s) Provisions, Contingent liabilities, Contingent assets and Commitments:

i) Provisions:

The Company recognizes provisions for liabilities and probable losses that have been incurred when it has a
present legal or constructive obligation as a result of past events and it is probable that the Company will be
required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the
effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due
to the passage of time is recognized as a financing cost.

ii) Contingent liability is disclosed in the case of:

• A present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation:

• A present obligation arising from past events, when no reliable estimate is possible:

• A possible obligation arising from past events, unless the probability of outflow of resources is remote.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

iii) Other Litigation claims:

Provision for litigation related obligation represents liabilities that are expected to materialise in respect of
matters in appeal.

iv) Onerous contracts:

Provisions for onerous contracts are recorded in the statements of operations when it becomes known that
the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received.

v) Contnigent Assets : Contingent Assests are not recognised but disclosed in the financial statements when an
inflow of economic is probeble

t) Exceptional Items:

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities
of the company is such that its disclosure improves the understanding of the performance of the company, such
income or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the
financial statements.

u) Earnings per share:

Basic Earnings per share is calculated by dividing the profit from continuing operations and total profit, both
attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding
during the period. In case there are any dilutive securities during the period presented, the impact of same is given
to arrive at diluted earning per share.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholder' and
weighted average number of equity and potential equity shares outstanding during the year including share
options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential
equity shares that are converted during the year are included in the calculation of diluted earnings per share, from
the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

v) Segment accounting:

The company's business falls within a primary business segment viz "Manufacturing and Trading of Aluminium Foil
in various forms".

w) Financial statement classification:

Certain line items on the balance sheet and in the statement of Profit and Loss have been combined. These items are
disclosed separately in the Notes to the financial statements. Certain reclassifications have been made to the prior
year presentation to conform to that of the current year. In general the company classifies assets and liabilities as
current when they are expected to be realized or settled within twelve months after the balance sheet date.

x) Fair value measurement:

The Company measures financial instruments such as derivatives and certain investments, at fair value at each
balance sheet date.

Fair value is the price 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. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability. Or

• In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability,

assuming that market participants act in their economic best interest.

A fair value measurement of a non- financial asset takes in to account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.

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 balance sheet on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis
of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained
above.

Standards issued and amended but not effective

The Ministry of Corporate Affairs (MCA) notifies new Indian Accounting Standards or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2023,
MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by isssuing the Companies (Indian
Accounting Standards) Amendment Rules, 2023 applicable from April 1, 2023, as below:

IND AS 1 - Presentation of Financial Statements - The amendments requires companies to disclose their material
accounting policy rather than their significant accounting policies. Accounting policy information, together with
other information, is material when it can reasonably be expected to influence decisions of primary users of general
purpose financial statements. The company does not expect this amendment to have any significant impact in its
financial statement.

IND AS 12- Income Taxes - The amendments clarify how companies account for deffered tax on transactions such
as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption
in paragraphs 15 and 24 od Ind AS 12 (recognition exemption) so that it no longer applies to transaction that, on
initial recognition, give raise to equal taxable and deductible temporary differences. The company is evaluating the
impact, if any, in its financial statements.

Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors - The amendments will help entities to
distinguish between accounting policies and accounting estimates, the definition of a change in accounting estimates has
been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary
amounts in financial statement that are subject to measurement uncertainty". Entities develop accounting estimates if
accounting policies require item in financial statement to be measured in a way that involves measurement uncertainty.
The company does not expect this amendment to have any significant impact in its financial statements.

36 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR:

CONTINGENT LIABILITIES:

(a) Guarantees/ TCBG given by bank in favour of buyers/suppliers, & Central Excise for Rs. 69.45 Lac (previous Year Rs.
2812.69 Lac)

(b) Letter of Credit of Rs. 405.03 Lac (previous Year Rs. 4026.98 Lac) opened in favour of Raw Material Suppliers

(c) Personal Guarantee by the Managing Director and Whole Time Director have been given to IDBI bank Limited, HDFC
Bank Ltd., Barcklays Bank PLC and Kotak Bank Ltd. against Credit facilities sanctioned to company.

(d) Uncompleted/reopened assessments of sales tax, Excise, GST and income tax etc.

(e) Suit filed by NECLO for Sum of Rs. 227085/- against which a sum of Rs. 25,000/- has been deposited in the city Civil
Court Ahmedabad.

*Matter pending since more than 20 years and company does not expect any liability

(f) Bonus Liability for the year 2014-15 as per new amendment issued by Ministry of Labour on which stay granted by
Hon'ble High Court in company favour.

(g) Total penalty of Rs. 25,00,000/- is raised on Shri Pankaj P Shah (Managing Director) and Shri Ashok P Shah (Ex.
Director) of the company by custom department and company has paid Rs. 6,00,000/- as per direction of Custom
Excise & Gold (control) Appellate, New Delhi through order dated 03.02.2003 and company has filled appeal before
Hon'ble High Court.

(h) Total Demand of Rs. 12576869/- for safeguard duty is raised by custom department and the same has been
pending Hon'ble High Court, Mumbai. Stay granted by Hon'ble High Court. Company has paid Rs. 9744034/- against
this demand.

(i) LER - Loan Equivalent Risk of Rs. 4455.29 Lacs (Previous Year Rs. 4039.44 Lacs) given by bank towards potential
fluctuation in the contractual currency of foreign exchange transaction.

(j) Total Demand of Rs. 21455536/- for Income tax along with interest is raised by Income Tax department for various
years and company has file appeal for the same.

(k) Total Demand of Rs. 3860834/- for GST along with interest is raised by GST Department and company has file
appeal for the same

COMMITMENTS

(l) Estimated amount of contracts on Capital Accounts remaining to be executed and not provided for (net of advances)
NIL (PY- NIL)

(m) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging
currency risk for export made. The Forward Contracts outstanding as on 31st March 2023 amount to Rs. 5772.14
Lacs (USD 70.00 Lacs) (PY Rs 4039.44 Lacs (USD 52.00 Lacs))

(n) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging
currency risk for import. The Forward Contracts outstanding as on 31st March 2023 amount to Rs. NIL (USD Nil &
EURO Nil), (PY Rs. Nil (USD Nil & EURO NIL)

(o) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging
currency risk for FCY Loans. The Forward Contracts outstanding as on 31st March 2023 amount to Rs. 1316.85
Lakh (USD Nil & EURO 15 Lakh), (PY Rs. 2562.60 (USD Nil & EURO 30 Lakh)

The board of directors provides guiding principle for overall risk management, as well as policies covering specific area
I.e. Foreign exchange risk, credit risk & Investment of Surplus liquidity.

The companies risk management is carried out by finance department, accordingly, this department identifies, evaluation
and hedges financial risk

A) Credit Risk

Credit risk is the risk of financial loss to the company, if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the company's receivables. To manage this, the Company
periodically assesses financial reliability of customers and other counter parties, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.

Credit Risk Management

The main source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This
credit risk has always been managed through credit Approvals, establishing credit limits and continuously monitoring
the creditworthiness of customer to whom credit is extended in normal course of business. The company estimates the
expected credit loss on the basis of past Data and experience. Expected credit losses of financial assets receivable in next
12 months are estimated on the basis of historical date provided the company has reasonable and supportable date. On
such an assessment the expected losses are nil or negligible.

Review of outstanding trade receivables and financial assets is carried out by management each quarter. The company
do not have any doubtful debts hence, no provision for bad and doubtful debts have yet been made in accounts.

COVID-19: The Company do not envisage any financial difficulties resulting in additional credit risks higher than usual
credit terms due to COVID-19 outbreak.

B) LIQUIDITY RISK

The companies principle source of liquidity are cash and cash equivalent and cash flows that are generated from
operation. The company believes that its working capital is sufficient to meet its current requirement.

The table below summarises the company's liquidity position and its preparedness for likely variations in liquidity

42 a) The lease deed regarding land at Jaisalmer where Enercon Make wind mill is installed has not been executed.

b) The lease deed regarding land at Pipalia Kalan, where Bunglow in the name of company is situated, has been executed
for 35 year and unexpired portion of said lease holds lands is 31 years and the lease deed is not registered

43 Balances of Trade Receivables, Trade Payables, Loans, Amount Received against FDR's & Advances and Unsecured Loans
as on 31.3.2023 are subject to reconciliation & confirmation by the parties.

44 Company has invested Rs. 900 Lacs in NCD of Earthon Infracon Pvt. Ltd. in year 2017-18. As per terms of investment,
repayment is to be done by Earthon till December, 2019 but due to recession in realstate sector and Covid-19 pendamic
problem the repayment along with interest for the year 2019-20, 2020-21, 2021-22 and 2022-23 not done by the
Earthcon and provision for dimiunition in value of investment of 50% of total investment i.e. Rs 450 Lacs has been
booked in financial statements till 31 March'2022. Based on recent discussion between M/s Earthcon Infracon Private
Limited and management of the company during financial year 2022-23, management is of the view that amount will be
realised in next financial year, hence, further provision for dimunition in value of investment is not required to be booked
in financial statement.

However, Company has not booked interest on these NCD's for the period 01st July, 2019 till 31st March, 2023 due to
uncertanity of payment.

45 In 2017-18 company has paid a sum of Rs 500 Lacs to HDFC Life insuarance company Ltd towards single premium of
policy taken under employee empolyer plan. This policy has been taken for related parties in March 2018 for 10 years.
Regarding this the company has taken the undertaking form Life Assured persons who are covered up under this policy
for non claiming of end benefits of the policy on maturity.

46 Company has installed one Wind Mill of 0.6 MW capacities at Soda Bandan District Jaisalmer with agreement with Rajasthan
Rajya Vidhut Vitran Nigam Limited & other and Enercon Wind Form for wheeling of Energy for captive consumption.
During the year 587383 units (Previous year 418988 units) Generated amounting to Rs 5318159/- (Previous Year Rs.
3578090/-). Profit after depreciation earned from above wind mill is Rs. 3640371/-.

Company has installed one Wind Mill of 1.5 MW capacities at Aakal, Jaisalmer with agreement with Jodhpur Vidhut Vitran
Nigam Limited & Suzlon Suzlon Infrastructure Service Limited for generation power. During the year 1852118 units
(Previous Year 2002808 units) generated and sale to Jodhpur Vidhut Vitran Nigam Limited amounting to Rs. 7593683/-
(Previous Year Rs. 8211513/-). Profit after depreciation earned from above wind mill is Rs 4042614/-.

47 a) A Misappropriation / Fraud of FDR Deposit Comes to the knowledge of the Management during Financial Year 2014¬

15. Company had filed a complaint with Economic Offence Wing, Mumbai and FIR with Police station Nariman Point
on 14.07.2014 against various parties including Dhanlaxmi Bank, Mumbai & their officials for Misappropriation of
FDR's of Rs. 69 Crores given to Dhanlaxmi Bank Ltd., Goregaon Branch. Company has also filed a legal case with
National Consumer Court at Delhi for early justice in the matter due to delay in decision against EOW complaint.
Company recovered amount Rs. 68.93 Cr. From accused through account of various parties against repayment of
FDR's which shown under head Cash & Cash Equivalent against FDR amount.

b) Company has not booked interest on these FDR's for Financial Year 2018-19 due to disputed matter and uncertainty
and also not made provision of interest on amount recovered from various parties against maturity value of FDR's.
The matter is pending with competent court for trial.

48 Lease rent in respect of leasehold land for factory building and township are accounted for on accrual basis. The unexpired
portion of said lease holds lands are 42 and 43 years respectively.

49 a) Bank balances are subject to bank reconciliations. Bank statement and balance conformation certificate of Dhan

Laxmi Bank not available.

b) Balances of Fixed Deposits are subject to verification & reconciliation.

50 There is no agriculture produce from the Agriculture land.

51 SEGMENT REPORTING

Description of segment and principal activity.

The company is primarily in the business of manufacture and sale of Aluminium Foil in the various form. Operating
segments are reported in the manner consistent with internal reporting to Managing director of the company. The

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

(iii) No funds have been advanced/loaned/invested (from borrowed fund or from share premium or from any other sources/
kind of fund) by the company to any other person(s) or entity(ies), including foreign entities(intermediaries), with
the understanding (whether recorded in writing or otherwise) that the intermediary shall (i) directly or indirectly lend
or invest in other peron or entities identified in any manner whatsoever by or on behalf of the company (Ultimate
Beneficiaries) or (ii) provide any guarantee, security or like to or on behalf of the Ultimate Beneficiaries.

No funds have been received by the company from any person(s) or entity(ies), including foreign entities (funding
Parties), with the understanding (whether recorded in writing or otherwise) that the company shall (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iv) Compliance with number of layers of companies: The Company has complied with the number of layers prescribed
under section 2(87) of the Companies Act, 2013 read with companies (Restriction on number of layers) Rules, 2017.

(v) 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.

(vi) Undisclosed income: There is no income surrendered or disclosed as income during the current or previous year in the
tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

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

(viii) Valuation of PP&E, intangible asset and investment property: 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.

(ix) The company has not granted any loans or advances in the nature of loans either repayable on demand or without
specifying any tenure or period of repayment.

(x) There are no charges or satisfaction of charges which are yet to be registered/satisfied with Registrar of Companies.

(xi) The Company has not entered into any transaction with companies struck off under section 248 of Companies Act,
2013/ Section 560 of Companies Act, 1956.

(xii) The title deeds of immovable properties are held in the name of Company.

(xiii) The Company has not been declared willful defaulter by any bank or financial institution or any other lender.

(xiv) The quarterly return or statement of current assets filed by the company with bank are generally in agreement with
book of accounts.

55 Previous year figures have been re-grouped and re-arranged wherever necessary to conform to current year classification.

As per our report of even date

For Sharma Ashok Kumar & Associates For and on behalf of the Board of Directors

Chartered Accountants
Reg. No. 005848C

CA Harish Agarwal Pankaj P Shah Sahil P Shah

Partner Managing Director Whole Time Director

Membership No.403262 DIN- 00160558 DIN- 01603118

Bhawana Songara Naveen Kumar Jain

Place : PIPALIA KALAN Company Secretary Chief Financial Officer

Date : 30.05.2023 ACS NO. A54416 FCA NO. 414187