18. Provisions :

A provision is recognized when the company has a present obligation as a result of past events and it is probable
that there will be an outflow of resources to settle the obligation, in respect of which a reliable estimate can be
made. Provisions are not discounted to its present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect
the current best estimates.

19. Contingent Liabilities :

Contingent liabilities, if any are disclosed in the notes on accounts. Provision is made in the accounts in respect of
those contingencies which are likely to materialize into liabilities after the year end till the approval of the
accounts by the board of directors and which have material effect on the position stated in the balance sheet.

b Terms/rights attached to the equity shares

Details of the rights, preferences and restrictions attaching to each class of shares including restrictions on the
distribution of dividends and the repayment of capital.

Equity Shares : The Company has only one class of Equity shares having a par value of Rs.10/-. Each holder of
equity shares is entitled to one vote per share. Dividend is payable in the proportion to the Capital Paid up. In
the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the
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.

Equity Share Warrants : During the Financial year, company has allotted 49,50,950 Equity Share Warrants
by way of Preferential issue on private placement basis @ Rs.2.50 per warrant (Being 25% of the issue price
per warrant). Each warrant is convertible into one equity share of face value of Rs.10/- each on payment of
warrant exercise price of Rs.7.50 per warrant. The warrant holders shall be entitled to exercise their option to
convert any or all of the warrants into equity shares of the company in one or more trenches within 18 months
from the date of allotment. During the year 12,54,750 no of warrants are converted into Equity shares on
exercise of the option by the warrant holders.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected 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.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (unfunded).

Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the government security rate will increase the present
value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value
of the assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than assumed level will increase the plan's liability.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Company has to manage
pay-out based on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan
does not have any longevity risk.

Characteristics of defined benefit plans

The Company has considered the ceiling limit for payment of gratuity as per the provision of payment of Gratuity Act,
1972.

Note 31

Segment Reporting IND AS-108 :

Segment wise details, as required by IND AS-108 Segment Reporting are not furnished as the management is of the
opinion that it does not have any geographical / business segment that is subject to different kind of risk, return or
opportunities.

b. Risk management framework

The Company's principal financial liabilities include borrowing, trade and other payables. The Company's
principal financial assets include loans, trade receivable, cash and cash equivalents and others. The Company
also holds FVTOCI investments. The Company is exposed to credit risk, liquidity risk and market risk. The
Company's senior management oversees the management of these risks. The Company's senior management
provides assurance that the Company's financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company's
policies and risk objectives.

c. Financial Risk Management

The Company has exposure to the following risks arising from financial instruments :

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company's receivables
from customers, investment in inter corporate deposit and loans given.

The carrying amount of following financial assets represents the maximum credit exposure :

Trade receivable

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each
customer. No impairment is observed on the carrying value of trade receivables.

Other financial assets

Credit risk from balances with banks, loans, investments is managed by Company's finance department.
Investments of surplus funds are made only with approved counterparties. No impairment on such
investment has been recognised as on the reporting date.

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 condition, without incurring unacceptable
losses or risking damage to the Company's reputation.

The Management monitors rolling forecasts of the Company's liquidity position on the basis of expected
cash flows. The Company's objective is to maintain a balance between continuity of funding and
flexibility through the use of surplus funds, bank loans and inter-corporate loans.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and
commodity prices which will affect the Company's income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market exposures within
acceptable parameters, while optimizing the return.

Currency Risk

Currency risk is not material, as the Company's primary business activities are within India and does not
have any exposure in foreign currency.

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 risk of changes in market interest
rate is not material as the Company is having fixed rate borrowings.

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit
or loss. Therefore, a change in interest rate at the reporting date would not affect profit or loss.

The Company has discontinued its methanol manufacturing activities and taken up trading activity as its
major business operation. The Trading activity is being done with sole objective of sourcing its material at
cheaper rate and selling the same with margin. In view thereof, the Management do not foresee any risk in
this trading activity since our sale price is adequately insulated with profit margin at decent level. The
sourcing price may vary depending on the prevailing market price though the same formula is applicable
to the company while selling of the said product. Hence Company's exposure to risk of changes in market
value of the commodity is not material

Note 35

Capital Management

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the
return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company
consists of net debt and the total equity of the Company. For this purpose, net debt is defined as total borrowings less
cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The funding requirements are met through short-term/long-term borrowings.
The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall
debt portfolio ofthe Company.

The company's net debt to equity ratio is as follows:

Note 36

There are no Investments in, outstanding balances and transactions with companies struck off under section 248 of the
Companies Act, 2013.

Note 37

Previous year figures have been regrouped / rearranged wherever necessary to make them comparable.

As per our report of even date attached For and on behalf of the Board of Directors

For Khandelwal & Mehta LLP
Chartered Accountants

(Firm Registration No. W100084)

S. L. Khandelwal S. V. Karia H.D. Ramsinghani Renu Jain

Partner Director Managing Director & CFO Company Secretary

M No. 101388 DIN : 00649135 DIN : 00035416

Place : Mumbai Place : Mumbai

Date : May 27, 2025 Date : May 27, 2025

UDIN : 25101388BMNVNU3421