l) Provisions, Contingent Liabilities and Contingent Assets

i. 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 benefit will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.

Provisions are measured at the present value of management's best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. The increase in the provision due to the passage of time is recognized
as interest expense.

ii. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources
will be required to settle the obligation or a reliable estimate of the amount cannot be made.

iii. Contingent assets are not recognised in the financial statements.

iv. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

m) Earnings per share

i. The basic earnings per share is computed by dividing the net profit attributable to equity shareholders for the period by the
weighted average number of equities shares outstanding during the year.

ii. The diluted earnings per share is computed by dividing the net profit attributable to equity shareholders for the year by the
weighted average number of equity and equivalent potential dilutive equity shares outstanding during the year, except where
the result would be anti-dilutive.

n) Taxation

i. I ncome tax expense for the year comprises of current tax and deferred tax. Current tax is the expected tax payable/
receivable on the taxable income/ loss for the year using applicable tax rates for the relevant period, and any adjustment
to taxes in respect of previous years. Current income tax relating to items recognized outside profit or loss is recognized
outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognized in correlation to
the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.

ii. Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised
amounts and there is an intention to settle the asset and the liability on a net basis.

iii. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred
income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the
reporting period and are expected to apply when the related deferred income tax assets is realised or the deferred income
tax liability is settled.

iv. Deferred tax is recognized in Statement of profit and loss except to the extent that it relates to items recognized directly in
OCI or equity, in which case it is recognized in OCI or equity. Deferred tax liabilities are generally recognised for all taxable
temporary differences. Deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

o) Government Grants

i. Government grants are recognised where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to expense item, it is recognised in the Statement of Profit and Loss
on a systematic basis over the periods to which they relate for which it is intended to compensate, are expensed.

ii. When the grant relates to an asset, it is treated as deferred income and recognised in the Statement of Profit and Loss on a
systematic basis over the useful life of the asset.

p) Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks, other short-term highly liquid investments with
original maturities of three months or less.

q) Cash flow statement

Cash flows are reported using indirect method, whereby net profits before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of past or future cash receipts or payments and items of income or expenses
associated with investing or financing cash flows. The cash flows from regular revenue generating (operating) activities, investing
activities and financing activities of the Company are segregated.

r) Employee Benefits

i. Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service are recognised in respect of employees'
services up to the end of the reporting period and are measured at the amounts expected to be incurred when the liabilities
are settled.

ii. Long Term Employee Benefit Plan

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. Expense
on non- accumulating compensated absences is recognized in the period in which the compensated absences occur.

iii. Post Separation Employee Benefit Plan
Defined Benefit Plan

The Company operates a defined benefit gratuity plan in India. The cost of providing benefits under the defined benefit plan
is determined using the projected unit credit method with actuarial valuations being carried out at the end of each annual
reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if
applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge
or credit recognized in other comprehensive income in the period in which they occur. The re-measurements of the net
defined benefit liability are recognized directly in the other comprehensive income in the period in which they arise. Gratuity
fund is administered through Life Insurance Corporation of India.

Defined Contribution Plans

Defined contribution plans are Employee Provident Fund scheme and Employee State Insurance scheme for eligible
employees.

The Company's contribution to defined contribution plans is recognised as an expense in the Statement of Profit and Loss
as they fall due.

s) Dividend

The Company recognises a liability for any dividend declared but not distributed at the end of the reporting period, when the
distribution is authorised and the distribution is no longer at the discretion of the Company on or before the end of the reporting
period. As per Corporate laws in India, a distribution is authorized when it is approved by the shareholders. A corresponding
amount is recognized directly in equity.

t) Leases

Where the Company is the lessee
Right of use assets and lease liabilities

A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period
of time in exchange for consideration'. The Company enters into leasing arrangements for various assets. To assess whether a
contract conveys the right to control the use of an identified asset, the Company assesses whether:

i. the contract involves the use of an identified asset,

ii. the Company obtains substantially all of the economic benefits from use of the asset through the period of the lease and

iii. the Company has the right to direct the use of the asset.

Recognition and initial measurement

At lease commencement date, the Company recognizes a right-of-use asset and a lease liability on the balance sheet. The right-
of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred
by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease (if any), and any lease
payments made in advance of the lease commencement date (net of any incentives received).

Subsequent measurement

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the
end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for
impairment when such indicators exist.

At lease commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that
date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company's incremental borrowing
rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance
fixed payments). Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest.
It is re-measured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the
lease liability is re-measured, the corresponding adjustment is reflected in the right-of-use asset.

The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead
of recognizing a right-of use asset and lease liability, the payments in relation to these are recognized as an expense in statement
of profit and loss on a straight-line basis over the lease term.

Where the Company is the lessor

The Company as a lessor, classifies leases as either operating lease or finance lease. A lease is classified as a finance lease if it
transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Initially asset held under finance
lease is recognised in balance sheet and presented as a receivable at an amount equal to the net investment in the lease.
Finance income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on Company's
net investment in the lease. A lease which is not classified as a finance lease is an operating lease. Accordingly, the Company
recognises lease payments as income on a straight-line basis in case of assets given on operating leases. The Company
presents underlying assets subject to operating lease in its balance sheet under the respective class of asset.

u) Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Commission charged from the entity on whose behalf the guarantee has been issued is taken as corporate guarantee
charges in the Statement of profit and loss.

v) Significant management judgement in applying accounting policies and estimation uncertainty

The following are the critical judgments and the key estimates concerning the future that management has made in the process
of applying the Company's accounting policies and that may have the most significant effect on the amounts recognized in the
financial statements or that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year.

I. Defined benefit obligation (DBO)

Management's estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of
inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly
impact the DBO amount and the annual defined benefit expenses.

II. Evaluation of indicators for impairment of assets

The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal
factors which could result in deterioration of recoverable amount of the assets.

III. Recognition of deferred tax assets

The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the future taxable
income against which the deferred tax assets can be utilized.

B) Terms/ Rights Attached to Equity Shares:

(i) The Company has only one class of shares referred to as Equity Shares having a par value of ' 10/- each. Each holder of
Equity Shares is entitled to one vote per share.

(ii) In case any Dividend is Declared and paid it is done in Indian Rupees. The Dividend proposed if any by the Board of
Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting.

(iii) The Board of Directors may from time to time pay such interim dividend which they find justified by the profits of the company.
The Company has not declared or paid any interim dividend during the year.

(iv) In the event of liquidation of the Company the holders of Equity Shares will be entitled to receive any of the remaining assets
of the Company, after distribution of all preferential amounts. However no such preferential amounts exist currently. The
distribution will be in proportion to the number of Equity Shares held by the Shareholders.

A. Gratuity

The Company provides gratuity for employees in India as per the Payment of Gratuity Act, 1972. The planned assets are
managed by Life Insurance Corporation of India. Employees who are in continuous service for a period of 5 years are eligible for
gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service. For the funded plan the Company makes
contributions to recognized funds in India. The Company does not fully fund the liability and maintains a target level of funding to
be maintained over a period of time based on estimations of expected gratuity payments.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied which was applied while calculating the
defined benefit obligation liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

• Financial assets and liabilities such as trade receivables, cash and cash equivalent, bank balance other than cash and cash
equivalents, borrowing, trade payables etc. are largely short-term in nature. The fair values of these financial assets and liabilities
approximate their carrying amount due to the short-term nature of such assets and liabilities.

Fair Value Hierarchy

The fair value of financial instruments as referred to in note above have been classified into three categories depending on the inputs
used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level 1: The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet
date;

• Level 2: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques
using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on
market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of
comparable arm's length transactions; and

• Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are
not based on observable market data (unobservable inputs).

Calculation of Fair Values

The fair values of the financial assets and liabilities are defined as 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. Methods and assumptions used to estimate
the fair values are consistent with prior years.

Financial assets and liabilities measured at fair value as at Balance Sheet date:

1. The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual
fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further
units of mutual fund and the price at which issuers will redeem such units from the investors.

2. The fair values of the derivative financial instruments have been determined using valuation techniques with market observable
inputs. The models incorporate various inputs including the credit quality of counter-parties and foreign exchange forward rates.

3. Loans - Security Deposits have fair values that approximate to their carrying amounts as it is based on the net present value of
the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.

Note 43 Financial Risk Management

The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The Company's primary focus
is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

i) Credit Risk

Credit risk arises from trade receivables, cash and cash equivalents and deposits with banks and financial institutions.

A default on a financial asset is when the counter party fails to make contractual payments within agreed credit terms from the
date when they fall due. This definition of default is determined by considering the business environment in which entity operates
and other macro-economic factors.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ' 22.32 lakhs
(March 31, 2024 - ' 74.44 lakhs) shown as current as at reporting date. Trade receivables are typically unsecured. Credit risk
is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. The Company expects that estimate of expected credit
loss for impairment is immaterial based on historical trend and the nature of business. No provision is considered necessary as
at reporting date and Management continuously assesses the requirement for provision on ongoing basis. During the year, the
Company has made no write-offs of trade receivables.

The Company's exposure to credit risk, excluding receivables from related parties, is influenced mainly by the individual
characteristic of each customer.

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 due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company's reputation.

The Management regularly monitors rolling forecasts of the Company's liquidity position on the basis of expected cash flows to
ensure it has sufficient cash to meet ongoing operational fund requirements.

Loan covenants

Under the terms of major borrowing facilities, the Company is required to comply with the following covenants:

- the current ratio must be more than or equal to 1.30 times;

- the debt to tangible net worth must be less than or equal to 1 time;

- the total outside liability to tangible net worth ratio must be less than or equal to 1.70 times;

- Minimum tangible net worth of '16 crore to be maintained;

The Company has complied with these covenants as at the reporting date.

Note 45 Revenue from Contracts with Customers

Indian Accounting Standard 115, 'Revenue from Contracts with Customers' (“Ind AS 115”), establishes a framework for determining
whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timing and uncertainty of
revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is recognised through a 5-step approach:

(i) Identify the contract(s) with customer;

(ii) Identify separate performance obligations in the contract;

(iii) Determine the transaction price;

(iv) Allocate the transaction price to the performance obligations; and

Note 47 Information required as per schedule III (amended by MCA notification dated March 23, 2021) and as per Ind-AS has been
disclosed in the financial statements to the extent applicable.

Note 48 Other Statutory Information

I. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.

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

III. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: a) directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or, b) provide any guarantee,
security or the like to or on behalf of the Ultimate Beneficiaries.

IV. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall: a) directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or, b) provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

V. The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961.

VI. The company has not been declared as willful defaulter by any bank or financial institution (as defined under the Companies Act,
2013) or consortium thereof, in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

VII. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956.

Note 49 Registration of charges or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Note 50 The Company has a working capital limit of ' 1600 lakhs (March 31, 2024: ' 1600 lakhs). For said facility, the management
files returns/ statements, including information about inventory, debtors (with their ageing) and creditors, with such banks on monthly
basis. The management also files revised returns/ statements, including similar information as at quarter-end and for the quarter then
ended, with such banks on quarterly basis after reconciling the data with quarter-end accounts. The revised returns/ statements filed
with such banks, except for few immaterial differences, are in agreement with the unaudited books of accounts of the Company on
aggregate basis.

Note 51 Previous year's figures have been regrouped/restated wherever necessary to conform to current year's classification. All
figures have been rounded off to the nearest Lakhs.

As per our Report of even date For & on behalf of Board of Directors

M/s Bharat H Shah & Associates

Chartered Accountants

CA Bharat H Shah Rajkumar Chordia Vishal Chordia Anand Chordia

Proprietor Chairman Managing Director Managing Director

M. No. 110878 [DIN: 00058185] [DIN: 01801631] [DIN: 00062569]

FRN: 122100W

Place: Pune Bapu Gavhane Dharmendra Tulshyan Tejashree Wagholikar

Date: May 27, 2025 Whole Time Director Chief Financial Officer Company Secretary

[DIN: 00386217] [PAN: AEOPT8157K] [M. No. A39767]