20) Provisions and Contingent Liabilities

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, the amount of which can be reliably estimated. Provisions are not recognized for future operating losses.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will depend on the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

21) Revenue recognition

Revenue from sale of products is recognized when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the products have been shipped or delivered to the specific location as the case may be, the risks of loss has been transferred, and either the customer has accepted the products in accordance with the sales contract, or the Company has objective evidence that all criteria for acceptance have been satisfied. Sale of products includes related ancillary services, if any. In case of export customers, sales generally take place when goods are shipped onboard based on bill of lading.

(i) Revenue From services

Revenue from services is recognized in the accounting period in which the services are rendered.

(ii) Other operating/ non-operating revenue

Export incentives under various schemes of Government and other Government incentives are accounted for in the year of export or received of the incentive.

Amounts disclosed as revenue are exclude GST and net of returns, trade allowances, rebates, discounts, loyalty discount and amounts collected on behalf of third parties.

22) Leases

Operating Lease

Lease arrangements where the risk and rewards incident to ownership of an asset substantially vest with the lessor are recognized as operating lease. Lease rent under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

Finance Lease

Leases under which the company assumes substantially all the risks and rewards of ownership are classified as finance leases. The lower of fair value of asset and present value of minimum lease rentals is capitalized as fixed assets with corresponding amount shown as lease liability. The principal component in the lease rentals is adjusted against the lease liability and interest component is charged to profit & loss account.

23) Employee Benefits

(i) Liabilities forwages and salaries, including non-monetary benefitsthat are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services, are recognized up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and is recognized as an expense and debited to Statement of Profit and Loss on accrual basis.

(iii) Bonus and leave encashment payment are accounted for on accrual basis and charged to Statement of Profit and Loss.

(iv) The proposed Social Security Code, Code on Wages, 2019 when promulgated, would subsume labour laws including Employee’s Provident Funds and Miscellaneous Provisions Act, Wages and Bonus and amend the definition of wages on which the organization and its employees are to contribute towards Provident Fund. The Company believes that there will be no significant impact on tis contributions to Provident Fund due to the proposed amendments.

24) Foreign currencytranslation

(i) Functionaland presentation currency

The standalone financial statements are presented in Indian rupee (INR), which is Company’s functional and presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognized in INR at the prevailing exchange rates on transaction dates. Realized gains and losses on settlement of foreign currency transactions are recognized in the statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rate and the resultant exchange differences are recognized in the Statement of Profit and Loss.

25) Income Tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is provided for in full, using the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amount in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax assets is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized for all deductible temporary differences and unused tax losses, only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Minimum Alternate Tax credit is recognized as deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.

26) Earnings Per Share Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company

- by the weighted average number of equity share outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

-the after income tax effect of interest and other financing cost associated with dilutive potential equity share: and

- weighted average number of additional equity shares that would have been outstanding assuming the all conversion of all dilutive potential equity shares.

27) Government Grants

Grants from the government are recognized at their fair value where there is reasonable assurance that the grant will be received and the company with comply with all attached conditions.

Government grants related to purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to Statement of Profit and Loss on a straight-line basis over the expected lives of related assets and presented within other income.

28) Manufacturing and Operating Expenses

The company separately classifies manufacturing and operating expenses which are directly link to manufacturing and service activities of the company.

29) Critical estimates and judgements

The preparation of standalone financial statements requires the use of estimates and judgements which by definition will seldom equal the actual results. Management also needs to exercise judgement in applying the Group’s accounting policies.

This note provides an overview of the areas that involve a higher degree of judgement or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the standalone financial statements.

30) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between actual amounts and estimates are recognized in the period in which they materialize.

Note 35- Key Note on Scheme of Arrangement (Demerger) in terms of Section 230 to 237 of the Companies Act, 2013.

On the recommendations of the Audit Committee of independent Directors, the Board, in its meeting held on 24*' July 2021 approved a proposed Scheme of Arrangement between the Company (Jasch Industries Ltd - “JIL”), Jasch Gauging Technologies Ltd (“JGTL" - Wholly owned subsidiary of JIL) and their respective shareholders and creditors. Under the proposed Scheme, the Gauge related business (including assets and liabilities) of JIL was proposed to be demerged to JGTL and in substitution of every five shares of JIL held by its shareholders, they will get three shares of JIL and two shares of JGTL. The proposed Scheme was subject to approval of the shareholders and creditors of both these companies and also subject to regulatory approvals. Opinion was sought and obtained from SEBI-Registered Category-1 Merchant Banker as to fairness of the Scheme. Opinion was also sought from a registered Valuer with regard to valuation and share -swap ratio. The proposed Scheme together with the documents mentioned therein are available at the website of the Company.

Thereafter, on a petition filed with the National Company Law Tribunal (“NCLT"), New Delhi Bench, it ordered meetings of equity shareholders and unsecured creditors of JIL to beheld. The only secured creditor of JIL(HDFC Bank) and the only unsecured creditor and shareholder of JGTL (JIL), had previously granted a “no-objection” to the Scheme.

In the aforesaid meeting held on 10* May 2022, both the shareholders and unsecured creditors of JIL approved the proposed Scheme with 100% majority. Then the Company filed the second petition before the NCLT fbrfinalorder.

Final order by the Hon’ble National Company Law Tribunal (“NCLT"), on Dated 12.09.2023 on the aforesaid Scheme and the same have been effective from closing hours of 30* September, 2023 when the Company filed the Form No. INC 28 to the MCA. All the compliances where ever applicable have been completed except in case of land and corporate office (immovable property) where the transfer of title deed in favour of JGTL are pendingat Sub-Registrar Office on 31.03.2024.

The company has prepared these financial statements to give effect to the scheme of arrangement of demerger of the specified business of the company from Jasch Industries Ltd, with an appointed date of April 01, 2022 as per NCLTOrder. In accordance with the requirement of IND AS 105-reporting figures for the year ending 31.03.2023 and as at 01.04.2022 have been restated as if the business combination had occurred from the beginning of the preceding period i.e. April 01,2022.

Note -40 FinancialRiskManagement

The Company’s principal financial liabilities comprise loans and borrowings domestic currency, trade payables and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include trade & other receivables, and cash and short-term deposits that derive directly from its operations.

The Company is exposed to the following risks from its use of financial instruments:

-Credit risk -Liquidity risk -Market risk

This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives policies and processes for measuringand managing risk.

a) 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 resulting in a financial loss to the Company. Credit risk arises principally from trade receivables, loans & advances, cash & cash equivalents and deposits with banks and financial institutions.

Trade receivables

On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company takes into account available external and internal credit risk factors such as credit defaults, and the Company’s historical experience for customers.

A default occurs when in the view of management there is no significant possibility of recovery of receivables after considering all available options for recovery.

Cash and cash equivalents and Deposits with banks

The company has banking operations with scheduled banks regulated by Reserve Bank of India. The risk of default with state regulated entities is considered to be insignificant.

Recoverable from related parties

The company has no material amount recoverable. Hence, the risk of default with entities is considered to be insignificant.

Provision for expected credit losses

Financial assets for which loss allowance is measured using life time expected credit losses

The Company has customer with capacity to meet the obligations and therefore the risk of default is negligible or nil. Further, management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk. Hence, no impairment loss has been recognised during the reporting periods in respect of trade receivables.

Financial assets for which loss allowance is measured using 12 month expected credit losses

The company has assets where the counter-parties have sufficient capacity to meet the obligations and where the risk of default is very low. Hence based on historic default rates, the Company believes that no impairment allowance is necessary in respect of above mentioned financial assets.

b) Liquidity risk

Liquidity risk is the risk that the Company still encounter difficulty in meeting the obligation associated with its financial liabilities that are settled by deliveringcash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Company has an appropriate liquidity risk management framework for the management of short, medium and long term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate banking facilities and reserve borrowingfacilities by continuously monitoring forecast and actual cash flows.

The Company’s treasure department is responsible for managing the short term and longterm liquidity requirements of the Company. Shortterm liquidity situation is reviewed daily be Treasury. The Board of directors has established policies to manage liquidity risk and the Company’s treasury department operates in line with such policies. Any breaches of these policies are reported to the Board of Directors. Long term liquidity position is reviewed on a regular basis by the Board of Directors and appropriate decisions are taken accordingto the situation.

c) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices 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 risk exposures within acceptable parameters, while optimizing the return. The Board of directors is responsible for setting up to policies and procedures to manage market risks of the Company.

Interest rate risk

The Company is exposed to interest rate risk arising from long term borrowing with floating interest rate. The Company is exposed to interest rate risk because the cash flows associated with floating rate borrowing will fluctuate with changes in interest rate.

The company’s investments are primarily in fixed rate interest bearing investments. Hence, the company is not significantly exposed to interest rate risk.

Note -41 - Segment information : (Segment Information as required by Accounting Standard (AS-17) on Segment Reporting issued by the Institute of Chartered Accountants of India and as complied on the basis of financial statement) : The Company has only one product line, hence, the company has no reportable segment.

Note -42

In the opinion of the management, the value of assets, other than fixed assets, on realization in the ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet.

Note -43

As required by Ind AS 36, an assessment of impairment of assets was carried out and based on such assessment, the Company is of the opinion that no case of impairment of assets exists.

Note -44 - Event after the reporting period

The Board of Directors has recommended dividend of Rs. 2.50 per equity shares for the financial year 2023-2024 which represents 25% of the face value of Rs. 10/-per share.

Note -45

Figures for the corresponding previous year / periods have been reclassified / regrouped/restated, wherever necessary, to make them comparable. Note -46-Approvalof FinancialStatements

The financial statements were approved for issue by the Board of Directors on 30-05-2024.