l) Provisions

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.

1B. Critical Estimates and Judgements

The Preparation of financial statements require the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the company's accounting policies. This note
indicates existence of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different that those originally assessed.

The major areas involving critical estimates or judgements are:

- Estimation of Provisions & Contingent Liabilities

- Estimated useful life of tangible and intangible assets

- Estimation of defined benefit obligation

- Impairment of trade receivables

- Estimated fair value of financial instruments

(IV) Rights, preference and restrictions attached to equity shares

The Company has one class of equity shares having a par value of ? 10 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the
ensuing Annual General Meeting,except in case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amounts,in proportion to
their shareholding.

b) Fair Value hierarchy

This section explains the judgements and estimates made in determining the fair value of the financial instruments that are
(a) recognized and measured fair value and (b) measured at amortised cost and for which fair values are disclosed in the
financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company
has classified its financial instruments into the three levels prescribed the accounting standards below:

Level - 1 Hierarchy includes financial instruments measured using quoted price. This includes mutual funds & listed Equity
shares that have quoted price. The mutual funds are valued using the closing NAV and listed equity shares are valued at
closing market price on the date of reporting.

Level - 2 The fair value of financial instruments that are not traded in an active market (for example trade bond, over-the-
counter derivatives) is determined using valuation technique which maximise the use of observable market data and rely
as little as possible on entity -specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in Level-2.

Level - 3 If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.

Financial Risk Management

Financial instruments and cash deposits

The Company maintains exposure in cash and cash equivalents, term deposits with banks and investments in mutual funds
and equity shares etc. The Company avoids concentration of credit risk by spreading them over different counter parties
which have good credit ratings, good reputation and hence the risk is reduced.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit
risk management. On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the
impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade
receivables. The provision matrix takes into account available external and internal credit risk factors and the Company's
historical experience for customers.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. 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.

Market Risk

Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by market risk
include loans and borrowings, deposits and derivative financial instruments.

Currency risk

The company's operations are such that all activities are confined to India only.

27. Previous year's figures have been reclassified / regrouped to confirm to this year's classification.

As per our attached report of even date

For M D Pandya & Associates For and on behalf of Board of Directors

Chartered Accountants

Firm Registration No. 107325W

Mukul Pandya Milan Dalal Veena Dalal

Partner Chairman Whole time Director

Membership No. 033184 DIN 00062453 DIN 00062873

Hiren Desai Claret Rebello

Company Secretary Chief Financial Officer

Place : Mumbai Place : Mumbai

Date : May 14, 2025 Date: May 14, 2025