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 established the risk management committee, which is responsible for developing and
monitoring the Company's risk management policies. The committee reports regularly to the board of directors on its activities.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate limits and controls and to monitor risks and adherence to limits. The Company, through its training and established
procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The nature of the Company's business exposes it to a range of financial risks. These risks include:

(i) credit risk;

(ii) liquidity risk; and

(iii) market risk.

Credit risk refers to the risk that a counterpart will default on its contractual obligations resulting in financial loss to
the Company. As at March 31, 2025, the company's maximum exposure to credit risk without taking into account any
collateral held or other credit enhancements which will cause a financial loss to the group due to failure to discharge an
obligation by the counterparties and financial guarantees provided by the company arises from the carrying amount of
the respective recognized financial assets as stated in the balance sheet.
a. Cash and bank balance

Credit risk from balances/ fixed deposits banks is managed in accordance with the Company's risk management
policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each
counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue.
The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty's
potential failure to make payments. The Company's maximum exposure to credit risk on account of deposits with
banks is as mentioned below -

(ii) Liquidity risk:

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an
appropriate liquidity risk management framework for management of the company's short, medium and long-term
funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities and by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles
of financial assets and liabilities.

The Company's principal sources of liquidity are cash and cash equivalents and cash flow that is generated from
operations. The Company has no outstanding bank borrowings. The Company believes that the current working capital
is sufficient to meet its current obligatory requirements. Accordingly, no liquidity risk is perceived.

As on 31 March 2025, the Company had a working capital of ' 4040.20 lakhs (as on 31 March 2024'5,735.03 lakhs)
including cash and cash equivalents and other bank balance of ' 2,198.07 lakhs (as on 31 March 2024'5,000.18 lakhs).
The working capital of the Company for this purpose has been derived as follows:

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- 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 optimizing the return.

Market risk comprises of:

a. Interest rate risk

b. Foreign currency risk

Financial instruments affected by market risk include other financial assets, trade receivables and trade payables.

a. 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. Since the Company does not have any financial instrument with variable interest
rates, it is not exposed to interest rate risk.

b. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates
primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency).
The foreign currency to which the Company is majorly exposed to are US Dollars, EURO and GBP.

The following tables demonstrate the sensitivity to a reasonably possible change in USD, EURO and GBP exchange
rates, with all other variables held constant -

Note 1

Financial assets carried at fair value as at 31 March 2025 is Rs. Nil and financial assets carried at amortized cost as at 31
March 2025 is Rs. 5,392.53 lakhs. The Company has assessed the counterparty credit risk in connection with Cash and cash
equivalents, bank deposits and earmarked balances with banks amount to Rs. 2,119.40 lakhs as at 31 March 2025 where the
Company has assessed the counterparty credit risk.

Trade receivables amounting to Rs. 3,124.08 lakhs as at 31 March 2025 is valued at considering provision for allowance
under the expected credit loss method. This assessment is based on the likelihood of the recoveries from the customers in the
present situation. The Company closely monitors its customers who are going through financial stress and assesses actions
such as change in payment terms, recognition of revenue on collection basis etc., depending on severity of each case.

Basis this assessment, the allowance for doubtful trade receivables is considered adequate.

Defined contributions plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident Fund, Labour Welfare Fund and Superannuation Scheme, which are the defined contribution
plans. The Company has no obligations other than to make the specified contributions. The contributions are charged to the
Statement of Profit and Loss as they accrue. The amount recognized as an expense towards defined contribution plans for the
year for provident fund and superannuation scheme aggregated to ' 92.92 Lakhs (31 March 2024: ' 93.63 Lakhs).

defined benefit plans
Gratuity

The company sponsors defined benefit plans for qualifying employees. The defined benefit plans are administered by a
separate fund that is legally separated from the entity. The trustees of the pension fund are required by law to act in the
interest of the fund and of all relevant stakeholders in the plan. The trustees of the pension fund are responsible for the
investment policy with regard to the assets of the fund.

Under the plans, the employees are entitled to post-retirement yearly instalments amounting to 15 days salary for each year
of completed service at the time of retirement / exit. The scheme is funded by plan assets.

The most recent actuarial valuations of the planned assets and the present value of the defined benefit liability were carried
out at March 31, 2025 by appointed actuaries. The present value of the defined benefit liability, and the related current service
cost and past service cost, were measured using the projected unit credit method.

The following table summarizes the position of assets and obligations relating to the plan.

a) Gratuity is payable to all eligible employees of the Company on superannuation, death, and permanent disablement, in
terms of the provisions of the Payment of Gratuity Act, 1972.

b) The discount rate is based on the prevailing market yields Indian Government securities as at the Balance Sheet date for
the estimated term of the obligations.

c) The Company's gratuity fund is managed by Life Insurance Corporation of India, details of those funds invested by LIC
are not readily available with the Company.

Performance obligations

The Company satisfies its performance obligations pertaining to the sale of crucibles at point in time when the control of
goods is actually transferred to the customers. No significant judgment is involved in evaluating when a customer obtains
control of promised goods. The payment is generally due within 45-60 days.

The Company is obliged for refunds due to shortages during the mode of transportation. There are no other significant
obligations attached in the contract with customer.

Transaction price

There is no remaining performance obligation for any contract for which revenue has been recognized till period end.
Further, the Company has not applied the practical expedient as specified in para 121 of Ind AS 115 as the Company do not
have any performance obligations that has an original expected duration of one year or less or any revenue stream in which
consideration from a customer corresponds directly with the value to the customer of the entity's performance completed to
date.

Determining the timing of satisfaction of performance obligations

There is no significant judgements involved in ascertaining the timing of satisfaction of performance obligations, in
evaluating when a customer obtains control of promised goods, transaction price and allocation of it to the performance
obligations.

Determining the transaction price and the amounts allocated to performance obligations

The transaction price ascertained for the only performance obligation of the Company (i.e. Sale of goods) is agreed in the
contract with the customer. There is no variable consideration involved in the transaction price except for refund due to
shortages which is adjusted with revenue.

39. VOLUNTARY RETIREMENT SCHEME

During the year ended March 31, 2024, the Company had initiated the discussions with the workers for the Voluntary
Retirement Scheme (VRS). The Board of Directors in their meeting held on February 13, 2024 had approved the Voluntary
Retirement Scheme 2023-24 ("Scheme"). The Company had considered a provision of Rs. 321.08 lakhs and disclosed that as
an exceptional item in the Financial statements / results. 14 eligible employees opted for the scheme and their dues were paid
in April 2024.

The Company has developed a comprehensive system of maintenance of information and documents as required by the
transfer pricing legislation under section 92-92F of the Income Tax Act, 1961. The management is of the opinion that its
international transactions are at arm's length so that the aforesaid legislation will not have any impact on the financial
statements, particularly on the amount of tax expense and that of provision for taxation.

During the earlier years the Company has applied for Advance Pricing Agreement (APA) before the Central Board of Direct Tax
(CBDT) and Government of India for International Inter-company related party transactions with Associated Enterprises (AE).
The Company has entered into in APA agreement with CBDT dated 18 August 2021 for 5 years ended 31 March 2021.

The Company has also filed application for renewal of APA agreement for five years (FY 2021-22 to 2025-26) on 26 March
2021 and current tax working for FY 2024-25 is calculated based on the APA agreement signed on 18th August 2021 for 5
years ended 31 March 2021.

The Domestic Transfer Pricing Regulations as prescribed under section 92BA of the Income Tax Act, 1961 was introduced from
April 1, 2012. The Company has been consistently transacting with related parties on an Arm's Length basis in accordance
with the Group Transfer Pricing Policy. The Company is of the opinion that there will be no significant changes to Arm's length
price under determination in order to comply with the requirement of section 92BA of Income Tax Act. Hence, there will be
no material impact on the financial statements.

The Company tests goodwill for impairment at least annually, or more frequently if events or changes in circumstances
indicate that it might be impaired. The Company has identified a single cash generating unit ("CGU") based on the business.
The recoverable amount of CGU is determined based on higher of value-in-use and fair value less cost to sell. The recoverable
value was determined by value in use in cases where there is no basis for making a reliable estimate of the price at which
an orderly transaction to sell the asset would take place between market participants at the measurement date under
current market conditions. In determining the value in use, cash flow projections from financial budgets approved by senior
management have been considered.

Market related information and estimates are used to determine the recoverable amount. Key assumptions on which
management has based its determination of recoverable amount include estimated long-term growth rates, weighted average
cost of capital and estimated operating margins. Cash flow projections are considered for next 5 years and consider past
experience and represent management's best estimate about future developments. Cash flows beyond the five-year period
are extrapolated using a 2% growth rate. The pre-tax discount rate applied to cash flow projections for impairment testing
during the current year is 12%. An analysis of the sensitivity of the computation of recoverable amount to a change in key
parameters, based on reasonable assumptions, did not identify any probable scenario in which the recoverable amount of the
CGU would decrease below its carrying amount other than the amount.

42. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified and the rules are yet to be framed. The Company will assess the
impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective
and the related rules are published.

43. OTHER INFORMATION

a) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956 during the financial year except as mentioned in Note 12.

b) The Company does not have any Benami property, where any proceedings have been initiated or are pending against the
Company for holding any Benami property.

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

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

e) The Company have not advanced or loaned or invested funds (either from borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding, whether recorded in writing or otherwise, 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.

f) 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,

g) No direct database changes in accounting software are allowed and all data changes are governed at application layer
to avoid system performance problems and to follow the principle of data minimization. There are alternate governing
processes in place to mitigate any risk of unauthorized access to database.

h) The Company maintains the books of account electronically and its back-up is maintained on a server physically located
outside India.

i) The Company does not have any 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).

^A There is no significant change (i.e. change of not more than 25% as compared to the immediately previous financial year)
in the key financial ratios.

* There is an increase in net capital tunover ratio by about 47% in the current year as compared to previous year due to the
factors below :

1. Increase in total revenue from operations by 3.72% in the current year as compared to previous year is attributable to
increased demand in sales and new customers.

2. There is reduction in cash and cash equivalent due to payment of interim dividend and purchase of capital goods, which
leads to decreased in working capital.

for and on behalf of the board of directors of
Morganite Crucible (India) Limited

CIN: L26920MH1986PLC038607

Jonathan Percival Poonam Bopshetti

Director Manager & Director

DIN : 09701284 DIN : 11109675

Place : Chhatrapati Sambhajinagar Place : Chhatrapati Sambhajinagar

Date : 22 May 2025 Date : 22 May 2025

Hanumant Mandale pooja Jindal

Chief Financial Officer Company Secretary

Place : Pune Place : Chhatrapati Sambhajinagar

Date : 22 May 2025 Date : 22 May 2025