p. Provisions, contingent liabilities and contingent assets

Provisions are recognized when there is a present legal or statutory obligation or
constructive obligation as a result of past events and where it is probable that there will be
outflow of resources to settle the obligation and when a reliable estimate of the amount of
the obligation can be made. Obligations are assessed on an ongoing basis and only those
having a largely probable outflow of resources are provided for.

Contingent liabilities are recognized only when there is a possible obligation arising from
past events due to occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be
measured in terms of future outflow of resources or where a reliable estimate of the
obligation cannot be made.

Contingent assets where it is probable that future economic benefits will flow to the
Company are not recognized but disclosed in the Financial Statements. However, when the
realization of income is virtually certain, then the related asset is no longer a contingent
asset, and it is recognized as an asset.

q. Employee benefits

(i) Short-term obligations

The costs of all short-term employee 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 during the period in which the employee renders the related services. The accruals
for employee entitlements of benefits such as salaries, bonuses and annual leave represent the
amount which the Company has a present obligation to pay as a result of the employees'
services and the obligation can be measured reliably. The accruals have been calculated at
undiscounted amounts based on current salary levels at the Balance Sheet date.

(ii) Post-employment obligations

The Company operates the following post-employment schemes:

Gratuity Fund -

The Company makes annual contributions to gratuity funds administered by the Life
Insurance Corporation of India. The gratuity plan provides for lump sum payment to
vested employees on retirement, death or termination of employment of an amount
based on the respective employee's last drawn salary and tenure of employment. The
Company accounts for the net present value of its obligations for gratuity benefits,
based on an independent actuarial valuation, determined on the basis of the projected
unit credit method, carried out as at the Balance Sheet date. The difference between
the obligation determined as aforesaid and the fair value of the plan assets is reported
as a liability or asset as at the reporting date. Actuarial gains and losses are
recognised immediately in the Other Comprehensive Income and reflected in retained
earnings and will not be reclassified to the Statement of Profit and Loss.

Provident Fund -

The Company pays provident fund contributions to a fund administered by Government
Provident Fund Authority. The Company has no further payment obligations once the
contributions have been paid. The contributions are accounted for as defined
contribution plans and the contributions are recognized as employee benefit expense
when they are due. Prepaid contributions are recognized as an asset to the extent that
a cash refund or a reduction in the future payments is available.

r. Earnings per share

Earnings per share (EPS) Basic EPS is computed by dividing the profit or loss attributable
to the equity shareholders by the weighted average number of Ordinary shares outstanding
during the year. Diluted EPS is computed by adjusting the profit or loss attributable to the
ordinary equity shareholders and the weighted average number of ordinary equity shares, for
the effects of all dilutive potential Ordinary shares.

s. 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.

A. Financial assets

(i) Initial recognition and measurement

All financial assets are recognized 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.

(ii) Subsequent measurement

For subsequent measurement, the Company classifies a financial asset in accordance with
the below criteria. The Company's business model for managing the financial asset and the
contractual cash flow characteristics of the financial asset.

For purposes of subsequent measurement, financial assets are classified as under:

• Financial Assets at amortized cost

Financial assets are subsequently measured at amortized cost if these financial assets are
held within a business model whose objective is to hold these assets in order to collect
contractual cash flows and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding

Such financial assets are subsequently measured at amortized cost using the effective
interest method.

Effective interest method: The effective interest method is a method of calculating the
amortized cost of a financial instrument and of allocating interest income or expense over
the relevant period. The effective interest rate is the rate that exactly discounts future cash
receipts or payments through the expected life of the financial instrument, or where
appropriate, a shorter period.

• Financial Assets at fair value through other comprehensive income (FVTOCI)

Financial assets are measured at fair value through other comprehensive income if these
financial assets are held within a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets and the contractual terms of
the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding

• Financial Assets at fair value through profit or loss (FVTPL)

Financial asset not measured at amortized cost or at fair value through other comprehensive
income is carried at fair value through the statement of profit and loss.

(iii) Impairment of financial assets

Loss allowance for expected credit losses is recognized for financial assets measured
at amortized cost and fair value through other comprehensive income. The Company
follows ‘simplified approach' for recognition of impairment loss allowance on Trade
receivables that do not constitute a financing transaction as permitted by Ind AS 109
Financial instrument, which requires expected lifetime losses to be recognized from
initial recognition of the receivables.

For financial assets whose credit risk has not significantly increased since initial
recognition, loss allowance equal to twelve months expected credit losses is

recognized. Loss allowance equal to the lifetime expected credit losses is recognized if
the credit risk on the financial instruments has significantly increased since initial
recognition.

(iv) De-recognition of financial assets

Where the entity has transferred an asset, the Company evaluates whether it has
transferred substantially all risks and rewards of ownership of the financial asset. In
such cases, the financial asset is derecognized. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial
asset is not derecognized.

Where the entity has neither transferred a financial asset nor retains substantially all
risks and rewards of ownership of the financial asset, the financial asset is
derecognized if the Company has not retained control of the financial asset. Where the
Company retains control of the financial asset, the asset is continued to be recognized
to the extent of continuing involvement in the financial asset.

B. Financial Liabilities

i Initial recognition and measurement:

The Company recognizes a financial liability in its Balance Sheet when it becomes party to
the contractual provisions of the instrument. All financial liabilities are recognized initially at
fair value minus, in the case of financial liabilities not recorded at fair value through profit or
loss (FVTPL), transaction costs that are attributable to the acquisition of the financial
liability.

ii Subsequent measurement:

All financial liabilities of the Company are subsequently measured at amortized cost using
the effective interest method.

iii De-recognition

A financial liability is de-recognized 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 de-recognition of
the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.

Notes

1 During the year ended on 31 March 2024 and 31 March 2023, there is no impairment loss determined at each
level of Cash Generating Units. The recoverable amount was based on value in use and was determined at the
level of Cash Generating Units.

2 Borrowing costs amounting to Rs. 8.06 Lacs (Previous Year - Rs.3.98 Lacs) are capitalised to assets under
construction/installation during the year.

Level 1: Level 1 hierarchy includes Financial Instruments measured using quoted prices. This includes listed

equity instruments that have quoted price.

Level 2: The fair value of Financial Instruments that are not traded in an active market is determined using

valuation techniques which maximize the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included

in level 3. This is the case for unlisted equity securities, included in level 3.

Note:

The management assessed that trade receivables, trade payables, cash and cash equivalents, other bank balances and other
current financial assets and liabilities are generally considered to approximate their carrying amounts largely due to the short¬
term maturities of these instruments.

34 Financial Risk Management

The Company's activities expose it to market risk (including currency risk, interest rate risk and other price risk),
liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the
entity manages the risk .The Company's risk management is carried out by a director under policies approved
by the Board of Directors. Director identifies, evaluates and hedges financial risks in close co-operation with the
Company's operating units.The board provides principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative
financial instruments and investment of excess liquidity. The risk management includes identification and evaluation
of risk and identifying the best possible option to reduce such risk.

(A) Market risk

(i) Foreign currency risk

Foreign currency risk arises from future commercial transactions and recognized assets or liabilities denominated
in a currency that is not the Company's functional currency (INR).The exposure of the Company to foreign currency
risk is not significant. However, this is closely monitored by the Management to decide on the requirement of
hedging. The position of unhedged foreign currency exposure to the Company as at the end of the year expressed
in INR are as follows :

Credit risk is the risk that a counter party will default on contractual obligations resulting in financial loss to the Company.
The Company is exposed to credit risk from its operating activities primarily trade receivables. Credit risk on cash and cash
equivalents and other bank balances is limited as the company generally invests in deposits with banks. Trade
receivables consist of customers from different geographical areas. In order to mitigate the risk of financial loss from
defaulters, the Company has an ongoing credit evaluation process in respect of customers who are allowed credit period.
In respect of walk-in customers the Company does not allow any credit period and therefore, is not exposed to any credit
risk. In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more
than 1 year past due. Outstanding customer receivables are regularly monitored. An impairment analysis is performed for
all major customers at each reporting date on an individual basis. The maximum exposure to credit risk at the reporting
date in respect of trade receivables is disclosed in note 7.

Liquidity risk implies the risk that the Company may not be able to meet its obligations associated with its
financial liabilities. The Company has a liquidity risk management framework for managing its short term,
medium term and long term sources of funding vis-a-vis short term, medium term and long term utilization
requirement. This is monitored through a rolling forecast showing the expected net cash flow, likely availability
of cash and cash equivalents, and available undrawn borrowing facilities.

35 Capital management

For the purpose of the Company's capital management, capital includes equity attributable to the equity holders
and all other equity reserves. The Company's Capital Management objectives are to maintain equity including
all reserves to protect economic viability and to finance any growth opprtunities that may be available in future
so as to maximise shareholders' value. The Company is monitoring capital structure using debt equity ratio as
its base, which is debt to equity. The company's endeavour is to keep debt equity ratio below two. The Company
manages its capital structure and makes adjustments in light of changes in economic conditions and business
opportunities and may infuse capital if and when required by issue of new shares or raise / repay debt for
achieving its capital management objectives.

II. Defined Benefit Plan

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit
plan. The present value of obligation is determined based on actuarial valuation using the projected unit
credit method 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.

NOTE: 43

(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 quarterly returns / statements filed by the company with the banks are materially in agreement with the
books of accounts of the company.

(iii) The Company does not have any transactions with struck off companies.

(iv) The Company does not have any charges or satisfaction which are yet to be registered with ROC beyond the

statutory period.

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

(vi) 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.

(vii) 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:

(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 to or on behalf of the Ultimate Beneficiaries.

(viii) The Company does not have any transactions which are not recorded in the books of accounts that have
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.

(ix) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets during the year ended 31st March,2024.

(x) The Company has not provided loans, advances in the nature of loans, stood guarantee, or povided security
to Companies, Firms or limited liability partnerships.

(xi) The Company has not defaulted in repayment of loans, or other borrowings or payment of interest thereon to
any lender.

(xii) The Company has not been declared willful defaulter by any bank, financial institution, government or
government authority.

(xiii) 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.

NOTE:-44

The previous year's figures are grouped / regrouped or arranged / rearranged wherever necessary to make them
comparable with current year's figures.

As per our report of even date attached

For Ambavat Jain & Associates LLP On behalf of the Board

Chartered Accountants

Firm Registration No. : 109681W

Sd/- Sd/- Sd/-

(Ashish J. Jain) (Vimalchand M. Jain) (Hemant Ranawat)

Partner Managing Director Whole-time Director

Membership No. 111829 DIN : 00194574 Chief Financial Officer

DIN : 00194870
Sd/-

Place : MUMBAI (Jinal Joshi)

Dated : 28-05-2024 Company Secretary

ACS No. : A53064