b) Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of ' 10/- per share.

Each holder of the Equity Shares is entitled to one vote per share held

Dividend, if any, proposed by the Board of Directors will be subject to the approval of the Shareholders in the ensuing Annual General Meeting except in case of Interim Dividend.

In the event of liquidation of the Company, the holders of the Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Terms / Rights attached to 15% Redeemable Preference Shares

The Company has only one class of preference shares having a par value of ' 10/- per share. The said shares are cumulative in nature.

Dividend, if any, proposed by the Board of Directors will be subject to the approval of the Shareholders in the ensuing Annual General Meeting except in case of Interim Dividend

In the event of liquidation of the Company, the holders of the preference Shares will be entitled to receive amounts to the extent of their holding in the company before any distribution of remaining assets of the Company to the Equity Shareholders of the Company.

Arrears of Redeemable Cumulative Preference Shares Dividend - ' 1.18/- (Previous year - ' 1.18/-)

The Balance 11,255 (Previous Year - 11,255) - 15% Preference Shares of ' 10/- each are yet to be redeemed. The time for redemption was extended up to 10.05.1999 vide resolution passed at the Board Meeting of the Company held on 16.07.1991. Further extension is being sought for.

c) Shares held by holding / ultimate holding company and / or their subsidiaries / Associates

There are no shares held by holding / ultimate holding company and / or their subsidiaries / Associates

b. Arrears of Redeemable Cumulative Preference Shares Dividend - ' 1.18 lakhs (Previous year - ' 1.18 lakhs).

c. Purchase of Raw Material viz 108 tonnes of steel was cleared by the Company at a lower rate of duty i.e. at 75% (i.e. at pre- budget rate) against 175% (as increased by the budget proposal 1981) as per the orders passed by a division bench of the High Court at Delhi in the matter of a writ petition filed by the Company, challenging the validity of the budget proposal. As per the said orders, the Company has furnished a bond, till further order of the court. The said writ petition has been disposed off for adjudication by customs. There is a contingent liability of ' 17.52 lakhs (Previous Year ' 17.52 lakhs).

d. The amounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmations / reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year’s financial statements.

e. In the opinion of the Board of Directors, unless otherwise stated in the Balance Sheet, the current assets, loans and advances have value of realisation, in the ordinary course business, at least equal to the amount stated in the Balance Sheet.

f. The Company had filed return of Income for the Financial Year 2018-19 (Assessment Year 2019-20) after adjusting the carry forward depreciation loss with current year capital gain. But, the Income-tax Department has not considered the view of the Company and raised a demand of '. 11.19 lakhs in the intimation received u/s 143(1) of the Act by the Company. The Company has filed a necessary rectification request with the Income Tax Department which is still pending. Against the said demand the Company has paid (adjustment of Income tax refund) '. 13.30 lakhs (Previous year '. 10.16 lakhs).

g. During the year, the Company has received an Order from the Maharashtra Goods and Service Tax Officer for levying GST on transfer of rights in Property situated at MIDC which were transferred in the Financial Year 2018 - 2019 and for which the Assessing Officer has levied GST Tax, Interest and Penalty of Rs. 245.52 Lakhs. The Company has filed an Appeal with Joint Commissioner of State Tax against the said Order. Against the said demand the Company has paid ' 12.24 lakhs (Previous year ' Nil lakhs).

The management believes that the demand is not tenable and accordingly, no provision has been made in the financial statements.

h. Considering the losses incurred by the Company and uncertainty about future profits, it is considered prudent by the Board of Directors to not to provide for any Deferred Tax Assets / liabilities for the year ended March 31, 2025.

i. The operating results have been adversely affected due to very low level of activities and the accumulated losses of the Company as at 31st March, 2025 stand at '. 1,588.80 Lakhs as against the share capital of '. 167.50 Lakhs. Also current liabilities as at 31st March, 2025 exceed current assets by '. 1,279.30 Lakhs. At present the Company does not have any manufacturing facility of its own and most of the workers / staff of the Company have left the employment. These conditions indicate the existence of material uncertainty about the Company's ability to continue as a going concern, which is dependent on the Company establishing profitable operations and sustainable cash flows.

The Management is in the process of further rationalizing the expenses, continuously reducing its liabilities and also considering the measures to generate additional revenue apart from revenue generated during the year. Accordingly, the Company continues to prepare its accounts on a "Going Concern" basis.

The information disclosed above in respect of principal and / or interest due to Micro and Small Enterprises has been determined on the basis of information available with the Company and confirmation / information received from the suppliers for the registration under the Micro, Small and Medium Enterprises Development Act, 2006 and for interest outstanding / due. This has been relied upon by the Auditors.

The Company has settled the accounts with various Sundry Creditors which were registered under the MSME Act as Small and Micro Enterprise. The said enterprises have waived their Interest in the favour of the Company and have settled their outstanding with the Company. Hence, the said Interest has been Credited in the books of Accounts as Other Income.

k. One of the creditors of the Company has filed legal case against the Company for recovery of dues. However, the same is being contested by the Company.

l. Disclosures pursuant to Indian Accounting Standard - 19: Employees’ Benefit

27 Financial Risk Management objectives and policies

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity prices, liquidity ad credit risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated the financial assets and liabilities such as interest rate risks and credit risks. The risk management is approved by the Board of Directors. The risk management framework aims to:

(i) Create a stable business planning environment by reducing the impact of currency and interest rate fluctuation on the Company’s business plan.

(ii) Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

a) Market Risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

b) Market Risk - Interest rate risk

Interest rate risk is that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of market interest rate relates primarily to the Company’s debt obligations with floating interest rates. The Company manages its interest rate risk by having more of fixed rate loans and borrowings.

c) Interest rate Sensitivity

As the most of the debts of the Company are fixed rate loans and borrowings, there will be minimum impact on the Company’s profit before tax due to possible change in interest rates.

d) Market Risk - Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates primarily to the Company’s operating and financing activities. The Company’s exposure to foreign currency changes from investing activities is not material.

The Company manages its foreign currency risk by hedging transactions, wherever the Company’s feels that there is need to hedge the foreign currency risk.

The Company did not have any foreign currency liabilities as on March 31, 2025 and March 31, 2024.

e) Foreign currency sensitivity

Movement in the functional currencies of the various operations of the Company against the major foreign currencies may impact the Company’s revenues from operations. Any weakening of the functional currency may improve the Company’s exports and any strengthening of the functional currency may impact the Company’s exports. The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rate shift in the foreign exchange rates of each currency by 3% which represents management’s assessment of the reasonably possible changes in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency dominated monetary items and adjusts their translation at the period end for a 3% change in the foreign currency rate.

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent

foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

f) Exposure to Credit Risk

Credit risk is the risk that counterparty will not meet its obligation under a financial instrument or customer contract, leading to a financial loss. Financial instruments that are subject to credit risk and concentration thereof principally consists of trade receivables, loans receivable, investments and cash and cash equivalent.

The carrying value of financial assets represents the maximum credit risk. The maximum exposure to credit risk was 582.32 and '. 454.46 lakhs as March 31, 2025 and March 31, 2024 respectively, being the total carrying value of trade receivables, balances with banks, bank deposits, and investments.

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. An impairment analysis is performed at each reporting date on an individual basis for major customers. The Company does not hold any collateral.

Trade Receivables are consisting of large number of customers. The Company has credit evaluation policy for each customer and based on the evaluation, credit limit of each customer is defined. Wherever, the Company assesses the credit risk as high, the exposure is backed by either advance payment / deposit.

The Company does not have higher concentration of credit risks to a single customer or group. With respect to trade receivables, the Company reviews the receivables on periodic basis and to take necessary mitigation wherever required. The Company creates allowance for all unsecured receivables based lifetime expected credit loss based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivable that are due and rates used in the provision matrix.

Credit risk on cash and cash equivalents, deposits etc. which is managed by the Company’s finance department, is generally very low as the said deposits have been made with the banks who have been assigned high credit rating by international and domestic rating agencies.

Credit risk on derivative instruments is generally low as the Company enters into the Derivative contracts with reputed banks and the size of the contracts is small.

g) Liquidity Risk Management

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that the funds are available for use as per requirements. The Company has obtained various term loans from banks / NBFCs and also unsecured

loans from directors and others for its working capital requirements and purchase of fixed assets.

The Company monitors its risk of shortage of funds on a regular basis. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of term loans. The Company assessed its concentration of risk with respect to refinancing of its debts and concluded it to be low.

h) Liquidity Tables

The following table details the Company’s remaining contractual maturity for its nonderivatives financial liabilities with agreed repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay:

28 Additional Regulatory Information

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in any other notes to the Financial Statements

(i) There are no Benami properties held by the Company. Also, there has been no proceedings initiated or pending against the Company for holding any Benami property under the Benami Transactions Prohibition) Act, 1988 (45 of 1988) and rules made thereunder

(ii) The Company doesn’t have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956

(iii) There are no transactions which are recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961)

(iv) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year

v) The Company has utilized funds raised on short term basis of ' 145.00 lakhs for

long-term unsecured loans repayment.

vi) The Company is not a wilful defaulter as declared by any bank or financial institution or any other lender.

vii) There are no charges or satisfactions yet to be registered with Register of Companies (ROC) beyond the statutory period.

viii) The Company has complied with the number of layers prescribed under clause 87 of Section 2 of the Act read with Companies (Restriction on number of layers) Rules, 2017.

ix) During the year the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to pay other person or entity including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall

(i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of company (ultimate beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

x) The Company has not received any fund from any person(s) or entity(ies) including foreign entities (including funding party) with the understanding (whether recorded in writing or otherwise) that the company shall

(i) directly or indirectly lend or invest in any manner whatsoever by or on behalf of funding party (ultimate beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

29A. The Company has selected to present the audited accounts to the nearest figure in Lakhs for the current year and previous year.

29B. Figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary, to conform to the current year’s classification and presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year’s financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.