T) Provisions, Contingent Liabilities and Contingent Assets

Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that

there will be an outflow of resources required to settle the obligation and a reliable estimate can be made. Provisions are
measured at the present value of management's best estimate of the expenditure required to settle the present obligation
at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate.

Contingent Liabilities are disclosed in the financial statements unless the possibility of outflow of resources is remote.
Contingent Assets are neither recognized nor disclosed in the financial statements.

U) Cash & Cash Equivalents

The Company considers all highly liquid investments, which are readily convertible into known amounts of cash that are
subject to an insignificant risk of change in value, to be cash equivalents. Cash and cash equivalents consist of balances
with banks which are unrestricted for withdrawal and usage.

V) 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 Group 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.

35 Defined Benefit Obligation

GRATUITY - The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five
years of service or more gets a gratuity on resignation or death or retirement at 15 days of last drawn salary for each
completed year of service. 100% of the Plan Asset(Gratuity) is entrusted to ICICI Prudential Life Insurance Co. Ltd. under their
Group Gratuity Scheme.

COMPENSATED ABSENCES - The Compensated Absence Scheme of the Company is not funded, but the appropriate liability is
provided in the Balance Sheet. On retirement or resignation every employee gets the amount of last drawn salary for the total
accumulated leave as on that date.

The following tables summarize the components of net benefit expense recognized in the Statement of profit and loss and
the funded status and amounts recognized in the Balance sheet for the respective plans.

Segment Composition :

Manufacturing Segment includes Manufacturing and Marketing of Lubricating Oils, Greases etc. Trading Segment includes
Trading activities through Base Oil, Fuel Oil and Bitumen.

As per Ind AS 108, paragraph 34 requires entities to disclose information about its major customers i.e. those contributing
10% or more of its total amount of revenue. The details are mentioned below:

In the FY 2024-25, there is no single customer with whom the Company had a revenue of more than 10% of the Company's
Total Revenue.

In the FY 2023-24, there is no single customer with whom the Company had a revenue of more than 10% of the Company's
Total Revenue.

38 Capital Management
Risk Management

For the purpose of company's capital management, equity includes equity share capital and all other equity reserves
attributable to the equity shareholders of the company. The Company manages its capital structure and makes adjustments
in light of changes in economic conditions or its business requirements. The Company's objectives are to safeguard
continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate
return to shareholders through continuing growth and maximise the shareholders value. The Company funds its operations
through internal accruals. The management and the Board of Directors monitor the return on capital as well as the level of
dividends to shareholders.

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 net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans
and borrowings, less cash and cash equivalents.

As at March 31, 2025 and March 31, 2024, the Company has only one class of equity shares and has debt, consequent to
such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal
capital structure, the company allocates its capital for distribution of dividend or re-investment into business based on its
long term financial plans.

42 Financial Risk Management Objectives and Policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The
Company's financial risk management policy is set by the Risk Management Committee.

The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange
rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk
sensitive financial instruments including deposits and loans and borrowings.

The company manages market risk through Risk Management Committee, which evaluates and exercises independent
control over the entire process of market risk management. The committee recommends risk management objectives and
policies, which are approved by Risk Management and Board.

a Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market Risk comprises three types of risk: Interest Rate Risk, Currency Risk and Other Price Risk, such
as Commodity Risk. Financial Instruments affected by Market Risk include Loans and Borrowings, Deposits and FVTOCI
Investments.

The sensitivity analysis in the following sections relate to the position as at March 31,2025 and March 31, 2024.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is
based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024.

The sensitivity of equity is calculated by considering the effect of any associated cash flow hedges at March 31, 2025
for the effects of the assumed changes of the underlying risk.

i) Interest Rate Risk

Interest Rate Risk is the risk that the Fair Value or Future Cash Flow of a financial instrument will fluctuate because
of changes in market interest rates. In order to balance the company's position with regards to interest income
and interest expense and to manage the interest rate risk treasury performs a comprehensive interest rate risk
management.

The company is not exposed to significant interest rate risk as at the respective reporting dates.

ii) Foreign Currency Risk

The Company is exposed to foreign currency risk arising primarily from transactions denominated in currencies
other than its functional currency. The major exposures of the Company are in U.S. Dollars (USD) and United Arab
Emirates Dirham (AED). These exposures arise mainly on account of export receivables and import payables. The
Company monitors currency fluctuations regularly and manages its exposure through natural hedges arising
from offsetting assets and liabilities and may enter into forward exchange contracts, if necessary, to hedge its
exposure. As at the reporting date, no forward contracts were outstanding.

The Company does not use derivative financial instruments for trading or speculative purposes. The Company
manages its foreign currency risk by converting the foreign currency exposure into ' on the date of entering into
the transaction.

The carrying amounts of the Company's financial assets including Other Current Assets and financial liabilities
denominated in foreign currencies at the reporting date are as follows:

Sensitivity Analysis

A reasonably possible strengthening/(weakening) of the Indian Rupee(INR) against the foreign currencies(FCY)
at March 31 would have affected the measurement of financial instruments denominated in foreign currencies
and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables,
in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

The table below shows sensitivity of open forex exposure to FCY/INR movement. We have considered 1% ( /-)
change in FCY/INR movement. For a 1% weakening of the INR against the relevant FCY, there would be an equal
and opposite impact on the profit and other equity, and the balances below would be negative. The indicative 1%
movement is directional and does not reflect management forecast on currency movement.

iii) Credit Risk

Credit Risk arises from the possibility that the counter party may not be able to settle their obligations as agreed.
To manage this, the company periodically assesses the financial reliability of customers and other counter
parties, taking into account the financial condition, current economic trends and analysis of historical bad
debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such
information.

Financial Assets are written off when there are no reasonable expectations of recovery, such as a debtor failing to
engage in a repayment plan with the company. Where loans or receivables have been written off, the Company
continues to engage in enforcement activity to attempt to recover the receivable due. When such recoveries are
made, these are then recognized as income in the statement of profit and loss.

The company measures the expected credit loss of trade receivables based on historical trend, industry practices
and the business environment in which the entity operates.

Investments

The Company invests its surplus funds mainly in liquid/short term debt/equity fund schemes of mutual funds
for short duration, which carry no/low mark to market risks and therefore, exposes the Company to low credit
risk. Such investments are made after reviewing the credit worthiness and market standing of such funds and
therefore, minimises the Company's exposure to credit risk. Such investments are monitored on a regular basis.

iv) Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due
and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury
maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors
rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing facilities below) and
cash and cash equivalents on the basis of expected cash flows. The Company assessed the concentration of risk
with respect to refinancing its debt and concluded it to be low.

The following tables detail the Company's remaining contractual maturity for its financial liabilities. The tables
have been drawn up based on the cash flows of financial liabilities based on the earliest date on which the
Company can be required to pay:

44b Leases - As a Lessor - Operating Lease

Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over the
lease term. The Company has leased out certain buildings on operating leases. The rent is not based on any contingencies.
There are no restrictions imposed by lease arrangements. The leases are cancellable.

Lease payments received are recognized as Rental Income in Note 26 of the Profit & Loss account. The Company received
' 6.21 Lakhs during the F.Y. 2024-2025 and ' 6.50 Lakhs during the F.Y. 2023-2024.

47 The Company has borrowings from banks for working capital limits against security of its current assets. The quarterly
statements submitted to the banks are in agreement with the books and there are no material discrepancies that require
specific disclosures.

48 Registration of Charges or Satisfaction:

There are no charges or satisfaction that are required to be registered with the ROC beyond the statutory period.

50 Transfer Pricing :

As per the Transfer pricing rules prescribed under the Income Tax Act, 1961, the company is in process of finalising transfer
pricing study to ensure compliance with the said rules. The management does not anticipate any material adjustment with
regard to the transaction involved.

51 Additional Regulatory Information

a) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee), are held in the name of the Company.

b) The Company has not been declared wilful defaulter by any of the banks or financial institutions or any other lender.

c) The funds borrowed for short term purposes have not been utilized for any other purpose / long term purposes.

d) The Company does not hold any benami property and no proceedings have 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.

e) The Company does not trade or invest in any crypto currency.

f) To the best of the Company's knowledge and information, there are no transactions which are not recorded in the

books of account or have been surrendered or disclosed as income during the year in the tax assessments under

Income Tax Act, 1961.

As per our report of even date.

For J Mandal & Co LLP For and on behalf of Board of Directors

Chartered Accountants

Firm Registration No. : 302100E/N500422 Ayush Goel Arjun Verma

Chairman Executive Director & CFO

CA Mukkul Agarrwal DIN : 02889080 DIN : 10102249

Partner

Membership No. : 502489

Kanika Sehgal Sadana

Mumbai, May 28, 2025 Company Secretary