J. Provisions/Contingencies:

Provisions are determined based on the best estimate of the amount required to settle the obligation at the
balance sheet date. The contingent liabilities, if any, are not recognized but are disclosed in the form of accounting
notes. Contingent assets are neither recognized nor disclosed in the financial statements.

K. Provision for Current and Deferred Tax

a. Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period
and in accordance with the provisions of section -115BAA of the Income Tax Act, 1961.

b. Deferred tax resulting from "timing difference” between book and taxable profit for the year is accounted for
using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date.
The deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty
that the assets will be adjusted in future.

L. Employee Retirement Benefits:

a. Company's contribution to provident fund is recognized as an expense in the statement of Profit and Loss for
the year in which the related service is rendered.

b. The retirements benefit and long-term employee benefits are recognized as expense in the relevant period
at the present value of amounts payable determined using actuarial valuation techniques in accordance
with AS -15. Currently no Earned leaves are accrued in the hands of Employees as on 31.03.2025 which needs
recognition as employee retirement benefits in the accounting period 2024-25.

M. Government Grants

a. Recognition: Grants are recognized only when there is a reasonable assurance that the entity has complied
with the relevant conditions to receive such grants and when there is a reasonable certainty that the ultimate
collection will take place.

b. Government Grants related to revenue (subsidies in interest, power costs and others) from State/Central and
other Government undertakings is recognized in the profit & loss statement under "Other Income” in the
respective period to match with the related costs in which they are intended to compensate.

c. The government grants related to depreciable capital assets are presented in the balance sheet by way of
showing the grant amount as a deduction from the gross value of related assets in arriving at their book value.
The capital grants that are not specific to any assets are shown under Capital Reserves.

N. Segment Reporting

The Company identifies primary segments based on the dominant source, nature of risks and returns and the
internal organization and management structure. The operating segments are the segments for which separate
financial information is available and for which operating profit/loss amounts are evaluated regularly by the
executive Management in deciding how to allocate resources and in assessing performance. The accounting
policies adopted for segment reporting are in line with the accounting policies of the Company. The company has
identified two segments: -

(A) Submerged Arc Furnace (B) Foundry.

The balances of certain Debtors, Creditors, Loans & Advances are subject to external confirmation. In the opinion of the
management, the Current Assets, Loans & Advances have a realizable value which is in the ordinary course of business at
least equal to the amount at which they are stated unless indicated elsewhere in the document.

Currently no Earned leaves are accrued in the hands of Employees as on 31.03.2025 which needs recognition as employee
retirement benefits in the accounting period 2024-25 as company is not having policy of accumulating Earned leave. All
such untilised leave are lapsed at the end of year. Gratuity provision has been made in current year on the basis of Actuarial
valuation report.

Provision has been made for Employees Benefits i.e. Gratuity and Leave Encashment in accordance with AS-15 on the basis
of actuarial valuation of the company and Power generation unit acquired through slump sale has been taken separately.
The figures below represent liability as applicable. The following information is disclosed in terms of Accounting Standard 15
issued by the ICAI:-

Basis of preparation :

Basis of preparation :

(i) The Company's operations predominantly relate to manufacturing, generation and sale of Iron and Steel products.
The risks and rewards associated with these two businesses are significantly different. Therefore, the primary segment
consists of "Submerged Arc Furnance” and "Foundry”.

(ii) The geographic segments identified as secondary segments are "Submerged Arc Furnance” and "Foundary”. Since there
is no export market revenue, the same has not been disclosed. The entire capital employed is within India.

Note 2.40: Dealing in Virtual Digital assets

The company has not traded or invested in cryptocurrency or virtual currency during the reporting period.

Note 2.41: Proceedings under Benami Transactions (Prohibition) Act

There are no proceedings initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

Note 2.42: No classification as Wilful Defaulter by Bank

The company has not been declared as a wilful defaulter by any bank or Financial Institutions or consortium thereof in
accordance with the guidelines on wilful defaulters issued by RBI.

Note 2.43: Compliance of Scheme of arrangement

During the year, Company has not applied for any scheme of arrangement with NCLT and no previous compliances are
pending as on the year end.

Note 2.44: Loans or Advances - Additional Disclosures

The Company has not given any loans and advances to its Promoter, Directors, KMP's and other related parties (as defined
under Companies Act, 2013) either severally or jointly with any other person.

Note 2.45: Security of current assets against borrowings

The quarterly statements of current assets filed with banks or finanacial institution are in agreement with the books of
account.

Reason for Variance over 25%:

Debt- Equity Ratio- Debt- Equity Ratio has increased due to increase in borrowings during current year.

Debt Service coverage Ratio- Debt service coverage ratio has decreased on account of decrease in profitability in current
year.

Return on Equity Ratio- Return on equity ratio has been reduced in current year on account of decrease in profitability in
current year .

Inventory Turnover ratio- Inventory Turnover ratio has decreased due to decrease in sales and increase in iventory.

Trade Receivable turnover Ratio- Trade Receivable Turnover Ratio has increased due to decrease in sales.

Trade Payable turnover Ratio- Trade payable ratio has been reduced in current period on account of decrease in purchase in
the current year.

Net Capital Turnover Ratio- Net Capital Turnover Ratio has reduced due to decrease in average working capital
Net Profit Ratio- Net profit ratio has decreased in current year on account of decrease in margin.

Return on Capital Employed- Return on Capital employed is on lower side in current period due to decrease in earnings
during the year.

Note 2.49: Utilization of money raised by way of Initial public offerings

During the year FY 2022-23, the Company had completed Initial Public Offer (IPO) of 32,40,000 Equity Shares of the face
value of Rs. 10/- each at an issue price of Rs. 40/- per Equity Share, comprising fresh issue of 32,40,000 equity shares. The
Equity Shares of the Company were listed on February 08, 2023 on BSE Limited .The total IPO expenses incurred 132.42 lacs
(exclusive of taxes) have been proportionately allocated between capital expenditure and revenue expenditure.The details
of utilisation of IPO proceeds are as under:

Note 2.50: Utilisation of Borrowed funds and share premium:

Utilisation of Borrowed funds and share premium:

(i) The Company has not given any advance or loan or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

Note 2.52: Regrouping of Balances

The previous year figures have been regrouped and/or rearranged and/or reworked and/or reclassified wherever necessary
to correspond with the current period classification/disclosure.

As per our report of even date attached herewith

For, M/s O P BAGLA & CO. LLP For & on behalf of the Board of Directors

Chartered Accountants
FRN:000018N/N500091

CA Atul Aggarwal Rajesh Somani Prawin Somani

Partner Whole Time Director Whole Time Director

M. No 092656 DIN-01719930 DIN-01143972

UDIN:25092656BMLJNC7048

Date: 29.05.2025 Utsabanand Nath Akshat Sharma

Place: New Delhi Chief Financial Officer Company Secretary

Date: 29-05-2025
Place: Raipur