o) 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. When the Company expects some or all of a provision to be reimbursed, for
example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement
is virtually certain. The expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursements.

If the effect of the 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. When discounting is used, the increase in the provision due to the passage of time
is recognised as a finance cost.

Contingent liability is 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 the past events, unless the probability of outflow of resources is remote.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

Final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded
as a liability on the date of declaration by the Company's Board of Directors.

p) Employees Benefits

(i) Short-term obligations

Liabilities for wages and salaries and non-monetary benefits that are expected to be settled wholly within 12 months after
the end of the period in which the employees render the related service are recognised in respect of employees' services up
to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Long-term obligations

Compensated absences which are not expected to occur within twelve months after the end of the period in which the
employee renders the related service and measured at the present value of expected future payments to be made in
respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The
benefits are discounted using the market yields on government bonds at the end of the reporting period that have terms
approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes
in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to
defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected
to occur.

(iii) Post-employment obligations

The Company operates the following post-employment schemes:

Ý defined benefit plans such as gratuity, and

Ý defined contribution plans such as provident fund and superannuation fund

a) Defined benefit plans

The employees' gratuity fund scheme managed by HDFC Standard Life Insurance is a defined benefit plan. The
present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognised each period of service as giving rise to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.

Remeasurements of net defined benefit liability which comprise actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of asset ceiling (if any excluding interest) are recognised in OCI. The Company
determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the
discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then net
defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the
period as a result of the contributions and benefit payments.Net interest expense and other expenses related to defined
benefit plans are recognised in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past
service ('past service cost or past service gain') or the gain or loss on curtailment is recognised immediately in profit or
loss. The Company recognizes gains and losses on settlement of a defined benefit plan when the settlement occurs.

b) Defined contribution plans

The Company pays provident fund contributions to publicly administered provident funds and employee state insurance
corporation (ESIC) as per local regulations. The Company has no further payment obligations once the contributions
have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised
as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a
cash refund or a reduction in the future payments is available.

Superannuation Fund Contribution towards superannuation fund for qualifying employees as per the Company's
policy is made to Life Insurance Corporation of India where the Company has no further obligations. Such benefits
are classified as Defined Contribution Schemes as the Company does not carry any further obligations, apart from
contribution made on monthly basis.

q) Dividend

The Company recognised a liability to pay dividend to equity holders when the distribution is recognised, and the distribution is
no longer at the discretion of the Company. As per the corporate laws in India, a distribution is recognised when it is approved
by the shareholders. A corresponding amount is recognised directly in equity.

r) Earnings per share

Basic earning per share is calculated by dividing the profit or loss attributable to owners of the Company by the weighted average
number of equity shares outstanding during the financial year. The weighted average number of equity shares outstanding during
the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential
equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

Diluted earnings per share, adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and the weighted
average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential
equity shares.

s) Rounding of amounts

All amounts disclosed in the Standalone financial statements and notes have been rounded off to the nearest lakhs upto two
decimals as per the requirement of Schedule III, unless otherwise stated.

t) Impairment of non-financial assets

The carrying amounts of the Company's non-financial assets and deferred tax assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount
is estimated. For impairment testing, assets that do not generate independent cash inflows are grouped together into cash¬
generating units (CGUs). Each CGU represents the smallest group of assets that generates cash inflows that are largely
independent of the cash inflows of other assets or CGUs. The recoverable amount of a CGU (or an individual asset) is the higher
of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the CGU (or the asset).

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment
losses are recognised in the Standalone statement of profit and loss.

Impairment loss recognised in respect of a CGU is allocated first to reduce the carrying amount of any goodwill allocated to the
CGU, and then to reduce the carrying amounts of the other assets of the CGU (or group of CGUs) on a pro rata basis.

In respect of assets for which impairment loss has been recognised in prior periods, the Company reviews at each reporting date
whether there is any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been
a change in the estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the asset's
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.

u) Derivative and Hedging Activities

The Company uses certain derivative financial instruments to reduce business risks which arise from its exposure to foreign
exchange and interest rate fluctuations associated with borrowings (cash flow hedges). When the Company opts to undertake
hedge accounting, the Company documents, at the inception of the hedging transaction, the economic relationship between
hedging instruments and hedged items including whether the hedging instrument is expected to offset changes in cash flows or
fair values of hedged items. The Company documents its risk management objective and strategy for undertaking various hedge
transactions at the inception of each hedge relationship. Derivatives are initially recognised at fair value on the date the derivative
contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting
for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the
nature of the item being hedged and the type of hedge relationship designated.

v) Cash flow hedges that qualify for hedge accounting

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges, is recognised
through OCI and as cash flow hedging reserve within equity, limited to the cumulative change in fair value of the hedged item
on a present value basis from the inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in the Statement of Profit and Loss. Amounts accumulated in equity are reclassified to the Statement of Profit and
Loss on settlement.

When the hedged forecast transaction results in the recognition of a non-financial asset, the amounts accumulated in equity with
respect to gain or loss relating to the effective portion of the spot component of forward contracts, both the deferred hedging
gains and losses and the deferred aligned forward points are included within the initial cost of the asset. The deferred amounts
are ultimately recognised in the Statement of Profit and Loss as the hedged item affects profit or loss. When a hedging instrument
expires, is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, then hedge accounting is
discontinued prospectively and any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains
in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain
or loss and deferred costs of hedging that were reported in equity are immediately transferred to the Statement of Profit and Loss.

w) Share capital

The paid-up equity capital of the company as on March 31, 2025 was INR 919.10 Lacs. The said shares are listed on the BSE
Limited and the National Stock Exchange of India Limited.

x) Employee stock option scheme

In respect of stock options granted pursuant to the Company's stock options scheme, the excess of fair value of the option over
the exercise price is treated as discount and accounted as employee compensation cost over the vesting period. The amount
recognised as expense each year is arrived at based on the number of grants expected to vest. If a grant lapses after the vesting
period, the cumulative discount recognised as expense in respect of such grant is transferred to Profit and Loss account.

Note 2 - II: Use of estimates and judgements
1. Use of estimates :

The preparation of Standalone financial statements requires the use of accounting estimates which, by definition, will
seldom equal the actual results.

The area involving critical estimates are :

• Employee benefit plans

The Company's obligation on account of gratuity and compensated absences is determined based on actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in
the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to
the complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to changes
in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change
is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of
government bonds in currencies consistent with the currencies of the post-employment benefit obligation. The mortality
rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to
demographic changes. Future salary increases are based on expected future inflation rates.

• Useful lives and residual value of property, plant and equipment

The Company reviews the useful life and residual value of property, plant and equipment at the end of each reporting
period. This reassessment may result in a change in depreciation expense in future periods.

• Expected Credit Loss

In accordance with Ind AS 109, the Company follows 'Expected Credit Loss' (ECL) model, for evaluating impairment
of Financial Assets other than those measured at Fair Value Through Profit and Loss (FVTPL). 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.

• Income taxes

Significant judgements are involved in determining the provision for income taxes, including amount expected to be
paid / recovered for uncertain tax positions.

2. Use of judgements :

Management also needs to exercise judgement in applying the Company's accounting policies.

The area involving judgement is:

• Embedded lease arrangement

The Mould required with respect to the arrangement with customer for customize manufacturing, is identified as embedded
lease arrangement, as per Note 40, considering commitment by the customer in agreement with the company. Over this
period, customer commits to purchase definite quantity of product from the company at fixed price per unit, failing which
customer commits to pay to the company for the unsold quantity of the product) at such fixed rate per unit.

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 31, 2025, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.

Defined contribution plans

The Company makes Provident Fund and Superannuation Fund Contributions to defined contribution plans for qualifying employees.
The Provident fund plan is operated by the Regional provident fund Commissioner. Contributions are made to provident fund in India
for employees at the rate of 12% of basic salary ( i.e @12% is employer's contribution and @12% employee's contribution) as per
regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company
is limited to the amount contributed and it has no further contractual nor any constructive obligation.

The Company recognised for year ended 31^st March 2025 H483.19 lakhs ( Year ended 31^st March 2024 H423.76 lakhs) for Provident
Fund contributions, contribution towards Employee State Insurance scheme and other funds in the Statement of Profit and Loss.

Defined benefit plans
Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.

Compensated absences

Provision for compensated absences covers the liability for sick and earned leave. Compensated absences that are not expected
to occur within twelve months after the end of the period in which the employee renders the related services are measured at the
present value of expected future payments to be made in respect of such services provided by employees up to the end of the
reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the
reporting period that have terms approximating to the terms of the related obligation. The amount recognised towards compensated
absences in statement of Profit and Loss during the year is H348.13 lakhs (Previous Year H167.64 lakhs)

Valuations of defined benefit plan are performed on certain basic set of pre-determined assumptions and other regulatory framework

which may vary over time. Thus, the Company is exposed to various risks in providing the above benefit plans which are as follows:

(i) Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase
in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (i.e. value of
defined benefit obligation).

(ii) Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of
plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in
salary used to determine the present value of obligation will have a bearing on the plan's liability.

(iii) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company
is exposed to the risk of actual experience turning out to be worse compared to the assumption.

(iv) Investment Risk : The Company has funded with HDFC Insurance fund, therefore there is no significant Investment risk.

Note 28 - Lease

The Company's significant leasing arrangements are mainly in respect of office & godown. Leases typically run in a range from 11
months to 5 years, with an option to renew the lease after that date. The Company previously used to classify leases as operating
or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to
ownership of the underlying asset to the Company.

The Company has adopted Ind AS 116 “"Leases”” with effect from 1 April 2019 i.e. date of transition with modified prospective
approach. The Company has elected to account for short-term and low value leases using the practical expedient as given in the
standard. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense
in profit or loss. The weighted average incremental borrowings rate of 7.86% has been applied to lease liabilities recognised in the
balance sheet at the date of initial application. Company's short term and low value consists of office premises taken on lease for a
period of 11 months months which are renewable by mutual consent or mutually agreed terms. The aggregate of such lease rentals
are charged as “"Rent””.

The Company used following practical expedients when applying Ind AS 116 :

- did not recognise right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of
initial application;

- did not recognise right-of-use assets and liabilities for leases of low value assets;

- excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application; and

- used hindsight when determining the lease term.

There is no movement in Level 3 investment.

For all the financial assets and liabilities referred above that are measured at amortised cost, their carrying amounts are reasonable
approximations of their fair values.

The fair value of financial instruments are classified into three categories i.e. Level 1, 2 or 3 depending on the inputs used in the
valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level 1
measurements) and lowest priority to unobservable inputs (level 3 measurements).

There were no transfers between any levels during the year.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. The fair value of all equity instruments which
are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is
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 is not based on observable market data, the instrument is included in level 3. This is
the case for unlisted equity securities, preference shares and debentures are included in level 3.

29 c) Fair Value Measurement - Technique

Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

The fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own
credit risk.

29 d) Derivative Financial Instruments

The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. It hedges
a part of these risks by using derivative financial instruments in line with its risk management policies.

The Company's business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The
Company's senior management has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Company has constituted a Risk Management framework, through which management develops and monitors
the Company's risk management policies. The key risks and mitigating actions are also placed before the Board of directors of the
Company. 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 Risk Management Framework of the Company is enforced by the finance team and experts of business division that provides
assurance 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 activities are designed to:

- protect the Company's financial results and position from financial risks;

- maintain market risks within acceptable parameters, while optimising returns; and

The finance department is responsible to maximise the return on companies internally generated funds.

30 a) Management of credit risks

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations.

Trade receivables

Concentrations of credit risk with respect to trade receivables are limited. This is due to the Company's policy of strict credit worthiness
tests it performs for all its sales. Company deals with limited number of customers with highest credit ratings. Company acts as
institutional supplier to its customers without any channel distribution model. Most of the company products are plastic moulded
components, specially created as per the designs of its customer and are either semi finished goods or critical to business operations
of its customers, making it business prudent for customers for not to dispute or delay payment of any receivable to the Company. All
trade receivables are regularly reviewed and assessed for default on an ongoing basis.

Cash and cash equivalents and Other bank balances

The Company held cash and cash equivalents and other bank deposits as at March 31, 2025 H846.26 lakhs (March 31, 2024 H856.
lakhs). The cash and cash equivalents and other bank balances are held with banks with good credit ratings.

Loans and advances

Loans and advances mainly consist security deposit, loan to employees and loan to companies. The Company does not expect any
losses from nonperformance by the counter-parties.

30 b) 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 that it will have sufficient funds to meet its liabilities when due without incurring
unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in
our cash flow could undermine the Company's credit rating and impair investor confidence. The company has access to a sufficient
sources of fund to meet its financials liabilities.

The following table shows the maturity analysis of the Company's financial liabilities based on contractually agreed undiscounted
cash flows as at the balance sheet date:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the value of a financial
asset. The value of a financial asset may change as a result of changes in the interest rates, foreign currency exchange rates and
other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments including receivables, payables and borrowings denominated in foreign currency. The objective of the Management of
the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure
to, and the Management of, these risks is explained below:

30 d) (i) Foreign currency risk

The Company has international operations and is exposed to foreign exchange risk arising from foreign currency transactions. Foreign
exchange risk arises from future commercial transactions and recognised Financial assets and liabilities denominated in a currency
that is not the functional currency '(INR)' of the Company. The management does not undertake any hedging activities or otherwise to
offset or mitigate the foreign currency and interest rate risk that it is exposed to other than the hedging EUR ECB loan. The Company
undertakes significant of its foreign currency transaction in United States Dollar ('USD'). To the extent of lower of exports and imports
that the Company undertakes in USD, the Company has a natural hedge against the exposure to foreign currency risks. However, the
Company has taken a EUR ECB Loan for which Currency Call Hedge has been undertaken.

30 d) (ii) Interest rate risk

Interest rate risk arises on account of variable interest rate borrowings held by the Company. The uncertainties about the future
market interest rate of these borrowings exposes the Company to the interest rate risk.

Currently, Interest rate on Term Loans are linked with Marginal Cost of funds based Lending Rate (MCLR) and to the extent of
variation in MCLR, interest rates on terms loans are expected to be changed. The interest rates on Term loans which are linked with
MCLR are reported in Note 14 - Non-current Borrowings.

The Company has taken a ECB loan of € 2.5Mn from the Standard chartered Bank, Dubai International Financials Branch. We have
taken Interest rate swap for converting the floating interest rate to fixed rate and thus hedging against risk of upward movement of
EURIBOR rates.

For the year ended March 31, 2025 and March 31, 2024, a 10 basis point increase / decrease in interest rate on floating rate
liabilities would impact Company's profit before tax by approximately 0.09 % and 0.28 % respectively.

Note 32 - Operating Segment

In accordance with the requirement of Ind AS 108 - "segment reporting”, the Company is primarily engaged in the business of
manufacturing of customized components made up of plastic and other materials and has no other primary reportable segments.
The Board of Directors of the Company allocates the resources and assess the performance of the Company, thus Chief Operating
Decision Maker("CODM”). The CODM monitors the operating results of the business as a single segment hence no separate segment
needs to be disclosed. Thus, the segment revenue, segment result, total carrying value of segment assets, total carrying amount of
segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation and amortization during
the year are all as reported in the financial statements for the year ended 31^st March 2025 and as on that date.

"The Company is primarily engaged in the contract manufacturing in the business of injection mould of plastic and other components.
The nature of the entire business remains within the boundaries of contract manufacturing and its related activity for different
industries such as furniture, pharma, toy, automobile etc. Each business may have distinct characteristics in terms of scale and type,
but the fundamental process centered around contract manufacturing .

Considering the similarity in the economic characteristics and nature of these businesses, the company has applied aggregation
criteria for reportable segment under IND AS 108 and disclosed it as a single reportable business segment.

The Company is domiciled in India. The amount of its revenue from external customers broken down by location of the customers is
shown in the table below.

Note-41 Capital Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns
to its shareholders. The capital structure of the Company is based on management's judgement of the appropriate balance of key
elements in order to meet its strategic and day-to-day needs. The Company considers the amount of capital in proportion to risk and
manages the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
to maintain or adjust the capital structure, the Company may borrow from external parties such as banks or financial institutions.
The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain shareholder,
creditor and stakeholder confidence to sustain future development and growth of its business. The Company will take appropriate
steps in order to maintain, or if necessary adjust, its capital structure.

Note-42 Other Statutory Information

(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 does not have any transactions with companies struck off.

(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 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.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the 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.

(vii) 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.

Note 43: share Based Payments (Ind AS 102)

The Company implemented "Shaily Employee Stock Option Plan 2019” (ESOP 2019), as approved by the Shareholders of the
Company and the Nomination and Remuneration Committee of the Board of Directors (the Committee).

The Committee determines which eligible employees will receive options, the number of options to be granted, the vesting period and
the exercise period. The options are granted at an exercise price, which is in accordance with the relevant SEBI guidelines in force,

(B) Fair Valuation

Share options were granted during the year ended March 31, 2024 having vesting plan of 1/3 of the options granted shall vest
on completion each respective Year. Weighted average fair value of the options granted during the year ended March 31, 2024
is H161.72 per share for Grant 1 and H166.03 per share for Grant 2.

The fair value of option has been done by an independent firm of Chartered Accountants on the date of grants using the Black-
Scholes Model.

(E) Expenses recognised in profit or loss :

Expenses recognised in profit or loss related to employee benefits expense for the period ended 31 March 2025 is H177.24 lakhs
(PY H109.71 lakhs).

Valuation of stock options

The fair value of stock options granted during the period has been measured using the Black-Scholes option pricing model at the
date of the grant. The Black-Scholes option pricing model includes assumptions regarding dividend yields, expected volatility,
expected terms and risk free interest rates. The key inputs and assumptions used are as follows:

A. Stock price

The closing market price one day prior to the date of grant on National Stock Exchange (NSE) has been considered for the
purpose of Option valuation.

Under the Equity Based Compensation Plan, one Option entitles an employee to one equity share of the Company.

B. Volatility

The historical volatility of the stock till the date of grant has been considered to calculate the fair value of the options.

C. Risk free interest rate

The risk-free interest rate being considered for the calculation is the interest rate applicable for maturity equal to the
expected life of the Options based on the zero-yield curve for Government Securities.

D. Exercise Price

We have considered the exercise price as per the information provided by the Company.

Exercise price on first tranche is at Par (market price) and Second and third tranche is at 1/3^rd of market price as on the
date of vesting.

E. Time to Maturity / Expected Life of Options

Expected Life of option is the period for which the Company expects the options to be live. The minimum life of a stock
option is the minimum period before which the options cannot be exercised and the maximum life is the period after which
the options cannot be exercised.

F. Expected dividend yield:

Expected dividend yield has been calculated based on the dividend declared for one financial year prior to the date of grant.
The dividend yield has been derived by dividing the dividend per share by the market price per share on the date of grant.

Note 44

The Indian Parliament has approved the Code on Social Security, 2021 ('Code') which may likely to impact the contributions made by
the Company towards Provident Fund and Gratuity. The Company will assess the impact and its evaluation once the corresponding
rules are notified and will give appropriate impact in the standalone financial statements in the period in which the Code becomes
effective and the related rules are notified.

Note 45

All material events occurring after the balance sheet date upto the date of approval of financial statements by the Board of Directors
on May 13 2025, have been considered, disclosed and adjusted, wherever applicable, as per the requirements of Ind AS 10 - Events
after the Reporting Period.

Note 46

The company has borrowings from banks and financial institutions on the basis of security of current assets. However, the Company
is not required to file the quarterly returns or statements as confirmed by the bank.

Note 47

The financial statements are approved for issue by the Board of Directors in their meeting held on May 13, 2025.

In terms of our report attached For and on Behalf of the Board of Directors

For B S R and Co Shaily Engineering Plastics Limited

Chartered Accountants CIN : L51900GJ1980PLC065554

Firm's Registration No: 128510W

Mahendra Sanghvi Amit Sanghvi

Executive Chairman Managing Director

DIN: 00084162 DIN: 00022444

Jeyur Shah Paresh Jain Harish Punwani

Partner Chief Financial Officer Company Secretary

Membership No: 045754

Vadodara Vadodara

13 May 2025 13 May 2025