a) The Company has neither issued nor bought back any shares during the financial year under review, hence there is no change in number of shares outstanding at the beginning and end of the year.

b) The Company does not have any Holding/ Ultimate Holding Company. As such, no shares are held by them or their Subsidiaries/Associates.

c) There are NIL (Previous year NIL) shares reserved for issue under option and contracts / commitment for the sale of shares/disinvestment.

d) During the period of five years immediately preceding the reporting date: No shares were bought back.No shares were issued for consideration other than cash. No bonus shares were issued.

e) There are NIL (Previous year NIL) securities convertible into Equity/ Preference Shares.

f) There are NIL (Previous year NIL) calls unpaid including calls unpaid by Directors and Officers as on the balance sheet date.

g) There are NIL (Previous year NIL) for forfeited shares as on the balance sheet date.

h) Rights/Preferences/Restrictions attached to Equity Shares

The Company has only one class of equity shares having a par value of ? 1 per share. Each holder of equity shares is entitled to one vote per share and the dividend, if proposed by the Board of Directors and approved by the Shareholder in the ensuring Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature of other equity

Securities Premium- This Reserve represents the premium on issue of shares and can be utilized in accordance with the provisions of the Companies Act, 2013.

Retained Earnings- This Reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

Other Comprehensive Income- This Reserve represents the effects of remeasurement of defined benefit obligations.

Term loans from banks as on 31.03.2024 are secured, in respect of respective facilities by way of :

(i) Nature of security for Secured Borrowings

a. Rs. 68 lacs includes Rs.68 lacs shown in Current maturities of Long Term Borrowings from Punjab & Sind Bank is secured by First Charge on entire fixed assets of the Company on pari paru basis along with State Bank of India, Punjab & Sind Bank and second charge on the entire current assets both present and future of the company on Pari Pasu basis with the other lenders and personal guarantees of the Chairman and Managing Director.

b. Guarantee Emergency Credit Line (GECL) loan of Rs. 20 lacs includes Rs.20 lacs shown in Current maturities of Long Term Borrowings from Punjab and Sind Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

c. Guarantee Emergency Credit Line (GECL) loan of Rs. 60 lacs includes Rs. 22 lacs shown in Current maturities of Long Term Borrowings from Punjab and Sind Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

d. Guarantee Emergency Credit Line (GECL) loan of Rs. 90 lacs includes Rs. 67 lacs shown in Current maturities of Long Term Borrowings from Axis bank to meet Working Capital Term Loan(WCTL) requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

e. Guarantee Emergency Credit Line (GECL) loan of Rs. 48 lacs includes Rs.32 lacs shown in Current maturities of Long Term Borrowings from Punjab National Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

f. Guarantee Emergency Credit Line (GECL) loan of Rs. 148 lacs includes Rs.56 lacs shown in Current maturities of Long Term Borrowings from Punjab National Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

i. Guarantee Emergency Credit Line (GECL) loan of Rs. 387 lacs includes Rs.140 lacs shown in Current maturities of Long Term Borrowings from SBI Bank to meet Working Capital Term Loan(WCTL) requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

j. Vehicle loans from banks are secured, in respect of respective facilities by way of Rs. 17 lacs includes Rs.2 lacs shown in Current maturities of Long Term Borrowings from Punjab National are secured by hypothecation of vehicles purchased out of the said loan.

Term Loan from banks as on 31.03.2023 are secured, in respect of respective facilities by way of:-(i) Nature of Security for Secured Borrowings

a. Rs. 32 lacs includes Rs.32 lacs shown in Current maturities of Long Term Borrowings from Punjab & Sind Bank is secured by First Charge on entire fixed assets of the Company on pari paru basis

along with State Bank of India, Punjab & Sind Bank and second charge on the entire current assets both present and future of the company on Pari Pasu basis with the other lenders and personal guarantees of the Chairman and Managing Director.

b. Rs. 132 lacs includes Rs.64 lacs shown in Current maturities of Long Term Borrowings from Punjab & Sind Bank is secured by First Charge on entire fixed assets of the Company on pari paru basis along with State Bank of India, Punjab & Sind Bank and second charge on the entire current assets both present and future of the company on Pari Pasu basis with the other lenders and personal guarantees of the Chairman and Managing Director.

c. Rs. 97 lacs includes Rs. 94 lacs shown in Current maturities of Long Term Borrowings from Punjab & Sind Bank is secured by First Charge on entire fixed assets of the Company on pari paru basis along with State Bank of India, Punjab & Sind Bank and second charge on the entire current assets both present and future of the company on Pari Pasu basis with the other lenders and personal guarantees of the Chairman and Managing Director.

d. Guarantee Emergency Credit Line (GECL) loan of Rs. 66 lacs includes Rs.22 lacs shown in Current maturities of Long Term Borrowings from Punjab and Sind Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

e. Guarantee Emergency Credit Line (GECL) loan of Rs. 66 lacs includes Rs. 49 lacs shown in Current maturities of Long Term Borrowings from Punjab and Sind Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

f. Guarantee Emergency Credit Line (GECL) loan of Rs. 157 lacs includes Rs. 52 lacs shown in Current maturities of Long Term Borrowings from Axis bank to meet Working Capital Term Loan(WCTL) requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

g. Guarantee Emergency Credit Line (GECL) loan of Rs. 97 lacs includes Rs.32 lacs shown in Current maturities of Long Term Borrowings from Punjab National Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

h. Guarantee Emergency Credit Line (GECL) loan of Rs. 167 lacs includes Rs.55 lacs shown in Current maturities of Long Term Borrowings from Punjab National Bank to meet Working Capital requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

i. Guarantee Emergency Credit Line (GECL) loan of Rs. 422 lacs includes Rs. 141 lacs shown in Current maturities of Long Term Borrowings from SBI Bank to meet Working Capital Term Loan(WCTL) requirement under COVID-19 situation with Existing Primary and Collateral Security but excluding Personal/Corporate Guarantees.

j. Vehicle loans from banks are secured, in respect of respective facilities by way of Rs. 20 lacs includes Rs.3 lacs shown in Current maturities of Long Term Borrowings from Punjab National Bank are secured by hypothecation of vehicles purchased out of the said loan.

Borrowings from banks are secured, in respect of respective facilities by way of :

a. Working Capital Loan from State Bank of India, Axis Bank, Dhanlaxmi Bank and Punjab National Bank is secured by way of - i) First charge on of stock and receivables, Pledged of Fixed Deposit of Rs. 40 Lacs and all other current assets of the Company, present and future on pari-passu basis among consortium Bankers. ii) First charge on entire fixed assets of the Company on pari-passu basis among consortium Bankers after reducing Punjab and Sind Bank share. iii) by personal guarantees of the Chairman & Managing Director.

b. Security for Current Maturity of Long Term Debts- Refer Security stated in Notes 15.

Borrowings from banks are secured, in respect of respective facilities by way of :

a. Working Capital Loan from State Bank of India, Axis Bank, Dhanlaxmi Bank and Punjab National Bank is secured by way of - i) First charge on of stock and receivables, Pledged of Fixed Deposit of Rs. 40 Lacs and all other current assets of the Company, present and future on pari-passu basis among consortium Bankers. ii) First charge on entire fixed assets of the Company on pari-passu basis among consortium Bankers after reducing Punjab and Sind Bank share. iii) by personal guarantees of the Chairman & Managing Director.

The Company's Earnings Per Share (‘EPS') is determined based on the net profit / (loss) attributable to the shareholders' of the . Basic earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the year including share options, except where the result would be anti-dilutive.

Note - 34. MATERIAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements : In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using other valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

Note - 35 COMMITMENTS & CONTINGENT LIABILITIES (A) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for:

At 31st March 2024, the Company had commitments of relating to estimated amount of completion of Property, Plant & Equipment-

(a) Bank Guarantees outstanding Rs.280 lacs (previous year Rs.393 lacs) and Letters of Credit issued by Banks on behalf of the Company Rs. 1430 Lacs (Previous year Rs. 860 lacs) against which Rs. 517 lacs (previous year Rs. 186 lacs) have been deposited with the Banks as Margin Money.

(b) The Employees State Insurance Corporation (ESI) has raised a demand of Rs.3 lacs plus interest of Rs. Nil Lac (Rs. 108.81) per day w.e.f. 1.1.2004 for the period 1999-2000 to 2000-2001. The company has preferred an appeal against the demand at the Employees Insurance Court, West Bengal. The Honorable Court has stayed the demand till final disposal of Company's appeal.

(c) The Divisional Bench of Hon'ble High Court, Calcutta has stayed the operation of single bench order dated 24-06-2013, which ordered levy of West Bengal Tax on Entry of Goods into Local Areas Act, 2012 as ultra vires to the Constitution of the India. The Hon'ble High Court, further directed that the assessment proceedings should go on. In view of above and as per legal opinion obtained by the Company, the Company has written back Rs. 26 Lacs unpaid amount of said tax for the financial year 2012-13 and no provision of the tax of Rs 646 lacs (Previous year 646 Lacs) and other consequential demand arise from assessment in considered necessary.

(d) The Income Tax Department of India raised the demand of Rs. 23 Lacs for Assessment Year 2016-17 and Rs. 61 Lacs for Assessment Year 2018-19 against which company preferred an appeal to the Commissioner of Income Tax.

These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management's historical experience.

Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service.

The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:

These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management's historical experience.

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is inlcuded in Level 2.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

The carrying amounts of trade payables and cash and cash equivalents are considered to be the same as their fair values, due to short term nature.

The fair values for loans and security deposits were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowings rate. They are classsified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

Note - 38 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations and to support its operations. The Company's financial assets include trade and other receivables, and cash & cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the management of these risks. The company's senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the Company's policies

and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below:

(A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks. Financial instruments affected by market risk include loans and borrowings in foreign currencies.

a) Interest Rate Risk

Interest 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's exposure to the risk of changes in market interest rates relates primarily to the Company's long term debt obligations with floating interest rates. The Company is carryg its borrowings primarily at variable rate. The Company expects the variable rate to decline, accordingly the Company is currently carrying its loans at variable interest rates.

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3.

b) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument leading to a financial loss. The Company is exposed to credit risk from its financing activites, including deposits with banks and financial institutions and other financial instruments.

(i) Trade Receivables

"Customer credit risk is managed by each business location subject to the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with the assessment both in terms of number of days and amount. Any Credit risk is curtailed with arrangements with third parties . An impairment analysis is performed at each reporting date on an individual basis for major clients. In addtion, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 09. The Company does not hold collateral as security.

(ii) Financial Instruments and Cash Deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with the Company's policy. Investment of surplus funds are made only with approved counterparties . The Company's maximum exposure to credit risk for the components of the balance sheet at 31 March 2024 and 31 March 2023 is the carrying amount as illustrated in Note 37.

(B) Liquidity Risk

Liquidity risk refer to the risk that the Company may not able to meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per the requirement. The Company has obtained adequate fund and non fund based working capital limits from its bankers. The Company maintains its surplus funds, if any, in deposits / balances which carry low market risk. The Company believes that the working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.

Disclosure of Related Party Transactions provides the information about the Company's structure. The following tables provides the total amount of transactions that have been entered into with related parties for the relevant financial year.

Terms and Conditions of Transactions with Related Parties:

The sales and purchase from related parties are made on terms equivalent to those that prevail in arm;s length transactions. Outstanding balance at the year-end are unsecured and interest free and settlement occurs in cash. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

In line with Circular No 04/2015 issued by Ministry of Corporate Affairs dated 10th March, 2015, loans given to employees as per the Company's policy are not considered for the purposes of disclosure under Section 186(4) of the Companies Act, 2013.

There are no loans or advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: a) repayable on demand or b) without specifying any terms or period of repayment.

Note - 43 SEGMENT REPORTING

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the company's chief operating decision maker to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the chief operating decision maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade payables, less cash and cash equivalents.

In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2024 and preceding years.

There is no material impact on other comprehensive income or the basic and diluted earning per share.

The Company has lease contracts for Warehouse and office spaces used in its operations. These generally have lease terms between 1 and 5 years.The Company's obligations under its leases are secured by the lessor's title to the leased assets.

A CSR Committee has been formed by the Company as per the provisions of Section 135 of the Companies Act, 2013. The details of the expenditure being incurred during the year on CSR activities are as under

Note - 50

Pre Goods & Service Tax (GST), the Company was enjoying certain benefits under Industrial Promotion Scheme of State Government. Post GST, pending notification by the State Government, on prudent basis, the Company has not recognised any income under the scheme from 1st July 2017 as the amount thereof is presently uncertainable. State Government has not yet approved the eligibility of assistance amounting to Rs. 64.66 lakhs for the period from April 2017 to June 2017. Being uncertainity over receipt of such amount, the Company has also not recognised the same.

Additional Regulatory Information

Schedule III also requires some additional regulatory information to be provided in financial statements. These are as below:

Note - 51 Registration of charges or satisfaction with Registrar of Companies (ROC)

The Company has registered charges or satisfaction with Registrar of Companies within the statutory time period.

Note - 52 COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

The Company has no subsidiary company, therefore nothing to report regarding compliance with layers of Companies under Clause (87) of the Section 2 of the Act read with the Companies (Restriction on numbers of Layers) Rule, 2017.

Notes. 54 Utilisation of Borrowed funds and share premium:

The Company neither advance of loaned or investment funds nor received any funds (either borrowed funds or share premium or any other sources or kind of funds) to/from any other persons or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise).

Note 55.The Company has not given any Corporate Guarantee to any one during the financial year.

Note 56.The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note 57. The Company has borrowings from banks on the basis of security of current assets and quarterly returns or statements of current assets filed by the Company with banks are materially in agreement with the books of accounts.

Note 58. No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

a) Crypto Currency or Virtual Currency

b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

c) Immovable Property held in the name of Company

Note 59. The Company has not declared willful defaulter by any bank or financial institution or others lender.

Note 60. Previous period figures have been re-grouped / re-classified, where ever considered necessary.

The accompanying notes form an integral part of these financial statements As per our report of even date attached