1.14 Provisions, contingent liabilities and contingent assets:

a) A provision is recognised when the Company has a present obligation (legal or constructive)
as a result of past event and it is probable that an outflow of resources will be required to
settle the obligation, in respect of which a reliable estimate can be made. If the effect of time
value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risk 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. These are reviewed
at each balance sheet date and adjusted to reflect the current best estimates.

b) A disclosure for a contingent liability is made when there is a possible obligation or a present
obligation that may, but probably will not require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which likelihood of outflow of resources
is remote, no provision or disclosure is made.

c) A contingent asset is disclosed, where an inflow of economic benefits is probable.

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

1.15 Segment reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, is responsible for allocating
resources and assessing performance of the operating segments and makes strategic decisions.

1.16 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time.

For the year ended March 31, 2024, MCA not notified any new standards or amendements to the
existing standards applicable to the Company.

d) Fair valuation techniques

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 method and assumptions are used to estimate the fair values:

Financial assets and liabilities

The management assessed that fair value of Cash and cash equivalents, Short term
borrowings, Trade payables, Current financial liabilities approximate their carrying amounts
largely due to the short-term maturities of these instruments.

18 Financial risk management and capital management

The Company has exposure to the two risks mainly credit risk and liquidity risk. The Board of directors
has overall responsibility for the establishment of the Company's risk management framework. Risk
management systems are reviewed periodically to reflect changes in market conditions and Company's
activities.

A Financial risk management:

i) Credit risk :

Credit risk is the risk of financial loss to the Company if a counterparty to a financial
instruments fail to meet its contractual obligations. The Company is exposed mainly to
credit risk which arises from cash and cash equivalents.
a) Cash and cash equivalents

The Company considers factors such as track record, size of institution, market reputation
and service standards to select the banks with which balances are maintained. The balances
are generally maintained with banks with whom the Company has regular transactions.
Further, the Company does not maintain high amount of cash in hand. Considering the
same, the Company is not exposed to expected credit loss of cash and cash equivalents.

ii) Liquidity Risk :

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its
obligation on time. The Company does not maintain sufficient liquidity to meet the
obligations as and when due. However, the Company receives continuous support from
the Holding Company to meet its obligations. The table below provides details regarding
the remaining contractual maturities of financial liabilities at the reporting date based on the
undiscounted payments.

B Capital Management:

The Company's objectives when managing capital are to safeguard the Company's ability
to continue as a going concern in order to provide returns for shareholders and benefits for
other stakeholders and to maintain an optimal capital structure. The Company has debts
which is repayable on demand to the holding company.

19 Contingent liabilities

There is no contingent liability (Previous year: Rs. Nil).

20 Capital commitments and other commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for
Rs. Nil (Previous year: Rs. Nil). There is no other commitment as at year end (Previous year:
Rs. Nil).

26 The Company's business was dependent on the commencement of mining operation by its holding
company. However, during the F.Y. 2014-15, the Hon'ble Supreme Court had passed an order
cancelling coal block allocations of various companies including the holding company. Considering
the aforesaid cancellation, the Company is looking for another business project. In view of no
business operations, the Company has incurred loss on account of administrative and other
expenses, current liabilities are more than current assets as at current & previous year end and its
net worth has also become negative by Rs. 99.59 lakhs as on 31st March, 2023 (Previous year:
Rs. 74.54 lakhs). Further, depreciable fixed assets have been fully depreciated in the previous
year considering no significant recoverable value. The Company has received commitment from
holding company for infusing the funds as and when required for any working capital requirements
or any other shortfall that may arise due to the lack of operations in the Company. Considering the
same, accounts are prepared on going concern. Attention has been drawn on this matter by statutory
auditors in their report on the financial results for the year ended 31st March, 2024. Further, reference
was also drawn on this matter by the statutory auditors in their limited review reports for the earlier
quarters and in their audit reports of earlier financial years.

29 The Company has not taken any borrowings from banks or financial institutions on the basis of
security of current assets.

30 Subsequent Events: There are no significant subsequent events that would require adjustments
or disclosures in the financial statement between the Balance Sheet date and the date of signing
of accounts.

31 As on March 31, 2024, the Company has not been declared wilful defaulter by any bank/ financial
institution or other lender.

32 The Company has not advanced any funds or loaned or invested by the Company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities identified
in any manner by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.The Company has not received any funds
from any person(s) or entities including foreign entities (“Funding Parties”) with the understanding
that such Company shall whether, 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
provide guarantee, security or the like on behalf of the Ultimate beneficiaries.

33 The Company has not advanced any funds or loaned or invested by the Company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities identified
in any manner by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.The Company has not received any funds
from any person(s) or entities including foreign entities (“Funding Parties”) with the understanding
that such Company shall whether, 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
provide guarantee, security or the like on behalf of the Ultimate beneficiaries.

34 No proceedings have been initiated or are pending against the Company as on 31st March, 2024
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules
made thereunder.

35 The Company does not have any transaction with companies struck off under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956 and hence no disclosure is required.

36 The Company has not entered into any scheme of arrangements in terms of sections 230 to 237 of
the Companies Act, 2013.

37 Previous Year Figures have been regrouped/rearranged, wherever necessary.

Refer accompanying notes. These notes are an integral part of the financial statements.

As per our audit report of even date.

As per our audit report of even date.

For C V Pagariya & Co. For and on behalf of the Board of Directors of

Chartered Accountants Foundry Fuel Products Limited

Firm Registration No. 127772W

Sd/- Sd/- Sd/-

Gaurav Samota Nikesh Oswal Adarsh Agarwalla

Partner Director Director

Membership No. 152186 DIN 07895357 DIN 00527203

UDIN: 24152186BKFXEA8922 Sd/- Sd/-

Om Prakash Ojha Avinash Landge

Company Secretary Chief Financial Officer

M. No: 36603

Place: Mumbai Place: Mumbai Place: Mumbai

Date : 29/05/2024 Date : 29/05/2024 Date : 29/05/2024