3.11 Provisions and Contingencies (Other than for Employee Benefits)

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required
to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value
of money and the risks specific to the liability.

The unwinding of the discount is recognized as finance cost. Expected future operating losses are not provided for.

Contingencies: -

Disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not
require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When
there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic
benefits is remote, no provision or disclosure is made.

3.12 Determination of Lease Term and Discount Rate

A. Determination of Lease Term:

Ind AS 116 Leases requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any option
to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes assessment on the expected
lease term on lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate
the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold
improvements undertaken over the lease term, costs relating to the termination of lease and the importance of the underlying to
the Company's operations taking into account the location of the underlying asset and the availability of the suitable alternatives.
The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

B. Estimating the Incremental Borrowing Rate:

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate that the Company have to pay to borrow over a similar terms, and
with a similar security, the funds necessary to obtain an asset of similar value to the right-to-use asset in a similar economic
environment. The IBR therefore reflects what the Company 'would have to pay', which require estimation when no observable
rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Company estimates
the IBR using observable inputs when available and is required to make certain entity / lease transaction specific estimates. The
weighted average incremental borrowing rate applied to lease liabilities is 10.50% (previous year 10.50%).

3.13 Cash and Cash Equivalents

Cash and cash equivalent comprise cash on hand and demand deposits with banks which are short-term, highly liquid investments that
are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

3.14 Exceptional items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company is
such that its disclosure improves the understanding of the performance of the Company, such income or expense is classified as an
exceptional item and accordingly, disclosed in the notes accompanying to the financial statements.

Authorised Share capital:

The Company, by way of Postal Ballot (Including e-voting), the results of which were declared on 27th December 2025, has Increased Its
Authorised Share Capital from ^1,100 Lakhs (comprising 110 Lakhs Equity Shares of ^10 each) to ^2,500 Lakhs (comprising 250 Lakhs Equity
Shares of ^10 each). Consequently, the Capital Clause (Clause V) of the Memorandum of Association of the Company was substituted to
reflect the increased Authorised Share Capital.

16.1 Terms / Rights attached to Equity Shares:

The Company has only one class of equity share having par value of ' 10/- per share. Each holder of equity share Is entitled to one vote per
share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.

1) Working Capital Facilities - Axis Bank Limited

Working Capital Facilities From Axis Bank Limited is secured by Primary and Collateral Securities as per below:-
Primary Security

i) The cash credit facilities from Axis Bank Limited, is hypothecation over entire current assets of the company (Present and future).
Collateral Security

i) Equitable Mortgage of land situated at New Block No. 497 at Mouje Bhoyan-Moti, Taluka Kalol admeasuring 19781 sq mtrs. In the
name of M/s. Vasundhara Seamless Stainless Tubes Private Limited.

ii) The above credit facilities are further secured by personal guarantees of Mr. Chandraprakash B. Chopra and Corporate guarantee
of M/s. Vasundhara Seamless Stainless Tubes Private Limited.

Rate of Interest

Interest rate on above short term credit facilities for Cash Credit is at 8.00% p.a. (i.e. 2.75% above Repo 5.25 % p.a.) charged by Axis
Bank and on Packing Credit Limit at 7.75% (i.e 2.50% above Repo 5.25% p.a.) As per sanction letter dated 31.01.2026.

Defined benefit plan and long term employment benefit
Defined Benefit Plan (Gratuity)

With effect from November 21, 2025, the Government of India notified the Code on Social Security, 2020, the Occupational Safety,

Health and Working Conditions Code, 2020, the Industrial Relations Code, 2020, and the Code on Wages, 2019 (collectively, the ""Labour
Codes""), which consolidate and replace the existing central labour laws. The Ministry of Labour and Employment released the draft rules
under the Labour Codes on December 30, 2025; however, these rules are yet to be notified. In addition, several State Governments have
issued state-specific legislations pursuant to the Labour Codes.

The Company is evaluating the overall impact of the Labour Codes. While this assessment is ongoing, management currently does not
foresee any material impact resulting from their implementation.

Note:

The Company had earlier disclosed that a fire occurred at company's wax plant located at the Company's wax plant located at Plot No.
J-7833 & C-l/B 7834, Nr. Dhiraj Can Co., GIDC, Ankleshwar in July 2024, resulting in damage to certain property, plant and equipment and
consequential losses.

The company has estimated loss of ^ 206.63 Lakhs was recognized based on the assessment carried out at that time. The affected assets
were insured, and an insurance claim amounting to ^ 206.63 Lakhs was duly lodged with the insurer.

During the current financial year, the Company has successfully settled the insurance claim pertaining to the fire accident that occurred in
the previous year at the Company's wax plant located at Plot No. j-7833 & C-l/B 7834, Nr. Dhiraj Can Co., GIDC, Ankleshwar. The Company
has received/recognized an amount of ^ 221.94 Lakhs. from Insurance Company and ^ 9.12 Lakhs as realized through the disposal of
damaged/scrapped machinery.

The surplus of ^ 24.42 Lakhs, representing the difference between the actual settlement and the earlier estimate, has been recognized
during the current financial year as Exceptional Item.

38. Appropriateness of Current and Non-Current Classification

For the purpose of current/non-current classification of assets and liabilities, the company has ascertained its normal operating cycle
as twelve months. This is based on the nature of business and the time between the acquisition of assets or inventories for processing
and their realization in cash and cash equivalents.

The classification of assets and liabilities has been done on the basis of documentary evidences. Where conclusive evidences are not
available, the classification has been done on the basis of management's best estimate of the period in which the assets would be
realized or the liabilities would be settled. We have evaluated the responsibility of the management's estimate.

39. Event Occurring After Balance Sheet before date of signing of report :-

There Is no significant subsequent event that would require adjustments or disclosure in the financial statements as on the balance
sheet date.

40. The financial statements of the company for the year ended 31st March, 2026 have been reviewd by the audit committee and approved
by the Board of Directors in its meeting held on 12th May, 2026.

41. Previous year's compiled figures have been regrouped, reclassified and rearranged wherever necessary for proper presentation.
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 current year. Figures have been rounded off to nearest of Lakhs.

42. Balances of Trade Payables & Receivables/Payables to/from various parties/authorities, Loans & advances are subject to confirmation
from the respective parties, and necessary adjustments if any, will be made on its reconciliation.

43. In the Opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary course of
business will not be less than the amount at which these are stated in the Balance Sheet.

44. Disclosure pursuant to regulation 34(3) and 53(f) of schedule V of the SEBI (Listing obligation and disclosure requirements) Regulations,

9015

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 Company's principal financial liabilities, other than derivatives, comprise
borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company's operations and to
support its operations. The Company's principal financial assets include Investments, loans given, trade and other receivables and cash
& short-term deposits that derive directly from its operations. Risk assessment and management of these policies and processes are
reviewed regularly to reflect changes in market conditions and the Company's activities.

The company has exposure to the following risks arising from financial Instruments: -
(I) Market Risk

(a) Currency Risk

(b) Interest Rate Risk

(c) Commodity Risk

(d) Equity Risk

(ii) Credit Risk

(iii) Liquidity Risk

Risk Management Framework

The Company's activities expose it to variety of financial risks, including market risk, credit risk and liquidity risk. The Company's
primary risk management is to minimize potential adverse effects of risk on its financial performance. The company's risk management
assessment policies and processes are established to identify and analyze the risk faced by the company, to set appropriate risk
limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management of these policies and
processes are reviewed regularly to reflect changes in market conditions and the Company's Activity. The Board of Directors and Audit
Committee are responsible for overseeing these policies and processes.

In order to minimize any adverse effects on the financial performance of the company, derivative financial instruments, such as foreign
exchange forward contracts are entered to hedge certain foreign currency exposures. Derivatives are used exclusively for hedging
purposes and not as trading/speculative instruments.

(i) Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices, commodity prices and other market changes that affect market risk sensitive instruments.
Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency
receivables and payables. The objective of market risk management is to manage and control market risk exposure within
acceptable parameters, while optimizing the returns.

(a) Currency Risk

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss of the company, where
any transactions has more than one currency or where assets/liabilities are denominated in a currency other than the
functional currency of the entity.

Considering the countries and economic environment in which the company operates, its operations are subject to risks
arising from fluctuations in exchange rates in those countries. The risk primarily relates to fluctuations in U.S. Dollar against
the respective functional currency (INR) of Camex Limited.

The company, as per its risk management policy, uses its foreign exchange and other derivative instruments primarily to
hedge foreign exchange and interest rate exposure. The company does not use derivative financial instruments for trading
or speculative purpose.

Exposure to Currency Risk

Refer Note 52 for foreign currency exposure as at March 31, 2026 and March 31, 2025 (Hedge Accounting).

Sensitivity Analysis

A 1% strengthening/weakening of the respective foreign currency with respect to functional currency of Company would
result in increase or decrease in profit or loss as shown in table below. The following analysis has been worked out based
on the exposures as of the date of statements of financial position.

(b) Interest Rate Risk

Interest rate risk Is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The company's exposure to market risk for changes in interest rates relates to borrowings from
financial institutions. In order to optimize the company's position with regards to the interest income and interest expenses
and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by
balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

The company does not have interest rate linked financial instrument which is subject to interest rate risk as defined in Ind
AS 107, since neither the carrying amount nor the future cash flow will fluctuate because of a change in market interest
rates.

Refer Note 18 and 21 for interest rate profile of the Company's interest-bearing financial instrument at the reporting date."

(c) Commodity Risk

The prices of Dyes, Chemicals, Metal and others are subject to wide fluctuations due to unpredictable factors such as
quality, Purity, Thickness, Market Competition, Government Policies etc. During its ordinary course of business, the value
of the Company's open sales and purchases commitments and inventory of raw material changes continuously in line with
movements in the prices of the underlying commodities. To the extent that its open sales and purchases commitments do
not match at the end of each business day, the Company is subjected to price fluctuations in the commodities market.

(d) Equity Risk

Equity Price Risk is related to the change in market reference price of the investments in equity securities. The fair value of
some of the Company's investments in Fair value through profit and loss account, securities exposes the Company to equity
price risks. However the company has not invested in investment in such securities which are subject to market risk. Hence
the company is not exposed to Equity Risk.

(ii) Credit Risk

Credit risk arises from the possibility that a customer or counter party may not be able to settle their contractual obligations as
agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits
are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in
credit risk the company compares the risk of a default occurring and the asset at the reporting date with the risk of default as the
date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:"

i Actual or expected significant adverse changes in business.

ii Actual or expected significant changes in the operating results of the counterparty.

iii Financial or economic conditions that are expected to cause a significant change to the counter Party's ability to mere it's
obligation

iv Significant increase in credit risk on other financial instruments of the same counterparty.

v Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or
credit enhancements.

A. Trade and Other Receivables: -

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry and country in which the customer operates, also
has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and
continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course
of business. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Company has established a credit policy under which each new customer is analysed individually for creditworthiness
before the standard payment and delivery terms and conditions are offered. The Company's review includes external
ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank
references. Sale limits are established for each customer and reviewed periodically.

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the

B. Cash & Cash Equivalent

The Company holds cash and cash equivalents with credit worthy banks and financial Institutions of ^8.71 Lacs as at March
31, 2026 P238.27 Lakhs as at March 31, 2025]. The credit worthiness of such banks and financial institutions is evaluated
by the management on an ongoing basis and is considered to be good (Refer Note No. - 10 to the financial statements).

C. Derivatives

The derivatives are entered into with credit worthy banks and financial institution on counterparties. The credit worthiness
of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

D. Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that
have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties.

(iii) Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable
price. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's
reputation. The company's treasury department is responsible for liquidity, funding as well as settlement management. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors the company's
net liquidity position through rolling forecast on the basis of expected cash flows.

The Company has obtained fund and non-fund based working capital loan from various banks. The Company also constantly
monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that
it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise shareholder
value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions or its business
requirements to optimise return to our shareholders through continuing growth. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The funding
requirements are met through a mixture of equity, internal fund generation and other non-current borrowings. The Company
monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net
debt, interest bearing loans and borrowings less cash and short-term deposits (including other bank balance).

Additional Regulatory Disclosures As Per Schedule III Of Companies Act, 2013

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of
Division II of Schedule Ill to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere
in any other notes to the Financial Statements.

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

b. The Company has Fund-based and Non-fund-based limits of Working Capital from Banks and Financial institutions. For the said
facility, the submissions made by the Company to its lead bankers based on closure of books of accounts at the year end, the
quarterly returns or statements comprising stock statements, statement of trade receivables and trade payables and ageing
analysis of the debtors/other receivables, and other stipulated financial information filed by the Company with such banks or
financial institutions are generally in agreement with the unaudited books of account of the Company of the respective quarters
and no material discrepancies have been observed except as stated below.

Summary of reconciliation of statements of stock, trade receivables and payables filed by the company (quarterly) with banks as
follows.

c. The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a willful
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.

d. The Company has not entered any transaction with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Company Act, 1956.

e. 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.

f. Registration of charges or satisfaction with Registrar of Companies (ROC)

There has been no delay in Registration and satisfaction with Registrar of Companies (ROC)

g. 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.

h. 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
Funding Party (Ultimate beneficiaries) or

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

i. 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).

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

Notes

#1 Debt represents all liabilities Including lease liabilities

#2 Earnings available for Debt service represents Profit Before Tax Finance Cost Depreciation Loss on Sale of Assets
#3 Debt Service represents Interest Principal Repayment

#4 Net gain on Investment represents Realized and unrealized gain during the year
#5 Capital Employed represents Equity and Non current liabilities (excluding provisions)

#6 Revenue from sale of products represents net sales.

56. Segment Information :

The Company operating segments are established on the basis of those components of the Company that are evaluated regularly by
the Executive Committee (the 'Chief Operating Decision Maker' as defined in Ind AS 108 - 'Operating Segments'), in deciding how to
allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the
differing risks and returns and the internal business reporting systems. The Company has Two operating and reporting segments; viz.
Dyes & Chemicals and Fiber Glass.