q) Provisions, Contingent Liabilities, Contingent
Assets and Commitments

Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and the amount can be reliably
estimated. Provisions are not recognised for future
operating losses, if any.

Provisions are 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. The discount rate used to
determine the present value is a current pre-tax rate.
The increase in the provision due to the passage of time
is recognised as interest expense.

Contingent liabilities are disclosed in the case of:

A) A present obligation arising from the past events,
when it is not probable that an outflow of resources
will be required to settle the obligation;

B) A present obligation arising from the past events,
when no reliable estimate is possible;

C) A possible obligation arising from past events,
unless the probability of outflow of resources is
remote.

Contingent Assets is disclosed when inflow of
economic benefits is probable.

r) Financial Instruments

Financial assets and financial liabilities are recognised
when a Company becomes a party to the contractual
provisions of the instruments.

Initial Recognition and Measurement - Financial
Assets and Financial Liabilities

Financial assets and financial liabilities are initially
measured at fair value. 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 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 and
ancillary costs related to borrowings) are added to or
deducted from the fair 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
immediately in the Statement of Profit and Loss. Since,
trade receivables do not contain significant financing
component they are measured at transaction price.

Classification and Subsequent Measurement: Financial
Assets

The Company classifies financial assets as subsequen¬
tly measured at amortised cost, fair value through
other comprehensive income (“FVTOCI”) or fair value
through profit or loss (“FVTPL”) on the basis of
following:

- the entity's business model for managing the
financial assets; and

- the contractual cash flow characteristics of the
financial asset.

Amortised Cost:

A financial asset is classified and measured at
amortised cost if both of the following conditions are
met:

- the financial asset is held within a business model
whose objective is to hold financial assets 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.

FVTOCI:

A financial asset is classified and measured at FVTOCI if
both of the following conditions are met:

- the financial asset 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.

Movements in the carrying amount are taken through
OCI, except for the recognition of impairment gains or
losses and interest revenue which are recognised in
profit and loss. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to profit or
loss and recognised in other gains/ (losses). Interest
income from these financial assets is included in other
income using the effective interest rate method.

FVTPL:

A financial asset is classified and measured at FVTPL
unless it is measured at amortised cost or at FVTOCI.

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

Impairment of Financial Assets

The Company assesses on a forward looking basis the
expected credit losses associated with its assets carried
at amortised cost. The impairment methodology
applied depends on whether there has been a
significant increase in credit risk.

Expected Credit Losses are measured through a
loss allowance at an amount equal to:

- The 12-months expected credit losses (expected
credit losses that result from those default events
on the financial instrument that are possible
within 12 months after the reporting date);or

- Full lifetime expected credit losses (expected
credit losses that result from all possible default
events over the life of the financial instrument).

For trade receivables only, the Company applies the
simplified approach permitted by Ind AS 109 Financial
Instruments, which requires expected lifetime losses to
be recognised from initial recognition of the
receivables.

The Company uses historical default rates to determine
impairment loss on the portfolio of trade receivables.
At every reporting date these historical default rates
are reviewed and changes in the forward-looking
estimates are analysed.

For other assets, the Company uses 12 month ECL to
provide for impairment loss where there is no
significant increase in credit risk. If there is significant
increase in credit risk full lifetime ECL is used.

Classification and Subsequent measurement:
Financial Liabilities

The Company's financial liabilities include trade and
other payables, loans and borrowings including bank
overdrafts, financial guarantee contracts and
derivative financial instruments.

Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the
financial liability is held for trading or are designated
upon initial recognition as FVTPL.

Gains or losses on financial liabilities held for trading
are recognised in the Statement of Profit and Loss.

Other Financial Liabilities:

Other financial liabilities (including borrowings and
trade and other payables) are subsequently measured
at amortised cost using the effective interest method.

The effective interest method is a method of calculating
the amortised cost of a financial liability and of
allocating interest expense over the relevant period.
The effective interest rate is the rate that exactly
discounts estimated future cash payments (including
all fees and points paid or received that form an integral
part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life
of the financial liability, or (where appropriate) a
shorter period, to the net carrying amount on initial
recognition.

Derecognition of Financial Assets and Financial
Liabilities:

The Company de-recognises a financial asset when the
contractual rights to the cash flows from the financial
asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership
of the financial asset are transferred or in which the
Company neither transfers nor retains substantially all
of the risks and rewards of ownership and does not
retain control of the financial asset. If the Company
enters into transactions whereby it transfers assets
recognised on its balance sheet, but retains either all or
substantially all of the risks and rewards of the

transferred assets, the transferred assets are not
derecognised.

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires.

Offsetting Financial Instruments:

Financial assets and liabilities are offset and the net
amount is reported in the Balance Sheet where there is
a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net
basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must not
be contingent on future events and must be enforceable
in the normal course of business and in the event of
default, insolvency or bankruptcy of the Company or
the counterparty.

s) Operating Cycle

The Company presents assets and liabilities in the
balance sheet based on current / non-current
classification based on operating cycle.

An asset is treated as current when it is:

1. Expected to be realized or intended to be sold or
consumed in normal operating cycle;

2. Held primarily for the purpose of trading;

3. Expected to be realized within twelve months after
the reporting period, or

4. 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 current when:

1. It is expected to be settled in normal operating
cycle;

2. It is held primarily for the purpose of trading;

3. It is due to be settled within twelve months after
the reporting period, or

4. 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.

Deferred tax assets and liabilities are classified as non¬
current assets and liabilities.

The Company has identified twelve months as its
operating cycle.

t) Non-current assets held for sale

"The non-current assets and disposal groups as held
for sale / distribution if their carrying amounts will be
recovered principally through a sale / distribution
rather than through continuing use. Actions required to
complete the sale / distribution should indicate that it
is unlikely that significant changes to the sale will be

made or that the decision to sell will be withdrawn.
Management must be committed to the
sale/distribution expected within one year from the
date of classification.For these purposes, sale
transactions include exchanges of non-current assets
for other non-current assets when the exchange has
commercial substance. The criteria for held for sale /
distribution classification is regarded met only when
the assets or disposal group is available for immediate
sale / distribution in its present condition, subject only
to terms that are usual and customary for sales /
distribution of such assets (or disposal groups), its sale
/ distribution is highly probable; and it will genuinely
be sold, not abandoned. The Company treats
sale/distribution of the asset or disposal group to be
highly probable when:

* The appropriate level of management is
committed to a plan to sell the asset (or disposal
group),

* An active programme to locate a buyer and
complete the plan has been initiated (if
applicable),

* The asset (or disposal group) is being actively
marketed for sale at a price that is reasonable in
relation to its current fair value,

* The sale is expected to qualify for recognition as a
completed sale within one year from the date of
classification and

* Actions required to complete the plan indicate that
it is unlikely that significant changes to the plan
will be made or that the plan will be withdrawn.
Non-current assets held for sale / for distribution
to owners and disposal groups are measured at the
lower of their carrying amount and the fair value
less costs to sell / distribute. Assets and liabilities
classified as held for sale / distribution are
presented separately in the balance sheet.

A disposal group qualifies as discontinued
operation if it is a component of an entity that
either has been disposed of, or is classified as held
for sale, and property plant and equipment are
classified as held for sale

* Represents a separate major line of business or
geographical area of operations,

* Is part of a single co-ordinated plan to dispose of a
separate major line of business or geographical
area of operations.Discontinued operations are
excluded from the results of continuing operations
and are presented as a single amount as profit or
loss after tax from discontinued operations in the
statement of profit and loss. Additional disclosures
are provided in Note 35. All other notes to the
financial statements mainly include amounts for
continuing operations, unless otherwise
mentioned

Defined Benefit Plan:

The Company has defined benefit plans for Gratuity to eligible employees, contributions for which are made to Life Insurance
Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the
financial statements are as under:

The defined benefit plans typically expose the Company to various risk such as:

Investment Risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to
market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create
plan deficit.

Interest Risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the plan
assets.

Longevity Risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the
plan's liability.

Salary Risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such,
an increase in the salary of the plan participants will increase the plan's liability.

c Financial Risk Management Objectives

The Company's financial liabilities comprise mainly of borrowings, trade payables and other financial liabilities. The
Company's financial assets comprise mainly of cash and cash equivalents, trade receivables and other financial assets.

The Company's business activities are exposed to a variety of financial risks, namely market risk (including currency risk
and interest rate risk), credit risk and liquidity risk.

The Company's senior management has the overall responsibility for establishing and governing the Company's risk
management framework who are responsible for developing and monitoring the Company's risk management policies. The
Company's risk management policies are established to identify and analyse the risks faced by the Company, to set and
monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes
in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.

A. MANAGEMENT OF MARKET RISK

The Company's size and operations does not results in it being exposed to the following market risks that arise from its use of
financial instruments:

- currency risk;

- Interest rate risk

i. Currency Risk

The Company's activity does not expose it primarily to the financial risk of changes in foreign currency exchange rates.

ii. Interest Rate Risk

Interest Rate Risk is the risk that the future cash flow with respect to interest payments on borrowing will fluctuate because
of change in market interest rates. The Company is exposed to the Interest Rate Risk only to the extent of Borrowings from
Related Parties.

B. MANAGEMENT OF CREDIT RISK

Credit Risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to the
Company and it arises principally from the Company's Receivables from customers.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer including the default risk of the industry also has an influence on credit risk assessment. Credit Risk is managed
through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the customers to which
the Company grants credit terms in the normal course of business (Refer note 6 - Trade receivables).

C. MANAGEMENT OF LIQUIDITY RISK

Liquidity Risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Company's reputation.

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate
liquidity risk management framework for the management of the Company's short-term and long-term funding and liquidity
management requirements. The Company manages liquidity risk by maintaining facilities from related parties as and when
necessary by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets
and liabilities.

33 Additional regulatory information detailed in clause 6L of General Instructions given in part I of division II of the
Schedule III of the Companies Act, 2013 are furnished to the extent applicable to the Company.

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

(ii) 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.

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

(iv) 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”

(v) 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:

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

(vi) 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

(vii) The Company has no borrowings from banks and financial institutions on the basis of security of current assets.

(viii) None of the entities in the Company have been declared wilful defaulter by any bank or financial institution or government
or any government authority.

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

(x) The Company has not undertaken any transactions with companies struck off under section 248 of the Companies
Act,2013 or section 560 of Companies Act, 1956.

i) Current Ratio :- Increase in current ratio is majorly on account of decrease in current liabilities due to realisation from
proceeds in lieu of asset held.

ii) The increase in the debt-equity ratio is due to incremental loans raised during the year, resulting in higher leverage

iii) Decline in the Debt Service Coverage Ratio is primarily attributable to higher borrowings during the year and the
consequent increase in interest costs

iv) Return on Equity has been reduced due to increased EBITDA losses during the current financial year

v) Decline in the Trade Payables Turnover Ratio is primarily due to an increase in average trade payables relative to
purchases, reflecting extended payment terms or slower creditor settlement during the year

35 Discontinuation of Operations at Jamnagar Plant and Classification of Non-Current Assets Held for Sale

During the quarter ended March 31, 2025, the Board of Directors of the Company approved the discontinuation of operations at
its sole manufacturing facility located at Jamnagar, effective the same date. This decision is part of the Company's strategic
initiative to rationalise operations, enhance resource efficiency and optimise its asset base. In accordance with Indian Accounting
Standard (Ind AS) 105 - Non-current Assets Held for Sale and Discontinued Operations, the results of the Jamnagar Plant have
been presented as “Discontinued Operations” in the financial statement for the year ended March 31, 2025. Corresponding
figures for prior periods have been reclassified to reflect this presentation.

Following the cessation of operations, the Company has assessed the recoverable amount of Non-Current assets associated with
the discontinued unit at Jamnagar. Based on valuation performed by an Independent Registered Valuer the Company has
classified a carrying amount of Rs. 5,714.12 lakhs under “Non-Current Assets Held for Sale,” which, in the view of the
management, reflects the fair value less costs to sell in accordance with Ind AS 105. These Assets will be recovered principally
through a sale transaction rather than through continued use.

For the year ended March 31, 2025, the Company incurred a total comprehensive loss of Rs. 1044.09 lakhs. As of that date, the
Company's current liabilities exceeded its current assets by Rs. 502.64 lakhs. However, the Company continues to maintain a
positive net worth. Despite the working capital deficit and the discontinuation of its primary manufacturing operations, these
financial statements have been prepared on a going concern basis, reflecting the management's confidence in the Company's
ability to implement operational and financial strategies, including realisation of assets held for sale and restructuring of cost
base.

36 The provisions of the Companies Act, 2013 and rules made thereunder requires that the Company uses only such accounting
software for maintaining its books of account which has a feature of recording audit trail for each and every transaction, creating
an edit log of each change made in books of account along with the date when such changes were made and ensuring that the
audit trail cannot be disabled or tampered with effect from April 1, 2023. The Company has not used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility. However, Company is in process of
establishing controls in this regard.

As per our report of even date

For Nayan Parikh & Co. For and on behalf of the Board

Chartered Accountants

Firm Registration No : 107023W

K. Y. Narayana Pankaj Gharat Ajay Agarwal Hardik B. Patel

Partner Chief Financial Officer Director Whole-Time Director

Mem No.: 060639 DIN : 00649182 DIN : 00590663

Mumbai Mumbai Mumbai Mumbai

May 27, 2025 May 27, 2025 May 27, 2025 May 27, 2025