(5) Provisions and contingent liabilities and contingent
assets

A provision is recognised if, as a result of a past event, the
Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an

outflow of economic benefits will be required to settle
the obligation. If the effect of the time value of money is
material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money
and the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of
time is recognised as a finance cost.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at reporting date, taking into account
the risks and uncertainties surrounding the obligation.

When some or all of the economic benefits required to
settle a provision are expected to be recovered from a third
party, the receivable is recognised as an asset if it is virtually
certain that reimbursement will be received and the amount
of the receivable can be measured reliably. The expense
relating to a provision is presented in the standalone
statement of profit and loss net of any reimbursement.

Contingent liabilities are possible obligations that
arise from past events and whose existence will only
be confirmed by the occurrence or non-occurrence
of one or more future events not wholly within the
control of the Company. Where it is not probable that
an outflow of economic benefits will be required, or the
amount cannot be estimated reliably, the obligation is
disclosed as a contingent liability, unless the probability
of outflow of economic benefits is remote. Contingent
liabilities are disclosed on the basis of judgment of
the management/independent experts. These are
reviewed at each balance sheet date and are adjusted
to reflect the current management estimate.

Contingent assets are not recognised in the standalone
financial statements.

(6) Government grants

Grants from government are recognised when
there is reasonable assurance that the grant will be
received and the Company will comply with all the
attached conditions.

When the grant relates to a revenue item, it is recognised
in standalone statement of profit and loss on a
systematic basis over the periods in which the related
costs are expensed. The grant can either be presented
separately or can deduct from related reported expense.

Government grant relating to capital assets is recognised
initially as deferred income and are credited to standalone
statement of profit and loss on a straight line basis over
the expected lives of the related asset and presented as
other operating income within revenue from operations.

(7) Foreign currency transactions and translation

Transactions in foreign currencies are initially recorded
at the functional currency spot rates at the date the
transaction first qualifies for recognition.

Monetary assets and liabilities denominated in
foreign currencies are translated at the functional
currency spot rates of exchange at the reporting
date. Exchange differences arising on settlement or
translation of monetary items are recognised in the
standalone statement of profit and loss in the year in
which it arises.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
using the exchange rate at the date of the transaction.

The Company uses derivative financial instruments,
such as forward currency contracts to hedge its
foreign currency risks in respect of its imports and
exports. Such derivative financial instruments are
initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently
re-measured at fair value. Derivatives are carried as
financial assets when the fair value is positive and as
financial liabilities when the fair value is negative. Any
gains or losses arising from changes in the fair value
of derivatives are taken to the standalone statement of
profit and loss.

(8) Revenue

The Company recognises revenue from the
following major sources:

Sale of products (including scrap sales)

Revenue from sale of products (including scrap sales)
is measured based on the consideration specified in a
contract with a customer and excludes amounts collected
on behalf of third parties. It is measured at the amount
of transaction price, net of returns and allowances, trade
discounts and volume rebates. The Company recognises
revenue when it transfers control over a product to a
customer i.e. when goods are delivered at the delivery
point, as per terms of the agreement, which could be
either customer premises or carrier premises who will
deliver goods to the customer. When payments received
from customers exceed revenue recognised to date on
a particular contract, any excess (a contract liability) is
reported in the standalone Balance Sheet under other
current liabilities (see note 27).

Satisfaction of performance obligations

The Company's revenue is derived from the single
performance obligation to transfer primarily products
under arrangements in which the transfer of control

of the products and the fulfilment of the Company's
performance obligation occur at the same time.
Revenue from the sale of goods is recognised when
the Company has transferred control of the goods
to the buyer and the buyer obtains the benefits from
the goods, the potential cash flows and the amount
of revenue (the transaction price) can be measured
reliably, and it is probable that the Company will
collect the consideration to which it is entitled to in
exchange for the goods.

Whether the customer has obtained control over the
asset depends on when the goods are made available
to the carrier or the buyer takes possession of the
goods, depending on the delivery terms.

Payment terms

The sale of goods is typically made under credit -
payment terms differing from customer to customer
and ranges between 0-60 days.

Variable considerations associated with such sales

Periodically, the Company enters into volume or
other rebate programs where once a certain volume
or other conditions are met, it gives the customer
as volume discount some portion of the amounts
previously billed or paid. For such arrangements, the
Company only recognises revenue for the amounts it
ultimately expects to realise from the customer. The
Company estimates the variable consideration for
these programs using the most likely amount method
or the expected value method, whichever approach
best predicts the amount of the consideration based
on the terms of the contract and available information
and updates its estimates each reporting period.

Contract assets and contract liabilities

The Company recognises contract liabilities for
consideration received in respect of unsatisfied
performance obligations and reports these amounts
as other liabilities in the standalone balance sheet.
Similarly, if the Company satisfies a performance
obligation before it receives the consideration, the
Company recognises either a contract asset or a
receivable in its standalone balance sheet, depending
on whether something other than the passage of time
is required before the consideration is due.

A contract asset is the right to consideration in
exchange for goods or services transferred to the
customer. If the Company performs by transferring
goods or services to a customer before the customer
pays consideration or before payment is due, a contract
asset is recognised for the earned consideration
when that right is conditional on Company's future

performance. A contract liability is the obligation to
transfer goods or services to a customer for which the
Company has received consideration (or an amount of
consideration is due) from the customer. If a customer
pays consideration before the Company transfers
goods or services to the customer, a contract liability is
recognised when the payment is made or the payment
is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Company performs
under the contract. The Company does not expect
to have any contracts where the period between the
transfer of the promised goods or services to the
customer and payment by the customer exceeds
one year. As a consequence, the Company does
not adjust any of the transaction prices for the time
value of money.

Trade receivables

Trade receivables are amounts due from customers
for goods sold in the ordinary course of business
and reflects Company's unconditional right to
consideration (that is, payment is due only on the
passage of time). Trade receivables are recognised
initially at the transaction price as they do not contain
significant financing components. The Company
holds the trade receivables with the objective of
collecting the contractual cash flows and therefore
measures them subsequently at amortised cost using
the effective interest method, less loss allowance.

Transfer of trade receivables

The Company transfers certain trade receivables
under bill discounting arrangements with banks. These
transferred receivables do not qualify for derecognition
as the Company retains the credit risk with respect
to these transferred receivables due to the existence
of the recourse arrangement. Consequently, the
proceeds received from such transfers with recourse
arrangements are recorded as borrowings from banks
and classified under current borrowings.

(9) Other income

Interest income from financial assets is recognised,
when no significant uncertainty as to measurability
or collectability exists, on a time proportion basis
taking into account the amount outstanding and the
applicable interest rate, using the effective interest
rate method (EIR).

(10) Employee benefits

10.1 Short term employee benefits

Short- term employee benefit obligations are
measured on an undiscounted basis and are
expensed as the relative service is provided. A

liability is recognised for the amount expected
to be paid e.g., under short-term cash bonus, if
the Company has a present legal or constructive
obligation to pay this amount as a result of
past service provided by the employee, and the
amount of obligation can be estimated reliably.

10.2 Defined contribution plan

A defined contribution plan is a post-employment
benefit plan under which an entity pays fixed
contributions into separate entities and will
have no legal or constructive obligation to pay
further amounts. Obligations for contributions
to defined contribution plans are recognised as
an employee benefits expense in the standalone
statement of profit and loss in the period during
which services are rendered by employees.

The Company pays fixed contribution to
government administered provident fund scheme
at predetermined rates. The contributions to the
fund for the year are recognised as expense
and are charged to the standalone statement of
profit and loss.

10.3 Defined benefit plan

A defined benefit plan is a post-employment
benefit plan other than a defined contribution
plan. The Company's liability towards gratuity is
in the nature of defined benefit plan.

The Company's net obligation in respect of
defined benefit plan is calculated separately
by estimating the amount of future benefit
that employees have earned in return for their
service in the current and prior periods; that
benefit is discounted to determine its present
value. Any unrecognised past service costs are
deducted. The discount rate is based on the
prevailing market yields of Indian government
securities as at the reporting date that have
maturity dates approximating the terms of the
Company's obligations and that are denominated
in the same currency in which the benefits are
expected to be paid.

The liability recognised in the standalone
balance sheet for defined benefit plans is the
present value of the defined benefit obligation
(DBO) at the reporting date less the fair value
of plan assets.

The calculation is performed annually by a
qualified actuary using the projected unit credit
method. When the calculation results in a benefit
to the Company, the recognised asset is limited to

the total of any unrecognised past service costs.
Any actuarial gains or losses are recognised in
other comprehensive income in the period in
which they arise.

10.4 Other long-term employee benefits

Benefits under the Company's leave encashment
constitute other long-term employee benefit.

The employees can carry forward a portion of the
unutilised accrued compensated absences and
utilise it in future service periods or receive cash
compensation on termination of employment.
The liabilities for leave balance are not expected
to be settled wholly within 12 months after the
end of the period in which the employees render
the related service. The benefit is discounted to
determine its present value. The discount rate is
based on the prevailing market yields of Indian
government securities as at the reporting date
that have maturity dates approximating the terms
of the Company's obligations. The obligation is
measured on the basis of independent actuarial
valuation using the projected unit credit method.

The obligations are presented as non current
liabilities in the standalone balance sheet as the
entity has a right to defer the settlement for at
least twelve months after the reporting period.

(11) Share based payments

The Company recognises compensation expense
relating to share based payments in accordance with
Ind AS 102, 'Share-based payment'. Stock options
granted by the Company to its employees and
employees of the subsidiaries are accounted as equity
settled options. In respect of the options granted to the
employees of the Company, the estimated fair value
of options granted that is determined on the date of
grant, is charged to standalone statement of profit and
loss on a straight-line basis over the vesting period
of options, with a corresponding increase in equity.
The total amount to be expensed is determined by
reference to the fair value of the options granted:

(i) including any market performance conditions

(ii) excluding the impact of any service and non¬
market performance vesting conditions

(iii) including the impact of any non-vesting conditions

In respect of the options granted to the employees of
the subsidiary companies, the estimated fair value of
options granted that is determined on the date of grant,
is considered investment in the subsidiary company,

on a straight-line basis over the vesting period of
options, with a corresponding increase in equity.

At the end of each period, the entity revises its
estimates of the number of options that are expected
to vest based on the non-market vesting and service
conditions. It recognises the impact of the revision
to original estimates, if any, in profit or loss, with
corresponding adjustment to equity.

(12) Lease

Company as a lessee

The Company's lease asset classes primarily consist
of property leases. The Company assesses whether a
contract contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset;

(ii) the Company has substantially all of the
economic benefits from use of the asset through
the period of the lease; and

(iii) the Company has the right to direct the
use of the asset.

At the date of commencement of the lease, the
Company recognises a right-of-use asset ("ROU”) and a
corresponding lease liability for all lease arrangements in
which it is a lessee, except for leases with a term of twelve
months or less (short-term leases) and low value leases.
For these short-term and low value leases, the Company
recognises the lease payments as an operating expense
on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options
when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost, which
comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement
date of the lease plus any initial direct costs less any lease
incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the shorter
of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortised cost
at the present value of the future lease payments. The

lease payments are discounted using the interest rate
implicit in the lease or, if not readily determinable, using
the incremental borrowing rates in the country of domicile
of these leases. Lease liabilities are re-measured with
a corresponding adjustment to the related right-of-use
asset if the Company changes its assessment if whether
it will exercise an extension or a termination option.

(13) Taxes on income

Income-tax expense comprises current and deferred
tax. Current tax expense is recognised in the
standalone statement of profit and loss except to the
extent that it relates to items recognised directly in
other comprehensive income or equity, in which case it
is recognised in other comprehensive income or equity.

Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted
or substantively enacted and as applicable at the
reporting date, and any adjustment to tax payable in
respect of previous years.

Deferred tax is recognised using the balance sheet
method, providing for temporary differences between
the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used
for taxation purposes. Deferred tax is measured at the
tax rates that are expected to be applied to temporary
differences when they reverse, based on the laws that
have been enacted or substantively enacted by the
reporting date. Deferred tax assets and liabilities are
offset if there is a legally enforceable right to offset
current tax liabilities and assets, and they relate to
income taxes levied by the same tax authority.

Deferred tax is recognised in the standalone statement
of profit and loss except to the extent that it relates
to items recognised directly in other comprehensive
income or equity, in which case it is recognised in other
comprehensive income or equity.

A deferred tax asset is recognised to the extent that it
is probable that future taxable profits will be available
against which the temporary difference can be utilised.
Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.

(14) Segment reporting

In accordance with Ind AS 108, the operating segments
used to present segment information are identified on
the basis of internal reports used by the Company's
management to allocate resources to the segments
and assess their performance. The Board of Directors
is collectively the Company's 'Chief Operating Decision
Maker' or 'CODM' within the meaning of Ind AS 108.

(15) Equity investments

Equity investments in joint venture and subsidiaries
are measured at cost. The investments are reviewed
at each reporting date to determine whether there
is any indication of impairment considering the
provisions of Ind AS 36 'Impairment of Assets'. If any
such indication exists, policy for impairment of non¬
financial assets is followed.

(16) Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

16.1 Financial assets

Initial recognition and measurement

All financial assets are recognised initially at
fair value. Transaction costs that are directly
attributable to the acquisition or issue of
financial assets (other than financial assets at
fair value through profit or loss) are added to
or deducted from the fair value of the financial
assets, as appropriate, on initial recognition.
However, trade receivables that do not contain a
significant financing component are measured
at transaction price in accordance with Ind AS
115. Transaction costs of financial assets carried
at fair value through profit or loss are expensed in
the standalone statement of profit and loss.

Subsequent measurement

(i) Financial assets carried at amortised cost

A financial asset is subsequently measured
at amortised cost if it is held within a
business model whose objective is to hold
the asset in order to collect contractual
cash flows and the contractual terms of the
financial asset give rise on specified dates
to cash flows that are solely payments
of principal and interest on the principal
amount outstanding.

(ii) Financial assets at fair value through other
comprehensive income (FVOCI)

A financial asset is subsequently measured
at fair value through other comprehensive
income if it is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the financial
asset give rise on specified dates to cash flows
that are solely payments of principal and
interest on the principal amount outstanding.

(iii) Financial assets at fair value through profit
or loss (FVTPL)

A financial asset which is not classified in any
of the above categories are subsequently
fair valued through profit or loss.

Derecognition

A financial asset (or, where applicable,
a part of a financial asset or part of a
Company of similar financial assets) is
primarily derecognised (i.e. removed from
the Company's balance sheet) when:

• The right to receive cash flows from
the asset have expired, or

• The Company has transferred its rights
to receive cash flows from the asset
or has assumed an obligation to pay
the received cash flows in full without
material delay to a third party under
a 'pass-through' arrangement and
either (a) the Company has transferred
substantially all the risks and rewards of
the asset, or (b) the Company has neither
transferred nor retained substantially all
the risks and rewards of the asset, but
has transferred control of the asset.

Impairment of financial assets

In accordance with Ind AS 109, the
Company use forward-looking information
to recognise expected credit losses (ECL)
model' for measurement and recognition of
impairment loss on the following financial
assets and credit risk exposure:

(a) Financial assets that are debt
instruments, and are measured
at amortised cost e.g., loans, debt
securities, deposits, trade receivables
and bank balance.

(b) Trade receivables using the lifetime
expected credit loss model.

For recognition of impairment loss on other
financial assets and risk exposure, the
Company determines that whether there
has been a significant increase in the credit
risk since initial recognition. If credit risk
has not increased significantly, 12-month
ECL is used to provide for impairment
loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a

subsequent period, credit quality of the
instrument improves such that there is no
longer a significant increase in credit risk
since initial recognition, then the entity
reverts to recognising impairment loss
allowance based on 12-month ECL.

The presumption under Ind AS 109 with
reference to significant increases in credit
risk since initial recognition (when financial
assets are more than 30 days past due), has
been rebutted and is not applicable to the
company, as the company is able to collect
a significant portion of its receivables that
exceed the due date.

16.2 Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, borrowings, payables, or as
derivatives designated as hedging instruments in
an effective hedge, as appropriate. All financial
liabilities are recognised initially at fair value
and, in the case of borrowings and payables,
net of directly attributable transaction costs.
The Company's financial liabilities include trade
and other payables, borrowings and derivative
financial instruments.

Subsequent measurement

The measurement of financial liabilities depends
on their classification, as described below:

Financial liabilities at amortised cost

After initial measurement, such financial liabilities
are subsequently measured at amortised cost
using the EIR method. Gains and losses are
recognised in the standalone statement of profit
and loss when the liabilities are derecognised as
well as through the EIR amortisation process.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortisation is included in finance costs in
the standalone statement of profit and loss. This
category generally applies to borrowings, trade
payables and other contractual liabilities.

Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same

against the outstanding contingent liabilities. However,
the actual future outcome may be different from
this judgement.

(3) Impairment of financial assets

The evaluation of applicability of indicators of impairment of
assets requires assessment of several external and internal
factors which could result in deterioration of recoverable
amount of the assets. At each balance sheet date, based
on historical default rates observed over expected life,
existing market conditions as well as forward looking
estimates, the management assesses the expected credit
losses on outstanding receivables. Further, management
also considers the factors that may influence the credit risk
of its customer base, including the default risk associated
with industry and country in which the customer operates.

(4) Defined benefit obligation (DBO)

Management's estimate of the DBO is based on a
number of underlying assumptions such as standard
rates of inflation, mortality, discount rate and
anticipation of future salary increases. Variation in
these assumptions may significantly impact the DBO
amount and the annual defined benefit expenses.

(5) Useful lives of depreciable/amortisable assets

Management reviews its estimate of the useful lives of
depreciable/amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic
obsolescence that may change the utilisation of assets.

(6) Leases

The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the

applicable discount rate. The Company determines the
lease term as the non-cancellable period of a lease,
together with both periods covered by an option to
extend the lease if the Company is reasonably certain to
exercise that option; and periods covered by an option
to terminate the lease if the Company is reasonably
certain not to exercise that option. In assessing whether
the Company is reasonably certain to exercise an
option to extend a lease, or not to exercise an option
to terminate a lease, it considers all relevant facts and
circumstances that create an economic incentive for
the Company to exercise the option to extend the lease,
or not to exercise the option to terminate the lease. The
Company revises the lease term if there is a change in
the non-cancellable period of a lease.

(7) Government grant

Grants receivables are based on estimates for utilisation
of the grant as per the regulations as well as analysing
actual outcomes on a regular basis and compliance
with stipulated conditions. Changes in estimates or
non-compliance of stipulated conditions could lead to
significant changes in grant income and are accounted
for prospectively over the balance life of the asset.

(8) Fair value measurements

Management applies valuation techniques to
determine fair value of equity shares (where active
market quotes are not available) and stock options.
This involves developing estimates and assumptions
around volatility, dividend yield which may affect the
value of equity shares or stock options.

Estimates and judgements are continuously evaluated.
They are based on historical experience and other
factors including expectation of future events that may
have a financial impact on the Company and that are
believed to be reasonable under the circumstances.

c. The title deeds of all the immovable properties held by the Company (other than properties where the Company is the
lessee and the lease agreements are duly executed in favour of the lessee), except for the following properties, for which the
Company's management is in the process of getting the registration in the name of the Company:

1. Freehold Land amounting H 989.54 lakhs is in held in the name of Haryana Ispat Private Limited

Further, For title deeds of the following immovable properties in the nature of land, which have been mortgaged as security
for loans or borrowings taken by the Company, are lying with respective lenders.

a. The net carrying value of trade receivables is considered a reasonable approximation of fair value.

b. Refer note 24(a) for information on trade receivables pledged as security by the Company.

c. There are no unbilled receivables, hence the same is not disclosed in the ageing schedule.

d. No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other
person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a
partner, a director or a member

e. The carrying amounts of the trade receivables include receivables which are subject to a bill discounting arrangement with the
bank. Under this arrangement, the Company has transferred the relevant receivables to the bank in exchange for cash. However,
the Company retains the credit risk with respect to the transferred receivables due to the existence of recourse till the due date
of the relevant bills discounted. Accordingly, the Company continues to recognise the transferred receivables in their entirety
in its standalone balance sheet till the due date. The amount repayable under the bills discounting arrangement is presented
as unsecured current borrowings in note 24 - Current financial liabilities - borrowings. The Company considers that the held to
collect business model remains appropriate for these receivables and hence continues measuring them at amortised cost.

The relevant carrying amounts in respect of the bills discounting arrangement is as follows:

b. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of H 2 per share (31 March 2024: H 2 per share). Each
holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.

During the year ended 31 March 2025, the amount of per share final dividend recognised as distributions to equity shareholders
is H 2 per share (31 March 2024: H 2 per share) amounting to H 720.48 lakh (previous year - H 720.48 lakh).

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. The distribution will be in proportion to the number of equity shares
held by the shareholders.

i) Capital reserve

Capital reserves represents proceeds of forfeited shares.

ii) Security premium

Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Act.

iii) Share options outstanding account

The Company has implemented a share option scheme under which option to subscribe for the Company's share have been
granted to employees of the Company and its subsidiary companies. The reserve is used to recognise the value of equity
settled share options provided to such employees. See note 51 for further details.

iv) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a
specified percentage in accordance with Companies (Transfer of profits to Reserve) Rules,1975. Consequent to introduction
of the Companies Act 2013, there is no such requirement to mandatorily transfer a specified percentage of the net profit to
general reserve.

v) Retained earnings

Retained earnings are created from the profit / loss of the Company, as adjusted for distributions to owners, transfers to
other reserves, etc.

vi) Equity instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investment in equity instruments in other
comprehensive income. These changes are accumulated in this reserve within equity.

a) The term loans (including current maturities) are secured by equitable mortgage of certain land and building at Plot No. 4, 5A,
52, 53, 54 and 54A DLF Industrial Estate, Phase-I, Delhi - Mathura Road and factory land and building situated at 49 km stone
Delhi Mathura Road, Village Prithla, Tehsil-Palwal, Distt. Palwal, Haryana and Plot No 109-110, Vemgal Industrial Area, District
Kolar, Bangalore, Karnataka and hypothecation of plant and machinery and other property, plant and equipment.

b) The terms and repayment profile of the term loans from banks is below:

(i) Term loan from Punjab National Bank carries an interest of 8.35% to 9.30% and is repayable in 60 monthly instalments
commencing from August 2019 with last instalment due in May 2024.

(ii) Term loan from State Bank of India carries an interest of 8.70% to 9.00% and is repayable in 60 monthly instalments
commencing from January 2020 with last instalment due in February 2029.

(iii) Term loans from HDFC Bank carry an interest in the range of 7.96% to 9.25% and are repayable in 51 - 60 monthly
instalments commencing from October 2021 with last instalment due in November 2029.

c) There has been no default in servicing of loan during the year.

(i) This pertains to security deposits received from customers. Refer note 48.

(ii) During the current year, the Company has completed its assessment in relation to fulfillment of export obligation against one
of the license and paid the requisite duty amount against the un-fulfilled export obligation to the custom authorities. Owing
to final settlement on account of payment of requisite duty, the remaining balance which pertained to the un-fulfilled export
obligation of H 152.21 had been transferred to Deferred grant income. The said balance will be amortized in the remaining life
of property, plant and equipment against which such export obligation was made.

Further during the previous year ended 31 March 2024, expected liability amounting to H 601.71 lakh, reclassified to other
payable upon filling of necessary application by the Company for the foreclosure of one license under EPCG scheme.
Also refer note 27.

Note:

a) The cash credit facilities and working capital demand loan are secured by hypothecation of all inventories including those
in transit, receivables, book debts on pari passu basis, equitable mortgage of land and building situated at Plot No 4, 5A, 52,
53,54 and 54A DLF Industrial Estate, Phase-I, Delhi- Mathura Road and factory land and building situated at 49 km stone Delhi
Mathura Road, Village Prithla, Tehsil-Palwal, Distt. Palwal, Haryana and Plot No 109-110, Vemgal Industrial Area, District Kolar,
Bangalore, Karnataka.

b) The outstanding balance of cash credit facilities is repayable on demand and the rate of interest ranges between 8.30% to
9.20% (31 March 2024: 7.95% to 9.00%) per annum.

c) The outstanding balance of working capital demand loan is repayable within a period of 90 days and the rate of interest
ranges between 6.90% to 7.20% (31 March 2024: 6.96% to 7.55%) per annum.

d) The cash credit facilities and working capital demand loans have been used for the specific purpose for which they are taken
as at the year end.

e) The bills discounting facility from banks are secured by first charge on trade receivables subject to the bills
discounting arrangement.

f) Details of quarterly statements of current assets filed by the Company with banks and reasons of material discrepancies :

i) Defined contribution plans

The Company makes fixed contribution towards provident fund and Employees' State Insurance (ESI) for qualifying employees.
The provident fund plan is operated by the Regional Provident Fund Commissioner and the Company is required to contribute
a specified percentage of payroll cost to fund the benefits. Similarly, the contribution is made in ESI at a specified percentage
of payroll cost.

The Company recognised H 256.25 lakh (31 March 2024: H 234.82 lakh) for provident fund contributions and H 7.01 lakh
(31 March 2024: H 12.54 lakh) for ESI & LWF contributions in the Standalone Statement of Profit and Loss and included in
"Employee benefits expenses" in note 33. The contribution payable to these plans by the Company is at rates specified in the
rules of the schemes.

ii) Defined benefit plans
Gratuity

Contribution to Gratuity funds- Life Insurance Corporation of India, Group Gratuity Scheme

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 gratuity plan is a funded plan and the Company makes contribution to recognised funds in India.

The unfunded gratuity obligation of directors is determined based on actuarial valuation using the Projected Unit Credit Method.

Sensitivities due to mortality and withdrawals are not material. Hence, impact of change is not calculated above.

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year. This analysis
may not be representative of the actual change in the defined benefit obligations 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 methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
the previous year.

D) Risk exposure

i) Changes in discount rate

A decrease in discount yield will increase plan liabilities."

ii) Mortality table

The gratuity plan obligations are to provide benefits for the life of the member, so increases in life expectancy will
result in an increase in plan liabilities.

iii) Other long-term employee benefit plans

The Company provides for compensated absences to its employees. The employees can carry-forward a portion of the
unutilized accrued compensated absences and utilise it in future service periods or receive cash compensation on termination
of employment. Since the compensated absences do not fall due wholly within twelve months after the end of the period in
which the employees render the related service and are also not expected to be utilised wholly within twelve months after the
end of such period, the benefit is classified as a other long-term employee benefit. The Company records an obligation for such
compensated absences in the period in which the employee renders the services that increase this entitlement. The scheme is
unfunded and liability for the same is recognised on the basis of actuarial valuation. A provision of H 70.38 lakh (31 March 2024:
H 75.98 lakh) for the year have been made on the basis of actuarial valuation as at the year end and debited to the Standalone
Statement of Profit and Loss. As at 31 March 2025, provision for compensated absences amounts to H 196.10 lakh (31 March
2024 - H 177.58 lakh) presented as provisions for employee benefit obligations in note 21 - Provisions.

40 Operating segments

In accordance with Ind AS 108 'Operating Segments', the Board of Directors of the Company, being the chief operating decision
maker of the Company has determined "Automotive components" as the only operating segment. Further, in terms of paragraph
31 of Ind AS 108, entity wide disclosures have been presented below:

Entity wide disclosures

A. Information about products and services

The Company is engaged in the manufacturing and marketing of one product line i.e. "Automotive Components" primarily
used in the automobile industry. Therefore, product wise revenue disclosure is not applicable.

B. Information about geographical area

The major sales of the Company are made to customers which are domiciled in India. Information concerning principal
geographic areas is as follows

A. Capital commitment:

(i) Estimated amount of contracts remaining to be executed on the capital account and not provided for in the books of
account (net of capital advances) H 701.18 lakhs (H 276.10 lakhs as at 31 March 2024).

B. Contingent liabilities and other commitments

a) Service tax demand amounting to H 106.04 lakh for the period April 2014 to June 2017 was due to disallowance of
the Cenvat credit on outward transportation of final product to the buyer's premises. Representation against the
aforementioned demand were filed before the Joint Commissioner of Central Tax, Faridabad, Haryana. On 4 June
2021, the Company had received an unfavourable order from the Joint Commissioner. On 2 August 2021, the Company
had filed an appeal against the aforesaid order with the Commissioner Appeals, however, the Company had received
an unfavorable order from the Commissioner Appeals vide order dated 25 February 2022. The Company had filed
an appeal, on 26 May 2022, against the said demand/order with Customs Excise and Service Tax Appellate Tribunal
('CESTAT'), Chandigarh and remains confident of getting a relief against the said order.

b) Interest amounting to H 82.65 lakh (31 March 2024 - H 73.71 lakh) on the demands raised by excise authorities has been
calculated by the Company based on the demand cum show-cause notices pending adjudication.

c) Demand under GST amounting to H 50.00 lakh was raised vide show cause notice reference no. ZD060922013840M
dated 21 September 2022, pertaining to mismatch of input tax credit in GSTR-3B and GSTR-2A/2B for the financial year
2019-20. The Company has submitted reply to the said show cause notice vide letter dated 27 October 2022. In current
year, the favourable order has been received from Excise and Taxation officer stating that the proceedings have been
dropped in relation to the reply submitted by the company.

d) Appeals filed before Commissioner of Income tax (CIT) for demands under Income Tax Act 1961 in AY 2013-14, 2016¬
17, 2018-19 and 2020-21. The appeals have not yet been disposed off by CIT and the company expects a favorable
chance of getting the relief against these orders.

The Company has no other material contingent liabilities other than those disclosed above, which could devolve
upon the Company.

It is not practicable for the Company to estimate the timings of the cash flows, if any, in respect of the above pending
resolution of the respective proceedings. The Company has assessed that it is only possible, but not probable, that
outflow of economic resources will be required in respect of the above proceedings.

Lease payments not recognised as a liability

The Company has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12 months or less)
or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The Company does not
have any liability to make variable lease payments for the right-to-use the underlying asset recognised in the financial statements.

The expense relating to payments not included in the measurement of the lease liability for short term leases is H 100.69 lakhs
(31 March 2024 - H 56.73 lakhs). At 31 March 2025 and 31 March 2024, the Company is not committed to any liability towards
short-term leases.

Total cash outflow for leases for the year ended 31 March 2025 was H138.12 lakhs (31 March 2024 - H 94.62 lakhs) [including
H 100.69 lakhs (31 March 2024 - H 56.73 lakhs) paid towards the aforementioned short-term leases].

43 Related party disclosures

In accordance with the requirement of Indian Accounting Standard (Ind AS) 24 "Related Party Disclosures”, name of the related
party, related party relationship, transactions and outstanding balances including commitments where control exists and with
whom transactions have taken place during the reported period are as follows:

Note :

1) The sale to and purchase from and other transactions with related party are made on terms equivalent to those that
prevail in arm 's length transaction.

2) Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

3) The remuneration to the Key managerial personnel does not include the provisions made for Gratuity as they are
determined to the company as a whole

4) The Company Secretary (CS) of the Company resigned with effect from 13 March 2025. In accordance with Section
203(4) of the Companies Act, 2013, the resultant vacancy is required to be filled by the Company within six months.
The Company is in the process of identifying a suitable candidate to fill the vacancy in compliance with applicable
regulatory timelines.

I Financial instruments

(a) Financial instruments by category

Derivative financial instruments and investment in mutual funds are measured at fair value through profit or loss.
Investment in equity instruments (except investments in subsidiaries) are measured at fair value through other
comprehensive income. Other than the aforementioned, all other financial assets and liabilities viz. security deposits,
cash and cash equivalents, other bank balances, interest receivable, other receivables, trade payables, employee related
liabilities and borrowings, are measured at amortised cost.

(b) Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the standalone financial statements. To provide an indication about the reliability of the inputs used in
determining fair value, the Company has classified its financial instruments into the three levels prescribed under the
accounting standard. An explanation of each level follows underneath the table.

The following table shows the carrying amounts and fair values of financial assets and financials liabilities, including
their levels of in the fair value hierarchy:

*The equity securities which are not held for trading, and for which the Company has made an irrevocable election at initial recognition to recognise
changes in fair value through OCI rather than profit or loss as this is strategic investment and the Company considered this to be more relevant.

The Company has an established control framework with respect to the measurement of fair values. The finance and
accounts team that has overall responsibility for overseeing all significant fair value measurements and reports directly
to the board of directors. The team regularly reviews significant unobservable inputs and valuation adjustments. If third
party information, such as broker quotes or pricing services, is used to measure fair values, then the team assesses the
evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind
AS, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues
are reported to the Company's board of directors.

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

There have been no transfers within the levels for the year ended 31 March 2025 and 31 March 2024.

Fair value of financial assets and liabilities measured at amortised cost

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

For other financial liabilities/ assets that are measured at amortised cost, the carrying amounts are considered equal to
their respective fair values.

II. Financial risk management

The Company's principal financial liabilities comprise borrowings, lease liabilities, trade payables and other payables. The
Company's principal financial assets include trade and other receivables, investments and cash and bank balances that it
derives directly from its operations.

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

- credit risk;

- liquidity risk; and

- 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 measuring and 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 and advances, cash and cash equivalents and deposits with banks.

Trade receivables

The Company primarily sells high tensile cold forged fasteners to bulk customers comprising mainly automotive
manufacturers operating in India and outside India. The Company's exposure to credit risk is influenced mainly by the
individual characteristics of each customer. However, management also considers the factors that may influence the
credit risk of its customer base, including the default risk of the industry and country in which customers operate.

Cash and cash equivalents and other bank balances of the Company are held with banks which have high external
rating. The Company considers that its cash and cash equivalents and other bank balances have low credit risk based
on the external credit ratings of the counterparties.

Loans to employees, security deposits and other financial assets

The Company provides loans to its employees and furnish security deposit to various parties for electricity,
communication, etc.. The Company considers that its loans have low credit risk or negligible risk of default as the parties
are well established entities and have strong capacity to meet the obligations. Other financial assets majorly includes
receivables from scrap sales wherein the Company monitors the credit risk of the respective customer/dealers on the
basis of the individual characteristics of the customer/dealer and any default risk or increased credit risk in the past.

Investments

The Company has invested in unquoted equity instruments of its subsidiaries and other company. The management
actively monitors the operation of subsidiaries which affect investments. The Company does not expect the
counterparty to fail in meeting its obligations other than those specifically considered as impairment allowance as per
the management's assessment.

Plan assets

The Company has taken gratuity insurance policy from LIC of India for funding of its employee benefit obligations, LIC
of India generally invest in securities of high credit rating.

(a) Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
credit risk at the reporting date is:

C. Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the
Company's income. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return.

The Board of directors is responsible for setting up of policies and procedures to manage market risks of the Company.
The Company is carrying out imports of certain raw materials and capital goods and exports finished goods which are
denominated in the currency other than the functional currency of the Company which exposes it to foreign currency
risk. In order to minimise the risk, the Company executes forwards contract with respect to purchases and sales made
in currency other than its functional currency, the foreign exchange exposure of the Company is ascertained on the
basis of the progress billings and purchase orders issued.

46 Capital management

The Company's objectives when managing capital are to:

- safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits
for other stakeholders; and

- maintain an appropriate capital structure of debt and equity.

The management assesses the capital requirements in order to maintain an efficient overall financing structure. The Company
manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics
of the underlying assets. The Company is not subject to externally imposed capital requirements.

The Company monitors capital on the basis of its gearing ratio which is net debt divided by total equity. Net debt comprises of
non-current and current borrowings less cash and cash equivalents. Equity includes equity share capital and other equity that are
managed as capital. The gearing ratio at the end of the reporting periods are as follows:

(f) Satisfaction of performance obligations

The Company's revenue is derived from the single performance obligation to transfer primarily hi-tensile fasteners under
arrangements in which the transfer of control of the products and the fulfilment of the Company's performance obligation
occur at the same time. Revenue from the sale of goods is recognised when the Company has transferred control of the
goods to the buyer and the buyer obtains the benefits from the goods, the potential cash flows and the amount of revenue
(the transaction price) can be measured reliably, and it is probable that the Company will collect the consideration to which it
is entitled to in exchange for the goods.

Whether the customer has obtained control over the asset depends on when the goods are made available to the carrier or
the buyer takes possession of the goods, depending on the delivery terms. In case of the Company's operations, generally
the criteria to recognize revenue has been met when its products are delivered to its customers or to a carrier who will
transport the goods to its customers, this is the point in time when the Company has completed its performance obligations.
Revenue is measured at the transaction price of the consideration received or receivable, the amount the Company expects
to be entitled to.

Payment terms

The sale of goods is typically made under credit payment terms differing from customer to customer and ranges
between 0-60 days.

Variable considerations associated with such sales

Periodically, the Company enters into volume or other rebate programs where once a certain volume or other conditions are
met, it refunds the customer some portion of the amounts previously billed or paid. For such arrangements, the Company
only recognizes revenue for the amounts it ultimately expects to realise from the customer. The Company estimates the
variable consideration for these programs using the most likely amount method or the expected value method, whichever
approach best predicts the amount of the consideration based on the terms of the contract and available information and
updates its estimates each reporting period.

9 Details of disclosure pursuant to Regulation 34 of the SEBI (Listing, Obligations & Disclosure Requirements) Regulations, 2015 and
disclosure under section 186(4) of the Act:

# The corporate guarantee given on behalf of the subsidiary company is in relation to the short term borrowings and term loans availed by the subsidiary company.

50 The Board of Directors at its meeting held on 13 May 2025, have recommended a final dividend of H 2.5 per share (face value of H 2
per share) for the financial year 2024-25, which is subject to the approval of the members at the ensuing Annual General Meeting.

51 Employee Stock Option Plan ('ESOP')

During the previous year ended 31 March 2024, the Company vide resolution dated 30 October 2023, approved the 'STL-Employee
Stock Option Plan-2023'. The Employee Stock Option Plan ('ESOP') is introduced to provide employees of the Company and
its subsidiary companies, with an additional incentive based on productivity and performance and thereby to motivate them
to contribute to the overall corporate growth and profitability. The Company aims to make the overall compensation structure
attractive to attract, retain and suitably reward the employees and unify the interests of the Company's personnel and shareholders.

Under the plan, options granted to the employees shall vest on satisfying time-based eligibility criteria, which shall not be earlier
than one year and not later than the maximum period of five years from the date of the grant of the options. The options which
have vested can be exercised by the eligible employees within a period of ten years from the date of vesting. When exercisable,
each option is convertible into one equity share.

Below is a summary of options granted under the plan:

Expected volatility during the expected life of the options is estimated using the historical volatility of the equity shares of the
Company during the period equivalent to the expected life of the options from the grant date. As the options are vesting on
graded basis, the expected volatility has been estimated for each tranche of the options vested using the historical volatility of the
Company during the period equivalent to the expected life of each tranche of the options.

Since, the 640,431 options are issued to an employee of the subsidiary company as on 31 January 2024 and the Company
has an obligation to settle the options provided to the subsidiary's employees by providing the Company's equity shares, the
Company has measured its obligation with a credit to share option outstanding reserve amounting to H 1118.88 lakhs during the
year (previous year - H 199.69 lakhs) in accordance with Ind AS 102, Share based payments, with a corresponding debit to the
Company's investment in the subsidiary company.

Pursuant to the ESOP Plan 2023, 1,60,107 options have been granted to an employee of a subsidiary company which were vested
on 31st January 2025 and were subsequently exercised by employee. Based on the Exercise Letter, Nomination and Remuneration
Committee recommendation, and Board approval of Sterling Tools Limited, the equity shares have been allotted to the employee.

52 The Hon'ble National Company Law Tribunal, New Delhi Bench, vide order dated 27 March 2025 ("Order”), has approved the Scheme
of Amalgamation of Haryana Ispat Private Limited ('Wholly Owned Subsidiary”) with Sterling Tools Limited ("Company”) with effect
from 01 April 2024 ("Appointed Date”) and the Order was filed by the Company with the Registrar of Companies, NCT of Delhi and
Haryana on 23 April 2025.

The Company has given effect to the scheme in the standalone financial statements. Further, as per the requirements of Appendix
C to Ind AS 103 "Business Combination”, the comparative periods have been restated as if the common control business
combination had occurred from beginning of the preceding period presented i.e. 01 April 2023, irrespective of the actual date of
the combination. The impact of the aforesaid merger is not material to the standalone financial statements.

53 The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which
uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled.

For the year ended 31 March 2025, the Company uses an accounting software for maintenance of books of account, which
records the logs for all the transactions and edit logs for the changes therein. However, the edit logs of events for the changes
directly at the database level and application level was enabled at certain specific areas/tables except for Fixed Asset Register.
Furthermore, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Further, accounting software used for payroll processing of the Company is operated by a third party software service provider
and the availability of audit trail (edit logs) are covered in the 'Independent Service Auditor's Assurance Report on the Description
of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with ISAE 3000 (Revised), Assurance
Engagements Other than Audits or Reviews of Historical Financial Information). Also, the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

Also, the merged company, Haryana Ispat Private Limited used accounting software for maintenance of books of account, has a
feature of recording audit trail facility except that the audit trail feature was not operative from period 01 April 2024 to 08 May 2024.
Furthermore, in the previous year, the books of accounts of the Company are maintained manually, accordingly, audit trail could not
be preserved by the Company as per the statutory requirements for record retention.

54 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules
made thereunder.

(ii) The Company has not been declared willful defaulter by any bank or financial institutions or other lenders.

(iii) The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act, 1956.

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

(v) The Company has complied with number of layers prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017.

(vi) 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:

- 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

- provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) 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:

- 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

- provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) 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 current and preceding 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).

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

55 Previous year figures have been regrouped/reclassified, where necessary, to conform to the current year classification. The impact
of such reclassification/regrouping is not material to the standalone financial statements.

As per our report of even date attached.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants Sterling Tools Limited

Firm Registration No. 001076N/N500013

Ashish Gera Anil Aggarwal Atul Aggarwal

Partner Director Managing Director

Membership no. 508685 DIN : 00027214 DIN : 00125825

Place: Faridabad Pankaj Gupta

Date: 13 May 2025 Chief Financial Officer