
selling financial assets. The Company has made an
irrevocable election to present subsequent changes in
the fair value of equity investments not held for trading
in other comprehensive income.

Financial assets at fair value through profit or loss

Financial assets are measured at fair value through
profit or loss unless they are measured at amortised
cost or at fair value through other comprehensive
income on initial recognition. The transaction costs
directly attributable to the acquisition of financial
assets and liabilities at fair value through profit or loss
are immediately recognised in statement of profit and
loss.

Equity Investments

All equity investments (excluding the investments in
Subsidiaries) in the scope of Ind AS 109 are measured
at fair value. Equity instruments which are held for
trading are classified as at FVTPL. For all other equity
instruments, the Company may make an irrevocable
election to present in other comprehensive income
subsequent changes in the fair value. The company
makes such election on an instrument-by-instrument
basis. The classification is made on initial recognition
and is irrevocable. If the Company decides to classify

an equity instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends, are
recognised in the OCI. There is no recycling of the
amounts from OCI to the statement of profit and loss,
even on sale of investment. However, the Company
may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category
are measured at fair value with all changes recognised
in the statement of profit and loss.

Investment in subsidiaries

Investment in subsidiaries are measured at cost less
impairment loss, if any.

Financial liabilities

Financial liabilities are measured at amortised
cost using the effective interest method. Other
financial liabilities (including loans and borrowings,
bank overdrafts and trade and other payables) are
subsequently measured at amortised cost using the
effective interest method.

The effective interest rate is the rate that exactly
discounts estimated future cash payments (including
all fees and amounts paid or received that form an
integral part of the effective interest rate, transaction
costs and other premiums or discounts) through
the expected life of the financial liability, or (where
appropriate) a shorter period, to the amortised cost on
initial recognition.

Interest expense (based on the effective interest
method), foreign exchange gains and losses, and
any gain or loss on derecognition is recognised in the
Statement of Profit and Loss.

For trade and other payables maturing within one year
from the Balance Sheet date, the carrying amounts
approximate fair value due to the short maturity of
these instruments

De-recognition of Financial Instruments:

The Company derecognises 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. In cases where Company has
neither transferred nor retained substantially all of the
risks and rewards of the financial asset, but retains
control of the financial asset, the Company continues
to recognise such financial asset to the extent of its
continuing involvement in the financial asset. In that
case, the Company also recognises an associated
liability. The financial asset and the associated liability

are measured on a basis that reflects the rights and
obligations that the Company has retained.

A Financial liability (or a part of a financial liability) is
derecognised from the Company's Balance Sheet when
the obligation specified in the contract is discharged
or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange
or modification is treated as the derecognition of the
original liability and the recognition of a new liability.
The difference between the carrying amount of the
financial liability de-recognised and the consideration
paid and payable is recognised in the Statement of
Profit and Loss

Equity instruments

An equity instrument is a contract that evidences
residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments
issued by the Company are recognised at the proceeds
received net of direct issue cost.

Impairment of Financial Assets:

In accordance with Ind AS 109, the Company uses
'Expected Credit Loss' (ECL) model, for evaluating
impairment of all Financial Assets subsequent to initial
recognition other than financial assets measured
at fair value through profit and loss (FVTPL). The
Company uses historical default rates to determine
impairment loss on the portfolio of trade receivables.
At every reporting date these historical default rates
are reviewed and changes in the forward-looking
estimates are analysed. For other financial assets, the
Company uses 12 month ECL to provide for impairment
loss where there is no significant increase in credit
risk since its initial recognition. If there is significant
increase in credit risk since its initial recognition full
lifetime ECL is used. The impairment losses and
reversals are recognised in Statement of Profit and
Loss. ECL is the difference between all contractual
cash flows that are due to the Company in accordance
with the contract and all the cash flows that the entity
expects to receive (i.e., all cash shortfalls), discounted
at the original EIR.

12) Events after the reporting period

Events after the reporting period are those events,
favourable and unfavourable, that occur between
the end of the reporting period and the date when
the financial statements are approved by the Board
of Directors in case of a company, and, by the

corresponding approving authority in case of any other
entity for issue.

Two types of events can be identified:

(a) those that provide evidence of conditions
that existed at the end of the reporting period
(adjusting events after the reporting period); and

(b) those that are indicative of conditions that arose
after the reporting period (non-adjusting events
after the reporting period).

13) Cash and cash equivalents

For the purpose of presentation in the Balance
sheet, Cash and Cash equivalents comprises cash at
bank and on hand and other short-term, highly liquid
investments with an original maturity (or with an
option to or can be readily converted or liquidated into
cash) of three months or less, which are subject to an
insignificant risk of changes in value. Cash and Cash

Equivalents consist of balances with banks which are
unrestricted for withdrawals and usages.

For the purpose of presentation in the statement of
cash flows, cash and cash equivalents includes cash
at bank and on hand and other short-term highly
liquid investments that are readily convertible to
known amounts of cash and which are subject to an
insignificant risk of changes in value.

14) 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. During the year
ended March 31, 2025, MCA has not notified any new
standards or amendments to the existing standards
applicable to the Company.

37. FINANCIAL RISK MANAGEMENT:

The Company's principal financial liabilities comprise trade and other payables. The main purpose of these financial
liabilities is to finance the Company's operations. The Company's principal financial assets include loans, trade and other
receivables, and cash and cash equivalents that derive directly from its operations. The Company is exposed to credit
risk, market risk and liquidity risk. The Company's senior management oversees the management of these risks.

Company has exposure to following risks arising from financial instruments:

• Credit risk

• Liquidity risk

• Market risk

I. Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and mutual funds, foreign
exchange transactions and other financial instruments.

Credit risk management.

To manage the credit risk, the Company follows an adequate credit control policy and also has an external credit
insurance cover with ECGC policy & HDFC ERGO General Insurance Company Limited. The requirement of assessing
the impairment loss on trade receivables does not arise, since the collectability risk is mitigated. Bank balances are
held with banks and majority of other security deposits are placed majorly with government/statutory agencies.

The financial instruments are categorised into two levels based on the inputs used to arrive at fair value measurements
are described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; and

Level 2: Inputs other than the quoted prices included within Level 1 that are observed for the asset or liability, either
directly or indirectly.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
36. CAPITAL MANAGEMENT:

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders. The primary objective of the Company's capital management is to maximise
the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital
using a gearing ratio, which is debt divided by total capital. Debt is calculated as loans and borrowings plus lease
liabilities

II. Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum
levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position
and deploys a robust cash management system. It maintains adequate sources of financing including bilateral
loans, debt, and overdraft from banks at an optimised cost. Working capital requirements are adequately addressed
by internally generated funds. Trade receivables are kept within manageable levels.

Liquidity Risk Management

The Company's corporate treasury department is responsible for liquidity and funding as well as settlement.
Management monitors the Company's net liquidity position through rolling forecasts on the basis of expected cash
flows.

III. Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity
prices- 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. Financial instruments affected by market risk include loans and borrowings, deposits,
investments, and derivative financial instruments.

The Company's activities are expose to a variety of financial risks, including the effects of changes in foreign
currency exchange rates and interest rates.

Foreign currency risk

The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's
operating activities in exports and imports which is majorly in US dollars. Hence, to combat the foreign currency
exposure, the Company follows a policy wherein the net sales are hedged By forward Contract.

b. Loans from Scheduled Banks Payable on Demand of ' 17,481.75 lakhs (Previous Year ' 13,097.02 lakhs) are
secured by pari-passu first charge by way of hypothecation of Company's raw materials stock, stock-in-process,
finished goods, packing materials, stores & spares, book debts, and all other current assets including goods in transit
governed by documents of title and also pari-passu second charge by way of mortgage of immovable properties
and hypothecation of movable fixed assets. both present and future situated at MIDC Boisar, Maharashtra viz. Plot
No N-198, G-60, E21, E22, E-1, K-40, K-41 E120, E9/3, E9/4, W-60(B), W61 (B), W62(A), W71 (B), W72(B)W73(B), T-150
and MIDC Turbhe Plot No. D-277 & D-278. GIDC, Bhilad, Sarigam- Gujarat viz. Plot No. 2902, 2904, 211, 213, 2601,
2602, 2603.

39. CAPITAL MANAGEMENT:

The Company has foreign exchange exposure because of its trade related (export/import) fund related function.
The Company uses forward contracts, Options and Swaps to hedge against its foreign exchange exposures
relating to underlying transactions. The Company does not enter into any derivatives instruments for trading or
speculation purposes. During the year ended March 31, 2025, the Company had hedge in aggregate an amount of
' 33,341.09/- lakhs (previous year ' 43,076.23/-lakhs) out of its annual trade related operations (export& import)
aggregating to ' 1,41,502.68/- lakhs (previous year ?1,51,282.69/-lakhs) after considering natural hedge.

44. EMPLOYEE BENEFITS:
a) Defined Benefit Plan

The employee's gratuity fund scheme managed by Life Insurance of India and Aditya Birla Sun Life Insurance
Company Ltd is a defined benefit plan. The present value of obligation is determined based on actuarial valuation
using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build up the final obligation.

Note:

1. The Debt Service Coverage Ratio has declined compared to expectations, mainly because of lower margin
realisation stemming from reduced market pricing and subdued demand conditions.

2. There is no significant change (i.e. change of 25% more as compared to the FY 2023-24) in the other key
financial ratios.

3. Debit-Equity ratio for FY 2024-25 stood 0.41 x largely owing to ongoing capex.

b. The quarterly returns of statement file by the Company during the year with bank are in agreement with books of
accounts of the Company.

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

d. The Company do not have any transactions with companies struck off.

e. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

f. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

g. 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:

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

h. The Company has not granted any loans and advances in the nature of loans to promoters, directors, KMP, or related
parties

i. 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:

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 on behalf of the Ultimate Beneficiaries.

j. The Company have not any 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.

k. The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.

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

48. Figures of the previous year have been regrouped and rearranged wherever necessary.

AS PER OUR REPORT OF EVEN DATE
For GOKHALE & SATHE

Chartered Accountants

Firm Registration No.: 103264W FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Sd/- Sd/- Sd/-

CA Ravindra More Prakash M. Patil Harshit M. Savla

(Partner) (Chairman, Managing Director & CEO) (Jt.Managing Director)

Membership No. 153666 DIN : 00005618 DIN : 00005340

Place: Mumbai Sd/- Sd/-

Date: May 06, 2025 Adhish P Patil CS Rushikesh Deole

(Chief Finanacial Officer) (Company Secretary)

ICSI M.NO.F12932