2.15 Provisions, Contingent Liabilities and ContingentAssets:

Provisions : Provisions are recognised when there is a present legal or constructive obligation 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 there is a reliable estimate of the amount of the obligation. Provisions are measured using the cash flows
estimated to settle the present obligation at the Balance sheet date.

Contingent Liabilities : 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 ora present obligation that arises from past events where it
is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot
be made.

ContingentAssets: Contingent assets are disclosed, where an inflow of economic benefits is probable.

2.16 Cash and cash equivalents:

Cash and Cash equivalents include cash, cheques on hand, cash at bank and short term deposits with banks having
original maturity of three months or less, which are subject to insignificant risk of changes in value.

2.17 Statement of Cash Flows:

Cash flows are reported using the indirect method whereby profit / (loss) is adjusted for the effects of transactions of
non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are seggregated based on the available information.

2.18 Dividend to equity shareholders:

Dividend to equity shareholders is recognised as a liability and deducted from shareholders' equity, in the period in
which the dividends are approved by the equity shareholders in the general meeting.

2.19 Earnings perShare:

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

2.20 Critical accounting judgements and key sources of estimation uncertainty:

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes judgements, estimates and assumptions that affect the reported amounts of income and expenses of the
period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date
of the financial statements. The judgements, estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to significant accounting estimates include useful lives and impairment of property, plant and
equipment, allowance for doubtful debts/advances, deferred tax assets, future obligations in respect of retirement
benefit plans, expected cost of completion of contracts, allowances for inventories, etc. Difference, if any, between
the actual results and estimates is recognised in the period in which the results are known.

(i) Useful lives and Impairment of property, plant and equipment

The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This re¬
assessment may result in change in depreciation expense in future periods.

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate
of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and
its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated
to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to
which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the
asset or cash-generating unit 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 a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses
relating to continuing operations are recognised in those expense categories consistent with the function of the
impaired asset.

(ii) Allowance for doubtful debts/advances

When determining the lifetime expected credit losses for trade receivables, the Company considers reasonable and
supportable information that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Company's historical experience and credit assessment and
including forward-looking information. Refer Note 9 (i).

(iii) Deferred tax assets

Significant management judgment is required to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable profits. The amount of total deferred tax
assets could change if estimates of projected future taxable income or if tax regulations undergo a change.

(iv) Employee Benefit Obligations

Employee benefit obligations are determined using actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include the determination of the
discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its
long-term nature, employee benefit obligation is highly sensitive to changes in these assumptions. All assumptions
are reviewed at each reporting date.

(v) Allowance for Inventories

An inventory provision is recognised for cases where the realisable value is estimated to be lower than the inventory
carrying value. The inventory provision is estimated taking into account various factors, including prevailing sales
prices of inventory item and losses associated with obsolete/non-moving inventory items.

Right and restrictions attached to shares

Equity Share : The Company has one class of equity shares having a par value of Re. 1 per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of Director 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. The Equity share of the Company has been sub-dividend from face value of
Rs. 10 each of face value of Re. 1 each w.e.f. 04th March, 2016, the record date pursuant to the shareholders approval
through postal ballotdates 12th Februaty, 2016.

Notes:

Nature and Purpose of Reserve

(A) Created on the issue of shares at premium. It shall be utilized as per the provisions of the CompaniesAct2013.

(B) General Reserve is created out of the profits earned/Losses incurred by the Company by way of transferfrom surplus
in the statement of profit and loss. The Company can use this reserve for payment of dividends and issue of fully paid-up
shares. As General Reserve is created by transfer of one component of equity to another and is not an item of other
comprehensive income, items included in General Reserve will not be reclassified to statement of profit and loss.

29. Employee benefit plans

1) Defined contribution plans:

The Company participates in defined contribution plans on behalf of relevant personnel. Any expense recognized in
relation to these schemes represents the value of contributions payable during the period by the Company at rates
specified by the rules of those plans. The only amounts included in the balance sheet are those relating to the prior
months contributions that were not due to be paid until after the end of the reporting period.

The defined contribution plans are as below:

a) Provident fund

In accordance with the Employee's Provident Fund and Miscellaneous ProvisionsAct, 1952 eligible employees of the
Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both
employees and the Company make monthly contributions at a specified percentage of the covered employees'
salary. The contributions, as specified under the law, are made to the provident fund administered and managed by
Government of India (GOI). The Company has no further obligations under the fund managed by the GOI beyond its
monthly contributions which are charged to the Statement of Profit and Loss in the period they are incurred. The
benefits are paid to employees on their retirement or resignation from the Company.

Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. It
provides for lump sum payment to vested employees at retirement, on death while in employment or on termination of
the employment in terms of the provisions of the Payment of Gratuity Act, 1972 or as per the Company's Scheme, as
applicable. Vesting occurs upon completion of five years of service. The Company accounts for the liability for gratuity
benefits payable based on an actuarial valuation.

The plan typically exposes the Company to actuarial risks such as: interest rate risk, longevity risk and salary risk.
Interest risk
Longevity risk
Salary risk

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out at 31st
March, 2025 by an independent actuary. The present value of the defined benefit obligation, the related current
service costand past service cost were measured using the projected unit credit method.

33. Some of the balances of Trade Receivables, Deposits, Loans & Advances, Advances received from customers,
Liability for expenses and Trade Payables are subject to confirmation from the respective parties and consequential
reconciliation/adjustment arising there from, if any. The management, however, does not expect any material variation.

34. Segment Reporting

The company has identified Manufacturing and Trading of "Stainless Steel Tubes & Pipes", as its only primary reportable
segment in accordance with requirements of Indian Accounting Standards 109 "Operating Segments". Accordingly no
separate segment has been provided.

35. Disclosure in respect of Corporate Social Responsibility Expenditure (CSR) is as under.

(a) CSR amount required to be spent as per Sec 135 of the Companies Act 2013, read with schedule VII thereof by the
Company during the year is Rs. 45.39 Lakhs

37. Financial instruments and Risk Management
37.1 Capital Management

The capital structure of the Company consist of net debt ( borrowings offset by cash and bank balances) and total equity of
the Company. The Company manages its capital to ensure that the Company will be able to continue as going concern. The
Company's management review it's capital structure consisting the cost of capital, the risk associated with each class of
capital and the need to maintain adequate liquidity to meet its financial obligations when they become due.

37.3 Financial risk management

The financial risk emanating from the company's oprating bussiness include market risk, credit risk and liquidity risk.
These risks are managed by the company using appropriate financial instrument. The Company has laid down written
policies to manage these risks.

37.3.1 Market risk management

Market risk is the risk that the fair value of future cash flow of a financial instrument will fluctuate because of changes in
market prices. Market risk comprise of Currency risk, Interest rate risk and other price risk.

A. Foreign currency risk management

The company is exposed to foreign currency risk arising mainly on import (of raw material and capital items) and
export (of finished goods). The carriying amount of the company's foreign currency denominated financial assets and
financial liabilities at the end of the reporting period are as follows:

A. 1 Foreign Currency sensitivity analysis:

The Company's exposure for foreign currency changes for all currencies is not material.

B. Interest rate risk management

The Company does not have interest rate risk exposure on its outstanding loan as at the year end as these loans are
short-term loans on fixed interest rate basis.

37.3.2 Credit risk management

Credit risk arises from the possibility that a counter party's inability to settle its obligations as agreed in full and in time.
The maximum exposure to credit risk in respect of the financial assets at the reporting date is the carrying value of
such assets recorded in the financial statement net of any allowance for losses.

A. Trade Receivable

The Company's trade receivables consists of large and diverse base customers including individual entities and large
public & private corporates.

a. During the year, the Company has written off trade receivables amounting to Rs. 18.06 lakhs pertaining to a customer
against whom proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 have been initiated. Based on
management's assessment, the likelihood of recovery is considered remote and accordingly, the receivable has been
derecognised.

b. During the last year ending 31^st March, 2024, the company was having an outstanding receivable balance from one of
the debtors amount to INR 4,458.88 Lakhs, against which provisions for bad and doubtful debts were previously
accounted for in the profit and loss accounts for the financial years 2015-16 and FY 2018-19. During the quarter ended
31^st March, 2024, the company had successfully recovered INR 3,476.91 Lakhs from the debtor as a full and final
settlement and the same has been disclosed as exceptional item. Consequently, the Company reversed the provision for
bad and doubtful debts during the quarter ended 31^st March, 2024, and wrote off the remaining receivable balance of
Rs.981.96 Lakhs.

B. Other FinancialAssets

The Company maintain exposure in cash and cash equivalents, time deposits with bank. Investment of surplus funds
are made only with approved counter parties. The maximum exposure to credit risk at the reporting date is the carrying
value each class of financial assets.

37.3.3 Liquidity risk management
.Liquidity risk table

The following table details the company's remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The table have been drawn up based on the undiscounted cash flow of financial liabilities
based on the earliest date on which the Company can be required to pay. The table include principle cash flow along
with interest.

39.ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III
i. Details of benami property held

No proceedings have been intiated on are pending against the company for holding benami property under the
Benami Transactions (Prohibition)Act, 1988 (45 of 1988) and Rules made thereunder.

ii Borrowing secured against current assets

The company does not has borrowings from banks and financial institutions on the basis of security of current
assets. The quarterly returns or statement of current assets filed by the company with banks and financial
institutions are in agreement with the books of accounts.

iii Wilful defaulter

The company has not been declared wilful defaulter by any bank or financial institution or any lender.

iv Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act,
1956.

v Compliance with number of layers of companies

The company has complied with the numberof layers prescribed underthe CompaniesAct, 2013.

vi Compliance with approved scheme(s) of arrangements

The company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

vii Utilisation of borrowed funds and share premium

a. The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (International) with the understanding that the Intermediary shall-

1. 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

2. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

b. 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-

1. 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

2. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

viii Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
underthe Income TaxAct, 1961, that has not been recorded in the books of account.

ix Details of crypto currency or virtual currency

The company has not traded or invested in crypto currency or virtual currency during the current or previous year.

x Valuations of PP&E, intangible assets and investment property

The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.

xi Title deeds of immovable properties not held in name of the company

The title deeds of all the immovable properties (other than properties where the company is the lessee and the
lease agreements are duly executed in favour of the lessee), as disclosed in note no. 3 to the financial statement,
are held in the name of the company.

xii Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of companies beyond the
statutory period.

AS PER OUR REPORT OF EVEN DATE
FOR PIPARA & CO LLP

CHARTERED ACCOUNTANTS
FRN : 107929W/W100219

FOR AND ON BEHALF OF THE BOARD

Sd/-

BHAWIK MADRECHA

PARTNER Sd/- Sd/- sd/-

MEMBERSHIP* 163413^^ PRAKASH C. KANUGO ASHOK M. SETH HIMANSHU SETHIA

UD1Ce²mUMBai '^MNWKD6815 CHAIRMAN & WHOLE TIME DIRECTOR & COMPANY SECRETARY

DAAe : 26™MAy ₂₀₂₅ MANAGING DIRECTOR CHIEF FINANCIAL OFFICER MEMBERSHIP NO.

^{: y} DIN : 00286366 DIN : 00309706 ACS 68328