1.11 Provisions, Contingent liabilities and Contingent
Assets

Provision is 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 obligation. Provision is not recognised for
future operating losses.

Provision is measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. If the effect of the time value of money is material,
the amount of provision is discounted using an appropriate
pre-tax rate that reflects current market assessments of
the time value of money and, when appropriate, the risks
specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost.

A Contingent liability is disclosed in case of a present
obligation arising from past events, when 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. A Contingent Liability is also
disclosed when there is a possible obligation arising from
past events, the existence of which will be confirmed
only by occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the Company.

Contingent Assets are not recognised but where an inflow
of economic benefits is probable, contingent assets are
disclosed in the financial statements.

1.12 Revenue Recognition

Revenue is recognised to the extent that it is probable
that the economic benefits will flow to the Company
and the revenue can be reliably measured. Revenue is
measured at the fair value of the consideration received
or receivable, taking into account contractually defined
terms of payment and excluding taxes or duties collected
on behalf of the government.

a) Sale of Goods

Revenue from sale of goods is recognised upon transfer
of significant risk and rewards of ownership of the goods
to the customer which generally coincides with dispatch
of goods to customer. Sales exclude Goods and Service
Tax (GST). It is measured at fair value of consideration
received or receivable, net of returns, rebates and
discounts.

Income from Wind Power is recognised at the point of
generation.

b) Rendering of Services

Revenue from services are recognised as and when
the services are rendered on stage of completion
method.

c) Interest Income

Interest income from a financial asset is recognised 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. The effective interest rate is the
rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to the
gross carrying amount of that financial asset.

d) Dividends

Dividend income from investments is recognised when
the Company's right to receive dividend is established,
which is generally when the shareholders approve the
dividend.

1.13 Employee Benefits

Employee benefits include Provident Fund, Employee
State Insurance Scheme, Gratuity Fund, Leave
Encashment.

a) Short-Term and Other Long-term Employee Benefits

A liability is recognised for benefits accruing to employees
in respect of short-term employee benefits in the period
the related service is rendered at the undiscounted
amount of the benefits expected to be paid in exchange
for that service. A liability is recognised for benefits
accruing to employees in respect of other long-term
employee benefits are measured at the present value of
the estimated future cash outflows expected to be made
by the Company in respect of services provided by the
employees up to the reporting date.

b) Defined Contribution Plan

The Company's contribution to Provident Fund and
Employee State Insurance Scheme are considered
as defined contribution plans and are charged as an
expense based on the amount of contribution required
to be made and when services are rendered by the
employees.

c) Defined Benefit Plan
i) Gratuity

In accordance with applicable Indian laws, the Company
provides for gratuity, a defined benefit retirement plan
(“Gratuity Plan”) covering all employees. The Gratuity
Plan provides a lump sum payment to vested employees,
at retirement or termination of employment, an amount
based on the respective employee's last drawn salary
and the years of employment with the Company. Liability
with regard to Gratuity Plan is accrued based on actuarial
valuation at the Balance Sheet date, carried out by an
independent actuary.

Payment for present liabilities of future payment of
gratuity for all employees other than Managing Director
is being made to approved gratuity fund managed by Life
Insurance Corporation of India (LIC).

Re-measurement, comprising actuarial gains and losses,
is reflected immediately in the Balance Sheet with a charge
or credit recognised in Other Comprehensive Income
in the period in which they occur. Re-measurement
recognised in Other Comprehensive Income is reflected
immediately in retained earnings and is not reclassified
to Profit and Loss. Past service cost is recognised in the
Statement of Profit and Loss immediately for both vested
and the non-vested portion.

ii) Compensated Absences

The Company provides for the encashment of absence
or absence with pay based on policy of the Company in
this regard. The employees are entitled to accumulate
such absences subject to certain limits, for the future
encashment or absence. The Company records an
obligation for compensated absences in the period in
which the employee renders the services that increases
this entitlement. The Company measures the expected
cost of compensated absences as the additional amount
that the Company expects to pay as a result of the unused
entitlement that has accumulated at the Balance Sheet
date on the basis of an independent actuarial valuation.

1.14 Taxes on Income

Income tax expense represents the sum of the tax
currently payable and deferred tax.

a) Current Tax

The tax currently payable is based on taxable profit for
the year. Taxable profit differs from 'profit before tax' as
reported in the Statement of Profit and Loss because of
items of income or expense that are taxable or deductible
in other years and items that are never taxable or
deductible. The Company's current tax is calculated
using applicable tax rates that have been enacted or
substantively enacted by the end of the reporting period
and the provisions of the Income Tax Act, 1961 and other
tax laws, as applicable.

b) Deferred Tax

Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred
tax liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are generally
recognised for all deductible temporary differences
to the extent that it is probable that taxable profits will
be available against which those deductible temporary
differences can be utilised.

The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to
be recovered.

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 realised, based on tax rates
(and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from the
manner in which the Company expects, at the end of the
reporting period, to recover or settle the carrying amount
of its assets and liabilities.

c) Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss,
except when they relate to items that are recognised
in other comprehensive income or directly in equity,
in which case, the current and deferred tax are also
recognised in other comprehensive income or directly in
equity respectively.

1.15 Earnings Per Share

Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting preference dividends, if
any, and attributable taxes) by the weighted average
number of equity shares outstanding during the period.

1.16 Foreign Currency Transactions

Transaction in foreign currencies are initially recorded in
the functional currency, using the spot exchange rate at
the date of the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency
spot rates of exchange at the reporting date. Exchange
differences that arise on settlement of monetary items
recognised in statement of Profit and Loss. Non monetary
items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate
at the date of the initial transactions.

1.17 Financial Instruments

a) Initial Recognition and Measurement

Financial assets and financial liabilities are recognised

when the Company becomes a party to the contractual
provisions of the instruments.

At initial recognition, financial assets and financial
liabilities are initially measured at fair value or at
amortised cost. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss)
are added to or deducted from the value of the financial
assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at
Fair Value through Profit or Loss are recognised in the
Statement of Profit and Loss.

b) Financial Assets

i) Subsequent measurement

All recognised financial assets are subsequently
measured in its entirety at either amortised cost or fair
value, depending on the classification of the financial
assets.

c) Financial Liabilities and Equity Instruments

i) Equity Instruments

An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by the
Company are recognised at the proceeds received.

ii) Financial Liabilities

All financial liabilities (other than derivative financial
instruments) are measured at amortised cost using
effective interest method at the end of reporting periods.

d) Derecognition of Financial Assets and Liabilities

The Company derecognises a financial asset when the
contractual rights to the cash flows from the financial asset
expire or when the Company transfers the contractual
rights to receive the cash flows of the financial asset in
which substantially all the risks and rewards of ownership
of the financial asset are transferred or in which the
Company neither transfers nor retains substantially all
the risks and rewards of ownership of the financial asset
and does not retain control of the financial asset. The
Company derecognises a financial liability (or a part
of financial liability) when the contractual obligation is
discharged, cancelled or expires.

b) There is no change in share Capital during the year under review or in the earlier year

c) Rights, preferences and restrictions attached to equity shares :

The Company has one class of equity shares having a par value of ? 5/- per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their
shareholding.

d) Equity shares movement during 5 years preceding 31 March 2025

The Company bought back 7,66,616 equity shares for an aggregate amount of ? 42.16 crore being 5.93% of the total paid
up equity share capital at ? 550 per equity share. The equity shares bought back were extinguished on 20 October 2021.

(ii) The Company has not revalued its Property, Plant and Equipment's or Intangible Assets or both during the current year
or previous year.

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

(iv) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013
or section 560 of the Companies Act, 1956.

(v) The Company does not have any such transactions which is not recorded in the books of account 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).

(vi) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

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

(viii) The Company has not been declared as a wilful defaulter by any bank or financial institution (as defined under
Companies Act, 2013) or consortium thereof, in accordance with the guidance on wilful defaulters issued by Reserve
Bank of India.

(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(x) 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

(xi) 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 Group 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) provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(xii) Other Information's as required pursuant to Notification dated 24 March 2021 under Schedule III are applicable to the
extent are given.

35 EMPLOYEE BENEFITS

As required by Ind AS 19 ‘Employee Benefits' the disclosures are as under :

a) Defined Contribution Plans

Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees' Pension
Scheme (EPS) with the government, and certain state plans such as Employees' State Insurance (ESI). PF and
EPS cover substantially all regular employees and the ESI covers certain employees. Contributions are made to the
Government's funds. While both the employees and Company pay predetermined contributions into the Provident Fund

Although the analysis does not take into account full distribution of cash flows expected under the plan, it does provide
an approximation of sensitivity of assumptions. The estimated of future increase in compensation levels, considered in
the actuarial valuation, have been taken on account of inflation, seniority, promotion and other relevant factors such as
supply and demand in the employment market.

The expected contributions for Defined Benefit plan for the next financial year will be in line with FY 2024-25.

e) Leave Encashment:

Company's employees are entitled for compensated absences which are allowed to be accumulated and encashed as
per Company's rule. The liability of compensated absences, which is non-funded, has been provided based on report
of independent actuary using “Projected Unit Credit Method”.

Accordingly ? 17.71 Lakhs (Previous Year ? 13.56 Lakhs) being liability as at the year end for compensated absences
as per actuarial valuation has been provided in the accounts.

36 SEGMENT REPORTING

Operating Segment are those components of the business whose operating results are regularly reviewed by the chief
operating decision making body in the Company to make decisions for performance assessment and resource allocation.
Accordingly, the Company operates in manufacturing of Steel Tubes / Nuts and generation of Wind Power. However, the
operating segment in respect of Nuts and generation of Wind Power do not meet the quantitative thresholds for disclosure
under Ind AS 108 “Operating Segments” and hence aggregated.

37 PROPOSED DIVIDEND

The Board of Directors have recommended dividend of ?15.00 [300%] (Previous Year ? 13.00 [260%]) for equity share for
the financial year ended 31 March 2025. The dividend is subject to the approval by the shareholders in the ensuing Annual
General Meeting of the Company and therefore, has not been recognized as a liability as at the Balance Sheet date in line
with Ind AS 10 on “Events after reporting period”

38 REVENUE (Ind AS 115)

(a) The operation of the Company are limited to primarily one segment viz, Seamless, ERW Precision Steel Tubes, Steel
Nuts and Sleeves. Revenue from contract with customers is from sale of manufactured goods and Wind Mills operations.
Sale of goods are made at a point in time and revenue is recognised upon satisfaction of the performance obligation
which is typically upon dispatch/delivery depending on the terms of sale. The Company has credit evaluation policy
based on which the credit limit for the trade receivables are established. There is no significant financing components as
the credit period provided by the Company not significant.

43 CAPITAL MANAGEMENT

For the purpose of the Company's Capital Management, Capital includes issued Equity Capital and all Other Reserves(including Capital
Redemption Reserve created on buy back of Equity Shares) attributable to the Equity shareholders of the Company. The Primary objective
of the Company's Capital Management is to maximise the shareholders' value. The Company's Capital Management objectives are to
maintain equity including all reserves to protect economic viability and to finance any growth opportunities that may be available in future so
as to maximise shareholder's value.

44 FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT
A Fair value measurements

i) Fair value of financial assets and liabilities that are measured at fair value on a recurring basis

Fair value of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between the market participants at the measurement date.

Valuation

The Fair values of investments in units of mutual fund units is based on the net asset value (‘NAV’) as stated by the
issuers of these mutual fund units in the published statements as at the Balance Sheet date. NAV represents the price
at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the
investors.

The Fair values of investments in Bonds which are quoted, are based on the quoted price of those bonds on the
measurement date.

Fair Value measurement hierarchy

The fair value of financial instruments as referred below have been classified into three categories depending on the
method used in the valuation technique.

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1

B Financial Risk Management and Policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The risk
management policy is approved by the Company's Board. The Company's principal financial liabilities comprise of trade
and other payables. These financial liabilities form part of the Company's working capital. The Company's principal financial
assets include trade and other receivables, and cash and cash equivalents that derive directly from its operations and
investments. The Company is exposed to market risk, credit risk, liquidity risk, etc. The objective of the Company's financing
policy are to secure solvency, limit financial risks and optimise the cost of capital, if any. The Company's capital structure is
managed using only equity as part of the Company's financial planning.

Company has exposure to following risk arising from financial instruments:

Credit risk
Liquidity risk
Market risk

a) Credit Risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
Credit risk arises primarily from financial assets such as trade receivables, investments in units of mutual funds, other
balances with banks, deposits and other receivables.

i) Trade Receivable

Customer credit risk managed by Company's established policy, procedure and control relating to customer credit risk
management. Outstanding customer receivables are regularly monitored. Management believes that the unimpaired
amounts that are past due by more than 60 days are still collectables in full, based on historical payment behaviours and
analysis of customer credit risk.

ii) Financial instruments

The Company limits its exposure to credit risk by investing mainly in units of debt funds issued by mutual funds and that
too have higher credit rating. The Company monitors changes in credit risk by tracking published external credit ranking.

b) Liquidity risk

Liquidity risk is the risk that Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash
and collateral requirements. Company closely monitors its liquidity position and deploys a robust cash management system.
Working capital requirements are adequately addressed by internally generated funds. Trade receivables are kept within
manageable levels. The Company has no outstanding bank borrowings. The Company believes that the working capital is
sufficient to meet its current requirements.

The Company aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments
at an amount in excess of expected cash outflows on financial liabilities. The ratio of cash and cash equivalents and other
investments to outflow is 1.36 times as at 31 March 2025 and 1.03 times as at 31 March 2024.

The maturity of all financial liabilities of the Company is less than one year or on demand.

c) 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, such as equity
price risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative
financial instruments. The Company does not have any loan or borrowing. The Company has designed risk management
frame work to control various risks effectively to achieve the business objectives. This includes identification of risk, its
assessment, control and monitoring at timely intervals.

45 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified, wherever necessary to correspond with the current year's
classification / disclosure.

As per our attached report of even date

For and on behalf of the Board of Directors

For S. V. DOSHI & CO.

Chartered Accountants

Firm Reg. No. : 102752W M. G. GANDHI (Chairman & Managing Director) [DIN : 00041190]

SUNIL DOSHI VIRAL D. DOSHI (Director) [DIN : 10419947]

Partner

Membership No. 35037

SHOBHANA RAJAN VARTAK (CFO)

CHAITALI KIRTI KACHALIA (Company Secretary)

Mumbai, 28 May 2025