This Note provides a list of the significant accounting policies adopted by the Company in preparation of these Standalone
Financial Statements. These policies have been consistently applied to all the years presented, unless otherwise stated

a) Basis of preparation

i) Statement of Compliance:

. The Standalone Financial Statements comply in all material respects with Indian Accounting Standards (Ind AS) notified
under Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 of the Companies (Indian Accounting Standards)
Rules, 2015 and other relevant provisions of the Act, as amended.

ii) Historical cost convention:

The standalone financial statements have been prepared on a historical cost basis except for certain financial assets and
liabilities measured at fair value (refer accounting policy regarding financial instruments).

iii) The Standalone Financial Statements have been prepared on accrual and going concern basis.

iv) The accounting policies are applied consistently to all the periods presented in the Standalone Financial Statements. All
assets and liabilities have been classified as current or non-current as per the normal operating cycle of the Company and
other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and
the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

v) Recent accounting pronouncements:

The MCA notifies new standards or amendment to the existing standards under the Companies (Indian Accounting
Standards) Rules as issued from time to time. On March 23, 2022, the MCA amended the Companies (Indian
Accounting Standards) Amendment Rules, 2023 as follows:

Ind AS 1 - Presentation of Financial Statements

This amendment requires the entities to disclose their material accounting policies rather than their significant accounting
policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The
Company has evaluated the amendment and the impact of the amendment is insignificant in the standalone financial
statements.

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

This amendment has introduced a definition of 'accounting estimates' and included amendments to Ind AS 8 to help
entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of
this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and
there is no impact on its standalone financial statements.

Ind AS 12 - Income Taxes

This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that
give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods
beginning on or after April l, 2023. The Company has evaluated the amendment and there is no impact on its standalone
financial statement.

vi) The standalone financial statements are presented in Indian Rupees and all values are rounded to the nearest Lakhs.
Any discrepancies in any table between totals and sums of the amounts listed are due to rounding off.

b) Foreign currency transactions:

i) Functional and presentation currency:

Items included in the Standalone Financial Statements of the Company are measured using the currency of the primary
economic environment in which the Company operates ('functional currency'). The Standalone Financial Statements of the
Company are presented in Indian currency (?), which is also the functional currency of the Company.

ii) Transactions and balances:

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gain | (loss) resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in
the Standalone Statement of Profit and Loss except that they are deferred in other equity if they relate to qualifying cash
flow hedges. Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Standalone
Statement of Profit and Loss, within finance costs. All other foreign exchange gain | (loss) presented in the Standalone
Statement of Profit and Loss are on a net basis within other income I (expense). ——

Non-monetary items that are measured at fair value that are denominated in a foreign currency are translated using the
exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at
fair value are reported as part of the fair value gain | (loss). Non-monetary items that are measured interms of historical
cost in a foreign currency are not revalued.

c) Revenue recognition

i) Revenue from contracts with customers:

The Company manufactures and sells Stainless Steel Cold Rolled Sheets and its intermittent products in domestic and
international markets. The Company also manufactures and sells Ceramic Glaze and Sodium Silicate in domestic markets.

Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the contract. The
control of the goods is transferred upon delivery to the customers either at factory gate of the Company or specific location
of the customer or when the goods are handed over to the freight carrier, as per the terms of the contract. A receivable is
recognised by the Company when the goods are delivered to the customer as this represents the point in time at which the
right to consideration becomes unconditional, as only the passage of time is required before payment is due.

Revenue from services including those embedded in contract for sale of goods namely freight and insurance services
mainly in case of export sales, is recognised upon completion of services.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined
terms of payment and excluding taxes or duties collected on behalf of the government. The Company has concluded that it
is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements as it has
pricing latitude and is also exposed to inventory and credit risks.

. ii) Other income:

Eligible export incentives are recognised in the year in which the conditions precedent are met and there is no
significant uncertainty about the collectability.

Interest income from financial assets is recognised using the effective interest rate method. The effective interest rate is
the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross
carrying amount of a financial asset, When calculating the effective interest rate, the Company estimates the expected cash
flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and
similar options) but does not consider the expected credit losses.

Dividends are recognised in the Standalone Statement of Profit and Loss only when the right to receive payment is
established; it is probable that the economic benefits associated with the dividend will flow to the Company and the
amount of the dividend can be measured reliably.

Lease rental income is recognised on accrual basis.

d) Taxes

Income tax expense comprises current tax and deferred tax. Current tax is the tax payable on the taxable income of the
current period based on the applicable income tax rates. Deferred tax reflects changes in deferred tax assets and liabilities
attributable to temporary differences and unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period. The Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.

Deferred income tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition of
goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither accounting profit nor
taxable profit | (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the Standalone Balance Sheet date and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.

The Company considers reversals of deferred income tax liabilities, projected future taxable income and tax planning
strategies in making the assessment of deferred tax liabilities and realizability of deferred tax assets. Based on the level of
historical taxable income and projections for future taxable Income over the periods in which the deferred income tax
assets are deductible, the Management believes that the Company will realise the benefits of those deductible differences.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are
offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity.

e) Government grants ¹

i) Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Company will comply with all attached conditions.

ii) Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as

deferred income and are credited to profit or loss in proportion to depreciation over the expected lives of the related assets
and presented within other income. - ___

iii) Government grants relating to income are deferred and recognised in the Standalone StateLoss over

the period necessary to match them with the costs that they are intended to compensate and presented -within other
income. \

f) Leases

As a lessee:

The Company assesses whether a contract is, or contains a lease, at inception of the contract. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: i) the contract involves the use of an identified asset ii) the Company has substantially all of the
economic benefits from use of the asset through the period of the lease and iii) the Company has the right to direct the use
of the asset.

At the commencement date of the lease, the Company recognises a right of use asset and a corresponding lease liability
for all lease arrangements in which it is lessee, except for short-term leases (leases with a term of twelve months or less),
leases of low value assets and, for contract where the lessee and lessor has right to terminate a lease without permission
from the other party with no more than an insignificant penalty. The lease expense of such short-term leases, low value
assets leases and cancellable leases, are recognised as an operating expense on a straight-line basis over the term of the
lease.

At commencement date, lease liability is measured at the present value of the lease payments to be paid during non¬
cancellable period of the contract, discounted using the incremental borrowing rate. The right of use assets is initially
recognised at the amount of the initial measurement of the corresponding lease liability, lease payments made at or before
commencement date less any lease incentives received and any initial direct costs.

Subsequently the right of use asset is measured at cost less accumulated depreciation and any impairment losses. Lease
liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using effective
interest rate method) and reducing the carrying amount to reflect the lease payments made. The right of use asset and
lease liability are also adjusted to reflect any lease modifications or revised in-substance fixed lease payments.

As a lessor: .

Leases for which the Company is a lessor are classified as finance or operating leases. Whenever the terms of the lease
transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All
other leases are classified as operating leases.

Income from operating leases where the Company is a lessor is recognised as income on a straight-line basis over the lease
term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected
inflationary cost increases. The respective leased assets are included in the Standalone Balance Sheet based on their
nature. Leases of property, plant and equipment where the Company as a lessor has substantially transferred all the risks
and rewards are classified as finance lease. Finance leases are capitalised at the inception of the lease at the fair value of
the leased property or, if lower, the present value of the minimum lease payments. The corresponding rent receivables, net
of interest income, are included in other financial assets. Each lease receipt is allocated between the asset and interest
income. The interest income is recognised in the Standalone Statement of Profit and Loss over the lease period so as to
produce a constant periodic rate of interest on the remaining balance of the asset for each period.

Under combined lease agreements, land and building are assessed individually.

g) Current / non-current classification

The Company presents assets and liabilities in the balance sheet based on current and non-current classification. An asset
is treated as current when it is:

a) expected to be realised or intended to be sold or consumed in normal operating cycle;

b) held primarily for the purpose of trading;

c) expected to be realised within twelve months after the reporting period; or

d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.

All other assets are classified as non-current.

A liability is treated as current when it is:

a) expected to be settled in normal operating cycle;

b) held primarily for the purpose of trading;

c) due to be settled within twelve months after the reporting period; or

d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

h) Property, plant and equipment

All items of property, plant and equipment are stated at acquisition cost net of accumulated depreciation and accumulated
impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the carrying amount of asset or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can
be measured reliably. All other repairs and maintenance expenses are charged to the Standalone Statement of Profit and
Loss during the period in which they are incurred. Gains or losses arising on retirement or disposal of assets are recognised
in the Standalone Statement of Profit and Loss.

Spare parts, stand-by equipment and servicing equipment are recognised as property, plant and equipment if they are held
for use in the production or supply of goods or services, for rental to others, or for administrative purposes and are
expected to be used during more than one period.

Property, plant and equipment which are not ready for intended use as on the date of Standalone Balance Sheet are
disclosed as 'Capital work-in-progress'.

Depreciation methods, estimated useful lives and residual value:

The charge in respect of periodic depreciation is derived after determining an estimate of expected useful life and the
expected residual value of the assets at the end of its useful life. The lives are based on historical experience with similar
assets as well as anticipation of future events, which may impact their life.

Depreciation is provided on a pro-rata basis on the straight-line method from the date of acquisition | installation till the
date the assets are sold or disposed of:

' The Company, based on technical evaluation carried out by internal technical experts, believes that the useful lives as
given above best represents the period over which the management expects to use these assets. The residual values, useful
lives and method of depreciation of property, plant and equipment are reviewed annually and adjusted prospectively, if
appropriate.

The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount of the asset
is greater than its estimated recoverable amount.

i) Intangible assets

Intangible assets acquired separately are measured, on initial recognition, at cost. Following the initial recognition,
intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.

The amortisation expense on intangible assets is recognised in the statement of profit and loss.

Intangible assets are derecognised either when they have been disposed of or when they are permanently withdrawn from
use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and
the carrying amount of the asset is recognised in profit or loss in the period of derecognition.

i) Investment properties

Property that is held for long-term rental yields or for capital appreciation or both and that is not in use by the Company, is
classified as investment property. Land held for a currently undetermined future use is also classified as an investment
property. Investment property is measured at its acquisition cost, including related transaction costs and where applicable,
borrowing costs.

k) Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is any indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value
less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying
amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.

In assessing value in use, the estimated future cash flows are 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 asset. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share
prices for publicly traded companies or other available fair value indicators. The Company bases its impairment calculation
on detailed budgets and forecast calculations.

Impairment losses are recognised in the statement of profit or loss.

An assessment is made at each reporting date to determine whether there is an indication that previously recognised
impairment losses on assets no longer exist or have decreased. If such indication exists, the Company estimates the asset's
or CGU's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the
assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in
prior years. Such reversal is recognised in the statement of profit or loss.

l) Cash and cash equivalents

Cash and cash equivalents In the balance sheet comprise cash at banks, cash on hand and term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.

m) Trade receivables

Trade receivables are recognised when the right to consideration becomes unconditional. The assets are held at
amortised cost, using the effective interest rate (EIR) method where applicable, less provision on

exoected credit loss.

n) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which
are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from
the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the
EIR method.

o) Inventories

Inventories are stated at cost or net realisable value whichever is lower. Cost is determined on moving weighted average
basis.

Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs
necessary to effect the sale.

Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to the present
location and condition, Cost includes the reclassification from equity of any gains or losses on qualifying cash flow hedges
relating to purchases of raw material but excludes borrowing costs.

Due allowances are made for slow | non-moving, defective and obsolete inventories based on estimates made by the
Company.

Items such as spare parts, stand-by equipment and servicing equipment which are not plant and machinery get classified
as inventory.

p) Investments and other financial assets
Classification:

The Company classifies its financial assets in the following measurement categories:

i) Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss)

ii) Those measured at amortised cost

Debt instruments:

Initial recognition and measurement:

Financial asset is recognised when the Company becomes a party to the contractual provisions of the instrument. Financial
asset is recognised initially at fair value plus, in the case of financial asset not recorded at fair value through profit or loss,
transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial asset carried at
fair value through profit or loss are expensed in the Standalone Statement of Profit and Loss.

Subsequent measurement:

Subsequent measurement of debt instruments depends on the business model of the Company for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
debt instruments:

Measured at amortised cost:

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost
using the EIR method less impairment, if any, the amortisation of EIR and loss arising from impairment, if any is
recognised in the Standalone Statement of Profit and Loss.

Measured at fair value through other comprehensive income (FVOCI):

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and
collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value
through other comprehensive income. Fair value movements are recognised in the OCI. Interest income measured using
the EIR method and impairment losses, if any are recognised in the Standalone Statement of Profit and Loss. On
derecognition, cumulative gain | (loss) previously recognised in OCI is reclassified from the equity to other income in the
Standalone Statement of Profit and Loss.

Measured at fair value through profit or loss (FVPL):

A financial asset not classified as either amortised cost or FVOCI, is classified as FVPL. Such financial assets are measured
at fair value with all changes in fair value, including interest income and dividend income if any, recognised as other
income in the Standalone Statement of Profit and Loss.

Equity instruments:

The Company subsequently measures all investments in equity instruments other than subsidiary companies and associate
company at fair value. The Company has elected to present fair value'gains and losses on such equity investments in other
comprehensive income and there is no subsequent reclassification of these fair value gains and losses to the Standalone
Statement of Profit and Loss. Dividends from such investments continue to be recognised in profit or loss as other income
when the right to receive payment is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in the Standalone Statement
of Profit and Loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are
not reported separately from other changes in fair value.

Investments in subsidiary companies, associate companies and joint venture company:

Investments in subsidiary companies, associate companies and joint venture company are carried at cost less accumulated
impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and
written down immediately to its recoverable amount. On disposal of investments in subsidiary companies, associate
companies and joint venture company, the difference between net disposal proceeds and the carrying amounts are
recognised in the Standalone Statement of Profit and Loss.

Impairment of financial assets:

The Company assesses on a forward looking basis the expected credit losses associated with its financial assets carried at
amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a
significant increase in credit risk. Note 32.2 details how the Company determines whether there has been a significant increase in credit risk.

The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables the
application of simplified approach does not require the Company to track changes in credit risk rather it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition

Derecognition:

A financial asset is derecognised only when the Company has transferred the rights to receive cash flows from the financial
asset, the asset expires or retains the contractual rights to receive the cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to one or more recipients.

Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and
rewards of ownership of the financial asset. In such cases, the financial asset is derecognised through the Standalone
Statement of Profit and Loss or other comprehensive income as applicable. Where the Company has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.

Where the Company has neither transferred a financial asset nor retained substantially all risks and rewards of ownership
of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset.
Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of
continuing involvement in the financial asset. '

Financial liabilities:

i) Classification as debt or equity:

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity Instrument.

ii) Initial recognition and measurement:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
, Financial liabilities are initially measured at the fair value.

iii) Subsequent measurement:

Financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Financial
liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in
the Standalone Statement of Profit and Loss.

iv) Derecognition:

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

q) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the Standalone Balance Sheet where there is a
legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the
assets and settle the liabilities simultaneously.

r) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised
in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of
loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility
will be drawn down. In this case, the fee is deferred until the draw down occurs.

Borrowings are removed from the Standalone Balance Sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognised in profit or loss as other income | (expense).

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period.

s) Borrowings Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period in
which their are incurred.