Rights, preference and restrictions attached to equity shares:

The Company has only one class of equity shares having a par value of ' 10.00 per share. Each shareholder is entitled for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders are entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

² Nature of Security

Term loans & Funded Interest Term Loan amounting to ' 8009.20 lakhs (March 31,2022 : ' 11713.80 lakhs ) {inclusive of ' 2704.00 lakhs (March 31, 2022 : ' 3687.00 lakhs) grouped under Note No. 25 are secured by first pari-passu / equitable mortgage on entire block of assets of the company situated at Plot No. E 1, Nardana Industrial Estate, Dhule and personal guarantee of promoter directors & are secured by pari-passu on entire block of assets of the company situated at Gat no. 232,237,29, Rasegaon, Taluka Dindori, Nashik, Plant 1, A 32-35 & 57, STICE, Sinnar, Nashik 422103, Plant 2, A 70-72, STICE, Sinnar, Nashik 422 103, Plant 3, B113, STICE, Sinnar, Nashik 422103.

Vehicle Loans amounting to ' 0.00 lakhs ( March 31, 2022 : ' 0.00 lakhs ) {inclusive of ' 0.00 lakhs (March 31, 2022 : ' 0.00 lakhs) grouped under Note No. 25 {Current Maturities for Long Term Debts} are secured by the way of hypothecation of Vehicle purchased thereunder.

³ Terms of Repayment

Term Loan amounting to ' 2013.63 Lakhs (March 31,2022 : ' 2923.55 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Funded Interest Term Loan amounting to ' 0.00 Lakhs (March 31,2022 : ' 0.00 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Term Loan amounting to ' 1908.04 Lakhs (March 31,2022 : ' 2823.21 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Funded Interest Term Loan amounting to ' 178.09 Lakhs (March 31, 2022 : ' 264.80 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Term Loan amounting to ' 1421.14 Lakhs (March 31,2022 : ' 2080.03 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Funded Interest Term Loan amounting to ' 134.60 Lakhs (March 31, 2022 : ' 195.63 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Term Loan amounting to ' 1456.48 Lakhs (March 31,2022 : ' 2118.36 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Funded Interest Term Loan amounting to ' 138.03 Lakhs (March 31, 2022 : ' 199.02 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Term Loan amounting to ' 703.00 Lakhs (March 31,2022 : ' 1023.00 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Funded Interest Term Loan amounting to ' 56.19 Lakhs (March 31,2022 : ' 86.19 Lakhs) is repayable in 37 Structured Quarterly Installments. Last Installment due in Mar, 2028.

Vehicle Loan amounting to ' 0.00 Lakhs (March 31, 2022 : ' 0.00 Lakhs) is repayable in 60 Structured Quarterly Installments. Last Installment due in Nov, 2021.

Installments falling due in respect of all the above Loans up to March 31, 2024 has been grouped under “Current maturities of long term debt (refer Note 25).

*The Company has Issued 23,01,500 1% Non Convertible Cumulative Redeemable Preferance Shares at Issue Price of ' 1000 (' 10 Face Value & ' 990 Premium) to Consortium Members Banks as Part of Restructuring of loan facilities carried out in accordance with RBI Guidelines.’1% Non Convertible Cummulative Redeemable Preference Shares amounting to ' 23015 lakhs (March 31,2022: ' 23015 Lakhs) is repayable in 5 Yearly Installments.Last Installment due in March, 2033.

*Working Capital loans amounting to ' 6531.22 lakhs (March 31, 2022 ' 6500.44 lakhs ) are secured by way of hypothecation of Current Assets and extention of second pari passu charge on the movable and non-movable Property, Plant & Equipment excluding windmill and vehicles.

*In accordance with the provisions of Master Restructuring Agreement cum Common Loan agreement executed between Borrower and Lenders, dated 16th January 2021, as amended from time to time and pursuant to deliberations between the parties, if any, lenders shall be entitled to receive recompense for the reliefs and sacrifices extended by them within the restructuring parameters to ensure banker’s right of recovering its sacrifice upon improvement of Company’s performance than projected. Accordingly, upto FY-22-23 Company’s Right to Recompense (ROR) is not triggered. b. Claims Outstanding with Banks

Following claims were made by the company which are still outstanding as on the last day of the balance sheet and no confirmation from bank is there on record.

Fair Value Techniques :

The fair value of the 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.

The following methods and assumptions were used to estimate the fair values:

i. Fair value of cash and short term deposits, trade receivables, trade payables, current loans, other current financial assets, short term borrowings and other current financial liabilities approximate to their carrying amount largely due to the short term maturities of these instruments. The Financial Assets & Liabilities for which time period is not defined / not available were carried at cost.

ii. The fair value of Investment in quoted Mutual Funds is measured at NAV.

iii. Sales Tax Loans are discounted at 10% p.a. to arrive at fair value as on transaction date.

iv. All foreign currency loan and liabilities are translated using exchange rate at reporting date.

v. 1% Non Convertible Cumulative Redeemable Preferance shares are discounted at 11.50% to arrive at fair Value

49. Financial Risk Management Framework:-

In the course of its business, the Company is exposed to certain financial risks namely credit risk, interest risk, currency risk, commodity risk & liquidity risk. The Company’s primary focus is to achieve better predictability of financial markets and seek to minimize potential adverse effects on its financial performance. The financial risks are managed in accordance with the Company’s risk management policy which has been approved by its Board of Directors.

i. Market Risk Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates etc. could affect the Company’s income or the value of its holdings of financial instruments including cash flow. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while maximizing the return. Market risk comprises three types of risk: interest rate risk, foreign currency risk and price risk, such as commodity risk. The Company’s exposure to market risk is primarily on account foreign currency risk. Financial instruments affected by market risk include loans and borrowings, FVTPL investments.

ii. Interest Rate Risk :- Ilnterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company at present does not have any floating interest rate borrowings and other Long term borrowings of the company are at fixed interest rate. Thus the company does not have any interest rate risk at present.

iii. Currency Risk :- The Company’s functional currency is Indian Rupees (INR). The Company undertakes transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company’s revenue from export markets and the costs of imports, primarily in relation to raw materials. The Company is exposed to exchange rate risk under its trade and debt portfolio. Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result’s in increase in the Company’s overall debt position in Rupee terms without the Company having incurred additional debt and favorable movements in the exchange rates will conversely result in reduction in the Company’s receivables in foreign currency. The Company’s currency exposures in respect of monetary items at March 31,2023 & March 31,2022 that result in net currency gains and losses in the income statement arise principally from movement in US Dollar and Euro exchange rates. Currently, this currency risk exposure is not hedged with forward cover and the company management is of the opinion that the currency risk is not material and also the currency risk is naturally hedged with company’s export trade receivables.

The Company’s exposure to foreign currency risk as at the end of the reporting period are being given in Note No 43.

iv. Commodity price risk :- The Company has a strong framework and governance mechanism in place for meeting market volatility in terms of price and availability. Mechanism like proactive planning, strategic decision making and proper contracting is in place to mitigate price volatility risks in various commodities. Backward integration strategy, rate negotiation with vendors, alternative sourcing, indigenization of critical components, and value-engineering driven initiatives also help the Company to mitigate this risk to a great extent.

v. Liquidity Risk :- Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The Company is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. The Company monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Company’s present operations and to mitigate the effects of fluctuations in cash flows.

vi. Credit Risk Management :- CCredit Risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company’s exposure are continuously monitored.

vii. Trade Receivables :- The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company periodically assesses the financial reliability of the customers taking into account the financial condition and ageing of accounts receivable. The Company also take advances or Letter of Credit from some of its customers. The company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely independent markets. The Company applies the simplified approach to providing for expected credit losses prescribed by IND AS 109, which permits the use of the lifetime expected loss provision for trade receivables which are not recoverable.

viii. Cash and cash equivalents As at the year end, the Company held cash and cash equivalents of ' 1,689.55 Lakhs (31.03.2022 : ' 1,008.66 lakhs). The Cash and Cash Equivalents are held with Bank and financial institutions counterparties with good credit rating.

ix. Other Bank Balances :- Other Bank balances are held with bank and financial institution counterparties with good rating.

52. During Q1 FY 22 23 the Company has closed one of it units i.e Plant 2 situated at Plot no. A-70/71/72, STICE, Gut no. 931/1, Musalgaon, Tal Sinnar, Dist Nashik 422 103 with effect from June 24, 2022 as a strategic decision and in continuation of the Board of Directors decision duly intimated to all statutory bodies. On account of closure ' 2.97 Cr has been paid in Q1 FY 2022-2023 to Permanant Workmen of plant-2 under various heads on account of their final settlement dues like Salary,Compensation,Gratuity,Bonus and leave encashment which are being included in financials under heads like Wages & Others Cost Included in Other Expenses and Employee Benefit Expenses and hence cost of above mentioned heads is not comparable to that extent with cost of same heads as mentioned of Year ended FY 2021-2022.The settlement of permanant workman force on account of closure of Plant 2 has been done gracefully without any legal complexity.

54. Rounding Off

The figures appearing in financial statements have 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.

55. OTHER STATUTORY INFORMATION-

i) The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.

ii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

iii) No procedings have been initiated or pending against Company for holding any Benami Property under Prohibitions of Benami Transactions Act,1988 (Earliers titled as Benami transactions (Prohibitions) Act,1988.

iv) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

v) The Company does not have material transactions with the struck off companies during the current & previous years.

vi) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

viii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

ix) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

x) The Company have not advanced or given 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.

xi) The Company have 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.

xii) The Company do not have any subsidiary as at the balance sheet date, accordingly compliance with section 2(89) of the Companies Act read with Companies (Restriction on number of layers) Rules, 2017 does not arise.

xiii) The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were taken.

xiv) The quarterly returns/statement of current assets filed by Company with Banks for Borrowings are in agreement with the books of accounts.

56. As permitted by paragraph 4 of Ind AS 108, “Operating Segments”, notified under section 133 of the Companies Act, 2013, read together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial statements and the Separate financial statements of the parents, segment information need to be presented only on the basis of the consolidated financial statements. Thus disclosures regarding Operating segment is not presented in Standalone Financial Statements.

57. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as per Annexure I.