v) 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 requires the application ofjudgements 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.

vi) 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, 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’s) 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 of those from other
assets or a groups 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 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.

vii) Impairment of financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash
loss rates. The Company uses judgements 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.

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.

In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.f. April

1, 2025. The Company has reviewed the amendment and based on its evaluation has determined that it does not have any

significant impact in its standalone financial statements.

In August 2025, MCA notified the following amendments to:

i) Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The amendment relates to classification
of liabilities as current or non-current and non-current liabilities with covenants. In the context of classifying a liability
as current, it removes the requirement of existence of a right to defer settlement for at least 12 months after the
reporting date and instead requires that the said right should exist on the reporting date and have substance. The
amendment also introduces guidance on classification of liabilities with covenants. The Company has no impact of
these amendments in its classification criteria of current and non-current liabilities.

ii) Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f. April 1, 2025
- The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance
arrangements and explain the nature of the arrangements, the carrying amount of liabilities and the range of payment
due dates.Ind AS 107 has been amended to add supplier finance arrangements as a factor that may cause concentration
of liquidity risk. The Company has reviewed the amendment and based on its evaluation has determined that it does
not have any significant impact in its standalone financial statements.

iii) Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The amendments provide a
temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they have applied the relief.
This relief is immediate and applies retrospectively. The Company has reviewed the amendment and based on its
evaluation has determined that it does not have any significant impact in its standalone financial statements.

B Terms / rights attached to equity shares

i The Company has one class of equity shares having a par value of ? 10 per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.

ii During the year ended March 31, 2026, the Board has not recommended any dividend for the financial year 2025-2026.

iii In the event of the liquidation of the Company, the equity share holders will be entitled to receive remaining assets of the Company after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.

Note:

Capital Reserve: It represents reserves created by forfeiture of shares.

General Reserve: It represents accumulated profits and is created by transfer of profits from retained earnings and it is not an item of Other
Comprehensive Income and the same shall not be subsequently reclassified to Statement of Profit and Loss.

Retained Earnings: Retained Earnings are profits that the Company has earned till date less any transfers to other reserves & dividends.

Other Comprehensive Income Reserves : The Company has elected to recognise changes in the fair value of certain instruments in equity securities in
Other Comprehensive Income. These changes are accumulated with the FVOCI reserve within equity.

The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are de-recognised.

Further, Gains/Losses arising on Remeasurement of Defined Plan at the end of reporting period is separately disclosed under OCI and shall not be
reclassified to the Statement of Profit & Loss in the subsequent years.

Note : 34- Financial Risk Management (Ind AS 1):

The Company’s principal financial liabilities comprise other payables. The main purpose of these financial liabilities is to finance the operations
of the Company. The principal financial assets include trade and other receivables, investments in securities and cash and term deposits.

The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities.

i) Market Risk:

Market Risk is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as
a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans,
investments and receivables and payables.

a) Interest Rate Risks :

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 is able to obtain the cheaper source of funds. Interests on borrowings subject to
floating interest rate are re-priced regularly. The sensitivity analysis detailed below have been determined based on the
exposure to variable interest rates on the average outstanding amounts due to bankers/financial institutions over a year.
If the interest rates had been one per cent higher / lower and all other variables held constant, the Company’s profit for the
year ended March 31, 2026 would have been decreased / increased by ? 7.78 Lakhs (March 31, 2025 ? Nil).

b) Foreign Currency Risks :

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in
foreign exchange rates.

The Company had no monetary foreign currency exposure as on March 31, 2026 and accordingly sensitivity analysis is not
warranted.

c) Price Risks:

The Company’s revenues are mainly generated from sales within India and the raw materials are procured through local
purchases. The Company is affected by the price stability of certain commodities. Due to the significantly increased
volatility of certain commodities, the Company enters into contract with the customers that has provision to pass on
the change in the raw material prices and also the volatility in the exchange rate. The Company has a risk management
framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs.

ii) Credit Risk

Credit Risk is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. It arises from
credit exposure to customers, financial instruments viz., Investments in Securities and Balances with Banks.

The Company holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.

The Company limits its exposure to credit risk by generally investing only with counterparties that have a good credit rating. The Company does
not expect any losses from non-performance by these counterparties, and does not have any significant concentration of exposures to specific
industry sectors or specific country risks.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. The Company does not have ay outstanding trade receivables due for
a period exceeding 180 days as at the current year end as well as at the previous year end. The Company uses Expected Credit Loss (ECL) Model
to assess the impairment loss or gain.

iii) Liquidity Risk

The Company manages liquidity risk by maintaining adequate surplus, banking facilities and actual cash flows.

The Company has obtained fund and non-fund based working capital lines from banks. The Company monitors funding options available in the
debt and capital markets with a view to maintaining financial flexibility. All payments are made along due dates and requests for early payments
are entertained after due approval and availing early payment discounts.

The Company has a system of forecasting rolling one month cash inflow and outflow and all liquidity requirements are planned.
Exposure to liquidity risk:

The following are the remaining contractual maturities of financial liabilities at the reporting date:

(iii) During the year, the Company has not announced any dividend.

Note : 36 - Leases (Ind AS 116):

(a) Operating lease income recognised in the Statement of Profit and Loss amounting to ? 3.06 Lakhs (March 31, 2025 ? 2.99 Lakhs).

(b) The Company did not have any long term leases which can have material impact on the financial position of the Company.

The company has taken premises on lease terms. All these leases are for a short term. Lease Rent for the year ended amounting to ? 15.28 Lakhs
(March 31, 2025 ? 16.25 Lakhs) is charged to the Statement of Profit and Loss.

(c) General Description of leasing agreements:

Leased Assets: Sub-letting of Building/Premises

Future Lease rentals are determined on the basis of agreed terms.

At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving notice in writing.

Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed terms.

Note : 37 - Employee Benefits (Ind AS 19)

Defined Benefit Plans:

Gratuity:

The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of leaving the services of the Company and is
in accordance with the rules of the Company for payment of gratuity.

Inherent Risk:

The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular,
this exposes the Company to actuarial risk such as adverse salary growth, change in demographic experience, inadequate return on underlying plan
assets. This may result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum in nature, the plan is
not subject to any longevity risks.

Note : 40 - Contingent Liabilities (Ind AS 37)

(a) Contingent liabilities not provided for in respect of :

Disputed Income Tax demands of ? 76.33 Lakhs (March 31, 2025 ? 76.12 Lakhs) for various assessment years for which company has gone in
appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no
provision has been made.

Demand raised by the Centralized Processing Centre, Income Tax Department amounting to ? 3. 80 Lakhs (March 31, 2025 ? 1.99 Lakhs) on
account of TDS liability pertaining to the various assessment years. In the opinion of the management, the said demand will be removed after
filing necessary rectifications.

(b) Guarantees:

The Company has issued corporate guarantees as under :

Guarantee given to Government authorities/Suppliers/Customers ? 570.04 Lakhs (March 31, 2025 ? 653.88 Lakhs).

Entity Details: Nirav Commercials Limited (Elessar Focchi Division) (hereinafter referred to as ‘the seller’)

Date & Acquired Stake: The Seller has agreed to sell, assign, transfer, convey and deliver and the Purchaser has agreed to purchase, the Undertaking
as a going concern on a Slump Sale basis. The record date for the said event is mutually agreed to be closing of business hours as on March 31, 2026.

Primary Rationale: Hind Aluminium Industries Limited (HAIL) has acquired the undertaking from the seller with the rationale of Synergy of business.

Consideration Transferred: ? 125.00 Lakhs

Contingent Consideration: Nil

Acquired Assets & Liabilities: The HAIL has recognized following amounts of assets acquired and liabilities assumed at the acquisition date i.e. March
31, 2026:

Non-Controlling Interests (NCI): Not Applicable

Goodwill:The above Business Transfer Agreement has resulted in a Goodwill of ? 29.66 Lakhs which is recognised as an Intangible assets in the
financial statement of the Company.

Acquisition-Related Costs: The Company has recognised acquisition related lagal & professional fees amounting to ? 3.75 Lakhs in the statement of
profit and loss.

Note : 42 - Segment Reporting (Ind AS 108):

In accordance with Ind AS 108 ‘Operating Segment’, segment information has been given in the consolidated financial statements, and therefore, no
separate disclosure on segment information is given in these financial statements.

Note : 43 - Corporate Social Responsibility:

The Company is not required to spend any amount in terms of provisions of section 135 of the Companies Act, 2013 on Corporate Social Responsibility
for the current financial year.

Note : 44 - The Company has not received any intimation regarding their status under the Micro, Small and Medium Enterprises Development (MSMED)
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said
Act have not been given to that extent. Further, the Company does not have any outstanding dues for a period exceeding the tenure specified in the
MSMED Act, 2006.

Note : 48 - The Company is not as wilful defaulter by any bank or financial institution or other lenders.

Note : 49 - The are no transactions with the Struck off Companies under Section 248 or 560 of the Companies, Act 2013.

Note : 50 - No proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988.

Note : 51 - The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Note : 52- The Company have 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.

Note : 53 - The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall:

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 : 54 - The Company have not 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 (such as, search or survey or any other relevant provisions of the
Income Tax Act, 1961.

The company has financial assets and financial income exceeding 50% of the total assets and total incomes respectively. In the Opinion of the
management, the current scenario is exceptional in nature as the Company has parked its idle funds in investments. The Company has explored a
business opportunity in its operations through Business Transfer Agreement (as mentioned in Note No. 41 above) whereby it likely to deploy fund in
business activity.

Note : 57

During the financial year 2025-2026, a subsidiary company, namely, Hind Power Products Private Limited was struck off as a consequence of which
the Company has derecognised investment in the said subsidiary.

Note : 58

In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the
amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount reasonably
necessary.

Note : 59

Previous year’s figures have been rearranged/regrouped wherever considered necessary.