o) Provisions, contingent liabilities and contingent asset
Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event and 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.

Provisions are discounted, if the effect of the time value of money is material, using pre-tax rates that reflects the risks specific to
the liability. When discounting is used, an increase in the provisions due to the passage of time is recognised as finance cost. These
provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Necessary provision for doubtful debts, claims, etc., are made, if realisation of money is doubtful in the judgement of the management.
Contingent Liabilities

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. Contingent liabilities
are disclosed separately.

Contingent Assets

Where an inflow of economic benefits is probable, the Company discloses a brief description of the nature of the contingent assets at
the end of the reporting period, and, where practicable, an estimate of their financial effect.

Contingent assets are disclosed but not recognised in the financial statements.

p) Cash and Cash Equivalents

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances with original maturity of less
than 3 months, highly liquid investments that are readily convertible into cash, which are subject to insignificant risk of changes in value.

q) Cash Flow Statement

Cash flows are presented using indirect method, whereby profit / (loss) before tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments.

Bank borrowings are generally considered to be financing activities. However, where bank overdrafts which are repayable on demand
form an integral part of an entity's cash management, bank overdrafts are included as a component of cash and cash equivalents for
the purpose of Cash flow statement.

r) Earnings per share

The basic earnings per share are computed by dividing the net profit for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.

Diluted EPS is computed by dividing the net profit after tax by the weighted average number of equity shares considered for deriving
basic EPS and also weighted average number of equity shares that could have been issued upon conversion of all dilutive potential
equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date.
Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially
dilutive equity shares are adjusted for bonus shares, as appropriate.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged to exercise (or not exercise
it). The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which
affects the assessment, and that is within the control of the lessee. During the current financial year, there was no revision in the lease terms.

g) Variable lease payments

The Group has not entered into any lease contracts that include variable lease options.

h) Extension and termination options

Extension and termination options are included in a number of property leases. These are used to maximise operational flexibility in terms
of managing the assets used in the Company's operations. The majority of extension and termination options held are exercisable only by
the Company and not with the respective lessor.

As at 31st March 2025, the Company has outstanding trade receivables amounting to Rs. 9,475 lakhs, a portion of which have been
outstanding for more than 180 days. During the year, the Company undertook a detailed exercise to confirm the validity and recoverability
of these receivables. Confirmation requests were issued multiple times covering 100% of the receivables, using both physical and electronic
means.

The Company received confirmations for a substantial portion of receivables outstanding for less than 180 days. However, for
receivables outstanding beyond 180 days (which constitute approximately 65% of total trade receivables by value), direct confirmations were not
received in many cases, despite repeated follow-up. The Company attributes the lack of response primarily to the apprehension of legal
action on overdue balances, given the Company's recent focus on recovery.

Nonetheless, the Company has verified the genuineness of the underlying transactions, maintains ongoing commercial relationships with
most of these customers, and remains confident of recovery. The Company is also actively considering the assignment of certain receivables
as part of its recovery strategy.

In accordance with its assessment of the expected credit loss (ECL) under the applicable financial reporting framework, the Company has
written off a small portion of the trade receivables during the year and believes that no further material provisioning is warranted as of the
balance sheet date.

Notes:

Contingent Liabilities:

1. The Company has executed (During the year 2009-10 and 2011-12) Corporate Guarantee in favour of the Shamrao Vithal
Co-operative Bank Limited, Mumbai for the loan taken by M/s. Chitrakoot Steel and Power Pvt Ltd., wholly owned subsidiary of
the Company, for Rs. 25 crores

2. The company has received a notice from the office of the Director General of Foreign Trade, Bangalore, asking to show cause

as to why penalty upto 5 times of the CIF value of goods imported of a value of Rs.44.34 Crores imposed in respect of 44
Advance licenses for alleged non completion of the export obligations in respect of those licenses. Post issue of the notice, the
company's name was added in the “Denied Entity List”. The Company had represented to the said authority that the Export
obligation in individual case or when clubbed with other license/licenses in accordance with the Foreign trade Policy and
procedures with or without relaxation of the norms as may be applicable has been completed. Out of 44 Licences for which
the notice was issued, Export obligations Discharge certificate has been received in respect of 42 Licences the CIF Value
of which is Rs.44.20 Crore leaving 2 licences with a CIF Value of Rs.0.14 Crores pending. Export obligation in respect of the
said 2 licences have indeed been completed and the company is hopeful of obtaining the Export obligations Discharge certificate
in the course of time. Based on the representation given by the company the name of the company was removed from the
Denied Entity List, however company has not received any communication from the DGFT in this regard dropping the show
cause notice.

3. The liability in respect of Excise and VAT is subject to the levy of additional interest till the date adjudication from the due date, in
case the liability is confirmed by the Appellate Authority. However, no estimation of such interest payable, if any, has been
made or has not been provided. Hence, no liability will accrue in respect of the interest, if the order is in favour of the company
and in the opinion of the management, the decision will be in the favour of the company.

4. Resurgent Power projects Limited (Formerly Enmas GB Power Systems Projects Limited) has demanded payment of
Rs.13,25,31,282/- as dues for the Power Project I and II executed by them and has issued a notice under section 9 of the
Insolvency and Bankruptcy Code, 2016. In view of the substandard performance of 1st Turbine and delayed implementation
of Power Plant 2 the company has debited the 11,78,32,463/- as liquidated damages the payable to the said party as per the
books of accounts is nil. Accordingly, the company has disputed the amount and has sought to invoke the arbitration proceedings
against the party to settle the matter. The liquidated damages debited to the party has been credited to the cost of the project.
Pending these matters no provision has been made against the claim in the books of accounts.

Impairment of Assets:

1. The expected credit loss in respect of receivables which are outstanding for a long period and the chances of recovery
are uncertain. These dues include dues from customers who have already been referred to NCLT under Insolvency
and Bankruptcy Code. The amount outstanding dues where credit loss could be expected is Rs.13.97 Crores.

2. The Goa industrial Development Corporation has vide its order dated 20th April 2017 has cancelled the lease of 8890 SFT out

of 12700 SFT for non utilization of the land allotted on lease for the industrial purpose. Company has filed a civil suit against
the said corporation reclaiming the leased land and the matter is pending with the court. Pending the settlement the company
continues with the possession of the property.

3. The company was assessed to Income Tax and an order was passed u/sec 143(3) on 29/12/2019 for AY 2017-18. In completing
the captioned assessment a sum of Rs 48,91,37,362/- was added back. The addition was on account of the Company's
transactions with Tanishi Commotrades Pvt Limited (sales and other transactions), Subham Trading /Neeraj Trading
Company(purchases ) and a sum of Rs 6829701 for delayed remittance of PF/ESI. The company has also preferred an appeal
for AY 2011-12 with CIT(A). The Company is hopeful of its success at the appellate forums on the captioned additions.

Financial risk management objectives

The treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and
manages the financial risks relating to the operations through internal risk reports which analyse exposures by degree and magnitude of
risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price
of a financial instrument. The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates
and interest rates. The Company actively manages its currency and interest rate exposures through its finance division.

Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise.
The Company actively manages its currency rate exposures through a treasury division and uses natural hedging principles to mitigate the
risks from such exposures.

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting
period are as follows:

Foreign currency sensitivity analysis

Movement in the functional currencies of the various operations of the Company against major foreign currencies may impact the Company's
revenues from its operations. Any weakening of the functional currency may impact the Company's cost of imports and cost of borrowings
and consequently may increase the cost of financing the Company's capital expenditures. The foreign exchange rate sensitivity is calculated
for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange
rates shift in the foreign exchange rates of each currency by 2%, which represents management's assessment of the reasonably possible
change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 2% change in foreign currency rates. The sensitivity analysis includes external loans as well
as loans to foreign operations within the Company where the denomination of the loan is in a currency other than the functional currency of
the lender or the borrower.

In management's opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end
of the reporting period does not reflect the exposure during the year.

Interest rate risk management

The Company is exposed to interest rate risk because it borrow funds at both fixed and floating interest rates. The risk is managed by the
Company by maintaining an appropriate mix between fixed and floating rate borrowings and by the use of interest rate swap contracts.
Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging
strategies are applied. Further, in appropriate cases, the Company also effects changes in the borrowing arrangements to convert floating
interest rates to fixed interest rates.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative
instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability
outstanding at the end of the reporting period was outstanding for the whole year. A 25 basis point increase or decrease is used when
reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible
change in interest rates.

Company has no floating rate liabilities and thus does not have the risk of increase or decrease in the rate of interest. The Secured Non
Convertible Debentures issued during the year carry a Fixed Rate of Interest and thus no risk of Decrease or increase cost of funds.

Credit risk management

Credit risk arises when a customer or counterparty does not meet its obligations under a customer contract or financial instrument, leading
to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables and from its financing/
investing activities, including deposits with banks and foreign exchange transactions. The Company has no significant concentration of credit
risk with any counterparty.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure is the total of the carrying
amount of balances with banks, short term deposits with banks, trade receivables, margin money and other financial assets excluding equity
investments.

(a) Trade Receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each customer
and, based on the evaluation, credit limit of each customer is defined. Wherever the Company assesses the credit risk as high, the
exposure is backed by either bank, guarantee/letter of credit or security deposits.

The Company does not have higher concentration of credit risks to a single customer. As per simplified approach, the Company
makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default in payments
and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

(b) Investments, Cash and Cash Equivalents and Bank Deposits

Credit risk on cash and cash equivalents, deposits with the banks/financial institutions is generally low as the said deposits have
been made with the banks/financial institutions, who have been assigned high credit rating by international and domestic rating
agencies.

Investments of surplus funds are made only with approved financial institutions/ counterparty. Investments primarily include bank
deposits. These bank deposits and counterparties have low credit risk. The Company has standard operating procedures and
investment policy for deployment of surplus liquidity, which allows investment in bank deposits and restricts the exposure in equity
markets. Investments of surplus funds does not arise in the case of the Company.

Offsetting related disclosures

Offsetting of cash and cash equivalents to borrowings as per the loan agreement is available only to the bank in the event of a default.
Company does not have the right to offset in case of the counter party's bankruptcy, therefore, these disclosures are not required.

Liquidity risk management

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to
maintain sufficient liquidity and ensure that funds are available for use as per requirements.

Liquidity tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment
periods. 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.

50 Retirement benefit plans
Defined contribution plans

In accordance with Indian law, the Company makes contributions to Provident Fund, Superannuation Fund and Employee State
Insurance Scheme, which are defined contribution plans, for qualifying employees.

The total expense recognised in profit or loss of Rs. 8.15 lakh (previous year Rs. (223.73) lakh) represents contribution payable to these
plans by the Company at rates specified in the rules of the plan.

Defined benefit plans
(a) Gratuity

Gratuity is payable as per Payment of Gratuity Act, 1972. In terms of the same, gratuity is computed by multiplying last drawn salary
(basic salary including dearness Allowance if any) by completed years of continuous service with part thereof in excess of six months
and again by 15/26. The Act provides for a vesting period of 5 years for withdrawal and retirement and a monetary ceiling on gratuity
payable to an employee on separation, as may be prescribed under the Payment of Gratuity Act, 1972, from time to time. However, in
cases where an enterprise has more favourable terms in this regard the same has been adopted.

Sensitivity Analysis

In view of the fact that the Company for preparing the sensitivity analysis considers the present value of the defined benefit obligation which
has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating
the defined benefit obligation liability recognised in the balance sheet.

(b) Compensated absences

Company is following the practice of valuing the compensated absence as per Ind AS 19 “Employee Benefits” based on the leave balance
outstanding on the employees account on March 31st every year by an independent actuary and has provided the same in the accounts.
The payment is done as and when claims are received from the employees or on the date of retirement/ relieving from the service of the
company.

51 : OTHER STATUTORY INFORMATION

(i) There are no proceedings initiated or pending against the Group as at March 31, 2025, under Prohibition of Benami Property
Transaction Act, 1988 (As amended in 2016)

ii) The Group do not have any transactions with companies struck off as per Section 248 of the Companies Act, 2013 and Section 560
of the Companies Act, 1956.

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

(iv) The Group have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Group 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 Group

(Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vi) The Group 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 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) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Group 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

(viii) The Group is not declared a wilful defaulter by any bank or financial institutions or vendor.

(ix) Title deeds of all immovable properties were held in the name of the Group.

52 Note on Issue of Securities/ Borrowing and Creation of Charges:

The company has issued 2690 Secured Non-convertible Debentures of Rs.10 Lacs each to Alternate investment Funds amounting to
Rs.269 Crores. The debentures so issued are secured by Exclusive hypothecation of the present and future current assets of the Company
and Exclusive charge on the land, manufacturing plant and other fixed assets of the Company (including all non-core assets) Pledge of
promoters shares and further secured by the personal guarantee of the promoters. The Charges in favour of the debenture trustee is being
registered with the registrar of companies during FY 23-24. Company has serviced the interest and principal payable on the Non Convertable
Debentures on time in all months except Dec 2024. There has been an agreed Moratorium from Dec 2024 to Mar 2025. The brief particulars
of these debentures are as follows:

53 Corporate Social Reponsibility

The Company was not having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or
a net profit of rupees five crore or more during the immediately preceding financial year and hence, provisions of Section 135 of the
Act are not applicable to the Company during the year.

55. Previous Year’s figures have been re-grouped wherever necessary to conform to the Current Year’s classification

The accompanying notes form an integral part of the financial statements

As per our report of even date attached

For and on behalf of the board For CNGSN & ASSOCIATES LLP

For Tulsyan NEC Limited Chartered Accountants

(FRN No. 004915S/ S200036)

Sd/- Sd/- Sd/- Sd/-

Sanjay Tulsyan Lalit Kumar Tulsyan M. Parthasarathy E.K.Srivatsan

Managing Director Executive Chairman Director Partner

DIN: 00632802 DIN : 00632823 DIN: 08277111 M.No. 225064

Sd/- Sd/-

CA Shantha Kumar RP Parvati Soni

Chief Financial Officer Company Secretary

Place : Chennai.

Date : 30th May, 2025