(i) Terms/rights attached to equity shares

The Company has only one class of ordinary shares (equity shares) having at par value of ?10/- each. Each shareholder of ordinary shares (equity shareholders) is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the share holders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distributions of all preferential amounts, in the proportions to their share holdings.

1. Rupee Loan from Assets Reconstruction Company

a). Rupee Loan from ARC are secured by 1st charge over the entire fixed assets(both present and future) and 1st charge over the entire current assets (both present and future) of the Company's units at Ranigunge and Durgapur in the state of West Bengal and Durg in the state of Chattisgarh.

The above loans are further secured as follows.

i) Personal Guarantees of Promoter Directors of the Company.

ii) Pledge of equity shares of the Company held by the promoters.

2. Unsecured Loan

Unsecured Loan from bodies corporate has been received from a promoter group company and unsecured loan from others are interest bearing which is repayble on demand.

Additional Disclosure

Default in Repayment of Loans, its assignment/ settlement terms and conditions and its Accounting Treatment :

1 The entire exposure of Axix Bank,UCO Bank (lead bank), Allahabad Bank and Union Bank of India was already assigned to Edelweiss Asset Reconstruction Company Limited. For repayment of said debts, company entered into a reconstructuring agrement with Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC) and agreed for the repayment of loan by September 2025. The company has made regular payment to Edelweiss Asset Reconstruction Company Limited as per the restructured repayment schedule. However, the differential amount of the pending restructured liability and books balance has been transferred to capital reserve during the year ended 31st March, 2023 according to the terms of settlement.

2 Bank of India have assigned their debts to Edelweiss Asset Reconstruction Company Limited. For repay ment of said debts, company entered into a restructuring agreement with Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC). As per the restructuring terms company has made the payment on regular basis to Edelweiss Asset Reconstruction Company Limited. However, the differential amount of the pending restructured liability and books balance has been transferred to capital reserve during the year ended 31 st March, 2023 according to the terms of settlement.

3 United Bank of India, State Bank of India, West Bengal Infrastructure Development Finance Corporation Ltd, IDBI Bank, Indian Overseas Bank and Vijaya Bank (Bank of Baroda) have also assigned their entire exposure to the Omkara Assets Reconstruction Private Limited (Omkara ARC). On the approach of the company, Omkara ARC has restructured the dues of each bank seperate ly. As per the restructuring terms of each agreement, the company has made the payment without any delay or default. However, during the financial year company payoff the entire restructured dues pertaining to West Bengal Infrastructure Development Finance Corporation Ltd, IDBI Bank and Vijaya Bank (Bank of Baroda). The Omkara ARC has subsequently issue no dues certificate for the same. The balance books liabilities of these three banks are settled to the Capital Rserve according to the terms of settlement.

Further, the differential amount of the pending restructured liability and books balance pertaining to the restructuring of United Bank of India, State Bank of India and Indian Overseas Bank has been transferred to capital reserve during the year ended 31 st March, 2023, according to the terms of settlement. In compliance of the IND AS policy, the company has provided compulsory interest provision in the outstanding amount of Omkara ARC pertaining to dues of these three banks.

4 The Punjab National Bank has settled/restructured the combined dues of Punjab National Bank and erstwhile Oriental Bank Commerce under the One time Settlement scheme. During the year,the Company has paid the entire settlement amount to the bank.Accordingly the Punjab National Bank has already issued the No dues certificate for the same. After which, the company has settled the balance books liabilities of PNB and OBC to the Capital Reserve.

5 J.M. Financial Assets Reconstruction Company Limited have assigned their debts along with all its rights, title and interest in the financing documents, all agreements, deeds and documents related thereto and all primary and collateral and underlying security interest and / or pledges created to secure and / or gurantees issued in respect of the repayment of the loans for valuable consideration to Atirath Commercial Privated Limited. However, Company has approached settled and paid off the said debt with Atirath Commercial Private Limited and subsequently received no dues certificate from them. The remaining books liability of Atiirath Commercial Private Limited has settled to the Capital Reserve.

6 During the period under review, the company has paid the entire dues of the one-time settlement offer of Union Bank of India (Erstwhile Corporation Bank). The bank has also issued no dues certificate to the company for the same. The remaining books liability of Union Bank of India (Erstwhile Corporation Bank) has settled to the Capital Reserve.

35A Contingent liabilities

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and assertions and monitors the legal environment on an on-going basis with the assistance of external legal counsel, wherever necessary. The Company records a liability for any claims where a potential loss is probable and capable of being estimated and discloses such matters in its financial statements, if material. For potential losses that are considered possible, but not probable, the Company provides disclosure in the financial statements but does not record a liability in its accounts unless the loss becomes probable.

The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none of the contingencies described below would have a material adverse effect on the Company's financial condition, results of operations or cash flows.

36 Due to unfavourable market conditions and other adverse industry scenario the company has made substantial losses for the past years. This has impacted the net worth of the company. However, the management is confident that the improvement in market scenario will help in improving the financial health of the company. The financial statement for the year have been prepared by the management of the Company on a going concern basis as the company is continuing its normal manufacturing during the current year and has not written off Deferred tax Assets amounting to ? 29,085.14 lacs provided upto 31st March, 2015.

37 Leases

The Company determines whether an arrangement contains a lease by assessing whether the fulfillment of a transaction is dependent on the use of a specific asset and whether the transaction conveys the right to use that asset to the Company in return for payment. Where this occurs, the arrangement is deemed to include a lease and is accounted for either as finance or operating lease.

Leases are classified as finance leases where the terms of the lease transfers substantially all the risks and rewards of ownership to the lessee, because of the lease period of land 90 or more years then the fair value computation for finance lease will have no material difference comparing to its carrying value, so that the company considered as finance lease.

The Company as lessee Finance Lease:

Finance Leases are capitalised at the commencement of lease, at the lower of the fair value of the property or the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in the statement of profit and loss over the period of the lease.

38 During the year, the Company has not recognised any income under the scheme for the following subsidies / incentives receivable from the Government of West Bengal under West Bengal Incentive Scheme aggregating to ? Nil (? Nil): Pre Goods & Service Tax (GST), the company was enjoying certain benefits under Industrial Promotion Scheme of State Government Post GST, pending notifications by the State Government on prudent basis.

b) Fair value hierarchy

The table shown below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined below:

-Level 1: Level 1 hierarchy includes Financial Instruments measured using Quoted prices. This include listed equity instruments, mutual funds that have quoted price. The Fair Value of all equity instruments which are traded in stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

-Level 2: The fair value of Financial Instruments that are not traded in an active market 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.

46 Financial Risk Management Objectives And Policies

The Company is exposed to liquidity risk, market risk, credit risk. The company's senior management oversees the management of these risks. The Company's senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedure and that financial risks are identified,measured and managed in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below:

(A) Liquidity Risk

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The Company's approach in 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.

The Company maintained a cautions liquidity strategy, with a positive cash balance throughout the year ended 31st March, 2023 and 31st March, 2022. Cash flow from operating activities provides the funds to service the financial liabilities on a day-to-day basis.

The following table shows the maturity analysis of the Company's financial assets and financial liabilities bases on contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest risk and currency risk and other price risk. Financial Instrument affected by market risk include loans and borrowings in foreign currency.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long term debt obligations with floating interest rates. The Company is not carrying its borrowings primarily at variable rate.

b) Currency risk

The Company is subject to the risk that changes in foreign currency values impact the companys export revenue and imports of raw material and property, plant and equipment.

The following table demonstrate the sensivity to a reasonable possible change in USD, EURO and AUD exchange rates, with all other variables held constant. The impact on the Company's profit/(loss) is due to changes in the fair value of monetary assets and liabilities.

Credit risk is the risk of financial loss arising from counter partyfailure to repay or service debt acording to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of credit worthiness as well as concentration risks.

The Company has a policy of dealing only with credit worthly counter parties and obtaiining sufficient collateral, where apropriate as a means of matigating the risk of financial loss from defaults. Financial instruments that are subject to credit risk and concentration thereof principally consist of trade receivables, loans, receivables, investments, cash and cash equivalents, derivatives and financial gurantees provided by the company. None of the financial instruments of the company result in material result in material concentration of credit risk.

The carrying value of financial assets represents the maximum credit risk. The maximum exposure to the credit risk was ? 38,116.10 lacs and ? 25,254.77 lacs as at March 31, 2023 and March 31, 2022 respectively, being the total carrying value of trade receivables, balances with bank, bank deposits, investments in debt securities and other financial assets. 47 Foreign Currency risk

a) Hedged Foreign Currency Exposures :

Derivative instruments used by the Company include forward exchange contracts. These financial instruments are utilised to hedge future transcations and cash flows. The Company does not hold or issue derivative financial instruments for trading purposes. All transcatons in derivative financial instruments are undertaken to manage risks arising from underlying business activities.

*The Hon'ble Supreme Court vide its Order dated 24th September, 2014 has cancelled number of coal blocks alloted to various companies.These include two coal blocks under development viz. Andal East in West Bengal and Rohne in Jharkhand allocated to the Company jointly with other parties The company has prudently brought down the value of investment in joint venture companies to ? 1 per share. However the company had submitted claims w.r.t the cancellation of coal blocks which are still pending.

50. Fair Valuation of Investments:

Ind AS 101 provides an option on transition date to consider fair value of the investment in subsidiaries or joint venture as on the date of transition as the deemed cost as cost for the purpose of Para 10 of Ind AS 27. Accordingly the Company has valued as a deemed cost.The company has prudently brought down the value of its investments in two of its joint ventures viz Andal East Coal Co Pvt Ltd and Rohne Coal Co Pvt Ltd as on 1st April, 2016 with a corresponding impact on Other Equity (Retained earnings) and also fair valued its investment of equity shares calcutta stock exchange as on 1st April 2016 to arrive at the book value with a corresponding impact on Other Equity (Retained earnings).

Explanation for variance more than 25%:

a. Mainly due to substantial increase in turnover during the year.

b. Mainly due to substantial reduction of borrowing amount on account of restructuring of loans with ARC/Banks.

c. Mainly due to substantial reduction of borrowing amount on account of restructuring of loans with ARC/Banks and increase in profit during the year

d. Mainly due to substantial fixed deposits increased at the year end.

*Net working capital is negative.

53 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020. The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the period in which the Code becomes effective and the related rules to determine the financial impact are published.

54 Balances of some parties (including of Trade receivables and Trade payables) and loans and advances are subject to reconciliation/confirmations from the respective parties. The management does not expect any material differences affecting the financial statement for the year.

55 Disclosure of Transcations with struck off companies

The Company did not have any material transcations with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the financial year.

56 Corporate social responsibility (CSR)

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold,needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility(CSR) activities. The areas for CSR activities are eligible under rural development project. A CSR committee has been formed by the company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

57 Other disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Details of Benami Property held: The company does not hold any Benami property, hence there were no proceeding initiated or pending against the company for holding any benami property under The Benami Transactions (Prohibitions) Act, 1988 and the Rules made thereunder, hence no disclosure is required to be given as such.

(b) Wilful defaulter: The company has not been declared as wilful defaulter as at the date of the Balance Sheet or on the date of approval of the Financial Statements, hence no disclosure is required as such.

(c ) Registration of Charges or Satifaction with Registrar of Companies (ROC): There were no charges against the company which are yet to be registered or satification yet to be registered with ROC beyond the Statutory period, hence no disclosures is required as such.

(d) Compliance with Number of Layers of Companies: The company, if applicable, has complied with the number of layers prescribed under clause 87 of Section 2 of the Companies Act, 2013 read with Companies (Restriction on Number of Layers) Rules, 2017, hence no disclosure is required as such.

(e) Details of Crypto Currency or Virtual Currency: The company has not traded r invested in Crpto Curency or Virtual Curraency during the Financial Year, hence no disclosure is required for the same.

(f) Disclosure in Relation to Undisclosed Income : During the year the Company has not surrendered or disclosed any income in the tax assessments under the Income Tax Act 1961 (Such as, search or survey or any other relevants provisions of the Income Tax Act 1961 ). Accordingly, there are no transactions which are not recorded in the books of accounts

(g) Property Plant & Equipment : Title deeds of immovable properties in the case of freehold land, (for description refer note no 3) are held in the name of the Company. In case of leasehold land (refer note no 3A) where the company is the lessee, the lease agreements are duly executed in favour of the Company (being a lessee).

(h) Borrowing against current assets : Rupee Term Loans from ARCs are also secured against the Current Assets of the Company. However, since the Company has not been availing any working capital limits against the current assets, no seperate disclosures are required.

(i) Utilisation of borrowed funds : All the borrowed funds have been utilised for the purpose they are sanctioned for. There is no diversion in the utilisation of such funds. Thus no disclosures are required.

58 The company has restructured/settled its outstanding loans with Assets Reconstruction Companies (ARC) and Banks. The

difference between the outstanding amount and settlement amount of ? 1,93,510.90 lacs has been credited to the Capital

Reserve during the year.

59 Figures of previous years have been regrouped/rarranged/rectified wherever necessary.