N. Provisions, Contingent Liabilities and Contingent
Assets

Provision is recognised if as a result of a past event,
the Company has a present obligation (legal or
constructive) that can be estimated reliably and it is
probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are
recognised at the best estimate of the expenditure
required to settle the present obligation at the balance
sheet date. If the effect of time value of money is
material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks
specific to the liability.

Contingent liability exists when there is a possible
but not probable obligation, or a present obligation
that may, but probably will not, require an outflow
of resources, or a present obligation whose amount
cannot be estimated reliably. Contingent liabilities do
not warrant provisions but are disclosed unless the
possibility of outflow of resources is remote. Contingent
assets are neither recognised nor disclosed in the
financial statements. However, when the realisation of
income is virtually certain, then the related asset is not
a contingent asset and its recognition is appropriate.

O. Earnings per share (EPS)

Basic EPS is computed using the weighted average
number of equity shares outstanding during the period.
Diluted EPS is computed using the weighted average
number of equity and dilutive equity equivalent shares
outstanding during the period except where the results
would be anti-dilutive.

P. Key estimates and assumptions

The preparation of financial statements in accordance
with Ind AS requires use of estimates and assumptions
for some items, which might have an effect on their
recognition and measurement in the balance sheet
and statement of profit and loss. The actual amounts
realised may differ from these estimates.

Estimates and assumptions are required in particular
for:

• Determination of the estimated useful lives of
tangible assets and intangible assets and the
assessment as to which components of the cost
may be capitalized.

Useful lives of tangible assets and intangible
assets are based on the life prescribed in Schedule
II of the Companies Act, 2013. In cases, where
the useful lives are different from that prescribed
in Schedule II, they are based on management
estimate, taking into account the nature of the
asset, the estimated usage of the asset, the
operating conditions of the asset, past history of
replacement, anticipated technological changes,
manufacturers' warranties and maintenance
support. Assumptions also need to be made,
when the Company assesses, whether an asset
may be capitalized and which components of the
cost of the asset may be capitalised.

• Recognition and measurement of defined benefit
obligations

The obligation arising from defined benefit plan is
determined on the basis of actuarial assumptions.
Key actuarial assumptions include discount rate,
trends in salary escalation and vested future
benefits and life expectancy. The discount rate is
determined by reference to market yields at the
end of the reporting period on government bonds.
The period to maturity of the underlying bonds
correspond to the probable maturity of the post¬
employment benefit obligations.

• Provisions and contingent liabilities

The Company exercises judgment in measuring
and recognising provisions and the exposures to
contingent liabilities related to pending litigation
or other outstanding claims subject to negotiated
settlement, mediation, arbitration or government
regulation, as well as other contingent liabilities.
Judgment is necessary in assessing the likelihood
that a pending claim will succeed, or a liability
will arise, and to quantify the possible range of
the financial settlement. Because of the inherent
uncertainty in this evaluation process, actual losses
may be different from the originally estimated
provision.

• Measurement of fair values

The Company's accounting policies and
disclosures require the measurement of fair values,
for both financial and non-financial assets and
liabilities. The Company has an established control
framework with respect to the measurement of fair
values.

They regularly review significant unobservable
inputs and valuation adjustments. If third party
information is used to measure fair values then
the finance team assesses the evidence obtained
from the third parties to support the conclusion
that such valuations meet the requirements of Ind
AS, including the level in the fair value hierarchy in
which such valuations should be classified.

When measuring the fair value of an asset or a
liability, the Company uses observable market
data as far as possible. Fair values are categorized
into different levels in a fair value hierarchy based
on the inputs used in the valuation techniques as
follows:

• Level 1: quoted prices (unadjusted) in active
markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices
included in 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 asset or liability that
are not based on observable market data
(unobservable inputs).

If the inputs used to measure the fair value of an
asset or a liability fall into different levels of the fair
value hierarchy, then the fair value measurement
is categorized in its entirety in the same level of the
fair value hierarchy as the lowest level input that is
significant to the entire measurement.

Q. Exceptional Items

When items of income and expense within profit or

loss from ordinary activities are of such size, nature or
incidence that their disclosure is relevant to explain the
performance of the Company for the period, the nature
and amount of such items is disclosed separately under
the head exceptional item.

R. Non - Current Assets Held for sale

Non-current assets and disposal groups are classified
as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than
through continuing use and its sale is highly probable.
The sale is considered highly probable only when the
asset or disposal groups is available for immediate sale
in its present condition, it is unlikely that the sale will be
withdrawn and the sale is expected to be completed
within one year from the date of classification. Non¬
current assets (and disposal groups) classified as held
for sale are measured at the lower of their carrying
amount and fair value less costs to sell. These are not
depreciated or amortised once classified as held for
sale. Assets and liabilities classified as held for sale are
presented separately in the Balance Sheet.

Non-current assets that ceases to be classified as held
for sale are measured at lower of (i) its carrying amount
before the asset was classified as held for sale, adjusted
for depreciation that would have been recognised had
that asset not been classified as held for sale, and (ii)
its recoverable amount at the date when the disposal
group ceases to be classified as held for sale.

S. Discontinued operations and non-current assets
held for sale

Discontinued operation is a component of the
Company that has been disposed of or classified as
held for sale and represents a major line of business.
Non-current assets and disposal groups are classified
as held for sale if their carrying amount is intended to
be recovered principally through a sale (rather than
through continuing use) when the asset (or disposal
group) is available for immediate sale in its present
condition subject only to terms that are usual and
customary for sale of such asset (or disposal group)
and the sale is highly probable and is expected to
qualify for recognition as a completed sale within one
year from the date of classification. Non-current assets
and disposal groups classified as held for sale are
measured at lower of their carrying amount and fair
value less costs to sell

T. Recent Accounting Pronouncements:

Ministry of Corporate Affairs (“MCA”) notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. During the year
ended March 31, 2025, MCA has notified Ind AS 117
Insurance Contracts and amendments to Ind As 116
Leases, relating to sale and lease back transactions,
applicable from April 1, 2024. The Company has
assessed that there is no significant impact on its
financial statements.

On May 9, 2025, MCA notifies the amendments to Ind
AS 21 Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance
on assessing currency exchangeability and estimating
exchange rates when currencies are not readily
exchangeable. The amendments are effective for
annual periods beginning on or after April 1, 2025. The
Company is currently assessing the probable impact of
these amendments on its financial statements.

*Related to discontiued operations

The company offsets tax assets and liabilities if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the
same tax authority.

Significant management judgement is required in determining provision for income tax, deferred income tax assets
and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets
is based on estimates of taxable income in which the relevant entity operates and the period over which deferred
income tax assets will be recovered.

During the previous year, The Company has reassessed the deferred tax, there is deferred tax assets (Net) on
account of unabsorbed depreciation and accumulated losses. However, on prudence basis the Company has
recognised the deferred tax assets to the extent of deferred tax liabilities as provided in earlier years.

B. Measurement of fair values

Ind AS 107, 'Financial Instrument - Disclosure' requires classification of the valuation method of financial instruments
measured at fair value in the Balance Sheet, using a three level fair-value-hierarchy (which reflects the significance
of inputs used in the measurements). The hierarchy gives the highest priority to un-adjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and lowest priority to un-observable inputs (Level 3
measurements). Fair value of derivative financial assets and liabilities are estimated by discounting expected future
contractual cash flows using prevailing market interest rate curves. The three levels of the fair-value-hierarchy
under Ind AS 107 are described below:

Level 1: Level 1 Heirarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.

Level 3: If one or more of the significant inputs are not based on observable market data, the instrument is included
in level 3.

Transfers between Levels

There have been no transfers between Levels during the reporting periods

The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant
unobservable inputs used.

Financial instruments measured at fair value

C. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

Ý Credit risk ;

Ý Liquidity risk ; and

Ý Market risk

i. Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the
Company risk management framework. The Board of Directors is responsible for developing and monitoring
the Company risk management policies.

The Company's risk management policies are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company's activities. The Company, through its training and management standards and procedures, aims
to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The audit committee oversees how management monitors compliance with the company's risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks
faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit
undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of
which are reported to the audit committee.

ii. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company's receivables from customers,
cash and cash equivalents etc.

The carrying amount of financial assets represents the maximum credit exposure.

Trade receivables

All of the sales are domestic sales. For major part of the sales, customer credit risk is managed by requiring
domestic and export customers to pay advances before transfer of ownership, therefore substantially
eliminating the Company's credit risk in this respect.

Impairment

Management believes that the unimpaired amounts that are past due by more than 6 months are still
collectible in full, based on historical payment behaviour.

The Company has no other financial assets that are past due but not impaired.

Concentration of credit risk

At 31 March 2025, the carrying amount of the Company's most significant customer is ' 35.00
lakhs (31st March, 2024 : ' 165.94 lakhs)

Derivatives

The derivatives are entered into with banks with good credit ratings.

Cash and cash equivalents

Credit risk from balances with banks is managed by the Company's treasury department in
accordance with the company's policy.

iii. Liquidity risk

"Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they
become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risk to the Company’s reputation.

The Company has not having fund and non-fund based working capital lines from various banks
but the company having Intercoprporate Loan from friend and related party. The Company also
constantly monitors funding options available in the debt and capital markets with a view to
maintaining financial flexibility."

As at 31st March, 2025, the Company had working capital of ' (5200.36) lakhs, including cash
and cash equivalents of ' 82.33 lakhs. As at 31st March, 2024, the Company had working capital
of ' (8680.58) lakhs, including cash and cash equivalents of ' 42.55 lakhs
Exposure to liquidity risk

The table below analyses the Company's financial liabilities into relevant maturity groupings based
on their contractual maturities for:

* all non derivative financial liabilities

* net and gross settled derivative financial instruments for which the contractual maturites are
essential for the understanding of the timing of the cash flows.

iv. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse
changes in market rates and prices (such as interest rates, foreign currency exchange rates ) or in the price of
market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk
is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables
and all short term and long-term debt. The Company is exposed to market risk primarily related to foreign
exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company's exposure
to market risk is a function of investing and borrowing activities and revenue generating and operating
activities in foreign currencies.
a) Currency risk

The company is exposed to currency risk to the extent that there is a mismatch between the currencies
in which sales, purchase, other expenses and borrowings are denominated and the functional currency
of the company. The functional currency of the company is Indian Rupees (INR). The currencies in
which these transactions are primarily denominated is USD..

The Company generally hedges its estimated foreign currency exposure in respect of its forecast sales
over the following 12 months and borrowings (ECB). The Company uses forward exchange contracts
to hedge its currency risk. Such contracts are generally designated as cash flow hedges.

Further the company hedge its interest rate on External Commercial Borrowings by way of interest rate
swap..

The Company, as per its risk management policy, uses foreign currency forward contract primarily to
hedge foreign exchange. The Company does not use derivative financial instruments for trading or
speculative purposes.

NOTE NO. 36
Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.

The Company monitors capital using a ratio of ‘net debt’ to ‘equity’. For this purpose, net debt is defined as
total debt, comprising loans and borrowings less cash and cash equivalents and current investments.

(B) Defined Benefit Plan

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan
which provides for gratuity payments. 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 years of employment with the Company.

Liabilities in respect of the gratuity plan are determined by an actuarial valuation, based upon which the Company
makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC of India, a
funded defined benefit plan for qualifying employees. Trustees adminster the contributions made by the Company
to the gratuity scheme.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets
in relation to the gratuity scheme was carried out as at 31st March, 2024. The present value of the defined benefit
obligations and the related current service cost and past service cost, were measured using the Projected Unit
Credit Method.

As per Section 135 of the Companies Act, 2013 Corporate Social Responsibility (CSR) is not applicable for the year.
NOTE NO.46

DISCONTINUED OPERATIONS (MANUFACTURING OF PAPER AND PAPERBOARD)

The Board of Directors decided to discontinue the manufacturing of Paper and Paperboard situated at Ambivali. Over
the years the Company has been incurring heavy losses on account of high cost of production, lower productivity, lower
volume of business and high fixed cost etc. The Company have tried its best to revive the operations by undertaking
various measures in the manufacturing as well as time to time infused funds.However, the losses have continued to
accrue. Therefore, to arrest further losses the Company has kept production activities at Ambivali factory in abeyance
since January 2023. Further, the Company had appointed consultant for exploring various strategies for revamping
the paper & paper board manufacturing activities and also explore alternative business opportunities available to the
Company.

As per the Consultant's report the manufacturing of paper & paper board from Ambivali factory is not a viable business,
on account of increased challenges due to evolving market conditions, rising competition, and changing consumer
preferences toward digital alternatives. Further, plant and machineries at Ambivali factory has become obsolete and any
technological upgradation would require huge amount of capital investment, which would in turn increase the borrowings.
In view of the above, paper manufacturing operation from Ambivali factory is not feasible. Hence, the Company has
decided to discontinue the manufacturing of paper and paperboard situated at Ambivali.

In accordance with Indian Accounting Standard (Ind AS) 105 - Non-current Assets Held for Sale and Discontinued
Operations, and Schedule III of the Companies Act, 2013, the financial statements of the Paper and Paperboard segment
have been classified as Discontinued Operations. Consequently, the Company's Statement of Profit and Loss for the
year ended pertains to its continuing operations only and for that purpose the comparative financial statements for the
corresponding year ended have been restated accordingly.

NOTE NO.47
GOING CONCERN

The discontinuance of manufacturing of Paper & Paper Boards at Ambivali factory is not expected to impact the
Company's going concern assumption. As per the report submitted by the consultant, the Company can continue with
Paper & Paper Boards business and trade in plastic bottles. Moreover, the resources available with the Company such
as land, building and experience in the industry of Paper & Paper Boards business for more than 4 decades can be used
for the future business prospects.

The Company is evaluating various options available and intend to continue the Paper & Paper Boards business and
Trading of plastic & packaging materials. Further, the Company will raise necessary funds for working capital requirements
and other purposes. On account of all this, the Company has prepared the financial statements on going concern basis.

OTHER STATUTORY INFORMATIONS:

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

ii) The Company does not have any transactions with struck off companies.

iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

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

v) The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority

vi) 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.

vii) All the title deeds of immovable properties are in the name of Company.

viii) 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 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,

ix) The Company has 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)

NOTE NO.49

Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's
classification/disclosure.

As per our report of even date attached For and on behalf of the Board of Directors

For D S M R & CO
Chartered Accountants

(Firm Reg. No.128085W)

Sh_ail_end_ra Si_ngh R_ath_ore Anurag P Poddar Manish O Malpani Omprakash Singh

P_artn_er Chairman & Managing Director Whole-time Director & CFO Company Secretary

Membership No. 600395 ^{DIN: 00599143 DIN:} 00055430

Place : Mumbai,

Dated : 29th May, 2025