T. Provisions, contingent liabilities and contingent
assets

Provisions are recognised only when:

(i) the Company has a present obligation (legal or
constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation; and

(iii) a reliable estimate can be made of the amount of
the obligation.

Provision is measured using the cash flows estimated
to settle the present obligation and when the effect of
time value of money is material, the carrying amount of
the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure
required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a possible obligation arising from past events and whose
existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events
not wholly within the control of the entity; or

(ii) a present obligation arising from past events where:

a. i t is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation; or

b. the amount of the obligation cannot be measured
with sufficient reliability.

Contingent assets are disclosed where an inflow of
economic benefits is probable.

Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the
obligations under the contract exceed the
economic benefits expected to be received under
such contract, the present obligation under the
contract is recognised and measured as a provision.

U. Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows
into operating, investing and financing activities. Cash flow
from operating activities is reported using indirect method,
adjusting the profit before tax excluding exceptional items for
the effects of:

(i) changes during the period in inventories and operating
receivables and payables;

(ii) non-cash items such as depreciation, provisions,
unrealised foreign currency gains and losses; and

(iii) all other items for which the cash effects are investing or
financing cash flows.

Cash and cash equivalents (including bank balances) shown
in the Statement of Cash Flows exclude items which are not
available for general use as at the date of Balance Sheet.

V. Earnings per share

Basic earnings per share is computed using the net profit or loss
after tax and weighted average number of shares outstanding
during the year.

Diluted earnings per share is computed using the net profit
or loss after tax and weighted average number of equity and
potential equity shares outstanding during the year, except
where the result would be anti-dilutive.

W. Key sources of estimation

The preparation of financial statements in conformity with
Ind AS requires that the management of the Company makes
estimates and assumptions that affect the reported amounts of
income and expenses of the period, the reported balances of
assets and liabilities and the disclosures relating to contingent
liabilities as of the date of the financial statements. The
estimates and underlying assumptions made by management
are explained under respective policies. Revisions to
accounting estimates include useful lives of property, plant
and equipment & intangible assets, allowance for expected
credit loss, future obligations in respect of retirement benefit
plans, expected cost of completion of contracts, provision
for rectification costs, fair value/recoverable amount
measurement, etc. Difference, if any, between the actual
results and estimates is recognised in the period in which the
results are known.

Note:

16a. Working Capital Loan from SBI is secured against Inventory, Book Debts, Plant and Machinery, Land and Fixed Deposits held in the
name of company

b. The credit facilities availed by the Company are guaranteed by the Promoters as under:

(i) State Bank of India - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, along with a corporate guarantees from Mascot Capital and Marketing Private Limited and Mascot Business
Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya
Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

c. Working Capital Loan from HDFC Bank is secured against post dated cheque of ?50 Millions for FY 2023-24.

d. Funds raised on short term basis have not been utilised for long term purposes .

e. Borrowed funds were applied for the purpose for which the loans were obtained.

f. Bank returns / stock statements filed by the Company with its bankers or financial institutions are in agreement with books of account.

g. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

h. The Company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

E. Terms and Conditions:

a) Transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions.

b) Cash credit facilities of ?Nil as on March 31, 2025 (^437.99 million as on March 31, 2024) and Term loan of ^44.06 million as on
31^st March, 2025 (^39.52 million as on March 31, 2024) comprises of car loans and GECL Loan which is part of the credit facilities
availed are guaranteed by the Promoters as under:

(i) State Bank of India - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, together with corporate guarantees from Mascot Capital and Marketing Private Limited and Mascot
Business Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya
Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

The Income Tax demands for AY 2020-21 has been raised on account of late payment of employee contribution to Provident Fund.The
company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds
before the due date for filing return of income and the same should be allowed.

The Income Tax Demands for AY 2013-14 relate to disallowance of TDS Credit pertaining to income booked in the relevant Assessment
Years but appearing in Form 26AS of the subsequent Assessment Years. The company has submitted online responses disagreeing with
the Demands.

The Income Tax demands for AY 2021-22 have been raised on account of late payment of employee contribution to Provident Fund.The
company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds
before the due date for filing return of income and the same should be allowed.

NOTE 37 : CAPITAL MANAGEMENT

The primary objective of capital management of the Company is to maximise Shareholder value. The Company monitors capital using
Debt-Equity ratio which is total debt divided by total equity. For the purposes of capital management, the Company considers the following
components of its Balance Sheet to manage capital:

Total equity includes General reserve, Retained earnings, Share capital and Security premium. Total debt includes current debt plus non¬
current debt.

NOTE 38 : FINANCIAL RISK MANAGEMENT
Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Board oversee the management of these financial risks through its Risk Management Committee as per Company's
existing policy.

The Company has exposure to the following risks arising from financial instruments: -

A. Credit risk

i. Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its
contractual obligations. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits
with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle
their obligations as agreed upon. Details of the same have been discussed below.

ii. Exposure to Risk

a. Trade Receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as
financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings
for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment
track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The
Company considers the concentration of risk with respect to trade receivables including retention money as low.

c. Other Financial Instruments

The Company considers factors such as track record, size of the institution, market reputation, financial strength/rating
and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are
maintained with the institutions from which the Company has also availed borrowings.

B. Liquidity Risk

i. Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and
other financial liabilities. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring losses or risking
damage to the Company's reputation. The Company manages liquidity risk by maintaining adequate reserves, by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities. It maintains
adequate sources of financing including loans, debt and other borrowings.

NOTE 41 : DISCLOSURE ON SEGMENT REPORTING AS PER IND AS 108

The Company is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the "Heating
Equipment") that are required in process industries such as for Oil and Gas refineries, Petrochemical and Fertilizer industries Considering the
nature of company's business and operations as well as reviews of operating results by the Chief Operating Decision Makers, the company
has identified Heating Equipment as only responsibile segment in accordance with the requirements of Ind AS 108 operating segment.

The Board of Directors of the Company has identified Chief Executive Officer as the chief operating decision maker of the Company.
Management has determined the operating segments as mentioned above based on the reports reviewed by the CEO.

NOTE 42 : DISCLOSURE ASSOCIATED WITH GRATUITY

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

1. 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.

2. Interest risk:

A fall in the discount rate which is linked to the G.Sec. 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.

3. Longevity 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.

4. 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.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company's financial statements as at
March 31, 2025.

IV. Weighted average share price at the date of exercise for stock options exercised during the year is ?350.22 per
share.

V. (a) In respect of stock options granted pursuant to the Company's stock options scheme, the fair value of the options is treated as

discount and accounted as employee compensation over the vesting period.

V. (b) Expense on Employee stock options scheme debited to the statement of profit and loss account during 2024-25 is ?7.00 million
(previous year ? 120.40 million) (Note-27)

NOTE 46 : CODE ON SOCIAL SECURITY

The Code on Social Security, 2020 ('Code') has been notified in the Official Gazette in September 2020 which could impact the contribution

by the Company towards certain employment benefits. The effective date from which the changes and rules would become applicable

is yet to be notified. Impact of the changes will be assessed and accounted in the relevant period of notification of relevant provisions.

NOTE 47 : STATUTORY INFORMATION / COMPLIANCE

(i) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560
of Companies Act, 1956.

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for is ^21.78 million (Previous Year
16.50).

(iii) The Company does not have any such 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.)

(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the year ended 31^st March, 2025 and preceding
financial year ended 31^st March, 2024.

(v) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

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

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

(viii) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

(ix) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

(x) The Company has not received any fund from any person(s) or entity(ies), 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.

NOTE 48: PRIOR PERIOD COMPARATIVE

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with current year's classifications / disclosures.

Signatures to Notes 1 to 48

As per Our Audit Report of even date

For P G BHAGWAT LLP For and on behalf of the Board of Directors of

Chartered Accountants JNK India Limited

Firm Registration No.:101118W / W100682 (Formerly known as JNK India Private Limited)

CA Shriniwas Shreeram Gadgil Arvind Kamath Goutam Rampelli Dipak Bharuka

Partner Chairperson & Wholetime Director Wholetime Director & Chief

Membership No: 120570 Wholetime Director DIN :0726272 Executive Officer

DIN : 00656181 DIN: 09187979

Pravin Sathe Ashish Soni

Chief Financial Officer Company Secretary and

Compliance Officer
M. No.: A26538

Place: Mumbai Place: Thane

Date: May 29, 2025 Date: May 29, 2025