3.8 Provisions, Contingent Liabilities And Contingent
Assets

Provisions

Provisions, which required a substantial degree of
estimation, are recognized 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 benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation. The expense relating to a provision is recognized
in the Statement of Profit & Loss

When the Company expects some or all of a provision to be
reimbursed, the reimbursement is recognized as a separate
asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.

I f the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that
reflects, when 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 finance cost in
respective expense.

Contingent Liabilities and Contingent Assets

Contingent liabilities are not recognized but are disclosed
in the notes. Contingent liabilities are disclosed for possible

obligations which will be confirmed only by the future event
not wholly within the control of the Company or present
obligations arising from the past events where it is probable
that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the
obligation cannot be made.

Contingent Assets are neither recognized nor disclosed in
the financial statements.

3.9 Income Tax

I ncome Tax Expenses comprise the sum of Current Tax
(including past year tax difference) and Deferred Tax

Current Tax

Provision for current tax is made as per the provisions of the
Income Tax Act, 1961.

Current income tax assets and liabilities are measured at the
amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted,
at the reporting date.

Current income tax relating to items recognised outside
profit or loss is recognised outside profit or loss (either in
other comprehensive income or in equity). Current tax items
are recognised 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.

Deferred tax:

Deferred tax is provided using the liability method on
temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting
purposes at the reporting date.

The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the
deferred tax asset to be recovered.

Deferred tax relating to items recognised outside profit
or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are
recognised in correlation to the underlying transaction either
in OCI or directly in equity.

Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively enacted
at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if a
legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred taxes relate
to the same taxation authority.

3.10Employee Benefits

Short-term Employee Benefits

Employee benefit liabilities such as salaries, wages and
bonus, etc. that are expected to be settled wholly within
twelve 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 an undiscounted amount
expected to be paid when the liabilities are settled.

Post-employment benefit plans
Defined Contribution Plans:

State governed Provident Fund Scheme and Employees
State Insurance Scheme are defined contribution plans
since eligible employees are entitled to get benefits and
both the Company and eligible employees make monthly
contributions towards the same. The contribution paid /
payable by the Company under the schemes is recognized
during the period in which the employees render the
related services.

Defined Benefit Plans:

A defined benefit plan is a post-employment benefit plan
other than a defined contribution plan. The Company's
gratuity scheme is a defined benefit plan. The Company
recognizes the defined benefit liability in Balance sheet.
The present value of the obligation under such defined
benefit plan and the related current service cost and,
where applicable past service cost is determined based on
an actuarial valuation done using the Projected Unit Credit

Method by an independent actuary, which recognizes each
period of service as giving rise to additional unit of employee
benefit entitlement and measures each unit separately to
build up the final obligation. The obligations are measured
at the present value of the estimated future cash flows.

Re-measurements, comprising actuarial gains and losses,
the effect of the changes to the asset ceiling (if applicable)
is reflected immediately in Other Comprehensive Income
in the Statement of Profit and loss. All other expenses
related to defined benefit plans are recognized in Statement
of Profit and Loss as employee benefit expenses. Re¬
measurements recognized in Other Comprehensive Income
will not be reclassified to Statement of Profit and Loss hence
it is treated as part of retained earnings in the Statement of
Changes in Equity.

Other Long Term Employee Benefits:

Other Long Term Employee Benefits such as long term
compensated absences are measured at present value of
estimated future cash flows to be made by the company and
is measured, recognized and presented in the same manner
as the defined benefit gratuity plant narrated above.

3.11 Fair Value Measurement

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

• I n 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 to/ by the Company.

Fair Value hierarchy

All financial instruments for which fair value is recognised
or disclosed 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) prices in active markets for
identical assets or liabilities.

Level 2: valuation techniques for which the lowest level input
that has a significant effect on the fair value measurement
are observable, either directly or indirectly.

Level 3: valuation techniques for which the lowest level input
which has a significant effect on the fair value measurement
is not based on observable market data.

For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the
hierarchy by reassessing categorisation (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.

3.12 Financial Instruments

A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial Assets

Initial recognition and measurement:

All financial assets are recognised initially at fair value plus,
in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable
to the acquisition of the financial asset.

Subsequent measurement:

For purposes of subsequent measurement, financial assets
are measured in their entirety at either amortised cost of fair
value depending on classification of the Financial Asset :

Financial Assets at Amortised Cost

A Financial Assets is measured at the amortised cost
if both the following conditions are met:

• The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

• Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised Cost
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an
integral part of the EIR.

The EIR amortization and losses arising from
impairment are recognized in the Statement of Profit
& Loss. The amortized cost of the financial asset is also
adjusted for loss allowance, if any.

Financial Assets at Fair Value through Other
Comprehensive Income (FVTOCI)

A Financial Asset is measured at fair value through
other comprehensive income if both the following
conditions are met:

• The asset is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets, and

• Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at fair value and changes
therein are recognized directly in other comprehensive
income, net of applicable taxes.

Financial Assets at Fair Value through Profit
and Loss (FVTPL)

FVTPL is a residual category for Financial Assets.

Any Financial Asset, which does not meet the criteria
for categorization as at Amortized Cost or as FVTOCI,
is classified as at FVTPL.

I n addition, the company may elect to designate a
Financial Asset, which otherwise meets amortized cost
or FVTOCI criteria, as at FVTPL. However, such election
is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred
to as 'accounting mismatch').

Financial Assets included within the FVTPL category
are measured at fair value with all changes recognized
in the Statement of Profit & Loss.

Derecognition:

The Company derecognises a financial asset when the
contractual rights to the cash flows from the financial asset
expire, or it transfers the rights to receive the contractual
cash flows in a transaction in which substantially all of
the risks and rewards of ownership of the financial asset
are transferred or in which the Company neither transfers
nor retains substantially all of the risks and rewards of
ownership and it does not retain control of the financial
asset. Any gain or loss on derecognition is recognised in the
Statement of Profit and Loss.

Impairment of financial assets:

In accordance with Ind AS 109, the company applies expected
credit loss (ECL) model for measurement and recognition of
impairment loss on the following financial assets and credit
risk exposure:

• Financial assets that are debt instruments, and
are measured at amortised cost e. g. Loans and
trade receivables.

• The company follows 'simplified approach' for
recognition of impairment loss allowance on
Trade receivables that do not contain a significant
financing component.

The application of simplified approach does not require the
Company to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.

Financial liabilities

Initial recognition and measurement:

All financial liabilities are initially recognised when the
Company becomes a party to the contractual provisions of
the instrument.

All financial liabilities are initially measured at fair value
deducted by, in the case of financial liabilities not recorded
at fair value through profit or loss, transaction costs that are
attributable to the liability.

Subsequent measurement:

Financial liabilities are classified as measured at amortised
cost using the effective interest method. The Company's

financial liabilities include trade payables, borrowings and
other financial liabilities.

Under the effective interest method, the future cash
payments are exactly discounted to the initial recognition
value using the effective interest rate. The cumulative
amortization using the effective interest method of the
difference between the initial recognition amount and the
maturity amount is added to the initial recognition value (net
of principal repayments, if any) of the financial liability over
the relevant period of the financial liability to arrive at the
amortized cost at each reporting date. The corresponding
effect of the amortization under effective interest method
is recognized as expense over the relevant period of the
financial liability in the Statement of Profit and Loss.

Derecognition:

A financial liability is derecognized when the obligation
under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an
exchange or modification is treated as the Derecognition of
the original liability and the recognition of a new liability.
The difference between the carrying amount of the
financial liability derecognized and the consideration paid is
recognized in the Statement of Profit and Loss.

Offsetting of financial instruments:

Financial assets and financial liabilities are offset and the
net amount presented in the Balance Sheet when, and only
when, the Company currently has a legally enforceable
right to set off the amounts and it intends either to settle
them on a net basis or to realise the assets and settle the
liabilities simultaneously.

3.13Investments in subsidiaries, associates and joint
ventures

Investments in Subsidiaries, Associates and Joint ventures
are carried at cost / deemed cost applied on transition to
Ind AS, less accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying amount
of investment is assessed and an impairment provision
is recognised, if required immediately to its recoverable
amount. On disposal of such investments, difference
between the net disposal proceeds and carrying amount is
recognised in the statement of profit and loss.

3.14 Inventories

Inventories are stated at the lower of cost and net realisable
value. Costs comprise direct materials and, where applicable,
direct labour costs and those overheads that have been
incurred in bringing the inventories to their present location
and condition. Net realisable value is the price at which the
inventories can be realised in the normal course of business
after allowing for the cost of conversion from their existing
state to a finished condition and for the cost of marketing,
selling and distribution.

Raw Materials are valued at cost ascertained on a weighted
average basis or net realizable value, whichever is lower.

Finished goods produced by the company are valued at
lower of cost or net realizable value.

Semi-Finished goods have been valued at lower of Raw
Material cost, Direct Labour and appropriate proportion of
variable and fixed overheads, latter being allocated based
on normal operating capacity or net realizable value.

Stock of goods purchased for resale purposes are valued at
their acquisition cost inclusive of all duties and taxes or Net
Realizable Value whichever is lower.

Provisions and / or write-offs are made to cover slow-
moving and obsolete items based on historical experience of
utilisation on a product category basis and market conditions.

3.15 Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short- term deposits with an
original maturity of three months or less, which are subject
to an insignificant risk of changes in value.

3.16 Foreign currency

Transactions in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction. Foreign
currency denominated monetary assets and liabilities are
re-measured into the functional currency at the exchange
rate prevailing on the balance sheet date.

Exchange differences arising on settlement of transactions
and translation of monetary items are recognized in the
statement of Profit or Loss except to the extent, exchange
differences which are regarded as an adjustment to interest

costs on foreign currency borrowings, are capitalized as part
of borrowing costs.

3.17 Forward contracts

The Company is exposed to foreign currency fluctuations
on foreign currency assets and forecasted cash flows
denominated in foreign currency. The Company tries to limit
the effects of foreign exchange rate fluctuations by following
risk management policies including use of derivatives. For
this the Company enters into forward exchange contracts,
where the counter-party is a Bank. Theses forward contracts
are not used for trading or speculation purpose.

I n case, of forward contracts the gain or loss arising
on exercise of option or settlement or cancellation are
recognized in the Statement of Profit & Loss for the period.

The forwards contracts outstanding as at the end of the
reporting period are recognized / restated at forward
contract rates for the end date of the contract for a period
equivalent to the balance maturity period of the contract
as at the end of the reporting period and corresponding
exchange gain or loss arising on the same is recognized in
the Statement of Profit & Loss for the period.

3.18 Revenue Recognition
Sale of Products

Revenue from Sale of Products is recognised when control
of the products or significant risks and rewards of ownership
are transferred to the buyer for a consideration. This usually
occurs when the products have been shipped or delivered
to the specific location as the case may be, the risks of
loss has been transferred, and either the customer has
accepted the products in accordance with the sales contract,
or the Company has objective evidence that all criteria for
acceptance have been satisfied. Sale of products include
related ancillary services, if any.

Domestic Sales are recognized at the transaction price of the
consideration receivable net of Sales Returns and excluding
the Goods and Service Tax (GST) element as well as net of
expected volume discounts. Export Sales are recognized at
their CIF Value charged to the Customers in Invoices.

Revenue is only recognised to the extent that it is highly
probable that a significant reversal will not occur. A liability
is recognised for expected volume discounts payable to
customers in relation to sales made until the end of the

reporting period. Any obligation to provide a refund is
recognised as a provision.

The Company considers whether there are other promises
in the contract that are separate performance obligations
to which a portion of the transaction price needs to be
allocated. In determining the transaction price, the Company
considers the effects of variable consideration, the existence
of significant financing component and consideration
payable to the customer like return and trade discounts.

Sale of Scrap

Revenue from sale of scrap is recognized as and when scrap
is sold.

Other income

I nterest Income is recognized on a time proportionate
basis including interest accrued based on the amount
outstanding and rate applicable and shown under
“Other Income". Interest income from Financial Assets is
recognized when it is probable that the economic benefits
will flow to the Company and the amount of income can be
measured reliably.

Export Benefits

The benefits accrued under the duty drawback scheme and
any other benefit scheme as per the Import and export Policy
in respect of exports under the said scheme are recognized
when there is a reasonable assurance that the benefit will
be received and the company will comply with all attached
conditions. The above benefits are included under the head
'Export Incentives.'

Dividend income

Revenue is recognized when the Company's right to receive
the payment is established, which is generally when
shareholders approve the dividend.

Rental Income

Revenue is recognized for the period for which the Property
is given on Rental to a Lessee and right to received arises on
account thereof.

Other Items of Income :

Other items such as Insurance Claims, Commission, Misc.
Incomes etc. are accounted on accrual basis (depending

on certainty of realization) and disclosed separately as
Operational or Non-Operational Income under Other Income.

3.19 Earnings Per Share

Basic earnings per share is computed using the net profit
for the year attributable to the shareholders' and weighted
average number of equity shares outstanding during
the year.

Diluted earnings per share is computed using the net profit
for the year attributable to the shareholders' and weighted
average number of equity shares.

3.20 Cash Flow Statement

Cash flows are reported using the indirect method, whereby
profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or
future operating cash receipts or payments and item of
income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing
and financing activities of the Company are segregated.
Exceptional Items of Cash Flows due to peculiarity of
particular circumstances relating to the Company are
disclosed separately in the Cash Flow Statement.

3.21 Borrowing Costs

Borrowing costs attributable to the acquisition, construction
or production of qualifying assets are capitalised as part of
the cost of such assets up to the assets are substantially
ready for their intended use. A qualifying asset is an asset
that necessarily requires a substantial period of time to get
ready for its intended use. Investment income earned on
the temporary investment of specific borrowings pending
their expenditure on qualifying assets is deducted from the
borrowing costs eligible for capitalization.

All other borrowing costs are recognised in the statement
of profit and loss in the period in which they are incurred.

3.22 Segment Reporting

With respect (Ind AS - 108 Segment Reporting), the
Management of the Company is of the view that the
products offered by the Company are in the nature of Cables
and Conductors, having the same risks and returns, same
type and class of customers and regulatory environment.
Hence, the Company effectively has a single reportable
business segment only. Also all products of the Company

are sold within India having the same risks and returns and
hence the Company effectively has a single geographical
segment as well.

3.23 Government grants

Government grants are recognised at its fair value, where
there is a reasonable assurance that such grants will be
received and compliance with the conditions attached
therewith have been met.

Government grants related to expenditure on property,
plant and equipment are credited to the statement of profit
and loss over the useful lives of qualifying assets or other
systematic basis representative of the pattern of fulfilment
of obligations associated with the grant received.

Grants received less amounts credited to the statement
of profit and loss at the reporting date are included in the
balance sheet as deferred income.

3.24 Good and Services Tax

GST is a destination-based tax and is levied at the point
of supply. It is collected on sale of goods and services on
behalf of Government and is remitted by way of payment
or adjustment of credit on input goods or services. GST
input credit is accounted on an accrual basis on purchase of
eligible inputs, capital goods and services.

GST Accounts are created under Balance Sheet Groupings for
liability towards GST collected on Sales / Other Revenue and
asset towards GST paid on purchases or other expenditure
for which credit is available. For Each month the GST
liability is worked out after offsetting the credit available
against the GST collected. The Net GST Account appears in
the Balance Sheet as a Liability, if any amount is payable
as at the year-end after offsetting the available credit and

as an Asset if credits remain unutilized after adjusting the
amount payable.

The balance of GST input credit is reviewed at the end of
each year and amount estimated to be un-utilizable is
charged to the statement profit and Loss for the year.

3.25 Exceptional Items

When items of income and expense within statement of
profit and loss from ordinary activities are of such size,
nature or incidence that their disclosure is relevant to explain
the performance of the company for the period, the nature
and amount of such material items are disclosed separately
as exceptional items.

3.26 Items relating to period before takeover by New
Management

As per the Resolution Plan approved by the Hon. NCLT,
accounting effects for reduction in equity and preference
share holding and liabilities write off as per the Resolution
Plan were given with corresponding effect to Capital
Reserve (Resolution Plan) at the time of takeover by the new
Management. Similarly, write off of assets as well as any
provisioning for impartment or doubtful of recovery assets
was also done at that time with corresponding effect to
Capital Reserve (Resolution Plan)

Subsequently, any accounting effect to be given to any
liability or asset pertaining to the period prior to the takeover
by the new management shall also be done at that time
with corresponding effect to Capital Reserve (Resolution
Plan), in order to be consistent in the accounting treatment
as well as to ensure that such items do not impact financial
figures relating to the period subsequent to takeover by the
new management

As at the end of the year, the updation / preparation of Property, Plant and Equipment Register with all necessary details and
reconciliation with the books of accounts, as well as verification of amounts reflected as capital work in progress (CWIP) and giving
appropriate effect to the same continued to remain under process.

The Company has allotted the task relating to the same to an Independent Agency but the completion was taking longer time than
expected considering the huge volume of Property, Plant and Equipments and also the work was being conducted with operations
ongoing in various sections of the Company's production plant.

As the end of the year, the Agency has completed primary Physical Verification of the Property, Plant and Equipment and reconciliation of
the same with the data available with a cut-off date of 31^st March, 2024 as also a preliminary value allocation of costs and accumulated
depreciation. However, the determination the final value-in-use of each item of Property, Plant and Equipment as also the estimated
remaining useful lives was still under process given the technicalities involved in the estimations due to Property, Plant and Equipment
having remained idle for a long period prior to takeover by new management and also limitation on availability of data in as much a
substantial documentation had been seized by CBI and ED during the course of action on erstwhile management during the pre NCLT
period. However, now the Company under the new management has been discharged from the cases and hence the documents are
expected to be received back soon which will assist in speeding up the completion of the aforesaid exercise. Consequent to the above
developments, the exercise is expected to be completed by end of the first quarter of the next fiscal year.

Consequently, for the year ended 31^st March, 2025, the Property, Plant and Equipment Block is being carried forward with balances as
appearing from the Pre-NCLT / RP period pending the exercise as aforesaid and adjustments to be made as an outcome of the same
while fresh additions made post takeover by new management have been presented under the respective blocks. Further, pending
completion of the exercise as aforesaid, the Company has continued to provide depreciation @ 20% of applicable depreciation as per
part C of Schedule II of the Companies Act, 2013 on the overall block Property, Plant & Equipments Blocks relating to period prior to
takeover by the new management. This has been done considering the estimated utilisation, given that the manufacturing operations
were still not operating at optimum capacity and estimates of normal wear and tear based on usage. Further, on new additions which
were being fully put-to-use, depreciation has been fully provided. The Management expects this to fairly represent the depreciation
charge for the year, pending completion of the exercise as aforesaid.

The Company has further appropriated and capitalised electricity, manpower and interest costs to CWIP block which are identified
and / or worked out as relating to ongoing expansion / commissioning of CWIP as well as proportionate allocation towards estimated
capacity utilisation of Property, Plant, Equipment Block. The portion of CWIP which was commissioned during the year has been duly
capitalised and appropriate deprecation is provided on the same.

Upon completion of the exercise as aforesaid in the next fiscal year, once the final value-in-use of each item of Property, Plant and
Equipment is crystallised the necessary effect of the same, including impairment, if any, shall be provided in the books in the next
fiscal year, considering that it relates to period prior to takeover by new management. Further, as the estimated remaining useful lives
are finalised, the exact amount of prospective depreciation charge will also be worked out and provided for from the next fiscal year.

(d) (i) The Company has only one class of equity share having a par value of ' 1/- per share ( previous year ' 10/- per share). Each

holder of equity share is entitled to one vote for the share. The holder of equity share are entitled to receive dividends a
declared from time to time. The dividend proposed by the Board of Directors is subject to approval of shareholder in ensuring
Annual General Meeting. In the event of liquidation of company, the holders of equity shares will be entitled to receive the
remaining assets of Company, after distribution of the all preferential amounts. The distribution shall be in proportion to the
number of equity share held by the shareholders.

(ii) The Board of Directors of Company has approved the sub-division/stock split of existing equity shares of Company such
that every existing 1(One) equity share of the Company having face value of ' 10/- (Rupees Ten only) each fully paid up be
sub-divided/stock split into 10 (Ten) equity shares of face value of ' 1/- (Rupee One only) each fully paid up. The members
of the Company in Extra Ordinary General Meeting held on Friday, 15^th November, 2024 has also approved the same. The
Board fixed Tuesday, 3^rd December, 2024 as record date for determining entitlement of equity shareholders for issuing equity
shares upon sub-division/split.

Interest Rate Risk:

The plan exposes the Company to the risk off all in interest rates. A fall in interest rates will result in an increase in the ultimate cost of
providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Liquidity Risk:

This is the risk that the Company is not able to meet the short-term gratuity pay outs. This may arise due to non-availability of enough
cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary Escalation Risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future.
Deviation in the rate of increase in salary in future for plan participants from the rate of increase in salary used to determine the present
value of obligation will have a bearing on the plan's liability.

Regulatory Risk:

Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 ( as amended from time to time).
There is a risk of change in regulations requiring higher gratuity pay-outs (e.g. Increase in the maximum limit on gratuity of ' 10 lacs)

Defined Benefit : Leave Encashment

Employee who has completed 6 months with the company is eligible for earned leave. 36 earned leaves are credited to employee per
year and the maximum leave accumulation allowed is 60. Any leave in excess of 60 is automatically encashed. All encashments are at
the last drawn basic salary. The acturial valuation has been carried out for the first time during this financial year.

Note No 42 :

Corporate Social Responsibility Expenses

The provisions under section 135 and the rules thereof pertaining to Corporate Social Responsibility are not aplicable to the company
during the year.

Note No 43 :

Segment Reporting:

With respect (Ind AS - 108 Segment Reporting), the Management of the Company is of the view that the products offered by the
Company are in the nature of cables and conductors, having the same risks and returns, same type and class of customers and regulatory
environment. Hence, the Company effectively has a single reportable business segment and segment-wise disclosure of information
is not applicable.

Dues to Micro and Small Enterprises :

Trade Payables includes ' 2839.99 lacs(PY ' 94.98 lacs) outstanding to Micro and Small Enterprises. The above information has been
compiled in respect of parties to the extent they could be identified as Micro and Small Enterprises on the basis of information available
with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them
on requests made by the Company.

The Company deals with various Micro and Small Enterprises on mutually accepted terms and conditions. Accordingly, no interest is
payable if the terms are adhered to by the Company. However provision for interest payable to such units as required under Micro,
Small and Medium Enterprises Development Act, 2006 has been made on the delayed amounts remaining outstanding during the year.

Note No 45 :

Additional Regulatory Information

i. There are no immovable properties (other than properties where the Company is a lessee and the lease agreements are duly
executed in favour of the lessee) whose title deeds are not held in the name of the Company.

ii. The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

iii. The Company has not granted any Loans or Advances in the nature of loans to Promoters, Directors, KMPs and Related Parties
either severally or jointly with other persons that are repayable on demand or without specifying any terms or period of repayment.

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

Attention is invited to Note 4, As at the end of the year, the updation / preparation of Property, Plant and Equipment Register with
all necessary details and reconciliation with the books of accounts, as well as verification of amounts reflected as capital work in
progress (CWIP) and giving appropriate effect to the same continued to remain under process.

The Company has allotted the task relating to the same to an Independent Agency but the completion was taking longer time than
expected considering the huge volume of Property, Plant and Equipments and also the work was being conducted with operations
ongoing in various sections of the Company's production plant.

As the end of the year, the Agency has completed primary Physical Verification of the Property, Plant and Equipment and
reconciliation of the same with the data available with a cut-off date of 31^st March, 2024 as also a preliminary value allocation
of costs and accumulated depreciation. However, the determination the final value-in-use of each item of Property, Plant and
Equipment as also the estimated remaining useful lives was still under process given the technicalities involved in the estimations
due to Property, Plant and Equipment having remained idle for a long period prior to takeover by new management and also
limitation on availability of data in as much a substantial documentation had been seized by CBI and ED during the course of
action on erstwhile management during the pre NCLT period. However, now the Company under the new management has been
discharged from the cases and hence the documents are expected to be received back soon which will assist in speeding up the
completion of the aforesaid exercise. Consequent to the above developments, the exercise is expected to be completed by end of
the first quarter of the next fiscal year.

Consequently, for the year ended 31^st March, 2025, the Property, Plant and Equipment Block is being carried forward with balances
as appearing from the Pre-NCLT / RP period pending the exercise as aforesaid and adjustments to be made as an outcome of
the same while fresh additions made post takeover by new management have been presented under the respective blocks.
Further, pending completion of the exercise as aforesaid, the Company has continued to provide depreciation @ 20% of applicable
depreciation as per part C of Schedule II of the Companies Act, 2013 on the overall block Property, Plant & Equipments Blocks
relating to period prior to takeover by the new management. This has been done considering the estimated utilisation, given that
the manufacturing operations were still not operating at optimum capacity and estimates of normal wear and tear based on usage.
Further, on new additions which were being fully put-to-use, depreciation has been fully provided. The Management expects this
to fairly represent the depreciation charge for the year, pending completion of the exercise as aforesaid.

The Company has further appropriated and capitalised electricity, manpower and interest costs to CWIP block which are identified
and / or worked out as relating to ongoing expansion / commissioning of CWIP as well as proportionate allocation towards
estimated capacity utilisation of Property, Plant, Equipment Block. The portion of CWIP which was commissioned during the year
has been duly capitalised and appropriate deprecation is provided on the same.

Upon completion of the exercise as aforesaid in the next fiscal year, once the final value-in-use of each item of Property, Plant
and Equipment is crystallised the necessary effect of the same, including impairment, if any, shall be provided in the books in the
next fiscal year, considering that it relates to period prior to takeover by new management. Further, as the estimated remaining
useful lives are finalised, the exact amount of prospective depreciation charge will also be worked out and provided for from the
next fiscal year.

vi. According to the information and explanations given to us and on the basis of our examination of the records of the company, the
Company had defaulted in the repayment of its borrowings and had been declared as a Wilful Defaulter which ultimately led to
institution of Corporate Insolvency Resolution Process in 2018. Subsequent, the approval of the Resolution Plan by the Hon. NCLT
in June 2022 the liabilities to the lenders have been restated as per the said approved plan upon takoever by the new management.
Post Takeover by the new management, there have been no defaults in repayment of dues to any lenders as per agreed terms

vii. The Company has not been sanctioned Working Capital Limits in excess of five crore rupees, in aggregate, from banks or financial
institutions at any point of time in previous year.

viii. The Company has not entered into any transactions with Struck-off Companies.

ix. There were several charges registered by various lenders with Registrar of Companies against the Loans granted by them to the
Company prior to 2018. Subsequently, the Company went into Corporate Insolvency Resolution Process. The Resolution was
finally approved by the Hon. NCLT wherein liabilities were reorganised as per the Resolution Plan (Refer Note 48). Pursuant to
the same, the lenders were required to approve and assist the new management for carrying out the satisfaction of all charges
with the Registrar of Companies and register charge only to the extent of amount payable as per the Resolution Plan. As of 31^st
March, 2024, charges to the tune of ' 12,55,826.81 Lacs across 21 Charge ID's were still appearing open before the Registrar of
Companies. The Company has continued rigourously pursuing the matters with the Lenders during the year and 10 Charge ID's
to the tune of ' 1,71,661.00 lacs were satisfied till 31^st March, 2025 (with an additional 6 Charge ID's amounting to the tune of
' 7,81,605 lacs being further satisfied till 29^th May, 2025). However, charges to the tune of ' 10,84,165.81 lacs across 11 Charge
ID's were still appearing as open before the Registrar of Companies as on 31^st March, 2025 (which was reduced to ' 3,02,560.81
lacs across 5 charge ID's till 29^th May, 2025).

x. The Company has complied 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

xi. There was no Scheme of Arrangements during the year.

xii. 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: (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.

xiii. The Company has not received any fund from any person(s) or entity(is), 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.

xiv. The Company does not have any 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.

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

xvi. There are no amounts pending to be transferred to the Investors Education and Protection Fund as at the end of the year.

Note No 47 :

Financial risk management objectives and policies

The company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Company's operations. The Company's principal financial assets include trade and other receivables
and cash and cash equivalents that are derived directly from its operations.

The Company's financial risk management is an internal part of how to plan and execute its business strategies. The company is exposed
to market risk, credit risk and liquidity risk.

The company senior management overseas the management of these risks. The senior Professionals working to manage the financial
risks and the appropriate financial risk governance framework for the company are accountable to the Board of Directors and Audit
Committee. This process provided assurance the Company's senior management that the Company's financial risk-taking activities
are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with
Company policies and Company risk objectives. In the event of crises caused due to external factors such as caused by recent pandemic
“COVID 19" the management assesses the recoverability of its assets, maturity of its liabilities to factor it in cash flow forecast to
ensure there is enough liquidity in these situations through internal and external source of funds. These forecast and assumptions are
reviewed by board of directors.

1. Risk Management Framework

The Company's board of directors has overall responsibility for 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 property defined framework.The Company's risk management policies are established to identify and analyze
the risks faced by the company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed by the board annually to reflect changes in market conditions and 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.

2. 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 from customers. The carrying amount of financial
assets represents the maximum credit exposure. The Company monitor credit risk very closely both in domestic and export market.
The management impact analysis shows credit risk and impact assessment as low.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and
country in which customers operate. The company management has established a credit policy under which each new customer is
analyzed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered.
The Company's review includes market check, industry feedback, past financials and external ratings, if they are available, and in
some cases bank references. Sale limits are established for each customer and reviewed quarterly. Any sales exceeding those limits
require approval from the Directors of the company. Most of the Company's customers have been transacting with the company
for over Five to Ten years against those customers. In monitoring customer credit risk, Customers are reviewed according to their
credit characteristics, including whether they are an individual or a legal entity, their geographic location, industry and existence
of previous financial difficulties. The company has not written off any amount in recent past for impairment in receivables. In
view of the same no provision for impairment is done in current financial year.

3. 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 for
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.

4. Market Risk

Market risk is the risk that the Fair value of future cash flow of a financial instrument will fluctuate because of changes in market
prices. Market prices comprise three types of risk: Currency rate risk, Interest Risk and equity price risk.

(i) 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. Since the Company has borrowings which have fixed interest rate, therefore Company is not exposed
to such risk.

(ii) Foreign Currency Risk

The company has its operations in India only and hence is not exposed to currency risk on account of receivables and payables
in foreign currency. The functional currency of the company is Indian Rupee.

(iii) Equity Price Risk

The Company has no investments in equity and hence is not susceptible to market price risk arising from uncertainties about
future values of the investment securities.

5. Capital Management

The Company's capital management objectives are:

- To ensure the Company's ability to continue as going concern

- To provide adequate return to shareholders through optimisation of debt and equity balance

For the purpose of the Company's capital management, capital includes issued equity capital and other equity reserves attributable
to the equity holders of the Company.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business
opportunities. The Company monitors capital structure using a debt equity ratio, which is debt divided by equity.

Note No 48 :

Corporate Insolvency Resolution Process, Approval and Implementation of Resolution Plan

The Hon'ble National Company Law Tribunal, Ahmedabad (NCLT) by an Order dated 24^th August, 2018 admitted the Corporate Insolvency
Resolution Process (CIRP) application filed by financial creditors of the Company and Mr. Bhuvan Madan was appointed as Resolution
Professional (RP) for the Company vide order dated 23^rd October, 2018 to conduct CIRP of the Company. Subsequently, new RP
Mr. Prashant Jain was appointed vide order dated 4^th May, 2021 to manage the affairs of the Company as per provisions of the Insolvency
and Bankruptcy Code.

After a prolonged Resolution Process, the Hon,ble NCLT vide its order dated 20^th June, 2022 approved the Resolution Plan submitted
by M/s GSEC Limited in consortium with Mr. Rakesh Shah. Thereafter, as per approved plan, a Monitoring Committee was constituted
to take necessary actions for implementation of the approved resolution plan.

On trigger date i.e. 17^th September, 2022, M/s GSEC Limited in consortium with Mr. Rakesh Shah took over charge of the company and
reconstituted the Board of Directors of the Company and new management was put in place."

As per the Resolution Plan approved, the Resolution Applicant agreed to pay ' 2,40,027.47 Lacs in total towards the liabilities of the
Company to all its financial and operational creditors against claims admitted by the RP.

Out of said amount, one block consisted of issuance of 0.001% Unsecured Redeemable Bonds repayable at the end of 30 years to the
tune of ' 1,89,927.47 Lacs.

The another block included payment of ' 50,100.00 Lacs which included an amount of ' 2,000.00 Lacs towards the Resolution Costs,
' 500 Lacs towards Operational Creditors, ' 240 Lacs towards and balance ' 47,360.00 Lacs was to be paid to financial creditors
by way of upfront payment of ' 4260 Lacs and balance ' 43100 Lacs by way of deferred payment over a period of 5 years in eight
instalment. The upfront payment of ' 4260 Lacs included ' 2564 lacs being NPV Value for Redemption of Bonds as mentioned above.

Further, as per the Resolution Plan approved, the equity shareholding of existing share holders, as on the date of takeover by the new
management, was extinguished by 99% and consequently the total share capital was reduced to 1% of the Paid up equity share capital
and the Preference Share Capital was fully extinguished.

As per the Resolution Plan approved, the accounting effects for reduction in equity and preference share holding and the excess
liabilities to be written off were given with corresponding effect to Capital Reserve (Resolution Plan) at the time of takeover by the new
Management. Similarly, write off of assets as well as any provisioning for impartment of assets or towards doubtful of recovery assets
was also done at that time with corresponding effect to Capital Reserve (Resolution Plan). The Management has adopted a Policy to
continue giving effect to any liability or asset pertaining to the period prior to the takeover by the new management with corresponding
effect to Capital Reserve (Resolution Plan), in order to be consistent in the accounting treatment as well as to ensure that such items
do not impact financial figures relating to the period subsequent to takeover by the new management.

Note No 50 : Adjustments to Capital Reserve during the year

As per the Accounting Policy (Note 3.26) adopted by the new managment, any accounting effect to be given to any liability or asset
pertaining to the period prior to the takeover by the new management shall be done at that time with corresponding effect to Capital
Reserve (Resolution Plan), in order to be consistent in the accounting treatment as well as to ensure that such items do not impact
financial figures relating to the period subsequent to takeover by the new management.

Note No 52 :

The Company would continue to state that the Enforcement Directorate has not yet released their attachment on the Assets. However,
the matter relates to the period prior to the NCLT proceedings and takeover by the new management. In the opinion of the Company,
the new management and the assets taken over are protected under Sec. 32 of the IBC and hence the assets are eligible to be released
from the said attachment. The Company has filed petitions before the relevant Honourable Courts seeking release of the attachments.

Note No 53 :

The various amounts disclosed in Notes to Financial Statements are rounded off to nearest lakhs.

Note No 54 :

The figures in respect of previous year have been rearranged wherever necessary to confirm to the current year's classification.

Note No 55 :

The Standalone financial Statements for the year ended 31^st March 2025 were approved by the Board of Directors in their meeting
held on 30^th May 2025.

As per our report of even date attached.

For Naresh & Co. For and on behalf of the Board of Directors

Chartered Accountants (FRN: 106928W) For Diamond Power Infrastructure Limited

CA Abhijeet Dandekar Maheswar Sahu Rakesh Ramanlal Shah Himanshu Jayantilal Shah

M. No. 108377 Chairman & Independent Director Non- Executive Director Non- Executive Director

Partner DIN: 00034051 DIN: 00421920 DIN:00572684

Samir Naik Diksha Sharma

Interim Chief Financial Officer Company Secretary

Place : Ahmedabad Membership No.: A56317

Date : 30^th May, 2025 Place : Ahmedabad

UDIN: 25108377BMINGF1760 Date : 30^th May, 2025