1.9 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

a) Provision is recognized in respect of obligations where, based on the evidence available, their existence at the
Balance Sheet date is considered probable.

b) A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be
estimated reliably, and is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation
at the Balance Sheet date.

c) Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

d) Reimbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually
certain that the re-imbursement will be received.

e) A Contingent Asset is not recognized in the accounts.

1.10 IMPAIRMENT OF ASSETS

Impairment loss, if any, is recognized to the extent, the carrying amount of assets exceed their recoverable amount.
Recoverable amount is higher of an asset’s net selling price and its value in use. Value in use is the present value of
estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of
its useful life.

Impairment Losses recognized in prior years are reversed when there is an indication that the impairment losses
recognized no longer exist or have decreased. Such reversals are recognized as an increase in carrying amount of
assets to the extent that it does not exceed the carrying amount that would have been determined (net of amortization or
depreciation) had no impairment loss been recognized in previous years. After impairment, depreciation or amortization
on assets is provided on the revised carrying amount of the respective asset over its remaining useful life.

1.11 FOREIGN CURRENCY TRANSACTION

Foreign currency transactions are accounted at the exchange rates prevailing on the date of transactions.

Foreign currency current assets and current liabilities outstanding at the balance sheet date are translated at the
exchange rate prevailing on that date and the resultant gain or loss is recognized in the Profit & Loss account.

Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the
Profit and Loss Account except in case of long term liabilities, where they relate to acquisition or construction of fixed
assets, in which case they are adjusted to the carrying cost of such assets in accordance with the exemption under
Para D13AA of Ind AS 101.

1.12 BORROWING COSTS

Borrowing costs that are attributable to the acquisition or construction of a qualifying asset is capitalised as part of the
cost of such asset till such time the asset is ready for its intended use. A qualifying asset is one that necessarily takes
a substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Statement of
Profit and Loss in the period in which they are incurred.

1.13 INSURANCE CLAIM

Insurance claims are accounted for on the basis of claims admitted/expected to be admitted and to the extent that there
is no uncertainty in receiving the claims.

1.14 EMPLOYEE BENEFITS

a) Contribution to Provident Fund is accounted for on accrual basis. The Provident Fund contributions are made to
recognised Provident Fund.

b) Company’s defined contributions made to Pension Fund of Government and Superannuation Scheme of Life
Insurance Corporation of India are charged to the Profit and Loss account on accrual basis.

c) Contribution to Gratuity Fund and provision for Leave Encashment is based on actuarial valuation carried out as
on the Balance Sheet date as per Projected Unit Credit Method.

The Company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or liability. Gains
or losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive
income.

1.15 TAXES ON INCOME

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income
Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing
differences, being the difference between taxable income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax assets are recognized only to the extent there
is reasonable certainty that the assets can be realized in future; however, when there is a brought forward loss or
unabsorbed depreciation under taxation laws, deferred tax assets are recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets are reviewed as at each Balance Sheet date and written down or written
up to reflect the amount that is reasonably/virtually certain to be realized.

1.16 EARNINGS PER SHARE

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extra ordinary
items, if any) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of any extra
ordinary items, if any) by the weighted average number of equity shares considered for deriving basic earnings per
share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive
potential equity shares.

1.17 FINANCIAL LIABILITY

Financial Liabilities are subsequently carried at amortized cost using the effective interest method, except for loans
where the difference between IRR and normal rate of interest was immaterial.

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the
cost of such assets upto the date when they are ready for their intended use and other borrowing costs are charged to
Profit & Loss account.

(b) Terms and Rights attached to equity shares

The Company has only one class of equity shares having a par value of Re.1/- per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The holders of equity shares
are entitled to receive dividend as declared from time to time. The Company has not declared dividend for the year.

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.

21.1 Contingent Liabilities not provided for in respect of

a. Bank Guarantees outstanding Rs. 107/- Thousand (previous year Rs. 107/- Thousand) against which fixed
deposit receipts of Rs. 107/- Thousand (previous year Rs. 107/- Thousand) pledged with a bank.

b. The lease agreement between MCGM and Jolly Bhavan No. 1 Commercial Premises Co-operative Society Ltd.
(“the Society”) has expired on 14th December, 2000 and not been renewed as MCGM has raised a demand
for additional lease rent which has been challenged by the Society who has filed an appeal before The Asst.
Commissioner (Estates), MCGM. The Company is one of the members of the Society and has given an indemnity
bond to it on 17th August 2012, that in the event that the Society is ultimately called to pay any additional lease
rent from 14th December, 2000 onwards to MCGM on the outcome of its appeal, then the same will be borne by
the Company.

21.4 Employee Benefits

As per Ind AS “Employees Benefits”, the disclosure of Employees Benefits as defined in the Accounting Standard is
given below:

a) Defined Contribution Plan

The Company makes contribution at a specified percentage of its payroll cost towards the Employees Provident
Fund (EPF) for such employees who qualify for the same.

The Company has recognised Rs. 445.51/- Thousand (Previous Year Rs. 356.65/- Thousand) towards provident
fund contribution in the Statement of Profit and Loss.

b) Defined Benefit Plans

The Company provides annual contributions as a non-funded defined benefit plan for qualifying employees. The
gratuity scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement /withdrawal / resignation:

As per the provisions of the Payment of Gratuity Act, 1972 with a vesting period of 5 years of service.

ii) On death while in service:

As per the provisions of the Payment of Gratuity Act, 1972 without any vesting period.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for
gratuity was carried out at 31st March, 2025 by an Actuary using the Projected Unit Credit Method.

The estimates of rate of escalation in salary considered in actuarial valuation takes into account inflation, seniority, promotion
and other relevant factors including supply and demand in the employment market.

21.5 Fair Value Hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the
stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the
closing NAV and listed equity instruments are being valued at the closing prices on recognised stock exchange.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
the counter derivatives) is determined using valuation techniques which maximize 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. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in
level 3.

The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the
reporting period.

21.6 The figures of the previous year have been reworked, regrouped, rearranged and reclassified wherever necessary.
Accounts 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 the current year.

21.7 Deferred Tax Assets/ Liabilities have been recognised during the year.

21.8 Provision for depreciation as per Companies Act 2013 as presented in Schedule II has been accounted for on the basis
of the useful life of the asset.

NOTE - 22

22.1 The Wire Rope factory is closed and manufacturing of furniture busniess has also been discontinued. The Board of the
Company is in the process of evaluating alternative business opportinuties which the company may choose to enter
into in the future.

22.2 Additional regulatory information

1 Title deeds of immovable properties are held in name of the Company.

2 The Company has not revalued its property, plant and equipment or intangible assets or both during the current
or previous year.

3 The Company has not provided or given Loans or Advances in the nature of Loans granted to Promoters,
Directors, Key Managerial Personnel and Related Parties either severally or jointly with any other person.

4 The Company does not own any benami property.

5 The Company has no outstanding borrowings from banks on the basis of security of current assets.

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

7 The Company has no transactions with the companies struck off under the Act or Companies Act, 2013.

8 There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the
statutory period.

9 The Company has complied with the number of layers prescribed under the Act.

10 The Company has not entered into any scheme of arrangement which has an accounting impact on current or

previous financial year.

11 Utilisation of borrowed funds and share premium:

(a) The Company has 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.

(b) The Company has 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.

12 There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.

13 The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

14 CSR is not applicable to the company in accordance with Section 135 of the Companies Act 2013.

As per our Report of even date attached

For and on behalf of the Board of Directors
Bombay Wire Ropes Limited

For Batliboi & Purohit Rajkumar Jhunjhunwala Dr. Anurag Kanoria

Chartered Accountants Whole Time Director Director

Firm Reg. No. 101048 W DIN: 01527573 DIN : 00200630

Gaurav Dhebar Dilip S. More Shyni Chatterjee

Partner Chief Financial Officer Company Secretary

Membership No. 153493 ACS 26539

Place: Mumbai Place: Mumbai

Date: 15th April, 2025 Date: 15th April, 2025