l) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive), as a result
of past events, and it is probable that an outflow of resources, that can be reliably estimated,wiN be
required to settle such an obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding
the obligation. When a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the effect of the time value
of money is material).

m) Investment in subsidiaries

Investment in subsidiaries are shown at cost in accordance with the option available in Ind AS 27,
'Separate Financial Statements'. Where the carrying amount of an investment in greater than its estimated
recoverable amount, it is written down immediately to its recoverable amount and the difference is
transferred to the Statement of Profit and Loss.

n) Financial Instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual
provisions of the instrument.

A. Financial assets

a) Recognition and initial measurement

A financial asset is initially recognised at fair value and, for an item not at FVTPL, transaction costs that
are directly attributable to its acquisition or issue.

b) Classification of financial assets

Financial assets are classified, at initial recognition and subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), and fair value through profit and loss.

c) Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of
the asset to another party.

d) Impairment

The Company applies the expected credit loss model for recognising impairment loss on financial assets
measured at amortised cost, debt instruments at FVTOCI, lease receivables, trade receivables, other
contractual rights to receive cash or other financial asset.

Expected credit losses are the weighted average of credit losses with the respective risks of default
occurring as the weights.

B. Financial liabilities and equity instruments

a) Classification as debt or equity

Debt and equity instruments issued by a company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument.

b) Equity instruments

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

c) Financial liabilities

Financial liabilities are classified as either financial liabilities 'at FVTPL' or 'other financial liabilities'.
Financial liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is
designated as at FVTPL.

A financial liability is classified as held for trading if:

• It has been incurred principally for the purpose of repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the Company
manages together and has a recent actual pattern of short-term profit-taking; or

• it is a derivative that is not designated and effective as a hedging instrument.

Derecognition of financial liabilities:

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged,
cancelled or have expired.The difference between the carrying amount of the financial liability derecognised
and the consideration paid and payable is recognised in the Statement of Profit and Loss.

C. Derivative Instruments and Hedge Accounting

a) Derivative financial instruments

The Company enters into a variety of derivative financial instruments to manage its exposure to interest
rate, commodity price and foreign exchange rate risks, including foreign exchange forward contracts,
commodity forward contracts, interest rate swaps and cross currency swaps.

o) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker.

The Board of directors of the Company has been identified as the Chief Operating Decision Maker which
reviews and assesses the financial performance and makes the strategic decisions.

p) Cash and cash equivalents:

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

For the purpose of the Statement of cash flows, cash and cash equivalent consists of cash and short-term
deposits, as defined above.

q) Earnings per share:

Basic earnings per share is computed by dividing the profit and loss after tax by the weighted average
number of equity shares outstanding during the year. The weighted average number of equity shares
outstanding during the year is adjusted for treasury shares, bonus issue, bonus element in a rights issue
to existing shareholders, share split and reverse share split (consolidation of shares).

Diluted earnings per share is computed by dividing the profit or loss after tax as adjusted for dividend, interest
and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity
shares, by the weighted average number of equity shares considered for deriving basic earnings per share and
the weighted average number of equity shares which could have been issued on the conversion of all dilutive
potential equity shares including the treasury shares held by the Company to satisfy the exercise of the share
options by the employees.

Key sources of estimation uncertainty and critical accounting judgements

In the course of applying the policies outlined in all notes under section 2 above, the Company is required
to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are
not readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

a) Key sources of estimation uncertainty

A. Useful lives of property, plant and equipment

Management reviews the useful lives of property,plant and equipment at least once a year. Such lives are
dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based
on various internal and external factors including relative efficiency and operating costs. This reassessment
may result in change in depreciation and amortisation expected in future periods.

B. Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the
Company. Potential liabilities that are possible but not probable of crystalising or are very difficult to quantify
reliably are treated as contingent liabilities.Such liabilities are disclosed in the notes but are not recognised.The
cases which have been determined as remote by the Company are not disclosed.

Contingent assets are neither recognised nor disclosed in the financial statements unless when an inflow of
economic benefits is probable.

Note 38(a) Financial Risk Management

Financial risk factors

The Company's principal financial liabilities, comprises of borrowings, trade and other payables and other financial liabilities. The
main purpose of these financial liabilities is to finance the Company's operations The Company's principal financial assets include
trade and other receivables,cash and cash equivalent, investments and short-term deposits that derive directly from its operations.
The Company's activities expose it to a variety of financial risks: marketrisk, creditrisk andl iquidity risk. The Company's primary focus
is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

The Company's senior management oversees the management of these risks. Company's financial risk activities are governed by
appropriate policies and procedures laid out by the senior management and financial risks are identified, measured and managed in
accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of
these risks, which are summarised below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. The Company is exposed to foreign exchange risk through its transactions in various foreign currencies. For the Company,
the market risk is the possibility of changes in foreign currency exchange rates and commodity prices which may affect the value of
the Company's financial assets, liabilities or expected future cash flows as the rupee appreciates / depreciates against these foreign
currencies.

a. Commodity Risk

The principal raw materials for the Company products are lime stone, calcite powder, stearic acid, etc which are purchased by
the Company from the approved list of suppliers. Most of the input materials are procured from domestic vendors. Raw material
procurement is subject to price negotiation.

In order to mitigate the risk associated with raw material , the Company manages its procurement through grading, sourcing of raw
material and constant pricing negotiation with vendors. It renegotiates the prices with its customers in case there is more than normal
deviation in the prices of its major raw materials.

b. Foreign currency risk

Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that
is not a company's functional currency. Generally, Company makes advance payment to foreign vendors and in some cases payment
is made as per credit terms with vendor. Hence, impact of the rate fluctuation is accounted in profit and loss.

Credit risk analysis

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk arising from cash and cash equivalents, deposits with banks, trade receivables,
investments and other financial assets. Credit risk has been managed by the company by establishing credit limits and creditworthiness
of customers to which the company grants credit terms in the normal course of business. For banks and financial institutions, only
high rated banks/ institutions are accepted.

Customer credit risk is managed by each customer group subject to the Company's established policy, procedures and
control relating to customer credit risk management. Trade Receviable has been managed by the Company by establishing
credit limits and creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Provision on Trade receivable is calculated as per expected credit loss method (ECL) as per IND AS. ECL is calculated on the basis of
average bad debts on turnover of 3 years i.e from 2019-20 to 2021-22. Such average % is moderated to align with current and future
business, customers and risk profile. The provision determined as per policy is less than provision existing under IGAAP. As there is
adequate provision pre-existing in the books, it is not required to make any addtional additional provision for the year. Further, it is
also proposed to continue the same till the provision under IND AS exceeds the pre-existing provision in the books.

Liquidity risk analysis

Risk assessment

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The
Company has assets which are expected to be realised within 12 months Rs. 406.56 lakhs as on March 2024 (as on March 2023 is
Rs.663.41 lakhs). The Company has liabilities which are expected to mature within 12 months Rs. 865.78 lakhs as on March 2024 (as
on March 2023 is Rs. 1,075.26 lakhs). Hence Company has a working capital of Rs. (459.22 Lakhs) as on March 2024 (as on March
2023 is Rs. (411.85 Lakhs).

Risk Management

Whenever working capital is required Company's Executive Directors provides funding to the Company.

Note 38(b) Fair value hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) 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 active market (for example,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 (unobservable inputs), the instrument is
included in level 3. This is case of the unlisted equity instuments included in level 3

All other Financial assets and liabilites are valued at amortised cost and categorised under level 3. (refer above)

There have been no transfers between Level 1 and Level 2 during the period.

Valuation technique used to determine fair value

The fair valuation of Borrowings is determined using the effective interest rate (net Cash infow and outflow)

Note 39: Capital Management

Capital management policies

"For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the company. The primary objective of the Company's capital
management is to maximise the shareholder value and maintain an optimal capital structure to reduce the cost of capital.
The Company monitors capital on the basis of the gearing ratio; Net debt (total borrowing net of cash and cash equivalents)/ Total
equity"

Note 40 : Revenue from operations

The Company is engaged in the manufacturing Calcium Carbonate. It is used as input material in various industrial sectors including
Tooth Paste, Pharmaceuticals, PVC products, Rubber, Plastic, Polymer, Cable, Leather, Paper and Paints.

Revenue is recognized upon transfer of control of promised products to customers in an amount that reflects the consideration we
expect to receive in exchange for those products or services.

The Company presents revenues net of indirect taxes in its statement of Profit and loss.

Trade receivables and Contract Balances

The Company classifies the right to consideration in exchange for deliverables as receivables. Trade receivables are presented net of
impairment in the Balance Sheet.

Note 41: Segment reporting as required under Indian Accounting Standard 108, "Operating Segments"

The Company operates only in one segment i.e. manufacturing of Calcium Carbonate and hence there are no reportable segments as
defined in Indian Accounting Standard (IND AS -108) on "Segment Reporting".

Note 42 : Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions as
described below that affect the reported amounts 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 affected in future
periods.

Assumptions

The cost of the defined benefit plans and the present value of the defined benefit obligations are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the future. For further details
refer to note 39.

Estimates

The estimates used by the company to present the amount in accordance with Ind AS reflect conditions as at the transition date and
as of March 31, 2023.

Note 43 : Disclosure with regards to section 186 (4) of the Companies Act, 2013

(i) For investments refer note 6

Note 44 : Ind AS 116 - Leases

The Company's lease asset primarily consist of lease for buildings. The Company has applied the exemption not to recognize right-of-
use assets and liabilities for leases with:

a. less than 12 months of lease term on the date of contract inception.

b. either low value or cancellable at the option of lessee.

Note 45 :

a. In the opinion of Board of Directors all assets other than non-current investments, have a realisable value in the ordinary course
of business which is not different from the amount at which it is stated and the provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary.

b. The balance due to / from parties are subject to confirmation.

c. No personal expenses have been debited to Profit and Loss Account except those payable under contractual obligation or normal
business practices.

Note 46 (a):

The Company had already made reference to the Board for Industrial and Financial Reconstruction (BIFR) under Section 15 of the Sick
Industrial Companies (Special Provision) Act, 1985. This Act was repealed by the Central Government vide notification published in
the Official Gazette dated 28th November, 2016, enacting the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 which
came into effect from 1st December, 2016 and the Company has not yet made reference under the new law.

Note 46 (b):

No provision for income tax is made in lieu of losses and as a measure of prudence deferred tax assets/Liabilities is not recognized
during the year. Since the company is classified as sick company, provisions for MAT Under section 115JB of Income Tax Act, 1961 are
not applicable.

Note 47:

The company continues to disclose its financial statement on the concept of going concern in spite of the fact of erosion of 100%
of its net worth as the management expects to wipe off the accumulated losses by taking steps of rationalization of expenses and
considering measures to increase revenue.

Note 49 : Additional disclosure requirements as notified by MCA pursuant to amended Schedule
III :

a) The title deeds of the immovable properties are held in the name of the Company as at the balance sheet date.

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

c) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

d) The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter
at any time during the financial year or after the end of reporting period but before the date when the financial statements are
approved.

e) The Company during the year has no transactions with Strike off Companies.

f) The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the un¬

derstanding (whether recorded in writing or otherwise) that the Company shall;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

g) The Company does not have any transactions which is not recorded in the books of accounts but 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).

k) The Company has not been sanctioned working capital limits in excess of ^ 5 crore, in aggregate, at any points of time during the
year, from banks or financial institutions on the basis of security of current assets.

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

j) The provisions of Sec 135 Corporate Social Responsibility (CSR) are not applicable to the company.

Note 50 :

The Financial statements for the year ended March 31, 2024 were approved by Board of Directors as on May 30, 2024. The Previous
Year figures have been regrouped / reclassifed as applicable.

The accompanying notes form an integral part of these financial statements.

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

For R. A. Kuvadia & Co A.H.Dawoodani S.A.Dawoodani

Chartered Accountants Managing Director Director

Firm Reg No : 105487W DIN 00934276 DIN 02324234

R. A. Kuvadia Avinash Jhaveri Amol Patil

Proprietor Chairman Chief Financial Officer

Membership No : 040087 DIN 03494110

Neha Botadra

Company Secretary

Place : Mumbai
Date : 30th May 2024