(ii) Provision for price difference

The Company recognizes the price difference payable
to parties, where settlement is pending for final
negotiation. It is provided on the basis of best estimates
and management's assessment, considering the
past trend and various other factors. These provisions
are reviewed on a regular basis and adjusted with
respective element with statement of profit and loss
from the adequacy and reasonability point of view.

Contract balances

(iii) Trade receivables

Trade receivables are amounts due from customers for
goods sold in the ordinary course of business and reflect
the company's unconditional right to consideration (i.e.
payment is due only on the passage of time).

Trade receivables are recognized initially at the
transaction price as they do not contain significant
financing components. The Company holds the
trade receivables with the objective of collecting the
contractual cash flows and therefore measures them
subsequently at amortized cost using the effective
interest method, less loss allowance.

For trade receivables, the Company applies the
simplified approach required by Ind AS 109, which
requires expected lifetime losses to be recognized from
initial recognition of the receivables.

f) Retirement and other employee benefits

Retirement benefit in the form of provident fund and
employee's state insurance is a defined contribution
scheme. The Company has no obligation, other than the
contribution payable to the provident fund and employee's
state insurance. The Company recognizes contribution
payable to the provident fund and employee's state
insurance scheme as expenditure when an employee
renders the related service. If the contribution payable to the

exceeds the contribution already paid, the deficit payable
to the scheme is recognized as a liability after deducting the
contribution already paid. If the contribution already paid
exceeds the contribution due for services received before
the balance sheet date, then excess is recognized as an asset
to the extent that the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.

The Company operates three defined benefit plans for its
employees i.e. gratuity, long service award and benevolent
fund. The costs of providing benefits under these plans are
determined on the basis of actuarial valuation at each year-
end. Actuarial valuation is carried out for these plans using
the projected unit credit method.

Re-measurements, comprising of actuarial gains and losses,
the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability and the return
on plan assets (excluding amounts included in net interest on
the net defined benefit liability), are recognized immediately
in the balance sheet with a corresponding debit or credit to
retained earnings through OCI in the period in which they
occur. Re-measurements are not reclassified to profit or loss
in subsequent periods.

Past service costs are recognised in statement of profit or loss
on the earlier of:

• The date of the plan amendment or curtailment, and

• The date that the Company recognises related
restructuring costs

Net interest is calculated by applying the discount rate to the
net defined benefit liability or asset. The Company recognizes
the following changes in the net defined benefit obligation as
an expense in the statement of profit and loss:

• Service costs comprising current service costs, past-
service costs, gains and losses on curtailments and
non-routine settlements; and

• Net interest expense or income

Accumulated leave, which is expected to be utilized within
the next 12 months, is treated as short-term employee
benefit. The Company measures the expected cost of such
absences as the additional amount that it expects to pay as a
result of the unused entitlement that has accumulated at the
reporting date.

The Company treats accumulated leave expected to
be carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long¬
term compensated absences are provided for based on the
actuarial valuation using the projected unit credit method at
the year-end. Actuarial gains/losses are immediately taken
to the statement of profit and loss and are not deferred. The
Company presents the entire leaves as a current liability in the
balance sheet since it does not have an unconditional right
to defer its settlement for 12 months after the reporting date.

g) Suppliers credit / vendor bill discounting

The Company enters into deferred payment arrangements
(acceptances) whereby banks/financial institutions initially
make payment to Company's suppliers for raw materials,
goods and services directly, while the Company continues
to recognize the liability till settlement with the bank/financial
institution at a later date, which is normally effected within
a period of 90 days. The arrangement provides working
capital timing benefits and the economic substance of the
transaction is determined to be financing in nature. These
arrangements are in the nature of credit extended in normal
operating cycle and these arrangements are recognized
as 'Supplier's acceptances' as a separate line item in
the Balance Sheet.

9. Income Tax

The Company is subject to income tax in India on the basis of its financial statements. The Company can claim tax exemptions/ deductions
under specific sections of the Income Tax Act, 1961 subject to fulfilment of prescribed conditions, as may be applicable.The Company
during the year ended March 31, 2020 had opted for the new tax regime under Section 115BAA of the Act, which provides a domestic
company with an option to pay tax at a rate of 22% (effective rate of 25.168%). The lower rate shall be applicable subject to certain
conditions, including that the total income should be computed without claiming specific deduction or exemptions.

As per the tax laws, capital loss can be carried forward for a maximum period of eight assessment years immediately succeeding the
assessment year to which the loss pertains.

Notes:

(i) The receivables is 'unbilled' because the Company has not yet issued an invoice; however, the balance has been included under
trade receivables (as opposed to contract assets) because it has an unconditional right to consideration.

(ii) The carrying amounts of the trade receivables includes receivables amounting to Rs. 12,327.96 lakhs (March 31, 2024: Rs. 15,078.60
lakhs) which are subject to a factoring arrangement. Under this arrangement, the Company has transferred the relevant receivables
to the factor in exchange for cash and is prevented from selling or pledging the receivables. However, the Company has retained
substantially all of the risks and rewards of ownership through late payment and credit risk. The Company therefore continues
to recognise the transferred assets in their entirety in its balance sheet. The amount repayable under the factoring agreement is
presented as unsecured borrowing. The Company's accounting policy is to interpret 'held to collect' on the basis of the accounting
treatment and the continued recognition of the receivables on the balance sheet. The Company therefore considers that the held to
collect business model remains appropriate for these receivables and hence continues measuring them at amortised cost.

(iii) Trade receivables is net off provision for turnover discount amounting to Rs. 2,384.81 lakhs (March 31, 2024: Rs. 2,780.52 lakhs)
since the Company has a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis
or realise the asset and settle the liability simultaneously. Had this amount not been netted off from trade receivables and disclosed
under other current liabilities, the closing amount of other current liabilities would have been Rs. 3,156.41 lakhs (March 31, 2024: Rs.
3,208.45 lakhs).

(iv) No trade receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any
trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.

(v) Management considers that in substance the factor collects the amounts receivable on the entity's behalf and retains the cash
in settlement of the separate financing transaction. The Company therefore presents the cash inflows received from the factor as
financing cash inflows and the subsequent payments by the debtor as both operating cash inflows and financing cash outflows.

c) Share based payment Reserve

The reserve is used to recognise the grant date fair value of options issued to employees under the Company's Employees Stock
Option Scheme, 2017. Refer to note 45 for further details of the plan.

d) Capital Reserve

Capital Reserve represents the amount forfeited against warrants and application money received in earlier years. Utilisation of
reserve will be as per the provisions of the relevant statute.

e) Capital Redemption Reserve

Capital Redemption Reserve represents reserve created on account of redemption of preference shares. Utilisation of reserve will be
as per the provisions of the relevant statute.

f) Amalgamation reserve

Amalgamation reserve is on account of merger done by the Company in earlier years. This reserve can be utilised as per the provisions
of Companies Act, 2013.

g) General reserve

General Reserve is a free reserve. It represents appropriation of profit by the Company. General reserve is created by a transfer from
one component of equity to another and is not an item of other comprehensive income.

Notes:

(i) The Company has a cash credit account facility from banks and the amount outstanding as at year end is Rs. Nil (March 31, 2024:
Rs. Nil) carrying rate of interest ranging from 8.13% to 9.40% (March 31, 2024: 8.50% to 9.15%). The Company also has a facility of
working capital demand loans from banks and amount outstanding as at year end is Rs. Nil (March 31, 2024 : Rs. Nil) carrying rate of
interest 7.80% to 9.74% (March 31, 2024: 7.47% to 8.95%). The security against these facilities are as follows:

(a) First pari passu charge on entire current assets of the Company.

(b) Second pari passu charge to be shared with other lenders on all existing and future movable fixed assets of the Company
situated at Malanpur, Jamshedpur, Yamuna Nagar and Chennai.

(c) Second pari passu charge on all immovable fixed assets of the Company situated at Malanpur, Jamshedpur, Yamuna Nagar
and Chennai to be shared with other secured working capital lenders.

(ii) Factored receivables from bank (Unsecured) have no interest cost to the Company.

(iii) The Company has borrowings from banks and financial institutions on the basis of security of current assets. The quarterly returns or
statements of current assets filed by the Company with banks and financial institutions are in agreement with the books of accounts.

(i) . The balance includes vendor's invoices factored amounting to Rs. 1,008.69 lakhs (March 31, 2024: Rs. Nil)) which represents

receivable buyout facility offered by the bank to the vendors of the Company ('the factoring arrangement") and is payable within 90
days without any additional credit period. The factoring arrangement is unsecured under short-term borrowing facilities obtained
from bank and are interest bearing. Under the factoring arrangement, the Bank pays the Company's suppliers upfront upon factoring
of the vendor's invoices by the Company and in return, the Company receives an early payment discount from its suppliers. In the
case of default, the bank shall have a recourse on the supplier. The factoring arrangement provide the entity's suppliers with early
payment terms, compared to the related invoice payment due date.

(ii) . There were no non-cash changes in the carrying amount of factoring arrangements in either period.

(iii) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED Act) for the year ended March 31, 2025 and March 31, 2024 is given below. This information has been determined to the
extent such parties have been identified on the basis of information available with the Company:

(i) The revenue is measured by the Company at the fair value of consideration received/ receivable from its customers and in determining
the transaction price for the sale of finished goods, the Company considers the effect of various factors such as price differences and
volume-based discounts, rebates and other promotion incentive schemes ("trade schemes”) provided to the customers. Adequate
provisions have been made for such price differences, and trade schemes, with a corresponding impact on the revenue. Accordingly,
revenue for the current year is net of price differences, trade schemes, rebates, discounts, etc.

(ii) Revenue from sale of goods is recognized at the point in time when control of the inventory is transferred to the customer, generally
on delivery of the products.

(iii) The Company has categorised its revenue into product mix and market mix. Product mix comprises of revenue from existing products
and new products and market mix comprises of revenue from existing markets and new markets. The Company considers After¬
market sales as revenue from new market.

Defined benefit plans

Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees as per The Payment
of Gratuity Act, 1972. 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 scheme is funded with an Insurance Company in the form of a qualifying insurance policy. The
Company accounts for the liability for gratuity benefits payable in the future based on a year-end actuarial valuation.

Long service award

Under long term service award, the employee is entitled to a fixed amount on completion of ten years and fifteen years of service. The
scheme of long term service award is unfunded.

The defined benefit plans expose the Company to a number of actuarial risks as below:

(i) Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate determined by reference
to government bond yields. If the return on plan asset is below this rate, it will create a plan deficit.

(ii) Interest rate risk: A decrease in the bond interest rate will increase the plan liability. However, this will be partially offset by an
increase in the value of plan assets.

(iii Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in salary of the plan participants will increase the plan's liability.

(iv) Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants
will increase the plan's liability.

The above sensitivity analyses are 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.

The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above information is as certified
by the Actuary.

Discount rate is based on the prevailing market yields of Indian Government bonds as at the balance sheet date for the estimated
term of the obligations.

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation
as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

Details of significant contingent liability matters:

Claims against Company not acknowledged as debts (civil cases)

1) Matter pending with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) pertaining to FY 2012 to 2014 for non
payment of cross subsidy charges which were introduced subsequently with retrospective effect whereas the scheme mentioned
no such charges. The matter is pending adjudication before Supreme Court in a Special leave petition (SLP) and the Hon'ble Court
has directed to maintain the status quo till further order. Thereafter, TANGEDCO has kept the demand in abeyance till the disposal of
SLP. The amount involved is Rs. 54.62 lakhs (March 31, 2024: Rs. 54.62 lakhs).

2) Department in proceedings under section 7A of the Provident Fund and Miscellaneous Provisions Act for the peiod from February
2005 to March 2009, has confirmed the demand of Rs. 39.29 lakhs, which the Company has deposited under protest. Thereafter the
department has issued notice and has confirmed the demand for paying interest of Rs. 42.19 lakhs on demand confirmed earlier.
Against the said demand, the Company has filed a writ petition with High Court of Madhya Pradesh. The amount involved is Rs. 81.48
lakhs (March 31, 2024: Rs. 81.48 lakhs).

Custom duty

3) Matter pending before Director General of Foreign Trade, New Delhi in respect of EPCG licence obtained by the Company, however,
the same was lost without being used in 2008. The Company is under an obligation to surrender the licence in case of non utilisation
and has received a letter from the office of ADGFT for the same. The Company has appeared before the authority and submitted the
facts of losing the licence without utilisation. The amount involved is Rs. 32.67 lakhs (March 31, 2024: Rs. 32.67 lakhs).

Goods and services tax

4) Matter pending before Apellate Authority, Gwalior in regard to show cause notice, where it has been alleged that the Company has
wrongly carried forward credit in TRAN-1 return under GST. The amount involved is Rs. 72.23 lakhs (March 31, 2024 Rs. 72.23 lakhs).

5) The Rajasthan sales tax department has raised and issued ASMT-10 wherein it has been alleged that upon scrutiny of the returns,
it has observed that Company instead of availing ITC under IGST has availed ITC under CGST & SGST. Company has filed its reply,
however department has issued the SCN. Company has filed its reply to the SCN clarifying that it was an bona fide mistake which
does not cause any revenue loss to the government, however department vide order dated 06.09.2023 has confirmed the demand
with interest and penalty. Against said order, Company has filed an instant appeal. The amount involved is Rs. 23.68 lakhs (March 31,
2024: Rs. 23.68 lakhs).

6) During the current year, the Company has received an order for the years 2017-18 to 2019-20 from Office of the Commissioner of
GST and Central Excise mainly in regard to the excess availment of ITC due to difference between GSTR 3B & GSTR 2A and other
certain other matters. The amount involved is Rs. 458.16 lakhs (March 31, 2024: Rs. 458.16 lakhs).

7) Company has filed an instant Writ against Show Cause Notice issued by the Department demanding to make payment of ITC availed
by the unit in respect of material purchased from M/s Rajshree Ispat, as M/s Rajshree Ispat has availed the credit on material purchased
from M/s Mittal Ceramic and M/s Mittal Ceramic has availed the ITC on basis of bogus invoices issued by about 11 taxpayers. Hon'ble
Court vide order dated 11.09.2023 has directed the company to submit Bank Guarantee of tax amount and directed the department
to file a detailed reply informing about the progress in the inquiry against other dealers in the supply chain. In compliance of the Court
order, Company has submitted the Bank Guarantee of the requisite amount with the Department. The amount involved is Rs. 641.15
lakhs (March 31, 2024: Rs. 641.15 lakhs).

8) During the current year, the Company has received an order from Sales Tax Officer, Delhi on ground of discrepencies between
GST returns filed for FY 2019-20, amount involved is Rs. 75.78 lakhs (March 31, 2024: Nil), Company has filed appeal with
Appellate Authority.

Sales tax

9) Matter pending before Assistant Commissioner (ST), Chengalpattu Assessment Circle in respect of F.Y. 2015-2016 wherein the
department has claimed that the Industrial Input Certificate in respect of goods sold to the Industrial units was not issued and in the
absence of the said certificate the concessional tax rates were applied. The department raised a demand for Rs. 1,363.59 lakhs and
asked the Company to file its objection against the said demand. The Company filed a reply along with the Industrial Input certificates
but has not yet submitted the balance certificates. The amount involved is Rs. 30.92 lakhs (March 31, 2024: Rs. 30.92 lakhs) for the
balance part of certificates pending to be submitted.

Entry tax

10) During the current year, the Company has received show cause notice for FY 2015-16 to FY 2017-18 from Excise and Taxation
officer, Assessing Authority, Jagadhri on ground of Haryana Tax on Entry of Goods into Local Areas Act, 2008, the Company is in
process of filing it's reply. Amount involved is Rs. 349.70 lakhs (March 31, 2024: Nil).

11) The Company has received an demand order for FY 2011-12 for an amount of Rs. 32.79 lakhs (March 31, 2024: 32.79 lakhs) on
ground of shortfall in payment of taxes under Uttar Pradesh Tax on Entry of Goods Act, 2007.

12) Matter pending before Assistant Commissioner (ST), Maraimalai Nagar assessment circle, Poonamallee, where it has been
alleged/directed that:

- exemption of stock transfer was allowed without movement of goods- amount involved is Rs. 6.01 lakhs (March 31, 2024
Rs. 6.01 lakhs)

- interstate sale was not supported with Form C- amount involved is Rs. 1.83 lakhs (March 31, 2024 Rs. 1.83 lakhs)

- reversal of input tax credit under Section 19 of Tamil Nadu VAT Act be made- amount involved is Rs. 22.42 lakhs (March 31,
2024 Rs. 22.42 lakhs).

In regard to all of the above matters, the management, in consultation with its legal experts, wherever required, has assessed that it
is only possible, but not probable, that outflow of economic resources will be required. Accordingly, the above matters have been
disclosed as a contingent liability in the standalone financial statements for the year ended March 31, 2025.

40. Segment Reporting

The Company is engaged in the business of manufacturing of Automotive suspension products which includes Parabolic/ Tapered leaf
spring and Lift axle which constitute single reporting business segment. The entire operations are governed by the same set of risk and
returns. Based on the "management approach" as defined in Ind AS 108, the management i.e. Managing Director and CEO also reviews and
measures the operating results taking the whole business as one segment and accordingly make decision about the resource allocation.
In view of the same, separate segment information is not required to be given as per the requirements of Ind AS 108 "Operating Segments”.

The Company operates primarily in India and has presence in international markets as well. Its business is accordingly aligned
geographically, catering to two markets i.e. India and Outside India. For customers located outside India, the Company has assessed
that they carry same risk and rewards. The Company has considered domestic and exports markets and accordingly disclosed these as
separate. Addtional information required under Ind AS 108:

All other assets used in the Company business are located in India and are used to cater both the customers (within India and outside
India), accordingly the total cost incurred during the period to acquire the property, plant and equipment and intangible assets has not
been disclosed.

41. Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of assets or liabilities affected in future periods.

Judgements

In the process of applying the Company's accounting policies, management has made the following judgements, which have the most
significant effect on the amounts recognised in the financial statements.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.
The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that
are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Recording of price adjustments and their impact on revenue recognition

Revenue is measured by the Company at the transaction price i.e. amount of consideration received/receivable from its customers. In
determining the transaction price for the sale of products, the Company considers the effects of various factors such as volume-based
discounts, price adjustments to be passed on to the customers based on various parameters like negotiations based on savings on
materials/ share of business, rebates etc. provided to the customers. The Company's business also requires passing on these credits
related to price adjustments and others to the customers for the sales made by the Company. The Company, at the year end, has provided
for such price adjustments to be passed on to the customers based on agreed terms, negotiations undertaken, commercial considerations
and other factors. This requires significant judgement and estimate in calculating the price adjustments to be recorded under Trade
payables/adjusted with Trade receivables as at the year end.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each
reporting date. The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans, the
management considers the interest rates of government bonds. The mortality rate is based on publicly available mortality tables. Those
mortality tables tend to change only at interval. Future salary increases and gratuity increases are based on expected future inflation rates.
Further details about gratuity obligations are given in Note 36.

Property, plant and equipment

The management has estimated based on the independent assessment and past experience the useful life and residual value of property,
plant and equipment. Management believes that the assigned useful lives and residual value are reasonable and the estimates and
assumptions made to determine depreciation are critical to the Company's financial position and performance.

Recoverability of loans and investments to subsidiaries

Loans to subsidiaries are carried out at amortised cost and investments in subsidiaries are carried at cost. At each balance sheet date,
the management assesses the indicators of impairment of such loans and investments. This requires assessment of several external and
internal factors including capitalisation rate, key assumption used in discounted cash flow models (such as revenue growth, unit price and
discount rates) which may affect the carrying value of loans and investments in subsidiaries.

Taxation

In preparing financial statements, there are many transactions and calculations for which the ultimate tax determination is uncertain. The
Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. The uncertain tax
positions are measured at the amount expected to be paid to taxation authorities when the Company determines that the probable outflow
of economic resources will occur. Where the final tax outcome of these matters is different from the amounts that were initially recorded,
such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.
Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the
likely timing and the level of future taxable profits together with future tax planning strategies.

Provisions and contingencies

The assessments undertaken in recognising provisions and contingencies have been made in accordance with the applicable Ind AS.
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect of time value of
money is material, provisions are determined by discounting the expected future cash flows. In the normal course of business, contingent
liabilities may arise from obligation or other claim against the Company which are very difficult to quantify reliably and such obligation are
treated as contingent liabilities and disclosed in the notes but are not reflected as liabilities in the financial statements.

43. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, and all other equity reserves attributable
to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.
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 net debt to equity ratio, which includes debts divided
by total equity.

Notes:

(i) For the calculation of net debt to equity ratio, the Company has not considered supplier's acceptances in net debts amounting to Rs.
21,767.27 (March 31, 2024: Rs. 12,292.39 lakhs).

(ii) The net debt to equity ratio for the current year has decreased from 9.24% to 13.00% majorly on account of decrease in the amount
of factored receivables and increase in cash and cash equivalents.

44. Financial risk management objectives and policies

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other
payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets
include investments, loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed
to market risk, credit risk and liquidity risk.

The Company's senior management oversees the management of these risks. The Company's senior management is supported by a
finance department that advises on financial risks and the appropriate financial risk governance framework for the Company. The senior
professionals working to manage the financial risks and the appropriate financial risk governance framework for the Company are

accountable to the Board of Directors. This process provides assurance to Company's senior management that the Company's financial
risk-taking activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in
accordance with Company's policies and Company's risk objective. In the event of crisis caused due to external factors, the management
assesses the recoverability of its assets, maturity of its liabilities to factor it in cash flow forecast to ensure there is enough liquidity in
these situations through internal and external source of funds. These forecast and assumptions are reviewed by Board of Directors.
The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:"

(a) 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 risk: interest rate risk, currency risk and other price risk, such as commodity risk. Financial
instruments affected by market risk include loans and borrowings and deposits.

(i) Interest rate risk

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

(ii) 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 relates primarily to the Company's
operating activities (when revenue or expense is denominated in a foreign currency). The Company's profit and loss is not
sensitive to reasonable changes in the foreign curreny rates.

(iii) Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchases of
steel which is a volatile product and is major component of end product. The prices in these purchase contracts are linked to the
price of raw steel and demand supply matrix. However, at present, the Company do not hedge its raw material procurements, as
the price of the final product of the Company also vary with the price of steel which mitigate the risk of price volatility.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks, loans given and other financial instruments. Management has a credit policy in place and
the exposure to credit risk is monitored on an ongoing basis.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk
management. The major customers of the Company are original equipment manufacturers (OEM's) which have a defined period for
payment of receivables and from related party, and the balance as at the year end majorly includes balance from one OEM customer.
Hence, the Company evaluates the concentration of risk with respect to trade receviables as low. At March 31, 2025, approximately
92% (March 31, 2024: 95%) of all the receivables outstanding were from OEMs and related party.

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track
changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company uses a
provision matrix to calculate ECL for trade receivables. The provision rates are based on days past due for groupings of customers
that have similar loss patterns. The maximum exposure to credit risk at the reporting date is the carrying value of financial assets
disclosed in note 11.

Financial instruments and cash deposits

Credit risk from loans given, balances with banks is managed by the Company's treasury department in accordance with the
Company's policy. Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with the banks
with high credit ratings. The Company's maximum exposure to credit risk for the components of the balance sheet at March 31, 2025
is the carrying amounts as disclosed in Note 6, 7, 12 and 13.

(c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities. The
Company monitors its risk of a shortage of funds by doing liquidity planning. The Company's objective is to maintain a balance
between continuity of funding and flexibility through the use of bank overdrafts, bank loans, cash credits and advance payment terms.

Financing arrangements

The Company had access to the following undrawn facilities at the end of reporting period:

45. Share based payments

The Company formulated an ESOP Scheme (referred as Company's Employee Stock Option Scheme, 2017) in accordance with SEBI
(Share Based Employee Benefits) Regulation, 2021, which was duly approved in the Annual General Meeting of the Shareholders of the
Company on August 1, 2017 and the Company also got in-principle approval from both NSE and BSE dated March 20, 2018 and March
27, 2018 respectively in respect of the said Scheme. Under the ESOP Scheme, the eligible employees shall be granted a total of 2,555,000
employee Stock Options which will be exercisable into equal number of equity shares of Rs. 1 (absolute amount) each of the Company.
The fair value of the share options is estimated at the grant date using Black Scholes option pricing model, taking into account the terms
and conditions upon which the share options were granted.

47. Additional regulatory information required by Schedule III

(i) Details of benami property held: The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Company for holding any Benami property under the Prohibition of Benami Property Transactions Act, 1988 (as
amended from time to time) and the rules made thereunder.

(ii) Borrowing secured against current assets: The Company has borrowings from banks and financial institutions on the basis
of security of current assets. The quarterly returns or statements of current assets filed by the Company with banks and financial
institutions are in agreement with the books of accounts.

(iii) Wilful defaulter: The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(iv) Relationship with struck off companies: The Company has no transactions with the companies struck off under Companies Act,
2013 or Companies Act, 1956.

(v) Compliance with number of layers of companies: 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, and there are no companies
beyond the specified layers.

(vi) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which
has an accounting impact on current or previous financial year.

vii) Utilisation of borrowed funds and share premium:

(A) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities

(Intermediaries) with the understanding 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

(B) 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 on behalf of the ultimate beneficiaries

(viii) Undisclosed income: The Company does not have any transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961).

(ix) Details of crypto currency or virtual currency: The Company has not traded or invested in crypto currency or virtual currency
during the financial year.

(x) Valuation of Property, Plant and Equipment, intangible: The Company has not revalued its property, plant and equipment
(including right-of-use assets) or intangible assets or both during the current or previous year.

(xi) Title deeds of immovable properties not held in name of the Company: The title deeds of all the immovable properties (other
than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed
in Note 3 and Note 3(b) to the financial statements, are held in the name of the Company.

(xii) Registration of charges or satisfaction with Registrar of Companies: The Company does not have any charges or satisfaction

which is yet to be registered with ROC beyond the statutory period.

as disclosed in note(s) 3 and 4 to the finanical statements, are held in the name of the company.

(xiii) Utilisation of borrowings availed from bank and financial institutions: The borrowings obtained by the company from bank

and financial institutions have been applied for the purposes for which such loans were taken.

(xiv) As on Balance sheet date, there is no default in repayment of loans and interest.

48 (i) Cyber Incident: On July 5, 2024, the Company detected a ransomware incident at its server at Pune, India, that had affected

Company's IT systems including accounting software(s). The Company acted promptly and took necessary precautions and
protocols to mitigate the impact of the incident and successfully recovered /restored the data from backups with the help

of cybersecurity experts. One of the accounting software was restored within a few days, during this period the accounting

software was not open for recording any transactions. Based on further review and analysis of the data recovered the Company
was able to assess that there had been no material impact on systems involved for production. The Sales and other operations
of the Company and no price sensitive information or data was deleted or impacted as a result of this incident and have not
detected any further anomalies.

The Company appointed a Cyber Auditor to further assess the Company's IT systems, identify shortcomings and recommend
further improvements to address the cyber security risk, management is taking necessary steps in this regard.

(ii) The daily back up as required by law has been kept for multiple ERP systems of the Company other than for the period July 4,
2024 to October 20, 2024 for all ERPs and from February 21, 2025 to March 4, 2025 for one of the ERPs.

49. Certain promoters of the Company are also the promoters of SW Farms Private Limited (CIN: U74899DL1994PTC057506), a service
provider mainly engaged in the activity of renting of immovable properties and is a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India.

50. Summary of other accounting policies:

c) Current versus non-current classification

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

current when it is:

- Expected to be realized or intended to be sold or consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realized within twelve months after the reporting period, or

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

All other assets are classified as non-current. A liability is current when:

- It is expected to be settled in normal operating cycle.

- It is held primarily for the purpose of trading.

- It is due to be settled within twelve months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The Company classifies all other liabilities as non-current.

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

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents.
The Company has identified twelve months as its operating cycle.

d) Foreign currencies

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in
which the Company operates ('the functional currency'). The financial statements are presented in Indian Rupee (INR), which is the
Company's functional and presentation currency.

Transactions and balances

Foreign currency transactions are recorded, on initial recognition in the functional currency, by applying to the foreign currency
amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at
the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the
dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value is determined. The gain or loss arising on translation of non- monetary items measured at fair
value is treated in line with the recognition of the gain or loss on the change in fair value of the item.

e) Investment property

Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs.
Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the company and the cost of the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the
replaced part is derecognised. The investment property is depreciated on a straight-line basis over its useful life.

f) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are
carried at cost less accumulated amortization. Internally generated intangible assets, excluding capitalized development costs, are
not capitalized and expenditure is reflected in the statement of profit and loss in the year in which the expenditure is incurred.

The useful lives of the intangible assets are assessed as either finite or infinite.

Intangible assets with finite lives are amortized over the useful life and assessed for impairment whenever there is an indication that
the intangible assets may be impaired. The amortization period and amortization method of the intangible asset with a useful finite life
are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption
of future economic benefits embodied in the assets are considered to modify the amortization period or method, as appropriate, and
are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the
statement of profit and loss unless such expenditure forms part of carrying value of another assets.

Software is amortized on a straight-line basis over the period of five years.

An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits
are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when
the asset is derecognized.

g) Borrowing cost

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing
costs are expensed in the period they occur. Borrowing cost includes interest and other costs that an entity incurs in connection with
the borrowing of funds and charged to Statement of Profit & Loss. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing cost.

h) Impairment of non-financial asset

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

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining net selling price,
recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation
model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or
other available fair value indicators.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Company's CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover
a period of four to five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after
the forecast period. To estimate cash flow projections beyond periods covered by the most recent budgets/forecasts, the Company
extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an increasing
rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the products, industries, or
country or countries in which the Company operates, or for the market in which the asset is used.

A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's
recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had
no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss unless
the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

Impairment losses on non-financial asset, including impairment on inventories, are recognized in the statement of profit and loss.

i) Warranty Obligations

The Company generally provides for warranties for general repair of defects. These warranties are assurance-type warranties under
Ind AS 115, which are accounted for under Ind AS 37 (Provisions, Contingent Liabilities and Contingent Assets), consistent with its
current practice. The Company adjust the transaction price for the time value of money where the period between the transfer of the
promised goods or services to the customer and payment by customer exceed one year.

j) Significant Financing Components

In respect of short-term advances from its customers, using the practical expedient in Ind AS 115, the Company does not adjust the
promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the
period between the transfer of the promised good or service to the customer and when the customer pays for that good or service
will be within normal operating cycle.

k) Interest income

For all debt instruments measured at amortized cost or at fair value through other comprehensive income, interest income is recorded
using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the
expected life of the financial instruments or a shorter period, where appropriate, to the gross carrying amount of the financial asset
or to the amortized cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected
estimated cash flows by considering all the contractual terms of the financial instrument but does not consider the expected credit
loss. Interest income is included under the head "other income” in the statement of profit and loss.

Interest income on bank deposits and advances to vendors is recognized on a time proportion basis taking into account the amount
outstanding and the applicable interest rate. Interest income is included under the head "Finance income” in the statement of
profit and loss.

l) Export incentives

Export incentives are accrued in the underlying period of export sales in accordance with the terms of the export benefit scheme,
provided that there is no significant uncertainty regarding the entitlement to the credit and the amount thereof.

m) Contract Liabilities

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the
Company transfers the related goods or services. Contract liabilities are recognised as revenue when the Company performs under
the contract (i.e., transfers control of the related goods or services to the customer).

n) Taxes

Tax expense for the year comprises of current tax and deferred tax.

Current Income Tax

Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961
enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date.

Current income tax relating to item recognized outside the statement of profit and loss is recognized outside profit or loss (either in
other comprehensive income or equity). Current tax items are recognized in correlation to the underlying transactions either in

OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for all deductible timing
differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it
is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused
tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax
assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

Deferred tax assets and liabilities shall be offset if, and only if:

(a) the same taxable entity, or

(b) different taxable entities which intend to settle current tax liabilities and assets on a net basis, or to realise the assets and settle
the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered.

o) Share based payments

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby
employees render services as consideration for equity instruments which are classified as equity-settled transactions.

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model. That cost is recognised as an employee benefit expense with a corresponding increase in 'Share Based Payment
Reserve' in other equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense
recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period
has expired and the Company best estimate of the number of equity instruments that will ultimately vest.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards,
but the likelihood of the conditions being met is assessed as part of the Company's best estimate of the number of equity instruments
that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to
an award, but without an associated service requirement, are considered to be non-vesting conditions.

Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are
also service and/or performance conditions.

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether
the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms not been
modified, if the original terms of the award are met.An additional expense is recognised for any modification that increases the total
fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification.
Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed
immediately through the Statement of Profit and Loss.

p) Segment reporting

Identification of segments - The Company's operating businesses are organized and managed separately according to the nature
of products and services provided, with each segment representing a strategic business unit that offers different products and serves
different markets. The analysis of geographical segments is based on the geographical location of the customers.

Segment accounting policies - The Company prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the financial statements of the Company as a whole.

q) Government grants

Government grants are recognized where there is reasonable assurance that the grant will be received, and all attached conditions
will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods
that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as
income in equal amounts over the expected useful life of the related asset.

When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and
released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset i.e. by equal
annual instalments.

When loans or similar assistance are provided by governments or related institutions, with an interest rate below the current applicable
market rate, the effect of this favorable interest is regarded as a government grant. The loan or assistance is initially recognized and
measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the
proceeds received. The loan is subsequently measured as per the accounting policy applicable to financial liabilities.

r) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.

Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The weighted average number of equity shares outstanding during the
period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of
shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

s) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be
made of the amount of the obligation.

The expense 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 discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to
the liability. The unwinding of discount is recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed
at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of
resources would be required to settle the obligation, the provision is reversed.

s) Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its existence in the financial statements.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

t) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity
of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposit held at call
with financial institutions, other short - term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities in the balance sheet.

u) Dividend

The Company recognizes a liability to make the payment of dividend to owners of equity, when the distribution is authorized, and
the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorized when it is
approved by the shareholders. A corresponding amount is recognized directly in equity.

v) Measurement of EBITDA

The Company has elected to present earnings before interest, tax, depreciation and amortization (EBITDA) as a separate line
item on the face of the statement of profit and loss. The Company measures EBITDA on the basis of profit/ (loss) from continuing
operations. In its measurement, the Company does not include depreciation and amortization expense, interest income, finance
costs and tax expense.

w) Fair value measurement

In determining the fair value of its financial instruments, the Company uses the following hierarchy and assumptions that are based
on market conditions and risks existing at each reporting date.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.

When the fair values of financial assets and financial liabilities recorded in the financial statements cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow model.
The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement
is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk volatility and
discount rates. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

x) Financial instrument:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or
loss, transaction costs that are attributable to the acquisition of the financial asset.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention
in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or
sell the asset.

Subsequent measurement

For the purpose of subsequent measurement, financial assets are only classified as debt instruments at amortized cost.

Equity securities (unlisted) which are not held for trading, and for which the group has irrevocably elected at initial recognition to
present changes in fair value through OCI rather than profit or loss. These are strategic investments and the group considers this
classification to be more relevant. Equity investments for which the entity has not elected to recognise fair value gains and losses
through OCI, are carried at fair value through profit and loss.

Debt instruments at amortized cost

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
interest are measured at amortised cost. Interest income from these financial assets is included in other income using the effective
interest rate method. Any gain or loss arising in derecognition is recognized directly in profit or loss presented in other gain/(losses).
Impairment losses are presented as separate line item in the statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized
(i.e. removed from the balance sheet) when:

• The rights to receive cash flows from the asset have expired, or

• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (a) the Company
has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the
transferred asset to the extent of the Company's continuing involvement. In that case, the Company also recognizes an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets:

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of
impairment loss on the following financial assets and credit risk exposure:

Financial assets that are debt instruments, and are measured at amortized cost e.g., loans, debt securities, deposits, trade receivables
and bank balance.

The Company follows 'simplified approach' for recognition of impairment loss allowance on Trade receivables or contract
revenue receivables.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment
loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has
been a significant increase in the credit risk since initial recognition. The credit risk of the Company has not increased significantly,
12-month ECL is used to provide for impairment loss.

The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the
reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the
cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows,
the Company considers:

• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected
life of the financial instrument.

• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of
profit and loss (P&L). This amount is reflected under the head 'other expenses' in the P&L. The balance sheet presentation for various
financial instruments is described below:

• Financial assets measured as at amortized cost and contractual revenue receivables: ECL is presented as an allowance, i.e., as
an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until
the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings,
payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs. The Company's financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

• Financial liabilities at fair value through profit or loss.

• Financial liabilities at amortised cost (loans and borrowings).

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or
losses on liabilities held for trading are recognized in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of
recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable
to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to statement of profit and
loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability
are recognized in the statement of profit and loss. The Company has not designated any financial liability as at fair value through
profit and loss.

Financial liabilities at amortised cost (loans and borrowings)

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method.
Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss. This category generally applies to
borrowings. For more information refer Note 16.

Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are
unpaid. The amounts are generally unsecured. Trade and other payable are presented as current liabilities unless payment is not
due within 12 months after the reporting period. They are recognized initially at their transaction value and subsequently measured
at amortized cost using effective interest method, as applicable.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable
legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the
liabilities simultaneously.

(y) New and amended standards

The Ministry of Corporate Affairs vide notification dated 9 September 2024 and 28 September 2024 notified the Companies (Indian
Accounting Standards) Second Amendment Rules, 2024 and Companies (Indian Accounting Standards) Third Amendment Rules,
2024, respectively, which amended/ notified certain accounting standards (see below), and are effective for annual reporting periods
beginning on or after April 01, 2024:

• Insurance contracts - Ind AS 117; and

• Lease Liability in Sale and Leaseback - Amendments to Ind AS 116

These amendments did not have any material impact on the amounts recognised in prior periods and are not expected to significantly
affect the current or future periods.

51. Amounts appearing as zero ”0” in the standalone financial statements are below the rounding off norm adopted by the Company.
As per our report of even date

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of
Firm registration number: 012754N/N500016 Jamna Auto Industries Limited

Amit Gupta P.S. Jauhar R.S. Jauhar

Partner Managing Director & CEO Chairman & Executive Director

Membership No.: 404344 DIN: 00744518 DIN: 00746186

Place: Gurugram Place: New Delhi Place: New Delhi

Date: May 30, 2025 Date: May 30, 2025 Date: May 30, 2025

Praveen Lakhera Shakti Goyal

Company Secretary Chief Financial Officer

Membership No.: A12507 Place: New Delhi

Place: New Delhi Date: May 30, 2025

Date: May 30, 2025