2.11 Provisions and Contingent Liabilities

Provisions are recognized when the Company has a present obligation as a result of a past event; it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and when a reliable estimate
of the amount of the obligation can be made. Provisions are measured at the best estimate of the expenditure required to
settle the present obligation at the Balance Sheet date. The expenses relating to a provision is presented in the Statement
of Profit and Loss net of any reimbursement.

If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows specific to the liability. The unwinding of the discount is recognised as finance cost.

Contingent liabilities are disclosed when there is a 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
control 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.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit
is probable.

Commitments includes the amount of purchase orders (net of advance) issued to parties for acquisition of assets.
Provisions, contingent assets, contingent liabilities and commitments are reviewed at each balance sheet date.

2.12 Revenue recognition

i) Sale of goods

Revenue from the sale of goods in the course of ordinary activities is measured at fair value of the consideration
received or receivable, net of returns, trade discounts, cash discount and quantity discount and exclusive of Goods
and Service Tax and other taxes and duties collected on behalf of the government. Sales are recognised when goods
are supplied and significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms
of contract and no significant uncertainty exists regarding the amount of the consideration that will be derived from
the sale of the goods.

ii) Dividend and Interest income

Dividend income is recognised when the shareholder's right to receive payment has been established provided that
it is probable that the economic benefits will flow to the Company and amount of income can be measured reliably.

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the
Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference

to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts
estimated future cash receipts through the expected life of the financial asset to the asset's net carrying amount on
initial recognition.

iii) Insurance Claims

Insurance claims are accounted for on acceptance and when there is a resonable certainty of receiving the same, on
ground of prudence.

2.13 Foreign Currencies Transactions

The financial statements of the Company are presented in Indian Rupee ('), which is Company's functional and
presentation currency.

Transactions in currencies other than entity's functional currency (foreign currency) are recorded at the rates of exchange
prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies (other than
derivative contracts) remaining unsettled at the end of the each reporting period are remeasured at the rates of exchange
prevailing at that date. Non-monetary items carried at fair value that at denominated in foreign currency are retranslated
at the rate prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of
historical cost in a foreign currency are not retranslated. Exchange difference on monetary items are recognised in profit
and loss in the period.

2.14 Borrowing costs

Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds and is
measured with reference to the effective interest rate applicable to the respective borrowing. Borrowing costs that are
directly attributable to the acquisition of an asset that necessarily takes a substantial period of time to get ready for its
intended use are capitalised as part of the cost of that asset till the date it is put to use. Other borrowing costs are recognised
as an expense in the period in which they are incurred.

2.15 Employee Benefits

i) Short-term benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short term
employee benefits. Benefits such as salaries, performance incentives, etc., are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.

ii) Post Employment Benefit

(a) Defined Contribution Plans

Payments made to a defined contribution plan such as Provident Fund and Family Pension maintained with
Regional Provident Fund Office are charged as an expense in the Statement of Profit and Loss as they fall due.

(b) Defined Benefit Plans

The Company's net obligation in respect of defined benefit plans is calculated separately for each plan by
estimating the amount of future benefit that employees have earned in the current and prior periods, after
discounting the same. The calculation of defined benefit obligations is performed annually by a qualified actuary
using the projected unit credit method. Re-measurement of the net defined benefit liability, which comprise
actuarial gains and losses are recognized immediately in Other Comprehensive Income (OCI). Net interest expense
(income) on the net defined liability (assets) is computed by applying the discount rate, used to measure the net
defined liability (asset). Net interest expense and other expenses related to defined benefit plans are recognized
in Statement of Profit and Loss.

2.16 Taxes on Income

i) Current tax

Current tax is payable based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported
in the Standalone statement of profit and loss because of items of income or expense that are taxable or deductible
in other years and items that are never taxable or deductible. The current tax is calculated using tax rates that have
been enacted or substantively enacted by the end of the reporting period.

ii) Deferred tax

Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying value of
assets and liabilities in the Standalone financial statements and the corresponding tax bases used in the computation
of taxable profits and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax assets are only recognised on deductible temporary
differences to the extent that is probable that taxable profits will be available against which those deductible temporary
differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to
be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantially
enacted by the end of the reporting period.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and
there are legally enforceable rights too set off current tax assets and current tax liabilities within that jurisdiction.

iii) Minimum alternate tax

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the
form of adjustment to future income tax liability, is recognised as a deferred tax asset in the balance sheet when the
asset can be measured reliably and it is probable that the Company will pay normal income tax during the specified
period and it is probable that future economic benefit associated with it will flow to the Company.

iv) Current and deferred tax are recognised in profit and loss, except when they relate to items that are recognised in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in
other comprehensive income or directly in equity respectively.

2.17 Earning Per Share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity shareholders
by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted
earnings per share, the net profit / (loss) for the period attributable to the equity shareholders and the weighted average
number of equity shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

2.18 Dividend Distribution

Dividend distribution to the Company's shareholders is recognised as a liability in the Company's financial statements in
the period in which the dividends are approved by the Company's shareholders.

2.19 New and amended standard

Several amendments and interpretations apply for the first time annual periods beginning on or after April 01, 2024, but
do not have an impact on the financial statements of the Company. The Company has not early adopted any standards
or amendments that have been issued but are not yet effective.

Nature and purpose of reserve

Securities Premium Account : The amount received in excess of face value of the equity shares is recognised in securities
Premium Reserve. In case of equity-settled share based payment transactions, the difference between fair value on grant date
and nominal value of share is accounted as securities premium reserve.

Capital Reserve : The excess of fair value of net assets acquired over consideration paid in a common control transaction is
recognised as capital reserve. Where the consideration transferred exceeds the fair value of the net identifiable assets acquired
and liabilities assumed, the excess is recorded as goodwill.

Retained Earnings : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.

Other Comprehensive Income : The effect of the remeasurement changes (comprising actuarial gains and losses) to the asset
ceiling (if applicable) and the return on plan assets (excluding interest), is reflected in the balance sheet with a charge or credit
recognised in other comprehensive income in the period in which they occur. Other comprehensive income (OCI) includes
revenues, expenses, gains and losses that are yet to be realized and are excluded from net income on an income statement. OCI
represents the balance between net income and comprehensive income.

(ii) Defined benefit plans
Gratuity

The Company participates in the Employees' Group Gratuity-cum-Life Assurance Scheme of SBI Life Insurance Co. Ltd. and
Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible
employees on death or on separation / termination in terms of the provisions of the Payment of Gratuity Act, 1972 (as
amended from timt to time), or as per the Company's scheme whichever is more beneficial to the employees.

The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as
at the Balance Sheet date, carried out by an independent actuary.

Assumed discount rates are used in the measurement of the present value of the obligation.

Amount recognised as expenses

Employer's Contribution to Provident Fund amounting to ' 294.17 Lakhs (previous year ' 238.34 Lakhs) has been included
in Note 30 Employee Benefits Expenses.

Employer's Contribution to ESIC amounting to ' 74.42 Lakhs (previous year ' 64.87 Lakhs) has been included in Note 30
Employee Benefits Expenses.

Gratuity cost amounting to ' 224.39 Lakhs (previous year ' 271.68 Lakhs) has been included in Note 30 Employee
Benefits Expenses.

The Company manages its capital to ensure that entities will be able to continue as going concerns while maximising the return
to stakeholders through the optimisation of the debt and equity balance. The Capital structure of the Company consists of net
debt and the total equity of the Company.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio,
which is net debt divided by total capital plus net debt. The Company includes within net debt, long term-term borrowings,
short-term borrowings, less cash and short-term deposits.

Gearing Ratio

The gearing ratio at end of the reporting period was as follows

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings and trade and other
payables. The Company's principal financial assets include loans, trade and other receivables, and cash and short-term deposits
that derive directly from its operations. The Company also holds FVTOCI investments and enter into derivative transactions. The
Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The
use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written
principles on foreign exchange risks, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial
instruments. The Company does not enter into or trade financial instruments including derivative financial instruments, for
speculative purposes.

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
market prices. The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange
rates and interest rates. The Company enters into derivative financial instruments to manage its exposure to foreign
currency risk and interest rate risk.

Foreign currency risk management

The Company is exposed to currency risk on account of its borrowings, Receivables for Exports and Payables for Imports
in foreign currency. The functional currency of the Company is Indian Rupee. The Company manages currency exposures
within prescribed limits, through use of forward exchange contracts. Foreign exchange transactions are covered with strict
limits placed on the amount of uncovered exposure, if any, at any point in time.

Interest rate risk management

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change
in market interest rates. The company's exposure to the risk of changes in market interest rates relates primarily to the
company's short-term debt obligations with floating interest rates.

Interest rate sensitivity analysis

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss.
Therefore, a change in interest rates at the reporting date would not affect profit or loss.

2. Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer and the
geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company monitors each loans and advances given and makes any specific provision wherever required.

Based on prior experience and an assessment of the current economic environment, Management believes there is no
credit risk provision required. Also Company does not have any significant concentration of credit risk.

3. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Management monitors rolling forecasts of the Company's liquidity position on the basis of expected cash flows. This
monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

The Company has access to funds from debt markets through loan from banks and other debt instrument. The Company
invests its surplus funds in bank fixed deposits.

Note - 40 Fair value measurements

Refer Note ( 2.07) for accounting policy on Financial Instruments.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimare the fair values:

Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, working
capital loan from banks approximate their carrying amounts largely due to the short term maturities of these instruments.

Financial instruments other than above are carried at amortised cost except certain assets which are carried at fair value.

The Company uses the following hierarchy for determining and disclosing the fair value of finnacial instruments by valuation
technique.

1. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect
the outcome of these proceedings to have a materially adverse effect on its financial results.

2. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending
resolution of the respective proceedings as it is determinable only on receipt ofjudgements/decisions pending with various
forums/authorities.

Note - 43 Capital management

The Company's Gorkhapur unit has established its unit under attraction of financial incentives and other benefits of a Scheme
of State Government of Uttar Pradesh notified vide Government Order No. 1502/77-6-2006-10 tax/04 dated 1st June, 2006 and
which have been elaborated in Government Order No. 2941/77-6-2006-10 tax/04 dated 30th November, 2006 and amended
from time to time. The said Scheme provides following financial incentives besides other benefits to the Industries established
in the State after 1st June, 2006. Company has complied with all the formalities required in this regard and has been declared an
eligible unit under the Scheme; as such the Company is entitled to get the following financial incentives:

a) Capital investment subsidy, additional capital investment subsidy and infrastructure subsidy @35% on fixed capital
investment.

b) Reimbursement of freight paid on raw materials subject to maximum of 65% of the fixed capital investment.

c) Amount of payable Commercial Taxes to State Government (VAT at that time presently GST) to be converted into interest
free loan, repayable after a period of 15 years.

State Government, after declaring the unit an eligible unit disbursed an amount of ' 24.28 Crores as part payment of the
subsidies in the year 2010, but thereafter refused to pay the balance amount of financial incentives. Having no option.
Company moved to Hon'ble High Court of Allahabad Lucknow Bench in 2011 and after a long battle in Court, finally
Hon'ble High Court vide its order dated 22.03.2018 directed State Government to pay all the incentives within three months
time. State Government instead complying with the order moved a special leave petition No. 19796 before the Hon'ble
Supreme Court which is pending for final disposal before the Hon'ble Supreme Court.

Financial Benefits to be received under the scheme are as under:

a) Company is eligible for incentives i.e. Capital investment subsidy @ 20% of fixed capital investment, infrastructure subsidy
@ 10% of total fixed capital investment and 5% additional capital subsidy being the first unit in Purvanchal region totalling
subsidy @ 35% on fixed capital investment. Company has claimed for ' 12,262.00 Lakhs against the capital investment
made upto 31st May, 2012. The incentive received of ' 2,428 Lakhs has been credited in fixed assets in the ratio of capital
investment made. No provision has been made for the unrealised claim of ' 9,834 Lakhs in the books.

b) Reimbursement of freight paid on raw materials subject to maximum of 65% of the fixed capital investment.

Company is eligible for reimbursement of freight paid on transportation of raw materials as freight subsidy on Iron Ore
equivalent to the Railway freight. The total amount of freight subsidy is restricted to 65% of the total capital investment
under the scheme that comes to ' 22,775.00 Lakhs, Since Company has already claimed ' 22,775.00 Lakhs till March, 2018
as such no amount is available to be claimed as freight subsidy during the year and onward,

c) Amount of payable Commercial Taxes to State Government (VAT at that time presently GST) to be converted into interest
free loan, repayable after a period of 15 years.

Company is eligible for interest free loan equivalent to the amount of VAT, CST & GST laibility for 15 years and which shall
be repayable after 15 year. The Company has claimed as interest free loan amounting to ' 10,828.03 Lakhs up to 30th
June, 2017 on account of VAT upto 30th June, 2017. Out of total claim of ' 10,828.03 Lakh, ' 9,255.64 Lakhs has not been
deposited to Commercial Tax Department in accordance with order of Hon'ble High Court of Allahabad in writ petiiton no.
8886/2011, however, ' 1,572.39 Lakhs have already been deposited before the said stay order.

The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits
has received Presidential assent on 28th September 2020. The Code has been published in the Gazette of India. However, the
effective date of the Code is yet to be notified and final rules for quantifying the financial impact are also yet to be issued. In view
of this, the Company will assess the impact of the Code when relevant provisions are notified and will record related impact, if
any, in the period the Code becomes effective.

Note - 50

The Income Tax Department has conducted a search operation in April, 2023. Pursuant to that, the Income Tax Department
initiated the assessment for 7 (Seven) Assessment Years and has concluded the assessment till Assessment Year 2023-24 without
any addition to the taxable income. However, assessment for the Assessment Year 2024-25 is in progress and the management
is of the view that conclusion for the Assessment Year 2024-25 will be without any addition in the taxable income in line with
the last previous years.

Note - 51

No proceeding has been 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.

Note - 52

The company do not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of Companies Act, 1956.

Note - 53

Figures for the previous years have been regrouped / restated wherever necessary to conform to current year's presentation.

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

Chandra Prakash Agrawal

Chairman & Managing Director
DIN: 01814318

For MAROTI & ASSOCIATES Dinesh R Agarwal

Chartered Accountants Whole-time Director

Firm Registration No : 322770E DIN: 01017125

Mayank Agrawal

Komal Jain Chief Executive Officer

Partner Sandip Kumar Agarwal

Membership No. 303583 Chief Financial Officer

UDIN: 25303583BMONBI2647 Nitesh Kumar

Company Secretary

New Delhi, May 21,2025 Gorakhpur, May 21 , 2025