v. Provisions and Contingent Liabilities

Provisions are recognized when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that the

Company will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation.

The amount recognized as a provision is the
best estimate of the consideration required to
settle the present obligation at the end of the
reporting period, taking in to account the risks
and uncertainties surrounding the obligation.

Contingent liabilities are possible obligations
whose existence will only be confirmed by
future events not wholly within the control of the
Company or present obligations where it is not
probable that an outflow of resources will be

required or the amount of the obligation cannot
be measured with sufficient reliability.

Contingent liabilities are not recognized in the
financial statements but are disclosed unless the
possibility of an outflow of economic resources is
considered remote.

w. Operating Segments

Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision maker. The Company
operates in only one segment Engineering and
Manufacturing of electrical wire harness and
interconnect systems.

31 EMPLOYEE BENEFIT OBLIGATION
Defined Contribution Plans

The Company operates defined contribution scheme for payment of pension for certain eligible employees. Under the
scheme, contributions are made by the Company, based on current salaries, to the recognized Superannuation Fund
maintained by the Company. The Company is also contributing to the Government''s administered Provident Funds in
respect of all the qualifying employees.

An amount of 258.87 Lakhs has been charged to the Statement of Profit and Loss on account of defined contribution
schemes.

On 21 November 2025, the Government of India notified four new Labour Codes (the Code on Wages, 2019, the Code on
Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions
Code,2020) consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules
and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and
accounted for the incremental impact of these changes with the best information available and guidance provided by the
Institute of Chartered Accountants of India. The exceptional cost for the year ended March 31 2026 is Rs.102.28 lakhs
which is on account of past period employee benefit liability.

D. Risk Management

The above benefit plans expose the Company to actuarial risks such as follows:

(i) Interest rate risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If
bond yields fall, the defined benefit obligation will tend to increase.

(ii) Salary inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.

(iii) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It
is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career
employee typically costs less per year as compared to a long service employee.

NOTE 32: FINANCIAL RISK MANAGEMENT OBJECTIVES

The Company''s business activities expose it to certain financial risks - market risk, liquidity risk and credit risk. In order to
minimize those risks, the Company has risk management policies and procedures in place as of the Board of Directors of
the Company after due evaluation of key risks facing the business of the Company: approved by the Risk Management
Committee of the Board of Directors of the Company after due evaluation of key risks facing the business of the Company:

a) Market Risk

Market risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risks interest rate and currency risk.

i. Foreign Currency Risk

The Company undertakes significant transactions denominated in foreign currency with it customers in relation
to Exports by 100% EOU. This results in wide exposure to exchange rate fluctuations. Such exchange rate risk
primarily arises from transactions made in foreign exchange and reinstatement risks arising from recognized assets
and liabilities, which are not in the Company''s functional currency (Indian Rupees). A significant portion of these
transactions are in US Dollar, Euro, British Pound Sterling etc. The Company, as Risk Management Policy, hedges
its exposure in foreign exchange whenever considered appropriate based on their perception about such market
and reviews periodically its exposure therein to ensure that results from fluctuating currency exchange rate are
appropriately managed.

ii. Interest Rate Risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The objectives of the Company''s interest rate risk management
processes are to lessen the impact of adverse interest rate movements on its earnings and cash flows and to
minimize counter party risks.

The Company is exposed to interest rate volatilities primarily with respect to its borrowings from Banks. Such
volatilities primarily arise due to changes in the Lending rates of Banks, which in turn are linked with Repo Rates as
announced by RBI from time to time as well as other economic parameters of the Country. The Company manages
such risk by operating with Banks having strong fundaments with comparatively lower Lending Rates in the Market.”

Interest rate sensitivity

Since the significant amount of borrowings of the Company are short term in nature, the possible volatility in the
interest rate is minimal.

b) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they become due. The
Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its
liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company''s reputation.

The Company mitigates its liquidity risks by ensuring timely collections of its trade receivables, close monitoring of its
credit cycle,ensuring optimal movements of its inventories and avoid blockage of working capital in non-productive
current assets. The remaining contractual maturities of significant financial liabilities payable within one year as at 31st
March, 2026 and 31st March, 2025 are as under:

c) Credit Risk

Credit risk is the risk that counter party will not meet its obligations leading to a financial loss to the Company. The
Company has its policy to limit its exposure to credit risk arising from outstanding receivables. Management regularly
assesses the credit quality of its customer''s based on which, the terms of payment are decided. Credit limits are set for
each customer, which are reviewed at periodic intervals. The credit risk of the Company is low The exports are made
mostly to worldwide reputed Corporates like Boeing, Lockheed Martin, Taylors of Harrogate etc., and otherwise backed
by letter of credit or on advance basis.

NOTE 33: FAIR VALUE HIERARCHY

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The management consider that the carrying amounts of financial assets (other than those measured at fair values) and
liabilities recognized in the financial statements approximate their fair value as on the reporting date.

There were no transfers between Level 1, Level 2 and Level 3 during the year.

NOTE 34: CAPITAL MANAGEMENT

(a) Risk Management

The Company''s objectives in regard to managing capital are:

• Safeguard its status as a going concern

• To ensure returns to shareholders

• To ensure benefits to stakeholders

In order to maintain optimum capital structure, the board may:

• Increase the capital by fresh issue of shares or

• Reduce the same by return to equity holders

• Vary the equity by increasing or reducing the quantum of dividend

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:

The Company monitors capital using a ratio of ‘adjusted net debt'' to equity''. For the purpose of Company''s capital management,
adjusted net debt is defined as borrowings less cash and cash equivalents and total equity includes issued capital and all
other equity reserves.

Explanation for variances change more than 25%

(i) The Debt-equity ratio is increased due to increase in short term borrowings.

(ii) The increase in debt servicing ratio is due to increase in profit margin.

(iii) The Return on equity ratio is increased because of increase in profit after tax during the year.

(iv) The Inventory turnover ratio is increased because of increase in higher consumption/purchase cost.

(v) The trade receivables turnover ratio is increased on account of increase in sales.

(vi) The trade payables turnover ratio is increased on account of increase in business during the year.

(vii) The net profit ratio increased because of the increase in sales and better profitability during the year.

(viii) The return on capital employed is increased because of profitability during the year.

NOTE:37 DETAILS OF CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE

As per section 135 of the Companies Act , 2013, a CSR committee has been formed by the Company. The areas for CSR
activities includes promoting education, healthcare and destitute care projects as specified in Schedule VII of the Companies
Act, 2013.The details of amount required to be spent and actual expenses spent during the year is as under:

NOTE: 39 SEGMENT REPORTING

The company operates in only one segment - Engineering and Manufacturing of electrical wire harness and interconnect
systems.

NOTE:41 OTHER STATUTORY INFORMATION

(a) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.

(b) The Company does not have any benami property, where any proceeding has been initiated or pending against the
Company for holding any benami property.

(c) The Company has not traded or invested in crypto currency or virtual currency during the financial period.

(d) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

(e) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the period 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).

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

(g) The Company has not entered any transactions with Companies struck off under Section 248 of Companies Act, 2013
or Section 560 of Companies act.

(h) The Company has not advanced or loaned or invested funds to or in any other person or entity, including foreign entity
(“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 on behalf of the Ultimate Beneficiaries;

(i) The Company has not received any funds from any other person or entity, including foreign entity (“Intermediaries”), with
the understanding 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 Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

(j) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the
related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

NOTE:42 PREVIOUS YEAR FIGURES

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

classification / disclosure.

NOTE:43 ROUNDING OFF

All the numbers have been rounded off to nearest lakhs except shares and EPS.

z. Provisions and Contingent Liabilities

Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that the Company will be

required to settle the obligation and a reliable estimate
can be made of the amount of the obligation.

The amount recognized as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking in to account the risks and uncertainties
surrounding the obligation.

Contingent liabilities are possible obligations whose
existence will only be confirmed by future events not
wholly within the control of the Company or present
obligations where it is not probable that an outflow
of resources will be required or the amount of the
obligation cannot be measured with sufficient reliability.

Contingent liabilities are not recognized in the financial
statements but are disclosed unless the possibility of an
outflow of economic resources is considered remote.

aa. Operating Segments

Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision maker. The company
operates in only one segment - Engineering and
Manufacturing in Aerospace and Defense.

b) i) Rights and preferences attached to equity shares:

The company has one class of equity shares having a par value of Rs.2 per share each share holder is eligible for one
vote per share held. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the
company after distribution of all preferential amounts, in proportion to their shareholding. The dividend proposed by the
board of directors is subject to the approval of shareholders in the ensuing AGM except in case of interim dividend.

c) Reconciliation of equity shares at the beginning and end of the reporting period

The Company operates defined contribution scheme for payment of pension for certain eligible employees. Under the
scheme, contributions are made by the Company, based on current salaries, to the recognized Superannuation Fund
maintained by the Company. The Company is also contributing to the Government’s administered Provident Funds in
respect of all the qualifying employees.

An amount of 181.81 Lakhs has been charged to the Statement of Profit and Loss on account of defined contribution
schemes.

Defined Benefit Plans

The Company also operates defined benefit scheme in respect of gratuity benefit towards its employees. This scheme
offers specified benefits to the employees on retirement, death, disability or cessation of employment. The liability arising
for the Defined Benefit Scheme is determined in accordance with the advice of independent, professionally qualified
actuary, using the Projected Unit Credit (PUC) actuarial method as at year end. The Company makes regular contribution
for this Employee Benefit Plan to a recognized Gratuity Fund. This Fund is administered through approved Trust, which
operate in accordance with the Trust Deed and Rules.

Gratuity - The company has Funded it’s Gratuity liability

D. Risk Management

The above benefit plans expose the company to actuarial risks such as follows:

(i) Interest rate risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If bond
yields fall, the defined benefit obligation will tend to increase.

(ii) Salary inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.

(iii) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include mortality,
withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight
forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to
overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs
less per year as compared to a long service employee.

Note 32: Financial risk management objectives

The Company’s business activities expose it to certain financial risks—market risk, liquidity risk, and credit risk. In order to
minimize these risks, the Company has implemented risk management policies and procedures that are adopted by management
after due evaluation of the key risks facing the business of the company.

a) Market Risk

Market risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risks interest rate and currency risk.

i. Foreign Currency Risk

The Company undertakes significant transactions denominated in foreign currency with it customers in relation
to Exports by 100% EOU. This results in wide exposure to exchange rate fluctuations. Such exchange rate risk
primarily arises from transactions made in foreign exchange and reinstatement risks arising from recognized assets
and liabilities, which are not in the Company’s functional currency (Indian Rupees). A significant portion of these
transactions are in US Dollar, Euro, British Pound Sterling etc. The Company, as Risk Management Policy, hedges
its exposure in foreign exchange whenever considered appropriate based on their perception about such market
and reviews periodically its exposure therein to ensure that results from fluctuating currency exchange rate are
appropriately managed.

ii. Interest Rate Risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The objectives of the Company’s interest rate risk management
processes are to lessen the impact of adverse interest rate movements on its earnings and cash flows and to
minimize counter party risks.

The Company is exposed to interest rate volatilities primarily with respect to its borrowings from Banks. Such
volatilities primarily arise due to changes in the Lending rates of Banks, which in turn are linked with Repo Rates as
announced by RBI from time to time as well as other economic parameters of the Country. The Company manages
such risk by operating with Banks having strong fundaments with comparatively lower Lending Rates in the Market.

Interest rate sensitivity

Since the significant amount of borrowings of the Company are short term in nature, the possible volatility in the
interest rate is minimal.

b) Liquidity Risk

Liquidity risk is the risk that the Company may encounter difficulty, in meeting its obligations due to shortage of liquid
assets.

The Company mitigates its liquidity risks by ensuring timely collections of its trade receivables, close monitoring of its
credit cycle,ensuring optimal movements of its inventories and avoid blockage of working capital in non-productive
current assets. The remaining contractual maturities of significant financial liabilities payable within one year (other than
borrowings from the Banks) as at 31st March, 2025 and 31st March, 2024 are as under:

c) Credit Risk

Credit risk is the risk that counter party will not meet its obligations leading to a financial loss to the Company. The
Company has its policy to limit its exposure to credit risk arising from outstanding receivables. Management regularly
assesses the credit quality of its customer’s based on which, the terms of payment are decided. Credit limits are set for
each customer, which are reviewed at periodic intervals. The credit risk of the Company is low The exports are made
mostly to worldwide reputed Corporates and otherwise backed by letter of credit or on advance basis.

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The management consider that the carrying amounts of financial assets (other than those measured at fair values) and liabilities
recognized in the financial statements approximate their fair value as on the reporting date.

There were no transfers between Level 1, Level 2 and Level 3 during the year.

The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis.

Note 35: Capital Management

(a) Risk Management

The Company’s objectives in regard to managing capital are:

• Safeguard its status as a going concern

• To ensure returns to shareholders

• To ensure benefits to stakeholders

In order to maintain optimum capital structure, the board may:

• Increase the capital by fresh issue of shares or

• Reduce the same by return to equity holders

• Vary the equity by increasing or reducing the quantum of dividend

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:
Net debt divided by total equity

Gearing ratio refers to the level of a company’s debt compared to its total equity.

Note: 37 Other Statutory Information

(a) Transactions and balances with companies which have been removed from register of Companies [struck off companies
under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.] as at the above reporting
periods is Nil.

(b) The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities
(Intermediaries) with the understanding that the:

(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.

(c) The Company has not received any fund from any person(s) or entity(is), 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.

(d) The Company does not have any transaction which is not recorded in the books of accounts; and which has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

(e) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related
parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

Note: 38 Events after the Reporting Period

The Board of Directors have recommended dividend of Rs.0.2/- per fully paid up equity share of Rs.2/- each for the financial
year 2024-25.

Note: 39 The company operates in only one segment - Engineering and Manufacturing in Aerospace and Defence

Note: 40 Previous Year’s figures have been regrouped / rearranged wherever considered appropriate to make them comparable
with this period.

As per our report annexed

for and on behalf of the Board of Directors for Raghavan, Chaudhuri & Narayanan

Chartered Accountants
Firm Regn. No.007761S

Sd/- Sd/- Sd/- Sd/-

Rishab Mohan Gupta Digant Parikh Jayanth V V Sathyanarayanan

Managing Director Non-Executive Director Chief Financial Officer Partner

DIN:05259454 DIN: 00212589 PAN: AIHPJ2244A Membership No.:027716

Place : Dubai, UAE Place : Mumbai Place : Bengaluru Place: Bengaluru

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

UDIN: 25027716BMIIMZ6626