l.) Provisions
General

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. When the Company expects
some or all of a provision to be reimbursed, the
reimbursement is recognised as a separate asset,
but only when the reimbursement is virtually
certain. The expense relating to a provision is
presented in the statement of profit and loss net
of any reimbursement.

m.) Retirement and other employee benefits

The Company operates a defined benefit gratuity
plan , which requires contributions to be made to
a separately administered fund.

The cost of providing benefits under the defined
benefit plan is determined using the projected
unit credit method.

The employees' gratuity scheme is a defined
benefit plan. The present value of the obligation
under such defined benefit plans is determined
based on actuarial valuation using the projected
unit credit method, which recognises each
period of service as giving rise to additional
unit of employee benefit entitlement and
measures each unit separately to build up the
final obligation. The obligation is measured at
the present value of the estimated future cash
flows. The discount rates used for determining
the present value of the obligation under defined
benefit plans, is based on the market yields on
government securities as at the reporting date,
having maturity periods approximating to the
terms of related obligations.

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 recognised immediately in the balance
sheet with a corresponding debit or credit to
retained earnings through other comprehensive
income (OCI) in the period in which they occur.
Re-measurements are not reclassified to the
statement of profit and loss in subsequent
periods.

In case of funded plans, the fair value of the
plan's assets is reduced from the gross obligation
under the defined benefit plans, to recognise the
obligation on net basis.

When the benefits of the plan are changed or
when a plan is curtailed, the resulting change in
benefits that relates to past service or the gain
or loss on curtailment is recognised immediately
in the statement of profit and loss. Net interest is
calculated by applying the discount rate to the
net defined benefit liability or asset.

The company recognises gains/ losses on

settlement of a defined plan when the settlement
occurs.

n.) Financial instruments:

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 recognised 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 market place
(regular way trades) are recognised on the trade
date, i.e., the date that the Company commits to
purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in four categories:

• Debt instruments at amortised cost Debt
instruments at fair value through other
comprehensive income (FVTOCI)

• Debt instruments, derivatives and equity
instruments at fair value through profit or loss
(FVTPL)

• Equity instruments measured at fair value
through other comprehensive income
(FVTOCI)

Debt instruments at amortised cost

A 'debt instrument' is measured at the
amortised cost if both the following conditions
are met:

a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the Company.

After initial measurement, such financial assets
are subsequently measured at amortised cost
using the effective interest rate (EIR) method.
Amortised 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 amortisation is included in finance
income in the profit or loss. The losses arising
from impairment are recognised in the profit
or loss. This category generally applies to trade
and other receivables. For more information on
receivables, refer note 8.

Debt instrument at FVTOCI

A 'debt instrument' is classified as at the FVTOCI
if both of the following criteria are met:

a) The objective of the business model is
achieved both by collecting contractual cash
flows and selling the financial assets, and

b) The asset's contractual cash flows represent
SPPI.

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive
income (OCI). However, the Company recognizes
interest income, impairment losses & reversals
and foreign exchange gain or loss in the P&L. On
derecognition of the asset, cumulative gain or
loss previously recognised in OCI is reclassified
from the equity to P&L. Interest earned whilst
holding FVTOCI debt instrument is reported as
interest income using the EIR method.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet
the criteria for categorization as at amortized
cost or as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate
a debt instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement or
recognition inconsistency (referred to as
'accounting mismatch'). The Company has not
designated any debt instrument as at FVTPL.

Debt instruments included within the FVTPL

category are measured at fair value with all
changes recognized in the P&L.

Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which
are held for trading and classified as at FVTPL.
For all other equity instruments, the Company
may make an irrevocable election to present
in other comprehensive income subsequent
changes in the fair value. The Company makes
such election on an instrumentby- instrument
basis. The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity.

Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L.

Derecognition

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e.
removed from the Company's consolidated
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 recognise the transferred asset
to the extent of the Company's continuing
involvement. In that case, the Company
also recognises 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.

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:

i) Financial assets that are debt instruments,
and are measured at amortised cost e.g.
deposits, trade receivables and bank balance

ii) Trade receivables or any contractual right to
receive cash or another financial asset that
result from transactions that are within the
scope of Ind AS 18

iii) Loan commitments which are not measured
as at FVTPL

iv) Financial guarantee contracts which are not
measured as at FVTPL

The Company follows 'simplified approach' for
recognition of impairment loss allowance on:

• Trade receivables or contract revenue
receivables; and The application of simplified
approach does not require the Company
to track changes in credit risk. Rather, it
recognises 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. If credit risk has not increased
significantly, 12-month ECL is used to provide

for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used.
If, in a subsequent period, credit quality of
the instrument improves such that there is
no longer a significant increase in credit risk
since initial recognition, then the entity reverts
to recognising impairment loss allowance
based on 12-month ECL. Lifetime ECL are
the expected credit losses resulting from all
possible default events over the expected life
of a financial instrument. 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, an entity
is required to consider:

• All contractual terms of the financial
instrument (including prepayment, extension,
call and similar options) over the expected life
of the financial instrument. However, in rare
cases when the expected life of the financial
instrument cannot be estimated reliably, then
the entity is required to use the remaining
contractual term of the financial instrument

• Cash flows from the sale of collateral held or
other credit enhancements that are integral
to the contractual terms As a practical
expedient, the Company uses a provision
matrix to determine impairment loss
allowance on portfolio of its trade receivables.
The provision matrix is based on its historically
observed default rates over the expected life
of the trade receivables and is adjusted for
forward-looking estimates. At every reporting
date, the historical observed default rates are
updated and changes in the forward-looking
estimates are analysed. On that basis, the
Company estimates the provision matrix at
the reporting date:

• 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 amortised
cost, contractual revenue receivables and
lease 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.

• Loan commitments and financial guarantee
contracts: ECL is presented as a provision in
the balance sheet, i.e. as a liability.

• Debt instruments measured at FVTOCI: Since
financial assets are already reflected at fair
value, impairment allowance is not further
reduced from its value. Rather, ECL amount
is presented as 'accumulated impairment
amount' in the OCI. For assessing increase in
credit risk and impairment loss, the Company
combines financial instruments on the basis
of shared credit risk characteristics with the
objective of facilitating an analysis that is
designed to enable significant increases in
credit risk to be identified on a timely basis.
The Company does not have any purchased
or originated credit-impaired (POCI) financial
assets, i.e., financial assets which are credit
impaired on purchase/ origination.

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 recognised
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, financial guarantee
contracts and derivative financial instruments.
Subsequent measurement

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. This category also
includes derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as
defined by Ind AS 109.

Gains or losses on liabilities held for trading are
recognised 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/ loss are not subsequently transferred to
P&L.

However, the Company may transfer the
cumulative gain or loss within equity. All
other changes in fair value of such liability are
recognised in the statement of profit or loss.
The Company has not designated any financial
liability as at fair value through profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR (effective inteterest
rate) method. Gains and losses are recognised in
profit or loss when the liabilities are derecognised
as well as through the EIR amortisation process.
Amortised 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 amortisation is included as finance
costs in the statement of profit and loss.

A financial liability is derecognised 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
recognised in the statement of profit or loss.

Reclassification of financial assets

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 recognised amounts and there is an
intention to settle on a net basis, to realise the
assets and settle the liabilities simultaneously.

o.) 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, which are subject to
an insignificant risk of changes in value. For
the purpose of the financial statement of cash
flows, cash and cash equivalents consist of cash
and short-term deposits, as defined above,
net of outstanding bank overdrafts as they are
considered an integral part of the Company's
cash management.

p.) Cash dividend

The Company recognises a liability to make cash
or non-cash distributions to equity holders of the
parent when the distribution is authorised and
the distribution is no longer at the discretion of
the Company. As per the corporate laws in India,
a distribution is authorised when it is approved
by the shareholders. A corresponding amount is
recognised directly in equity.

Notes:

1) Property, plant and equipment pledged as security

Company has mortgaged its movable fixed assets against cash credit limit sanctioned from ICICI Bank -
refer note 13

2) Impairment loss

The Company assesses at each balance sheet date whether there is any indication due to internal or external
factors that an asset or a group of assets comprising a Cash Generating Unit (CGU) may be impaired and the
Company has not found any such indication / situation because of which the assets had to be impaired.

3) Contractual obligations

Refer note 28 for estimated amount of contract remaining to be executed on capital account

4) The title deeds to immovable properties are held in the name of the Company

5) No proceedings has been initiated or pending against the company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder

a) Terms/rights attached to equity shares

Equity Shares shall rank pari-passu with the existing Equity Shares of the Company in all respect including payment
of dividend and other entitlements of such Equity Shares.

The company has only one class of equity shares, having par value of Rs. 10/- per share. Each holder of equity share
is entitled for one vote per share and have a right to receive dividend as recommended by the board of directors
subject to the necessary approval from the shareholders. In the event of liquidation of the company the holders
of equity shares will be entitled to receive remaining assets of the company after distributing of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

For the year ended 31st March 2025, the board of directors have proposed dividend of Rs. NIL (2023-24 : Rs.NIL/-)
per share subject to shareholders' approval.

Significant estimates

j) Principal actuarial assumptions at the balance sheet date (expressed as weighted averages)

1 Discount rate as at 31-03-2025- 6.70% (7.20% in FY: 2023-24)

2 Expected return on plan assets as at 31-03-2025 - 0% (0% in F.Y: 2023-24)

3 Salary growth rate as at 31-03-2025: 6.00% (6.00% in F.Y: 2023-24)

4 Attrition rate as at 31-03-2025: 11.00% (10.00% in F.Y: 2023-24)

5 The estimates of future salary increase considered in actuarial valuation take into account inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

k) General descriptions of defined plans:

Gratuity Plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days
salary last drawn for each completed year of service. The same is payable on termination of service or retirement
whichever is earlier. The benefit vests after five years of continuous service.

l) The Company has not funded the liabilities as on March 31, 2025

m) Sensitivity analysis

Sensitivity analysis indicates the influence of a reasonable change in certain significant assumptions on the out
come of the Present value of obligation (PVO) and aids in understanding the uncertainty of reported amounts.
Sensitivity analysis is done by varying one parameter at a time and studying its impact

Significant Estimation of long term employee benefit:

The cost of long term employee benefit and present value of such obligations are determined using acturial
valuation. An acturial valuation involves making various assumptions that may differ from actual developments
in future. These includes the determination of discount rate, future salary increases, expected rate of return
on planned assets and attrition rate. Due to long term nature of these benefits, such estimates are subject to
significant uncertainity. All assumptions are reviewed at each reporting date.

Note 34: Fair Value Measurements

This note explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised & measured at i. fair value ii. measured at amortised cost and for which fair values are considered to be
same as the amortised costs disclosed in the financial statements. They are further classified them into Level 1 to Level
3 as required by the accounting standard and described in the material accounting policies of the Company. Further,
the note describes valuation techniques used, key inputs to valuations and quantitative information about significant
unobservable inputs for fair value measurements (if any).

Company's principal financial liabilities, comprises borrowings, trade and other payables and financial guarantee
contracts. The main purpose of these financial liabilities is to finance company's operations and to provide guarantees
to support its operations. Company's principal financial assets include advances to vendors, investments, trade
and other receivables, security deposits and cash and cash equivalents, that derive directly from its operations.

In order to minimise any adverse effects on the financial performance of the company, it has taken various measures.
This note explains the source of risk which the entity is exposed to and how the entity manages the risk and impact of
the same in the financial statements.

Valuation techniques used to determine the fair value of each financial instrument:

Fair value of assets classified at amortised cost:

The management assessed that the fair value of cash and cash equivalent, other bank balances, deposits, trade
receivables, current loans, current other financial asset, borrowings, trade payable and other current financial
liabilities approximate their carrying amount largely due to short term maturities of these instruments.

Carrying value of non-current financial liabilities are considered to be same as their fair value due to discounting
at rate which are an approximation of incremental borrowing rate.

Further, company's non-current financial assets are appearing in the books at fair value since the same are
interest bearing hence discounting of the same is not required.

Fair value of assets classified at FVTPL:

Fair value of investment in unquoted shares other than subsidiaries are determined using quoted price (i.e. NAV)
at the reporting date. The Deemed corporate guarantee given to subsidiary is discounted and accounted at
FVTPL.

During the year ended 31st March 2025, there were no transfers between level 1 and level 2 fair value measurements
and no transfers into and out of level 3 fair value measurement.

The company's risk management is carried out by management, under policies approved by the board of directors.
Company's treasury identifies, evaluates and hedges financial risks in close cooperation with the company's operating
units. The board provides written principles for overall risk management, as well as policies covering specific areas,
such as foreign exchange risk, credit risk, and investment of excess liquidity.

(A) Credit Risk

Credit risk in case of the Company arises from cash and cash equivalents, deposits with banks and financial institutions,
as well as credit exposures to customers including outstanding receivables.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage
this, the Company periodically assesses the reliability of customers, taking into account the financial condition, current
economic trends, and analysis of historical bad debts and ageing of trade receivable. Individual risk limits are set accordingly.

The company considers the probability of default upon intial recognition of asset and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a
significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting
date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward looking
information such as:

(i) Actual or expected significant adverse changes in business,

(ii) Actual or expected significant changes in the operating results of the counterparty,

(iii) Financial or economic conditions that are expected to cause a significant change to counterparty's ability to meet
its obligations,

(iv) Significant increases in credit risk on other financial instruments of the same counterparty,

(v) Significant changes in the value of collateral supporting the obligation or in the quality of third-party guarantees
or credit enhancements.

The company provides for expected lifetime losses in case of trade receivables, claims receivable and security deposits
when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or failing to engage in a
repayment plan with the company. The company categorises a receivable for provision for doubtful debts/write off
based on payment profile of sale over a period of 36 months before the reporting date and corresponding historical
credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking
information on macroeconomic factors affecting the ability of the customers to settle the receivables .The amount of
provision depends on certain parameters set by the Company in its provisioning policy. Where loans or receivables
have been written off, the company continues to engage in enforcement activity to attempt to recover the receivable
due. Where recoveries are made, these are recognised in profit or loss.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate
amount ofcommitted credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature
ofthe underlying businesses, company maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the company's liquidity position (comprising the undrawn borrowing
facilities below) and cash and cash equivalents on the basis of expected cash flows. This is carried out in accordance
with practice and limits set by the group. In addition, the company's liquidity management policy involves projecting
cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios
against internal and external regulatory requirements and maintaining debt financing plans.

For the purpose of the company's capital management, capital includes issued equity capital, share premium and all
other equity reserves. 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, company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. Company monitors capital using
a gearing ratio, which is net debt (total borrowings net of cash and cash equivalents) divided by total capital plus net
debt. Company's policy is to keep the gearing ratio below 15%.

b) Information about performance obligation

The Company satisfies its performance obligations pertaining to the sale of products and services at a
point in time when the control of goods/ services is actually transferred to the customer No significant
judgment is involved in evaluating when a customer obtains control of promised goods/ services. The
contract is a fixed price contract subject to refund due to shortages and discounts during the mode of
transportation and do not contain any financing component. The payment is generally due within 30-90 days.
The Company is obliged to give refunds due to shortages and discounts. There are no other significant obligations
attached in the contract with customer.

Transaction price

There is no remaining performance obligation for any contract for which revenue has been recognised till period
end. Further, the Company has not applied the practical expedient as specified in para 121 of Ind AS 115 as the
Company do not have any performance obligations that have an original expected duration of one year or less or
any revenue stream in which consideration from a customer corresponds directly with the value to the customer
of the entity's performance completed to date.

Determining the timing of satisfaction of performance obligations

There is no significant judgement involved in ascertaining the timing of satisfaction of performance obligations,
in evaluating when a customer obtains control of promised goods, transaction price and allocation of it to the
performance obligations.

Determining the transaction price and the amounts allocated to performance obligations

The transaction price ascertained for the only performance obligation of the Company (i.e. Sale of goods/ sale of
services) is agreed in the contract with the customer. There is no variable consideration involved in the transaction
price except for refund due to shortages and discounts which is adjusted with revenue.

d) Cost to obtain contracts

Amount of amortization recognized in Profit & Loss during the year Rs. Nil (For Previous
ⁱ year Rs. Nil)

(ii) Amount recognized as assets as at 31st March, 2025: Rs. Nil (For Previous year Rs. Nil)

Note 44 : Note on Charge Creation

The company has registered all Details of Registration or satisfaction of charge with ROC within the prescribed
time from the execution of document wherever applicable.

Note 45 : Transactions with Struck off Companies :

The Company does not have any transactions with struck off companies

Note 46 : Willful Defaulter

The company has not been declared willful defaulter by any banks/Financial Institutions.

Note 47 : Crypto Currency or Virtual Currency

The company has not traded or invested in Crypto Currency or Virtual Currency.

Note 48 : Note on Undisclosed Income If any

The Company does not have any transaction 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). Also none of the previously unrecorded
income and related assets have been recorded in the books of account during the year.

Note 49: Disclosure related to reporting under rule 11(e) of the companies (audit and auditors) rules, 2014, as
ammended.

a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or any other person or entities, including foreign entities
("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, 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 provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

b) No funds have been received by the Company from any person or entity, including foreign entities ("Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
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 provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

Note 43: Disclosure pursuant to Ind AS 101 “First time adoption of Indian Accounting Standards”

As stated in Note 2, these standalone financial statements, for the year ended March 31, 2025, are the first the
Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2024,
the Company prepared its financial statements in accordance with accounting standards notified under section 133
of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (IGAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending
on March 31, 2025, together with the comparative period data as at and for the year ended March 31, 2024, as described
in the summary of significant accounting policies. In preparing these financial statements, the Company's opening
balance sheet was prepared as at April 01, 2023, the Company's date of transition to Ind AS. This note explains the
principal adjustments made by the Company in restating its IGAAP financial statements, including the balance sheet
as at April 01, 2023 and the financial statements as at and for the year ended March 31, 2024 and how the transition
from IGAAP to Ind AS has affected the Company's financial position, financial performance and cash flows.

a. Exemptions Availed:

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements
under Ind AS. The Company has elected to apply the following exemptions:

1 Past Business Combinations:

The Company has elected not to apply Ind AS 103- Business Combinations retrospectively to past business
combinations that occurred before the transition date of April 1, 2023. Consequently, the Company has kept the
same classification for the past business combinations as in its previous GAAP financial statements.

2 Deemed cost for property, plant and equipment and intangible assets:

The Company has elected to continue with the carrying value of all of its plant and equipment and intangible
assets as recognised as of April 01, 2023 (transition date) measured as per the previous GAAP and use that
carrying value as its deemed cost as of the transition date and carried forward gross block and accumulated
depreciation only for disclosure purposes.

3 Investment in Subsidiary:

The Company has elected to carry its investment in subsidiary at cost which is its previous GAAP carrying amount
at the date of transition to Ind AS.

4 Fair Value of Financials Assets and Liabilities:

As per Ind AS exemption the Company has not fair valued the financial assets and liabilities retrospectively and
has measured the same prospectively.

5 Leases

i) The company has taken exemption to assess whether a contract existing at the date of transition to Ind ASs
contains a lease to those contracts on the basis of facts and circumstances existing at that date.

ii) The company has measured lease liability at the date of transition of Ind AS by calculating present value of
remaining lease payments, discounted using incremental borrowing rate at the date of transition of Ind AS. The
company has measured right of use asset as at Ind AS transition date of an amount equal to the lease liability,
adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised.

6 Estimates

The estimates at 1 April 2023 and at 31 March 2024 are consistent with those made for the same dates in accordance
with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the following
items where application of Indian GAAP did not require estimation:

FVTPL - unquoted equity shares of JJSB and Deemed Investment in subsidiary

The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at 1
April 20235, the date of transition to Ind AS and as of 31 March 2024.

Note 43: Disclosure pursuant to Ind AS 101 “First time adoption of Indian Accounting Standards”

Notes:

i As per Indian GAAP, the Company accounted for lease hold properties as Property, Plant and Equipments. As
per Ind AS 116, assets taken on lease are required to be capitalised as "Right to use asset” with a corresponding
recognition of lease liability

ii Under Indian GAAP, the Company accounted for long term investments as investment measured at cost less
provision for other than temporary diminution in the value of investments. Under Ind AS, the Company's investments
other than in subsidiary are fair valued as either FVTPL or FVTOCI investments. The fair value impact at the date
of transition to Ind AS and in comparative previous year are adjusted in carrying value of investments under Indian
GAAP with impact in Surplus and FVTOCI reserve respectively, net of related deferred taxes. Subsequently fair
value gain/loss on investments classified at FVTPL is recognised in statement of profit and loss and fair value gain/
loss on investments classified at FVTOCI in other comprehensive income.

As part of the transition to Indian Accounting Standards (Ind AS), in accordance with Ind AS 101 - First-time
Adoption of Indian Accounting Standards, the Company has recognized a deemed investment in its subsidiary in
respect of a corporate guarantee provided.

Under previous GAAP, corporate guarantees were generally disclosed as contingent liabilities. However, as per
the requirements of Ind AS 109 - Financial Instruments, such financial guarantee contracts are to be measured
initially at fair value. The fair value of the corporate guarantee provided by the holding company to its subsidiary
is treated as a deemed investment in the subsidiary, with a corresponding financial liability recognized by the
holding company.

The Company has elected to measure the investment in its subsidiary at deemed cost, and has included the fair
value of the corporate guarantee in the deemed cost of the investment.

iii Under Indian GAAP, interest-free lease security deposits paid are reported at their transaction values. Under
Ind AS, interest-free security deposits are measured at fair value on initial recognition and at amortised cost on
subsequent recognition. The difference between the transaction value and fair value of the lease deposit at initial
recognition are added to 'Right to use of an asset'. This amount is recognised in statement of profit and loss on a
straight line basis over the lease term.

iv Under Indian GAAP, actuarial gains and losses and return on plan assets on post-employment defined benefit
plans are recognised immediately in statement of profit and loss. Under Ind AS, remeasurements which comprise
of actuarial gains and losses, return on plan assets and changes in the effect of asset ceiling, if any, with respect
to post-employment defined benefit plans are recognised immediately in other comprehensive income (OCI).
Further, remeasurements recognised in OCI are never reclassified to statement of profit and loss.

v IGAAP requires deferred tax accounting using the income statement approach, which focuses on differences
between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred
taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount
of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in
recognition of deferred tax on new temporary differences which was not required under IGAAP In addition, the
various transitional adjustments lead to temporary differences. According to the accounting policies, the Company
has to account for such differences. Deferred Tax adjustments are recognised in correlation to the underlying
transaction either in retained earnings or statement profit and loss or in other comprehensive income respectively.

vi Under previous GAAP, interest on borrowings was recorded based on the coupon rate. Under Ind AS, borrowings
are initially recognized at fair value net of transaction costs and subsequently measured using the effective interest
rate method.

As per our report of even date On Behalf of the Board of Directors

For SHARPAARTH & CO LLP

Chartered Accountants Deepak Chaudhari Bharti Chaudhari

Firm Registration No. 132748W/W100823 Chairman & Managing Director Whole Time Director

DIN: 00538753 DIN: 02759526

CA Harshal Jethale

Partner Pankaj Rote Rahul Lavane

Membership No 141162 Chief Financial Officer Company Secretary

Place : Jalgaon M. No. A57240

Date : May 30, 2025