45.4 Terms and Conditions of Transaction with related Party

Transactions with related party are carried out in the normal course of business.

46 DISCLOSURE PURSUANT TO INDIAN ACCOUNTING STANDARD - 19 'EMPLOYEE BENEFITS' AS NOTIFIED U/S 133
OF THE COMPANIES ACT, 2013 READ WITH RULE 7 OF COMPANIES (ACCOUNTS) RULES, 2014.

46.1 Defined Contribution plan:

The amounts of contribution to provident fund and ESIC recognized as expenses is ' 76.00 lakhs (March 31, 2024:
82.05 lakhs) for the year ended March 31, 2025.

46.2 Defined Benefit plan:

The Company sponsors unfunded defined benefit plans for qualifying employee therefore there are no plan assets
which are maintained exclusively thereof. In computation of gratuity liability, Project Unit Credit Method is used.

46.3 Risk Exposures:

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are
detailed below:

Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate
which is determined by reference to market yields at the end of the reporting period on
government bonds.

Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An
increase in the life expectancy of the plan participants will increase the plan's liability.

Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries

of plan participants. As such, an increase in the salary of the plan participants will increase
the plan's liability.

47.1 Methods and assumptions used to estimate the fair values

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be

exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

a. The carrying amounts of receivables and payables which are short term in nature such as trade receivables,
other bank balances, deposits, loans to employees, trade payables, payables for acquisition of non- current
assets, demand loans from banks and cash and cash equivalents are considered to be the same as their fair
values.

b. The fair values for long term loans, long term security deposits given and remaining non current financial
assets were calculated based on cash flows discounted using a current lending rate. They are classified as
level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs.

c. The fair values of long term security deposits taken, non-current borrowings and remaining non current
financial liabilities are based on discounted cash flows using a current borrowing rate. They are classified as
level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.

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

The Company's financial risk management is an integral part of how to plan and execute its business strategies.
The Company's financial risk management policy is set by the Managing Board. The details of different types of risk
and management policy to address these risks are listed below:

The Company's activities are exposed to various risks viz. Credit risk, Liquidity risk and Market risk. In order to
minimise any adverse effects on the financial performance of the Company, it uses various instruments and
follows polices set up by the Board of Directors / Management.

A. Credit Risk

Credit risk arises from the possibility that counter party will cause financial loss to the Company by failing to
discharge its obligation as agreed.

Credit risks from balances with banks are managed in accordance with the Company policy. For derivative
and financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks
having high credit-ratings assigned by credit-rating agencies.

Based on the industry practices and business environment in which the Company operates, management
considers that the trade receivables are in default if the payment are more than 2 years past due.

Trade receivables primarily consists of Outstanding against exports sales and sales to certain domestic
customers with no significant concentration of credit risk. The outstanding trade receivables are regularly
monitored and appropriate action is taken for collection of overdue receivables.

For ageing of Trade Receivables and movement of provision refer note 11

B. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset. The Company liquidity
risk management policies include to, at all times ensure sufficient liquidity to meet its liabilities when they
are due, by maintaining adequate sources of financing from both domestic and international banks at an
optimised cost. In addition, processes and policies related to such risks are overseen by senior management.
The Company's senior management monitors the Company's net liquidity position through rolling forecasts
on the basis of expected cash flows.

Financing arrangements

The Company has sufficient sanctioned line of credit from its bankers / financers; commensurate to its
business requirements. The Company reviews its line of credit available with bankers and lenders from time
to time to ensure that at all point of time there is sufficient availability of line of credit to handle peak business
cycle.

The Company pays special attention to the net operating working capital invested in the business. In this
regard, as in previous years, considerable work has been performed to control and reduce collection periods for
trade and other receivables, as well as to optimise accounts payable with the support of banking arrangements
to mobilise funds and minimise inventories.

C. Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. The Company is exposed in the ordinary course of business to risks related to
changes in foreign currency exchange rate and interest rate.

Market Risk - Foreign Exchange

Foreign exchange risk arises on all recognised monetary assets and liabilities which are denominated in
a currency other than the functional currency of the Company. The Company has foreign currency trade
payables and receivables. However, foreign exchange exposure mainly arises from trade receivable and trade
payables denominated in foreign currencies.

Foreign currency risk is that risk in which the fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. The Company operates internationally and a portion
of its business is transacted in several currencies and therefore the Company is exposed to foreign exchange
risk through its overseas sales and purchases in various foreign currencies. The Company hedges the
receivables as well as payables by forming view after discussion with Forex Consultant and as per polices set
by Management.

The Company does not enter into or trade financial instrument including derivative for speculative purpose

The carrying amount of the Company's foreign currency denominated monetary assets and monetary
liabilities at the end of the reporting period are as follows

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern,
so that it can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an
optimal capital structure to maximise shareholder's value. In order to maintain or achieve a capital structure that
maximises the shareholder value, the Company allocates its capital for distribution as dividend or re-investment
into business based on its long term financial plans. As at March 31, 2025, the Company has only one class of equity
shares and has no debts. Hence, there are no externally imposed capital requirements.

The Company's capital requirement is mainly to fund its business expansion and repayment of borrowings. The
principal source of funding of the Company has been, and is expected to continue to be, cash generated from its
operations supplemented by funding from bank borrowings

The Company has adhered to material externally imposed conditions relating to capital requirements and there has
not been any delay or default during the period covered under these financial statements with respect to payment
of principal and interest. No lender has raised any matter that may lead to breach of covenants stipulated in the
underlying documents.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes,
interest bearing loans and borrowings less cash and cash equivalents.

b. The title in respect of self-constructed buildings and title deeds of all other immovable properties (other than
properties where the Company is the lessee and the lease agreements are duly executed in favour of the
lessee), disclosed in the financial statements included under Property, Plant and Equipment are held in the
name of the Company.

c. 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. The Company has a Working Capital limit of ' 3025 lakhs from HDFC Bank and DBS Bank, comprising of Fund-
based limits of ' 3000 Lakhs and non-fund-based limits of ' 25 lakhs. For the said facility, The Company has
filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities which
are in agreement with the books of account.

e. 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.

f. The Company does not have any transactions with struck-off companies.

g. 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.

h. 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.

i. 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.

j. The Company has not received any funds from any other 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 to or on behalf of the Ultimate Beneficiaries.

k. 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).

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

52 The Company uses the ERP accounting software for maintaining its books of accounts. Throughout the year, the
audit trail feature was active at the application level, ensuring traceability of all accounting and transactional
records processed through the system. Further enhancing the robustness of its internal controls, the Company
enabled audit trail functionality at the database level as well, effective from 27th September 2024, thereby ensuring
comprehensive tracking of all activities across both application and database environments.

Additionally, the audit trail of relevant prior years has been preserved for record retention to the extent it was enabled
and recorded in those respective years by the Company as per the statutory requirements for record retention.

53 Previous year's figures have been regrouped / reclassified wherever necessary.

As per our report of even date For and on behalf of Board of Directors

For G.M. Kapadia & Co. Pankaj Seth Parth Seth

Chartered Accountants Chairman & Managing Director Chief Executive Officer

Firm Reg No.104767W DIN:00027554

Rajen Ashar Rahul Tiwari Pranali Chawhan

Partner Chief Financial officer Company Secretary

Membership No : 048243 Place : Mumbai Membership No: 59316

Place : Mumbai Date : April 29, 2025

Date : April 29, 2025