(u) Provisions and contingent liabilities
Provisions

Provisions are recognized when there is a present legal
or constructive obligation as a result of a past events,

it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and there is a reliable estimate of the
amount of the obligation. Provisions are not recognised
for future operating losses.

Provisions are measured at the present value of
management's best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. If the effect of the time value
of money is material, provisions are determined by
discounting the expected future cash flows at a pre¬
tax rate that reflects current market assessments of
the time value of money and the risks specific to the
liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as
an interest expense.

Contingent liabilities

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.

(v) Employee benefits

(i) Short term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within period of operating cycle after the
end of the period in which the employees render
the related service are recognised in respect of
employees' services up to the end of the reporting
period and are measured at the amounts expected
to be paid when the liabilities are settled.

(ii) Other long term employee benefit
obligations

The liabilities for earned leave are not expected to
be settled wholly within period of operating cycle
after the end of the period in which the employees
render the related service. They are therefore
measured as the present value of expected future
payments to be made in respect of services
provided by employees up to the end of the
reporting period using the projected unit credit
method. The benefits are discounted using the
market yields at the end of the reporting period
that have terms approximating to the terms of the
related obligation. Remeasurements as a result of

experience adjustments and changes in actuarial
assumptions are recognised in profit or loss. The
obligations are presented as current liabilities in
the balance sheet if the Company does not have
an unconditional right to defer settlement for at
least twelve months after the reporting period,
regardless of when the actual settlement is
expected to occur.

(iii) Post-employment obligations

The Company operates the following post¬
employment schemes.

Ý defined benefit plan i.e. gratuity

Ý defined contribution plans such as provident
fund and employees state insurance(ESI)

Gratuity obligations

The liability or asset recognised in the standalone
balance sheet in respect of defined benefit gratuity plan
is the present value of the defined benefit obligation at
the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit
method.

The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the end
of the reporting period on government bonds that
have terms approximating to the terms of the related
obligation.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost
is included in employee benefits expense in the
standalone statement of profit and loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in which they
occur, directly in other comprehensive income.

They are included in retained earnings in the standalone
statement of changes in equity and in the standalone
balance sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit or
loss as past service cost.

Defined contribution plans

The Company pays provident fund contributions to
publicly administered provident funds as per local

regulations and also makes contribution to employees
state insurance. The Company has no further payment
obligation once the contributions have been paid. The
contributions are accounted for as defined contribution
plans and the contributions are recognised as employee
benefits expense when they are due.

(w) Contributed equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue
of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

(x) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• The profit attributable to owners of respective
class of equity shares of the Company

• By the weighted average number of equity
shares (respective class wise) outstanding
during the financial year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used
in the determination of basic earnings per share to
take into account:

• the after income tax effect of interest and
other financing costs associated with dilutive
potential equity shares, and

• the weighted average number of additional
equity shares that would have been
outstanding assuming the conversion of all
dilutive potential equity shares.

(y) Non-current assets held for sale

Non-current assets comprising assets and liabilities,
that are expected to be recovered primarily through
sale rather than through continuing use, are classified
as held for sale. Immediately before classification as
held for sale, the assets are remeasured in accordance
with the Company's accounting policies. Thereafter
generally the assets are measured at the lower of their
carrying amount and fair value less cost to sell. Any
impairment loss on initial classification as held for sale
and subsequent gains or losses on re-measurement are
recognized in the statement of profit and loss. Gains are
not recognized in excess of any cumulative impairment
loss.

(z) Rounding of amounts

All amounts disclosed in the standalone financial
statements and notes have been rounded off to the
nearest millions as per the requirement of Schedule III,
unless otherwise stated.

Note 2: Changes in accounting policies and disclosuresNew amendments issued but not effective

The Ministry of Corporate Affairs ("MCA”) notifies new
standards or amendments to existing standards under the
Companies (Indian Accounting Standards) Rules from time
to time.

A. Newly notified and amended Standards applied
during the year

1. Ind AS 21, The Effects of Changes in Foreign Exchange
Rates (amended 7 May 2025):

This amendment specifies how an entity should assess
whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability
is lacking, and it introduces related disclosure
requirements. The Company has assessed that this
amendment does not have any impact on its Financial
Statements.

2. Ind AS 1, Presentation ofFinancial Statements (amended
13 August 2025):

This amendment clarifies that an entity's right to defer
settlement of a liability for at least 12 months after the
reporting period must have substance and must exist
at the end of the reporting period. It also clarifies that
management's expectations as to whether settlement
will be deferred do not affect the liability's classification,
and it sets out requirements for liabilities that may be
settled through the issue of an entity's own instruments.
Further, the amendment states that covenants which
need to be complied with only after the reporting date
are not to be considered when classifying a liability as
current or non-current, and it requires disclosure where
a liability is classified as non-current on the basis that the
right to defer settlement is contingent on compliance
with covenants within the following twelve months.
The Company has assessed that this amendment does
not have any impact on its Financial Statements.

3. Ind AS 7, Statement of Cash Flows, and Ind AS 107,
Financial Instruments - Disclosures (amended 13
August 2025):

This amendment introduces disclosure requirements
that enable users of financial statements to assess
how supplier finance arrangements affect an entity's
liabilities, cash flows, and exposure to liquidity risk. The
Company has assessed that this amendment does not
have any impact on its Financial Statements.

4. Ind AS 12, Income Taxes (amended 13 August 2025):

This amendment provides a temporary exception to
the recognition and disclosure of deferred taxes arising
from the implementation of the Pillar Two model rules,
and it introduces additional disclosure requirements
regarding an entity's exposure to income taxes in
periods where Pillar Two legislation has been enacted
or substantively enacted but is not yet effective. The
Company has assessed that this amendment does not
have any impact on its Financial Statements.

B. Standards and amendments notified but not yet
effective

1. Ind AS 1, Presentation of Financial Statements:

Under Paragraph 74 of Ind AS 1 as currently effective for
the year ended 31 March 2026, an entity is not required
to classify a liability as current where a breach of a
material covenant of a long-term loan arrangement,
occurring on or before the end of the reporting period,
would otherwise make the liability payable on demand,
provided the lender has agreed, after the reporting
period but before the financial statements are approved
for issue, not to demand payment as a consequence
of the breach. The MCA, vide notification dated 13
August 2025, has amended Paragraph 74 of Ind AS 1
to require that such a liability be classified as current,
on the basis that the entity does not have the right, at
the end of the reporting period, to defer its settlement
for at least twelve months thereafter. This amendment
is effective for annual reporting periods beginning on
or after 1 April 2026 and is to be applied retrospectively
in accordance with Ind AS 8. The amendment is not
expected to have a material impact on the Company's
Financial Statements.

Notes:

1) Refer note 19 and 22 for information on property, plant and equipment offered as security against borrowings taken by
the Company

2) The Company has not revalued any of its property, plant and equipment during the current year and previous year.

3) The Company has not have CWIP as on March 31,2026.

Note 3(b) - Assets classified as held for sale

The Audit Committee, at its meeting held on February 03, 2026, reviewed the financial position and operating performance
of the Company's Bagru Unit (natural stone processing). In view of sustained financial and cash losses and continued capacity
under-utilisation resulting in adverse fixed-cost absorption, the Board of Directors approved the discontinuation of operations
at the Bagru Unit with effect from March 31,2026.

Nature and purpose of reserves

(i) Securities premium

Amounts received on issue of shares in excess of the par value has been classified as securities premium, net of
utilisation.

(ii) Capital reserve

The Company in December 04, 2023 received INR 496.07 million (net of issue expenses of INR.2.68 million) being 25%
of total consideration against the issuance and allotment of 95,00,000 warrants convertible into an equivalent number
of equity shares to the investors belonging to both the promoter and non-promoter categories on a preferential basis
at a price of INR 210/- per warrant (including premium of INR 200/- each). The tenure of these warrants was 18 months
from the date of allotment. The Warrant holders were entitled to exercise the right attached to the said Warrants within
a period of Eighteen (18) months from the date of allotment of such Warrants, i.e. on or before June 03, 2025. The said
Warrant holders have failed to exercise their rights to convert the warrants and acquire Equity Share underlying the said
Warrants. As a result of non-exercise of option to convert within the stipulated time period, 95,00,000 convertible warrants
stand cancelled/lapsed and net consideration of INR 496.07 million received by the Company from the Warrant holders,
towards allotment of said Warrants, stands forfeited, as per the terms of the issue and has been transferred to Capital
Reserve.

(iii) Retained earnings

The cumulative gain or loss arising from the operations which is retained by the Company is recognised and accumulated
under the heading "Retained Earnings” At the end of the year, the profit after tax and Other Comprehensive income are
transferred from the statement of profit and loss to retained earnings. Other comprehensive income comprises actuarial
gains and losses on defined benefit obligation.

(iv) Money received against convertible share warrants

Pursuant to approval of shareholders in the EGM held on November 16, 2023, the company allotted 95,00,000 convertible
warrants at a price of INR 210/- per warrant convertible in to equivalent number of equity shares including premium of
INR 200/- total amounting INR1995.00 million in the meeting of Board of directors of the Company held on December 4,
2023. An Amount of INR 498.75 million was received (25% of the price per warrant) from the issue proceed of convertible
warrants. The tenure of these warrants shall not be exceed 18 months from the date of allotment.

Note:a) Credit facilities from Banks

Credit facilities from bank (presently in multiple banking with HDFC Bank Limited and Kotak Mahindra Bank Limited) is secured
by Equitable mortgage of factory Land and Building of Company situated at Bagru Industrial Area and at Mahindra SEZ and
hypothecation of existing and future movable fixed assets, book debts, fixed deposits, plant and machinery and stock of the
Company.

-Further secured by

Personal Guarantees of managing director and executive director

Repayment:

Term Loan is repayable as under:

Term Loan I:- 25 monthly installments of INR 0.76 each beginning from 07/09/2022 (Interest rate @ 9.48% previously);(Repaid
during the last year)

Term Loan II:- 19 monthly installments of INR 1.08 each beginning from 07/09/2022 (Interest rate @ 9.48% previously);(Repaid
during the last year)

Term Loan III:- 19 monthly installments of INR 0.70 each beginning from 07/09/2022 (Interest rate @ 9.48% previously);(Repaid
during the last year)

GECL Loan:- 37 monthly installments of INR 1.80 each beginning from 07/01/2024 (Interest rate @ 9.01% presently).

Vehicle Loans is secured by hypothecation of respective Motor vehicle.

(i) Repayable in 48 monthly installment of INR 0.06 each beginning from 01/07/2025 and bullet repayment of INR 2.84 at the
end of loan period

(ii) Repayable in 48 monthly installment of INR 0.18 each beginning from 01/02/2026 and bullet repayment of INR 6.78 at the
end of loan period

(iii) Repayable in 48 monthly installment of INR 0.15 and bullet repayment of INR 5.43 at the end of loan period (Repaid during
the year)

The carrying amounts of Trade receivables, Cash and cash equivalents, Bank balances other than cash and cash equivalents,
Current loans, Current borrowings, Trade payables, Interest accrued on borrowings, security deposits and other financial assets
and other financial liabilities are considered to be the same as their fair values, due to their short-term nature.

Note 40 : Financial risk management

The Company's Risk Management framework encompasses practices relating to the identification, analysis, evaluation,
treatment, mitigation and monitoring of the strategic, external and operational controls risks to achieving the Company's
business objectives. It seeks to minimize the adverse impact of these risks, thus enabling the Company to leverage market
opportunities effectively and enhance its long-term competitive advantage. The focus of risk management is to assess risks
and deploy mitigation measures.

The Company's activities expose it to variety of financial risks namely market risk, credit risk, liquidity risk and commodity risk.
The Company has various financial assets such as deposits, trade and other receivables and cash and bank balances directly
related to the business operations. The Company's principal financial liabilities comprise of borrowings, trade and other
payables. The Company's senior management's focus is to foresee the unpredictability and minimize potential adverse effects
on the Company's financial performance. The Company's overall risk management procedures to minimize the potential
adverse effects of financial market on the Company's performance are outlined hereunder:

The Company's Board of Directors have overall responsibility for the establishment and oversight of the Company's risk
management framework.

The note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

(A) 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 from its financial activities
including deposits with banks and other financial instruments. The Company establishes an impairment allowance based
on Expected Credit Loss model that represents its estimate of incurred losses in respect of trade and other receivables and
advances.

(i) Trade Receivables:

The Company extends credits to customers in normal course of the business. The Company considers the factors such as credit
track record in the market of each customer and past dealings for extension of credit to the customers. The major customers
of the Company are large corporates which are operating in serval jurisdiction and they have a good credit record. For all the
customer, the Company regularly monitors the payment track record of each customer and outstanding customer receivables.

The majority of the sale of the company is in US Markets. Companies financial results are dependent on continuous access
to the US markets and tariff and other trade barriers that restricts or prevent access represent a continuing risk to us. Further
to address the same risk in middle east market, the Company has established a production facility in Dubai (JAFZA) which
provides the Company an added advantage, competitiveness and preference by the potential customer in that region.

Before accepting any new customer, the Company uses an internal credit system to assess the potential customer's credit
quality and defines credit limit of customer. Limits attributed to customers are reviewed periodically.

The average credit period taken on sales of goods is 30 to 150 days. Generally, no interest has been charged on the receivables.

The Company generally does not hold any collateral over any of its trade receivables i.e all of the trade receivables are unsecured,
however the Company takes ECGC coverage for most of its shipment according to credit limits of various customers to mitigate
the credit risk.

(ii) Cash and cash equivalents and short-term investments:

The Company considers factors such as track record, size of institution, market reputation and service standard to select the
banks with which deposits are maintained. The Company does not maintain significant deposit balances other than those
required for its day to day operations. Credit risk on cash and cash equivalents is limited as these are generally held or invested
in deposits with banks and financial institutions with good credit ratings.

Further, the Company also invests its surplus fund into short term highly liquid investment/mutual funds. For investment into
these investment, the Company takes services of independent experts who can advise the investment which have minimal
market risk.

(B) Liquidity Risk:

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
Company's approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without
incurring unacceptable losses. In doing this, management considers both normal and stressed conditions.

The Company's objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company
relies on a mix of borrowings, capital and excess operating cash flows to meet its needs for funds. The current committed
lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its
liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom
on its undrawn committed borrowing facilities so that it does not breach borrowing limits.

(iii) 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. Market risk comprises three types of risks : foreign currency risk, interest risk and other price risk such as commodity
risk.

(a) 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 and arises where transactions are done in foreign currencies. It arises mainly where receivables and
payables exist due to transactions entered in foreign currencies. The Company evaluates exchange rate exposure arising from
foreign currency transactions and follows approved policy parameters utilizing forward foreign exchange contracts whenever
felt necessary. The Company does not enter into financial instrument transactions for trading or speculative purpose.

The Company transacts business primarily in USD, AED, Indian Rupees and Euro. The Company has foreign currency trade
payables, borrowings, loan and advances and trade receivables and is therefore, exposed to foreign exchange risk. Certain
transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign
currencies i.e for some trade receivables the Company takes buyer credit facilities which is denominated in same foreign
currency.

(b) Interest risk

The Company's exposure to the risk of changes in market interest rates relates primarily to long term debts and packing credit
facilities having floating rate of interest. Its objective in managing its interest rate risk is to ensure that it always maintains
sufficient headroom to cover interest payment from anticipated cashflows which are regularly reviewed by the Board. However,
the risk is very low.

The Company manages interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The exposure of
the Company's borrowing to interest rate changes at the end of the reporting period are as follows:

(b) Sensitivity

Profit or loss is sensitive to higher / lower interest expense as a result of changes in interest rates. A 50 basis point increase
or decrease is used when reporting interest rate risk internally to key management personnel and represents management's
assessment of the reasonably possible change in interest rates. With all other variables held constant, the Company's profit
before tax will be impacted by a change in interest rate as follows:

(iii) Commodity Risk:

The Company is exposed to the movement in the price of key raw materials in the domestic market. The Company has in place
policies to manage exposure to fluctuation in prices of key raw materials used in operations. In cases, The Company foresee
any fluctuations in the prices of key raw material, it makes an understanding with the major suppliers and place advance
orders for the raw material.

(iv) Regulatory Risk:

The group's operations are subject to complex trade and custom laws, regulations and tax requirements. The united states has
recently imposed or proposed imposing substantial tariffs on goods imported from many countries, including tariffs on goods
imported from India, China and Thailand. The current political landscape, including with respect to United States' foreign policy

priorities and relations with trading partners, has introduced greater uncertainty with respect to future tax and trade policy.
The group is unable to determine the impact that changes in tax and trade policy could have on group's sales into United
States or other countries, but it could be material”

Note 41 : Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, security premium and all other
equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to maximize
the shareholder value and to ensure the Company's ability to continue as a going concern.

The Company has not distributed any dividend to its shareholders. The Company monitors gearing ratio i.e. total debt in
proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of non-current and current borrowing.
The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and
the risk characteristics of the underlying assets.

(iii) Post employment obligations
Gratuity

The Company provides for gratuity for its employees in India in accordance with the provisions of the Code on Social Security,
2020, which came into effect from 21 November 2025 and consolidates the erstwhile Payment of Gratuity Act, 1972. Permanent
employees who have rendered continuous service for a period of not less than 5 years are eligible for gratuity on retirement,
resignation, or termination; this requirement is waived in the event of death or disablement. [Fixed-term employees are eligible
for gratuity on a pro-rata basis on completion of 1 year of continuous service, in accordance with Section 53 of the Code.]

The amount of gratuity payable is computed as 15 days' wages (last drawn basic salary and dearness allowance, if any) for each
completed year of service, calculated on the basis of 26 working days in a month, i.e., 15/26 x last drawn wages x number of
years of service.

This gratuity plan is a funded plan, and the company makes contributions to recognised gratuity funds in India.

(vi) Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
below :

Interest rate risk: A fall in the discount rate which is linked to the government securities rate will increase the present value
of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets
depending on the duration of asset.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more than assumed level will increase the plan's liability.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this
rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government
securities, and other debt instruments.

Asset liability matching risk (ALM risk): The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in
lines of rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not
have any longevity risk.

Concentration risk: Plan is having a concentration risk as all the assets are invested with the insurance Company and a
default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory
guidelines.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior
period.

(v) The major categories of plan assets are as follows:

The plan asset for the funded gratuity plan is administered by Life Insurance Corporation of India (HC) as per the investment
pattern stipulated for Pension and Company Schemes fund by Insurance Regulatory and Development Authority regulations i.e.
100% of plan assets are invested in insurer managed fund. Quoted price of the same is not available in active market.

Note 43 : Segment Reporting

The board of directors (BOD) are the Company's chief operating decision maker. Management has determined the operating
segments based on the information reviewed by the BOD for the purposes of allocating resources and assessing performance.
Presently, the Company is engaged in only one segment natural stone and engineered quartz used in surface and counter
tops and as such there is no separate reportable segment as per Ind AS 108 'Operating Segments' The Company has major
revenue from outside India.

Accordingly, the segment revenue, segment results, total carrying amount of segment assets and segment liability, total
cost incurred to acquire segment assets and total amount of charge for depreciation during the year, is as reflected in the
standalone financial statements as of and for the year ended March 31,2026.

We provide a significant volume of services to few customers. Therefore, a loss of a significant customer could materially
reduce our revenues. The Company has following customers for the financial year ended March 31, 2026 and year ended
March 31,2025 that accounted for 10% or more of total revenue.

a) A search under Section 132 of the Income Tax Act, 1961 was conducted on December 29, 2020 on the Company,
promoters and their entities. The Company has not surrendered any undisclosed income pursuant to return filed u/s 153A
of Income Tax Act, 1961. Assessments has also been completed for the block period with certain additions against which
the Company has preferred appeal. The amount of tax demand has been duly shown under contingent liabilities.

b) The Company has received an assessment order under Section 143(3) of the Income-tax Act, 1961 for AY 2023-24, wherein
certain additions/disallowances have been made by the tax authorities and consequent demand has been raised.
The Company has filed an appeal against the said order and, based on legal advice, believes that the demand is not
sustainable. Accordingly, the same has been disclosed as a contingent liability and no provision has been made in the
financial statements.

(c) The Government of India has enacted four Labour Codes, namely the Code on Wages, 2019; the Code on Social Security,
2020; the Industrial Relations Code, 2020; and the Occupational Safety, Health and Working Conditions Code, 2020
(collectively, the "New Labour Codes”), subsuming 29 existing central labour legislations, effective 21 November 2025.
The Company has undertaken a thorough assessment of the applicability and impact of the New Labour Codes on its
operations and financial statements, to the extent of applicability. As per the evaluation of the management there will not
be any significant impact on the financial statement of the Company due to application of the New Labour Codes. Further,
the Government of Rajasthan is yet to notify final state rules under any of the four Codes. As and when the Rajasthan state
rules are finalised and additional compliance obligations crystallise, their financial impact will be reflected in the financial
statements of the relevant period.

Note 47 - Impact of Geopolitical Events and Mitigation Strategies

The Company has significant exposure to the U.S. market. Elevated tariffs on U.S.-bound goods originating from India caused
near-term demand disruption, as customers deferred offtake pending trade policy clarity, resulting in softening of sales
volumes during the reporting period. Concurrently, the escalation of conflict in the Middle East and disruption to Red Sea and
Gulf shipping routes materially impacted operations of the Company's wholly owned subsidiary at Jebel Ali Free Zone, Dubai,
adversely affecting logistics, freight costs, and timely order fulfilment. The impact of these developments is reflected in the
financial statement of the Company for the year ended March 31, 2026. The Company continues to maintain a positive net
worth and stable financial position. To mitigate these headwinds, the Company is leveraging its multi-shore manufacturing
capabilities, realigning supply chains, and expanding its sales organisation, while also pursuing diversification into new
international and domestic markets. The Company is additionally engaged with the relevant SEZ authorities with respect to
DTA sales and will evaluate this as a potential avenue for market expansion, subject to regulatory outcomes.

Note 48 - Maintenance of Accounting Records and Audit Trail

The Company maintains its books of account using accounting software SAP that features an audit trail (edit log) facility in
accordance with the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014. During the financial year ended March 31,
2026, the audit trail facility remained enabled and operational for all relevant transactions recorded at the application level
of the software, and there were no instances of the audit trail feature being tampered with. However, the audit trail feature
was not enabled at the database level to log direct changes made to the database of the accounting software.The Company
has preserved the generated audit trail records in accordance with statutory requirements for record retention, except for the
database-level logs of the accounting software (which were not enabled to record changes), and the audit trail logs of the
Production and Sales module for the period from April 1,2023, to June 30, 2023, which were not preserved.

Note 49 - Additional Regulatory Information

The following Schedule III amendments is not applicable on the Company:

(i) 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 ;

(ii) The Company do not have any transactions/balances with companies struck off under section 248 of Companies Act,
2013 or Section 560 of the Companies Act, 1956;

(iii) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate Beneficiaries;

(iv) The company has not received any fund from any person or entity, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the company shall

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries,

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

(vi) The Company does not have any modification or satisfaction of charge which is required to be registered with the RoC
beyond statutory period.

(vii) The Company does not hold any immovable property whose lease deed is not in the name of Company.

(viii) The company has not been declared wilful defaulter by any bank or financial institution or other lender during the year.

(ix) The company has complied with the number of layers prescribed under the Companies Act, 2013.

Note 50 - Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS as required
by Schedule III of the Act.