r. Provisions and contingent liabilities

The Company creates a provision when there is present obligation, legal or constructive, as a result of past
events that probably requires an outflow of resources and a reliable estimate can be made of the amount of
obligation.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose
existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events.
Contingent assets are neither recognised nor disclosed in the financial statements.

s. Earnings per share

(i) Basic earnings per share is computed by dividing the net profit or loss for the period attributable to the
equity shareholders of the Company by the weighted average number of equity shares outstanding
during the period. The weighted average number of equity shares outstanding during the period
and for all periods presented is adjusted for events, such as bonus shares, other than the conversion
of potential equity shares that have changed the number of equity shares outstanding, without a
corresponding change in resources.

(ii) For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable
to the equity shareholders and the weighted average number of equity shares outstanding during the
period is adjusted for the effects of all dilutive potential equity shares.

t. Segment reporting
Business Segment

The chief operational decision maker (CODM) monitors the operating results of its business segment
separately for the purpose of making decision about resource allocation and performance assessment.
Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in
the financial statements, Operating segment have been identified on the basis of nature of products and other
quantitative criteria specified in the Ind AS 108. The analysis of geographical segments is based on the areas
in which major operating divisions of the Company operate.

Intersegment Transfers

The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third
parties at current market prices.

Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment
to the total common costs.

Segment Policies

The Company prepares segment information in conformity with the accounting policies adopted for preparing
and presenting the financial statements of the Company as a whole.

A. Credit risk

Credit risk refers to the risk of a counter party default on its contractual obligation resulting into a financial loss to the
Company. The maximum exposure of the financial assets represents trade receivables, work in progress and receivables
from group companies and others.

Customer credit risk is managed by the Company through established policy and procedures and control relating to
customer credit risk management. Trade receivables are non-interest bearing and are generally carrying upto 90 days
credit terms. The Company has a detailed review mechanism of overdue customer receivables at various levels within
organisation to ensure proper attention and focus for realisation. Trade receivables are consisting of a large number
of customers. Export receivables are backed by forward contract. In respect of trade receivables, the Company uses a
provision matrix to compute the expected credit loss allowances for trade recivables in accordance with the expected
credit loss (ECL) policy of the Company.

B. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet its commitments associated
with financial instruments. Liquidity risk may result from an inability to sell a financial aseets quickly at close to its fair
value.

The Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring
forcast and actual cash flows and by matching the maturity profiles of financial assets and liabilities.

Contractual maturities of significant financial liabilities are as follows:

C. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in foreign currency exchange
rates, interest rates, credit, liquidity and other market changes.

The Company has several balances in foreign currency and consequently, the Company is exposed to foreign exchange
risk. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established
risk management policies.

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. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s long-term debt obligations with floating interest rates. The Company manages its interest rate risk by having a
balanced portfolio of fixed and variable rate loans and borrowings.

b) Interest rate sensitivity:

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Company’s profit before tax is affected through the
impact on floating rate borrowings, as follows:

d) Foreign currency sensitivity

The Company is mainly exposed to changes in USD and EURO. The below table demostrates the sentivity to a 5%
increase or decrease in the USD and EURO against INR, with all other variables held constant. The sentivity analysis is
prepared on the net unhedged exposure of the Company as at reporting date. 5% represents management's assessment of
reasonably possible change in foreign exchange rate.

Note 33

Capital management

The Company's capital management objective is to maximise the total shareholders' returns by optimising cost of capital
through flexible capital structure that supports growth. Further, the Company ensures optimal credit risk profile to
maintain/enhance credit rating.

The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic
plans. The funding requirements are met through internal accruals and long-term/short-term borrowings. The Company
monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of
the company.

* excluding exceptional items

b. The title deeds of all immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee), disclosed in the financial statements included under
Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

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

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

e. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a
wilful defaulter at any time during the financial year or after the end of reporting period but before the date when
the financial statements are approved.

f. As contended by the management and as verified by the Auditors on sample test check basis, the Company does
not have any transactions with struck-off companies.

g. The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies
Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017.

h. The company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities(intermediaries), with the understanding 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.

i. The Company has not received any funds 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 to or on behalf of the Ultimate Beneficiaries.

j. The Company does not have any transactions which is not recorded in the books of accounts but 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).

k. Quarterly returns or statements of current assets filed by the Company with banks are generally in agreement with
the books of accounts.

l. The Company has used the borrowings from banks for the purpose for which it was obtained.

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

n. The Company is operating under SAP environment which is fully integrated financial accounting and reporting
system. The management confirms that the accounting software used by the Company for maintaining books of
account has a feature of recording audit trail (edit log) facility which has been operated throughout the year for all
transactions recorded in the software and the audit trail feature is not being tampered with.

41 Balances with sundry creditors, sundry debtors and for loans and advances in few cases are subject to confirmations
from the respective parties and reconciliations, if any. In absence of such confirmations, the balances as per books
are relied upon by the auditors.

42 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated
in the balance sheet, if realized in the ordinary course of the business. The provision of all known liabilities is
adequate and not in excess of the amount reasonably required.

43 All the amounts have been stated in Indian Rupees in lacs, unless otherwise stated.

44 Previous year’s figures have been regrouped and rearranged, wherever necessary.

Signatures to Notes 1 to 44

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

For Sanghavi & Co. Sd/- Sd/-

Chartered Accountants Manan Shah Hemul Shah

Managing Director Director

DIN:06378095 DIN: 00058558

Sd/-

Manoj Ganatra Sd/- Sd/-

Partner Seema Sharma Vikash Khemka

Company Secretary Chief Financial Officer

Place : Mumbai Place : Mumbai

Date : May 28, 2025 Date : May 28, 2025