Note 2.14 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 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.

A restructuring provision is recognised when there is a
detailed formal plan for the restructuring which has raised
a valid expectation in those affected. The measurement of a
restructuring provision includes only the direct expenditures
arising from the restructuring.

A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or
a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but
are disclosed unless the possibility of outflow of resources
is remote

Contingent assets are disclosed in the financial statements.

Note 2.15 Financial assets
Classification and measurement

All the financial assets are initially measured at fair value.
Transaction costs that are directly attributable to the
acquisition of financial asset (other than financial assets
carried at fair value through profit or loss) are added to or
deducted from the fair value measured on initial recognition
of financial asset.

Subsequent measurement of a financial assets depends on
its classification i.e., financial assets carried at amortised cost
or fair value (either through other comprehensive income or
through profit or loss). Such classification is determined on the
basis of Company's business model for managing the financial
assets and the contractual terms of the cash flows.

The Company's financial assets primarily consists of cash
and cash equivalents, trade receivables, loans to employees
and security deposits, deposits with maturity of more than
12 months and other receivables etc. which are classified as
financial assets carried at amortised cost.

Amortised cost

Assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal
and interest are measured at amortised cost. A gain or loss
on a financial assets that is subsequently measured at
amortised cost is recognised in profit or loss when the asset is
derecognised or impaired. Interest income from these financial
assets is recognised using the effective interest rate method.

Impairment of financial assets

The Company assesses on a forward looking basis the
expected credit losses associated with its assets carried at
amortised cost. For trade receivables, the Company provides
for lifetime expected credit losses recognised from initial
recognition of the receivables.

For other financial assets, the impairment methodology
applied depends on whether there has been a significant
increase in credit risk from initial recognition or not and in case
of significant increase in credit risk, life time expected credit
losses being provided, otherwise twelve months expected
credit loss is being considered.

Derecognition of financial assets

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash
flows from the financial asset or

• Retains the contractual rights to receive the cash flows of
the financial asset, but assumes a contractual obligation
to pay the cash flows to one or more recipients.

Interest income

Interest income is recognised using the effective interest rate
method. The effective interest rate is the rate that exactly
discounts estimated future cash receipts through the expected
life of the financial asset to the gross carrying amount of a
financial asset. When calculating the effective interest rate, the
Company estimates the expected cash flows by considering all
the contractual terms of the financial instrument (for example,
prepayment, extension, call and similar options) but does not
consider the expected credit losses.

Note 2.16 Financial Liabilities

Financial liabilities of the Company are contractual obligation
to deliver cash or another financial asset to another entity or to
exchange financial assets or financial liabilities with another
entity under conditions that are potentially unfavourable to
the Company.

The Company's financial liabilities primarily includes trade
and other payables.

These amounts represent liabilities for goods and services
provided to the Company prior to the end of the financial
year which are unpaid. The amounts are unsecured and are
usually paid within credit period of recognition. Trade and
other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective
interest method.

Classification, initial recognition and measurement

Financial liabilities are recognised initially at fair value.
Transaction costs that are directly attributable to the issue of
financial liabilities (other than financial liabilities carried at fair
value through profit or loss) are added or deducted from the
fair value measured on initial recognition of financial liability.
Financial liabilities are classified as subsequently measured
at amortised cost.

Subsequent measurement

After initial recognition, financial liabilities are subsequently
measured at amortised cost using the effective interest rate
('EIR') method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised.

De-recognition of financial liability

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires. The
difference between the carrying amount of a financial liability
that has been extinguished or transferred to another party
and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss
as other income or finance cost.

Note 2.17 Off-setting financial instruments

Financial assets and liabilities are offset and the net amount
is reported in the balance sheet where there is a legally
enforceable right to offset the recognised amounts and there is
an intention to settle on a net basis or realise the asset and settle
the liability simultaneously. The legally enforceable right must
not be contingent on future events and must be enforceable
in the normal course of business and in the event of default,
insolvency or bankruptcy of the company or the counterparty.

Note 2.18 Share based payments

Certain employees of the Company receive annual incentive in
the form of equity instruments given by the Ultimate Holding

Company (Vesuvius Plc.) for rendering services over a defined
vesting period. Equity instruments granted are measured by
reference to the fair value of the instrument at the date of
grant. The expense is recognized in the statement of profit
and loss with a corresponding increase to the share based
payment reserve, as a component of equity. The fair value
determined at the grant date is expensed over the vesting
period. Company considers these share based payments as
equity settled and the Company does not bear any risk arising
from the movement in the share price. Vesuvius Plc. recharges
to the Company cost for the share based payments made/ to
be made by them to the Company employees.

Note 2.19 Cash and cash equivalents

For the purpose of presentation in the statement of cash flows,
cash and cash equivalents includes cash in hand, deposits held
at call with banks/ financial institutions, other short-term highly
liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value
and bank overdrafts.

Note 2.20 Earnings per share

Basic earnings per share is calculated by dividing the net profit
or loss for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during
the year. The weighted average number of equity shares
outstanding during the year is adjusted for events of bonus
issue; bonus element in a rights issue to existing shareholders;
share split; and reverse share split (consolidation of shares).

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

Note 2.21 Segment Reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker
is responsible for allocating resources and assessing
performance of the operating segments and has been
identified as the Managing Director of the Company. The
accounting policies adopted for the segment reporting are
in line with the accounting policies of the Company. Refer
Note 41.

(c) During the year, the Company has exchanged freehold land measuring around 15 acres at Visakhapatnam (acquired
from a government agency in the earlier years on which construction could not be started on account of delay in
obtaining approvals) with a newly identified land measuring around 10 acres. The Company recognised gain of ' 1,507
lakhs on this exchange transaction (included under the head "Other Income") and cost of newly acquired freehold
land amounting to ' 2,467 (included under the head "Property Plant and Equipment") in accordance with the relevant
accounting standards. The Company has also accounted for related capital gain tax arising on this transaction in
accordance with the Income-Tax Act, 1961.

(d) The Company has certain board approved ongoing capital projects which are delayed from the approved timeline for
completion or budget. The key reasons for delay include delayed finalization of vendors, inflations etc. The Company
has adequate controls for monitoring the status of capital projects on a periodic basis, such as management review
at different levels and reporting to the Board. The management has reviewed and has sufficient reasons to believe
that there is no indication of impairment with respect to such delayed projects.

Notes :

(a) Capital reserve

Represents grants received in prior years against re-imbursement of stamp duty and cost of freehold land
at Visakhapatnam.

(b) Securities premium

Securities premium is used to record the premium on issue of shares. The same is to be utilised in accordance with the
provisions of Section 52 of the Companies Act, 2013.

(c) General reserve

Under the erstwhile Indian 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 introduction of Companies
Act, 2013, the requirement to mandatory transfer a specified percentage of the net profit to general reserve has been
withdrawn though the Company may transfer such percentage of its profits for the financial year as it may consider
appropriate. Declaration of dividend out of such reserve shall not be made except in accordance with rules prescribed
in this behalf under the Act.

(d) Retained earnings

Retained earnings represents the profits that the Company has earned till date, less any transfer to general reserve,
dividends or other distributions paid to shareholders etc. The company recognises remeasurement gains/ (losses) on
defined benefit plan in other comprehensive income. These are accumulated within equity under the head "Retained
Earnings".

(e) Dividends not recognised at the end of the reporting period

During the year 2024 the Company's shareholders have declared dividend of ' 12.75 per share (2023 : ' 8.25 per share)
which resulted in an outflow of ' 2,588 (2023 : ' 1,674) and accordingly has been accounted in the year of declaration
by the shareholders.

The Board of directors of the Company has proposed a dividend of ' 14.50 per share which would result in an outflow
of ' 2,943. This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting.

38 Share Based Payments

Vesuvius Pic. (Ultimate Holding Company) grants stock awards to certain employees of the Company under its stock
incentive plan, which entitle the holder to receive equity instruments of the Ultimate Holding Company. These stocks will
vest on the second anniversary of the date of grant, unless business conditions justify deferring it, and provided that the
employee is still actively employed by a Vesuvius company. The vested shares are exercisable for a period of 10 years
beginning with the Grant Date. The plan is regarded as equity settled as per Ind AS 102- Share Based Payment.

The movement of the stock award is as follows: Opening balance - 88,320 (Previous year : 49,291), Granted during the
year - 32,186 (Previous year : 48,804), Dividend Shares during the year - 2,118 (Previous year : 674), Exercised during the
year - 25,374 (Previous year : 10,449), forfeited/employee transfer during the year - 37,593 (Previous year : NIL), Closing
balance - 59,657 (Previous year : 88,320). The employees are not required to make any payment hence Average exercise
price per share award is NIL (Previous year : NIL).

Weighted average remaining contractual life of award outstanding at end of the period is 294 days (Previous year : 290
days).

The fair value at grant date of award granted during the year were GBP 4.92 per award (Previous year : GBP 4.05 per award)
have been valued using Black-Scholes model and determined using the closing midmarket price on the day preceding
the date of grant. Total expenses arising from share based payment transactions recognised in profit or loss as part of
employee benefit expense is ' 218 Lakhs (Previous year : ' 198 Lakhs).

The participants will have the right to receive an amount equal in value to the dividends which were payable on the number
of vested shares during the period from the date of grant to the vesting date. As such, expected dividends should not be
included in the calculation of fair value and therefore a dividend yield of 0% has been included in the calculations. The
award is based on the non-market based performance conditions, hence share price volatility is not applicable.

39 Employee benefit obligations

(i) Defined contribution plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident and Pension Fund, and Employee State Insurance ('ESI') which are defined contribution plans.
The Company has no obligations other than to make the specified contributions. The contributions are recognised in the
Statement of Profit and Loss as they accrue. The amount recognised as an expense towards contribution to Provident and
Pension Fund and ESI for the year aggregates to ' 870 (Previous year : ' 793).

39 Employee benefit obligations (contd)

(ii) Defined benefit plans
Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan
provides for a lump-sum payment to vested employees at retirement, death while in employment or on termination of
employment of an amount equivalent to 15/21/26 days salary (as applicable, depending upon the number of years served
by the employee) payable for each completed year of service. Vesting occurs upon completion of five years of service. The
Company makes annual contributions to gratuity funds established as insurance companies. The Company accounts for
the liability for gratuity benefits payable in the future based on an actuarial valuation.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In
practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied while calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the
prior period.

Risk exposure

Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are
detailed below:

(a) Investment risk:

The plan liabilities are calculated using a discount rate set with references to government bond yields (discount rate);
if plan assets under perform compared to the government bonds discount rate, this will create or increase a deficit.

(b) Interest risk:

A decrease in the bond interest rate (discount rate) will increase the plan liability; however, this will be partially offset
by an increase in the return on the plan's debt investment.

(c) Life expectancy:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality
of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan
participants will increase the plan liability.

Compensated absences

The Company provides benefits in the nature of compensated absences which can be accumulated. The compensated
absences are other long term employee benefits plan. The plan is unfunded. Based on actuarial valuation, a provision is
recognised in full for the projected obligation.

Based on past experience and in keeping with Company's policy, the Company does not expect all employees to avail the
full amount of accrued leave or require payment within the next 12 months and accordingly the total year end provision, as
aforesaid is classified between current and non current based on actuarial valuation and non current considering estimates
of availment of leave, separation of employees etc.

40 The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development
Act, 2006“ has been determined to the extent such parties have been identified on the basis of information available with
the Company. The disclosures relating to Micro and Small Enterprises are as under:

42 Related Party Disclosures (contd)

Vesuvius Foundry Technologies (Jiangsu) Co. Ltd, China
Vesuvius Management Services Ltd, India
Vesuvius Zyarock Ceramics (Suzhou) Co Ltd., China

Vesuvius LLC, Russia

(iii) Key Management Personnel

Mr. Biswadip Gupta - Chairman and Independent Director
Mr. Nitin Jain - Managing Director (Upto June 30, 2024)

Mr. Mohinder Pradip Singh Rajput- Managing Director (with effect from July 01, 2024)

Mr. Sudipto Sarkar - Independent Director
Mr. Patrick Andre - Director

Ms. Nayantara Palchoudhuri - Independent Director
Mr. Henry James Knowles - Director

Mr. Sunil Kumar Chaturvedi- Independent Director (with effect from April 29, 2024)

Mr. Pascal Herve Martin Marie Genest - Director

(iv) Terms and conditions of transactions with related parties

Transactions related to dividend were on the same terms and conditions that applied to other shareholders.
The sale to, purchases and other transactions from related parties are made in the ordinary course of business,
based on the price lists in force and terms that would be available to third parties and are at arm's length.
Outstanding balances at the year end are unsecured and interest free and settlement occurs in cash. No
provision are held against receivables from related parties.

43 Fair value measurements

The fair values of financial assets and liabilities are included at the amount that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and
assumptions used to estimate the fair values are consistent with those used in the previous year.

The management assessed that fair values of trade receivables, cash and cash equivalents, other bank balances, other
financial assets, lease liabilities (current) trade payables, and other financial liabilities (current), approximate to their
carrying amounts due to the short-term maturities of these instruments.

(i) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at 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 under the accounting
standard. An explanation of each of the level follows as below :-

Categorisation of fair value into level 1, 2 and 3:

Level 1 [Quoted prices in an active market]:

This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active
markets for identical assets or liabilities. None of the financial instruments of the Company falls under this category.

Level 2 [Fair values determined using valuation techniques with observable inputs]:

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 inputs other than quoted prices and valuation techniques 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. None of the financial instrument of
the company falls under this category.

Level 3 [Fair values determined using valuation techniques with significant unobservable inputs]:

This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable
market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on
assumptions that are neither supported by prices from observable current market transactions in the same instrument
nor are they based on available market data.

Notes:

(a) The current financial assets and liabilities are stated at amortised cost in the financial statements which is approximately
equal to their fair value mainly due to their short term in nature. Further, management assessed that the carrying
amount of certain loan to employees (non current), Lease Liabilities (non current) and security deposits (non current)
approximates to their fair values as the difference between the carrying amount and fair value is not expected to
be significant.

(b) Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates
are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as
of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates
may be different from the amounts reported at each year end.

(c) 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. There have been no transfers between Level 1, Level 2 and Level 3 from December 31, 2023 to
December 31, 2024.

Significant estimates

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques.
The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on
market conditions existing at the end of each reporting period.

44 Financial Risk Management

The Company's financial assets primarily consists of trade receivables and other receivables, loans, security deposits and
cash and bank balances etc., whereas financial liabilities includes lease liabilities, trade payables, liabilities for capital and
other expenditure and other financial liabilities. The Company's business activities exposes it to variety of risks such as
market risk (fluctuations in foreign currency exchange rates, interest rates), liquidity and credit risk, which may adversely
impact the fair value of its financial instruments.

The Company seeks to minimise potential adverse effects of these risks by managing through a structured process laid
down by its Board of Directors. The Board provides written principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk.

44 Financial Risk Management (contd)

(A) Credit risk

Credit risk refers to risk of financial loss to the Company if customers or counterparties fail to meet their contractual
obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well
as concentration risks. Financial instruments that are subject to credit risk and concentration thereof principally consist of
trade receivables, loans receivables, security deposit, cash and cash equivalents and term deposits with banks. None of
the financial instruments of the Company results in concentration risk.

Credit risk management

Customer credit risk is managed by the Company through its established policies and procedures which involve evaluation
of credit profile of individual customers and regular monitoring of important developments viz. payment history, regulatory
changes, industry outlook etc. Outstanding receivables are regularly monitored and an impairment analysis is performed
at each reporting date on an individual basis for each major customer, whereas for small customers impairment is assessed
collectively for homogeneous groups.

The Company manages credit risk for cash and cash equivalents by placing the deposits with approved counterparties
with high credit ratings.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk
other than for cash and cash equivalents and other bank balances was ' 39,673 as at December 31, 2024 (December 31,
2023 : ' 33,280), being the total of the carrying amount of financial assets.

Impairment losses on financial assets

None of the Company's cash equivalents, including time deposits with banks, are past due or impaired. The Company
has used expected credit loss model for trade receivables to assess impairment loss or reversal thereof. A summary of
movement in allowances for expected credit losses from the beginning to end of the year is provided as under:

The Company uses a provision matrix under the simplified approach to determine the expected credit loss on its trade
receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade
receivables and is adjusted for forward-looking estimates. At regular intervals, the historically observed default rates are
updated and changes in forward-looking estimates are analysed.

The Company has determined the expected credit loss to be immaterial, as the historical defaults are insignificant.

Over and above, the above determined expected credit loss, the company also assesses recoverability of its customer
balances on a case by case basis, where there are any indicators of credit impairment, and accordingly provides for
such impairment.

(B) Liquidity risk

Liquidity risk implies that the Company may not be able to meet its obligations associated with its financial liabilities.
The Company manages its liquidity risk on the basis of business plans that ensures funds required for financing business
operations and meeting financial liabilities are available in a timely manner at optimal costs. The Management regularly
monitors rolling forecasts of the Company's liquidity position to ensure it has sufficient cash on an ongoing basis to meet
operational fund requirements. Surplus cash generated, over and above operational fund requirement is invested in bank
deposits to optimise cash returns while ensuring adequate liquidity for the Company.

The table below provides details regarding the contractual maturities of financial liabilities including estimated interest
payments, if any as at December 31, 2024 and December 31, 2023:

(C) Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in
market conditions. Market risk broadly comprises two types of risks namely currency risk and interest rate risk. The above
risks may affect the Company's income and expenses. The Company's exposure to and management of these risks are
explained below:

(i) Foreign currency risk

The Company undertakes transactions (e.g. sale of goods and purchases on raw materials or capital goods)
denominated in foreign currencies and thus is exposed to exchange rate fluctuations. The Company evaluates its
exchange rate exposure arising from foreign currency transactions and manages the same based upon approved
risk management policies which includes managing bank accounts in foreign currency and converting these foreign
currency into functional currency when exchange rates are favourable.

(a) Exposure to foreign currency risk

The carrying amounts of foreign currency denominated financial assets and liabilities at the end of the reporting
periods are as under:

45 Capital management
(a) Risk Management

The Company's capital management is intended to create value for shareholders by facilitating the meeting o
term and short term goals of the Company, safeguarding business continuity and support the growth of the con

The Company's objectives when managing capital are to:

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareh
and benefits for other stakeholders, and

• Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the company may adjust the amount of dividends p
shareholders, return capital to shareholders, issue new shares or sell assets.

The Company determines the amount of capital required on the basis of annual business plan and takir
consideration any long term strategic investment and expansion plans. The funding needs are met through
and cash generated from operations. The company is not exposed to any externally imposed capital requirer

46 Provisions for taxation has been recognised with reference to profit for the year ended December 31, 2024, in accordance
with the provisions of Income-tax Act, 1961 and rules framed thereunder. The ultimate tax liability for the year 2024-25 will
be determined on the basis of total taxable income for the nine months ended December 31, 2024 and 3 months ending
March 31, 2025.

47 The Company has a comprehensive system of maintenance of information and documents as required by the transfer
pricing legislation under sections 92-92F of the Income Tax Act, 1961. Since the law requires existence of such information
and documentation to be contemporaneous in nature, the Company appoints independent consultants for conducting
a Transfer Pricing Study to determine whether the transactions with associate enterprises are undertaken, during the
financial year, on an "arms length basis". Adjustments, if any, arising from the transfer pricing study shall be accounted
for as and when the study is completed for the current financial year. However, the management is of the opinion that its
international transactions are at arm's length so that the aforesaid legislation will not have any impact on the financial
statements, particularly on the amount of tax expense and that of provision for taxation. The transfer pricing study for the
year ended March 31, 2024 did not result in any adjustment.

52 The Company has long-term contracts as at December 31, 2024 for which there were no material foreseeable losses. The
Company did not have any derivative contracts as at December 31, 2024.

53 The Company has not raised any fund on short term or long term basis from banks and financial institution, accordingly
question of utilisation of same for the purpose other than for which the same is taken does not arise.

54 The Company has received whistle-blower complaints during the year. Based on management's assessment, the impact
of these are not material and hence has no bearing on Financial statements.

55 (a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other

sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, 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 provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(b) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

56 The company has not made any investment during the year. The Company has not granted secured/ unsecured loans/
advances in the nature of loans, or stood guarantee, or provided security to any Company/Firm/Limited Liability
Partnership/ other party during the year other than unsecured loans to 80 employees. The aggregate amount during the
year and balance outstanding at the balance sheet date with respect to such loans to parties (aforesaid employees) other
than subsidiaries, joint ventures and associates are as per the table given below:

There are no loans and advances in the nature of loans granted to promoters, directors, KMPs, and the related parties (as
defined under Companies Act, 2013) or other parties (including employees) either severely or jointly with any other person
that are repayable on demand or without specifying any terms or period of repayment during the current or previous year.
Loans granted to employees are unsecured in nature. In respect of these loans, the schedule of repayment of principal
amount has been stipulated and the employees are repaying the principal amount as stipulated in a regular manner. The
terms and conditions under which these loans were granted are not prejudicial to the interest of the Company.

57 The Company has done an assessment to identify Core Investment Company (CIC) [including CICs in the Group] as per
the necessary guidelines of Reserve Bank of India [including Core Investment Companies (Reserve Bank) Directions,
2016]. The Company is not a CIC and no entities have been identified as CIC in the Group, of which Company is a part.

58 No proceedings have been initiated on or are pending against the company for holding benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) [formerly the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988)] and Rules made thereunder.

59 The Company do not have any subsidiary as at the Balance Sheet date, accordingly compliance with number of layers
prescribed under the Companies Act read with Companies (Restriction on number of layers) Rules, 2017 does not arise.

60 The Company has not entered into any scheme of arrangement which has an accounting impact in the current or previous
financial year.

61 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

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

63 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.

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

65 The back-up of the books of account and other books and papers of the company maintained in electronic mode are kept
in servers physically located in India on a daily basis except that -

(i) the backup of certain books and papers maintained in electronic mode has not been maintained on a daily basis on
servers physically located in India for the period January 1, 2024 to July 9, 2024 and;

(ii) the backup for certain other books and papers maintained in electronic mode has not been maintained on a daily
basis on servers physically located in India during the entire year.

66 The Board of Directors of the Company has proposed the split of existing Equity Shares of the Company from 1 (one)
Equity Share having Face Value of ' 10/- (Rupees Ten) each, fully paid-up, into 10 (Ten) Equity Shares having Face Value
of ' 1/- (Rupee One) each, fully paid-up, subject to the approval of the shareholders of the Company at the ensuing Annual
General Meeting. Post approval by the shareholders, the proposed split shall result in change of earnings per share from
' 130.33 per share (Previous year: ' 104.92 per share) to ' 13.03 per share (Previous year: ' : 10.50). Also, refer note 37.

67 The Company has used accounting software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software,
except that the audit trail has not been enabled at the database level to log any direct data changes. Other than the
audit trail not enabled for aforesaid database, the Management did not notice any instance of audit trail feature being
tampered with.

68 The Company is awaiting further clarification in respect of retrospective application of the Supreme Court Judgment
in the case of "Vivekananda Vidyamandir And Others Vs The Regional Provident Fund Commissioner (II) West Bengal"
and the related circular issued by the Employees' Provident Fund Organisation in this regard. In the assessment of the
management, the aforesaid matter is not likely to have a significant impact and accordingly, no provision has been made
in these Financial Statements.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors

Firm Registration No: 012754N/N500016 Vesuvius India Limited

CIN:L26933WB1991PLC052968

Rajib Chatterjee Mohinder Pradip Singh Rajput Biswadip Gupta

Partner Managing Director Chairman

Membership No. 057134 DIN: 10608199 DIN: 00048258

Rohit Baheti Saheb Ali

Chief Financial Officer Company Secretary

Place: Gurugram Place: Kolkata

Date: February 26, 2025 Date: February 26, 2025