XV) PROVISIONS AND CONTINGENT LIABILITIES

Provisions: Provisions are recognized when the entity has a present obligation (legal or constructive) as a result of 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. When the entity expects some or all of a provision to be
reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement

If 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.

Contingent Liabilities: Contingent liabilities are disclosed when there is a possible obligation 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 or a present obligation that arises from past events where it is either not probable
that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

XVI) CASH AND CASH EQUIVALENTS

Cash and cash equivalent in the Balance Sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value.

XVII) FINANCIAL ASSETS AT AMORTISED COST

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose
objective is to hold these assets in order to collect contractual cash flows and contractual terms of the financial asset give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

XVIII) FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a
business whose objective is achieved by both collecting contractual cash flows and selling financial assets and a
contractual terms of the financial assets give rise on the specified dates to cash flows that are solely payment of the
principal and interest on the principal amount outstanding.

XIX) FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of
assets and liabilities at fair value through profit and loss are immediately recognised in the statement of profit and loss.

XX) FINANCIAL LIABILITIES

Financial liabilities are measured at amortised cost using the effective interest method, if tenure of repayment of such liability
exceeds one year.

XXI) RECLASSIFICATION OF FINANCIAL ASSETS

The Company determines classification of the financial assets and liabilities on initial recognitions. 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 a 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 period
following the change in business model. The Company does not restate any previously recognized gains, losses (including
impairment gains and losses) or interest.

XXII) OFFSETTING OF FINANCIAL INSTRUMENTS

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet if there is currently
enforceable legal right to offset the recognized amounts and there is on intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

XXIII) LEASES :

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly
Entity/' as a les aee

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the
risks and rewards incidental to ownership to the entity is classified as a finance lease.

Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased property or,
if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges
and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability.
Finance charges are recognised in finance costs in the Statement of Profit and Loss, unless they are directly attributable to
qualifying assets, in which case they are capitalized in accordance with the entity's general policy on the borrowing costs
(See note 1.12). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Leased assets are depreciated over the useful life of the asset. However, if there is no reasonable certainty that the entity
will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of
the asset and the lease term.

Operating lease rentals are charged off to the Statement of Profit and Loss.

15.1 As per the resolution plan approved, all the secured / unsecured financial / operational liabilities existed on
the date of start of CIRP process i.e. 03.01.2020 has extinguished except payment made to certain creditors as
provided in resolution plan. Resultanly, all the extinguished liabilities have been transferred to Capital Reserve
Account.

15.2 The share capital as held by to erstwhile promoters and 99% of equity shares held by Public has been
extinguished and the same is credited to Capital Reduction Reserve Account. Refer Capital clause of Statement of
Changes in Equity for financial year ended on 31st March, 2024.

15.3 As per the resolution plan, the company has provided for Contingency Reserve for Labour and Other
Liabilities and the same is funded by way of fixed deposit with bank. This reserve will solely used for its purpose
and balance, if any, will be transferred to secured financial creditors.

15.4 During the year, the company has implemented the resolution plan as approved by the National Company
Law Board, New Delhi. As per resolution plan certain liabilities of secured and unsecured financial and operational
creditors have been extinguished and the same are transferred to capital reserve account. The details on
extinguished liabilities are as under:-

26 Fair Value Measurement

The management assessed that the fair values of short term financial assets and liabilities significantly approximate their
carrying amounts largely due to the short term maturities of these instruments. The fair value of financial assets and
liabilities are included at the amount at which the instrument could be exchanged in a current transaction among willing
parties, other than in a forced or liquidation sale

The Company determines fair values of long term financial assets and financial liabilities by discounting contractual cash
inflows/ outflows using prevailing interest rates of financial instruments with similar terms. The fair value of investment is
determined using quoted net assets value from the fund. Further, the subsequent measurement of all finance assets and
liabilities (other than investment in mutual funds) is at amortized cost, using the effective interest method.

Discount rates used in determining fair value

The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing
rate of the borrower which in case of financial liabilities is the weighted average cost of borrowing of the Company and in
case of financial assets is the average market rate of similar credits rated instrument.

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. In addition, the Company internally reviews valuation, including independent price validation for
certain instruments.

Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy
Level -1

Quoted (unadjusted) price is active market for identical assets or liabilities
Level 2:

Valuation technique for which the lowest level input that has a significant effect on the fair value measurement are
observed, either directly or indirectly.

Level 3

Valuation technique for which the lowest level input has a significant effect on the fair value measurement is not based on
observation market data.

27 Financial Instruments and Risk Review

i) Capital Management

The Company's capital management objectives are:-

The Board policy is to maintain a strong capital base so as to maintain inventory, creditors and market confidence and to
future development of the business. The Board of Directors monitors return on capital employed.

The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial ratios,
such as debt-to-equity ratio and net borrowings-to-equity ratio on a monthly basis and implements capital structure
improvement plan when necessary.

The Company uses debt equity ratio as a capital management index and calculates the ratio as Net debt divided by total
equity. Net debt and total equity are based on the amounts stated in the financial statements.

* Net Debts includes Non-Current borrowings, Current borrowings, Current Maturities of non current borrowing net off
Current Investment and cash and cash equivalent

** Equity includes equity and others equity.

ii) Credit Risk

Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to contractual
terms or obligations. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit
worthiness as well as concentration of risks. Credit risk is controlled by analysing credit limit and credit worthiness of
customers on a continuous basis to whom the credit has been granted.

Financial instruments that are subject to concentration of credit risk principally consists of trade receivable investments,
derivative financial instruments and other financial assets. None of the financial instruments of the Company results in
material concentration of credit risk.

Trade receivables

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of
financial statement whether a financial asset or group of financial assets is impaired. The Company recognizes lifetime
expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all
other financial assets, expected credit losses are measured at an amount equal to 12 months expected credit losses or at
an amount equal to the life time expected credit losses, if the credit risk on the financial asset has increased significantly
since initial recognition

Before accenting any new customer, the Company uses an external/internal credit scoring system to asses potential
customer's credit quality and defines credit limits by customer. Limits and scoring attributed to customer are reviewed on
periodic basis.

iii) Liquidity Risk

a) Liquidity risk management

Liquidity risk refers to the risk that the Company can not meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The
Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and
liabilities.

b) Maturities of financial liabilities

The following table details the remaining contractual maturities for its financial liabilities with agreed repayment period.
The amount disclosed in the table has been drawn up based on the undiscounted cash flow of financial liabilities based on
the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows.

c) Maturities of financial assets

The expected maturity for financial assets of the Company are all current

iv) Market Risk

Market risk is risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the
market prices. Such changes in the value of financial instruments may result from changes in the foreign currency
exchange rate, interest rate, credit, liquidity and other market changes.

28 Contingent liabilities not provided for in respect of followings:_

(a) non observance, if any, with various fiscal statutes, laws and regulations in respect of fee, penalty, etc which cannot be reliably estimated at this stage.

(b) The TDS demands raised by the income tax department for the financial year 2008-09 to 2023-24 amounting to ?62.21 Lakhs for Delhi and ?0.04 Lakhs for
Baramati branch which are under reconciliation.

(c) The Income tax demands raised by the income tax department for various financial years amounting to ?4,052.18 Lakhs for which the company has submit waiver
application to Assessing Officer, Income Tax, in view of NCLT order.

29 Estimated amount of contracts remaining to be executed on capital account and not provided for ?14.17 Lakhs (net of advance of ? 9.82 Lakhs)

30 The accounts of the Company for the year ended 31 st March, 2024 have been prepared on a going concern basis.

31 In the opinion of the Board, Current and Non-current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of the
business.

32 Certain accounts of Trade Receivable, Trade Payable, Secured and Unsecured Loans, Employees, Loans and Advances, Deposits are subject to confirmations and
reconciliations, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management, the
ultimate difference will not be material.

43 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._

44 The company has used the borrowings from banks and financial institutions for the purpose for which it was taken at the balance sheet date. The Company is not

required to file monthly returns or statements of current assets with banks or financial institutions, as no working capital loans or cash credit facilities have been

availed.

45 The company is not declared wilful defaulter by any bank or financial Institution or other lender during the year.

46 During the year, the company has not carried out any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of

Companies Act, 1956.

47 During the year, the company has duly registered charge with Registrar of Companies. Certain charges have been satisfied, however, pending for registration with
Registrar of Companies.

48 The Company does not have any investment property, hence related disclosure is not required.

49 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 company (Ultimate Beneficiaries) or (ii) provide any guarantee,
security or the like to or on behalf of the Ultimate Beneficiaries.

50 There is no case of search or survey of any other cases related to income surrendered or disclosed in any tax assessments under the Income Tax Act, 1961.

51 The company has not invested in Crypto Currency or Virtual Currency, hence related details are not provided.

52 Various Ratios :- During the financial year, the effects of the Order Issued by Hon'ble National Company Law Board, New Delhi ("NCLT Order') has been given in the
books of account and also the manufacturing and trading operations are yet to be started since Baramati plant is under renovation. As a results the various ratio as
prescribed have not been provided.

53 The company has not met with the applicability criteria of provisions of section 135 of the Act with respect to corporate social responsibility, hence the related
information has not been provided.

54 Previous year's figures have been re-groupped/ re-arranged wherever necessary._

Sd/- Sd/- Sd/- Sd/-

Sanchit Singh Rajpal Bhupendra Singh Rajpal Shrutisheel Jhanwar Koyal Gehani

Managing Director Chairman Chief Financial Officer Company Secretary

DIN: 00311190 DIN: 00311202 PAN: ADPPJ9106N PAN: AYQPG5876L

Place: Chhatrapati Sambhajinagar
Date: 30th May 2024