1.3.19 Provisions, Contingent Liabilities

Provisions are recognised 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 a current pre-tax
rate that reflects, when appropriate, the risks specific to the liability.

Disclosure of contingent liability is made 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 embodying
economic benefits will be required to settle or a reliable estimate of amount cannot be made.

1.3.20 Events after Reporting Date

Where events occurring after the Balance Sheet date provide evidence of condition that existed at the
end of reporting period, the impact of such events is adjusted within the financial statements.
Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

1.3.21 Non - Current Assets Held For Sales

Non-current assets are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use and sale is considered highly probable.

A sale is considered as highly probable when decision has been made to sell, assets are available for
immediate sale in its present condition, assets are being actively marketed and sale has been agreed
or is expected to be concluded within 12 months of the date of classification.

Non-current assets held for sale are neither depreciated nor amortised.

Assets and liabilities classified as held for sale are measured at the lower of their carrying amount and
fair value less cost of sale and are presented separately in the Balance Sheet.

1.3.22 Cash Flows Statement

Cash Flows Statements are reported using the method set out in the Ind AS - 7, "Cash Flow
Statements", whereby the Net Profit / (Loss) before tax is adjusted for the effects of the transactions
of a Non-Cash nature, any deferrals or accrual of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing cash flows. The cash flows from
operating, investing and financing activities of the Company are segregated.

1.3.23 Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short¬
term, highly liquid investments that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.

1.3.24 (A) Recent 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. 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 Group has
reviewed the new pronouncements and based on its evaluation has determined that it does not have
any significant impact in its financial statements.

1.4 Critical Accounting Judgments and Key Sources of Estimation Uncertainty:

The preparation of the Company's Financial Statements requires management to make judgment, estimates
and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the
accompanying disclosures. 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 next financial years.

1.4.1 Income Tax

The Company's tax jurisdiction is in India. Significant judgments are involved in estimating budgeted
profits for the purpose of paying advance tax, determining the income tax provisions, including the
amount expected to be paid / recovered for uncertain.

1.4.2 Property Plant and Equipment/ Intangible Assets

Estimates are involved in determining the cost attributable to bringing the assets to the location and
condition necessary for it to be capable of operating in the manner intended by the management.
Property, Plant and Equipment/Intangible Assets are depreciated/amortised over their estimated
useful life, after taking into account estimated residual value. Management reviews the estimated
useful life and residual values of the assets annually in order to determine the amount of depreciation/
amortisation to be recorded during any reporting period. The useful life and residual values are based
on the Company's historical experience with similar assets and take into account anticipated
technological changes. The depreciation/amortisation for future periods is revised if there are
significant changes from previous estimates.

1.4.3 Defined Benefits Obligations

The costs of providing Gratuity and other post-employment benefits are charged to the Statement of
Profit and Loss in accordance with Ind AS - 19, "Employee Benefits" over the period during which
benefit is derived from the employees' services. It is determined by using the Actuarial Valuation and
assessed on the basis of assumptions selected by the management. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These
assumptions include salary escalation rate, discount rates, expected rate of return on assets and
mortality rates. Due to complexities involved in the valuation and its long term in nature, a defined
benefit obligation is highly sensitive to change in these assumptions. All assumptions are reviewed at
each balance sheet date.

1.4.4 Fair value measurements of Financial Instruments

When the fair values 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 model, which involve various judgments and
assumptions.

1.4.5 Recoverability of Trade Receivables

Judgments are required in assessing the recoverability of overdue trade receivables and determining
whether a provision against those receivables is required. Factors considered include the credit rating
of the counterparty, the amount and timing of anticipated future payments and any possible actions
that can be taken to mitigate the risk of non-payment.

1.4.6 Provisions

The timing of recognition and quantification of the liability (including litigations) requires the
application of judgment to existing facts and circumstances, which can be subject to change. The
carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of
changing facts and circumstances.

1.4.7 Impairment of Financial and Non - Financial Assets

The impairment provisions for Financial Assets are based on assumptions about risk of default and
expected cash loss rates. The Company uses judgment 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.

In case of non-financial assets company estimates asset's recoverable amount, which is higher of an
asset's or Cash Generating Units (CGU's) fair value less costs of disposal and its value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using
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 costs of disposal, recent market transactions
are taken into account, if no such transactions can be identified, an appropriate valuation model is
used.

1.4.8 Recognition of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax
losses for which there is probability of utilisation against the future taxable profit. The Company uses
judgment to determine the amount of deferred tax that can be recognised, based upon the likely
timing and the level of future taxable profits and business developments.

Note - 36 - Financial Instruments

Financial Risk Management - Objectives and Policies

The Company's financial liabilities mainly comprise the loans and borrowings in domestic currency, money related to capital expenditures, trade and other payables.
The main purpose of these financial liabilities is to finance the Company's operations. The Company's financial assets comprise mainly of investments, security deposits,
cash and cash equivalents, other balances with banks, trade and other receivables that derive directly from its business operations.

The Company is exposed to the Market Risk, Credit Risk and Liquidity Risk from its financial instruments.

The Management of the Company has implemented a risk management system which is monitored by the Board of Directors of the Company. The general conditions
for compliance with the requirements for proper and future-oriented risk management within the Company are set out in the risk management principles. These
principles aim at encouraging all members of staff to responsibly deal with risks as well as supporting a sustained process to improve risk awareness. The guidelines on
risk management specify risk management processes, compulsory limitations, and the application of financial instruments. The risk management system aims to
identify, assess, mitigate the risks in order to minimize the potential adverse effect on the Company's financial performance.

(**) Fair value of financial assets and liabilities measured at amortized cost approximates their respective carrying values as the management has assessed that there is
no significant movement in factor such as discount rates, interest rates, credit risk from the date of the transition. The fair values are assessed by the management
using Level 3 inputs.

(***) The financial instruments measured at FVTPL represents current investments and derivative assets having been valued using level 2 valuation hierarchy.

Fair value hierarchy

The fair value of financial instruments as referred to in note below has been classified into three categories depending on the inputs used in the valuation technique.

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable
inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or valuation
model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available
market data.

B. 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 three
types of Risk: “ Interest Rate Risk, Currency Risk and Other Price Risk". Financial instrument affected by the Market Risk includes loans and borrowings in foreign as well
as domestic currency, retention money related to capital expenditures, trade and other payables.

(a) Interest Rate Risk

Interest Rate Risk is the risk that fair value or future cash outflows of a financial instrument will fluctuate because of changes in market interest rates. An upward
movement in the interest rate would adversely affect the borrowing cost of the Company. The Company is exposed to long term and short - term borrowings. The
Company manages interest rate risk by monitoring its mix of fixed and floating rate instruments and taking actions as necessary to maintain an appropriate balance. The
Company has not used any interest rate derivatives.

C. Credit Risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company's exposure to credit risk is influenced mainly by cash and cash
equivalents, trade receivables and other Financial assets measured at amortized cost. The Company continuously monitors defaults of customers and other
counterparties and incorporates this information into its credit risk controls.

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with
different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the
class of financial assets. (i) Low credit risk, (ii) Moderate credit risk, (iii) High credit risk.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the
agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical
economic conditions.

(i) Cash and cash equivalent and bank balance:

Credit risk related to cash and cash equivalents and bank balance is managed by only accepting highly rated banks and diversifying bank deposits and accounts in
different banks.

(ii) Loans and Other financial assets measured at amortized cost:

Other financial assets measured at amortized cost includes Security Deposit to various authorities , Loans to staff and other receivables. Credit risk related to these
other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the
amounts are within defined limits.

(iii) Trade receivables:

Life time expected credit loss is provided for trade receivables. Based on business environment in which the Company operates, a default on a financial asset is
considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss
experience and considering differences between current and historical economic conditions. Assets are written off when there is no reasonable expectation of
recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written
off and attempts to enforce repayment. Recoveries made are recognized in statement of profit and loss.

(b) Expected credit losses:

Expected credit loss for trade receivables under simplified approach:

The Company recognizes lifetime expected credit losses on trade receivables & other financial assets using a simplified approach, wherein Company has defined
percentage of provision by analyzing historical trend of default based on the criteria defined below and such provision percentage determined have been considered to
recognize life time expected credit losses on trade receivables (other than those where default criteria are met in which case the full expected loss against the amount
recoverable is provided for). Further, the Company has evaluated recovery of receivables on a case to case basis. No provision on account of expected credit loss model
has been considered for related party balances. The Company computes credit loss allowance based on provision matrix. The provision matrix is prepared on historically
observed default rate over the expected life of trade receivable and is adjusted for forward - looking estimate. The provision matrix at the end of reporting period is as
follows:

D. Liquidity Risk

Liquidity Risk is the risk that the Company will encounter difficulty in raising the funds to meet the commitments associated with financial instruments that are settled
by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. Management monitors
rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of
the market in which the entity operates.

Financing arrangements:

The Company has no short term or long term borrowing facilities for the Financial Year ended 31st March, '23. Hence, the undrawn borrowing facilities at the end of
reporting period is not applicable to the company

Maturities of Financial Liabilities:

The tables below analyze the Company's financial liabilities into relevant maturity based on their contractual maturities for all non-derivative financial liabilities. The
amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is
not significant. As per Annexure A attached herewith.

E. Capital Management

The Company's capital management objectives are to ensure the company's ability to continue as a going concern, to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. Management
assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the
subordination levels of the Company's various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

The Company manages its capital on the basis of Net Debt to Equity Ratio which is Net Debt (Total Borrowings net of Cash and Cash Equivalents) divided by total equity.

The Company has complied with the covenants as per the terms and conditions of the major borrowing facilities throughout the Reporting Period.

Note - 37 - Balance confirmation of Receivables

Confirmation letters have not been obtained from all the parties in respect of Trade Receivable, Other Non- Current Assets and Other Current Assets. Accordingly, the
balances of the accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

Note - 38 -Balance Confirmation of Payables

Confirmation letters have not been obtained from all the parties in respect of Trade Payable and other current liabilities. Accordingly, the balances of the accounts are
subject to confirmation, reconciliation and consequent adjustments, if any.

Note - 39 - Events occurring after the Balance sheet Date

The Group evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of the financial statements to determine the
necessity for recognition and/or reporting of any of these events and transactions in the financial statements. There are no subsequent events to be recognized or
reported that are not already disclosed.

Note -40 - Additional regulatory information

A) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease reements are duly executed in
favour of the lessee) are held in the name of the Company.

B) The Company does not have any investment property.

C) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible assets.

D) There are no loans or advances in the nature of loans are granted to Promoters, Directors, KMPs and their related parties (as defined under
Companies Act, 2013), either severally or jointly with any other person, that are outstanding as on 31 March, 2025:

(i) repayable on demand; or

(ii) without specifying any terms or period of repayment

E) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder

F) The company is not declared willful defaulter by any bank or financial institution or other lender.

G) The company has not undertaken any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of
Companies Act, 1956.

H) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

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) or entity(ies), including foreign entities (Intermediaries) with the undrstanding (whether recorded in writing or otherwise) that
the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate Beneficiaries)
by or on behalf of the company or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

J) 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 directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever (Ultimate Beneficiaries) by or on behalf of the Funding Party or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

K) No transactions has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961. There are
no such previously unrecorded income or related assets.

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

M) The Provision of Section 135 of the Companies Act 2013 in relation to Corporate Social Responsibility is not applicable to the Company during
the period.

Note -41 - Previous year's figures have been regrouped, reclassified wherever necessary to correspond with the current year classification /

B Debt-Equity Ratio (in times)

Debt Equity Ratio decreased from 0.121 times to 0.089 times due to increase in reserves of the company as compared to previous year.

C Debt Service Coverage Ratio(in times)

Debt Service Coverage Ratio increased from (5.14) times to 2.12 times due to increase in earning available for debt service as well as
principal of the company.

D Return on Equity Ratio (in %)

Return on Equity Ratio increased from -7.91% to 3.87% due to significant increase in net profit of the company from Rs. (177.46) Lakhs to
Rs. 85.16 Lakhs.

F Trade Receivables turnover ratio (In times)

Trade Receivables turnover ratio increased from 1.78 times to 2.44 times due to increase in net credit sales of the company as compared
to previous year.

I Net profit ratio (in %)

Net Profit ratio significantly increased from -6.29% to 2.83% due to increase in revenue from operations of the company as compared to
previous year.

J Return on Capital employed (in %)

Return on capital employed increased from -5.63% to 5.05% due to increase in earning before interest and tax of the company as
compared to previous year.

K Return on investment (in %)

Return on investment decreased from 7.71% to 5.40% due to decrease in income generated from invested funds and increase in invested
funds as compared to previous year.

As per report of even date

For, Keyur Shah & Associates For and on the behalf of the Board

F.R. No: 333288W G. K. P. Printing & Packaging Limited

Chartered Accountants

Akhlaq Ahmad Mutvalli Keval Harshad Goradia Payal Keval Goradia

Partner Managing Director Director

M.No. 181329 DIN: 07295358 DIN: 08101269

Pooja Harshad Goradia Arushi Vinay Lakhotia

Chief Financial Officer Company Secretary

DIN : 08101270 M. No. A57524

Date :- 27th May, 2025 Date :- 27th May, 2025

Place :- Ahmedabad Place :- Mumbai