^(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of f. 5 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) In AGM of the company held on 19^th July 2023, shareholders have passed resolution for alteration of capital clause of Memorandum of Association (MOA) of the company & to alter the Authorised Share Capital of Company from f. 15,00,00,000/- (Rupees Fifteen Crore only), divided into 1,50,00,000 (One Crore Fifty Lakh) Equity Shares of f. 10/- (Rupees Ten only) each to f. 30,00,00,000/- (Rupees Thirty Crore only), divided into 3,00,00,000 (Three Crore) Equity Shares of f. 10/- (Rupees Ten) each.

Further, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of f. 10 each to 2 (two) equity shares of face value of f. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Share held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One equity share held).

Consequent to this, the authorized share capital comprises 6,00,00,000 (Six Crore) Equity Shares of f. 5/- (Rupees Five) each, aggregating to f. 30,00,00,000/- (Rupees Thirty Crore only), and the paid up capital comprises 5,40,84,864 equity shares of f. 5 each, aggregating to f. 27,04,24,320/-. The impact of this has been considered in financial statement.

Previously the Company has issued 67,60,608 bonus shares during the year 2021-22, other than this no other shares have been issued during the last five financial years.

17.1 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 39 Monthly installments of f. 4.88/- lacs each commenced from August, 2022 for the principal and interest amount. This loan is carrying 7.30 % rate of interest Per Annum.

17.2 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 36 Monthly installments of f. 0.57/- lacs each commenced from August, 2020 for the principal and interest amount. This loan is carrying 8.20 % rate of interest per annum.

17.3 - Secured Tem Loan - Vehicle loan from Yes Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 60 Monthly installments of f. 0.60/- lacs each commenced from September, 2021 for the principal and interest amount. This loan is carrying 7.50 % rate of interest per annum.

20.1. Cash Credit, Packing Credit and Purchase Bill Discounting Facility from HDFC Bank

(a) . Primary Security: - Hypothecation of entire stocks of Raw Material, Finished Goods, Stock-in-Process, Stores & Spares, Packing Materials including goods at port / in transit / under shipment, eligible book debts, fixed deposits, all other current assets and Industrial and residentia Property as under-

(i) Equitable Mortgage on Land & Building situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(ii) Equitable Mortgage on property situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301 owned by friends of director of the company.

(b) . Personal guarantee of managing director of the Company

20.2. Cash Credit with Citi Bank

(a) A first paripassu charge with other current Assets & current Assets (Stock and Book debts)

(b) A first paripassu charge on movable fixed assets

(c ) A first paripassu charge on Land & Bulding situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(d) A first paripassu charge on Land & Bulding situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301

(e) Personal guarantee of managing director of the Company

20.3 Loan Repayable on Demand

(i) Channel finance facility - from Axis Bank Limited is guaranteed by personal guarantee of three promoter directors of the Company.

Reason for change above 25 %:

a. Decrease in short term borrowings incomparision to Trade receivable and inventories has resulted in increased current ratio.

b. Increase in networth and decreased borrowings has led to lower debt equity ratio.

c. Change is due to comparatively lower finance cost and principal amounts for current year.

d. Change is because of reduced profitability for current year.

e. Return on investments increased with increase in yields of the investment portfolio.

Note 36.1

Sales Tax comprises demand of Rs. 3.11 lakhs and Rs. 2.83 lakhs under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the financial year 2001-02 and 2002-03 respectively, sales tax demand of Rs. 3.61 lakhs, Rs. 13.77 lakhs, Rs. 16.34 lakhs under Central Sales Tax Act, 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to financial year 2010-11, 2011 -12 & 2012-13 resp., GST demand of Rs. 89.69 lakhs & 26.41 lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2018-19 & 2019-20 resp. , GST demand of Rs. 1.43 lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2017-18 to 2021-22, GST demand of Rs. 17.96 lakhs pending with Appeallate Authority, SGST, Jaipur-I, Jaipur, pertaining to financial year 2018-19, GST demand of Rs. 0.79 lakhs pending with Addl. Commissioner Gr.-2, Appeal-3, SGST Noida, pertaining to financial year 2017-18.

Note 36.2

Income tax comprises of demands under Income Tax Act, 1961 of Rs. 80.96 lakhs pending with M.P. High Court, pertaning to assessment year 2015-16, Rs. 5.15 lakhs pending with Income Tax Officer-Delhi, pertaining to the assessment year 2017-18 and Rs. 0.94 lakhs pending with CPC Bangalore for assessment year 2018-19.

Note 36.3

The management of the company is of opinion that demands as mentioned in note 36.1 to 36.2 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

37 As per Indian Accounting Standard 19 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ?. 65.63/- lacs (Year ended 31 March, 2023 ?. 60.83/- lacs) for Provident Fund contributions and ?. 4.60 lacs (Year ended 31 March, 2023 ?. 8.43/- lacs) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by Maan Aluminium Limited Employees' Trust through insurer (Life Insurance Corporation of India and/or SBI Life Insurance Company) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Below is detail of actuarial valuation associated with the captioned Plans in terms of Indian Accounting Standard (Ind AS) 19

37.11 : Sensitivity Analysis: Significant actuarial assumptions for the detemination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. Please note that the sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below:

³⁹ Fair Value hierarchy

The fair value of financial instruments have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and Level 3: Inputs which are not based on observable market data.

The following tables provides the fair value measurement hierarchy of the Company's financial assets & financial Liabilities

40 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.The Management has overall responsibility for the establishment and oversight of the Company's risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company's policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

Other financial assets

The company's maximum exposure to credit risk as at 31 March 2024 and 31 March 2023 is the carrying value of each class of financial assets.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.It maintains adequate sources of financing from related parties at an optimised cost.

The Company's maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2024 and 31 March 2023 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 0 to 30 days. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table analyses financial liabilities by remaining contractual maturities:

c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risks: interest rate risk, currency rate risk and price risk. Financial instruments affected by market risk includes borrowings, trade receivables and other financial assets & liabilities. The Company is exposed to Interest rate risk,currency risk and price risk.

i) Interest rate risk

The interest rate risk exposure is mainly from changes in floating interest rates. The Management is responsible for the monitoring of the Company's interest rate position. Various variables are considered by the Management in structuring the Company's borrowings to achieve a reasonable, competitive, cost of funding. The following table analyse the breakdown of the financial assets and liabilities by type of interest rate:

ii) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. The Company mitigates the foreign exchange risk by setting appropriate exposure limits, periodic monitoring of the exposures and by natural hedging by creating reverse position by way of import in case of having trade receivables in foreign currency and vice versa also company mitigate curency risk by derivative financial instruments like foreign exchange forward contracts. The exchange rates have been volatile in the recent years and may continue to be volatile in the future. Hence the operating results and financials of the Company may be impacted due to volatility of the rupee against foreign currencies.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR) The currency profile of financial assets and financial liabilities as at March 31, 2024 and March 31, 2023 are as below:

Sensitivity analysis

A reasonably possible 5% strengthening (weakening) of the Indian Rupee against USD at 31 March 2024 and 31 March 2023 would have affected the measurement of financial instruments denominated in USD and affected profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

iii) Price risk

The Company has deployed its funds into various financial instruments primarily in units of debt based mutual funds and treasury bills, etc. The Company is exposed to price risk on such investments, which arises on account of movement in interest rates, liquidity, credit quality of underlying securities, etc.

The value of investment in these mutual fund schemes is reflected through Net Asset Value (NAV) declared by the Asset Management Company on daily basis. While w.r.t. T-bills, the price is determined by the banks and financial institutions. They place bids on the auction platform. Based on bids placed on the platform, the RBI determines the price of the securities.The Company has not performed a sensitivity analysis on these mutual funds/treasury bills, as in Management's opinion, such analysis would not display a correct picture.

41 Capital management

Equity share capital and other equity are considered for the purpose of Company's capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the company is based on management's judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence.

The management and the board of directors monitors the return on capital . The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

In AGM of the company held on 19th July 2023, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of f. 10 each to 2 (two) equity shares of face value of f. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Shares held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One equity share held) , This has been considered for calculating weighted average number of equity shares for all comparative periods presented as per Ind AS 33. In line with the above, EPS (basic and diluted) have been adjusted for both the periods presented.

⁴³ Dues to micro and small suppliers

Based on the available information with the management, the company has rolled mails to all the vendors for declaration of MSME, based on the declaration received, the company owes f. 64.68/- lacs and f. 81.12/- lacs in March 31,2024 and March 31,2023 respectively to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006. Details are mentioned below :

46 Lease Related Disclosures

The company has applied Ind AS 116 "Leases" for accounting of Leases. The Company has lease arrangements for land for factory & building for offices. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets.

a) Total cash outflow for leases for the year ended 31 March 2024 was ?. 25.75 lacs (Interest portion ?. 7.23 lacs, principal portion ?. 18.52 lacs). Total cash outflow for leases for the year ended 31 March 2023 was ?. 25.94 lacs (Interest portion ?. 4.18 lacs, principal portion ?. 21.77 lacs).

47 Additional Regulatory Information

(i) The Company has not revalued its Property, Plant and Equipment during the year.

(ii) During the year, the company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iv) The company has no transactions or outstanding balance (payable or receivable) with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(v) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(vi) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(vii) Utilisation of borrowed funds and share premium.

I. The Company has not advanced or loaned 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.

(viii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.

(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

48 Corporate social responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act

49 Balances in Trade Receivables, Trade Payables and Short Term Loans & Advances are subject to confirmation.

50 Previous years figures have been re-grouped / re-classified wherever necessary to correspond with the current year's classification / disclosure.