2.12 Provisions, Contingent Liabilities and
Contingent Assets

Provisions are recognised 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.

Contingent Liability is disclosed in case of a present
obligation arising from past events, when it is not
probable that an outflow of resources will be required
to settle the obligation or where no reliable estimate
is possible. Contingent liabilities are not recognised in
financial statements but are disclosed in notes.

Contingent asset is a possible asset that arises from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the entity. Contingent assets are not recognised in
financial statements and are disclosed in notes when it
is virtually certain that economic benefits will inflow to
the Company.

2.13 Foreign Currency Transactions

Transactions in foreign currency are recorded at
exchange rates prevailing at the date of transactions.
Exchange differences arising on foreign exchange
transactions settled during the year are recognised in
the statement of profit and loss of the year.

Monetary assets and liabilities denominated in foreign
currencies which are outstanding, as at the reporting
date are translated at the closing exchange rates and
the resultant exchange differences are recognised in the
statement of profit and loss.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are recognised using
the exchange rate at date of initial transactions, are not
retranslated.

In respect of forward contracts, the premium or
discount on these contracts is recognized as income or
expenditure over the period of the contract. Any profit
or loss arising on the cancellation or the renewal of
such contracts is recognized as income or expense for
the year.

2.14 Impairment

Non-financial assets

The carrying amount of non- financial assets other
than inventories are assessed at each reporting date to
ascertain whether there is any indication of impairment.
If any such indication exists then the asset's recoverable
amount is estimated. An impairment loss is recognised as
an expenses in the Statement of Profit and Loss, for the
amount by which the asset's carrying amount exceeds
its recoverable amount. The recoverable amount is the
higher of an asset's fair value less cost to sell and value
in use. Value in use is ascertained through discounting
of estimated future cash flows using a discount rate
that reflects the current market assessments of the
time value of money and the risk specific to the assets.
For the purpose of assessing impairment, assets are
grouped at the lowest levels into cash generating units
for which there are separately identifiable cash flows.

An impairment loss is reversed if there has been
a change in the estimates used to determine the
recoverable amount. An impairment loss is reversed
only to the extent that asset's carrying amount does
not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no
impairment had been recognised.

Financial assets

The Company assesses at each date of balance sheet
whether a financial asset or a group of financial assets is
impaired. Ind AS 109 requires expected credit losses to
be measured through a loss allowance. In determining
the allowances for doubtful trade receivables, the
Company has used a practical expedient by computing
the expected credit loss allowance for trade receivables
based on a provision matrix. The provision matrix takes
into account historical credit loss experience and is
adjusted for forward looking information. The expected
credit loss allowance is based on the ageing of the
receivables that are due and allowance rates used in
the provision matrix.

2.15 Government Grant

Government grants are recognised when there is a
reasonable assurance that the grant will be received
and all attached conditions will be complied with.
Government grants relating to an expense item is
recognised in the statement of profit and loss over the
period necessary to match them with costs that they
are intended to compensate are expensed. Government
grants relating to asset is deducted dirctly from the
carrying value of the asset.

2.16 Earning Per Share (EPS)

Basic earnings per share is computed by dividing the
profit/(loss) after tax by the weighted average number
of equity shares outstanding during the year. Diluted
earnings per share is computed by dividing the profit/
(loss) after tax as adjusted for dividend, interest and
other charges to expense or income relating to the
dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic
earnings per share and the weighted average number
of equity shares which could have been issued on the
conversion of all dilutive potential equity shares. The
Company did not have any potentially dilutive securities
in any of the years presented.

2.17 Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

2.18 Borrowing Costs

Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset that
necessarily takes a substantial period of time to get
ready for its intended use or sale are capitalized as
part of the cost of the asset, until such time as the
assets are substantially ready for the intended use or
sale. Interest income earned on temporary investment
of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs
eligible for capitalisation. The borrowing costs other
than attributable to qualifying assets are recognised in
the profit or loss in the period in which they incurred.

2.19 Financial Instruments

The company recognizes financial assets and financial
liabilities when it becomes a party to the contractual
provisions of the instrument. 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 fair value through profit or loss) are added to
or deducted from the fair value of the financial asset or
financial liabilities, as appropriate, on initial recognition.
Transactions costs directly attributable to the acquisition
of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in
Statement of Profit and loss.

Financial assets

All regular way purchases or sale of financial assets
are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases or
sale of financial assets that require delivery of assets
within the time frame established by regulation or
convention in the market place. All recognised financial
assets are subsequently measured in their entirety at
either amortized cost or fair value, depending on the
classification of the financial assets.

Classification of Financial Assets

(i) Financial assets carried at amortised 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.

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

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.

(iii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of
the above categories is subsequently fair valued
through profit or loss.

(iv) Financial liabilities

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

(v) Equity instrument

An equity instrument is any contract that
evidences a residual interest in the assets of the
Company after deducting all of its liabilities. Equity
instruments are recorded at the proceeds received,
net of direct issue costs.

c) Derecognition

The company derecognizes a financial asset when
the contractual rights to the cash flows from the
financial asset expire or it transfers the financial
asset and the transfer qualifies for derecognition
under Ind AS 109. A financial liability (or a part
of a financial liability) is derecognized from the
company's balance sheet when the obligation
specified in the contract is discharged or cancelled
or expires.

d) Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the
assets and settle the liabilities simultaneously.

2.20 Insurance Claim

Insurance Claims are accounted for on the basis of
claims admitted / expected to be admitted and to the
extent that the amount recoverable can be measured
reliably and it is reasonable to expect ultimate collection.

2.21 Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker. The company operates
predominantly in two segments realted to (a) footwear,
Accessories and Other like product and (b) Toolkit and
others.

2.22 Fair Value Measurement

The Company measures financial instruments at fair
value at each balance sheet date. Fair value is the
price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair
value of an asset or a liability is measured using the
assumptions that market participants would use when
pricing the asset or liability, assuming that market
participants act in their economic best interest.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the
fair value measurement as a whole:

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

Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement
is unobservable.

2.23 Recent Accounting Pronouncement

The Ministry of Corporate Affairs ("MCA") issues new
standards and amendments to existing standards under
the Companies (Indian Accounting Standards) Rules
from time to time.

The MCA issued amendments to Ind AS 21 - The Effects of
Changes in Foreign Exchange Rates, providing enhanced
guidance on assessing currency exchangeability and
determining the appropriate exchange rate when a
currency is not readily exchangeable.

Further, The MCA notified the Companies (Indian
Accounting Standards) Second Amendment Rules, 2025,
introducing revisions to multiple standards, including:

* Ind AS 1: Clarifications on the classification of
liabilities as current or non-current, including
considerations relating to covenant compliance
and the entity's right to defer settlement as at the
reporting date.

• Ind AS 7 and Ind AS 107: Additional disclosure
requirements for supplier finance arrangements
aimed at enhancing transparency regarding their
effect on liabilities and cash flows.

• Ind AS 12: A temporary exception from recognising
deferred tax assets and liabilities arising from
the OECD Pillar Two global minimum tax rules,
together with related disclosure requirements.

* Ind AS 101: Transitional relief for first-time
adopters with respect to lease classification.

These amendments are effective upon publication in
the Official Gazette and will apply to annual reporting
periods beginning on or after April 1, 2026. The Company
has assessed the impact of these amendments on its
financial statements and does not expect any material
impact on account of the same.

Note 14.2 Terms/ Rights attached to Equity Shares

The company has only one class of Equity shares having a par value of Rs.10 per share. Each holder of equity shares is
entitled to one vote per share.

In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

"* All the loans from HDFC Bank Limited are secured against hypothecation of Raw Material, Finished Goods, Stock in
Process, Store & Spares, Packing Material and book debts, mortgage over fixed assets of the Company and personal
guarantees of Directors and other related parties and residual charge over the immovable property of the company which
are mortgaged for the term loans from HDFC Bank Limited carrying interest rate of @ 7.55%. Details of immovable asset
which are mortgaged are as follows :-

(i) A-243(A), Road No.6, V.K.I. Area, Jaipur-302013

(ii) SP-41D, RIICO Industrial Area, Kaladera, Tehsil Chomu, District Jaipur-303801"

(I) Term Loan-HDFC 84229932 is financed for ' 314.80 lakhs which is repayable in 67 equal monthly installment of
' 5,98,772 including interest started from Jan. 2020 which was fully prepaid in Sep-25.

(II) Term Loan-HDFC 84229948 is financed for ' 222.86 lakhs which is repayable in 85 equal monthly installment of
' 5,34,497 including interest started from Jan. 2020 which was fully prepaid in Sep-25.

(III) Term Loan-HDFC 84390346 is financed for ' 150.00 lakhs which is repayable in 72 equal monthly installment of
' 3,28,049 including interest starting from Apr. 2020 which was fully prepaid in Sep-25.

(IV) GECL TERM LOAN HDFC-452557707* is financed for ' 335.00 Lakhs which is repayable in 38 equal monthly installment
of ' 10,41,290 including interest starting from March 2024 which was fully prepaid in Sep-25.

(V) Term Loan SIDBI Solar* is financed for ' 117.88 Lakhs and secured against hypothecation respective solar plant, which
is repayable in 53 equal monthly installment of ' 2,20,000 and 1 installemnt of ' 1,28,000 excluding interest starting
from October 2023 which was fully prepaid in Aug-25.

(VI) Term Loan SIDBI Plant & Machinery* is financed for ' 485.03 Lakhs and secured against hyphothecation of respective
plant & machinery, which is repayable in 53 equal monthly installment of ' 8,98,000 and 1 installemnt of ' 9,09,000
excluding interest starting from July 2023 which was fully prepaid in Aug-25.

(VII) Deferred Vehicle Loans are secured against hypothecation of respective vehicles carrying interest rate in the range of
@ 7.50% to 9.00%.

(B) Defined Benefit Plan:-

Gratuity

In accordance with the provisions of Payment of Gratuity Act, 1972, the company has defined benefit plan which
provides for gratuity payment. The plan provides a lump sum gratuity payment to eligible employees at retirement or
termination of their employment. The amounts are based on the respective employee's last drawn salary and the year
of employment with the company. The gratuity plan is a partially funded plan.

These plans typically expose the Company to actuarial risks such as: Investment, Interest rate, longevity and salary risk:

Investment risk: The present value of the defined benefit obligation is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.

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 return on the plan's debt investments.

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

Salary escalation 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.

No other post-retirement benefits are provided to the employees.

The actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as
at March 31, 2025 by a certified actuary of the Institute of Actuaries of India. The present value of the defined benefit
obligation, and the related current service cost and past service cost, were measured using the projected unit credit
method.

NOTE 36 CAPITAL MANAGEMENT

The capital structure of the Company consists of net debt and total equity of the Company. The Company manages its capital
to ensure that the Company will be able to continue as going concern while maximising the return to stakeholders through
an optimum mix of debt and equity within the overall capital structure. The Company's risk management committee reviews
the capital structure of the Company considering the cost of capital and the risks associated with each class of capital.

NOTE 37 RELATED PARTY DISCLOSURES

The Company has made the following transactions with related parties as defined under the provisions of Indian Accounting
Standard-24 issued by the Institute of Chartered Accountants of India.

List of related parties with whom transaction have taken place during the year along with the nature and volume of transaction
is given below from 01.04.2025 to 31.03.2026

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant
data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The
following methods and assumptions were used to estimate the fair values:

1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.

2) Long-term variable-rate borrowings are evaluated by the Company based on parameters such as interest rates, specific
country risk factors, credit risk and other risk characteristics. Fair value of variable interest rate borrowings approximates
their carrying values. Risk of other factors for the company is considered to be insignificant in valuation.

NOTE 40 FINANCIAL INSTRUMENTS : RISK MANAGEMENT
Financial risk management policy and objectives

The key objective of the Company's financial risk management is to ensure that it maintains a stable capital structure with the
focus on total equity to uphold investor, creditor, and customer confidence and to ensure future development of its business.
The Company is focused on maintaining a strong equity base to ensure independence, security, as well as financial flexibility
for potential future borrowings, if required without impacting the risk profile of the Company.

Company's principal financial liabilities, comprise Borrowings from Banks, trade and other payables. The main purpose of
these financial liabilities is to finance Company's operations and plant expansion. Company's principal financial assets include
investments, trade and other receivables, deposits with banks and cash and cash equivalents, that derive directly from its
operations.

Company is exposed to market risk, credit risk and liquidity risk.

"The Company's Board oversees the management of these risks. The Company's Board is supported by senior management
team that advises on financial risks and the appropriate financial risk governance framework for the Company. The senior
management provides assurance to the Company's Board that the Company's financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company's policies and risk objectives.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below."

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 risk comprises three types of risk interest rate risk, currency risk and price risk. Financial
instruments affected by market risk include investments in equity shares, security deposits, trade and other receivables,
deposits with banks and financial liabilities.

The sensitivity analysis in the following sections relate to the position as at 31 March 2025 and 31 March 2024. The
sensitivity of the relevant income statement item is the effect of the assumed changes in respective market risks. "

a) Foreign currency risk

Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rate. The company is exposed to foreign exchange risk arising from foreign currency
transactions primarily to EURO & USD. Company do not enter into any derivative instrument in order to hedge its
foreign currency risks.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change by 5% in USD exchange rates,
with all other variables held constant.

b) Interest rate risk

Interest rate risk is the risk that changes in market interest rates will lead to change in interest income and expense
for the Company. In order to optimize the Company's position with regards to interest income & expense and
to manage the interest risk, the Company performs comprehensive interest risk management by balancing the
proportion of fix & variable rate financial instruments.

c) Commodity Risk

Commodity risk is defined as the possibility of financial loss as a result of fluctuation in price of Raw
Material/Finished Goods and change in demand of the product and market in which the company
operates. The Company is exposed to the movement in price of key raw materials in domestic and
international markets. The Company has in place policies to manage exposure to fluctuations in the
prices of the key raw materials used in operations. The company forecast annual business plan and
execute on monthly business plan. Raw material procurement is aligned to its monthly/annual business
plan and inventory position is monitored in accordance with future price trend.

ii) Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The
Company is exposed to credit risk mainly from its operating activities (primarily trade receivables) and from
its financing activities, including deposits with banks.

a) Trade Receivables

"Credit risk on trade receivables is managed by the Company through credit approvals, establishing
credit limits and continuously monitoring the creditworthiness of customers to which the Company
grants credit terms in the normal course of business. The Company has no concentration of risk as
customer base in widely distributed both economically and geographically."

An impairment analysis is performed at each reporting date on an individual basis for major clients.
In addition, a large number of minor receivables are grouped into homogenous groups and assessed
for impairment collectively. The calculation is based on exchange losses historical data. The maximum

exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The
Company does not hold collateral as security. The Company uses expected credit loss model to assess
the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss
allowance for trade receivables. The provision matrix takes into account available external and internal
credit risk factors such as financial condition, ageing of outstanding and the Company's historical
experience for customers.

b) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury
department in accordance with Company's policy. Investments of surplus funds are made only with
approved counterparties and within credit limits assigned to each counterparty. Company monitors
rating, credit spreads and financial strength of its counter parties. Company monitors ratings, credit
spread and financial strength of its counter parties. Based on ongoing assessment Company adjust it's
exposure to various counterparties. Company's maximum exposure to credit risk for the components
of balance sheet is the carrying amount as disclosed in Note 39.

iii) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash flow obligations without
incurring unacceptable losses. Company's objective is to, at all time maintain optimum levels of liquidity to meet its
cash requirements. Company closely monitors its liquidity position and deploys a robust cash management system. It
maintains adequate sources of financing including overdraft, debt from banks at optimised cost and cash flow from
operations.

NOTE 41 CODE ON SOCIAL SECURITY

The Code on Social Security, 2020 Ccode') relating to employee benefits, during employment and post-employment, received
Presidential assent on September 28, 2020. The Ministry of Labour and Employment has released draft rules for the Code
on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders. The Company will assess
the impact on its financial statements in the period in which the related rules to determine the financial impact are notified
and the Code becomes effective.

NOTE 42 OTHER STATUTORY INFORMATION

42.1 Details of Benami property held (Para a(ii)(XIII)(Y)(vi))- No proceeding has been initiated or pending
against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made
thereunder.

42.2 Relationship with struck of Companies (Para a(ii)(XIII)(Y)(ix))- There are no transactions (Including
Investment in Securities / Shares held by Struck off company & Other Outstanding balances) with companies struck off u/s
248 of the Companies Act 2013, or section 560 of the Companies At, 1956.

42.3 Registration of charges and satisfaction with Registrar of Companies (Para a(ii)(XIII)(Y)
(x))- There are no charges or satisfaction of charges which are yet to be registered with Registrar of Companies beyond
the statutory period.

42.4 Details of Crypto Currency or Virtual Currency (Para a(iii)(xi))- The company has not traded or
invested in Crypto Currency or Virtual Currency during the financial year.

42.5 Utilization of Borrowed funds and share premium (Para a(ii)(XIII)(Y)(xiv)) - No funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other persons(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of
the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified
by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

42.6 Undisclosed Income (Para a(iii)(ix))- Company has not surrendered or disclosed any transaction which was
not recorded in the books of accounts as income during the year in the tax assessment under the Income Tax Act.

42.7 Compliance with number of layers of companies (Para a(ii)(XIII)(Y)(xi)) - The company has not
made violation of requirements related to number of layers of companies as prescribed under clause 87 of Section 2 read
with Commpanies (Restriction of number of Layeers) Rules 2017.

42.8 Willful Defaulter (Para a(ii)(XIII)(Y)(viii))- The company has not been declared as wilful defaulter by any
bank or financial institutions or other lenders.

42.9 Title deeds of Immovable Property not held in name of the Company (Para a(ii)(XIII)(Y)(i))-

There are no immovable properties owned by the company whose title deeds are not held in its name.

42.10 Loan & Advance made to promoters, directors, KMPs and other related parties (Para a(ii)
(XIII)(Y)(iii))- The Company has not provided any loans and advance to the parties covered under this clause42.11 Compliance with approved Scheme(s) of Arrangements (Para a(ii)(XIII)(Y)(xiii)) - Not

Applicable

NOTE 43 SEGMENT REPORT:

"Company has identified the following reportable segments based on the internal management reporting framework
reviewed by the Chief Operating Decision Maker ("CODM") i.e. Managing Director for the purposes of performance
evaluation and resource allocation: (a) Footwear, Accessories & other like products and (b) Toolkit & Others.
Performance is measured based on segment profit (before tax), as included in the internal management reports
that are reviewed by the CODM. Segment profit is used to measure performance as management believes
that such information is the most relevant in evaluating the results of certain segments relative to other
entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis.
Accordingly, segment information has been disclosed in these financial statements in line with the internal management
reporting framework reviewed by the CODM. Previous year figures have been regrouped / reclassified, wherever necessary,
to conform to the current year presentation."