అకౌంట్స్ గమనికలుAeron Composite Ltd.

Mar 31, 2025

t. Provisions, Contingent liabilities and Contingent assets

A provision is recognized if, as a result of a past event, the Company has a present
legal obligation that is reasonably estimable, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are
determined by the best estimate of the likely future outflow of economic benefits
required to settle the obligation at the reporting date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.

Where no reliable estimate can be made, a disclosure is made as contingent
liability. A disclosure for a contingent liability is also made when t here is a
possible obligation or a present obligation that may, but probably will not, require
an outflow of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in the financial
statements. However, Contingent assets are assessed continually and when it
becomes reasonably certain that inflow of economic benefit will arise.

u. Contingencies and Events Occurring After the Balance Sheet Date

Events that occur between balance sheet date and date on which these are

approved, might suggest the requirement for an adjustment(s) to

the assets and the liabilities as at balance sheet date or might need disclosure.

Adjustments are required to assets and liabilities for events

which occur after balance sheet date which offer added information substantially

affecting the determination of the amounts which relates to

the conditions that existed at balance sheet date.

3 Additional Notes

a) In the opinion of the Board and to the best of its knowledge and belief, the value
on realization of current assets and loans and advances are approximately of
the same value as stated. The management has confirmed that adequate
provisions have been made for all the known and determined liabilities and the
same is not in excess of the amounts reasonably required to be provided for. All
other contractual liabilities connected with business operations of the
Company have been appropriately provided for.

b) The company does not expect any statutory liabilities other than those
provided in the books of account.

c) During the year Pursuant to Initial Public offering (IPO), 44,88,000 equity shares
of Rs 10 were allotted at premium of 115. Out of total IPO proceeds amounting
Rs. 5610.00 Lakhs, amount of Rs 4021.01 Lakhs (excluding interest amount
Rs.182.09 Lakhs) remain unutilised as at March 31st ,2025 and has been
placed in Fixed Deposit as well as monitoring account with Banks.

HDFC Bank Limited : Security ( for reference of (a) ,(k) to (n),(p),(q))

Primary :-First charge paripassu on stock, book debts, P & M and other current assets of the company. Collateral :- First charge paripassu on properties
as mentioned below.

Collateral coverage of 40% to be maintained in multiple banking arrangement with Yes Bank Limited, (i) -Block No. 54/1, Bileshwarpura, Mehsana
Highway, Kalol, Gujarat, India (Owner: M/s. A International Private Limited), (ii) -Plot No. 367, Bavla Nalsarovar Road, Phase 3, Kenzville Village- Metaal,
Tal: Bavla, Dist: Ahmedabad (Owner: Ripa Pankaj Dadhaniya), (iii) -Survey No. 170 to 174, Akhaj Road, Ambaliyasan- Mehsana Highway, Opp. Jornang
Gate Road, Chhatral, Mehsana (Owner: M/s. Aeron Composite Limited), (iv) -Revenue Survey No.327/4/1, opp. Shagun 108 Flat, S P Ring Road, Zundal
Circle, Gandhinagar (Owner: Chandulal R Patel), (v) - Fixed Deposit of Rs 50,00,000/-.

Personal Guarantee of -Pankaj Shantilal Dadhaniya, Chandulal R Patel, Dilipbhai Ratilal Patel, Ravi Pankajkumar Patel, Pankajbhai Ratilal Patel, Chirag
Chandulal Patel, M/S A International Pvt Ltd, Ripa Pankaj Dadhaniya.

Yes Bank Limited : Security (for Referece of (b) to (h),(o))

Primary :- Paripassu charge on current assets with HDFC Bank by way of hypothecation on all current assets, MFA of the company both present and
future.

Collateral :- HDFC will share pari passu on below mentioned properties, (i) -Industrial Block No 54/1, Near Chamak Polymer, Bileshwarpura, Mehsana
Highway, Taluka Kalol, Gandhinagar owned by A International Pvt Ltd, (ii) -Vacant Plot Revenue Survey No 327/4/1, F P NO 157, TPS NO 240, Opp.
Shagun, 108, Shagun Flat, S P Ring Road, Zundal Circle, Ahmedabad, (iii)- Land at 170, Opp Jornang Gate Road, Akhaj Road, Jornang, Mehsana near
Chhatral.

Personal Guarantee of -Hemang Bipinbhai Patel, Ravi Pankajkumar Patel, Ripa Pankaj Dadhaniya, Dilipkumar Ratilal Patel, Pankajkumar Ratilal Patel,
Pankaj Shantilal Dadhaniya, Chandulal Ratilal Patel, Chirag Chandulal Patel.

Further Corporate Guarantee of A. International Private Limited, an enterprise under influence of KMP.

a) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

b) The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

c) HDFC Bank Monthly Installments includes Interest and Principal and Yes Bank Monthly Installments consists of only Principal.

Accounting Policies adopted for Segment

As per Accounting Standard 17 on "Segment Reporting" (AS 17), the company has only one Primary reportable segment viz Fiber Glass Reinforced
Polymer Plastic products (i.e. manufacturing & Supplying of FRP Products). However, the Company is having revenue from its customers which are
located outside India of more than 10% of its total revenue. Accordingly, as per AS-17 Segment Reporting, the company has identified geographic
segment as its secondary reportable segment.

*The company has maintained records for cost of material consumed and other expenses incurred for manufacturing of goods in books of accounts.
However, Product manufacturing operations and overseas liabilities are integrated in-nature for domestic and exports sales. Accordingly, the export
segment results & Segment liabilities is not identifiable. Similarly, Segment Assets related to outside India is identifiable to the extent of outstanding
Trade Receivables only.

Other segment footnote

No single external customer represents 10% or more of the Company''s total revenue for the years ended 31st March, 2025 and 31st March,2024,
respectively.

41 Loans and Advances given to Related Parties

No loans or advances in the nature of loans are granted to promoters, directors, KMP and the related parties (as defined under Companies Act,
2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

42 Security of Current Assets Against Borrowings

The Company has borrowings from banks or financial institutions on the basis of security of current assets during the year. The quarterly returns or
statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of account except mentioned
below:

Surplus of previous financial year offset against current year CSR Obligation

Based on the guidance note on Accounting for Expenditure on Corporate Social Responsibility Activities (CSR) issued by the Institute of Chartered
Accountants of India and In compliance with the section 135 of Companies Act 2013, the company has already spent amount of Rs.15.12 lakhs
towards CSR expenditure. Excess utilisation towards CSR obligation in F.Y.23-24 amounting Rs. 4.96 lakhs (i.e. 17 lakhs - 12.03 lakhs), out of the
said surplus of previous financial year amounting Rs. 4.26 lakhs has been set off against CSR obligation of FY 2024-25 .

Nature of CSR activities

a) Nature of CSR activities for the year ended March 31,2025 include primarily in the areas of Promotion of education and skill development,
Healthcare initiatives.

I) Blind People''s Association amounting Rs. 4.72 Lakhs

ii) Financial Assistance for Children''s Education amounting Rs. 2.00 Lakhs

iii) Providing accommodation with food to the patients and their relatives in Ahmedabad and surrounding hospitals amounting Rs. 8.00 Lakhs

iv) Contribution to Education Trust amounting Rs.0.40 lakhs.

b) Nature of CSR activities for the year ended March 31,2024 include Welfare of the Mentally Challenged person with intellectual disabilities and
cognitive challenges, cataract surgeries of poor and needy people, Education and Development of Hearing Impaired Children.

Details of related party transactions
Nil

49 Details of Crypto Currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

50 Other Statutory Disclosures as per the Companies Act, 2013

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

51 Subsequent Events

There is no adjusting event occurred between reporting date and date of signing the financial statements.

52 Regrouping

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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

For DINESH R THAKKAR & CO. AERON COMPOSITE LIMITED

Chartered Accountants (Formerly Known as Aeron Composite Private Limited)

Firm''s Registration No. 102612W (CIN: L25209GJ2011PLC065419)

KEYUR M. THAKKAR SANJAYKUMAR J. OZA CHIRAG CHANDULAL PATEL VIJAY M. DAKSHINI RAVI PANKAJKUMAR PATEL

PARTNER Chief Financial Officer Managing Director Company Secretary Whole-Time Director

Membership No. 190243 DIN: 03380703 M. No.: A34688 DIN: 03427590

Place: AHMEDABAD Place: AHMEDABAD

Date: 23 May 2025 Date: 23 May 2025

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Mar 31, 2024

* The company has made right issue of 3,25,000 Equity shares @125/- on 20/09/2022, out of which only 2,66,500 shares were subscribed by shareholders. Later, the unsubscribed portion i.e. 58,500 equity shares of Rs. 10/- was cancelled vide ordinary resolution dated 30/10/2023.

Terms/rights attached to equity shares:

i. The company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share

ii. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.

iii. Pursuant to Shareholders'' resolution dated 22nd April, 2024, the Increase in the authorized share capital of the Company from ? 375.00 Lakhs divided into 30,00,000 Equity Shares and 7,50,000 preference shares of ? 10/- each to ? 2000 Lakhs divided into 1,92,50,000 Equity Shares and 7,50,000 Preference shares of ? 10/-each ranking pari-passu with the existing share capital.

Security- Primary

Paripassu charge on current assets with HDFC Bank by way of hypothecation on all current assets of the company both present and future.

Security- Collateral

HDFC will share pari passu on below mentioned properties Industrial Block No 54/1, Near Chamak Polymer, Bileshwarpura, Mehsana Highway, Taluka Kalol, Gandhinagar owned by A International Pvt Ltd

Vacant Plot Revenue Survey No 327/4/1, F P NO 157, TPS NO 240, Opp Shagun, 108, Shagun Flat, S P Ring Road, Zundal Circle.

Vacant Plot Revenue Survey No 327/4/1, F P NO 157, TPS NO 240, Opp Shagun, 108, Shagun Flat, S P Ring Road, Zundal Circle.

Further Personal Guarantee of Pankaj Ratilal Patel , Dilipkumar Ratilal Patel , Pankaj Shantilal Dadhaniya , Chandulal Ratilal Patel , Chirag Chandulal Patel, Ravi Pankajkumar Patel, Bipin Kumar Ratilal Patel, Hemang Bipinbhai Patel , Jayesh Dilipkumar Patel , Prabhaben Chandulal Patel, Ripaben Pankaj Dadhaniya , Ruhiben Hemang Patel, Disha Ravi Patel , Kantaben Bipinbhai Patel.

Further Corporate Guarantee of A. International Private Limited.

Term Loan Repayable as under

i. The loan is repayable in 43 monthly installments, starting

from Nov, 2023 amounting to Rs. 206,977/- excluding Interest. (Sr. No. h(i)) (Rate of interest 9.25% p.a.)

ii. The loan is repayable in 14 monthly installments, starting

from Nov, 2023 amounting to Rs. 1,275,863/- excluding Interest. (Sr. No. h(ii)) (Rate of interest 9.33% p.a.)

iii. The loan is repayable in 12 monthly installments, starting

from Nov, 2023 amounting to Rs. 270,833/- excluding Interest. (Sr. No. h(iii)) (Rate of interest 9.25% p.a.)

.. Nature of CSR activities include Welfare of the Mentally Challenged person with intellectual disabilities and cognitive ^vl1 challenges, cataract surgeries of poor and needy people, Education and Development of Hearing Impaired Children.

viii The Company does not carry any provisions for Corporate social responsibility expenses for current year and previous year.

b. Title deeds of immovable properties

The title deeds of all the immovable properties are held in the name of the company.

c. Valuation of Property Plant & Equipment, intangible asset

The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.

d. Loans or advances to specified persons

No loans or advances in the nature of loans are granted to promoters, directors, KMPS and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

e. Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

f. Borrowing secured against current assets

The Company has borrowings from banks or financial institutions on the basis of security of current assets during the year. The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of account.

g. Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

h. Relationship with struck off companies

The Company has no transactions with the companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

i. Registration of charges or satisfaction with Registrar of Companies (ROC)

There are no charges or satisfaction yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

j. Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

k. Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Section 2(87) of the Companies Act, 2013 read with Companies (Restriction on number of layers) Rules, 2017.

l. Utilisation of borrowed funds and share premium

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

m. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded previously in the books of account.

n. Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

o. Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were taken.

42. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.