(iii) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders._

Secured Loans from Banks

Secured by first and exclusive charge on all existing & Future receivables/ current assets / movable assets / movable fixed assets in the name of the company, Registered Equitable Mortgage of factory land & building, for WCTL under ECLGS- Second charge on above, and Personal guarantee of Directors and relative of Directors. The rate of Interest on a Term Loan ranges from 7.80% to 9.75% p.a. subject to change from time to time and repayable within 2 to 4 Years from the balance sheet date. There is also first Charge by way of Lien on Fixed Deposit receipt(s) to be made with SIDBI having face value of not less than Rs.41,60,000/- in the name of Vishal Bearing Limited. The interest accrued on FDRs shall not be payable periodically and the principal amount together with interest accrued thereon shall be payable on date of maturity of FDRs.

Unsecured Loans from Directors

Unsecured Loans from directors and relatives are long term in nature, taken to comply with bank stipulation in respect of secured borrowings and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 6% P.a. (9% P.a)

Working Capital Facilities from Banks:

Secured by first and exclusive charge on all existing & Future receivables/ current assets / movable assets / movable fixed assets in the name of the company, Registered Equitable Mortgage of factory land & building, for WCTL under ECLGS- Second charge on above, and Personal guarantee of Directors and relative of Directors. Rate of Interest at 9.00% p.a. subject to change from time to time.

35 In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

36 In the opinion of the Board and to the best of its knowledge and belief, all other contractual

liabilities connected with business operations of the Company have been appropriately provided for._

37 GRATUITY BENEFITS

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service._

38 Previous year’s figure has been reworked, regrouped, rearranged and reclassified wherever

necessary. Accordingly, amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year._

39 Balances of Trade Payables, Unsecured Loans, Advances Received, Other Payables, Provisions, Trade Receivables, Long Term and Short-Term Loans & Advances, Other Current and Other NonCurrent Assets are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments, if any, will be made when the accounts are reconciled

/ settled._

* Whatever information the company could identify as above were possible at the year-end only, and in view of the same & according to the company, it could not identify payments beyond due date during the year and to make interest provisions to that extent, as per the agreed terms with the suppliers. The company could identify the principal amount remaining unpaid as on 31st March 2024 based on the status of respective suppliers received during the year. However, as informed by the management, considering the materiality aspect and as per the agreed terms with respective suppliers, the company has not made provision of any interest due to suppliers for outstanding balance / payment made beyond respective due dates. (As certified by the Management of the company)

43 SEGMENT INFORMATION

In accordance with Ind AS 108- "Operating Segments", the Company has identified its business segment as "Manufacturing & selling of Bearing Rollers & Allied Activities". There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable._

In terms of Amendment to Companies (Corporate Social Responsibility Policy) Amendment Rules,2021 (the CSR Rules 2021) effective from 22nd January 2021, if a Company fails to spend Prescribed CSR amount during the year and such unspent amount pertains to any outgoing Project, the Company shall transfer the unspent amount to a special bank account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account within a period of 30 days from the end of the relevant financial year. As per Rule There has some unspent amount transfer in Special account with Kotak Mahindra Bank.

B Audit Trail

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated from 01st May,2023 all relevant transactions recorded in the software, except that audit trail feature is not enabled for direct changes to data for users with certain privileged access rights and also for certain changes made using privileged/ administrative access right. Audit trail (edit log) is enabled at the application level._

C As Informed to us by Management, The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property_

D As Informed to us by Management, The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the financial year or after the end of reporting period but before the date when the financial statements are approved_

E As Informed to us by Management, The Company does not have any transactions with struck-off companies._

F As Informed to us by Management, The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the statutory period_

G The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017._

H The company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities(intermediaries), with the understanding that the intermediary shall;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

I The Company has not received any funds 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;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

J As informed to us by the Management, The Company does not have any transactions which is not recorded in the books of accounts but 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)._

K As informed to us by the management, The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year._

47 Wherever no vouchers and documentary evidence were made available for our verification, we

have relied on the authentication given by management of the company._

48 As certified by the management of the company, the company has generally made all the

applicable provisions with respect to the business operations of the company._

49 Figures have been rounded off to nearest lac rupee and have been regrouped, rearranged,

_and reclassified wherever necessary._