(g) Provisions

As per IND AS-37 Provisions are recognized in the balance sheet when the Company has a
present obligation (legal or constructive) as a result of a past event, which is expected to
result in an outflow of resources embodying economic benefits which can be reliably
estimated. Each provision is based on the best estimate of the expenditure required to settle
the present obligation at the balance sheet date. Where the time value of money is material,
provisions are measured on a discounted basis. Constructive obligation is an obligation that
derives from an entity's actions where:

(a) by an established pattern of past practice, published policies or a sufficiently
specific current statement, the entity has indicated to other parties that it will accept certain
responsibilities and;

(b) as a result, the entity has created a valid expectation on the part of those other
parties that it will discharge those responsibilities.

(h) Government grants

In accordance with Ind AS 20 "Government Grants", duty drawback on sale of goods and
Duty credit scrip under RO DTEP Scrip scheme has been treated as a Government grants.
Such income is released to the statement of profit and loss based on fulfillment of related
export obligations.

(i) Income taxes as per IND AS-12

a) Current tax is the amount of tax payable on the taxable income for the year as
determined in accordance with the applicable tax rates and the provisions of the Income
Tax Act, 1961 and other applicable tax laws.

b) Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying values of assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit and is accounted for using the balance
sheet liability method. Deferred tax liabilities are generally recognized for all taxable
temporary differences. In contrast, deferred tax assets are only recognized to the extent
that it is probable that future taxable profits will be available against which the temporary
differences can be utilized.

(j) Revenue

Revenue is recognized to the extent that it is probable that the economic benefits will flow
to the Company and the revenue can be reliably measured, regardless of when the payment
is being made. Revenue is measured at the fair value of the consideration received or
receivable net of discounts, taking into account contractually defined terms and excluding
taxes or duties collected on behalf of the government.

(i) Sale of goods

Revenue from the sale of goods is recognized when the significant risks and rewards of
ownership have been transferred to the buyer. No revenue is recognized if there are
significant uncertainties regarding recovery of the amount due, associated costs or the
possible return of goods.

(ii) Interest income

Interest income is accrued on a time proportion basis, by reference to the principal
outstanding and the effective interest rate applicable.

(iii) Rental income

Rental income from investment properties is recognized on a straight line basis over the
term of the relevant let out period.

(iv) Foreign currency transactions and translations

The financial statements of the Company are presented in Indian rupees (Rs), which is the
functional currency of the Company and the presentation currency for the financial
statements.

In preparing the financial statements, transactions in currencies other than the Company's
functional currency are recorded at the rates of exchange prevailing on the date of the
transaction. At the end of each reporting period, monetary items denominated in foreign
currencies are re-translated at the rates prevailing at the end of the reporting period.

Exchange differences arising on the settlement of monetary items are included in the
statement of profit and loss for the period.

(k) Borrowing costs

As per IND AS-23 Borrowings costs directly attributable to the acquisition, construction or
production of qualifying assets, which are assets that necessarily take a substantial period of
time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for the intended use or sale.

(l) Employee Benefits:

The Company participates in a Provident Fund contribution plan on behalf of relevant
personnel. Any expense recognized in relation to these schemes represents the value of
contributions payable during the period by the Company at rates specified by the rules of
those plans. The only amounts included in the balance sheet are those relating to the prior
months contributions that were not due to be paid until after the end of the reporting
period.

The Company has an obligation towards gratuity, a defined benefit retirement plan covering
eligible employees. The plan provides for a lump- sum payment to vested employees at
retirement, death while in employment or on termination of employment of an amount
equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon
completion of five years of service. The Company do not have any funding arrangement.
They settle the Gratuity on Pay-N-Go basis. The Company accounts for the liability for
gratuity benefits payable in the future based on a year-end actuarial valuation report.

(m) Financial Instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to
the contractual provisions of the instrument. Financial assets at stated at cost
(a) Financial assets

1. Cash and bank balances - Cash and cash equivalents include cash in hand, deposits held
at call with banks & bank balances includes balances with banks.

2. Trade Receivables -Trade receivables are initially measured at transaction costs and
subsequently measured to the extent realizable.

(a) Financial Liabilities

Trade and other payables are initially measured at transaction costs Interest bearing
bank loans, overdrafts are initially measured at cost.

(b) De-recognition of financial liabilities

The Company de-recognizes financial liabilities when, and only when, the Company's
obligations are discharged, cancelled or they expire.

(c) Non-current assets held for sale and discontinued operations

Non-current assets and disposal groups classified as held for sale are measured at the
lower of their carrying vjaiu? and fair value less costs to sell. However there are no
such items identified during the year. \ v VT V

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(n) Leases

The company has not entered into any lease transactions during the year. Hence a
provision of Ind AS 116- Leases is not applicable.

(o) lnvestments:

Investments in equity instruments issued by other than subsidiaries are classified as
at FVTPL, unless the related instruments are not held for trading and the
Company irrevocably elects on initial recognition to present subsequent changes in
fair value in Other Comprehensive Income. The companies has made non-current
investment in unquoted equity instruments of a Company and are not held for
trading .The investment is measured at cost less impairment if any.

3. NOTES TO ACCOUNTS

1) All Assets & liabilities are presented as current and noncurrent as per criteria set out
in Schedule - III to the companies Act 2013 as notified by the Ministry Of Corporate
Affairs. Based on the Nature of operation of the company and realization from the
trade receivable, the company has ascertained its operating cycle of less than 12
months period has been considered for the purpose of current/Noncurrent
classification of Assets and Liabilities.

2) Property Plant & equipment are realizable at least to the extent of the values stated
against them. No impairment is recognized in the values as per lndAS-36 as
management is of opinion that no impairment of assets is noticed.

During the year the Capital work in progress of Rsl2,34,26,885/- is considered under
Property Plant & equipment, the same is planned to complete as below.

3) The value of Investment property Rs 11,67,068/- is separately shown in the balance
sheet as per Ind AS -40.

Rental Income from Investment property earned during the year 2024-25 is
7,15,000/-. Carrying value of the investment property is separately disclosed in
financial statements.

The investment property is recognized and measured at cost. During the year the
company has not carried out valuation from independent valuer. In absence of any
such report the property is disclosed at cost.

1) Depreciation on Property plant & Equipment has been provided during the year to
the tune of Rs.7.37 Crores as per the revised rates prescribed under Schedule II of the
Companies Act, 2013.

i. Inventories as on 31st March 2025 has been taken, valued as certified by the
Management and the same was physically verified by Management on 31st March
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ii. Cost of material consumed during the year is Rs.3,83,57,82,321. These include
purchase cost& import duties and all the direct expenses incurred during the year.

iii. Working capital loan from City Union Bank is hypothecated on the above Stock.

6) Financial assets and liabilities

Trade Receivables, Trade payables, Loans & Advances, cash in hand has been taken at
Book Value subject to confirmation and reconciliations. Till the date of signing the
report Balance Confirmations have not been received.

a) Trade receivables are further classified into various groups, outstanding less than
six months and more than six months, more than one year and more than two
year and more than three years.

Loan given during the previous year to ASP Private Limited (Common Control Entity) is
in accordance with section 186 of Companies Act 2013 and fully recovered along with
interest in the current financial year.

In the opinion of the Management, the current asset, loans & advances are
approximately of the value stated, if realized in normal course of the business of the
company. The provision for depreciation and all known liabilities made except where
specifically stated otherwise is considered adequate and not in excess of amounts
reasonably considered necessary.

7) Long term Borrowings

Long term borrowings includes the following

Secured Long Term Borrowings are secured by Tangible Assets, hypothecation of
stock & book debts and personal guarantees by directors. The balance does not
include the EMI payable in next twelve months, the same is shown in Short term
Borrowings under current liabilities.

(**) ^The company has filed an appeal against Advance Ruling before the Appellate
Authority for clarification & Advance Ruling, Commercial Taxes Department on
reversal of input tax credit of goods destroyed in fire. The outcome of the same is not
in company's favour. The company has filed appeal in Telangana High court against
this order.. However there may be a contingent liability regarding reversal of input tax
credit amounting to Rs 35, 72,577/- based on the calculation, in which input tax credit
availed on cost of production is reduced by GST payable on scrap sales based on the
outcome of Appeal. The company has not made any provision in this year and the
liability will be determined only on the outcome of the appeal petition pending
before the Telangana High Court.

b) Contingent Assets not recognized:

The company is having a pending case regarding recovery of Dues amounting to RS
98,91,556.00 from M/s Punjab State Forest Corporation. During the year 2022-23
company has submitted certificate claiming interest amounting to Rs l,03,24,331/-(
till 31/03/2023) to be received as per the provisions of Clause Number 16 of Chapter
V of MSME Act 2006.The same is not considered during the year as Contingent assets
are not recognized in financial statements since this may result in the recognition of i

income that^may/hever be realized. However, when the realization of income\is\vj

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* Previous Year figures have been regrouped wherever necessary to confirm to the
current year classification and figure are presented to the nearest rupee value

19) Earnings per share (EPS):

As per IND AS-33 the Basic EPS is computed by dividing the net / profit (loss)
attributable to the equity shareholders for the year by the weighted average number
of equity shares outstanding during the reporting period.

(*)The company on 31/08/2023 has sub divided each of the Equity Shares of the
company having face value of Rs 10/- each in Authorized, Issued, Subscribed and paid
up Share Capital of the company into Five (5) Equity Shares having a face value of Rs
2/- each fully paid, of the Company before the National Stock Exchange. All the
relevant procedures and execution is in progress to give effect to this decision from
the record date.

21) Corporate social responsibility

Corporate Social Responsibility (CSR) As per Section 135 of the Companies Act, 2013,
a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate
social responsibility (CSR) activities. The areas for CSR activities are promoting
education, promoting gender equality by empowering women, healthcare,
environment sustainability, art and culture, destitute care and rehabilitation, disaster
relief, COVID-19 relief and rural development projects. A CSR committee has been
formed by the Company as per the Act. The funds were primarily utilized through the
year on these activities which are specified in Schedule VII of the Companies Act,
2013. The CSR Policy can be accessed on the company's website at
https://www.geekaywires.com/pdf/policv/csr-policies.pdf

(l)Effective February 2, 2022, Geekay wires Trust a trust jointly controlled by the KMP of
Geekay wires Limited is a related party. For the year ending March 31, 2025, the Company
has made contributions to Geekay wires Trust to fulfill its corporate social responsibilities.
Geekay wires Trust supports programs in the areas of Promoting education, promoting ft,
gender equality by empowering Women, healthcare; environment sustainability, art'bnk^"'

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24). Previous Year figures have been regrouped wherever necessary to confirm to the current
year classification and figure are presented to the nearest rupee value.

OUR REPORT OF EVEN DATE ATTACHED

For M.M.PALOD& CO., FOR AND ON BEHALF OF THE BOARD - -

Chartered Accountants, Ý /h?/'—

FRN.0060207S I \

---- T ^Apil ¹! ^anshyam Dass <0*

y ^---—Ý ^,is ^Viy* jj Chairman & Managing Director ^:

,_M 7;,_h . din: 01539152

^Partner vJ^u/WaJh!

M.No.200858 ft AV3\ Jvf

2. Abhijit Patki\^

^CF0 tf

3. Kirti Gupta ' ^>J)$ /

Place: Hyderabad

Date: 19/05/2025 Company Secretary &Compliance Officer