2.9 Provisions and Contingent Liabilities

Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
there is a reliable estimate of the amount of the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party, a 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.

When the Company expects some or all of a provision to be reimbursed, for example, under an insurance
contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the Statement of Profit and Loss net of any
reimbursement.

Present obligations arising under onerous contracts are recognised and measured as provisions.

Provisions for the expected cost of warranty obligations on sale of goods are recognised at the date of sale
of relevant products, at the Management best estimate of the expenditure required to settle the Company''s
obligation. These estimates are established using historical information on the nature, frequency and average
cost of warranty claims and management estimates regarding possible future incidence based on corrective
actions on product failures. The timing of outflows will vary as and when warranty claim will arise.

Contingent liability is disclosed in the case of:

(i) A present obligation arising from the past events, when it is not probable that an outflow of resources will
be required to settle the obligation;

(ii) A present obligation arising from the past events, when no reliable estimate is possible;

(iii) A possible obligation arising from the past events, unless the probability of outflow of resources is
remote.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.
Provisions, contingent liabilities and commitments are reviewed at each balance sheet date.

2.10 Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise balance with banks, cash on hand, cheques/ draft on
hand and short-term deposits net of bank overdraft with an original maturity of three months or less, which are
subject to an insignificant risk of changes in value. For the purposes of the cash flow statement, cash and cash
equivalents include balance with banks, cash on hand, cheques/ draft on hand and short-term deposits net of
bank overdraft.

2.11 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.

(a) Financial Assets
Measurement

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of financial asset
not recorded at fair value through profit or loss, transaction costs that are directly attributable to the acquisition
of the financial asset.

Financial assets with embedded derivatives are considered in their entirety when determining whether their
cash flow are solely payment of principal and interest.

Classification

The Company classifies its financial assets in the following measurement categories:

a) those to be measured subsequently at fair value (either through other comprehensive income (FVTOCI), or
through profit or loss (FVTPL)), and

b) those measured at amortised cost.

The classification depends on the Company''s business model for managing the financial assets and the
contractual terms of cash flow.

For assets measured at fair value, gains and losses is either recorded in the statement of profit and loss or other
comprehensive income.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated
at FVTPL:

i. The asset is held within a business model whose objective is to hold assets to collect contractual cash flow;
and

ii. The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments
of principal and interest on the principal amount outstanding.

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading and contingent consideration, recognised by an acquirer in a business combination to which Ind AS 103
applies are classified as at fair value through profit or loss. For all other equity instruments, the Company may
make an irrevocable election to present in other comprehensive income subsequent changes in the fair value.
The Company makes such election on an instrument-by-instrument basis. The classification is made on initial
recognition and is irrevocable.

Impairment of Financial Assets

The Company assesses on a forward looking basis, the expected credit losses associated with its assets
carrying at amortized cost and FVTOCI debt instruments. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. For trade receivables only, the Company applies the
simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to
be recognised from initial recognition of the receivables.

Derecognition of Financial Assets

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flow from the financial asset or

• retains the contractual rights to receive the cash flow of the financial asset, but assumes a contractual
obligation to pay the cash flow to one or more recipients.

Fair value of Financial Instruments

In determining the fair value of financial instruments, the Company uses a variety of method and assumptions
that are based on market conditions and risk existing at each reporting date. The methods used to determine
fair value includes discounted cash flow analysis and available quoted market prices. All method of assessing
fair value result in general approximation of fair value and such value may never actually be realised.

Investments in subsidiaries are stated at Cost and investment in equity instrument (other than subsidiary), the
Company''s management has elected to present fair value gains and losses in other comprehensive income, there
is no subsequent reclassification of fair value gains and losses to the statement of profit and loss. Investments
in units of mutual funds are accounted for at fair value and the changes in fair value are recognised in the
Statement of Profit and Loss.

(b) Financial Liabilities

The Company recognises a financial liability in its balance sheet when it becomes party to the contractual
provisions of the instrument. All financial liabilities are recognized initially at fair value and, in the case of trade
and other payable, loans and borrowings, net of directly attributable transaction costs.

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or
at amortised cost as appropriate.

Subsequent Measurement

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

(i) Financial liabilities at fair value through profit or loss

(ii) Financial liabilities measured at amortised cost
Financial Liabilities at Fair Value through Profit or Loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or
Losses, including any interest expense on liabilities held for trading are recognised in the Statement of Profit
and Loss.

Financial Liabilities at Amortised Cost

After initial recognition, interest-bearing financial liabilities at amortised cost are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in profit or 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 as finance costs in the statement of profit
and loss.

Supplier Finance Arrangements

The Company also classifies financial liabilities from supplier finance arrangements as trade payables if they are
of the same nature and has terms comparable to regular trade payables. This applies when the arrangement is
part of the normal operating cycle and has similar security levels. The related cash flow are included in operating
activities in the standalone statement of cash flow.

Derecognition of Financial Liabilities

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 lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit and loss.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the standalone balance sheet
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle
on a net basis or to realise the assets and settle the liabilities simultaneously.

2.12 Employee Benefits

A Short Term Employee Benefits

All employee benefit that are expected to be settled wholly within 12 months after the end of the reporting
period are treated as short-term employee benefits and presented as current liabilities. The Company
recognises expected cost of short-term employee benefit as an expense, when an employee renders the
related service.

B Post-Employment Benefits

(i) Defined Contribution Plan

Contributions to defined contribution schemes are charged to the profit and loss in the year to which
they relate.

(ii) Defined Benefit Plans

Gratuity: The Company provides for gratuity, a defined benefit plan covering eligible employees in
accordance with the Payment of Code on social security, 2020. The Gratuity Plan provides a lump sum
payment to vested employees at retirement, death, incapacitation or termination of employment, of
an amount based on the respective employee''s salary. The Company''s liability is actuarially determined
(using the Projected Unit Credit method) at the end of each year.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI
in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent
periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The
Company recognises the following changes in the net defined benefit obligation as an expense in the
Statement of Profit and Loss:

(i) Service costs comprising current service costs, past-service costs, gains and losses on
curtailments and non-routine settlements; and

(ii) Net interest expense or income

Compensated Absence: The Company provides for the leave and encashment of earned leave subject to
certain rules. The employees are entitled to accumulate earned leave subject to certain limits, for future
utilization or encashment.

2.13 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker is responsible for allocating resources and
assessing performance of the operating segments and has been identified as the Board of Director of the
Company.

2.14 Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects
of all dilutive potential equity shares.

Note 3: Recent Accounting Pronouncement

The Ministry of Corporate Affairs (MCA) has notified amendments vide the Companies (Indian Accounting
Standards) Amendment Rules, 2025 dated 7 May 2025 and the Companies (Indian Accounting Standards)
Second Amendment Rules, 2025 dated 13 August 2025. These amendments are applicable for annual
reporting periods beginning on or after 1 April 2025.

(a) Amendment to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangement:

TheamendmentstoInd AS7, Statement of Cash Flow, and IndAS107,FinancialInstruments: Disclosures, clarify
the characteristics of supplier finance arrangements and introduce additional disclosure requirements for
such arrangements. These disclosures are intended to enable users of financial statements to understand
the effects of supplier finance arrangements on an entity''s liabilities, cash flow, and exposure to liquidity risk.
As a result of implementing the amendments,the Company has provided additional disclosures about its
supplier finance arrangement. Refer to Note 21.

(b) Amendment to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities
with Covenants:

The amendment specifies the requirements for classifying liabilities as current or non-current in the
balance sheet, and clarifies the following:

a) An entity''s right to defer settlement of a liability for at least twelve months after the reporting period
must have substance and must exist at the end of the reporting period. The classification of a liability
as current or non-current is unaffected by the likelihood that the entity will exercise its right to defer
settlement.

b) If an entity''s right to defer settlement of a liability is subject to covenants, such covenants affect
whether that right exists at the end of the reporting period only if the entity is required to comply with
the covenant on or before the end of the reporting period.

c) In case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity''s
own equity instruments, such settlement terms do not affect the classification of the liability as current
or non-current only if the option is classified as an equity instrument.

These amendments have no effect on the measurement of any items in the standalone financial
statements of the Company. The Company did not make retrospective adjustments as a result of
adopting the amendments to Ind AS 1.

(c) Amendment to Ind AS 12 - Pillar-Two Tax Reforms

The Company is not within the scope of the OECD Pillar Two Model Rules, as Pillar Two legislation has not yet
been enacted in any of the jurisdiction in which the Company operates.

(d) Amendment to Ind AS 21-Lack of Exchangeability

The Amendments introduces requirement to assess when a currency is exchangeable into another currency
and when it is not. The amendment requires an entity to estimate the spot exchange rate when it concludes
that a currency is not exchangeable into another currency. These amendments had no effect on the
standalone financial statements of the Company.

i) During the financial year 2024-25 the Company had issued 3,15,000 nos of Convertible Share Warrants vide
board meeting held on 10.03.2025@ Rs. 1614.00 (Securities Premium of Rs. 1604.00 ) per share against initial call
money of Rs. 403.50( i.e. 25% of the issue price) per share and balance of amount payable to the company at the
time of final call within 18 month from the date of issue share warrants

ii) During the financial year 2025-26 , the company has converted 18,600 Nos of Convertible Share Warrants to
18,600 numbers of equity shares with face value of Rs.10.00 each upon receipt of balance 75% of consideration
money @ Rs.1210.50 Per Share including Securities Premium of Rs.1604.00 per share and adjusted the amount
from Money Received against Share Warrants @ Rs 403.50 per Share Warrant.

, Dist - Hooghly, West Bengal and charge through hypothecation of plant and machinery and personal gurantees of
some of Dirctors and M/s Prilika Enterprises Pvt Ltd.

# Cash Credit Facilities Availed from Bank of India and State Bank of India (Under Consortium Banking Arrangements)
are secured by First pari-passu charge by way of hypothecation of all current assets and Second pari-passu charge
to working capital lenders by way of registered mortgage of Factory Land & Building located at Mouza -Ajabnagar,
JL 82, Singur, Dist -Hooghly , West Bengal and hypothecation of all present and future current assets, book debts,
fixed assets (movable & immovable ) of CRF Unit at Singur with collateral security of factory land and building with
exclusive charge through equitable mortgage of plant & machinery with exclusive charge through hypothecation
along with personal guarantees of some directors and M/s Prilika Enterprises Pvt Ltd

## Current maturity under deferred payment liabilties represents the principal amount of instalments payable to
ICICI Bank & Term Loan of Bnak of India payable during next months for end of the year 2025-26.

Note 29 : Segment Reporting

A. Basis for Segmentation

The Company is primarily engaged in the business of Cold Rolled Forming part of Railway Wagons. The Chief
Operating Decision Maker ("CODM") reviews the operations of the Company as a single operating segment for the
purpose of resource allocation and performance assessment.

Accordingly, the Company has identified only one reportable segment in accordance with Ind AS 108 - Operating
Segments. Therefore, no separate segment information is required to be disclosed.

B. Geographical Information

The Company operates primarily within India and does not have significant operations outside India.

Note 31 : Contingent Liabilities and Commitments

A. Contingent Liabilities

(i) Bank Guarantee Issued by State Bank of India on behalf of the company in favour of WBSEDCL for Rs.21.45
Lakhs (Previous Year Rs. 21.45 Lakhs) for Security deposit for conncetion of power at Singur Unit ( Pledged
margin of Rs.5.36 Lakhs )

(ii) Pursuant to an order by Hon''ble high court at Calcutta (Division Bench) dated 30th August ,2003 has appointed
an Ex-Supreme Court Judge as the Sole Arbitrator to adjudiacted the issues and difference between the
parties pertaing to the business transfer Agreement dated January 19,2022 involving the contingent liabilty
amounting to Rs.1033.34 lakhs. The instant matter is pending for adjudication and financial effect if any will
be provided on settelment of the issue, the matter is under process till date.

(iii) The Company has provided a corporate guarantee to banks in respect of credit facilities granted to
its subsidiary company namely N S Engineering Projects Private Ltd. The outstanding amount of such
guarantee as at 31 March 2026 is '' 4,900.00 Lakhs (Previous Year: NIL).The management believes that no
liability is likely to arise on account of the above guarantee.

B. Commitments

a. Capital Commitments:

Estimated amount of contracts remaining to be executed on capitalisation of Assets is Nil

b. Other Commitments: The Company does not have any long term commitments / contracts including
derivative contracts for which there will be any material foreseeable losses.

Note 33 : Employee Benefits

(I) Defined Contribution Plans

The Company has provident fund plans for all the employees of the company. Contributions are made to provident
fund in India for employees at the rate of 12% of basic salary subject to statutory limits. The obligation of the
Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
The expense recognised during the year towards defined contribution plan is '' 4.38 Lakh (31 March 2025- '' 1.25
Lakh)

(II) Defined Benefit Plan - Unfunded

(a) Leave Obligations

The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees
are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided
based on the number days of unutilised leave at each balance sheet date . The scheme is unfunded.

(b) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of
service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Code on
Social Security, 2020. The scheme is unfunded.

A Principal Actuarial Assumptions

Principal actuarial assumptions used to determine the present value of the defined benefit obligation as at and
for the year ended are as follows:

(x) The Government of India has notified the Labour Codes with effect from November 21, 2025, and issued related
Rules and FAQs. Pursuant thereto, the Company has revised the compensation structure of its employees with
effect from April 1, 2026. Accordingly, the consequential impact of the revised salary structure on gratuity
liability will be reflected prospectively in the actuarial valuation in subsequent financial periods. The Company
continues to monitor further developments and clarifications relating to the implementation of the Labour
Codes.

b) Financial Risk Management

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

The Company is exposed to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk;

- Market risk - Foreign exchange

- Market risk - Interest rate

- Market risk - Price risk

Risk Management Framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s
risk management framework. The board of directors have authorised senior management to establish the
processes, who ensures that executive management controls risks through the mechanism of properly defined
framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company,
to set appropriate risks limits and controls, to monitor risks and adherence to limits. Risk management policies are
reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through
its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.

Note 37 : Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s
capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirement.

Note 41 : Explanation of Transition to Ind AS

These Standalone Financial Statements for the year ended 31st March 2026, are the first financial statements of
the Company prepared in accordance with the Indian Accounting Standards ("Ind AS") notified under the Companies
(Indian Accounting Standards) Rules, 2015 as amended. For periods up to and including the year ended 31st March 2025,
the Company prepared its financial statements in accordance with "previous GAAP", including accounting standards
notified under the Companies (Accounting Standards) Rules, 20013 (as amended).

Accordingly, the Company has prepared the Standalone Financial Statements which comply with Ind-AS applicable
for periods ended on or after 31 March 2026, together with the comparative period data as at and for the year ended
31st March 2025, as described in the summary of significant accounting policies. In preparing these Standalone
Financial Statements, the Company''s opening balance sheet was prepared as at 1st April 2024, the Company''s date
of transition to Ind-AS. This note explains the principal adjustments made by the Company in restating its previous
GAAP Financial Statements, including the balance sheet as at 1st April 2024 and the financial statements as at and
for the year ended 31st March 2025

According to Ind AS 101, the first Ind AS, the Standalone Financial Statements must use recognition and measurement
principles that are based on standards and interpretations that are effective for the financial year ended 31st March
2026. These accounting principles and measurement principles must be applied retrospectively to the date of
transition to Ind AS and for all periods presented within the first Ind AS financial statements. Any resulting differences
between carrying amounts of assets and liabilities according to Ind AS 101 as of 1st April 2024 compared with those
presented in the previous GAAP Balance Sheet as of 31st March 2024, were recognised in equity within the Ind AS
Balance Sheet.

Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition
from previous GAAP to Ind AS. Transition elections Explanation of the Ind AS 101 exceptions and exemptions to the full
retrospective application of Ind AS applied by the Company. In the Ind AS opening Balance Sheet as at 1st April, 2024,
the carrying amounts of assets and liabilities from the previous GAAP as at 31st March 2024 are generally recognized
and measured according to Ind AS in effect for the financial year ended as on 31st March 2026. For certain individual
cases, however, Ind AS 101 provides for optional exemptions to the general principles of retrospective application of
Ind AS. The Company has made use of the following exemptions in preparing its Ind AS opening Balance Sheet.

a) Ind AS optional exemptions:

(i) Property, plant and equipment and intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant
and equipment, intangible assets and capital work in progress as recognised in the financial statements as at
the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the
date of transition. Accordingly, the Company has elected to measure all of its property, plant and equipment and
intangible assets at their Previous GAAP carrying value.

(ii) Determining whether an arrangement contains a lease

Appendix C to Ind AS 115 requires an entity to assess whether a contract or arrangement contains a lease. In
accordance with Ind AS 115, this assessment should be carried out at the inception of the contract or arrangement.
However, Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing
at the date of transition to Ind AS, except where the effect is expected not to be material. The Company has
elected to apply this exemption for such contracts/arrangements.

b) Ind AS mandatory exceptions:

(i) Estimates

An entity''s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with
estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference
in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates
as at 1 April 2024 are consistent with the estimates as at the same date made in conformity with previous GAAP.
The Company has made estimates for following items in accordance with Ind AS at the date of transition as
these were not required under previous GAAP:a) Determination of the discounted value for financial instruments
carried at amortised cost. b) Impairment of financial assets based on expected credit loss model.

(ii) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances
existing as on the date of transition. Further, the standard permits measurement of financial assets accounted
at amortised cost based on facts and circumstances existing at the date of transition if retrospective application
is impracticable. Accordingly, the Company has determined the classification of financial assets based on facts
and circumstances that exist on the date of transition. Measurement of financial assets accounted at amortised
cost has been done retrospectively except where the same is impracticable

B. Reconciliations between previous GAAP and Ind AS:

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flow for prior periods. The
following tables represent the reconciliations from previous GAAP to Ind AS.

(v) Reconciliation of total comprehensive income/ (expense) for the year ended 31 March 2025

There were no other comprehensive income for the year 2025, hence no reconciliation required for total
comprehensive income.

(vi) Impact of Ind AS adoption on the statements of cash flow for the year ended 31 March 2025

There were no material differences between the statement of cash flow presented under Ind AS and the Previous
GAAP except due to various re-classification adjustments recorded under Ind AS and difference in the definition
of cash and cash equivalents under these two GAAPs.

Note No. 42: Other Statutory Information

(i) There are no proceedings which have 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 as wilful defaulter by any bank or financial Institution (as defined under
companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on wilful defaulters
issued by the Reserve bank of India.

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

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

(v) The Company is in compliance with requirement with respect to the number of layers prescribed under clause
(87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

(vi) The Company does not have any transaction which not recorded in the books of accounts that has been
surrendered or disclosed as income during the 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). Further, there are no
transactions which are previously unrecorded income and related assets that were recorded in the books of
accounts during the year.

(vii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year, and
hence disclosure relating to profit or loss on transactions involving Crypto/Virtual Currency and amount of
currency held as at the reporting date and deposits or advances from any person for the purpose of trading or
investing in Crypto/virtual currency is not applicable."

(viii) There is no scheme of arrangement approved by competent authority in terms of sections 230 to 237 of the
Companies Act,2013 during the year, hence relevant disclosures are not applicable."

(ix) The company has not advanced or given loan or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries)

with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries and hence disclosure in this regard is not applicable.

(x) 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries, and hence disclosure in this regard is not applicable.

Note No. 43: Events After Balance Sheet Date

The Company has submitted Resolution Plan under CIRP for Acquisition of M/s Amzen Transportation Industries Pvt
Ltd in June 2024 along with other bidders . During the CIRP process , there were some legal disputes in regards
to the eligibility for participation in the CIRP by the promoter of Cosmic Crf Ltd u/s 29A of The Insolvency and
Bankruptcy Code (IBC), 2016 for which the company has to move to The Hon''ble NCLAT , New Delhi and the Hon''ble
Supreme Court of India . On 14th May 2026, the Hon''ble Supreme Court of India has pronounced the verdict in favour
of the company to be eligible to participate in the CIRP of the Corporate Debtor M/s Amzen Transportation Industries
Pvt Ltd and set aside the impunged orders passed by the Hon''ble NCLAT."

Note No. 44:

As these are the Company''s first financial statements prepared in accordance with Ind AS, comparative information for
the previous period has been restated/reclassified wherever necessary to conform to the current year''s presentation
and the requirements of Ind AS. The impact of such reclassification/ regrouping is not material to the Standalone
Finacial Statements.The transition from previous GAAP to Ind AS has been accounted for in accordance with Ind AS
101.

XIV. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS:

Provisions are recognised only when the Company has present, legal or constructive obligations as a result of past events, for which it is probable that an outflow of economic benefit will be required to settle the transaction and a reliable estimate can be made for the amount of the obligation.

Contingent liability is disclosed for

(i) possible obligations which will be confirmed only by future events not wholly within the control of the Company, or

(ii) present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are not recognised in the financial statements since this may result in the recognition of income that may never be realised.

XV. CURRENT/ NON CURRENT CLASSIFICATION OF ASSETS/ LIABILITIES:

The Company has classified all its assets / liabilities into current / non-current portion based on the time frame of 12 months from the date of financial statements. Accordingly, assets/ liabilities expected to be realised/ settled within 12 months from the date of financial statements are classified as current and other assets/ liabilities are classified as non-current.

XVI. ROUNDING OFF AMOUNTS

All amounts disclosed in financial statements and notes have been rounded off to the nearest rupees in Lakh as per requirement of Schedule III of the Act, unless otherwise stated.

3 (c) Terms & Right attached to Equity shares

The Company has only one class of shares referred to as equity shares having a par value of '' 10/- Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in the proportions to their holdings.

Terms & Rights attached to Preference Share Capital

The company has issued and allotted redeemable non-cumulative, non convertible Preference Shares of '' 10/- each redeemable at any time at the option of the company on or after 10 Years from the date of allotment of such preference shares.

Contingent liabilities

(i) Bank Guarantee issued by SBI on behalf of the company in favour of WBSEDCL as on 31st March 2024 - 21.45 Lakhs (P.Y '' 21.45 Lakhs) for Security Deposit for connection of power.

(ii) Pursuant to an order by Hon''ble High court at Calcutta (division Bench) dated 30th August,2023 has appointed an Ex -Supreme court Judge as the sole Arbitrator to adjudicated the issues and differences between the parties pertaining to the Business Transfer Agreement dated January 19,2022 involving the contingent liability amounting to '' 1034.33 Lakhs. The instant matter is pending for adjudication and financial effect if any will be provided on settlement of the issue.

Reason for variation more than 25%

Current Ratio: Ratio impacted owing to fund raised from prefrential allotment is unutilsed and reflected in bank balances.

Debt Equity Ratio: Ratio impacted due to increase in profit & equity and repayment of debt

Debt Service Coverage Equity Ratio: Ratio impacted due to increase in profit and decrease in finace cost and repayment of debt

Return on Equity: Ratio impacted due to incraese in equity

Trade Receivable Turnover Ratio: Ratio impacted due to increase in Turnover and trade term Return on Capital Employed: Ratio impacted due to increase in profit & equity and repayment of debt

Note 32: Segment information

Based on guiding principles given in Accounting Standard on "Segment Reporting" (AS - 17), the company''s primary business is Cold roll forming part of Railway Wagon. As the company''s business activity falls within a single primary business segment the disclosure requirement of As-17 in this regard are not applicable.

Note 34 : Revaluation of Fixed Assets :

The Company has revalued the Property, Plant & Equipment of CRF Unit Singur based on valuation report dated 14th June, 2023 issued by the Registered Valuer and adopted its value resulting in Revaluation Reserve of '' 4473.96 Lakhs and corresponding increase in Property, Plant & Equipment. In view of the same, the incremental depreciation of '' 200.21 Lakhs for the year has been adjusted against Revaluation Reserve and transfer to Retained Earning.

Note 35:

In our opinion and according to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed / conveyance deed / other relevant records evidencing title of the company, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold other than self-constructed assets included in property plant and equipment, are held in the name of the Company as at the balance sheet date.

Note 36: Additional Statutory Information

• No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988, Hence relevant disclosures are not applicable.

• The Company has been sanctioned working capital/DLOD limits by Bank on the basis of security of current assets. The monthly /quarterly returns or statements of current assets filed by the company with the bank or financial institutions are generally in agreement with the books of accounts. However, the Company has repaid its working capital/DLOD facility availed from the bank in the month of August 2023 and got sanction of working capital facility from Bank of India within the financial year but disbursement of the working capital facility was made after 31st March 2024.

• There are no instances of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the 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)

• The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013, Hence no disclosure required.

• There are no charges or satisfaction of Charges pending to be registered with Registrar of Companies beyond the statutory period.

• The Company is not declared as a wilful defaulter by any bank or financial Institution or other lender.

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

• The Company has not traded or invested in crypto currency or virtual currency during the financial year

• There is no scheme of arrangement approved by competent authority in terms of sections 230 to 237 of the Companies Act,2013 during the year, hence relevant disclosures are not applicable.

• No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 37:

The figures for the previous period have been re-classified/re-grouped wherever necessary, the impact of

such restatements/ regroupings are not material to Financial Statements

As per our report of even date

For G A R V & Associates For & on behalf of the Board

Chartered Accountants For Cosmic CRF Limited

Firm Registration No. 301094E CIN: L27100WB2021PLC250447

(Ashish Rustagi) Aditya Vikram Birla Purvi Birla

Partner Managing Director Wholetime Director

Membership No. 062982 DIN: 06613927 DIN: 02488423

Place: Kolkata Ram Pada Mandal Trupti Upadhyay

Date : 15th May 2024 Chief Financial Officer Company Secretary