3.10 Provisions, Contingent Liabilities, Contingent
assetsand Commitments:

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 equivalent period government securities interest
rate. Unwinding of the discount is recognized in
the statement of profit and loss as a finance cost.
Provisions are reviewed at each balance sheet date
and are adjusted to reflect the current best estimate.

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle or
a reliable estimate of the amount cannot be made.
Information on contingent liability is disclosed in the
Notes to the financial statements. Contingent assets
are not recognized. However, when the realization of
income is virtually certain, then the related asset is no
longer a contingent asset, but it is recognized as an
asset.

3.11 Revenue recognition and other income:

Sale of goods and Services:

The Company derives revenues primarily from sale of
products comprising Consumer ware Products (CP).

Revenue from contracts with customers is recognized
when control of the goods or services are transferred
to the customer at an amount that reflects the
consideration entitled in exchange for those goods
or services. Generally, control is transferred upon
shipment of goods to the customer or when the goods
is made available to the customer, provided transfer
of title to the customer occurs and the Company has
not retained any significant risks of ownership or future
obligations with respect to the goods shipped.

Revenue from rendering of services is recognized over
the time by measuring the progress towards complete
satisfaction of performance obligations at the reporting
period.

Revenue is measured at the amount of consideration
which the Company expects to be entitled to in
exchange for transferring distinct goods or services
to a customer as specified in the contract, excluding
amounts collected on behalf of third parties (for
example taxes and duties collected on behalf of the
government). Consideration is generally due upon
satisfaction of performance obligations and a receivable
is recognized when it becomes unconditional.

The Company does not have any contracts where the
period between the transfer of the promised goods or
services to the customer and payment by the customer
exceeds one year. As a consequence, it does not
adjust any of the transaction prices for the time value
of money.

Revenue is measured based on the transaction
price, which is the consideration, adjusted for volume
discounts, scheme discount and price concessions,
if any, as specified in the contract with the customer.
Revenue also excludes taxes collected from
customers.

Incentives on exports related to operations are
recognized in the statement of profit and loss after due

consideration of certainty of utilization/receipt of such
incentives.

Contract balances:

Trade receivables:

A receivable represents the Company’s right to an
amount of consideration that is unconditional.

Contract liabilities:

A contract liability is the obligation to transfer goods
or services to a customer for which the Company has
received consideration (or an amount of consideration
is due) from the customer. If a customer pays
consideration before the Company transfers goods
or services to the customer, a contract liability is
recognized when the payment is made. Contract
liabilities are recognized as revenue when the
Company performs underthe contract.

Interest Income:

Interest income from a financial asset is recognized
when it is probable that the economic benefits will flow
to the Company and the amount of income can be
measured reliably. Interest income is accrued on a time
basis, by reference to the principal outstanding and at
the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that
asset’s net carrying amount on initial recognition.

Dividend Income:

Dividend Income is recognized when the right to
receive the payment is established.

Rental income:

Rental income arising from operating leases is
accounted for on a straight-line basis over the lease
terms and is included as other income in the statement
of profit or loss.

3.12 Foreign currency:

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.

In case of an asset, expense or income where a
non-monetary advance is paid/received, the date
of transaction is the date on which the advance was
initially recognized. If there were multiple payments or
receipts in advance, multiple dates oftransactions are
determined for each payment or receipt of advance
consideration.

3.13 Employee Benefits:

Short term employee benefits are recognized as an
expense in the statement of profit and loss of the year
in which the related services are rendered.

Leave encashment is accounted as Short-term
employee benefits and is determined based on
projected unit credit method, on the basis of actuarial
valuations carried out by third party actuaries at each
Balance Sheet date.

Contribution to Provident Fund, a defined contribution
plan, is made in accordance with the statute, and
is recognized as an expense in the year in which
employees have rendered services.

Contribution to Superannuation fund, a defined
contribution plan, is made in accordance with the
Company's policy, and is recognized as an expense in
the year in which employees have rendered services.

The cost of providing gratuity, a defined benefit plans,
is determined using the Projected Unit Credit Method,
on the basis of actuarial valuations carried out by third
party actuaries at each Balance Sheet date. Actuarial
gains and losses arising from experience adjustments
and changes in actuarial assumptions are charged or
credited to other comprehensive income in the period
in which they arise. Other costs are accounted in
statement of profit and loss.

Remeasurements of defined benefit plan in respect
of post employment and other long term benefits
are charged to the other comprehensive income
in the year in which they occur. Remeasurements

are not reclassified to statement of profit and loss in
subsequent periods.

3.14 Share-based payments:

The cost of equity-settled transactions with employees
is measured at fair value at the date at which they
are granted. The fair value of share awards are
determined with the assistance of an external valuer
and the fair value at the grant date is expensed on a
proportionate basis over the vesting period based on
the Company’s estimate of shares that will eventually
vest. The estimate of the number of stock options likely
to vest is reviewed at each balance sheet date up to
the vesting date at which point the estimate is adjusted
to reflectthe current expectations.

3.15 Taxes on Income:

Income tax expense represents the sum ofcurrent tax
(including income tax for earlier years) and deferred
tax. Tax is recognized in the statement of profit and
loss, except to the extent that it relates to items
recognized directly in equity or other comprehensive
income, in such cases the tax is also recognized
directly in equity or in other comprehensive income.
Any subsequent change in direct tax on items initially
recognized in equity or other comprehensive income
is also recognized in equity or other comprehensive
income.

Current tax provision is computed for Income calculated
after considering allowances and exemptions under
the provisions of the applicable Income Tax Laws.
Current tax assets and current tax liabilities are off set,
and presented as net.

Deferred tax is recognized on differences between
the carrying amounts of assets and liabilities in the
Balance sheet and the corresponding tax bases
used in the computation of taxable income. Deferred
tax liabilities are generally recognized for all taxable
temporary differences, and deferred tax assets are
generally recognized for all deductible temporary
differences, carry forward tax losses, unutilized tax
credits and allowances to the extent that it is probable
that future taxable profits will be available against which

those deductible temporary differences, carry forward
tax losses, unutilized tax credits and allowances can
be utilized. 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 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.

3.16 Borrowing Costs:

Borrowing costs specifically relating to the acquisition
or construction of qualifying assets that necessarily
takes a substantial period of time to get ready for
its intended use are capitalized (net of income on
temporarily deployment of funds) as part of the cost
of such assets. Borrowing costs consist of interest and
other costs that the Company incurs in connection with
the borrowing of funds. For general borrowing used
for the purpose of obtaining a qualifying asset, the
amount of borrowing costs eligible for capitalization
is determined by applying a capitalization rate to
the expenditures on that asset. The capitalization
rate is the weighted average of the borrowing costs
applicable to the borrowings of the Company that are
outstanding during the period, other than borrowings
made specifically for the purpose of obtaining a
qualifying asset. The amount of borrowing costs
capitalized during a period does not exceed the
amount of borrowing cost incurred during that period.
All other borrowing costs are expensed in the period in
which they occur.

3.17 Current and non-current classification:

The Company presents assets and liabilities in
statement of financial position 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 currentwhen it is:

a) Expected to be realized or intended to be sold or
consumed in normal operating cycle,

b) Held primarily for the purpose of trading,

c) Expected to be realized within twelve months
after the reporting period, or

d) Cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for at
leasttwelve monthsafterthe reporting period.

All other assets are classified as non-current.

A liability is classified as currentwhen it is:

a) Expected to be settled in normal operating cycle,

b) Held primarily for the purpose of trading,

c) Due to be settled within twelve months after the
reporting period, or

d) There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition
of assets for processing and their realization in cash
or cash equivalents. Deferred tax assets / liabilities
are classified as non-current assets / liabilities. The
Company has identified twelve months as its normal
operating cycle.

3.18 Fairvalue measurement:

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

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

a) In the principal market for the asset or liability, or

b) In the absence of a principal market, in the most
advantageous market for the asset or liability

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,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.

All assets and liabilities for which fairvalue is measured
or disclosed in the financial statements are categorized
within the fair value hierarchy.

3.19 Off-setting financial Instrument:

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there
is a legally enforceable rights to offset the recognized
amounts and there is an intention to settle on a net
basis or realize the asset and settle the liability
simultaneously. The legally enforceable rights must
not be contingent on future events and must be
enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the
Company or counterparty.

NOTE4: SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS:

The preparation of Financial Statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts of
revenues, expenses, assets, liabilities, the accompanying
disclosures and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected
in future periods. The key assumptions concerning the
future and other key sources of estimation uncertainty at
the reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described

below. The Company used its assumptions and estimates
on parameters available when the financial statements
were prepared. However, existing circumstances and
assumptions about future developments may change
due to market changes or circumstances arising that are
beyond the control of the Company. Such changes are
reflected in the assumptions when they occur.

4.1 Property, Plant and Equipment, Investment
Properties and Other Intangible Assets:

Management reviews the estimated useful lives and
residual values of the assets annually in order to
determine the amount of depreciation to be recorded
during any reporting period. The useful lives and
residual values as per schedule II of the Companies
Act, 2013 or are based on the Company’s historical
experience with similar assets and taking into account
anticipated technological changes, whichever is more
appropriate.

4.2 Income Tax:

Company reviews at each balance sheet date the
carrying amount of deferred tax assets. The factors
used in estimates may differ from actual outcome
which could lead to an adjustment to the amounts
reported in the financial statements.

4.3 Contingencies:

Management has estimated the possible outflow of
resources at the end of each annual reporting financial
year, if any, in respect of contingencies/claim/litigations
against the Company as it is not possible to predict the
outcome of pending matters with accuracy.

4.4 Impairmentoffinancial assets:

The impairment provisions for financial assets are
based on assumptions about risk of default and
expected cash loss. The Company uses judgement in
making these assumptions and selecting the inputs to
the impairment calculation, based on Company’s past
history, existing market conditions as well as forward
looking estimates at the end of each reporting period.

4.5 Impairment of non-financial assets:

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or Cash Generating
Units (CGU) fair value less costs of disposal and its
value in use. It is determined for an individual asset,
unless the asset does not generate cash inflows that
are largely independent to those from other assets or
Companys of assets. Where the carrying amount of
an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its
recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using
a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining fair value less
cost of disposal, recent market transactions are taken
into account. If no such transactions can be identified,
an appropriate valuation model is used. These
calculations are corroborated by valuation multiples or
other available fair value indicators.

4.6 Defined benefits plans:

The Cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future. These include the determination of the
discount rate, future salary increases, mortality rates
and attrition rate. Due to the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at
each reporting date.

4.7 Revenue Recognition:

The Company’s contracts with customers could include
promises to transfer multiple products and services

to a customer. The Company assesses the products
/ services promised in a contract and identify distinct
performance obligations in the contract. Identification
of distinct performance obligation involves judgement
to determine the deliverables and the ability of
the customer to benefit independently from such
deliverables.

Judgement is also required to determine the transaction
price for the contract. The transaction price could be
either a fixed amount of customer consideration or
variable consideration with elements such as volume
discounts, price concessions and incentives. Any
consideration payable to the customer is adjusted
to the transaction price, unless it is a payment for a
distinct product or service from the customer. The
estimated amount of variable consideration is adjusted
in the transaction price only to the extent that it is highly
probable that a significant reversal in the amount of
cumulative revenue recognized will not occur and
is reassessed at the end of each reporting period.
The Company allocates the elements of variable
considerations to all the performance obligations
of the contract unless there is observable evidence
that they pertain to one or more distinct performance
obligations.

4.8 Provisions:

Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future
outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably
estimated. The timing of recognition and quantification
of the liability require the application of judgement
to existing facts and circumstances, which can be
subject to change. Since the cash outflows can take
place many years in the future, the carrying amounts
of provisions and liabilities are reviewed regularly
and adjusted to take account of changing facts and
circumstances.

4.9 Fairvalue measurementoffinancial instruments:

When the fair value of financial assets and financial
liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets,

their fair value is measured using valuation techniques
including the Discounted Cash Flow (DCF) model.
The inputs to these models are taken from observable
markets where possible, but where this is not feasible,
a degree of judgement is required in establishing fair
values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the
reported fair value of financial instruments.

4.10 Classification of Leases:

The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the
applicable discount rate. The Company determines the
lease term as the non-cancellable period of a lease,

together with both periods covered by an options
to extend the lease if the Company is reasonably
certain to exercise that options; and periods covered
by an option to terminate the lease if the Company
is reasonably certain not to exercise that options. In
assessing whether the Company is reasonably certain
to exercise an option to extend a lease, or not to
exercise an option to terminate a lease, it considers
all relevant facts and circumstances that create an
economic incentive for the Company to exercise the
option to extend the lease, or not to exercise the option
to terminate the lease. The Company revises the lease
term if there is a change in the non-cancellable period
of a lease. The discount rate is generally based on
the incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar
characteristics.

21.1 Nature and Purpose of Reserve

1. Capital Reserve:

Capital reserve was created by way of subsidy received from State Industries Promotion Corporation of Tamilnadu. The
reserve will be utilized in accordance with the provisions of the Companies Act, 2013.

2. Capital Reserve On Scheme of Amalgamation:

Capital Reserve is created on account of Scheme of Amalgamation. The reserve will be utilized in accordance with the
provisions of the Companies Act, 2013.

3. General Reserve:

General Reserve is created from time to time by way of transfer of profits from retained earnings for appropriation
purpose. This reserve is a distributable reserve.

4. Share Based Payment Reserve:

Share based payment reserve is created against ‘Borosil Limited - Special Purpose Employee Stock Option Plan 2020’
(“ESOP 2020”) and against ‘Borosil Limited - Employee Stock Option Scheme 2020’ (“NEW ESOS 2020”) and will be
utilized against exercise of the option on issuance of the equity shares of the Company.

38.3 Risk exposures

A. Actuarial Risk:

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an
increase in obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate then the Gratuity benefits
will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cash
flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount
rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate then the Gratuity
benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the
resignation date.

B. Investment Risk:

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the
fair value of instruments backing the liability. In such cases, the present value of the assets is independent ofthe future
discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes
in the discount rate during the inter-valuation period.

C. Liquidity Risk:

Employees with high salaries and long durations or those higher in hierarchy accumulate significant level of benefits. If
some of such employees resign/retire from the Company there can be strain on the cash flows.

D. Market Risk:

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One
actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money.
An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This
assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to
fluctuations in the yields as at the valuation date.

E. Legislative Risk:

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/
regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits
to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to
be recognized immediately in the yearwhen any such amendment is effective.

38.4 Details of Asset-Liability Matching Strategy

Gratuity benefits liabilities of the Company are Funded. There are no minimum funding requirements for a Gratuity
benefits plan in India and there is no compulsion on the part of the Company to fully or partially pre-fund the liabilities
under the Plan. The trustees of the plan have outsourced the investment management of the fund to insurance companies
which are regulated by IRDA. Due to the restrictions in the type of investments that can be held by the fund, it may not
be possible to explicitly follow an asset-liability matching strategy to manage risk actively in a conventional fund.

38.5 The expected payments towards contributions to the defined benefit plan within one year is ?170.34 lakhs (Previous year
?191.04 lakhs).

NOTE 39: SHARE BASED PAYMENTS

Employee Stock Option Schemes of Borosil Limited (BL)

The Company offers equity based award plan to its employees through the Company’s stock option plan.

39.1 ‘Borosil Limited - Special Purpose Employee Stock Option Plan 2020’ (“ESOP 2020”)

Pursuant to the Composite Scheme of Amalgamation and Arrangement (“the Composite Scheme”) approved by
the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”) on January 15, 2020, Employees of Borosil
Renewables Limited(Company under common control) who were granted options under “Borosil Employee Stock Option
Scheme 2017” (“ESOS 2017”), were issued equal number of options in the Company, irrespective of whether these
options were vested or not under ESOS 2017.

Accordingly, with a view to restore the value of the employee stock options (“Options”) pre and post demerger by
providing fair adjustment in respect of Options granted under ESOS 2017, the Company had adopted and implemented
a new Employee Stock Option Plan namely ‘Borosil Limited - Special Purpose Employee Stock Option Plan 2020’
(“ESOP 2020”).

43.2 Fair Valuation techniques used to determine fair value

The Company maintains procedures to value financial assets or financial liabilities using the best and most relevant data

available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an

asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

i) Fairvalue of trade receivable, cash and cash equivalents, other bank balances, trade payables, loans, current borrowings,
deposits and other financial assets and liabilities are approximate at their carrying amounts largely due to the short-term
maturities of these instruments.

ii) The fair values of non-current loans, fixed deposits, security deposits, Non-current Lease Liabilities and Non-current
Borrowings are approximate at their carrying amount due to interest bearing features of these instruments.

iii) The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fairvalue, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.

iv) Fair values of quoted financial instruments are derived from quoted market prices in active markets.

v) The fair value for level 3 instruments is valued using inputs based on information about market participants assumptions
and other data that are available.

vi) The fair value of the remaining financial instruments is determined using discounted cash flow analysis and/or direct
sales comparison approach.

vii) Equity Investments in subsidiaries are stated at cost.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation

techniques:

i) Level 1 Quoted prices / published NAV (unadjusted) in active markets for identical assets or liabilities. It includes fair
value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date
and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at
the balance sheet date.

ii) Level 2 Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments
that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation
techniques. These valuation techniques maximize the use of observable market data where it is available and rely
as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument are
observable then instrument is included in level 2.

iii) Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). If
one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

NOTE 44: FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES

The Company is exposed to market risk, credit risk and liquidity risk. Risk management is carried out by the Company under
policies approved by the board of directors. This Risk management plan defines how risks associated with the Company will
be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored
by the Company. The basic objective of risk management plan is to implement an integrated risk management approach
to ensure all significant areas of risks are identified, understood and effectively managed, to promote a shared vision of
risk management and encourage discussion on risks at all levels of the organization to provide a clear understanding of
risk/benefit trade-offs, to deploy appropriate risk management methodologies and tools for use in identifying, assessing,
managing and reporting on risks, and to determine the appropriate balance between cost and control of risk and deploy
appropriate resources to manage/optimize key risks. Activities are developed to provide feedbackto management and other
interested parties (e.g. Audit committee, Board etc.). The results of these activities ensure that risk management plan is
effective in the long term.

44.1 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. Market prices comprise of three types of risk: foreign currency rate risk, interest rate risk and other price risks,
such as equity price risk and commodity risk.

The sensitivity analysis is given relate to the position as at March 31, 2025 and March 31, 2024.

The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment
benefit obligations, provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of profit
and loss item is the effect of the assumed changes in the respective market risks. The Company’s activities expose it to a
variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. This is based
on the financial assets and financial liabilities held as at March 31, 2025 and as at March 31, 2024.

(a) Foreign exchange risk and sensitivity

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument 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. The Company transacts business primarily in USD, EURO and RMB.
The Company has foreign currency trade and other payables, trade receivables and other current financial assets and
liabilities and is therefore, exposed to foreign exchange risk. The Company regularly reviews and evaluates exchange
rate exposure arising from foreign currency transactions.

The following table demonstrates the sensitivity in the USD, EURO and RMB to the Indian Rupee with all other variables
held constant. The impact on the Company’s profit before tax due to changes in the fair values of monetary assets and

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iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its
obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees
or credit enhancements.

Financial assets are written off when there is no reasonable expectation 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. Where recoveries are made, these are 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. Loss rates are based on actual credit loss
experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional
provision considered.

a) Trade Receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit
track record in the market and past dealings with the Company for extension of credit to customers. The Company
monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The
Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in
several jurisdictions and industries are operate in largely independent markets. The Company has also taken security
deposits in certain cases from its customers, which mitigate the credit risk to some extent. Further, the Company has
policy of provision for doubtful debts. Revenue of ? Nil (Previous year ? Nil) from a customer represents more than 10%
of the Company revenue for the year ended March 31,2025. The Company does not expect any material risk on account
of non-performance by Company’s counterparties.

The Company has used practical expedient by computing the expected credit loss allowance for trade receivables based
on provision matrix. The provision matrix taken into account historical credit loss experience and adjusted for forward
looking information. The expected credit loss allowance is based on ageing of the days the receivables are due.

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses. The Company’s objective is to, at all times, maintain optimum levels of liquidity to meet
its cash and collateral requirements. The Company relies operating cash flows, short term borrowings in the form of working
capital loan to meet its needs for funds. Company does not breach any covenants (where applicable) on any of its borrowing
facilities. The Company has access to a sufficient variety of sources of funding as per requirement. The Company has also
the sanctioned limit from the banks.

The table below provides undiscounted cash flows towards financial liabilities into relevant maturity based on the remaining
period at the balance sheet to the contractual maturity date.

b) Financial instruments and cash deposits:

The Company considers factors such as track record, size of the institution, market reputation and service standards
to select the banks with which balances are maintained. Credit risk from balances with banks is managed by
the Company’s finance department. Investment of surplus funds are also managed by finance department. The
Company does not maintain significant cash in hand. Excess balance of cash other than those required for its day
to day operations is deposited into the bank.

For other financial instruments, the finance department assesses and manage credit risk based on internal
assessment. Internal assessment is performed for each class of financial instrument with different characteristics.

44.4 Competition and price risk

The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage
in terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its
customers.

NOTE 45: CAPITAL MANAGEMENT

For the purpose of Company’s capital management, capital includes issued capital, other equity and debts. The primary
objective of the Company’s capital management is to maximize shareholders value. The Company manages its capital
structure and makes adjustments in the light of changes in economic environment and the requirements of the financial
covenants.

NOTE 51: The Management and authorities have the power to amend the Financial Statements in accordance with section
130 and 131 of the Companies Act, 2013.

NOTE 52: THE COMPOSITE SCHEME OF ARRANGEMENT

During the previous year, the Composite Scheme of Arrangement amongst the Company (‘Demerged Company’), Klass
Pack Limited (renamed as Borosil Scientific Limited) (‘BSL’ or ‘Resulting Company or Transferee Company’) and Borosil
Technologies Limited (‘BTL or Transferor Company’) was sanctioned by the Hon’ble National Company LawTribunal, Mumbai
Bench, (‘NCLT’), vide its order dated November 02, 2023. The appointed date of the Scheme was April 01,2022 and Effective
Date was December 02, 2023. In accordance with the Scheme, inter alia, a) the Scientific and Industrial Products business
of the Company had been demerged and transferred to BSL and consequently BSL had issued shares to the shareholders
of the Company; b) BTL stands amalgamated into BSL; c) BSL, BTL and Goel Scientific Glass Works Limited had ceased to
be subsidiaries of the Company.

NOTE 53: RECLASSIFICATIONS IN THE CURRENT YEAR

53.1 Previous Year figures have been regrouped, rearranged and reclassified wherever necessary to make them comparable.

53.2 The Company has changed the classification/presentation of shared service support income and export incentive in the
current year. The same has now been included in the “Other Operating Revenue” line item under the head “Revenue
from Operations”. Previously, shared service support income and export incentive was included under the head
“Other Income”. The Company has reclassified comparative amounts to confirm with current year presentation. The
impact of such classification is summarized below:

NOTE 50: OTHER STATUTORY INFORMATIONS:

i) There is no balance outstanding on account of any transaction with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

ii) The Company does not have more than two layers of subsidiary as prescribed under Section 2 (87) of the Companies
Act, 2013 read with Companies (Restriction on number of layers) Rules, 2017.

iii) The Company has not advanced or loaned or invested fund to any other persons or entities including foreign entities
(intermediary) with the understanding (whether recorded in writing or otherwise) that intermediary shall :

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 beneficiary) or

b) provided any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

iv) The Company has not received any fund from any person or entities 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.

v) 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.

vi) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

vii) There are no charges or satisfaction thereof which are yet to be registered with ROC beyond the statutory period.

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

For Chaturvedi & Shah LLP Rajesh Kumar Chaudhary Shreevar Kheruka

Chartered Accountants Whole-time Director Managing Director & CEO

(Firm Registration No. 101720W/W100355) (DIN 07425111) (DIN 01802416)

Anuj Bhatia Anand Sultania Suresh Savaliya

Partner Chief Financial Officer Company Secretary

MembershipNo. 122179 (MembershipNo.ACS15545)

Date: May 19, 2025