p. Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation
as a result of past event and it is probable that an outflow of resourc¬
es will be required to settle the obligation, in respect of which reliable

estimate can be made. Provisions (excluding retirement benefits and
compensated absences) are not discounted to its present value and
are determined based on best estimate required to settle the obliga¬
tion at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates. Con¬
tingent liabilities are not recognised in the financial statements. A
contingent asset is neither recognised nor disclosed in the financial
statements.

On 5th June 2023. the Company has issued and allotted 52.00.000 equity
shares having face value of Rs. 10 each by way of Initial Public Offer at
an issue price of Rs. 165 per equity share.

On 11th July 2022. the Company has issued and allotted 1.35.60.395
equity shares having face value of Rs. 10 each by way of Bonus Shares
in ratio of 19:1 to the existing shareholders.

The Company had declared a final dividend of Rs. 0.50 per equity share
in its annual general meeting held on 07th July 2025 and an interim
dividend of Rs. 0.50 per equity share in the board meeting held on 14th
November 2025.

The Company had issued and allotted 15.00,000 equity shares of Rs. 10
each at a premium on Rs. 575 per equity shares by way of further public
offer (FPO) on 14th July 2025. Issue expenses incurred in connection
therewith for a sum of Rs. 654.49 lakhs has been utilized from securities
premium in accordance with provisions of Section 52 of the Companies
Act. 2013.

Term loan obtained from Axis Bank Limited effectively carrying interest
of 9.25% p.a. to be repaid over 72 months including moratorium period of
12 months and is secured against hypothecation on the entire movable
assets of the company (Present and Future), equitable mortgage of the
Company's factory Land and Building located at Plot No. 1. Survey No.

96. Village Khumbivali. Taluka Khalapur. Dist. Raigad. Maharashtra and
personal guarantee of the directors. Mr. Gautam Makker and Mr. Sunil
Menon.

On November 21. 2025. the Government of India notified four Labour
Codes, effective immediately, replacing the existing 29 labour laws. In ac¬
cordance with AS 15 - Employee benefits, changes to employee benefit
plans arising from legislative amendments are treated as plan amend¬
ments. requiring immediate recognition of past service cost in the State¬
ment of Profit and Loss. This approach is consistent with the guidance
issued by the Institute of Chartered Accountants of India. The present
salary structure is aligned with the definition of qualifying wages pre¬
scribed under the Labour Codes and as such, no additional impact arising
on past service cost in the provision of gratuity. The Company continues
to monitor the finalisation of Central and State Rules, as well as Govern¬
ment clarifications on other aspects of the Labour Codes.

REASONS FOR VARIANCES

Current Ratio: Primarily due to higher trade receivables at the year end.
Given the nature of the Company's business, the timing of order execution,
deliveries, invoicing and customer collections may result in normal fluctua¬
tions in receivables and working capital balances across reporting periods.

Debt Equity Ratio: Due to reduction in borrowings during the current year.

Debt Service Coverage Ratio: Due to higher profitability coupled with
reduction in borrowings during the current year.

Inventory Turnover Ratio: Due to higher revenue during the year while
maintaining comparable inventory levels.

Trade Receivable Turnover Ratio: Primarily due to higher trade receiv¬
ables at the year end. Given the nature of the Company's business, the
timing of order execution, deliveries, invoicing and customer collections may
result in normal fluctuations in receivables across reporting periods.

Net Capital Turnover Ratio: Primarily due to higher working capital on
account of year-end trade receivables. Given the nature of the Company's
business, the timing of order execution, deliveries, invoicing and customer
collections may result in normal fluctuations in working capital balances
across reporting periods.

REASON FOR SHORTFALL

The Company has made an excess expenditure under its CSR policy to
the extent of Rs. 0.68 lakhs as on 31st March 2026.

NATURE OF CSR ACTIVITIES

During the year, the Company has incurred a sum of Rs. 48.00 Lakhs
towards CSR expenditure as per policy laid down pursuant to the provi¬
sions of Companies Act. 2013 and rules framed thereunder. The Compa¬
ny under its CSR policy, affirms its commitment of seamless integration
of marketplace, workplace, environment and community concerns with
business operations by undertaking activities / initiatives that are not
taken in its normal course of business andA>r confined to only the em¬
ployees and their relatives and which are in line with the broad-based list
of activities, areas or subjects that are set out under schedule VII of the
Companies Act. 2013.

40. Other Statutory Disclosures as per the Companies Act, 2013

The Company did not have any long- term contracts including derivative contracts for which there were any
material foreseeable losses.

The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

The title deeds of all the immovable properties, (other than immovable properties where the Company is
the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial
statements included in property, plant and equipment and capital work-in progress are held in the name of the
Company as at the balance sheet date.

941. Segment Reporting I

9 In absence of any identifiable business segment, Accounting Standard (AS) 17 on Segment Reporting are not |
I applicable on the Company. I

942. Realisable value of assets I

I In the opinion of the management, the current assets, loans and advances have a realizable value in the I

9ordinary course of business is not less than the amount at which they are stated in the balance sheet. |

943. Confirmation of balances I

I Balance shown under receivables, payables and advances are subject to confirmation. I

Ý 44. Regrouping I

I Previous year's figures have been re- arranged or re- grouped wherever considered necessary. I

145. Rounding off I

I Figures have been rounded off to the nearest lakhs of rupees. I