r) Provisions and Contingencies

The Company recognizes provisions when a present obligation (legal or constructive) as a result of a past event
exists, and it is probable that an outflow of resources embodying economic benefits will be required to settle such
obligation and the amount of such obligation can be reliably estimated.

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 liabilities. When discounting is used, the increase in the provision due
to the passage of time is recognized as a finance cost.

A disclosure for contingent liabilities is made when there is a possible obligation or a present obligation that
may, but probably will not require an outflow of resources embodying economic benefits or the amount of such
obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of
which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is
made.

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation
at the reporting date. Where no reliable estimate can be made, a disclosure is made as Contingent Liabilities.

Contingent assets are a possible asset arising from past events, the existence of which will be confirmed, only
by the occurrence and non-occurrence of one or more uncertain future events not wholly within the controls of
the Company. Contingent assets are not recognized till realization of the income is virtually certain and are not
recognized in the Standalone Financial Statements. The nature of such assets and an estimate of its financial effects
are disclosed in the notes to the Standalone Financial Statements.

s) Exceptional Items

Exceptional items are disclosed separately in the Standalone Financial Statements, where it is necessary to do so to
provide further understanding of the financial performance of the Company. These are the material items of income
or expenses that have shown separately due to their nature and incidence. An ordinary item of income or expense
which by its size, nature, occurrence or incidence requires a disclosure in order to improve understanding of the
performance of the Company is treated as an exceptional item in the Standalone Statement of Profit and Loss.

t) Event after Reporting Date

Adjusting events are those events that provides further evidence of conditions that existed at the end of the
reporting period. The Standalone Financial Statements are adjusted for such events before authorization for issue.
Non-adjusting events are those events that are indicative of conditions that arose after the end of the reporting
period. Non-adjusting events after the end of the reporting period are not accounted, but disclosed if material.

All the events occurring after the balance sheet date up to the date of the approval of the Standalone Financial
Statement of the Company by the board of directors on May 23, 2025, have been considered, disclosed and
adjusted, wherever applicable, as per the requirement of Indian Accounting Standards. Refer “Note No. 52” of
Standalone Financial Statements for further references.

u) Cash Flow Statements

Cash flows statements are reported using the method set out in the Ind AS - 7, “Cash Flow Statements” and is
prepared by using indirect method adjusting the net profit / (losses) before tax excluding exceptional items for the
effect of:

i) Changes during the period in inventories and other operating receivables and payables;

ii) Non-cash items such as depreciation, provisions, unrealized foreign currency gain / (losses); and

iii) all other items for which the cash effects are investing and financing cash flows.

The cash flows from operating, investing and financing activities of the Company are segregated. The cash and
cash equivalents (including balances with banks), shown in the Standalone Statement of Cash Flows exclude
items, which are not available for general use as at the date of Standalone Balance Sheet.

v) Cash and Cash Equivalents

Cash and cash equivalents include cash and cheques-in-hand, balances with banks, and demand deposits with
banks where the original maturity is three months or less and other short-term highly liquid investments net of bank
of overdrafts, which are repayable on demand as these from an integral part of the Company’s cash management.

w) Commitments

Commitments are the future liabilities for contractual expenditure, classified and disclosed as follows:

i) estimated amounts of contracts remaining to be executed on capital account and not provided for;

ii) other non-cancellable commitment, if any, to the extent they are considered material and relevant in the
opinion of the Company’s management.

Other commitments related to sales / procurements made in the normal course of business are not disclosed to
avoid the excessive details.

1.5 RECENT ACCOUNTING PRONOUNCEMENT

Ministry of Corporate Affairs (the “MCA”) notifies new standards or amendments to the existing standards under the
Companies (Indian Accounting Standard) Rules as issued from time to time. For the period March 31, 2025, the MCA
has not notified any new standards or amendments to the existing standards applicable to the Company.

1.6 KEY ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the Company’s Standalone Financial Statements is in conformity with the Ind AS, which requires the
Company’s managements to make judgments, estimates and assumptions that affect the application of the accounting
policies and the reported amounts of the assets, liabilities, incomes, and expenses (including the contingent liabilities)
and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities effected in future periods. Actual results
may differ from these estimates. Estimates and underlying assumptions are reviewed on a periodic basis. Revision to
accounting estimates is recognized in the period in which the estimates are revised and in any future periods affected.

The key assumptions concerning the future and other key resources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next
financial year, are described as follow:

a) Income Tax: The Company’s tax jurisdiction is in India. Significant judgments are involved in estimating
budgeted profits for the purpose of paying advance tax, determining the income tax provisions, including the
amount expected to be paid / recovered for uncertain tax provisions (Refer “Note No. 20”).

b) Property, Plant and Equipment: Property, plant and equipment represent a significant proportion of assets base
of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an
asset’s expected useful life and expected residual value at the end of its life. The useful lives and residual values of
assets are determined by the Company’s management at the time the assets are acquired and reviewed periodically,
including at each financial year end. The useful lives of each of these assets are based on the life prescribed in
Schedule - II to the Companies Act, 2013, or based on the technical estimates, taken into the account the nature of
the assets, estimated usage, expected residual values and operating conditions of the assets. The useful lives are
based on historical experience with the similar assets as well as anticipation of future events, which may impact

their life, such as changes in technical or commercial obsolescence arising from changes or improvements in
production or from a change in market demand of the product or service output of the assets.

c) Defined Benefits Obligations: The costs of providing gratuity and other post-employment benefits are charged to
the Standalone Statement of Profit and Loss in accordance with IndAS -19, “Employee Benefits” over the period
during which benefit is derived from the employees’ services. It is determined by using the actuarial valuation and
assessed on the basis of assumptions selected by the Company’s management. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These assumptions include
salary escalation rate, discount rates, expected rate of return on assets and mortality rates. The same is disclosed in
“Note No. 44”, “Employee Benefits”. Due to complexities involved in the valuation and its long-term in nature, a
defined benefit obligation is highly sensitive to change in these assumptions. All assumptions are reviewed at each
balance sheet date by the Company’s Management.

d) Fair Value measurements of Financial Instruments: When the fair values of financial assets and financial
liabilities recorded in the Standalone Balance Sheet cannot be measured based on quoted prices in active markets,
their fair value is measured using valuation techniques, including the discounted cashflow model, which involves
various judgments and assumptions. The input to these models is taken from observable markets wherever
possible, where this is not feasible, a degree of judgment is required in establishing fair value. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors
could affect the reported fair value of the financial instruments.

e) Recoverability of Trade Receivables: Judgment is required in assessing the recoverability of overdue trade
receivables and determining whether a provision is against those receivables is required. Factors considered
include the credit rating of the counterparty, the amount and timing of anticipated future payments and any possible
actions that can be taken to mitigate the risk of non-payments.

f Provisions and Contingent Liabilities: The Company’s management estimates the provision that have present
obligation as a result of past events, and it is probable that outflow of resources will be required to settle the
obligation. These provisions are reviewed at the end of each reporting period and are adjusted to reflect the current
best estimates.

The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are disclosed
when there is possible obligation arising from past events, the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the controls of the
Company or a present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent
assets are neither recognized nor disclosed in the Standalone Financial Statements.

g) Impairment of Financial and Non-Financial Assets: The impairment provision of financial assets is based on
the assumptions about the risk of default and expected cash loss rates. The Company uses judgment in making
these assumptions and selecting the inputs to the impairment calculation, based on the Company’s history, existing
market conditions as well as forward looking estimates at the end of the reporting period.

In case of non-financial assets, the Company estimates asset’s recoverable amount, this is higher of an assets or
cash generating units (CGU) fair value less the cost of disposal and the value-in-use. In assessing the value-in¬
use, the estimated future cash flows are discounted using the pre-tax discount rate that reflects current market
assessments of the time value of money and the risk specific to the assets. In determining the fair value less cost of
disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate
valuation model is being used.

h) Recognition of Deferred Tax Assets and Liabilities: Deferred tax assets and liabilities are recognized for
deductible temporary differences and unused tax losses or unused tax credit for which there is probability of
utilization against the future taxable profits. The Company uses judgments to determine the amount of deferred
tax that can be recognized, based upon the likely timing and the level of future taxable profits and business
developments.

i) Amortization of Leasehold Land: The Company’s lease assets primarily consist of lease for industrial land. The
lease premium is the fair value of land paid by the Company to the respective authorities at the time of acquisition
and there is no liability at the end of the lease term. The lease premium paid by the Company has been amortized
over the lease period on systematic basis and the same has been classified under Ind AS - 16, “Property, Plant and
Equipment” and therefore, the requirements of both the Ind AS - 116 and Ind AS - 17, as to the period over which,
and the manner in which, the right of use assets (under Ind AS - 116) or the assets arising from the finance lease
(under Ind AS - 17) amortized as similar.

* As per the records of the Company, including the register of members. The above details are certified by the Registrar and
Share Transfer Agents.

The Board of Directors, at its meeting held on May 23, 2025, have recommended a payment of final dividend of ' 02.00 (Two
Rupee Only) per equity shares of the face value of ' 10 each i.e. 20% of the face value of equity share amounting to ' 508.05
Lakhs, subject to the approval of shareholders at their ensuing Annual General Meetings (AGM), hence not recognized as a
liability, for the financial period ended at March 31, 2025. The Board of Directors has not declared any interim dividend during
the reporting period. (Refer “Note No. 50”).

The Board of Directors, at its meeting held on May 24, 2024, had proposed a final dividend of ' 01.50 (One Rupee Fifty
Paisa Only) per equity shares of the face value of ' 10 each for the financial period ended March 31, 2024. The proposal was
approved by the shareholders at their respective ensuing Annual General Meeting (AGM) hold on August 28, 2024, and the
same has resulted a cash outflow of amounting to ' 381.04 Lakhs. (Refer “Note No. 50”).

a) Capital Reserve: Capital reserve was created on the capital incentive received from sales tax department for the
purpose of setting up the manufacturing plants in the State of Maharashtra. The incentive has attached certain terms and
conditions, non-compliance of those terms and conditions would render the forfeiture of the incentive.

b) Securities Premium: Securities premium account is used to record the premium on issue of equity share. These reserve
is mainly utilized in accordance with the provisions of the Companies Act, 2013.

c) Remeasurement of Defined Benefits Plan: This represents the cumulative gains and losses arising on the remeasurements
of the defined benefits plan in accordance with the Ind AS - 19 that have been recognised in Other Comprehensive
Income.

d) Equity Instruments through Other Comprehensive Income: This represents the cumulative gains and losses
arising on the revaluation of equity instruments measured at fair value through other comprehensive income, under an
irrevocable option, net of amounts reclassified to retained earnings when such assets are disposed off.

e) Retained Earnings: Retained earning reserves represents the undistributed accumulated earnings of the Company as at
the date of Standalone Financial Statements.

a) Term loan from Axis Bank Limited are secured by first pari-passu charge on both present and future property, plants
and equipment held by the Company and these credit facilities are further secured by way of first pari-passu charge on
immovable property, plants and equipment by way of equitable mortgage on factory land and building situated at Survey
No. 43, 55/1, 56/1 and 56/2, Mouza Maregaon, Distt. Bhandara held in the name of the Company and are these credit
facilities are further secured by way of equitable mortgage on land and building sitauted at Survey No. 1016/2, Mouza
and Grampanchayat Neeri, PC No. 21, Mohadi, Distt. Bhandara held in the name of the Company and these credit
facilities are also further secured by way of Plot No. B - 28 and B - 28/1, Industrial Area, MIDC, Behind Mahindra and
Mahindra, Hingna Road, Nagpur (M.H.) - 440016 held in the name of the Company. These credit facilities are further
secured by irrevocable personal guarantees of two of the Directors, Shri Arun Bhandari and Shri Lalit Bhandari.

b) Term loan (Covid) from Axis Bank Limited are obtained to meet the liquidity mismatch arising out of the COVID - 19
and the same has to be repaid on monthly installments commenced from March 2024, and has to be repaid full on or
before March 2027, with a equated monthly installment of ' 18.17 Lakhs.

c) Term loan from Axis Bank Limited has been obtained for setting up the factory building and procurement of plants and
equipment including solar power equipment at the Company’s existing plant location situated in Umred, Nagpur and the
same has been repaid on monthly installments commencing from February 2026, and has to be repaid full on or before
January 2031, with a equated quarterly installment of ' 33.33 Lakhs. These term loans are secured by way of equitable
mortgage on factory land and building situated at Plot No. D15/2 and D16, Umred, Nagpur held in the name of the
Company.

d) Term loan from Citi Bank are secured by first pari-passu charge on both present and future property, plants and equipment
held by the Company and these credit facilities are further secured by way of first pari-passu charge on immovable
property, plants and equipment by way of the equitable mortgage on factory land and building situated at Survey No.
43, 55/1, 56/1 and 56/2, Mouza Maregaon, Distt. Bhandara held in the name of the Company and these credit facilities
are further secured by way of equitable mortgage on land and building sitauted at Survey No. 1016/2, Mouza and
Grampanchayat Neeri, PC No. 21, Mohadi, Distt. Bhandara held in the name of the Company and these credit facilities
are also further secured by way of Plot No. B - 28 and B - 28/1, Industrial Area, MIDC, Behind Mahindra & Mahindra,
Hingna Road, Nagpur (M.H.) - 440016 held in the name of the Company. These credit facilities are further secured by
way of demand promissory note of ' 2,500 Lakhs and are further secured by irrevocable personal guarantees of two of
the Directors, Arun Bhandari and Lalit Bhandari.

e) Term loan from Citi Bank has been obtained for setting up the solar power plant at the Company’s existing plant location
situated in Shahpur, Bhandara and the same has been repaid on quarterly installments commencing from March 2025,
and has to be repaid full on or before March 2028, with a equated quarterly installment of ' 60.00 Lakhs.

f) Term loan from related parties are unsecured and are repayable on demand basis.

a) Working capital loan and export packing credit from Axis Bank Limited are secured by first pari-passu charge by way
of hypothecation of entire inventories, book debts, receivables and other current assets with the Company presently held
and held in near furture and these credit facilities are further secured by way of first pari-passu charge on immovable
property, plants and equipment by way of equitable mortgage on factory land and building situated at Survey No. 43,
55/1, 56/1 and 56/2, Mouza Maregaon, Distt. Bhandara held in the name of the Company and are these credit facilities
are further secured by way of equitable mortgage on land and building sitauted at Survey No. 1016/2, Mouza and
Grampanchayat Neeri, PC No. 21, Mohadi, Distt. Bhandara held in the name of the Company and these credit facilities
are also further secured by way of Plot No. B - 28 and B - 28/1, Industrial Area, MIDC, Behind Mahindra and Mahindra,
Hingna Road, Nagpur (M.H.) - 440016 held in the name of the Company. These credit facilities are further secured by
irrevocable personal guarantees of two of the Directors, Shri Arun Bhandari and Shri Lalit Bhandari.

b) Working capital loan from Kotak Mahindra Bank Limited are secured by first pari-passu charge by way of hypothecation
of entire inventories, book debts, receivables and other current assets with the Company presently held and held in near
furture and these credit facilities are further secured by way of first pari-passu charge on immovable property, plants and
equipment by way of equitable mortgage on factory land and building situated at Survey No. 43, 55/1, 56/1 and 56/2,
Mouza Maregaon, Distt. Bhandara held in the name of the Company and are these credit facilities are further secured
by way of equitable mortgage on land and building sitauted at Survey No. 1016/2, Mouza and Grampanchayat Neeri,
PC No. 21, Mohadi, Distt. Bhandara held in the name of the Company and these credit facilities are also further secured
by way of Plot No. B - 28 and B - 28/1, Industrial Area, MIDC, Behind Mahindra and Mahindra, Hingna Road, Nagpur
(M.H.) - 440016 held in the name of the Company. These credit facilities are further secured by irrevocable personal
guarantees of two of the Directors, Shri Arun Bhandari and Shri Lalit Bhandari.

c) Working capital loan from Citi Bank are secured by first pari-passu charge by way of hypothecation of entire inventories,
book debts, receivables and other current assets with the Company presently held and held in near furture and these
credit facilities are further secured by way of first pari-passu charge on immovable property, plants and equipment
by way of equitable mortgage on factory land and building situated at Survey No. 43, 55/1, 56/1 and 56/2, Mouza
Maregaon, Distt. Bhandara held in the name of the Company and are these credit facilities are further secured by way of
equitable mortgage on land and building sitauted at Survey No. 1016/2, Mouza and Grampanchayat Neeri, PC No. 21,
Mohadi, Distt. Bhandara held in the name of the Company and these credit facilities are also further secured by way of
Plot No. B - 28 and B - 28/1, Industrial Area, MIDC, Behind Mahindra and Mahindra, Hingna Road, Nagpur (M.H.) -
440016 held in the name of the Company. These credit facilities are further secured by way of demand promissory note
of ' 2,500 Lakhs and are further secured by irrevocable personal guarantees of two of the Directors, Shri Arun Bhandari
and Shri Lalit Bhandari.

d) Working capital loan from Federal Bank Limited are secured by lien or pledged on term deposit of ' 100.00 Lakhs
(Pre Year ' NIL). The term deposits acts as a cash collateral security against the loans granted by the banks and finacial
institutions. The remaining portion of the loans are considered as unsecured.

e) Working capital loan from ICICI Bank Limited has been repaid during the reporting period by the Company.

f) Purchase bill financing (PBF) from banks and financial institutions are unsecured in nature, and the same has been
obtained to finance the working capital requirement of the Company, which carries the interest at the rate of 9.05% p.a.

Peformance Obligations

Sales of Product: Performance obligation in respect of sales of goods is satisfied, when the controls of the goods is transferred
to the customer, generally on delivery of the goods and payment is generally due as per the terms of contract with the customers.

Sales of Services: Performance obligation in respect of sales of service is satisfied over a period of time and the acceptance
of the customers. In respect of these services, payment is generally due upon the completion of services and acceptance from
the customers.

During the reporting period and previous reporting period, the Company does not have any remaining performance obligation
as contracts entered for sales of goods and sales of service are for a shorter duration.

* The Company collects the Goods and Service Tax (GST) on behalf of the Government, hence the GST is not included in
Revenue from Operations.

38A - Fair Value Measurements

i) Financial Instruments measured at Fair Value through Other Comprehensive Income

The Company neither hold quoted or unquoted debentures or bonds nor holds quoted equity instruments, which are
being measured at Fair Value through Other Comprehensive Income (FVTOCI), so the requirement to report under the
“IndAS - 109, Fair Value” is not applicable to the Company for all the reporting periods presented in the standalone
financial statements.

The Company neither hold any unquoted equity shares (other than investments in associates and subsidiaries, which
are being measured at amortized costs) nor holds quoted mutual funds, which are being measured at Fair Value through
Profit and Loss (FVTPL), so the requirement to report under the “IndAS - 109, Fair Value” is not applicable to the
Company for all the reporting periods presented in the standalone financial statements.

The Company has not any financial liabilities which are being measured at Fair Value through Profit or Loss (FVTPL)
except mentioned above, so the reporting under the “Ind AS - 109, Fair Value” is not applicable to the Company in
respect of all the reporting periods presented in standalone financial statements.

iii) Financial Instruments measured at Amortized Costs

The carrying amount of financial assets and financial liabilities measured at amortized costs in the standalone financial
statements are a reasonable approximation of the fair value since the Company does not anticipate that the carrying
amounts would be significantly different from the values that would eventually be received or settled.

38B - Financial Risk Management - Objectives and Policies

The Company’s principal financial assets mainly comprise of investments, security deposits, cash and cash equivalents,
other balances with banks, trade and other receivables that derive directly from its business operations. The Company’s
financial liabilities mainly comprise the borrowings in foreign as well as Indian currency, retention money, trade payable
and other payables. The main purpose of these financial liabilities is to finance the Company’s business operations and
to provide guarantees to support its operations.

The Company is exposed to Market Risk, Credit Risk and Liquidity Risk from its financial instruments. The Board of
Directors (“the Board”) oversees the management of these financial risks. The risk management policy of the Company
formulated by the Company’s management and approved by the Board of Director’s, which states the Company’s
approached to address uncertainties in its endeavor to achieve its stated and implicit objectives. It prescribes the roles
and responsibilities of the Company’s managements, the structure for managing the risk and the framework for risk
management. The framework seeks to identify, assess and mitigate the financial risks in order to minimize potential
adverse effects on the Company’s financial performance. The Board has taken necessary actions to mitigate the risks
identified on the basis of information and situations present.

The following disclosures summarize the Company’s exposure to financial risks and the information regarding the use of
derivatives employed to manage the exposure to such risks. Quantitative sensitivity analysis has been provided to reflect
the impact of reasonably possible changes in market rate on financial results, cash flows and financial positions of the
Company.

1) 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 the market prices. Market risk comprises three types of Risk: “Interest rate risk, Currency risk and
Other price risk”. Financial instruments affected by the market risk include loans and borrowings in foreign as well
as domestic currency, deposits, retention money, trade and other payables and trade receivables and derivatives
financial instruments.

a) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash outflows of a financial instrument will fluctuate
because of changes in the market interest rates. An upward movement in the interest rate would adversely affect
the borrowing costs of the Company. The Company is exposed to long-term and short-term borrowings. The
Company manages interest rate risk by monitoring its mix of fixed and floating rate instruments and taking actions
as necessary to maintain an appropriate balance. The Company has not used any interest rate derivatives.

) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash outflows of an exposure will fluctuate due to
changes in foreign exchange rates. The Company operates globally, and a portion of the business is transacted in
several currencies and consequently the Company is exposed to foreign exchange risk through its sales in overseas
and purchases from overseas suppliers in foreign currency. The foreign currency exchange rate exposure is partly
balanced by purchasing of the goods in the respective currencies. The Company enters into forward exchange
contracts with an average maturity of less than three months to hedge against its foreign currency exposures
relating to the recognized underlying liabilities and firm commitments.

The above table represents the total exposure of the Company to its foreign exchange denominated monetary
items. Out of the above mentioned, the details of exposures hedged using forward exchange contracts are given in
“Note No. 51A”. The Company has not hedged its foreign currency exposure during the previous reporting period.
The details of unhedged exposures are given as part of “Note No. 51B”.

The Company is mainly exposed to changes in USD ($) and EURO (€). The below table demonstrated the
sensitivity to a 5% increase or decrease in USD ($) against INR and EURO (€) against INR, considering with all
other variable remains constant. The sensitivity analysis is prepared on the net unhedged exposure of the Company
as at the reporting period and previous reporting period. 5% represents the management’s assessment of reasonably
change in foreign exchange rate.

c) Other Price Risk

Other price risk is the risk that the fair value of a financial instruments will fluctuate due to changes in market
traded price. Other price risk arises from financial assets such as investments in quoted equity instruments. The
Company is exposed to price risk arising mainly from investments in quoted equity instruments recognized at
FVTOCI, if any. As at March 31, 2025, the carrying value of such quoted equity instruments recognized at amounts
FVTOCI amounts to ' NIL (March 31, 2024, ' NIL).

2) Credit Risk

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial
losses to the Company. Credit risk arises primarily from financial assets such as trade receivables, other balances
with banks and other financial assets such as other receivables with the Company.

The Company has adopted a policy of only dealing with counter parties that have sufficiently high credit ratings.
The Company’s exposure and credit ratings of its counterparties are continuously monitored, and the aggregate
value of transactions is reasonably spread amongst the counterparties.

Credit risk arising from term deposits and other balances with banks is limited and there is no collateral held
against these because the counterparties are banks and recognized financial institutions with high credit rating
assigned by the international credit rating agencies.

The average credit period on sale of products ranges from 30 to 60 days. Credit risk arising from trade receivable
is managed in accordance with the Company’s established policy, procedures and control relating to customer
credit risk management. The credit quality of a customer is assessed based on detailed study of creditworthiness
and accordingly individual credit limits are defined / modified. The concentration on credit risk is limited due to
the fact that, the customer base is large. There are very few of the customers, which represents more than 10% of
its total balance of trade receivable. For trade receivables, as a practical expedient, the Company computes credit
loss allowance based on provision matrix. The provision matrix is prepared on historically observed default rate
over the expected life of trade receivable and is adjusted for forward-looking estimates. The provision matrix at
the end of reporting period as follows:

3) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in raising the funds to meet the commitments
associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk
may result from an inability to sell a financial asset quickly at close to its fair value.

The Company has an established liquidity risk managements framework for managing its short-term, medium-term
and long-term funding and liquidity management requirements. The Company’s exposure to liquidity risk arises
primarily from mismatches of maturities of financial assets and liabilities. The Company manages the liquidity risk
by maintaining adequate funds in the cash and cash equivalents. The Company also has adequate credit facilities
agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely
and cost-effective manner.

The Company believes that its liquidity positions {As At March 31, 2025, ' 1,276.79 Lakhs (Prev Year ' 104.84
Lakhs)}, anticipated future internally generated funds from operations, and its fully available revolving undrawn
credit facilities will enable it to meet its future known obligations in the ordinary course of business. However, if
liquidity needs were to arise, the Company believes it has access to financing arrangements, value of unencumbered
assets, which should enable it to meet its ongoing capital, operating, and other liquidity requirements.

The liquidity position of the Company mentioned above, includes:

i) Cash and Cash Equivalents as disclosed in the Cash Flows Statements

ii) Current / non - current term deposits as disclosed in the other financial assets

The Company’s liquidity management process as monitored by the management, includes:

i) Day-to-day funding, managed by monitoring future cash flows to ensure that requirements can be met.

ii) Maintaining rolling forecasts of the Company’s liquidity position on the basis of expected cash flows.

iii) Maintaining diversified credit lines.

The below table analysis shows the financial liabilities of the Company in the relevant maturity grouping based on
the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table
are the contractual undiscounted cash flows:

38C - Capital Management

The Company adheres to a robust Capital Management framework which is underpinned by the following guiding
principles.

a) Maintain the financial strength to ensure BBB stable ratings domestically and investment grade ratings
internationally.

b) Ensure financial flexibility and diversify the source of financing and their maturities to minimize liquidity risk
while meeting its investment requirements.

c) Ensure sufficient liquidity is available (either through cash and cash equivalents, investments or committed credit
facilities) to meet the needs of the business.

d) Minimize the finance costs while taking into consideration current and future industry, market and economic risks
and conditions.

e) Safeguard its ability to continue as going as a going concern.

f) Leverage optimally in order to maximize shareholders’ returns while maintaining strength and flexibility of the
Balance Sheet.

This framework is adjusted based on underlying macro-economic factors affecting the business environment, financial
market conditions and interest rates environment.

The Board of Directors of the Company has primary responsibilities to maintain a strong capital base and reduce the
cost of capital through a prudent management of deployed fund and leveraging in domestic and international financial
market, so as to maintain investors, creditors and market confidence and to sustain future development of the business.

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital
is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize
shareholder value.

As at March 31, 2025, and March 31, 2024, the Company has only one class of equity shares and has low debts.
Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or
achieve an optimal capital structure, the Company allocates its capital for distribution as dividends or reinvestments into
business based on its long-term financial plans.

The Company manages its capital on the basis of the Net Debt to Equity Ratio which is Net Debt (Total Borrowings net
of Cash and Cash Equivalents) divided by total equity.

43 Segment Reporting

The segment reporting of the Company has been prepared in accordance with Ind AS - 108, “Operating Segments”
{specified under the section 133 of the Companies Act, 2013, read together with Companies (Indian Accounting
Standard) Rule, 2015, as amended, time to time}. For the Company’s management purpose, the Company is organized
into the business unit based on its products and services and has identified four reportable segment. Operating Segments
disclosure are consistent with the information provided to and reviewed by the Chief Operating Decision Maker (CODM)
are as follows:

The Board of Directors of the Company monitors the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performace assessments. Segment performance is evaluated
based on profit or loss and is measured consistently with the profit and loss in the Standalone Financial Statements.
Operating Sgement have been identified on the basis of the nature of products / services and have been identified as per
the quantitative criteria sepcified in the Ind AS.

Revenue and expenses have been identified to a segment on the basis of relationship to the operating activities of the
segment. Revenue and expenses, which relates to the enterprises as a whole and are not allocable to a segments on
reasonable basis have been disclosed as “unallocable”.

44 Employee Benefits
1 Post Employment Benefits

i) Defined Benefit Gratuity Plan (Unfunded)

The Company has defined benefits gratuity plan for its employees, which requires contribution to be made to a
separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, an employee
who has completed five year of services are only entitled to the specific benefits. The level of benfits provided
depend upon the member’s length of service and salary at their retirement age.

ii) Defined Benefit Pension Plan (Unfunded)

The Company operates a defined benefits pension plan for certain specified employees and the same is payable
upon if the employee satisfying certain terms and conditions attached to them, as approved by the Board of
Directors of the Company.

iii) Defined Benefit Post Retirement Medical Benefit Plans (Unfunded)

The Company operates a defined benefits post-retirement medical benefits plan for certain specified employees and
the same is payable upon if the employee satisfying the certain terms and conditions attached to them, as approved
by the Board of Directors of the Company.

The most recent actuarial valuation of the plan assets and the present value of defined benefit obligation were carried out as
at March 31, 2025, by Mr. Ashok Kumar Garg, Fellow of Institute of Actuaries of India. The present value of defined benefits
obligation and the related current service cost were measured by using the “Projected Unit Credit Method".

The following tables summarise the components of defined benefits expense recognized in the Statement of Profit and Loss /
Other Comprehensive Income and amount recognized in the Balance Sheets for the respective plans:

46 Additional Regulatory Information as required by the Schedule - III of the Companies Act, 2013”

i) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was
taken as at the balance sheet date. The Company has not defaulted in the repayment of principal and interest thereon on
all the loans obtained from banks and financial institutions during the reporting period and previous reporting period.

ii) The title deed in respect of self-constructed building and title deeds of all other immovable properties (other than
properties where the Company is the lessee and the lease agreements are duly executed in the favor of the Company),
disclosed in the standalone financial statements and included under the head of property, plant and equipment are held
in the name of the Company as at the Balance Sheet date. In respect of the immovable properties taken on lease by the
Company, the lease agreements are duly executed in the favor of the Company as at the Balance Sheet date.

iii) Loans and advances in the nature of loans are granted to promoters, directors, key managerial parties and the other
related parties including the subsidiaries, associates and joint ventures (as defined under the Companies Act, 2013),
either severally and jointly with any other person - Refer “Note No. 53” for further reference.

iv) The Company does not have benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and the relevant Rules made thereunder.

v) The Company has been sanctioned working capital limit from bank and financial institutions on the basis of security of
current assets. The monthly / quarterly returns and the statements filed by the Company with such banks and financial
institutions are in agreements with the books of accounts of the Company.

vi) The Company has not been declared as willful defaulter by the banks and the financial institutions or other lenders or
government or any government authorities.

vii) The Company has not entered any transactions with the companies struck off as per section 248 of the Companies Act,
2013 or Section 560 of the Companies Act, 2013, hence the details related to the same have not been furnished.

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

ix) The Company has complied with the requirements with respect to the number of layers as prescribed under section 2(87)
of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

x) Utilization of borrowed funds and share premium

1) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign
entities (intermediaries) with the understanding that the intermediaries 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.

2) The Company has not received any funds from persons or entities, including foreign entities (Funding Parties) 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 to or on behalf of the Ultimate beneficiaries.

xi) There have been no transactions relating to previously unrecorded income that have been surrendered or disclosed as
income during the reporting period and previous reporting period in the tax assessments under the Income Tax Act,
1961.

xii) The Company has neither traded nor invested nor advanced in Crypto or Virtual Currency during the reporting period
and previous reporting period.

49 Corporate Social Responsibilities

As per the Section 135 of the Companies Act, 2013, a company, meeting its applicability threshold, need to spend at least
2% of its average net profit for the immediately preceeding three financial year on Corporate Social Responsibilities
(CSR) Activities. The area of CSR Activity are eradication of hunger and malnutrition, promoting education, art and
culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development
projects. A CSR Committee has been formed as per the requirement of the Companies Act, 2013. The funds has been
adminstrated by the said Committee, once it is allocated to the Corpus for the purpose of CSR activities, prescribed
under Schedule VII of the Companies Act, 2013.

a) Corporate Social Responsibilities required to be spent as per Section 135 of the Companies Act, 2013 read with the
Schedule VII thereof, the Company during the reporting period ended at March 31, 2025, is ' 59.82 Lakhs (Prev
Year ' 51.88 Lakhs).

b) Expenditure related to Corporate Social Responsibilities is ' 59.82 Lakhs out of those ' NIL commitments made
previous financial period spent during the current financial period (Prev Year March 31, 2024, ' 51.88 Lakhs).

The Board of Director’s of the Company has not declared any interim dividend during the current reporting period and
previous reporting period. The Board of Directors, at its meeting held on May 24, 2024, had proposed a final dividend
of ' 1.50 (One Rupee Fifty Paisa Only) per equity shares of the face value of ' 10 each for the financial period ended
March 31, 2024. The proposal was approved by the shareholders at the Annual General Meeting (AGM) hold on August
28, 2024, and the same has resulted a cash outflow of amounting to ' 381.04 Lakhs.

Proposed Dividend

The Board of Director’s at their meeting held on May 23, 2025, have recommended a payment of final dividend of
' 02.00 per Equity Share of the Face Value of ' 10 per Equity Share i.e. 20% of the Face Value of Equity Share for the
financial period ended at March 31, 2025. The Company has proposed ' 508.06 Lakhs as a final dividend subject to the
approval of shareholders at their ensuing Annual General Meeting (AGM) of the Company, hence it is not recognized as
a “Liabilities” in the Standalone Financial Statements.

51 Details of Hedge and Unhedged Exposures in Foreign Currency Denominated Monetary Items
A) Exposure in Foreign Currency - Hedged

The Company enters into forward exchange contracts to hedge its foreign currency exposures relating to the underlying
transactions and firm commitments. The Company does not enter into any of the derivative instruments for trading and
speculation purposes during the reporting period and previous reporting period. The forward exchange contracts used
for hedging of the foregin currency exposures and their outstanding as at the end of the reporting period are as follows:

52 Event occurring after the Balance Sheet Date (Fire Incident at Plants)

On April 11, 2025, at approximately 06.45 PM, a major explosion and fire break out in one section of Aluminium
Powder divisions situated at Umred Plants. Swift and effective response by our emergency evacuation team, all the
individuals present at the site were promptly evacuated. However, despite these efforts, we deeply regret to report the
unfortunate loss of some of our valued workmen. Additionally, a few individually sustained minor injuries and are
currently receiving appropriate medical attention. The Company’s management is profoundly saddened by this tragic
incident. We extend our heartfelt condolence to the families of the deceased and assure them of our unwavering support
during this difficult time. We are also fully committed to ensuring the well-being and recovery of the injured. The
Company stand united with their employees, their families, and the wider community during this moment of grief and
are committed to providing every possible assistance.

Preliminary assessments indicate that certain part of the plants, building, equipment and inventories located at the
site, sustained extensive damage and were destroyed in the incident. A detailed investigation is currently underway to
determine the root cause of the explosion. The Company’s management estimates the total losses to inventories, plants,
building and equipment range between ' 15 Crore to ' 20 Crore. However, the Company has adequately covered its
assets and inventories under a fire insurance policy and is in the process of filling an insurance claim for the losses
incurred during the incident.

To minimize the impact on ongoing operations and customer commitments, the Company has partially shifted operations
to its Bhandara Plant. The Company’s management believes remain focused on gradually resuming normal business
operation in the coming months to meet the customer demand to substantial extent. We are fully cooperating with the
relevant authorities and will implement all the necessary steps to prevent such incidents in the near future.

56 The Standalone Financial Statements are approved for issue by the Audit Committee at its meeting held on May 23,
2025, and by the Board of Directors on their meeting held on May 23, 2025.

57 Previous years audited figures has been regrouped / recasted / rearranged wherever necessary to make them comparable
for the purpose of preparation and presentation of Standalone Financial Statements.

SIGNATURE TO THE NOTE “1” TO NOTE “57”

MATERIAL ACCOUNTING POLICIES 1

THE ACCOMPANYING NOTES ARE FORMING INTEGRAL PART OF THE FINANCIAL STATEMENTS

AS PER OUR REPORT OF EVEN DATE ATTACHED FOR AND ON BEHALF OF THE BOARD

For MANISH N JAIN & CO. Sd/- Sd/-

Chartered Accountants ARUN BHANDARI LALIT BHANDARI

FRN No.: 0138430W Managing Director Director

DIN No.: 00008901 DIN No.: 00010934

Sd/- Sd/- Sd/-

ARPIT AGRAWAL SHARAD KHANDELWAL MADHURA UBALE

Partner Chief Financial Officer Company Secreatry

Membership No. 175398

Place: Nagpur Place: Nagpur Place: Nagpur

Dated: May 23, 2025 Dated: May 23, 2025 Dated: May 23, 2025

UDIN No.: 25175398BMIEIS2622