k Provisions

Provisions are recognised 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 presented in the statement of profit and loss net of any reimbursement.^ 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 recognised as a finance cost.

l Gratuity and other post-employment benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable
to the provident fund scheme. The Company recognizes contribution payable to the provident fund scheme as an expense, when an employee renders
the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the
deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the prepayment will lead to,
for example, a reduction in future payment or a cash refund.

The Company operates a defined benefit gratuity plan, which requires contributions to be made to a separately administered fund. The cost of providing
benefits under the defined benefit plan is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined
benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately
in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

* The date of the plan amendment or curtailment, and

* The date that the Company recognises related Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes in the
net defined benefit obligation as an expense in the statement of profit and loss:

* Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and non-routine
settlements; and

* Net interest expense or income

Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short-term employee benefit. The Company measures the
expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting
date. The Company recognizes expected cost of short-term employee benefit as an expense, when an employee renders the related service.

The Companytreats accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for measurement purposes.
Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the reporting date.
Actuarial gains/losses are immediately taken to the statement of profit and loss and are not deferred. The obligations are presented as current liabilities in
the balance sheet if the entity does not have an unconditional right to defer the settlement for at least twelve months after the reporting date.

m 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. Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the market place (regular day trades) are recognised on the trade date, i.e., the date that the Company commits
to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

* Financial assets at amortised cost (debt instruments)

* Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments)

* Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)

A 'financial asset' is measured at the amortised cost if both the following conditions are met:

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

This category is the most relevant to the Company. 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 amortisation is included in finance income in the profit or loss. The losses arising from impairmentare recognised in the
profit or loss. The Company financial assets at amortised cost includes trade receivables and loans included under other financial assets.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statement
of profit and loss.

This category includes derivative instruments and mutual/liquid funds investments which the Company had not irrevocably elected to classify at fair value
through OCI. Dividends on listed equity investments are recognised in the statement of profit and loss when the right of payment has been established.

Financial assets designated at fair value through OCI (equity instruments)

Upon initial recognition, the Company can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI
when they meet the definition of equity under Ind AS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined
on an instrument-by-instrument basis. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business
combination to which Ind AS 103 applies are classified as at FVTPL.

Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit and loss
when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed
from the Company's balance sheet) when:

* The rights to receive cash flows from the asset have expired, or

* The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a 'pass-through' arrangement; and either (a) the company has transferred substantially all the

risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of
the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Companies continuing
involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based
on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining
life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but
instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction
costs.

The Company's financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

* Financial liabilities at fair value through profit or loss

* Financial liabilities at amortised cost (loans and borrowings)

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition
as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge
relationships as defined by Ind-AS 109.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the
criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in
OCI. These gains/loss are not subsequently transferred to profit and loss. However,the Company may transfer the cumulative gain or loss within equity.
All other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not designated any financial liability as at
fair value through profit and loss.

Financial liabilities at amortised cost (loans and borrowings)

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.

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
amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to borrowings. For more information refer Note 18.

Derecognition

A financial liability is derecognised 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 in the respective
carrying amounts is recognised in the statement of profit or loss.

Reclassification of financial assets

The Company determines classification and measurement of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a
reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected
to be infrequent. The Company's senior management determines change in the business model as a result of external or internal changes which are
significant to the Company's operations. Such changes are evident to external parties. A change in the business model occurs when the Company either
begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification
prospectively from the reclassification date which is the first day of the immediately next reporting year following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest. The
following table shows various reclassification and how they are accounted for as per below:
a Amortised cost to FVTPL - Fair value is measured at reclassification date. Difference between previous amortized cost and fair value is recognised in
P&L.

b FVTPL to Amortised Cost - Fair value at reclassification date becomes its new gross carryingamount. EIR is calculated based on the new gross carrying
amount.

c Amortised cost to FVTOCI - Fair value is measured at reclassification date. Difference between previous amortised cost and fair value is recognised in
OCI. No change in EIR due to reclassification.

d FVTOCI to Amortised cost -Fair value at reclassification date becomes its new amortised cost carrying amount. However, cumulative gain or loss in
OCI is adjusted against fair value. Consequently, the asset is measured as if it had always been measured at amortised cost.
e FVTPL to FVTOCI - Fair value at reclassification date becomes its new carrying amount. No other adjustment is required.

f FVTOCI to FVTPL - Assets continue to be measured at fair value. Cumulative gain or loss previously recognized in OCI is reclassified to Statement of
Profit and Loss at the reclassification date.

Offsetting of financial instruments

Financial assets and financial liabilities are offsetand the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

n Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or
less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Bank balances other than the balance
included in cash and cash equivalents represents balance on account of unpaid dividend and margin money deposit with banks.

o Foreign currencies

The Company's financial statements are presented in I NR, which is also the Company's functional currency.

Transactions and balances

Transactions in foreign currencies are initially recorded in the functional currency, using the spot exchange rates at the date of the transaction first
qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange
at the reporting date. Exchange differences thatarise on settlement of monetary items are recognised in Statement of Profit and Loss. Nonmonetary items
that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non¬
monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The
gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in
fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
p Investment in subsidiary and associate

Investment in subsidiary is carried at cost in the separate financial statements. Investment carried at cost is tested for impairment as per Ind AS 36 for
subsidiary. Investment in associate is accounted as per Ind AS 28.

q Contingent liabilities

A Contingent liability is a possible obligation thatarises from past events whose existence will be confirmed by the occurrence or non-occurrgnce of one or
more uncertain future events beyond the control of the Company or a present obligation that is recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognized because cannot be measured reliably. Therefore the Company does not recognize a contingent liability but discloses its existence in the
financial statements. Contingent assets are only disclosed when it is probable that the economic benefits will flow to the entity.

r Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holders of the Company by the weighted average number of
equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit/(loss) for the year attributable to equity shareholders of the Company and the
weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

ii) Defined benefit plan

The employees’ gratuity fund scheme managed by LIC of India is a defined benefit plan. The present value of the obligation is determined based on
actuarial valuation using the Projected Unit Credit Method, which recognises each year of service as giving rise to additional unit of employee
benefit entitlement and measures each unit separately to build up the final obligation.

Employees who are in continuous service for a year of 5 years are eligible for gratuity. The amount of gratuity payable to an employee upon leaving
the Group is the 50% of Fixed cost to Group per month computed proportionately for 15/26 days salary multiplied for the number of years of
service. The gratuity plan is a funded plan and the Company makes contributions to LIC of India.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried out as at March
31, 2025 The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the
Projected Unit Credit Method.

Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the following risks:

Interest rate Risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision. A fall in the
discount rate generally increases the mark to market value of the assets depending on the duration of asset.

Salary Risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the
salary of the members more than assumed level will increase the plan's liability.

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. If the return on plan asset is below this rate, it will create a plan deficit. Currently,for the plan
in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Asset Liability Matching Risk:

The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally
reduces ALM risk.

Mortality Risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.
Concentration Risk:

Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets.

Although probability of this is very low as insurance companies have to follow stringent regulatory guidelines which mitigate risk.

iii) Compensated absences

The Company accrues for the compensated absences, a long term employee benefit plan based on the entire available leave balance standing to
the credit of the employees at year end. The value of such leave balance eligible for carry forward is determined by actuarial valuation as at the
Balance sheet date and is charged to Statement of Profit and Loss in the period determined. The provision as at balance sheet dates is as follows:

32 Earnings per share (EPS):

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by weighted average number
of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of
Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the
dilutive potential Equity shares into Equity shares.

34 Significant accounting judgements, estimates and assumptions

The preparation of Company's financial statements requires management to make judgments, estimates and assumptions that affect the
reported amounts of assets, liabilities, income and expenses and the accompanying disclosures and disclosure of contingent liabilities.

Uncertainty about the assumptions and estimates could result in outcomes that require a material adjustment to the carrying value of
assets or liabilities affected in future periods.

Other disclosures relating to the Company's exposure to risks and uncertainties includes:

Financial risk management objectives and policies in Note 46
Sensitivity analyses disclosures in Note 46
Capital Management Note 48

a Judgements

In the process of applying the accounting policies, management has made the following judgements, which have significant effect on the
amounts recognised in the Standalone's financial statements:

Revenue from contracts with customers

The Company applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts
with customers:

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the
parties to the contract, the parties to contract are committed to perform the irrespective obligations under the contract, and the contract is
legally enforceable.

Judgement is required to determine the transaction price for the contract and to ascertain the transaction price to each distinct performance
obligation. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as a
right of return the goods within a specified period, volume discounts, cash discount and price incentives. Any consideration payable to the
customer is adjusted to the transaction price, unless it is a payment for a distinct product from the customer. The Company allocates the
elements of variable considerations to all the performance obligations of the contract unless there is observable evidence that they pertain to
one or more distinct performance obligations.

Provisions and contingencies

The assessments undertaken in recognising provisions and contingencies have been made in accordance with Ind AS 37, 'Provisions, contingent
liabilities and contingent assets'. The evaluation of the likelihood of the contingent events has required best judgment by management regarding
the probability of exposure to potential loss.

b Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company
based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of
the Company. Such changes are reflected in the assumptions when they occur.

c Provision for expected credit losses of trade receivables and contract assets

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit
exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Company
applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

d Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value
less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales
transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing ofthe asset. The value
in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring
activities that the Company is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being
tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the
growth rate used for extrapolation purposes. These estimates are most relevant to impairment assessment of Property plant and equipment and
intangible assets.

e Useful lives of property, plant and equipment

The estimated useful lives of property, plant and equipment are based on a number of factors including the effects of obsolescence, demand,
competition, internal assessment of user experience and other economic factors (such as the stability of the industry, and known technological
advances) and the level of maintenance expenditure required to obtain the expected future cash flows from the asset. The Company reviews the
useful life of Property, plant and equipment at the end of each reporting date.

f Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the Balance sheet cannot be measured based on quoted prices in
active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements
include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the
reported fair value of financial instruments

37 Additional regulatory information:

a) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

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

c) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

d) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has
not been recorded in the books of account.

e) The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

f) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other
person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) 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 Group (Ultimate
Beneficiaries) or

(ii) provide any guarantee, security or the like to or on

g) The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Group 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

h) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956
during the financial year.

i) The Company has not revalued its property , plant and equipment (including right of use assets) or intangible assets during the current year or previous year.

j) The Company has not obtained any new sanctioned working capital limit during the year, from banks and/or financial institution, on the basis of security of
current assets.

k) Clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 does not apply to the Company.

42 Segment information:

The Company is principally engaged in a single business segment viz. fire protection/detection equipments and its allied activities.

43 The financial statements of the Company for the year ended March 31, 2024, were audited by another auditor and opening balances are as certified by them.

44 The Company is entitled to MAT credit of ? 154.04 for the A.Y. 2016-17 under section 115JB of the Income Tax Act, 1961 .The same will be availed as and
when due.

Fair value of cash and cash equivalent, bank balances other than cash and cash equivalent, trade receivables, trade payables, other current financial
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
b Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

46 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 and to provide guarantees to support its operations. The Company’s principal financial assets include loans, trade
and other receivables, and cash and cash equivalents that derive directly from its operations. The Company is exposed to market risk, credit risk and
liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s senior management advises on financial risks
and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company’s senior
management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified,
measured and managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing
each of these risks, which are summarised below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instruments affected by market
risk include investments, loans and borrowings and deposits.

The sensitivity analyses in the following sections relate to the position as at March 31, 2025 and March 31, 2024.
a 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.
The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating
interest rates.

b Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The
Company's exposure to the risk of changes in foreign exchange rates relates primarily to its operating activities. The Company has receivables and
payables in foreign currency which act as natural hedges. Differentail amount, if any, is unhedged and exposed to market risk.

Foreign currency sensitivity

There is no foreign currency exposure other than investment in a foreign subsidiary
c Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The
Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with
Banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables

Customer credit risk is managed by business unit subject to the Company’s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on customer profiling, credit worthiness and market intelligence. Outstanding customer
receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number of minor
receivables are categorized and assessed for impairment collectively. The calculation is based on exchange losses historical data. The Company does
not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located
in several jurisdictions and industries and operate in largely independent markets.

Financial instruments and cash deposits

The Company's maximum exposure to credit risk for the components of the Balance sheet at March 31, 2025 and March 31, 2024 is the carrying
amounts. The Company’s maximum exposure relating to financial guarantees, if any, is noted in note on commitments and contingencies and the
liquidity table below.

Liquidity risk

Liquidity riskis the riskthat the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering
cash or another financial asset. The approach of the Company to manage liquidity is to ensure, as far as possible, that it should have sufficient liquidity
to meet its respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage
to their reputation. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be high.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants
attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would
permit the bank to immediately call loans and borrowings. There have been breaches in the financial covenants of interest-bearing loans and
borrowings in an earlier year.

The Company has made aggregate losses for the past three years. Thus, the provisions relating to expenditure on Corporate Social Responsibility is not
applicable to the Company.

All current assets are expected to be recovered within twelve months and all current liabilities are expected to be settled within twelve months from

49 the reporting date.

50 Previous year's figures are restated and/or regrouped to conform to the figures of the current year.

Pursuant to principal of clean slate laid down by Hon’ble NCLT and Hon’ble NCLAT, successful bidder shall be entitled for following major reliefs for

51 acquisition of the Company / Corporate Debtor under Liquidation as “going concern”;

a All the claims / liabilities / obligations etc. of the Corporate Debtor including government dues stand extinguished.

b All claims which were not even made during the CIRP or in the Liquidation stage stand extinguished.

c The non-compliance of provisions of any laws, rules, regulations, directions, notifications, circulars, guidelines, policies, licenses, approvals, consents
or permissions prior to the date of acquisition shall stand extinguished.

d The successful bidder shall not be held responsible / liable for any of the past liabilities of the Corporate Debtor in inquiries, investigations,
assessments, notices, causes of action, suits, claims, disputes, litigations, arbitration or other judicial, regulatory or administrative proceedings against
or in relation to, or in connection with the Corporate Debtor prior to this date. They shall not have any effect on the successful bidder.

e Creditors of the Corporate Debtor which include Creditors in any form or category including Government Departments shall stand extinguished.

f All the assets of the Corporate Debtor are transferred to successful bidder free of any encumbrances / charge / pledge etc.

g Any proceedings pending against the Corporate Debtor (other than against the Erstwhile Promoters or former members of the management of the
Corporate Debtor) as on date with respect to its liabilities, enquiries, investigations, assessments, claims, disputes, litigations etc. will not have any
bearing against the assets sold to successful bidder. The said assets are free from any financial implications arising out of any pending proceedings
before relevant authorities, if any.

h Exemption from MAT liability as per provisions of section 115 JB of the Income Tax Act, 1961.

52 The Company was under CIRP process from October 22, 2018 and Mr. Uliyar B. Bhatt was appointed as a Resolution Professional. Thereafter a
liquidation order (as a going concern) dated January 18, 2022 was passed by Hon'ble National Company Law Tribunal (NCLT). In an auction held on
November 16, 2022, Elysian Wealth Fund (Formerly Silver Stallion Limited) in Consortium with Vikasa India EIF I Fund and AIG Direct LLC (‘the buyer’)
were declared as a highest bidder. The NCLT vide order dated March 26, 2024 on receipt of consideration of ^ 3,577.80 (including interest of^ 61.95)
confirmed the sale and the Company was sold as a Corporate Debtor as a going concern vide sale certificate dated October 3, 2024. The distribution of
the proceeds received out of the sale has been completed. Accordingly, the net amount reamining on derecognition of certain liabilities and
impairment of certain assets (as mentioned below) having one time, non routine impact on the financial statements have been treated as capital
reserve of the Company and further transferred to retained earnings in the Financial Statements prepared as on March 31, 2025.The same shall be
deemed to be in compliance with the applicable accounting standards, pursuant to the order passed by the Hon'ble NCLT.

56 Standards notified but not yet effective

There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the
Companies Act, 2013, which are issued and not effective as at March 31, 2025.

As per report of even date

For and on behalf of Board of Directors of
For Tolia & Asssociates Nitin Fire Protection Industries Limited

Chartered Accountants
Firm Registration No.:111017W

Sd/- Sd/- Sd/-

Kiran P. Tolia

Proprietor U. Balakrishna Bhat Allan Lopez

Membership Number: 043637 IBBI/IPA-001/IP-P00658/2017-18-11107 DIN:11304400

UDIN: 25043637BMOQDG1650

Mumbai, October 30, 2025 Mumbai, October 30, 2025