(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized when the Company has a present obligation as a result of past events and it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated.

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 when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company's cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

The basic Earnings Per Share ("EPS") is computed by dividing the net profit / (loss) after tax for the year attributable
to the equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, net profit / (loss) after tax for the year attributable to the
equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

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 had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company 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.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or 'gap' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company's philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities,
short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term
maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account
for the expected losses of these receivables.

The company uses the following hierarchy for determining and disclosing the fair values 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 effects on the recorded fair value are observable,
either directly or indirectly.

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company's risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company's risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company's risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company's profit or loss
for the period.

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 two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
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 debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected 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. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company's income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company's receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company monitors its risk of shortage of funds. The Company's objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company's objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

The Company does not have 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).

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon'ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year's figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025