L. 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.

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. When
discounting is used, the increase in the provision due to the
passage of time is recognized as a finance cost.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its existence
in the Balance Sheet.

Contingent assets are not recognized but disclosed in the

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financial statements when an inflow of economic benefit is
probable.

M. CASH AND CASH EQUIVALENT

Cash and cash equivalent in the Balance Sheet comprise cash
at banks and in hand.

N. EARNING PER SHARE

Basic earnings per share are computed by dividing the profit
/ (loss) after tax by the weighted average number of equity
shares outstanding during the year. The weighted average
number of equity shares outstanding during the year is
adjusted for treasury shares, bonus issue, bonus element in
a rights issue to existing shareholders, share split and reverse
share split (consolidation of shares).

3. CRITICAL ESTIMATION AND JUDGEMENTS

The preparation of financial statements requires the use
of accounting estimates which, by definition, will seldom
equal the actual results. Management also needs to exercise
judgement in applying the company's accounting policies.

This note provides an overview of the areas that involved
a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to
estimates and assumptions turning out to be different than
those originally assessed. Detailed information about each of
these estimates and judgements is included in relevant notes
together with information about the basis of calculation for
each affected line item in the financial statements.

The areas involving critical estimates or judgements are:

- Estimation of current tax expense and payable - Note 16 (i)

- Estimation of defined benefit obligation - Note 15

- Recognition of deferred tax assets for carried forward tax
losses - Note 16 (ii)

Estimates and judgements are continually evaluated.

They are based on historical experience and other factors,
including expectations of future events that may have a
financial impact on the company and that are believed to be

* Including unbilled trade receivables of ' 99.22 Lakhs .

Before accepting any new customer, the Company uses an external credit scoring system to assess the potential customer's credit quality
and defines credit limits by customer. Limits and scoring attributed to customers are reviewed once a year.

The Company does not hold any collateral or other credit enhancements over the balances of trade receivables.

Trade receivables hypothecated as security against borrowings.

In determining the recoverability of a trade receivable, the Company considers any change in the credit quality of the trade receivable from
the date credit was initially granted up to the end of the reporting period. The concentration of credit risk is limited due to the fact that the
customer base is large and unrelated.

(iii) Dividend :

The Board of Directors, in its meeting held on 28th May, 2024, has recommended final dividend of 50% ('1 per equity share of '2 each) for
the year ended 31st March, 2024 and the same was approved by the shareholders at the Annual General Meeting held on 28th September
2024 , which resulted in a cash outflow of ' 327.39 Lakhs.

The Board of Directors, in its meeting held on 22nd May, 2025, has recommended final dividend of 200% ('4.00 per equity share of '2 each)
for the year ended 31st March, 2025 subject to the approval of shareholders at the ensuing annual general meeting.

(i) General reserve

Under the erstwhile Indian Companies Act 1956, a general reserve was created through an annual transfer of net income at a specified
percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a
given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend distribution is less than the total
distributable results for that year.

Consequent to introduction of Companies Act 2013, the requirement of mandatory transfer of a specified percentage of the net profit
to general reserve has been withdrawn and the Company can optionally transfer any amount from the surplus of profit or loss account
to the General reserves.

The Company has not transferred any amount to general reserve during the year.

(ii) Retained Earnings

Retained earnings are the profits that the company has earned till date less any transfer to general reserve, dividends or other distribution
paid to shareholders.

(iii) Security Premium

The amount received in excess of face value of the equity shares is recongnised in security premium. This reserves utilised in accordance
with the specific provisions of the Companies Act 2013.

(iv) Capital Reserve

Reserve is primarily created on amalgamation as per statutory requirement. This reserve is utilised in accordance with the specific
provisions of the Companies Act, 2013

14. LONG-TERM BORROWINGS

Working capital limits from Banks and Financial Institution comprising of Cash credit Limits/ WCDL / Export credit Limits / Bills discounted/
Buyer's Credit are secured by first charge on entire current assets of the Company including stocks of raw-materials, work-in-progress, stock
lying in godown and ports, finished goods and book debts both present & future and equitable mortgage of two immovable properties
belonging to the directors of the Company and their relatives , situated at Plot No. II -F - 166 & II - F-167 , Nehru Nagar , Ambedkar Road ,
Ghaziabad (U.P). Working capital limits from Banks and Financial Institution are further secured by way of second charge on entire fixed
assets of the Company, and personal guarantee of the directors of the Company and their relatives.

31.1. CAPITAL RISK MANAGEMENT

The Company being in a Working capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and
establish a capital structure that would maximise the return to stakeholders through optimum mix of debt and equity.

The Company's capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings. The
principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented
by funding from bank borrowings and the capital markets.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest cost and
elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital expansion projects to
capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and
borrowings less cash and cash equivalents,Bank balances other than cash and cash equivalents.

# including current maturities of long term debt.

31.3 Financial risk management

The risk management policies are established to ensure timely identification and evaluation of risks, setting acceptable risk thresholds,
identifying and mapping controls against these risks, monitor the risks and their limits, improve risk awareness and transparency. Risk
management policies and systems are reviewed regularly to reflect changes in the market conditions and the Company's activities to
provide reliable information to the Management and the Board to evaluate the adequacy of the risk management framework in relation to
the risk faced by the Company.

The risk management policies aims to mitigate the following risks arising from the financial instruments:

- Market risk

- Credit risk and

- Liquidity risk

31.4 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 the market prices.
The Company is exposed in the ordinary course of its business to risks related to changes in foreign currency exchange rates, commodity
prices and interest rates.

The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of
financial derivatives is governed by the Company's policies approved by the Board of Directors, which provide written principles on foreign
exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of
excess liquidity. Compliance with policies and exposure limits is reviewed by the Management and the internal auditors on a continuous
basis. The Company does not enter into or trade financial instruments, including derivatives for speculative purposes.

31.5 Foreign currency risk management

The Company's functional currency is Indian Rupees (INR). The Company undertakes transactions denominated in foreign currencies;
consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company's revenue from export markets
and the costs of imports, primarily in relation to raw materials. The Company is exposed to exchange rate risk under its trade and debt
portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result's in increase in the Company's

overall debt position in Rupee terms without the Company having incurred additional debt and favourable movements in the exchange
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rates will conversely result in reduction in the Company's receivables in foreign currency. In order to hedge exchange rate risk, the Company

has a policy to hedge cash flows up to a specific tenure using forward exchange contracts. At any point in time, the Company hedges its
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^ estimated foreign currency exposure in respect of forecast sales over the following 6 months. In respect of imports and other payables, the

Company hedges its payables as when the exposure arises.
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31.6 Commodity price risk

The Company's revenue is exposed to the market risk of price fluctuations related to the sale of its steel products. Market forces generally
determine prices for the steel products sold by the Company. These prices may be influenced by factors such as demand and supply,
production costs (including the costs of raw material inputs) and global and regional economic conditions and growth. Adverse changes
in any of these factors may reduce the revenue that the Company earns from the sale of its steel products.

The Company primarily procured its raw materials i. e. HR Coil, Angle shape and section, Ingot, Zinc etc. in the open market from third
parties during the financial year ended 31.03.2025 and is therefore subject to fluctuations in prices.

The Company aims to sell the products at prevailing market prices. Similarly the Company procures key raw materials like HR Coil, Angle
shape and section, Ingot and Zinc based on prevailing market rates as the selling prices of steel prices and the prices of input raw materials
move in the same direction.

The Company as a matter of policy has not hedged the comodity risk.

The following table details the Company's sensitivity to a 5% movement in the input price of HR Coil, Angle shape and section, Ingot, Zinc
etc. The sensitivity analysis includes only 5% change in commodity prices for quantity sold or consumed during the year, with all other
variables held constant. A positive number below indicates an increase in profit where the commodity prices increase by 5%. For a 5%
reduction in commodity prices, there would be a comparable impact on profit, and the balances below would be negative.

3 i./ mieresi raie risic

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 exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest
rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are principally
denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Company has exposure to interest rate risk,
arising principally on changes in MCLR rate and LIBOR rates. The risk is managed by the Company by maintaining an appropriate mix
between fixed and floating rate borrowings.

If interest rates had been 100 basis points higher / lower and all other variables were held constant, the Company's profit for the year
ended 31 March 2025 would decrease / increase by ' 549.65 lakhs (for the year ended 31 March 2024: decrease / increase by ' 575.73 lakhs).
This is mainly attributable to the Company's exposure to interest rates on its variable rate borrowings.

31.8 Credit risk management:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.
The Company has adopted a policy of only dealing with creditworthy counterparties.

Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits
defined in accordance with the assessment.

Credit risk on receivables is also mitigated by securing the same against letters of credit and guarantees of reputed nationalised and
private sector banks. Trade receivables consist of a large number of customers spread across diverse industries and geographical areas with
no significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate action is taken for
collection of overdue receivables.

31.9 Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation
where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational
needs as well as for long term capital expenditure growth projects. The Company generates sufficient cash flow for operations, which
together with the available cash and cash equivalents provide liquidity in the short-term and long-term. The management of the Company
has established an appropriate liquidity risk management framework for Company's short, medium and long-term funding and liquidity
management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment
periods and its non-derivative financial assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Company can be required to pay.

35. SEGMENT INFORMATION

The Company is in the business of manufacturing and sale of Iron & steel products. Operating segments are reported in a manner consistent
with the internal reporting to the Chief Operating Decision Maker "CODM" of the Company. The CODM is responsible for allocating resources
and assessing performance of the operating segments. The Company has monthly review and forecasting procedure in place and CODM
reviews the operations of the Company as a whole, hence there are no reportable segments as per Ind AS 108 "Operating Segments"

a) Revenue from operations

The following information discloses revenue from external customers based on geographical areas :

38. OTHER STATUTORY INFORMATION :

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

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

c) 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 :

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

d) 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 :

(i) 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

(ii) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

e) 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 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.

f) The Company is not declared wilful defaulter by any bank or financials institution or lender during the year.

g) All charges in respect of loans/credit facilities taken by the Company required are duly registered. However, the Company has
initiated process for satisfaction of certain charges pending to be satisfied as well as satisfaction of some duplicate charges
created. The Company is awaiting No Objection Certificate (NOC) from the respective lenders.

h) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of accounts.

i) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was obtained.

j) The title deeds of all the immovable properties except leasehold & freehold land pertaining to one subsidiary company
amalgamated during fiscal year 2016-17 having gross block amounting to ' 100.55 Lakhs, disclosed in the financial statements
included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance
sheet date.

39. The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. Further no
instance of audit trail feature being tampered with was noted in respect of the accounting software.

Presently, the log has been activated at the application and the privileged access to SQL database continues to be restricted to limited
set of users who necessarily require this access for maintenance and administration of the database.

40. The previous year figures have been regrouped / reclassified / rearranged, wherever necessary to confirm to the current year
presentation.

As per our report of even date annexed hereto On behalf of the Board of Directors

For Sanjeev Anand & Associates For Goodluck India Limited

Chartered Accountants CIN : L74899DL1986PLC050910

Firm Registration No. 007171C

( S. AGARWAL) (M.C.GARG) (R.C.GARG)

Partner Chairman Director

M.No. 072907 DIN NO. 00292437 DIN NO. 00298129

UDIN : 25072907BMJMNV2053

Place : Ghaziabad (ABHISHEK AGRAWAL) (SANJAYBANSAL)

Date : 22nd May 2025 Company Secretary C.F.O.