3.4 Provisions (Refer to Note No 17)

The timing of recognition and quantification of the liability
(including litigations) requires the application of judgement
to existing facts and circumstances, which can be subject to
change. The carrying amounts of provisions and liabilities
are reviewed regularly and revised to take account of
changing facts and circumstances.

3.5 Impairment of Financial and Non-Financial Assets

The impairment provisions for Financial Assets are based
on assumptions about risk of default and expected cash
loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company's past history, existing
market conditions as well as forward- looking estimates at
the end of each reporting period.

In case of non-financial assets company estimates asset's
recoverable amount, which is higher of an asset's or Cash
Generating Units (CGU's) fair value less costs of disposal
and its value in use.

In assessing value in use, the estimated future cash flows
are discounted to their present value using pre-tax discount
rate that reflects current market assessments of the time
value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market
transactions are taken into account, if no such transactions
can be identified, an appropriate valuation model is used.

3.6 Fair Value Measurement (Refer to Note No 29.17)

When fair value of financial assets and liabilities cannot be
measured based on quoted prices in actual markets, fair
value is based on valuation techniques, like DCF, which
involve various judgements and assumptions.

3.7 Defined Benefit Obligations (Refer to Note No 29.14)

The costs of providing pensions and other post- employment
benefits are charged to the Statement of Profit and Loss in
accordance with Ind AS 19 'Employee benefits' over the
period during which benefit is derived from the employees'
services. The costs are assessed on the basis of assumptions
selected by the management. These assumptions include
salary escalation rate, discount rates, expected rate of
return on assets and mortality rates.

3.8 Contingent Liabilities (Refer to Note No 29.1)

Contingent Liability is:

(a) a possible obligation that arises 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

(b) a present obligation that arises from past events but is
not recognised because:

(i) it is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation; or

(ii) the amount of the obligation cannot be measured
with sufficient reliability

4. FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES

The Company's principle financial liabilities comprise of loans and
borrowings and trade and other payables. The main purpose of
these financial liabilities is to finance the Company's operations.
The Company's principle financial assets include loans & advances,
trade and other receivables, and cash and cash equivalents
that are derived from its operations. 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 advises on financial risks
and the appropriate financial risk governance framework for
the Company. All derivative activities, when carried out, for
risk management purposes are undertaken by specialist teams
that are equipped with appropriate skills and experience under
adequate supervision. The Company does not trade in derivatives
for speculative purposes. The Board of Directors reviews and
agrees policies for managing each of these risks.

4.1 Financial Risk Management

The Company's Senior Management oversees the Risk
Management Framework and develops and monitors the
Company's Risk Management Policies. These policies
have been established to ensure timely identification and
evaluation of risks, set up of acceptable risk thresholds,
identification and mapping of controls against these risks,
monitoring of risks and their limits, improvement in risk
awareness and transparency. These policies and systems
are reviewed regularly to reflect changes in the market
conditions and the Company's activities to provide reliable
information to the Management and the Board to evaluate
the adequacy of the Risk Management framework in
relation to the risk faced by the Company.

These policies aim to mitigate the following risks arising
from the financial instruments:

4.1.1 Market Risk

Market risk is the risk that the fair value of future cash
flows of a financial instrument will fluctuate because
of changes in the market prices. The Company is
exposed in the ordinary course of its business to risks
related to changes in foreign currency exchange rates,
commodity prices and interest rates.

The Company seeks to minimize the effects of these
risks by using derivative financial instruments to
hedge risk exposures. The use of financial derivatives
is governed by the Company's policies which
provide written principles on foreign exchange risk,
interest rate risk, credit risk, the use of financial
derivatives and non-derivative financial instruments,
and the investment of excess liquidity. Compliance
with policies and exposure limits is reviewed by
the Management and the internal auditors on a
continuous basis. The Company does not enter into or
trade financial instruments, including derivatives for
speculative purposes.

4.1.2 Credit Risk Management

Credit risk refers to the risk that counter party
will default on its contractual obligations resulting
in financial loss to the Company. Credit risk
encompasses both, the direct risk of default and the
risk of deterioration of creditworthiness as well as
concentration risks. The Company has adopted a policy
of only dealing with creditworthy counter parties and
obtaining sufficient collateral, where appropriate, as
a means of mitigating the risk of financial loss from
defaults. Company's credit risk arises principally from
the trade receivables, loans & advances, investments,
debt securities, cash & cash equivalents, derivatives
and financial guarantees.

4.1.3 Liquidity Risk Management

Liquidity risk refers to the risk of financial distress
or extraordinary high financing costs arising due to
shortage of liquid funds in a situation where business
conditions unexpectedly deteriorate and require
financing. The Company requires funds for both short
term operational needs and long term capital projects.
The Company has established an appropriate liquidity
risk management framework for the management
of the Company's short, medium and long-term
funding and liquidity management requirements.
The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.

4.3 Capital Management

The primary objective of the Company's Capital Management
policy is to maximize the shareholder value. The Capital
structure is adjusted in light of economic conditions
and requirements of financial covenants. 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 its capital using gearing
ratio, which is net debt, divided by total equity. Net debt
includes, interest bearing loans and borrowings less cash
and cash equivalents, bank balances other than cash and
cash equivalents and current investment.

i. The Authorised Share Capital of the Company is Rs. 6000.00 Lakhs (Rupees Six Thousand Lakhs only) - Rs. 1500.00 Lakhs
(Rupees One Thousand Five Hundred Lakhs only) comprising 1,50,00,000 (One Crore Fifty Lakhs) Equity Shares of Face
Value Rs. 10/- (Rupees Ten only) each and Rs. 4500.00 Lakhs (Rupees Four Thousand Five Hundred Lakhs only) comprising
45,00,000 (Forty Five Lakhs) Preference Shares of Face Value Rs.100/- (Rupees One Hundred only) each.

b. Rights, preferences and restrictions attached to the Equity Shares

The Company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per
share held. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation of Company, the equity shareholders are eligible to
receive the remaining assets of the Company after distributions of all preferential amounts, in proportion to their shareholding.

carry a preferential right vis-a-vis equity shares of the Company with respect to payment of dividend, payment along
with premium on its redemption and repayment in case of a winding up of the Company;

- The said NCRPS shall not be listed with any Stock Exchange

- It shall be non-participating in the surplus funds

- It shall be non-participating in the surplus assets and profits which remains after the entire capital has been repaid, on

winding up of the Company;

- It shall be paid dividend on a non-cumulative basis @ 7% per annum on the Face Value of NCRPS as may be decided by
the Company at its discretion.

- The NCRPS shall not be convertible into equity shares of the Company.

- The holder of NCRPS shall have right to vote only on Resolution, which directly affect the right attached to

Preference Shares.

- NCRPS shall be redeemable at par, on completion of 9 years from the date of allotment of such NCRPS in accordance
with the provisions of the Act.

1. The Company has issued Non Convertible Non Cumulative Redeemable Preference shares (NCRPS) on 11th May, 2023.
Considering the accounting principles to be followed in line with Indian Accounting Standards, the Company has computed the
liability portion of NCRPS as the present value of the contractual obligations associated with the instrument. The difference
between the issue amount of the NCRPS and the liability so computed has been treated as the 'Equity component of compound
financial instruments' and grouped under other equity.

2. Adjustment of Rs 16.07 Lakhs has been accounted in Other Comprehensive Income Reserve Account, to provide the rectification
effect for error made in the previous year while accounting the OCI Portion related to remeasurement of defined benefit obligations
(Gratuity) and for reflecting correct balance of the OCI Reserve as on 31-03-2025 in the financial statement in accordance with Ind
AS-8 “Accounting Policies, Changes in Accounting Estimates and Errors. And comparative figures have not been restated as error
pertained to the classification within Other Equity Head”.

Nature and purpose of reserves

Revaluation Reserve :

Revaluation Reserve is created on revaluation of Land and Building of the Company. The proportionate amount will be transferred to
Retained Earnings on sale/retirement of the asset concerned.

General Reserve :

General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in
the General Reserve will not be reclassified subsequently to statement of profit and loss.

Retained Earnings :

The balance in the Retained Earnings primarily represents the surplus after payment of dividend and transfer to reserve.
Remeasurement of Actuarial Value of Gratuity:

It includes remeasurement gains and losses on defined benefit plans recognized in other comprehensive income. This is not reclassifiable
to statement of profit and loss.

1. The Company had availed the Term Loan of Rs. 780 Lakhs & Rs. 3500 Lakhs and Working Capital Sanction Limits of Rs. 3200 Lakhs
(Fund Based & Non Fund Based) from Scheduled Bank at the effective rate of interest ranging from 9.75% to 10.34% p.a. linked
to 3 months T-Bill and the said credit facilities are secured against the following securities of the Company

i. Primary Security - Hypothecation of all Stocks and Book Debts and Current Assets and Plant and Machineries, Both
Present and Future.

ii. Collateral Security- Mortgage of Factory Land & Building situated at Survey No. 259/10/1, 259/10/2, 259/10/3 and 259/11,
Village Dadra, U.T of Dadra and Nagr Haveli, District Silvassa

iii. Personal Guarantee of one of Promoter Group person"

2. The Term Loan of Rs. 780 Lakhs is repayble in 60 Equal Monthly Installments starting from 15th February, 2023 & the Term Loan
of Rs. 3500 Lakhs is also repayble in 60 Equal Monthly Installments starting from 7th February, 2024.

3. The Company had availed Auto Vehicle Loan of Rs. 15 Lakhs & Commercial Vehicle Loan of Rs. 15.50 Lakhs from Scheduled Bank.
The effective rate of interest is ranging from 9.1% to 9.32% p.a. and the said Vehicle Loans are secured against hypothecation of
the respective Vehicles.

4. The Auto Vehicle Loan of Rs. 15 Lakhs is repayble in 60 Equal Monthly Installments starting from 5th December, 2023 & the
Commercial Vehicle Loan of Rs. 15.50 Lakhs is also repayble in 60 Equal Monthly Installments starting from 5th September, 2023.

5. The Company had availed ICD from Promoter Group Companies namely Dilesh Roadlines Pvt. Ltd. & Alchemie Financial Services
Private Limited. The effective rate of interest is ranging from 8.10% to 9.00% p.a. Tenure for ICD is repayable in 3 Years from date
of receipt. However Borrower is at liberty to pay the same at early date & there will be no Prepayment Charge.

6. The difference between quarterly returns filed by the Company with banks / financial institutions and books of accounts were on
account of explainable items and not material in nature.

7. During the financial year ended 31st March, 2024, the Company has issued Non Convertible Non Cumulative Redeemable
Preference shares (NCRPS) on 11th May 2023. Considering the accounting principles to be followed in line with Indian Accounting
Standards, the Company has computed the liability portion of NCRPS as the present value of the contractual obligations associated
with the instrument. The difference between the issue amount of the NCRPS and the liability so computed has been treated as the
'Equity component of compound financial instruments' and grouped under other equity.

The above information regarding Micro Enterprises and small Enterprises has been determined on the basis of information
available with the Company. No interest has been accrued on delayed payments, if any.

29.5 Current Tax & Deferred Tax :

There is no provision for tax for the year ended March 31, 2025 on account of carry forward unabsorbed depreciation losses.
The Company, has assessed at 31st March, 2025, the net Deferred Tax Asset created in earlier year and accordingly no further
provision is required on account of Deferred Tax.

29.6 The Financials of the Company have been prepared on a going concern basis.

29.7 Figures for the previous year have been rearranged / re-grouped / reclassified wherever necessary, to correspond with those of
the figures for the current year.

29.8 The Company has only one primary segment i.e. Glass Processing Business and hence no separate primary segment information has
been furnished herewith. The Company has disclosed the secondary segment (Geographical) in consolidated financial statements.

29.9 Disclosures for Events occuring after Balance Sheet Date-

A Event occuring after Balance Sheet Date- The Company has entered into Business Transfer Agreement (BTA) on 10th
April 2025, with M/s. Glasstech Industries (India) Private Limited for acquiring their business undertaking, pertaining to
manufacturing facilities & the sale and supply of Architectural Glass & Glass related products from its factories situate at
Taloja, Maharashtra & Erode, Tamil Nadu, including technical know-how, all intellectual property rights (including brand name
belonging to the entity & Good will, in connection with the business), customer and vendor relationships, books and records
and employees on a 'slump sale' basis as per the terms and conditions laid down in the BTA .

B Investment in Subsidiary- The Company had made an investment by way of subscription in the Equity Share Capital of M/s.
Sejal Glass & Glass Manufacturing Products LLC, the Company incorporated under laws of UAE, to the extent of AED 150
Lakhs comprising of 15,000 Equity Shares of AED 1000/- each at par, representing 99.01% stake in the said LLC and thereby
the said LLC has become subsidiary of the Company w.e.f. 19th May 2023. The said LLC earlier was subsidiary of Sejal Glass
Ventures LLP (associate of the Company) upto 18th May, 2023.

29.10 Exceptional Item:

There are no exceptional items for the year ended 31st March, 2025 & for the year ended 31st March, 2024.

29.11 The Company had made all the payments except whenever claimant is not traceable, in accordance with the Resolution Plan
as approved by the Hon'ble NCLT, Mumbai bench, vide order dated 26th March, 2021 read with order dated 7th June, 2021.
Consequent upon the payments, the Resolution Plan stands fully implemented and the role of the Monitoring Committee had
come to an end. The Chairman of the Monitoring Committee (Erstwhile Resolution Professional) had filed an Interlocutory
Application along with the progress report with the Hon'ble NCLT, Mumbai bench for Orders. The said application has been
allowed and disposed of.

Income Tax Matters Pertaining to Periods up to CIRP Approval Date

The Company was undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and
Bankruptcy Code, 2016 (""IBC"") until 26th March 2021, the date on which the Hon'ble National Company Law Tribunal (NCLT),
Mumbai Bench approved the Resolution Plan. Post-approval, the management and control of the Company were transferred to
the resolution applicant in accordance with the said Plan.

In the financial statements for the year ended 31st March 2024, the Company had disclosed certain income tax demands/appeals
which pertained to the period prior to or up to the date of CIRP approval. The Company had filed necessary appeals against
such demands with the appropriate authorities and, in view of the Resolution Plan and IBC provisions, had not recognized any
contingent liabilities in respect thereof.

Subsquent to Balance Sheet Date vide order dated 28th April 2025 in IA No. 5660/2024 in C.P. (IB)/1799(MB)2018, the Hon'ble
NCLT, Mumbai Bench (Court Room No. 1) has passed a definitive ruling directing the Income Tax Department to provide the
following reliefs:

1. Setting aside and quashing of all demands, orders, penalties, and proceedings initiated by the Income Tax Department that
pertain to periods prior to the CIRP approval date of 26th March 2021.

2. Refrain from issuing further notices/reopening / reassessment/ demands/ claims which are for periods prior to the
Approval Order.

3. To grant the refund of amounts which are adjusted by the IT Department for the non-eligible tax dues pertaining to period
prior to Approval Order

4. To give effect of reduced demand as per NCLT Order, in their System, Portal and/or TRACES as due to digitalization of
income tax portal the refunds are getting automatically adjusted and treated as actual demands.

5. Without prejudice, it is prayed that the Resolution Plan in its' entirely be uploaded as a part of the Approval Order to enable
the Applicant to obtain its' certified copies and use the same with all statutory authorities.

The management believes that, based on and the aforementioned NCLT order, no further financial obligation shall arise in
respect of these historical tax matters.

29.12 Relationship with the struck off Companies : There are no transactions with struck off companies for the year ending March 31,
2025 and March 31, 2024

29.13 Additional Statutory Information :

i The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
However, Charge of Tempo Loan has not been registered by Scheduled Bank of Rs. 15.50 Lakhs.

ii The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

iii The Company has not advanced or loaned or invested funds ( (either from borrowed funds or share premium or any other
sources of kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding
(whether recorded in writting or otherwise) that the Intermediary shall:

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

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

iv The Company has not received any fund from any person(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,

v The Company have no 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).

vi 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

vii The Company has not given any loans or advances in the nature of loans to the promoters, directors, KMP and other related
parties (as defined under Companies Act 2013) either severely or jointly.

viii The Company is not covered under Section 135 of the Companies Act during the year.

ix During the year, the company has not been declared as willful defaulter by any Bank or Financial Institution or any other lender.

x No material events have occurred between the Balance Sheet date to the date of issue of these standalone financial
statements that could affect the values stated in the financial statements as at 31st March, 2025

29.14 Employee benefit plans

a Defined contribution plans

The Company makes Provident Fund and Employee's State Insurance contributions in respect of all the qualifying employees.
Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.
The Company recognised Rs. 18.74 Lakhs (Year Ended 31st March, 2024 Rs 16.83 Lakhs) for Provident Fund and Employee's
State Insurance contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company
are at rates specified in the rules of the schemes.

b Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

ii. Compensated Leave Absences

The Company has obtained Actuarial Valuation Report of Gratuity and Leave Encashment as at 31st March, 2025.
During FY 2024-25 the Company has debited to its Profit and Loss Account- Gratuity of Rs 14.81 Lakhs (Year Ended
31st March, 2024 Rs 12.60 Lakhs) and Other Comprehensive Income of Rs 6.80 Lakhs (Year Ended 31st March, 2024
Rs 3.97 Lakhs). Further the Company has debited to its Profit and Loss Account -Leave Encashment of Rs. 11.32 Lakhs
(Year Ended 31st March, 2024 Rs 5.84 Lakhs) to correctly show the year end liability as at 31st March, 2025

29.16 Financial Risk Management

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

• Credit risk ;

• Liquidity risk ; and

• Market risk

A. Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The company is
exposed to credit risk from its operating activities (primarily for trade receivables and loans) and from its financing activities
(deposits with banks and other financial instruments).

Credit Risk Management

Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness
of customers to which the Company grants credit terms in the normal course of business. The Company establishes an
allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other
receivables and investments.

The Company's maximum exposure to credit risk as at 31st March, 2025 and 31st March, 2024 is the carrying value of each
class of financial assets.

ii Cash and Bank Balances

The Company held cash and bank balance of Rs. 386.97 Lakhs at 31st March, 2025 and Rs. 122.33 Lakhs at 31st
March, 2024. The credit risk on bank balances is limited as the Company generally invests in deposits with banks where
credit risk is largely perceived to be extremely insignificant.

B. Liquidity risk

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 - trade payables
and borrowings.

Liquidity risk management

The Company's approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due
without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material
and sustained shortfall in our cash flow could undermine the Company's credit rating and impair investor confidence.

C. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will
affect the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk
sensitive financial instruments. The Company is exposed to market risk primarily related to interest rate risk and the market
value of the investments.

i Currency Risk

The Company undertakes transactions denominated in foreign currencies and thus it is exposed to exchange rate
fluctuations. The Company actively manages its currency rate exposures, arising from transactions entered and
denominated in foreign currencies

ii Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates.
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate
because of fluctuations in the interest rates.

Exposure to interest rate risk

The Company is exposed to interest rate risk as it has liabilities based on floating interest rates as well. The Company
reviews the interest rate risks on period basis and try to mitigate the risk by having balanced portfolio of fixed and
variable rate of borrowing.

The carrying amounts of trade receivables, cash and bank balances, loans, borrowings, and trade payables are considered to be
approximately equal to the fair value.

I. Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value and,

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed under the Indian accounting standard. An explanation of each level
is as follows :

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity instruments
that have quoted market price.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-
counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

II. Valuation techniques used to determine fair value

Significant valuation techniques used to value financial instruments include:

• Use of quoted market price or dealer quotes for similar instruments

• Using discounted cash flow analysis.

29.18 Capital Management

The company's objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital.

The capital structure of the Company is based on management's judgement of the appropriate balance of key elements in order to
meet its strategic and day-today needs. We consider the amount of capital in proportion to risk and manage the capital structure
in light of changes in economic conditions and the risk characteristics of the underlying assets.

The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take appropriate
steps in order to maintain, or if necessary adjust, its capital structure.

As per our report of even date attached

For Gokhale and Sathe, For and on Behalf of Sejal Glass Limited

Chartered Accountants CIN: L26100MH1998PLC117437

ICAI FRN: 103264W

Ravindra More Surji Chheda Jiggar Savla

Partner Chairman & Director Whole-time Director

ICAI Mem No: 153666 Din : 02456666 Din : 09055150

Chandresh Rambhia Ashwin Shetty

Chief Financial Officer V.P. Operations & Company Secretary

Place : Mumbai Place : Mumbai M. No. A20942

Date : 7th May, 2025