2.9 Provisions, contingent liabilities and contingent assets

Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for
future operating losses.

Provisions are measured at the present value of management’s best
estimate of the expenditure required to settle the present obligation at
the end of the reporting period. The discount rate used to determine the
present value is a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the liability. The
increase in the provision due to the passage of time is recognised as
interest expense.

Contingent Liabilities are disclosed in respect of possible obligations
that arise from past events but their existence will be confirmed by the

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.

A contingent asset is a possible asset arising from past events, the
existence of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within
the control of the Company. Contingent assets are not recognised till
the realisation of the income is virtually certain. However the same are
disclosed in the financial statements where an inflow of economic benefit
is possible.

2.10 Employee benefits :

Short-term obligations

Liabilities for wages and salaries, including non-monetary 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
in respect of employees’ services up to the end of the reporting period
and are measured at the amounts expected to be paid when the
liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to
be settled wholly within 12 months are measured as the present value
of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected
unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund.

Gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined
benefit gratuity plan is the present value of the defined benefit obligation
at the end of the reporting period less the fair value of plan assets. The
defined benefit obligation is calculated annually by actuaries using
the projected unit credit method.

The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows by reference to market
yields at the end of the reporting period on government bonds that
have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the
net balance of the defined benefit obligation and the fair value of plan
assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognised in the period in
which they occur, directly in other comprehensive income. They are
included in retained earnings in the statement of changes in equity and
in the balance sheet.

Gratuity liability of employees is funded with the approved gratuity
trusts.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund, etc., are charged
to the Statement of Profit and Loss as incurred.

2.11 Borrowing costs :

Interest and other borrowing costs attributable to qualifying assets are

capitalised. Other interest and borrowing costs are charged to Statement
of Profit and Loss.

2.12 Earnings Per Share :

Basic earnings per share

Basic earnings per share is calculated by dividing

• the profit attributable to owners of the Company

• average number of equity shares outstanding during the
financial year, adjusted for bonus elements in equity shares
issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination
of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs
associated with dilutive potential equity shares, and

• the weighted average number of additional equity shares
that would have been outstanding assuming the conversion
of all dilutive potential equity shares.

2.13 Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable Value. An impairment loss is charged to the statement
of Profit and Loss in the year in which an asset is identified as impaired.
The impairment loss recognized in earlier accounting period is reversed
if there has been a change in the estimate of recoverable amount.

2.14 Cash and cash equivalents

Cash and cash equivalent comprise cash in hand, demand deposits
with banks, other short term highly liquid investments with original
maturities of three months or less, which are subject to an insignificant
risk of changes in value. Cash and cash equivalents include balances
with banks which are unrestricted for withdrawal and usage.

2.15 Foreign Currency transactions:

Foreign currency transactions are translated into the functional
currency using exchange rate at the date of the transaction. Foreign
exchange gains and losses from the settlement of these transactions are
recognized in the statement of profit and loss. Foreign currency
denominated monetary assets and liabilities are translated into
functional currency at the exchange rates in effect at the balance sheet
date, the gain or loss arising on such translations are recognized in the
statement of profit and loss.

2.16 Events occurring after the balance sheet date

Assets and liabilities are adjusted for events occurring after the reporting
period that provides additional evidence to assist the estimation of
amounts relating to conditions existing at the end of the reporting period.

Dividends declared by the Company after the reporting period are not
recognized as liability at the end of the reporting period. Dividends
declared after the reporting period but before the issue of financial
statements are not recognized as liability since no obligation exists at
that time. Such dividends are disclosed in the notes to the financial
statements.

2.17 Recent Pronouncement:

Ministry of Corporate Affairs (“MCA”) notifies new standards or
amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. During the
year ended March 31,2025, MCA has notified Ind AS 117 - Insurance
Contracts and amendments to Ind AS 116 - Leases, relating to sale
and lease back transactions, applicable from April 1, 2024. The
Company has assessed that there is no impact on its financial
statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects
of Changes in Foreign Exchange Rates. These amendments aim to
provide clearer guidance on assessing currency exchangeability and
estimating exchange rates when currencies are not readily
exchangeable. The amendments are effective for annual periods
beginning on or after April 1, 2025. The Company is currently assessing
the probable impact of these amendments on its financial statements.

Nature and purpose of reserves

(a) Securities Premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. The reserve is utilised in accordance
with the specific provisions of the Companies Act, 2013.

(b) General Reserve

General Reserve has been created by transfer out of profit generated by the Company and is available for distribution to shareholders. Under
the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance
with applicable regulations. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified
percentage of net profit to general reserve has been withdrawn.

(c) Retained Earnings

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any
transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

NOTE NO. 34.1

The Company had received demand for excise duty on sale of patterns & moulding boxes for financial years 2001-02, 2002-03, 2003-04, 2004¬
05 & 2005-06 against which the Company had preferred appeals before Commissioner of excise as well as CESTAT and also paid Rs. 11.53
lakhs under protest which has been shown as "Balance with Government Authorities" under "Other Non-current Assets". During the FY 2022¬
23, the Company had received orders for Rs. 5.26 Lakh from Assistant Commissioner, Central GST in its favour.

NOTE NO. 34.2

The Company had received demand for GST (including tax, interest and penalty) amounting to Rs. 130.59 lakhs for financial years 2017-18
to 2020-21 against which the Company had preferred appeals before Commissioner Appeals of SGST, Ahmedabad and also paid Rs. 6.52
lakhs under protest which has been shown as "Balance with Government Authorities" under "Other Non-current Assets".

NOTE NO. 35 - Segment Information

The Company’s Chief Operating Decision Maker (CODM) examines the Company’s performance from business and geographic perspective. In
accordance with Ind AS 108 - “Operating Segments”, evaluation by the CODM and based on the nature of activities performed by the Company,
which primarily relate to manufacturing of castings, the Company does not operate in more than one business segment. Therefore no separate
disclosure as per Ind AS 108 - "Operating Segments" is given.

Note No. 39 - Financial Instruments - Fair Values & Risk Management

Note No. 39.1 - Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured 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.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below :

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans
from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these
receivables.

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

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

Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 : Input that is significant to the fair value measurement is unobservable.

The company's Board of Directors has overall responsibility for the establishment and oversight of the company's risk management framework.
The company's risk management policies are established to identify and analyse the risks faced by the company, to set appropriate risk limits and
controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the
company's activities.

Note No. 39.2.1 - Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The carrying amount of following financial assets represents the maximum credit exposure.

Trade Receivables

The Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends
and ageing of accounts receivable. Individual risk limits are set accordingly. Trade receivables are non-interest bearing and are normally 30 to
60 days credit term. The Company performs impairment analysis at each reporting date using expected credit loss model. The Company does
not hold collateral as security.

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 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, payables and loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process
of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior
Management and the Audit Committee. The activities of this department include management of cash resources, borrowing strategies, and
ensuring compliance with market risk limits and policies.

a) 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.
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 instru¬
ments in its total portfolio.

b) Foreign currency risk

The company does not operate internationally and hence not exposed to currency risk on account of its receivables or payables in foreign
currency.

c) Commodity Price Risk

Principal Raw Material for company’s products is scrap and pig iron. Company sources its raw material requirements from domestic markets.
Domestic market price generally remains in line with international market prices. Volatility in metal prices, currency fluctuation of rupee vis a
vis other prominent currencies coupled with demand-supply scenario in the world market affect the effective price of scrap and pig iron.
Company effectively manages availability of material as well as price volatility through well planned procurement and inventory strategy and
also through appropriate contracts and commitments.

Note No. 46

Balances of trade receivables, creditors, advances, etc. are subject to confirmation / reconciliation and consequential adjustments thereof.
Adjustments in this respect, if any required, would be accounted for as and when ascertained.

Note No. 47

In the opinion of the Management, there are no indications, internal or external, which could have the effect of impairing the value of assets to
any material extent as at the balance sheet date requiring recognition in terms of INDAS-36.

Note No. 48

The company has used accounting software for maintaining its books of accout which has a feature of recording audit trail (edit log) facility and
the same has been operated throughout the year for all relevant transactions recorded in the software. Further, there are no instances of audit
trail being tampered with. Additionally, the audit trail of prior year(s) has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective years.

Note No. 49

The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules
made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

Note No. 50

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

Note No. 51

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

Note No. 52

The Company has not traded or invested in crypto currency or virtual currency during the financial year.

Note No. 53

As on 31/03/2025, there is no unutilised amounts in respect of long term borrowings from banks and the borrowed funds have been utilised for
the specific purpose for which the funds were raised.

Note No. 54

The Company does not have any such trasaction which is not recorded in the books of accounts that 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).

Note No. 55

"The Company have 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."

Note No. 56

"The Company have not received any fund 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 on
behalf of the Ultimate Beneficiaries."

Note No. 57

The company evaulated subsequent events through May 23, 2025, the date the financial statements were available for issuance, and determined
that there were no additional material subsequent events requiring disclosure.

Note No. 58

Previous year's figures have been re-grouped/re-arranged/re-casted, wherever necessary, so as to make them comparable with current year's
figures. The management believes that such reclassification does not have any material impact on the information presented in the financial
statements.

As per our report of even date attached V. R. Ambani (Director)

For Mahendra N. Shah & Co. Dr. P. N. Bhagwati (DIN : 00351512)

^{Chartered Accountants Chairman} _{S. C. Mehta} (Director)
Firm Regn. No. 105775W (DIN : 00096799) ^{S C}.

Chirag M. Shah Reena P. Bhagwati

Partner Managing Director

Membership No. 045706 (DIN : 00096280)

Vidisha Rathod

^{Company Secretary} Place : Ahmedabad

Place : Ahmedabad

Date : 23/05/2025 ^{Date : 23/05/2025}