B.2.4 Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a
past event, 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.

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 recognized as a finance cost.

B.2.5 Employee Benefits Expense

Short Term Employee Benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services
rendered by employees are recognized as an expense during the period when the employees render the
services.

Post-Employment Benefits
Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified
contributions to a separate entity. The Company makes specified monthly contributions to the Provident Fund.
The Company's contribution is recognized as an expense in the Statement of Profit and Loss during the period
in which the employee renders the related service.

Defined Benefit Plans

The Company pays gratuity to the employees whoever has completed five years of service with the Company
at the time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of
service as per the Payment of Gratuity Act 1972.

The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity
payment to the employees. The gratuity fund has been approved by respective IT authorities.

The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit
Credit Method and spread over the period during which the benefit is expected to be derived from employees'
services.

Other Long-term Employee Benefits:

Entitlements to annual leave and sick leave are recognized when they accrue to employees. Sick leave can only
be availed while annual leave can either be availed or encashed subject to a restriction on the maximum
number of accumulations of leave. The Company determines the liability for such accumulated leaves using
the Projected Unit Credit Method with actuarial valuations being carried out at each Balance Sheet date.

B.2.6 Tax Expenses

The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit
and Loss, except to the extent that it relates to items recognized in the comprehensive income or in equity. In
which case, the tax is also recognized in other comprehensive income or equity.

• Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at
the Balance sheet date.

• Deferred Tax

Deferred tax is recognized 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 and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. The carrying amount of
deferred tax liabilities and assets are reviewed at the end of each reporting period.

B.2.7 Foreign currencies transactions

a) Functional and presentation currency

Standalone financial statements have been presented in Indian Rupees ('), which is the Company's functional
and presentation currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the
transaction.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
of monetary assets and liabilities denominated in foreign currencies at the year end exchange rates are
recognised in the Statement of Profit and Loss.

Foreign exchange differences arising on foreign currency borrowings are presented in the Statement of Profit
and Loss, within finance costs. All other foreign exchange gains and losses are presented in the Statement of
Profit and Loss on a net basis within other income/other expenses, as appropriate.

Exchange gain and loss on trade receivables, trade payables and other than financing activities on a net basis
are presented in the Statement of Profit and Loss, as other income and as other expenses respectively. Foreign
exchange gain and loss on financing activities to the extent that they are regarded as an adjustment to interest
expenses are presented in the Statement of Profit and Loss as finance costs and balance gain and loss are
presented in the Statement of Profit and Loss as other income and as other expenses respectively.

Non-monetary items that are measured at fair value in foreign currency are translated using the exchange
rates at the date when the fair value was determined.

B.2.8 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognized when
it is earned and no significant uncertainty exists as to its realization or collection.

• Sale of goods

Revenue from sale of products is recognized when the control on the goods have been transferred to the
customer. The performance obligation in case of sale of product is satisfied at a point in time i.e., when
the material is shipped to the customer or on delivery to the customer, as may be specified in the
contract.

• Income from services

Revenue from services is recognized over time by measuring progress towards satisfaction of performance
obligation for the services rendered.

• Other Income

o Interest income

Interest income from a financial asset is recognized using effective interest rate method.
o Dividend Income

Dividend income on investments is recognized when the right to receive dividend is established.

B.2.9 Financial instruments

B.2.9.1 Financial Assets

• Initial recognition and measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not
at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and
sale of financial assets are recognized using trade date accounting.

• Subsequent measurement

o Financial assets carried at amortized cost (AC)

A financial asset is measured at amortized cost if it is held within a business model whose
objective is to hold the asset in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.

o Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective
is achieved by both collecting contractual cash flows and selling financial assets and the
contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

o Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are measured at FVTPL.

• Investment in subsidiaries, Associates and Joint Ventures

The Company accounts its investments in joint venture at cost.

• Other Equity Investments

All other equity investments are measured at fair value, with value changes recognized in Statement
of Profit and Loss, except for those equity investments for which the Company has elected to present
the value changes in 'Other Comprehensive Income'.

B.2.9.2 Financial Liabilities

• Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost.
Fees of recurring nature are directly recognized in the Statement of Profit and Loss as finance cost.

• Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. 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.

B.2.10 Fair Value Measurement

The Company measures financial instruments at fair value at each balance sheet date.

The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs. The Company uses the following hierarchy for determining and disclosing the fair
value of financial instruments by valuation technique:

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

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.

B.2.11 Leases:

Overview of Lease Arrangement:

During the year ended 31 March 2025, the Company entered into a lease agreement with Mr. Rakesh Patel,
Managing Director (DIN: 00510990), for the lease of immovable property (agricultural land) located at Village
Bhadula, Taluka Manavadar, District Junagadh, Gujarat. The leased property comprises Survey Nos. 433
(2.16.76 hectares), 434 (2.17.81 hectares), and 435 (0.77.95 hectares), aggregating approximately 5.12.52
hectares (hereinafter referred to as the "Leased Premises").

Principal Terms of the Lease

• Lease term: Thirty (30) years (non-cancellable period).

• Annual lease rental: ^1,40,000 (Rupees One Lakh Forty Thousand only), payable annually in arrears.

• Lease escalation: Lease rent is subject to escalation at 2% per annum.

Accounting Policy and Measurement

In accordance with Indian Accounting Standard (Ind AS) 116 - Leases, the Company recognises a Right-of-Use
(RoU) asset and a corresponding lease liability at the commencement date of the lease. The lease liability is
measured at the present value of lease payments over the lease term, discounted using the Company's
incremental borrowing rate. The RoU asset is initially measured at the amount of the lease liability, adjusted
for any lease payments made at or before the commencement date and any initial direct costs incurred.

The incremental borrowing rate applied is 12% per annum, derived as follows:

• Base borrowing rate of the Company: 9.25%.

• Addition of a risk/time premium of 3.00% to reflect lease-specific uncertainties.

• Deduction of collateral premium of 0.25%, benchmarked against Government Securities yielding 7.09% for
the corresponding maturity.

Capitalisation of Lease Costs

The Company is in the process of constructing a solar power plant on the leased land. Accordingly, the
aggregate lease rental expense and depreciation amounting to ^1,11,805 (^78,921 ^32,884) has been
capitalised under Capital Work-in-Progress (CWIP) during the year.

B.2.12 Earnings per share

Basic earnings per share is computed using the net profit for the year (without taking impact of other
comprehensive income) attributable to the shareholders and weighted average number of shares outstanding
during the year. The weighted average numbers of shares also includes fixed number of equity shares that are
issuable on conversion of compulsorily convertible preference shares, debentures or any other instrument,
from the date consideration is receivable (generally the date of their issue) of such instruments.

The diluted earnings per share is computed on the same basis as basic earnings per share, after adjusting the
effect of potential dilutive equity shares unless the impact is anti-dilutive, using the net profit for the year
attributable to the shareholders and weighted average number of equity and potential equity shares
outstanding during the year including share options, convertible preference shares and debentures. Potential
equity shares that are converted during the year are included in the calculation of diluted earnings per share,
from the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

B.2.13 Cash and cash equivalents

Cash and cash equivalents includes cash on hand and at bank, deposits held at call with banks, other short¬
term highly liquid investments with original maturities of 3 months or less that are readily convertible to a
known amount of cash and are subject to an insignificant risk of changes in value and are held for the purpose
of meeting short-term cash commitments.

For the purpose of the Statement of Cash Flows, cash and cash equivalents consists of cash and short-term
deposits, as defined above, net of outstanding bank overdraft as they are being considered as an integral part
of the Company's cash management. Bank overdrafts are shown within borrowings in current liabilities in the
Balance Sheet.

C.1 Useful lives and residual values of property, plant and equipment

Property, plant and equipment represent a material portion of the Company's asset base. The periodic charge
of depreciation is derived after estimating useful life of an asset and expected residual value at the end of its
useful life. The useful lives and residual values of assets are estimated by the management at the time the
asset is acquired and reviewed periodically, including at each financial year end. The lives are based on various
external and internal factors including historical experience, relative efficiency and operating costs and change
in technology.

C.2 Income taxes

The Company's tax jurisdiction is India. Significant judgments are involved in determining the provision for
income taxes including amounts to be recovered or paid for uncertain tax positions. Management judgment is
required to determine the amount of deferred tax assets/liabilities that can be recognized, based upon the
likely timing and the level of future taxable/deductible profits.

C.3 Defined benefit obligations

Defined benefit obligations are measured at fair value for financial reporting purposes. Fair value determined
by actuary is based on actuarial assumptions. Management judgement is required to determine such actuarial
assumptions. Such assumptions are reviewed annually using the best information available with the
Management.

C.4 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 crystalizing or are very difficult to quantify
reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

C.5 Current versus non-current classification:

The Company presents assets and liabilities in Balance Sheet based on Current/Non-Current classification.

The Company has presented non-current assets and current assets before equity, non-current liabilities and
current liabilities in accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.

An asset is classified as current asset when it is:

a) it expects to realize the asset, or intends to sell or consume it, in its normal operating cycle;

b) it holds the asset primarily for the purpose of trading;

c) it expects to realize the asset within twelve months after the reporting period;

d) the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when:

a) it expects to settle the liability in its normal operating cycle;

b) it holds the liability primarily for the purpose of trading;

c) the liability is due to be settled within twelve months after the reporting period;

d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after
the reporting period. Terms of a liability that could, at the opinion of the counterparty, result in its
settlement by the issue of equity instruments do not affect its classification.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or
cash equivalents.

36.00 Financial risk management objectives and policies

The Company's principal financial liabilities comprise loans and borrowings, 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 trade and other
receivables, and cash and cash equivalents that are derived directly from its operations.

The Company's senior management oversees the management of these risks. The senior professionals working to manage the
financial risks and the appropriate financial risk governance framework for the Company are accountable to the Board of Directors
and Audit Committee. This process provides assurance to Company's senior management that the Company's financial risk-taking
activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in
accordance with Company policies and Company risk objective.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:

36.01 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 prices comprises three types of risk: currency rate risk, interest rate risk. Financial instruments affected by market
risks include loans and borrowings, deposits, investments, and foreign currency receivables and payables. The sensitivity analysis
in the following sections relate to the position as at reporting date. The analysis excludes the impact of movements in market
variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and
liabilities. The sensitivity of the relevant Profit and Loss item and equity is the effect of the assumed changes in the respective
market risks. This is based on the financial assets and financial liabilities held as of March 31, 2025 and March 31, 2024.

36.02 Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing
financial loss to the company. Credit risk arises from company's activities in investments, dealing in derivatives and outstanding
receivables from customers.

The company has a prudent and conservative process for managing its credit risk arising in the course of its business activities. Sales

36.03 Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable
price. The Company's treasury department is responsible for liquidity, funding as well as settlement management. In addition,
processes and policies related such risk are overseen by senior management. Management monitors the Company's net liquidity
position through rolling forecasts on the basis of expected cash flows.

36.05 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The Company has identified Managing Director and Chief Financial Officer as chief
operating decision maker.

The Company is engaged into manufacturing of forging item. The chief operating decision maker (CODM), who
evaluates the Company's performance, allocate resources based on the analysis of the various performance
indicator of the Company as a single unit.
a) Information about geographical segment

The Company's operations are located in India. The following table provides an analysis of the Company's
sales by geography in which the customer is located and non-current assets other than financial instruments
on the basis of location of the assets.

36.07 Other Disclosure

The Assistant Inspector of Police, Investigation Officer, Khar Police Station, Mumbai issued letter no.: O.W.10413/API
CHINTAMAN/KharPS/2024, dtd.: 23/09/2024 to the company with cc to Axis Bank Ltd., Rajkot informing that an FIR No. 842 of 2024
is lodged by Mr. Hitesh Sharoff against three persons namely 1. Mr. Naitik Jain 2. Mr. Madanlal Jain 3. Mr. Bhavik for crime u/s. 420,
409, 34 IPC and there are reasonable grounds to question you (the Company) to ascertain some facts and circumstances from you.
The Axis Bank Ltd., Rajkot, in reference to the letter no. O.W.10238/API/CHINTAMAN/KHARPS/2024 of Khar Police Station, Mumbai,
freezed Rs. 9,75,000 in the Bank A/c. No. 910030002547717 and informed to the Assistant Inspector of Police, Investigation Officer,
Khar Police Station, Mumbai, vide letter dtd. : 30th September, 2024.

37.00 Additional Regulatory Information

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

37.02 The title deeds of all the immovable properties are in the name of Company,Further the Company has not revalued its property, plant
and equipment (including right-of-use assets) or intangible assets or both during the current or previous year

37.03 The company does not have granted any loans or advance to promoters, Directors, KMPs and the related parties that are repayable
on demand and/or without specifying any terms or period of repayment.

37.04 For Working Capital Borrowing, Quartarly Return/Statement of Current Asset filed by the Company with bank are not in agreement
with books of account. Summary of reconciliation and reasons of material discrepencies are as follow.

Reasons of Material Discrepencies.

1) Eligible Debtors

As represented and Explained by the Management, difference in eligible debtors between quarterly return / statement and Book of
account is due to error in classification of grouping of accounts or details given net of advances/bills correction of a particular period.

2) Eligible Creditors

As represented and Explained by the Management, difference in eligible creditors between quarterly return / statement and Book of
account is due to error in classification of grouping of accounts or details given net of advances/change in grouping of a particular
period.

3) Inventory

As represented and explained by the Management, difference in value of Inventory between quarterly stock statement and books of
account is due to change in Inventory valuation.

37.05 The company is not declared as wilful defaulter by any Banks or financial institution or other lender.

37.06 The Company has not any transaction with companies struck off under section 248 of the Companies Act, 2013 or Section 560 of the
Companies Act, 1956.

37.07 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond statutory dues

37.08 The Company has not advanced or loaned or invested funds from any person(s) or entity(is), including foreign entities

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

37.09 The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

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

37.11 The Company has complied with the number of layers prescribed under the Companies Act, 2013.

37.12 The Company does not have any transactions which are not recorded in the books of accounts that have 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)

39.00 The previous year's figures have been regrouped/ reclassified, wherever necessary to conform to the current year presentation

40.00 The Management confirms that the current assets and loans & advances are approximately of the value stated, if realized in the
ordinary course of business and the provision for all known liabilities are adequate.

41.00 Outstanding Balances of Trade Payables and Trade Receivables are subject to confirmation

As per our report of even date For and on behalf of the Board

For, M. N. Manvar & Co.

Chartered Accountants

FRN : 106047W (Rakesh C. Patel) (Hiralal M. Tilva)

Managing Director Chairman & Managing Director

DIN : 00510990 DIN : 00022539

(M. N. Manvar)

Proprietor

MRN : 036292 (Drashti Vaghasiya) (Avni N. Dadhaniya)

UDIN: 25036292BMKQPK5071 Company Secretary Chief Financial Officer

Date : 30th May, 2025 Date : 30th May, 2025 ACS : A58976

Place : Rajkot Place : Rajkot