Provisions And Contigent liabilty

15.1 The above loans are secured by way of hypothecation of inventories and receivables and by secondary charge on other property,
plant and equipment's. These are also guaranteed by the personal guarantees of the two directors and their relatives

15.2 The quarterly returns/ statements read with subsequent revisions filed by the Company with the banks are in agreement with
the books of accounts.

16 Trade payable

30 Disclosure pursuant to Ind AS 19 “Employee Benefits”

(a) Defined contribution plans:

The Company makes Provident Fund contributions which are defined contribution plans, for 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 ' 28.79 Lakhs (Year ended March 31, 2022 '19.20 Lakhs) for Provident Fund 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.
The obligation of the company is limited to the amount contributed and it has no further contractual nor any
constructive obligation.

(b) Defined benefit plans: :

Employee benefit Obligation:

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides
for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an
amount equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five
years of service. The Company makes annual contributions to gratuity funds established as trusts or insurance companies. The
Company accounts for the liability for gratuity benefits payable in the future based on a year end actuarial valuation.

Movement of defined benefit obligation: The amounts recognised in the balance sheet and the movements in the net defined
benefit obligation over the year are as follows:

31.2 The transactions with the related parties are made on an arms length transaction. Outstanding balances at the year end are
unsecured and settlement occurs in cash.

31.3 The Company has not recorded any impairment of receivables relating to amount owed by related parties and made the provision
for bad debts. This assessment is undertaken at the year end through examining the financial position of the related parties and
the market in which the related parties operate.

32 Contingent Liabilities And Commitments

32.3 The Company does not expect any reimbursements in respect of the above contingent liabilities.

32.4 It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (i) to (iii) above pending resolution of the legal proceedings.
Further, the liability mentioned in (i) to (iii) above excludes interest and penalty in cases where the company has determined that the possibility of such
levy is remote.

32.5 In respect Bank Guarantees, the cash outflows, if any, could generally occur up to three years, being the period over which the validity of the
guarantees extends.

33 Segment Reporting

Based on the management approach as defined in IND AS 108 - Operating Segments, the Chief Operating Decision Maker (“CODM’O evaluates the company's

performance and allocates resources based on an analysis of various indicators of business segment/s in which the company operates. The Company is

primarily engaged in the business of Manufacturing & selling of Steel Products, which the management and CODM recognise as the sole business segment.

Hence disclosure of segment-wise information is not required and accordingly not provided.

The other applicable information applicable where there is only one segment as required in accordance with IND AS 108 - Operating Segments, are as under:

(a) The company does not have the information in respect of the revenues from external customers for each product and service, or each group of similar
products and services, and the cost to develop such system will be highly excessive. Accordingly such information is not disclosed as allowed by para
32 of IND AS 108.

The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents and other bank balances
are considered to be the same as their fair values, due to their short-term nature.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as
level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

34.2 Fair Value Measurement

(i) Fair Value hierarchy

Level 1 - Quoted Prices (Unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from price)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note 35 Financial risk management

The Company’s activities expose it to a variety of financial risks namely

• Market risk,

• Credit risk and

• Liquidity risk.

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The board of directors has established the processes to ensure that executive management controls risks through the
mechanism of properly defined framework.

The Company’s risk management framework are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management systems are reviewed by the board annually
to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The Board of Directors is responsible for overseeing the Company’s risk assessment and management policies and processes
i. 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. The company is exposed to the credit risk from its trade receivables, financial assets and other current
assets. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets.

The history of trade receivables shows a no provision for bad and doubtful debts. Therefore, the Company does not expect any
material risk on account of nonperformance by any of the Company’s counterparties. The assessment is carried out considering
the segment of customer, impact seen in the demand outlook of these segments and the financial strength of the customers in
respect of whom amounts are receivable.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far
as possible, that it will have sufficient liquidity to meet its liabilities when they are fallen due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company’s reputation

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount
of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying businesses, Company
treasury 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) and
cash and cash equivalents on the basis of expected future cash flows. This is generally carried out at unit level and monitored
through corporate office of the Company in accordance with practice and limits set by the Company. These limits vary by location
to take into account requirement, future cash flow and the liquidity in which the entity operates. In addition, the Company’s
liquidity management strategy 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.

(a) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and exclude contractual interest payments and the impact of netting agreements.

v. 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 is exposed to interest rate risk because funds are borrowed at both fixed and floating interest
rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of
the Company are principally denominated in rupees with a mix of fixed and floating rates of interest.

Currently the Company’s borrowings are within acceptable risk levels, as determined by the management, hence the Company
has not taken any swaps to hedge the interest rate risk.

38 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment received
Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and
subsequently on November 13, 2020 draft rules were published and invited for stakeholders’ suggestions. However, the date on
which the Code will come into effect has not yet been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.