XV. Provisions, Contingent Liabilities and Contingent Assets:

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. Provisions are measured at the
best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.

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 the obligation or a reliable estimate of the amount
cannot be made.

If the effect of the time value of money is material, provisions are discounted using a current pretax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognized as finance cost.

Contingent Assets are not recognized but disclosed in the Financial Statements when economic inflow is probable.

XVI. Segment Information:

The Managing Director (MD) is designated as company's Chief Operating Decision Maker (CODM). The MD
reviews the company's internal financial information for the purpose of evaluating performance and assigning
resources to segments. The Company has determined the operating segment based on structure of reports
reviewed by MD. The Company operates in a single primary business segment, i.e. Synthetic Lattices & Rubber.

XVII. Income taxes:

Income tax expense for the year comprises of current tax and deferred tax, recognized in the Statement of Profit
and Loss, except to the extent it is relates to a business combination, or items recognized directly in equity or in
other Comprehensive Income. Current tax is the expected tax payable/receivable on the taxable income/loss for
the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous
years. Interest income/expenses and penalties, if any, related to income tax are included in current tax expense.

Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and
liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. A deferred
tax liability is recognized based on the expected manner of realization or settlement of the carrying amount of
assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and reduced to
the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax assets deriving from carry forward of unused tax credits (including MAT) and unused tax losses are
recognized to the extent that it is probable that future taxable profit will be available in future against which
the deductible temporary differences, unused tax losses and credits can be utilized. Deferred tax relating to items
recognized in other comprehensive income and directly in equity is recognized in correlation to the underlying
transaction.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognized amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax
assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities; and the deferred tax assets and the deferred tax liabilities relate to income taxes
levied by the same taxation authority.

XVIII. Research and Development:

Expenditure on research and development is charged to statement of profit and loss in the year in which it is
incurred, with the exception of:

- expenditure incurred in respect of major new products where the outcome of these projects is assessed as
being reasonably certain as regards viability and technical feasibility. Such expenditure is capitalized and
depreciated over useful life. Capital expenditure in respect of assets used for conducting research activities
are capitalized under respective heads of Property Plant and Equipment. These assets are depreciated over
their useful life.

XIX. Earnings per Share:

Basic earnings per share is computed by dividing the net profit 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. For the purpose of calculating diluted
earnings per share, the net profit for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

1.4 Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified
Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on its
evaluation has determined that it does not have any significant impact in its financial statements.

Note:

(i) The Company's Investment properties consist of residential property given on rentals.

(ii) As at 31st March, 2025,the fair value of all properties is Rs 589 Lakhs.These valuations are performed by Chartered
Surveyors - AH Pandit & Associates, an accredited independent government registered valuer.

(iii) The fair value was derived using the market comparable approach based on recent market price without any significant
adjustments beings made to the market observable data in the neighbourhood. Observed by the valuers for similar properties in
the locality and adjusted basis on the valuer's knowledge of the factors specification to the respective properties. Fair valuation
is based on 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. In estimating the fair value of properties, the
highest and best use of the properties is their current use.

Notes:

i. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above contingent
liabilities pending resolution of the respective proceedings, as it is determinable only on receipt of judgements/decisions
pending with various forums/authorities.

ii The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect
the outcome of these proceedings to have a materially adverse effect on its financial results.

iii. Income tax liability of Rs 1058.43 Lakhs ( FY 23-24 Rs 1051.39 Lakhs ) is in respect of certain disallowances for R&D /
Section 80IA Deductions/LTCG on Sales Office/ Depreciation on Rented Flats and some transfer pricing adjustments by
Income tax authorities disputed by the Company.

iv. Customs authorities have raised vide notice dated 22-07-2005 a demand and penalty of Rs 142.09 lakhs each for a dispute
regarding high seas sale. The Company has paid the demand of Rs 142.09 Lakhs in the FY 2011-12 and has claimed as
deduction in the FY 2011-12. Balance penalty of Rs 142.09 Lakhs has been disclosed as contingent.

v. GST Authorities have issued order for FY 2019-20, wherein they have asked demand, interest and penalty of Rs 88.29
Lakhs against excess ITC availed/utilised. Further, Order received for FY 2017- 18 for demand of Rs 0.33 Lakhs Tax, 0.44
Lakhs Interest and 12.01 Lakhs Penalty against ITC on construction of Plant & Machinery.

d) The Company has a total cash flow for leases of Rs. 144.00 Lakhs for the year ended March 31, 2025 (INR 69 Lakhs -
March 31,2024), out of which the amount paid against interest component is Rs. 40.91 Lakhs (INR 27.35 Lakhs - March
31, 2024) and against principal is Rs. 103.09 Lakhs (INR 41.64 Lakhs - March 31, 2024) for the offices considered for
ROU and Lease Liability calculation, the balance payment is made for short term leases and variable rent.

e) Expenses relating to assets taken on short term leases and low value assets are given below:

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of building that
have a lease term of 12 months or less. The Company recognises the lease payments associated with these leases as an
expense on a straight-line basis over the lease term.

Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision Maker
(CODM) of the Company. The CODM who is responsible for allocating resources and assessing performance of the operating
segments has been identified as the Managing Director of the Company. The CODM examines the company's performance
from a geographical perspective and has identified two of its following business as identifiable segments:

a. India

b. Outside India

The amount of the Company’s revenue from external customer and Trade Receivable is shown in the table below

a) Contribution to Defined Contribution Plan:

i) Employers Contribution to Provident Fund including contribution to Pension Fund amounting to Rs 273.52 lakhs
(Previous Year - Rs.236.19 lakhs) has been included under Contribution to Provident and other Funds. (Refer Note
- 35)

ii) Compensated absences:

The Company provides for encashment of leave with pay subject to certain rules. The employees are entitled to
accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number of days
of unutilized leave at each Balance Sheet date on the basis of an independent actuarial valuation.

iii) Superannuation:

The Company makes contribution to Superannuation Scheme, a defined contribution scheme administered by
Insurance Companies. The Company has no obligation to the scheme beyond its annual contribution.

b) Contribution to Defined Benefit Plans:
i) Gratuity:

The Company provides for gratuity as per the Payment of Gratuity Act, 1972. Employees who are in continuous service
for a period of 5 years are eligible for gratuity. Amount of gratuity payable on retirement /termination is the employees
last drawn basic salary per month computed proportionately for 15 days salary multiplied by number of years of service.
The Company accounts for the liability for gratuity benefits payable in future based on an actuarial valuation.

These plans typically expose the Company to actuarial risks such as, Investment risk, Interest rate risk, longevity risk,
salary escalation rate risk etc.

a) Invesment risk

The present value of defined benefit plan liability is calculated using a discount rate determined by reference to the
market yields on government bonds denominated in Indian rupees. If the actual return on plan asset is below this rate, it
will create a plan deficit.

b) Interest rate risk:

A decrease in the bond interest rate will increase the plan liability. However this will be partially offset by an increase in
the return on plans debt investments

c) Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants during their employment.

An increase in the life expectancy of the plan participants will increase the plan's liability.

d) Salary Escalation Rate risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
As an increase in the salary of plan participants will increase the plans liability.

NOTE 48: UTILISATION OF BORROWED FUNDS, SHARE PREMIUM OF ANY OTHER SOURCE OF FUNDS

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the 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 Beneficiaries) or

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

The Company has 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:

(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.

NOTE 49: FINANCIAL RISK MANAGEMENT

The Company's business activities are exposed to a variety of financial risks i.e. Liquidity risk, Market risks and Credit risk.
The Company's senior management has overall responsibility for establishing and governing the Company's risk management
framework.

The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the
Company's risk management policies. The Company's risk management policies are established to identify and analyse the
risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market
conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the
Board of the Company.
a) Liquidity Risk:

Liquidity risk is the risk that the Company will face difficulty in meeting its obligations associated with its financial liabilities.
The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per
requirements. The Company has obtained fund and non-fund based working capital limits from its bankers.

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet its daily
operational needs. Any short-term surplus cash generated, over and above the normal requirement for working capital is
invested in Bank Fixed deposits and Mutual funds, which carry minimal mark to market risks.

II) Price risk:

i. Potential impact of risk:

The Company is mainly exposed to the price risk due to its investments in equities & mutual funds. The price risk
arises due to uncertainties about the future market value of these investments.

As at March 31, 2025, the investments in equities and mutual funds amount to Rs. 8,339.80 lakhs (as at March 31,
2024- Rs 8,865.36 lakhs) which are exposed to price risk.

ii. Management policy:

The Company has laid policies and guidelines which it adheres to in order to minimize price risk arising from Investments
in Equities & Mutual funds.
iii Sensitivity to risk:

A 10% increase in prices would have led to approximately an additional Rs.833.98 lakhs gain in the Statement of
Other Comprehensive Income for the year ended March 31, 2025 (for the year ended March 31, 2024 Rs 886.53
lakhs). A 10% decrease in prices would have led to an equal but opposite effect.

III) Interest rate risk:

i. Potential impact of risk:

Interest rate risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company is exposed to interest rate risk because the Company borrows
funds at both fixed and variable interest rates.

As at March 31, 2025, the Company has variable rate borrowings to the extent of Rs. 18,377.73 lakhs (average
borrowings for the year) (As at March 31, 2024, Rs 16,727.85 lakhs).These are exposed to Interest rate risk.

ii. Management policy:

The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings. The Company
has laid policies and guidelines which it adheres to in order to minimize the interest rate risk.

iii. Sensitivity to risk:

The sensitivity analysis has been determined based on exposure to interest rates at the end of reporting period.
For floating rate liabilities, the analysis is prepared assuming that the amount of liability as on the end of reporting
period was outstanding for the entire year. A 25 basis point increase or decrease is used when reporting interest
rate risk internally and represents Managements assessment of the reasonable possible change in interest rates.
If Interest rates had been 25 basis point higher, the Company's profit would decrease by approximate Rs.45.94
lakhs (For the year ended March 31, 2024, profit would decrease by Rs.41.82 lakhs). A 25 basis point decrease
in Interest rates would have led to an equal but opposite effect.

c) Credit Risk:

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of dealing with creditworthy counterparties and obtaining sufficient collateral,
wherever appropriate,as a means of mitigating the risk of financial loss from defaults. Trade receivables consist of a
large number of customers, across geographies, hence is not exposed to concentration risk. Ongoing credit evaluation is
performed on the financial condition of its customers.

The Company makes an allowance for doubtful debts using Expected Credit Loss (ECL) model.

NOTE 52 RELATIONSHIP WITH STRUCK OFF COMPANIES

The Company does have transactions or balances with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act,1956 during the year ended March 31, 2024

NOTE 53:The Company does not have any transactions not recorded in books of accounts that has been surrendered or
disclosed as income during the year and previous year in the tax assessments under the Income Tax Act, 1961.

NOTE 54:The Company has not traded or invested in any crypto currency or virtual currency during the year and previous year.

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

For MANUBHAI & SHAH LLP ATUL C. CHOKSEY Chairman (DIN00002102)

CHARTERED ACCOUNTANTS ABHIRAJ A. CHOKSEY Vice Chairman & MD (DIN00002120)

Firm Registration Number: 106041W / W100136 UDAYAN D.CHOKSI Director (DIN 02222020)

K C PATEL SACHIN J. KARWA Chief Financial Officer

Partner DRIGESH MITTAL Company Secretary

Membership Number: 030083
Place : Mumbai

Date : May 7, 2025 Mumbai, Date : May 7, 2025