1.9. Provisions, Contingent Liabilities & Contingent Assets and Commitments

i) Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, if 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. Such provisions are determined
based on management estimate of the amount required to settle the obligation at the Balance Sheet date. When the
Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset
only when the reimbursement is certain. The expense relating to a provision is presented in the Statement of Profit
and Loss net of any reimbursement, if any.

ii) The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

iii) 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.

iv) Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity
or a present obligation that arises from past events but is not recognized because; it is not probable that an outflow
of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation
cannot be measured with sufficient reliability.

v) A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by- the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The
Company does not recognize the contingent asset in its standalone financial statements since this may result in the
recognition of income that may never be realised.

vi) If it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in
the period in which the change occurs.

vii) Provisions, contingent liabilities and contingent assets are reviewed at each reporting date.

1.10. Income Taxes

The tax expense for the period comprises current and deferred tax.

Income Tax expense is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised

in the other comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income

or equity respectively.

i) Current tax

Current tax is the amount of income taxes payable (recoverable) in respect of taxable profit (tax loss) for a period.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation

authorities, based on tax rates and laws that are enacted or substantively enacted by the end of the reporting period.

Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to set off the recognised
amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

ii) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit for financial reporting purposes
at the reporting date. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period, in which, the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are
reviewed at the end of each reporting period.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity which intends either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets against
current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.

iii) Uncertain Tax Position

Accruals for uncertain tax positions require management to make judgments of potential exposures. Accruals for uncertain
tax positions are measured using either the most likely amount or the expected value amount depending on which
method the entity expects to better predict the resolution of the uncertainty. Tax benefits are not recognised unless the
management, based upon its interpretation of applicable laws and regulations and the expectation of how the tax authority
will resolve the matter, concludes that such benefits will be accepted by the authorities. Once considered probable of not
being accepted, management review each material tax benefit and reflects the effect of the uncertainty in determining the
related taxable amounts.

1.11. Foreign Currency Transactions

Transactions and balances

i) Transactions in foreign currencies are initially recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing
rates of exchange at the reporting date.

ii) Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit
and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on
foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are
capitalised as cost of assets.

iii) Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the
exchange rates at the date of the transaction. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on
translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on
the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised
in Other Comprehensive Income (OCI) or Statement of Profit and Loss are also recognised in OCI or Statement of
Profit and Loss, respectively).

1.12. Employee Benefit Expense

i) Short-Term Employee Benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
employees are recognised as an expense during the period when the employees render the services.

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick/
contingency leave in the year the related service is rendered at the undiscounted amount of the benefits expected to be
paid in exchange for that service.

Accumulated leave, which is expected to be utilised within the next 12 months, is treated as short-term employee benefit.
The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of
the unused entitlement that has accumulated at the reporting date. The Company recognizes expected cost of short-term
employee benefit as an expense, when an employee renders the related service.

The Company treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee
benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial
valuation using the projected unit credit method at the reporting date. Actuarial gains/ losses are immediately taken to the
statement of profit and loss and are not deferred. The obligations are presented as current liabilities in the balance sheet
if the entity does not have an unconditional right to defer the settlement for at least twelve months after the reporting date.

ii) Post-Employment Benefits
Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a
separate entity. The Company makes specified monthly contributions towards Provident Fund. The Company's contribution
is recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the
related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the
contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution
already paid.

Defined Benefits Plans

The Company operates a defined benefit gratuity plan, which requires contributions to be made to a separately
administered fund.

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligations
are determined using actuarial valuations being carried out at the end of each annual reporting period. An actuarial
valuation involves making various assumptions that may differ from actual developments in the future. These include
the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are reviewed at each reporting date.

The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of
resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment
of Gratuity Act, 1972.

The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment to the
employees. The gratuity fund has been approved by the Indian Income Tax authorities.

The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method
and spread over the period during which the benefit is expected to be derived from employees' services.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest
on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit
to retained earnings through OCI in the period in which they occur.

Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

Ý The date of the plan amendment or curtailment, and

Ý The date that the Company recognises related restructuring costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises
the following changes in the net defined benefit obligation as an expense in the Standalone statement of profit and loss:

Ý Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and

Ý Net interest expense or income.

1.13. Revenue from contract with customer

i) Sales of goods

The Company derives revenue primarily from sale of tyre bead wire and other ancillary products.

Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount
that reflects the consideration entitled in exchange for those goods. The Company is generally the principal in its revenue
arrangements as it typically controls the goods before transferring them to the customer and is exposed to inventory
and credit risks. Control is transferred upon shipment of goods to the customer or when the goods is made available to
the customer, provided transfer of title to the customer occurs and the Company has not retained any significant risks
of ownership or future obligations with respect to the goods shipped. The normal credit terms range from 0 to 120 days.

Revenue is stated net of goods and service tax and net of returns, chargebacks and rebates. These are calculated on the
basis of the specific terms in the individual contracts.

Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for
transferring distinct goods to a customer as specified in the contract, excluding amounts collected on behalf of third parties
(for example taxes and duties collected on behalf of the government). Consideration is generally due upon satisfaction of
performance obligations and a receivable is recognised when it becomes unconditional.

The Company provides volume rebate to certain customers once the quantity of products purchased during the period
exceeds a threshold specified and also accrues discounts to certain customers based on customary business practices.
Consideration is determined based on its most likely amount.

Revenue from rendering of services is recognised when the performance of agreed contractual task has been completed.

ii) Interest Income

Interest income from a financial asset is recognised using effective interest method.

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

iii) Dividends

Dividend income is recognised when the Company's right to receive the payment has been established, which is generally
when shareholders approve the dividend.

iv) Rental Income

Rental Income is recognised when the Company's right to receive the payment has been established.

v) Export Incentive

Export incentives receivable are accounted for when the right to receive the credit is established and there is no significant
uncertainty regarding the ultimate collection of export proceeds.

vi) Other Operating Income
vi.a. Insurance Claims

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

vi.b. Sale of Scrap

Revenue from the sale of scrap is recognized at the point of sale when the significant risks and rewards of ownership
have transferred to the buyer. The sale proceeds are recorded under "Other Operating Income".

vii) Contract balances
Contract assets

A contract asset is the right to consideration in exchange for goods transferred to the customer. If the Company performs
by transferring goods to a customer before the customer pays consideration or before payment is due, a contract asset is
recognised for the earned consideration that is conditional.

Trade Receivables

A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section (n)
(i) Financial instruments - initial recognition and subsequent measurement.

Contract Liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the
Company transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the
payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under
the contract.

Refund liabilities

A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and
is measured at the amount the Company ultimately expects it will have to return to the customer including volume rebates
and discounts. The Company updates its estimates of refund liabilities at the end of each reporting period.

viii) Costs to fulfil a contract i.e. freight, insurance and other selling expenses are recognised as an expense in the period in
which related revenue is recognised.

1.14. Impairment of non-financial assets

i) The Company assesses at each reporting date as to whether there is any indication that any property, plant and
equipment and intangible assets or group of assets, called Cash Generating Units (CGU) may be impaired. If any such
indication exists the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if
any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the
recoverable amount of the CGU to which the asset belongs.

ii) The goodwill on business combinations is tested for impairment annually.

iii) The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset or the cash-generating unit for which the estimates of future cash flows have not been adjusted.

iv) The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine
whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is
estimated in order to determine the extent of the impairment loss, if any.

v) An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset's carrying amount exceeds
its recoverable amount.

vi) The impairment loss recognised in prior accounting period is assessed at each reporting date for any indications that
the loss has decreased or no longer exists and is reversed if there has been a change in the estimate of recoverable
amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had
been recognised.

1.15. Financial Instruments

A contract is recognised as a financial instrument that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of
the instrument.

i) Financial Assets

i.a. Initial recognition and measurement

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow
characteristics and the Company's business model for managing them.

With the exception of trade receivables that do not contain a significant financing component or for which the
Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus,
in the case of a financial asset not at fair value through profit or loss, transaction costs.

Trade receivables that do not contain a significant financing component or for which the Company has applied the
practical expedient are measured at the transaction price determined under Ind AS 115. Refer to the accounting
policies in section (m) Revenue from contracts with customers.

Financial assets classified and measured at amortised cost are held within a business model with the objective to
hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair
value through OCI are held within a business model with the objective of both holding to collect contractual cash
flows and selling.

All financial assets and liabilities are initially recognised at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss,
are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade
date accounting.

i.b. Subsequent measurement

For the purpose of subsequent measurement financial assets are classified into three categories:

Ý Financial assets at amortised cost (debt instruments)

Ý Financial assets at fair value through other comprehensive income . (FVTOCI)

Ý with recycling of cumulative gains and losses (debt instruments)

Ý with no recycling of cumulative gains and losses upon . derecognition (equity instruments)

Ý Financial assets at fair value through profit or loss

i.c. Financial assets carried at amortised cost

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the
asset in order to collect contractual cash flows and the 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.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR.

Impairment of investments

The Company reviews it carrying value of investments carried at cost annually, or more frequently when there is
indication for impairment. If the recoverable amount is less than it carrying amount, the impairment loss is recorded
in the Statement of Profit and Loss.

i.d. Financial assets at fair value through other comprehensive income (FVTOCI) and fair value through profit or loss
(FVTPL)

During the reporting period, there are no instruments under Fair Value through Other Comprehensive Income and
Fair Value through Profit or Loss. Hence, accounting policy regarding the same is not given.

i.e. Derecognition

A financial asset is primarily derecognised (i.e., removed from the Company's balance sheet) when:

Ý The contractual rights to receive cash flows from the asset have expired, or

Ý The Company has transferred its rights to receive contractual cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through'
arrangement, and either (a) the Company has transferred substantially all the risks and rewards of the asset,
or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.

On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum
of the consideration received and receivable recognised in profit or loss.

i.f. Investment in the nature of equity in subsidiaries

A subsidiary is an entity that is controlled by another entity.

The Company's investments in its subsidiaries are accounted at cost less impairment.

The Company has elected to measure investment in subsidiary at cost in the separate financial statements in
accordance with the option available in Ind AS 27, 'Separate Financial Statements'. On the date of transition, the
carrying amount has been considered as deemed cost.

i. g. Impairment of financial assets

In accordance with Ind AS 109, the Company applies 'Expected Credit Loss' (ECL) model, for evaluating impairment
of financial assets other than those measured at fair value through profit and loss (FVTPL).

Expected Credit loss is the difference between all contractual cash flows that are due to the Company in accordance
with the contract and all the cash flows that the Company expects to receive (i.e. all cash shortfalls). The Company
estimates cash flows by considering all contractual terms of the financial instrument.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible
within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant
increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore,
the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs
at each reporting date. The Company has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

ii. Financial Liabilities

Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.

ii. a. Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all
of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct
issue costs.

ii.b. Financial liabilities

ii.b.1 Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables as appropriate.

All financial liabilities are initially recognised at fair value and in case of loans, borrowings and payables, net of
directly attributable transaction cost. Fees of recurring nature are directly recognised in the Statement of Profit and
Loss as finance cost.

The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts
and financial guarantee contracts.

ii.b.2 Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified as:

Ý Financial liabilities at amortised cost (loans and borrowings)

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit
or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
and loss.

For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts
approximate fair value due to the short maturity of these.

ii) Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating
interest income over the relevant year. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the debt instrument, or, where appropriate, a shorter year, to the net
carrying amount on initial recognition.

ii.b.4 Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference between the carrying amount of the financial
liability derecognised and the consideration paid and payable is recognised in profit or loss.

ii.c. Financial Guarantee Contracts

Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for a
loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance of the guarantee.

Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount recognised less, when appropriate, the cumulative amount of income
recognised in accordance with the principles of Ind AS 115.

ii. d. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Standalone balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
net basis, to realise the assets and settle the liabilities simultaneously.

iii. Derivative financial instruments and Hedge Accounting

The Company uses various derivative financial instruments such as interest rate swaps, currency swaps and
forwards & options to mitigate the risk of changes in interest rates and exchange rates. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are
also subsequently measured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit and
Loss, except for the effective portion of cash flow hedges which is recognised in Other Comprehensive Income and
later to Statement of Profit and Loss when the hedged item affects profit or loss or treated as basis adjustment if a
hedged forecast transaction subsequently results in the recognition of a non-financial assets or non-financial liability.

iv. Hedges that meet the criteria for hedge accounting are accounted for as follows

iv. a. Cash Flow Hedge

The Company designates derivative contracts or non-derivative financial assets / liabilities as hedging instruments
to mitigate the risk of movement in interest rates and foreign exchange rates for foreign exchange exposure on
highly probable future cash flows attributable to a recognised asset or liability or forecast cash transactions. When
a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in the cash flow hedging reserve being part of other comprehensive income. Any ineffective
portion of changes in the fair value of the derivative is recognised immediately in the Statement of Profit and Loss. If
the hedging relationship no longer meets the criteria for hedge accounting, then hedge accounting is discontinued
prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on
the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in
cash flow hedging reserve until the underlying transaction occurs. The cumulative gain or loss previously recognised
in the cash flow hedging reserve is transferred to the Statement of Profit and Loss upon the occurrence of the
underlying transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in
cash flow hedging reserve is reclassified in the Statement of Profit and Loss.

iv.b. Fair Value Hedge

The Company designates derivative contracts or non-derivative financial assets / liabilities as hedging instruments to
mitigate the risk of change in fair value of hedged item due to movement in interest rates and foreign exchange rates.

Changes in the fair value of hedging instruments and hedged items that are designated and qualify as fair value
hedges are recorded in the Statement of Profit and Loss. If the hedging relationship no longer meets the criteria for
hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is
used is amortised to Statement of Profit and Loss over the period of maturity.

o) Current and Non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current / non-current classification.

ii) An asset is treated as current when it is:

Ý Expected to be realised or intended to be sold or consumed in normal operating cycle;

Ý Held primarily for the purpose of trading;

Ý Expected to be realised within twelve months after the reporting period, or

Ý Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

All other assets are classified as non-current.

iii) A liability is current when:

Ý It is expected to be settled in normal operating cycle;

Ý It is held primarily for the purpose of trading;

Ý It is due to be settled within twelve months after the reporting period, or

Ý There is no unconditional right to defer the settlement of the liability for at least twelve months after the

reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents. The Company has identified twelve months as its operating cycle.

p) Earnings Per Share

ii) Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity
shareholders by weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period are adjusted for events of bonus issue; bonus element in a
right issue to existing shareholders.

iii) 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.

iv) The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues including for changes effected prior to the approval of the
financial statements by the Board of Directors.

q) Dividend

The Company recognises a liability to pay dividend to equity holders of the Company when the distribution is authorised,
and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is
authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

r) Cash and Cash equivalents

ii) Cash and Cash equivalents in the balance sheet comprise cash at banks and on hand, 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.

iii) Statement of Cash Flows is prepared in accordance with the Indirect Method prescribed in the Indian Accounting
Standard-7 'Statement of Cash Flows'.

s) Operating Segments

The operating segments are identified on the basis of business activities whose operating results are regularly reviewed
by the Chief Operating Decision Maker of the Company and for which the discrete financial information is available. The
Company has only one reportable operating segment i.e. "Tyre Bead Wire".

The Board of directors of the Company has been identified as the Chief Operating Decision Maker which reviews and
assesses the financial performance and makes the strategic decisions.

t) Exceptional items

Exceptional items refer to items of income or expense, including tax items, within the statement of profit and loss from
ordinary activities which are non-recurring and are of such size, nature or incidence that their separate disclosure is
considered necessary to explain the performance of the Company.

u) Government Grants

Government grants are recognised where there is reasonable assurance that the grant will be received, ultimate collection
of the grant/subsidy is reasonably certain and all attached conditions will be complied with. When the grant relates to
an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it
is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as reduced depreciation
expense in equal amounts over the expected useful life of the related asset.

When the company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts
and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset
i.e. by equal annual instalments.

The government grants in the form of subsidy are presented in the balance sheet by deducting it from the carrying amount
of the eligible assets on a pro rata basis. The grant is recognised in the Statement of Profit and Loss over the life of a
depreciable asset as a reduced depreciation expense.

v) Acceptances

The Company enters into deferred payment arrangements (acceptances) whereby overseas lenders such as banks
and other financial institutions make payments to supplier's banks for import of raw materials and property, plant and
equipment. The banks and financial institutions are subsequently repaid by the Company at a later date

providing working capital benefits. These arrangements are in the nature of credit extended in normal operating cycle and
these arrangements for raw materials are recognised as Acceptances and arrangements for property, plant and equipment
are recognised as borrowings. Interest borne by the company on such arrangements is accounted as finance cost. Other
financial liabilities are subsequently measured at amortised cost using the effective interest method. Payments made by
banks and financial institutions to the operating vendors are treated as a non-cash item and settlement of operational
acceptances by the Company is treated as cash flows from operating activity reflecting the substance of the payment.

2) New and amended standards

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2024 dated
12^th August, 2024 notifying Ind AS 117 - Insurance Contracts. The company does not have any insurance contracts to which
Ind AS 117 will apply..

3) Critical Accounting Judgments and key sources of estimation uncertainty

The preparation of the financial statements in conformity with the Ind AS requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities
and the accompanying disclosures as at date of the financial statements and the reported amounts of the revenues and
expenses for the years presented. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates under different assumptions
and conditions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the
period of the revision and future periods if the revision affects both current and future periods.

i) Key sources of estimation uncertainty

a) Revenue Recognition

The Company's contracts with customers include promises to transfer goods to the customers. Judgement is required to
determine the transaction price for the contract.

The transaction price could be either a fixed amount of customer consideration or variable consideration with elements
such as schemes, incentives and cash discounts, among others. The estimated amount of variable consideration is
adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the end of each year.

Estimates of rebates and discounts are sensitive to changes in circumstances and the Company's past experience
regarding returns and rebate entitlements may not be representative of customers' actual returns and rebate entitlements
in the future.

b) Depreciation / amortisation and useful lives of property plant and equipment / intangible assets

Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking
into account estimated residual value. Management reviews the estimated useful lives and residual values of the assets
annually in order to determine the amount of depreciation / amortisation to be recorded at each year end.

The useful lives and residual values are based on the Company's historical experience with similar assets and take into
account anticipated technological changes. The depreciation / amortisation for future periods is revised if there are
significant changes from previous estimates.

c) Recoverability of trade receivable

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision
against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and
timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payment.

d) Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of
funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability requires the application of judgment to existing facts and circumstances,
which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to
take account of changing facts and circumstances.

e) Impairment of non-financial assets

The Company assesses the chances of an asset getting impaired on each reporting date. If any indication exists, the
Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of fair value less costs of
disposal of an asset or Cash Generating Unit (CGU) and its value in use. It is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent of those from other assets or a group of assets. Where
the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair
value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified,
an appropriate valuation model is used.

f) Impairment of financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss
rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation,
based on Company's past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.

g) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company.
Potential liabilities that are possible but not probable of crystalising or are very difficult to quantify reliably are treated
as contingent liabilities. Such liabilities are disclosed in the notes but are not recognised. The cases which have been
determined as remote by the Company are not disclosed.

Contingent assets are neither recognised nor disclosed in the financial statements unless when an inflow of economic
benefits is probable.

ii) Critical accounting judgements

a. Judgements made for Chennai Plant

The company has transferred a class of its assets previously classified under Capital Work in Progress (CWIP) to Property,
Plant, and Equipment (PPE). The determination of which assets are considered ready for use is made by management and
is a critical accounting judgement

5. Property, Plant and Equipment as at March 31,2025 Contd.

5.1 Property, Plant and Equipment are subject to charge to secure the Company's borrowings as mentioned in Note 21.1.

5.2 During the year, the Green Field Project of the Company at Chennai was commissioned on 7^th August 2024. The plant and
machines which were technical ready in all respect for their intended use have been capitalised and those which are under
installation or testing continue to be classified as capital work in progress. The items of Property, Plant & Equipment
commissioned have been capitalised including proportionate direct costs and borrowing cost incurred till that date.

5.3 The amount of borrowing cost capitalised during the year ended March 31, 2025 was INR 1,336 Lakhs (Prevuious year: Nil)
for Green Field Project at Chennai on account of capacity expansion of plant. The rate used to determine the amount of
borrowing costs eligible for capitalisation is 8.5%, which is the effective interest rate of the borrowing.

5.4 The amount of expenditures recognised in the carrying amount of Property, Plant and Equipment in the course of its
construction is Rs. 752 Lakh (Previous Year Nil) for Green Field Project at Chennai .

5.5 The amount of contractual commitments for acquisition of Property, Plant and Equipment is INR 5,821 Lakh {Including 821
Lakh for Green Field Project at Chennai} (Previous Year INR 3,112 Lakhs {Including 3,058 Lakh for Green Field Project at
Chennai}).

5.6 The aggregate depreciation has been included under Depreciation and Amortisation Expense in the Statement of Profit and
Loss.(Refer Note 36)

5.7 Freehold land located at Survey no.124/5;126;149/1;150;151/2; Dhannad, Dist:Dhar, Madhya Pradesh, admeasuring 27,890
Sq. Mtr. (Cost INR 21 Lakh) was revalued to INR 433 Lakhs on the date of transition i.e. April 01, 2016 and has been
considered as the deemed cost in accordance with Para D5 of Ind AS 101- First-time Adoption.

5.8 On the date of transition to IND AS i.e. on 1^st April 2016, the Company had exercised the option available in Para D7AA of Ind
AS 101- First-time Adoption. Accordingly, the written down value as on April 01, 2016 was considered as the Gross Block, as
per the following details:-

5.9 Change in accounting estimates

(1) The management performed an operational review of its plant during the financial year 2023-2024. As a result, the
useful life of assets has been considered as higher than the life prescribed by Schedule II on account of proper use,
regular maintenance undertaken by the Company and the condition of the assets. The effect of this change on actual
and expected depreciation expense, is decrease in depreciation charge in financial year 2023-2024 by INR 61.29 Lakhs.

(2) The amount of the effect in future periods is not disclosed because estimating it is impracticable.

13.1 Inventories are valued at cost or net realisable value whichever is lower. The cost formulas used are Weighted Average
Cost in case of Raw Material (Wire Rods) and First-in First Out ('FIFO') in case of Ancillary Raw Material and Stores &
Spares. The cost of inventories comprises all cost of purchase including duties and taxes (other than those subsequently
recoverable from the taxing authorities), conversion cost and other costs incurred in bringing the inventories to their
present location and condition.

13.2 Carrying amount of inventory hypothecated to secure working capital facilities amounting to INR 6,978 Lakhs (previous
year INR 3,922 Lakhs)

13.3 The details of charge created on stocks, book debts and other current assets are as per Note 24.1.

13.4 Value of inventories above is stated after write down to net realisable value of Rs. 18 Lakhs (previous year Nil). These were
recognised as an expense during the year and included in changes in inventories of finished goods, work-in-progress and
stock-in-trade.

19. Equity Share Capital Contd.

19.4 Mr. Sunil Chordia and his family along with family trusts and two Companies namely Rajratan Investments Private Limited
(formerly Rajratan Investment Limited) and Rajratan Resources Private Limited hold 65.14% (Previous Year 65.14%) of the
paid up share capital and have control over the reporting entity.

19.5 Ag reegate number and class of shares alloted as fully paid-up by way of bonus shares

The Company has issued 58,02,400 equity shares as fully paid bonus shares in the ratio of 4:3 (i.e. four bonus shares of INR
10/- each for three equity shares of INR 10/- each) to every sharehoder holding equity share on September 14, 2019.

19.6 Rights, Preference and Restrictions attached to equity shares:

Equity Shares

Voting

The Company has only one class of equity shares having a par value of INR 2/- per share. Each holder of equity shares is
entitled to one vote per share.

Dividends

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject
to the approval by the shareholders of the company in the ensuing Annual General Meeting. The distribution will be in
proportion to the number of equity shares held by the shareholders.

The Board of Directors have proposed Dividend of INR 2 per share for the Financial Year 2024-25.

Liquidation

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.

20. Other equity Contd.

Nature and purpose of each reserve

20.1 Securities Premium

Where a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of
the premium received on those shares is transferred to "Securities Premium Account" and the utilization thereof is in
accordance with the provisions of Section 52 of the Companies Act, 2013.

20.2 General Reserve

The General Reserves have been created out of retained earnings of the Company and are available for any purpose.

20.3 Retained Earnings

The balance in the Retained Earings represents the accumalted profit after payment of dividens, transrfer to General
Reseve and adjustments of acturial gains/(losses) on Defined Benfit Plans.

20.4 Other Reserves (Revaluation Surplus as on the date of transition to IndAS)

Revaluation Reserve is the amount ascertained due to revaluation of land carried out on the date of transition to Ind AS and
has been recognised as a separate category of the equity and not as part of retained earnings.

21.1 Security:

A) On the Property, Plant and Equipment at Pithampur the following charges have been created:

1. State Bank Of India

1^st Charge on the properties of the Company for its working capital.

2. HDFC Bank Limited

2^nd paripassu charge over entire fixed asset (immovable and movable) and 2^nd paripassu charge over current asset of the
company for term Loan.

1^st charge over fixed asset (movable and immovable) of the Company and 2^nd paripassu charge over current asset of the
company for term loan

2^nd paripassu charge over entire fixed asset (immovable and movable) and 2^nd paripassu charge over current asset of the
company for GECL term Loan.

3. CITI Bank N.A.

2^nd paripassu charge over entire current asset (present & future) of the Company and 1^st paripassu charge over immovable
property and fixed assets of the company for its Term Loan facilities.

Details of properties of the Company at Pithampur-

Property (Land and building, or construction there on , present & future)situated at Plot No.200-A, Industrial Area,
Pithampur, Distt.- Dhar (M.P.) admeasuring 15278 Sq. Mtr in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future) situated at Plot No.200-B Industrial Area,
Pithampur, Distt.- Dhar (M.P.) admeasuring 18000 Sq. Mtr in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Plot No.199, Industrial Area, Sector-A,
Pithampur, Distt.- Dhar (M.P.) admeasuring 15700 Sq. Mtr. in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on, present & future)situated at Survey No. 149/2 Area 0.209 Hectare,
Situated at Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.209 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No. 149/3 Area 0.104 Hectare,
Situated at Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.104 Hectare in the name of Rajratan Global Wire Ltd.

21. Borrowings (Non-current) Contd.

Property (Land and building, or construction there on , present & future)situated at Survey No.149/4, Situated at
Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.105 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No.145, Situated at Dhanadkhurd,
Distt.- Dhar (M.P.) admeasuring 0.167 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No.146, Situated at Dhanadkhurd,
Distt.- Dhar (M.P.) admeasuring 0.439 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No. 124/5 (0.490 Hec.), 126
(0.784), 149/1 (1.045), 150 (0.219), 151/2 (0.251), Village Dhannadkhurd Tehsil & District Dhar, M.P. total admeasuring 2.789
Hec. in the name of Rajratan Global Wire Ltd.

B) On the Property, Plant and Equipment at Chennai following charges have been created:

1. Kotak Mahindra Bank Limited

2^nd paripassu hypothecation charge to be shared with HDFC Bank on all existing and future current assets of the company
at Chennai Unit.

1^st paripassu hypothecation charge to be shared with HDFC Bank on all existing and future Moveable Fixed Assets of the
Company at Chennai Unit.

1^st pari passu Equitable/ Registered mortgage charge with HDFC Bank on immoveable properties being land and building
situated at Plot no. D-1/2, SIPCOT industrial Park, Vallam Vadagal (phase II), (underdeveloped) Kanchipuram District, Tamil
Nadu belonging to the Company.

2. HDFC Bank Limited

2^nd paripassu hypothecation charge to be shared with Kotak Mahindra Bank Ltd. on all existing and future current assets
of the Company at Chennai Unit.

1^st paripassu hypothecation charge to be shared with Kotak Mahindra Bank Ltd. on all existing and future Moveable Fixed
Assets of the Borrower at Chennai Unit.

1^st charge of HDFC Bank on paripassu basis with Kotak Bank by way of equitable mortgage on industrial factory land
and building proposed to be set up at lease hold Plot No. D-1/2, SIPCOT industrial Park, Vallam Vadagal (phase II),
(underdeveloped) Kanchipuram District, Tamil Nadu

Details of properties of the Company at Chennai -

Property situated at Lease hold Plot No. D-1/2, SIPCOT industrial Park, Vallam Vadagal (phase II), Kanchipuram District,
Tamil Nadu

24. Borrowings (Current) Contd.

24.1 Security:

A) On the Property, Plant & Equipment and Current Assets at Pithampur

1. State Bank of India

1^st Charge on the properties of the Company for its working capital.

2. HDFC Bank Limited

1^st paripassu charge over entire current asset (present & future) of the Company and 2^nd paripassu charge over fixed assets
of the company for its working capital facilities.

3. Citi Bank NA

1^st paripassu charge over entire current asset (present & future) of the Company and 2^nd paripassu charge over immovable
property and fixed assets of the company for its working capital facilities

2^nd paripassu charge over immovable property and fixed assets of the company for its SBLC facilities on reciprocal basis.

4. ICICI Bank Limited

1^st paripassu charge over entire current asset (present & future) of the Company and 2^nd paripassu charge over immovable
property and fixed assets of the company for its working capital facilities.

Details of properties of the Company at Pithampur

Property (Land and building, or construction there on , present & future)situated at Plot No.200-A, Industrial Area,
Pithampur, Distt.- Dhar (M.P.) admeasuring 15278 Sq. Mtr in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future) situated at Plot No.200-B Industrial Area,
Pithampur, Distt.- Dhar (M.P.) admeasuring 18000 Sq. Mtr in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Plot No.199, Industrial Area, Sector-A,
Pithampur, Distt.- Dhar (M.P.) admeasuring 15700 Sq. Mtr. in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on, present & future)situated at Survey No. 149/2 Area 0.209 Hectare,
Situated at Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.209 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No. 149/3 Area 0.104 Hectare,
Situated at Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.104 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No.149/4, Situated at
Dhanadkhurd, Distt.- Dhar (M.P.) admeasuring 0.105 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No.145, Situated at Dhanadkhurd,
Distt.- Dhar (M.P.) admeasuring 0.167 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No.146, Situated at Dhanadkhurd,
Distt.- Dhar (M.P.) admeasuring 0.439 Hectare in the name of Rajratan Global Wire Ltd.

Property (Land and building, or construction there on , present & future)situated at Survey No. 124/5 (0.490 Hec.), 126
(0.784), 149/1 (1.045), 150 (0.219), 151/2 (0.251), Village Dhannadkhurd Tehsil & District Dhar, M.P. total admeasuring 2.789
Hec. in the name of Rajratan Global Wire Ltd.

B) On stocks, receivables & Other current assets of Chennai the following charges have been created:

1. Kotak Mahindra Bank Limited

1^st paripassu hypothecation charge to be shared with HDFC Bank on all existing and future current assets of the Company.

2^nd paripassu hypothecation charge to be shared with HDFC Bank on all existing and future Moveable Fixed Assets of
the Company.

2^nd paripassu Equitable/ Registered mortgage charge with HDFC Bank on immoveable properties being land and building
situated at Plot no. D-1/2, SIPCOT industrial Park, Vallam Vadagal (phase II), (underdeveloped) Kanchipuram District, Tamil
Nadu belonging to the Company.

38. Goodwill

The erstwhile Wholly Owned Subsidiary - Cee Cee Engineering Industries Private Limited was merged vide order dated
January 16, 2018 of the Hon'ble National Company Law Tribunal, Ahmedabad Bench with April 01, 2017 as the Appointed
Date. As per the approved scheme all the assets and liabilities of the Wholly Owned Subsidiary appearing in the Balance
Sheet as at March 31, 2017, drawn up as per Indian Accounting Standards (Ind AS), have been merged with the Holding
Company as on April 01, 2017. Goodwill represents the amount of difference between consideration and the value of net
identified assets (adjusted for credit balance in revaluation reserve) acquired. The Goodwill on amalgamation is carried in
the financial statements and is tested for impairment at each reporting date. No impairment has been recognised till date.

39. Subsidy

39.1 Madhya Pradesh Industrial Development Corporation Limited (MPIDCL), a Government of Madhya Pradesh Undertaking, has
approved a sum of INR 1,974 Lakhs (INR One Thousand Nine Hundred Seventy Four Lakhs Only) as Investment Promotion
Assistance against eligible investment of INR 5,235 Lakhs (INR Five Thousand Two Hundred Thirty Five Lakhs Only). A sum of
INR 318 Lakhs (INR Three Hundred Eighteen Lakhs Only) was further sanctioned on additional investment of INR 1,790 Lakhs
(INR One Thousand Seven Hundred Ninety Lakhs Only) made within one year from the date of start of commercial production.
The total assistance is to be spread over a period of seven years, subject to compliance with the terms and conditions. The
subsidy sanctioned in an accounting year is reduced from the carrying cost of the eligible assets (Plant & Machinery and
Factory Building on pro-rata basis) and such reduced cost of the assets are depreciated over their useful life.

40. Interest income earned on fixed deposits placed as margin money for Letter of Credit facilities, on security deposits with
power agencies, etc, has been classified under "Cash flows from Operating Activities" in the Statement of Cash Flows,
as against "Investing Activities" considered in the previous year. In accordance with Ind AS 1, Presentation of Financial
Statements, the comparative amounts have also been reclassified as per the following details:

(a) Nature of reclassification

Interest income earned on fixed deposits placed as margin money for Letter of Credit facilities, on security deposits
with power agencies, etc, has been classified under "Cash flows from Operating Activities" in the Statement of Cash
Flows, as against "Investing Activities" for the year ended on 31^st March, 2025 considered in the year ended 31^st March,
2024. Consequently, the interest income amounting to INR 1,10,13,593, classified under "Investing Activities" in the
FY 2023-2024, has been reclassified to "Operating Activities" in the FY 2024-2025 as a comparative figure.

(c) Reasons for reclassification

1) The Company has recognised interest income of Q26 lakhs for the year ended March 31, 2025 (Q40 lakhs for the year
ended March 31,2024) from security deposits with power agencies etc. during the current year, interest income pertains
to operating activities, hence no adjustment made in non-cash item in operating activities in cash flow statement.

2) The previous period's figures have been recast/restated, wherever necessary, to conform to the current
period's classification.

43.6 Terms and Conditions

Sales:

The sales to related parties are made on terms equivalent to those that prevail in arm's length transactions and in the ordinary
course of business. Sales transactions are based on prevailing price lists and memorandum of understanding signed with
related parties. For the year ended March 31, 2025, the Company has not recorded any impairment of receivables relating to
amounts owed by related parties.

Purchases:

The purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions and in the
ordinary course of business. Purchase transactions are made on normal commercial terms and conditions and market rates.

Guarantees to subsidiaries:

Guarantees provided to the lenders of the subsidiaries/joint venture are for availing term loans and working capital facilities
from the lender banks.

The transactions other than mentioned above are also in the ordinary course of business and at arms' length basis.

45. Contingent Liabilities And Commitments

45.1 Claims against the Company/disputed liabilities not acknowledged as debts

Madhya Pradesh Paschim Khestra Vidhyut Vitran Company Limited (MPPKVVCL) during the financial year 2018-19 raised a
supplementary bill on the Company for INR 226 Lakhs for non-adjustment of solar units in Time Of Day (TOD) manner. The
Company has not accepted the demand and is contesting the same. The case is sub-judice before Division Bench of MP High
Court, Indore.

During 2020-21 a sum of INR 66 Lakhs and during 2019-20 a sum of INR 160 Lakhs was deposited with MPPKVVCL. Out of the
aforesaid total demand raised, the Company has agreements with the suppliers of the solar power to reimburse INR 190 Lakhs.
Accordingly. the sum of INR 190 Lakhs is classified as current asset. The balance amount of INR 36 Lakhs was charged to
Statement of Profit & Loss in the financial year 2020-21.

Contingent Liabilities

The claims against the Company not acknowledged as debts includes disputed liability in respect of Income Tax matters
amounted to INR 10 Lakhs (Previous Year INR 10 Lakhs). The claims against the Company majorly represents demand
arising on complition of assessment proceedings on account of disallowances of deductions claimed on CSR contribution
u/s 80G and addition of Provision of doubtful debts twice by CPC.

The disputed liability of INR NIL (Previous Year INR 1 Lakh) under MP VAT Act is on account of input tax rebate claimed.

The disputed tax liability of INR 47 Lakhs (Previous Year INR 47 Lakhs) and INR 8 Lakhs (Previous Year INR 8 Lakh) under
Central Excise and Customs and Service Tax Act, respectively is on account of availment of Input Tax credit on certain
activities not realted to Manufacturing.

The disputed liability of INR 2 Lakhs (Previous Year INR 2 Lakhs) under the Civil court Dindoshi, Mumbai is of a civil suit filed
on the company due to cancellation of a Transport contract

46.1 The Company's capital management objectives are:

a Maintain financial strength to attain AAA ratings domestically and investment grade ratings internationally.

b Ensure financial flexibility and diversify sources of financing and their maturities to minimize liquidity risk while meeting
investment requirements.

c Proactively manage group exposure in forex, interest and commodities to mitigate risk to earnings.

d Leverage optimally in order to maximize shareholder returns while maintaining strength and flexibility of the

Balance Sheet.

This framework is adjusted based on underlying macro-economic factors affecting business environment, financial
market conditions and interest rates environment.

The Company monitors capital on the basis of the carrying amount of debt less cash and cash equivalents, bank
balances (excluding earmarked balances with banks.

Ensure financial flexibility and diversify sources of financing and their maturities to minimize liquidity risk while meeting
investment requirements.

47.2 The fair value of Forward Foreign Exchange contracts is determined using forward exchange rates at the
Balance Sheet date.

47.3 AH foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

48. Financial Risk Management:

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.

The Company's risk management assessment and policies and processes are established to identify and analyse the risks
faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.

Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions
and the Company's activities.

48.1 Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to meet its contractual obligations
causing financial loss to the company.

Credit risk arises mainly from the outstanding receivables from customers.

Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of counterparty to which the Company grants credit terms in the normal course of business.

The Company has used expected credit loss (ECL) model for assessing the impairment loss.

For the purpose, the Company uses a provision matrix to compute the expected credit loss amount.

48. Financial Risk Management: Contd.

48.3 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in
market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive
instruments as a result of such adverse changes in market rates and prices.

Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables
and all short term and long term debt.

The Company is exposed to market risk primarily related to foreign exchange rate risk.

Thus, the Company's exposure to market risk is a function of investing and borrowing activities and revenue generating and
operating activities in foreign currencies.

48.4 Foreign exchange risk:

The Company's foreign exchange risk arises from its foreign operations, foreign currency revenues and expenses, (primarily
in US Dollars and Euros).

As a result, if the value of the Indian rupee appreciates relative to these foreign currencies, the Company's revenues and
expenses measured in Indian rupees may decrease or increase and vice-versa.

The exchange rate between the Indian rupee and these foreign currencies have changed substantially in recent periods and
may continue to fluctuate substantially in the future.

Consequently, the Company uses both derivative and non-derivative financial instruments, such as foreign exchange
forward contracts, option contracts, currency swap contracts and foreign currency financial liabilities, to mitigate the risk of
changes in foreign currency exchange rates in respect of its highly probable forecasted transactions and recognised assets
and liabilities.

b Sensitivity

For the years ended March 31, 2025 and March 31, 2024, every 1% strengthening of the Indian rupee against foreign currency
(US Dollar) for the above mentioned financial assets/Liabilities would decrease the Company's profit and equity approximately
INR 8 Lakh and decrease the Company's profit & equity by approximately INR 2 Lakh respectively.

For the years ended March 31, 2025 and March 31, 2024, every 1% strengthening of the Indian rupee against foreign currency
(Rubel) for the above mentioned financial assets/liabilities would decrease the Company's profit and equity approximately
INR NIL and decrease the Company's profit & equity by approximately INR 0.02 Lakhs respectively.

For the years ended March 31, 2025 and March 31, 2024, every 1% strengthening of the Indian rupee against foreign currency
(Euro) for the above mentioned financial assets/liabilities would decrease the Company's profit and equity approximately
INR 0.22 Lakhs and decrease the Company's profit & equity NIL respectively.

A 1% weakening of the Indian rupee and the respective currencies would lead to an equal but opposite effect.

48.5 Interest rate risk

The Company has loan facilities on floating interest rate, which exposes the Company to risk of changes in interest rates.
The Company's Finance Department monitors the interest rate movement and manages the interest rate risk by evaluating
interest rate swaps etc. based on the market / risk perception.

For the years ended March 31, 2025 and March 31, 2024, every 1% change in interest rate for the above mentioned financial
liabilities would decrease the Company's profit equity by approximately INR 18 Lakhs and decrease the Company's profit &
equity by approximately INR 13 Lakhs respectively.

A 1% increase in interest rate would lead to an equal but opposite effect.

As at March 31, 2025 and March 31, 2024, the Company has loan facilities which are either on fixed interest rates or are
managed by interest rate swaps, hence the Company is not exposed to interest rate risk.

48.6 Commodity rate risk

Exposure to market risk with respect to commodity prices primarily arises from the Company's purchases of raw materials.
These are commodity products, whose prices may fluctuate significantly over short periods of time.

The prices of the Company's raw materials generally fluctuate in line with commodity cycles, although the prices of raw
materials used in the Company's business are generally more volatile.

Cost of raw materials forms the largest portion of the Company's cost of revenues.

Commodity price risk exposure is evaluated and managed through operating procedures and sourcing policies.

The company's commodity risk is managed through well-established trading operations and control processes.

In accordance with the risk management policy, the Company carefully caliberates the timing and the quantity of purchase.
As of March 31, 2025 and March 31, 2024, the Company had not entered into any material derivative contracts to hedge
exposure to fluctuations in commodity prices.

48.8 Interest rate benchmark reforms

The Company does not have any financial instruments which are subject to benchmark reforms.

The Company does not have any risk of being exposed to interest rate benchmark reforms.

49. Employee benefits:

49.1 Defined contribution plan

Contributions are made to Regional Provident Fund (RPF), Family Pension Fund, Employees State Insurance Scheme (ESIC)
and other Funds which covers all regular employees.

While both the employees and the Company make predetermined contributions to the Provident Fund and ESIC, contribution
to the Family Pension Fund and other Statutory Funds are made only by the Company.

The contributions are normally based on a certain percentage of the employee's salary.

Amount recognised as expense in respect of these defined contribution plans, aggregate to INR 116 lakhs (March 31, 2024
: INR 125 lakhs).

49.2 Employee benefit plans:

Defined benefit plan
Gratuity

In respect of Gratuity, a defined benefit plan, contributions are made to LIC's Recognised Group Gratuity Fund Scheme.

It is governed by the Payment of Gratuity Act, 1972.

Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination of the employment
on completion of five years or death while in employment.

The level of benefit provided depends on the member's length of service and salary at the time of retirement/termination age.
Provision for gratuity is based on actuarial valuation done by an independent actuary as at the year end.

Each year, the Company reviews the level of funding in gratuity fund and decides its contribution.

The Company aims to keep annual contributions relatively stable at a level such that the fund assets meets the requirements
of gratuity payments in short to medium term.

Risks

These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and
salary risk.

i) Investment risk - The present value of the defined benefit plan liability is calculated using a discount rate determined
by reference to the market yields on government bonds denominated in Indian Rupees.

If the actual return on plan asset is below this rate, it will create a plan deficit.

ii) Interest rate risk - A decrease in the bond interest rate will increase the plan liability. However, this will be partially
offset by an increase in the return on the plan's debt investments.

iii) Longevity risk - 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 after their employment.

An increase in the life expectancy of the plan participants will increase the plan's liability.

3. The Company is not declared a wilful defaulter by any Bank or Financial Institution or any other lender.

4. The Company has no transaction with Companies which are struck off under section 248 of the Companies Act,2013 or
under section 530 of Companies Act,1956.

5. No charges of satisfaction are pending for registration with the Registrar of Companies (ROC).

6. The Company has two subsidiaries which are wholly owned subsidiaries. The clause (87) of section 2 of the Companies
Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017 is complied with.

7. The Company has not granted any loans or advances in the nature of loans to promoters, directors and KMPs, either
severally or jointly with any other person.

8. During the year no Scheme of Arrangement has been formulated by the Company/pending with competent authority.

51. Additional Regulatory Information:- Contd.

9 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.

10 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.

11 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

12 The Company has been sanctioned Term loans from HDFC Bank Ltd for INR 4000 Lakhs for Capex during the year on
the basis of security of fixed assets and current assets.

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

14 There are no investment in properties.

15 The Company has not revalued its Property, Plant and Equipment during the year.

16 The Company has not revalued its intangible assets during the year.

17 During the year, the Company has not issued any securities.

18 The amount borrowed from Banks and Financial Institution have been used for the specific purpose it was taken.

52. Operating Segments

In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated Ind AS
financial statements, and therefore, no separate disclosure on segment information is given in these financial statements.
The Company has identified "Tyre Bead Wire" as the single operating segment for the continued operations in the standalone
and consolidated financial statement as per IndAS 108- Operating Segments.

52.1Customers contributing more than 10.0% of total revenues

Revenues from three customers of bead wire segment amounting to Rs. 36,903 Lakhs Lakhs (Previous Year Rs. 27,363
Lakhs) exceeding 10% of the total revenue of the Company.

53. Rounding off

The figures appearing in financial statements haves been rounded off to the nearest lakhs, as required by General Instructions
for preparation of Financial Statements in Division II Schedule III to the Companies Act, 2013.

54. Approval of Financial Statements

The Financial Statements were approved for issue by Board of directors in its meeting held on April 21, 2025.

For Fadnis & Gupte LLP For and on behalf of board

Chartered Accountants Rajratan Global Wire Limited

Firm Registration No. 006600C/C400324

CA. Vikram Gupte Sunil Chordia Yashovardhan Chordia

Partner Chairman & Managing Director CEO and Dy. Managing Director

Membership No. 074814 DIN : 00144786 DIN : 08488886

Indore Shubham Jain Hitesh Jain

April 21, 2025 Company Secretary Chief Financial Officer