n. Provisions and Contingencies

A provision is recognized when there is a present obligation as a result of past event and it is probable that there will be an
outflow of resources in respect of which a reliable estimate can be made. 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 or a 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. Information on contingent liability is disclosed in the Notes to the Financial Statements. Contingent assets are
not recognised.

o. Leases

Effective April 1,2019, the Company adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on
April 1,2019 using the modified retrospective method on the date of initial application. Consequently, the Company recorded the
lease liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use asset
at its carrying amount.

The Company's lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a
contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right
to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.

The Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it
is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term
and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the
term of the lease. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and useful life
of the underlying asset.

p. Current /non-current classification

The Company presents assets and liabilities in statement of financial position based on current/non-current classification.

The Company has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in
accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.

An asset is classified as current when it is:

a) Expected to be realised or intended to be sold or consumed in normal operating cycle,

b) Held primarily for the purpose of trading,

c) Expected to be realised within twelve months after the reporting period, or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.

All other assets are classified as non-current.

A liability is classified as current when:

a) It is expected to be settled in normal operating cycle,

b) It is held primarily for the purpose of trading,

c) It is due to be settled within twelve months after the reporting period, or

d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.

q. Government Grants

Capital grants relating to property, plant and equipment are reduced from the gross value of property, plant and equipment.
Revenue grants are credited in Statement of Profit and Loss or deducted from related expenses.

r. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.

(i) Initial Recognition and measurement

All financial assets and liabilities are recognized at its fair value plus transaction cost that are attributable to the acquisition
of the financial assets and liabilities (other than financial asset and financial liabilities at fair value through Profit & loss.
However, trade receivables that do not contain significant financial component are measured at transaction price.

(ii) Subsequent measurement

Financial assets carried at amortized cost

A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold
the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.

Financial assets at fair value through profit or loss (FVTPL)

A financial asset is measured at fair value through profit and loss unless it is measured at amortized cost or at fair value
through other comprehensive income.

Financial liabilities

The financial liabilities are subsequently carried at amortized cost using the effective interest method. For trade and other
payables maturing within one year from the balance sheet date, the carrying amounts approximate transaction value due
to the short maturity of these instruments.

s. Impairment of non-current assets

An asset is considered as impaired when at the date of Balance Sheet there are indications of impairment and the carrying
amount of the asset, or where applicable the cash generating unit to which the asset belongs exceeds its recoverable amount
(i.e. the higher of the net asset selling price and value in use).The carrying amount is reduced to the recoverable amount and the
reduction is recognized as an impairment loss in the Statement of Profit and Loss. The impairment loss recognized in the prior
accounting period is reversed if there has been a change in the estimate of recoverable amount. Post impairment, depreciation
is provided on the revised carrying value of the impaired asset over its remaining useful life.

t. 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.

For the year ended March 2025, MCA has not notified any new standard or amendment to the existing standards applicable to
the company.

(i) General reserve

General Reserve represents the statutory reserve in accordance with Indian Corporate law wherein a portion of profit is apportioned to general
reserve. Under Companies Act, 1956 it was mandatory to transfer amount before a company can declare dividend. However, under Companies
Act, 2013 transfer of any amount to General reserve is at the discretion of the Company.

(ii) Securities Premium

Securities premium represents the amount received in excess of par value of securities . Premium on redemption of securities is accounted in
security premium available. Section 52 of Companies Act, 2013 specify restriction and utilisation of security premium.

(iii) Retained earnings

Retained earnings represents amount that can be distributed by the Company to its equity shareholders is determined based on the financial
statements of the Company and also considering the requirements of the Companies Act 2013.

(iv) Capital Redemption Reserve

Capital Redemption reserve is a statutory, non-distributable reserve created on account of redemption of redeemable preference shares as per
the provisions of Companies Act, 2013 which can be utilised for issue of bonus shares.

(v) Equity Instruments Through Other Comprehensive Income

Reserve for equity instruments through other comprehensive income represents the cumulative gains and losses arising on the revaluation of
equity instruments measured at fair value through other comprehensive income.

(vi) Remeasurement of defined benefit plans

Actuarial gain or losses for defined benefit plans are recognised through OCI in the period in which they occur.

a) Terms and conditions related to term loans/demand loans

Term loans/Demand Loans are : -

(i) Term Loan of ? 1,100.56 lacs is secured by way of (i) first pari passu charge on entire fixed assets , equitable mortgage of the factory land
and building, (ii) second pari-passu charge on the entire current assets of the Company , both, present & future, (iii) personal guarantee of two
directors. The outstanding amount of ? 862.81 lacs (March 31,2024: ? 1,100.56 lacs) is repayable in 15 equal quarterly instalments.

(ii) Term Loan of ? 1,101.00 lacs is secured by way of (i) first pari passu charge on entire fixed assets, present and future, including equitable
mortgage of the factory land & building (ii) second pari-passu charge on the entire current assets of the Company , both, present & future (iii)
pledge of 177 lacs equity shares of promoters. The outstanding balance of ? 869.21 lacs (March 31,2024: ? 1,101.00 lacs) is repayable in 15
equal quarterly instalments ending in Dec, 2028.

(iii) Vehicle loan is secured by way of charge on vehicle owned by the Company against which such loan is obtained. The outstanding amount of
? 37.32 lacs (March 31,2024: ? 45.87 lacs) is repayable in equal monthly instalment (including interest) of ? 1.03 lacs each ending in October,
2025 and balance payment of ? 32.20 lacs in November, 2025.

b) Rate of Interest

The borrowings of the Company by way of term loans/demand loans carries floating interest rate ranging from 1Yr MCLR 1.85% to 6 months
MCLR 5.60% per annum (PY: 1Yr MCLR 1.85% to 6 months MCLR 5.60% per annum).

c) Satisfaction of charges

All charges in respect of loans/credit facilities taken by the Company required are duly registered. However, due to major reduction in the limits
resulting from slump sale of the undertakings of the Company during the year ended March 31, 2024, the Company is still in the process of
revised documentation with the respective banks/lenders. As per the management assessment, the charges will be modified/satisified based
upon the revised sanction letters issued by the banks/lenders.

(a) Details of security for working capital loans

(i) Secured by second pari passu charge on all the fixed assets, present and future of the Company, including equitable
mortgage of the factory land and buildings of the Company and entire current assets of the Company, both present and future.

(ii) Further guaranteed by two directors and by pledge of 177 Lacs equity shares (March 31,2024: 177 Lacs equity shares) of the Company
held by promoter and their relatives ranking pari pasu with term loans.

(b) Rate of Interest

The rate of interest on rupee working capital loans from banks ranges from MCLR 1% per annum to MCLR 5.60% per annum (PY:
MCLR 1% per annum to MCLR 5.60% per annum) . Further interest on unsecured loan from the related parties carries interest of 7.5% per
annum (PY: 7.5% per annum).

49 Financial instruments
a) Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return
to stakeholders through efficient allocation of capital towards expansion of business, opitimisation of working capital requirements and
deployment of surplus funds into various investment options.

The Company’s capital requirement is mainly to fund its capacity expansion and 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 borrowings from banks and other parties.

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 while equity includes all capital and
reserves of the Company.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
c) Financial risk management

The company has a risk management committee which has the responsibility to identify the risk and suggest the mitigation plan for the
identified risks in accordance with the risk management policy of the Company. 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.

These risks include market risk (including currency risk and interest rate risk), liquidity risk and credit risk.

(i) 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
prices comprise two types of risks: foreign currency risk, interest rate risk.

Foreign currency risk management

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions primarily with
respect to USD, GBP CAD and EURO. Foreign currency risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the Company’s functional currency. The Company evaluates exchange rate exposure arising from
foreign currency transactions and follows established risk management policies, including the use of derivatives like foreign exchange forward
contracts to hedge exposure to foreign currency risk.

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. 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 base lending rate and LIBOR rates. The Company uses a mix of interest rate
sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like demand loans and working
capital loans.

(ii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or 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 relies on a mix of borrowings, capital infusion and excess operating cash
flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs.
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.

Financial liabilities:

(iii) 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. Customer
credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to customer credit risk
management. The company also assesses the creditworthiness of the customers internally to whom goods are sold on credit terms in
the normal course of business. The credit limit of each customer is defined in accordance with this assessment. Outstanding customer
receivables are regularly monitored and any shipments to overseas customers are generally covered by letters of credit.

52 Other additional regulatory information required by Schedule III of Companies Act, 2013

The disclosure on the following matters required under Schedule III as amended not being relevant or applicable in case of the Company,
same are not covered:

(a) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(b) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions

(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(c) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authorities.

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

(e) There are no transactions which are not recorded in the books of account which have been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961.

(f) The Company does not have any relationship with struck off companies.

See accompanying notes to the financial statements 1 to 56

As per our report of even date attached

For Doogar & Associates For and on behalf of the Board of Directors

Chartered Accountants
Firm’s registration No. 000561N

Sd/- Sd/- Sd/-

Vardhman Doogar Shishir Jaipuria Saket Jaipuria

Partner Chairman & Managing Director Executive Director cum President

M. No 517347 DIN:00274959 DIN: 02458923

UDIN: 25517347BMHXFY7600 Place : Noida Place : Noida

Dated: May 7, 2025 Dated: May 7, 2025

Sd/- Sd/-

Suresh Singhvi Bharat Singh

Place : Udaipur Director Finance & CFO Company Secretary

Dated: May 7, 2025 DIN: 00293272 ICSI Mem No- F6459

Place : Noida Place : Noida

Dated: May 7, 2025 Dated: May 7, 2025