(K) Provisions, Contingent liabilities and Contingent assets

The Company creates a provision when there is present obligation as a result of a past event and 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. A
disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require
an outflow of resources. When the likelihood of outflow of resources is remote, no provision or disclosure is made.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.

Contingent Assets are disclosed, where an inflow of economic benefits is probable.

(L) Dividends on equity shares

The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised.

(M) Fair value measurement

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the
accessible principal market or the most advantageous accessible market as applicable.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is 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 into Level 1, Level 2 and Level 3 based on the lowest level input that is significant to the fair value measurement as a whole. [See
note 24].

(N) Financial guarantee contracts

Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of the amount determined in accordance with Ind AS 37 Provisions, Contingent Liabilities and
Contingent Assets and the amount initially recognised less cumulative amortization, where appropriate.

(O) Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits with banks, other short term highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes outstanding bank overdraft shown within
current liabilities in statement of financial balance sheet and which are considered as integral part of company’s cash management policy.

(P) Intangible assets

(i) An intangible asset shall be recognised if, and only if: (a) it is probable that the expected future economic benefits that are attributable to
the asset will flow to the Company and (b) the cost of the asset can be measured reliably.

(ii) Cost of technical know-how is amortised over a period of six years.

(iii) Computer software is capitalised where it is expected to provide future enduring economic benefits. Capitalisation costs include licence
fees and costs of implementation / system integration services. The costs are capitalised in the year in which the relevant software is
implemented for use. The same is amortised over a period of 5 years on straight-line method.

(Q) Leases

(i) As a lessee

As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred
significantly all of the risks and rewards incidental to ownership of the underlying asset to the Company. Under Ind AS 116, the Company
recognizes right of use assets and lease liabilities for most leases i.e. these leases are on balance sheet.

On transition, the Company has applied following practical expedients:

•> Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with similar end date.

•> Applied the exemption not to recognise right-of-use-assets and liabilities for leases with less than 12 months of lease term on the date of tra
•> Excluded the initial direct costs from the measurement of the right-of -use-asset at the date of transition.

•> Grandfathered the assessment of which transactions are, or contain leases. Accordingly, Ind AS 116 is applied only to contracts that were
previously identified as leases under Ind AS 17.

•> Relied on its assessment of whether leases are onerous, applying Ind AS 37 immediately before the date of initial application as an
alternative to performing an impairment review.

•> Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

(ii) As a lessor

Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term unless
the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The
respective leased assets are included in the balance sheet based on their nature.

(R) Earnings per share

(i) Basic earnings per share (EPS)

Basic earnings per share is calculated by dividing:

- The profit attributable to owners of the Company, excluding any income or expenses related to non-controlling interests.

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued
during the year.

EPS reflects the performance of investments in group entities, ensuring transparency in financial reporting and regulatory compliance.

(ii) Diluted Earnings Per Share

ii) Diluted earnings per share

Diluted earnings per share adjust 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.

Diluted EPS calculations ensure accurate representation of potential equity dilution, maintaining compliance with Ind AS 33

Note No 10.2: Terms/rights attached to equity
shares

(A) The company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled t o one vote per share.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution
of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note No 13.1: Micro, Small and Medium enterprises have been identified by the Company
on the basis of the information available. Total outstanding dues of Micro and Small
enterprises, which are outstanding for more than the stipulated period and other
disclosures as per Micro, Small and Medium Enterprises Development Act, 2006 (MSMED
Act) are given below :

(A) Liquidity Risk

The Company's principal sources of liquidity are "cash and cash equivalents" and cash flows that are generated from investing activities. The Company has no outstanding
term borrowings. The Company believes that its working capital is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds
invested in fixed income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when required. Hence the Company does
not perceive any liquidity risk.

(B) Market risk - Security Prices

The company's exposure to equity securities price risk arises from investments held by the company and classified in the balance sheet either as fair value through OCI or
at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the company diversifies its portfolio. Diversification of the
portfolio is done in accordance with the limits set by the company. All of the company's equity investments are publicly traded.

25. Regarding Scheme of Demerger:

a) The Board of Directors of Hercules Hoists Limited ("HHL" or "Demerged Company") had approved of Scheme of Arrangement for the demerger of its
manufacturing business into Indef Manufacturing Limited,(" IML" or "Resulting Entity) in their meeting held on September 23, 2022. The appointed date
for the demerger is October 1, 2022. On August 2, 2024, the Hon'ble National Company Law Tribunal ("NCLT") granted requisite approval for the scheme.
The certified true copy of the NCLT order, along with the sanctioned scheme, was filed by both companies with the Registrar of Companies on September
30, 2024. Consequently, the scheme is effective as of September 30, 2024.

b) In line with the accounting requirements of Appendix A to Ind AS 10 ("Distribution of Non-cash Assets to Owners"), the investment made by Hercules
Hoists Limited in Indef Manufacturing Limited has been cancelled, resulting in Indef Manufacturing Limited becoming a separate entity and ceasing to be a
wholly owned subsidiary, as a result, Hercules Hoists Limited is no longer required to consolidate its financial statements from September 30, 2024.
Hercules Hoists Limited is now classified as an Unregistered Core Investment Company (CIC), under the Core Investment Companies (Reserve Bank)
Directions, 2016, and the other relevant provisions of the RBI Act.

c) As consideration for the demerger, Indef Manufacturing Limited has issued equity shares to each shareholder of Hercules Hoists Limited on a 1:1 basis,
based on the record date October 11, 2024 and IML had filed listing application to stock exchanges on October 29, 2024 for listing of 3,20,00,000 Equity
shares and received in-principle approval from from BSE on December 23, 2024 and from NSE on January 17, 2025. IML have issued a public
announcement on February 03,2025 as per applicable regulation and has filed trading application with BSE and NSE . The Indef Manufacturing Limited was
listed on BSE and NSE on February 21, 2025.

26. During the quarter ended September 30, 2024, the Scheme of Arrangement between Hercules Hoists Limited ("Demerged entity") and Indef
Manufacturing Limited ("Resulting entity") and their respective shareholders ("Scheme") became effective after regulatory approvals and conditions
precedent. Accordingly, as per the Scheme, the Demerger of Demerged Undertaking into Resulting Entity has been accounted under the pooling of interest
method retrospectively as prescribed in Appendix C Para 9 (iii) to IND AS 103 Business Combinations of entities under common control. The previous year
corresponding numbers have been accordingly restated. The impact on these results is as under:

27. 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 rules made thereunder.

28. The Company has no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956.

29. The Company has neither traded nor invested in crytpo currency or virtual currency during the year.

30. The spent on CSR basis pre demerger profit has been dislcosed and accounted in the books of IML. The Company has complied
with section 135 and related provisions of the Corporate Social Responsibility. Please refer director report for the details on Corporate

l§Scial responsibility

31. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security,
2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The
Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

32. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the
schedule III of Companies Act, 2013.

As per our report attached of even date

FOR AND ON BEHALF OF BOARD OF DIRECTORS

FOR KANU DOSHI ASSOCIATES LLP

CHARTERED ACCOUNTANTS
Firm's Registration Number:

104746W/W100096

SHEKHAR BAJAJ H.A. NEVATIA

CHAIRMAN WHOLE TIME DIRECTOR

DIN- DIN-00066955

KUNAL VAKHARIA 00089358

PARTNER

MEMBERSHIP NO. 148916

PLACE : MUMBAI SIDDHESH GOKHALE CHANDRASEKAR PILLUTLA

DATED : 27/05/2025 CHIEF FINANCIAL OFFICER COMPANY SECRETARY