m. Provisions, contingent liabilities

Provisions represent liabilities for which the amount
or timing is uncertain. Provisions are recognized
when the Company has a present obligation (legal
or constructive), as a result of past events and it is
probable that an outflow of resources, that can be
reliably estimated, will be required to settle such
an obligation.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows to net present value using
an appropriate pre-tax discount rate that reflects
current market assessments of the time value of
money and, where appropriate, the risks specific to
the liability. Unwinding of the discount is recognized
in the Statement of Profit and Loss as a finance cost.
Provisions are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one
or more uncertain future events beyond the control
of the Company or a present obligation that is not
recognised because it is not probable that an outflow
of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognised
because it cannot be measured reliably. The Company
does not recognize a contingent liability but discloses
its existence in the financial statements.

n. Employee benefit schemes

(i) Short-term employee benefits

Employee benefits payable wholly within twelve
months of receiving employee services are classified as
short-term employee benefits. These benefits include
salaries and wages, performance incentives and
compensated absences which are expected to occur
in next twelve months. The undiscounted amount of
short-term employee benefits to be paid in exchange
for employee services is recognised as an expense as
the related service is rendered by employees.

Compensated absences:

Compensated absences accruing to employees and
which can be carried to future periods but where
there are restrictions on availment or encashment or
where the availment or encashment is not expected to
occur wholly in the next twelve months, the liability on
account of the benefit is determined actuarially using
the projected unit credit method.”

(ii) Post-employment benefits
Defined contribution plan

Retirement benefits in form of superannuation is a
defined contribution scheme. The Company has no
obligation, other than the contribution payable to
the superannuation fund. The Company recognizes
contribution payable to the superannuation scheme
as an expenditure, when an employee renders the
related service. If the contribution payable to the
scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit
payable to the scheme is recognised as a liability
after deducting the contribution already paid. If the
contribution already paid exceeds the contribution due
for services received before the balance sheet date,
then excess is recognised as an asset to the extent
that the pre-payment will lead to a reduction in future
payment or a cash refund.

Defined benefit plans - Gratuity, Provident fund and
long-term service award

Gratuity

The Company has a defined benefit plan (the "Gratuity
Plan”). The Gratuity Plan provides for a lumpsum
payment to vested employees at retirement, death
while in employment or on termination of employment
of an amount equivalent to 15 to 30 days salary
payable for each completed year of service depending
upon the tenure of service subject to maximum limit
of 20 months' salary. Vesting occurs upon completion
of five continuous years of service. Presently, the
Company's gratuity plan is funded.

The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on Government bonds
that have terms approximating to the terms of the
related obligation The net interest cost is calculated
by applying the discount rate to the net balance of the
defined benefit obligation and the fair value of plan
assets, if any. This cost is included in employee benefit
expense in the Statement of Profit and Loss.

The liability or asset recognised in the Balance Sheet
in respect of gratuity plan is the present value of the
defined benefit obligation at the end of the reporting
period less the fair value of plan assets, if any. The
defined benefit obligation is calculated annually by
actuaries using the projected unit credit method and
spread over the period during which the benefit is
expected to be derived from employees' services.

Remeasurements, comprising of actuarial gains and
losses from changes in actuarial assumptions, 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 Other Comprehensive Income (OCI)
in the period in which they occur. Remeasurements
are not reclassified to Statement of Profit and Loss
in subsequent periods. Changes in the present value
of the defined benefit obligation resulting from
plan amendments or curtailments are recognised
immediately in the Statement of Profit and Loss as
past service cost.

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:

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

• Net interest expense or income
Provident fund

Eligible employees and the Company make monthly
contributions to the provident fund plan equal to
a specified percentage of the covered employee's
salary. The Company contributes a portion to the
'Usha Martin Employees Provident Fund Trust'. The
trust invests in specific designated instruments as
prescribed by the Government. The remaining portion
is contributed to the Government administered
pension fund. The rate at which the annual interest
is payable to the beneficiaries by the trust is being
administered by the Government. The Company
has an obligation to make good the shortfall, if any,
between the return from the investments of the Trust
and the notified interest rate.

Share-based payment arrangements

Equity-settled share-based payments to eligible
employees under the Scheme called as "Usha Martin
Employee Stock Options Plan - 2024 ("ESOP Plan”) a
remeasured at the fair value of the equity instruments
at the grant date. Details regarding the determination
of the fair value of equity-settled share-based
transactions are set out in note 28(b). The fair value
determined at the grant date of the equity-settled
share based payments is expensed on a straight-line
basis over the vesting period, based on the Company's
estimate of equity instruments that will eventually vest,
with a corresponding increase in equity. At the end of
each reporting year, the Company revisits its estimate
of the number of equity instruments expected to vest.
The impact of the revision of the original estimates,if
any, is recognised in Statement of profit and loss
such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the
equity settled employee benefits reserve.

The Company has created an Usha Martin Limited
Employee Welfare Trust ('UMLEWT') for providing
share-based payment to its employees. The Company
uses UMLEWT as a vehicle for distributing shares
to employees under the employee remuneration
schemes. UMLEWT buys shares of the Company from
the secondary market, for giving shares to employees.
Share options exercised during the reporting period
are satisfied with treasury shares. The Company treats

UMLEWT as its extension and shares held by UMLEWT
are treated as treasury shares..

o. Financial instrument

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.

Financial assets

Initial recognition and measurement

The classification of financial assets at initial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them. With
the exception of trade receivables that do not contain
a significant financing component or for which the
Company has applied the practical expedient, the
Company initially measures a financial asset at its
fair value plus, in the case of a financial asset not at
fair value through profit or loss, transaction costs.
Trade receivables that do not contain a significant
financing component or for which the Company has
applied the practical expedient are measured at the
transaction price determined under Ind AS 115:
Revenue from contracts with customers. Revenue
towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of
variable consideration) allocated to that performance
obligation. The transaction price of goods sold and
services rendered is net of variable consideration on
account of various discounts and schemes offered
by the Company as part of the contract. Refer to
the accounting policies in section (d) Revenue from
contracts with customers.

In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are "solely
payments of principal and interest (SPPI)” on the
principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an
instrument level. Financial assets with cash flows
that are not SPPI are classified and measured at
fair value through profit or loss, irrespective of the
business model.

The Company's business model for managing
financial assets refers to how it manages its financial
assets in order to generate cash flows. The business
model determines whether cash flows will result
from collecting contractual cash flows, selling the
financial assets, or both. Financial assets classified and
measured at amortised cost are held within a business
model with the objective to hold financial assets in
order to collect contractual cash flows while financial

assets classified and measured at fair value through
OCI are held within a business model with the objective
of both holding to collect contractual cash flows
and selling.

Purchases or sales of financial assets that require
delivery of assets within a timeframe established by
regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the
date that the Company commits to purchase or sell
the asset.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in four categories :

(i) Financial assets at amortised cost (debt
instruments)

A 'financial asset' is measured at the amortised
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

After initial measurement, such financial assets
are subsequently measured at amortised cost
using the effective interest rate (EIR) method.
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
income in the Statement of Profit and Loss. The
losses arising from impairment are recognised in
the Statement of Profit and Loss. This category
generally applies to trade and other receivables.

(ii) Financial assets at fair value through Other
Comprehensive Income (FVOCI) with recycling of
cumulative gains and losses (debt instruments)

A 'financial asset' is classified as at the FVOCI if
both of the following criteria are met:

a) The objective of the business model is
achieved both by collecting contractual cash
flows and selling the financial assets, and

b) The asset's contractual cash flows
represent SPPI.

Debt instruments included within the
FVOCI category are measured initially as
well as at each reporting date at fair value.

For debt instruments, at fair value through
OCI, interest income, foreign exchange
revaluation and impairment losses or
reversals are recognised in the Statement of
Profit and Loss and computed in the same
manner as for financial assets measured
at amortised cost. The remaining fair value
changes are recognised in OCI. Upon
derecognition, the cumulative fair value
changes recognised in OCI is reclassified
from the equity to profit or loss.

(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 measured at FVTPL.
Financial assets are reclassified subsequent to
their recognition, if the Company changes its
business model for managing those financial
assets. Changes in business model are made and
applied prospectively from the reclassification
date which is the first day of immediately next
reporting period following the changes in
business model in accordance with principles laid
down under Ind AS 109: Financial Instruments.
Financial assets at fair value through profit or
loss are carried in the Balance Sheet at fair value
with net changes in fair value recognised in the
Statement of Profit and Loss.

Dividends on listed equity investments are
recognised in the Statement of Profit and Loss
when the right of payment has been established.”

(iv) Financial assets designated at fair value through
OCI with no recycling of cumulative gains and
losses upon derecognition (equity instruments)

Upon initial recognition, the Company can elect
to classify irrevocably its equity investments
as equity instruments designated at fair value
through OCI when they meet the definition of
equity under Ind AS 32: Financial Instruments:
Presentation and are not held for trading. The
classification is determined on an instrument-by¬
instrument basis.

Gains and losses on these financial assets are
never recycled to Statement of Profit and Loss.
Dividends are recognised as other income
in the Statement of Profit and Loss when
the right of payment has been established,
except when the Company benefits from such
proceeds as a recovery of part of the cost of
the financial asset, in which case, such gains are
recorded in OCI. Equity instruments designated

at fair value through OCI are not subject to
impairment assessment.

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 when
the contractual rights to receive cash flows from
the financial asset have expired or it transfers
the financial asset and the transfer qualifies
for derecognition under Ind AS 109. Financial
Instruments”

Impairment of financial assets

The Company recognises an allowance for
expected credit losses (ECLs) for all financial
instruments and receivables not held at fair value
through profit or loss in accordance with Ind AS
109: Financial Instruments. ECLs are based on
the difference between the contractual cash
flows due in accordance with the contract and
all the cash flows that the Company expects to
receive, discounted at an approximation of the
original effective interest rate. The expected
cash flows will include cash flows from the sale of
collateral held or other credit enhancements that
are integral to the contractual terms.

ECLs are recognised in two stages. For credit
exposures for which there has not been a
significant increase in credit risk since initial
recognition, ECLs are provided for credit losses
that result from default events that are possible
within the next 12-months from the reporting
date (a 12-month ECL). For those credit
exposures for which there has been a significant
increase in credit risk since initial recognition,
a loss allowance is required for credit losses
expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime
ECL).

For trade receivables and contract assets,
the Company applies a simplified approach in
calculating ECLs. Therefore, the Company does
not track changes in credit risk, but instead
recognises a loss allowance based on lifetime
ECLs at each reporting date. The Company has
established a provision matrix that is based on
its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors
and the economic environment.

For debt instruments at fair value through
OCI, the Company applies the low credit risk
simplification. At every reporting date, the

overdrafts, financial guarantee contracts and
derivative financial instruments.

Subsequent measurement

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

Financial Liabilities at fair value through Profit
and Loss (FVTPL)

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.

This category also includes derivative financial
instruments entered into by the Company that
are not designated as hedging instruments in
hedge relationships as defined by Ind AS 109:
Financial instruments.

Gains or losses on liabilities held for trading are
recognised in the Statement of Profit and Loss.

Financial liabilities designated upon initial
recognition at fair value through profit and
loss are designated as such at the initial date
of recognition, and only if the criteria in Ind AS
109: Financial instruments are satisfied. For
liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk
are recognized in OCI. These gains/losses are
not subsequently transferred to the Statement
of Profit and Loss. However, the Company may
transfer the cumulative gain or loss within equity.
All other changes in fair value of such liability are
recognised in the Statement of Profit and Loss.
The Company has designated forward exchange
contracts as at fair value through profit and loss.
For trade and other payables maturing within one
year from the balance sheet date, the carrying
amounts approximate fair value due to the short
maturity of these instruments.

Financial liabilities at amortised cost (loans and
borrowings)

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the effective interest rate
(EIR) method. Gains and losses are recognised in
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 as finance
costs in the Statement of Profit and Loss.

Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified debtor
fails to make a payment when due in accordance
with the terms of a debt instrument. Financial
guarantee contracts are recognised initially as
a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance
of the guarantee. Subsequently, the liability
is measured at the higher of the amount of
loss allowance determined as per impairment
requirements of Ind AS 109: Financial
instruments and the amount recognised less
cumulative amortisation.

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
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 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, to realise the
assets and settle the liabilities simultaneously.

p. Derivative financial instruments

Initial recognition and subsequent measurement

The Company uses derivative financial instruments,
such as foreign exchange contracts to hedge its
exposure to movements in foreign exchange rates
relating to the underlying transactions. The Company
does not hold derivative financial instruments for
speculation purposes. 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 and
the resulting profit and loss is taken to the Statement
of Profit and Loss. 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 directly to Statement of Profit
and Loss.

q. Cash and cash equivalents

Cash and cash equivalent in the Balance Sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above.

r. Cash dividend distributions to equity holders

The Company recognises a liability to make cash
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is
approved by the shareholders.

s. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss before OCI for the year 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 before OCI for the year
attributable to equity shareholders and the weighted
average number of shares outstanding during the year
are adjusted for the effects of all dilutive potential
equity shares.

t. Operating Segment

Based on the Company's internal structure and
information reviewed by the Chief Operating Decision
Maker (CODM) to assess the Company's financial
performance, the Company is engaged solely in the
business of manufacture and sale of Wire and Wire
ropes, steel wires, strands, cords, related accessories,
wire drawing and allied machine, etc. Accordingly, the
Company has a single operating segment, i.e., "Wire &
Wire Ropes”.

u. Use of estimates and critical accounting judgments

The preparation of the financial statements in
conformity with Ind AS requires management to make

judgements, estimates and assumptions that affect
the application of accounting policies and the reported
amounts of assets, liabilities, income, expenses and
disclosures of contingent assets and liabilities at the
date of these financial statements and the reported
amounts of revenues and expenses for the years
presented. Actual results may differ from these
estimates under different assumptions and conditions.

Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised and future periods affected.

Uncertainty about these assumptions and estimates
could result in outcomes that require a material
adjustment to the carrying amount of assets or
liabilities affected in next financial years (Refer
note 29).

v. Climate-related matters

The Company considers climate-related matters
in estimates and assumptions, where appropriate.

This assessment includes a wide range of possible
impacts on the Company due to both physical and
transition risks. Even though the Company believes
its business model and products will still be viable
after the transition to a low-carbon economy,
climate-related matters increase the uncertainty in
estimates and assumptions underpinning several
items in the financial statements. Even though climate
related risks might not currently have a significant
impact on measurement, the Company is closely
monitoring relevant changes and developments, such
as new climate-related legislation. The items and
considerations that are most directly impacted by

climate -related matters are:- Useful life of property,
plant and equipment. When reviewing the residual
values and expected useful lives of assets, the
Company considers climate-related matters, such
as climate-related legislation and regulations that
may restrict the use of assets or require significant
capital expenditures.

2B. RECENT ACCOUNTING PRONOUNCEMENTS

New and amended standards

a) The Ministry of Corporate Affairs (MCA)
has notified Companies (Indian Accounting
Standards) Amendment Rules, 2024 to amend
the following Ind AS which are effective for annual
periods beginning on or after 1^st April 2024. The
Company has not early adopted any standard,
interpretation or amendment that has been
issued but is not yet effective.

- Ind AS 116 ‘Leases’ - This amendment specifies
the requirements that a seller-lessee uses in
measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee
does not recognise any amount of the gain or loss
that relates to the right of use it retains.

- Ind AS 117 ‘Insurance Contracts’ - It is a

comprehensive new accounting standard which
replaces Ind AS 104 'Insurance Contracts'.

It applies to all types of insurance contracts,
regardless of the type of entities that issue
them as well as to certain guarantees and
financial instruments with discretionary
participation features.

These amendments had no impact on the
Company's standalone financial statements.

(b) 1,78,65,450 (31^st March, 2024 : 2,28,65,450) equity shares of face value of Re 1 each are represented by Global
Depository Receipts (GDRs). Each GDR represents five underlying equity shares.

(c) Rights, preference and restrictions attached to equity shares

The Company has only one class of equity shares having par value of Re. 1 per share. Each holder of equity shares is
entitled to one vote per share (except in case of GDRs). The holders of GDRs do not have voting right with respect to
underlying equity shares. Dividend, if proposed, by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive residual assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by each shareholder.

Loan covenants

Bank loans contain certain debt covenants relating to net debt to EBITDA, debt service coverage ratio, fixed assets coverage

ratio etc. The Company has complied with all debt covenants stipulated by the terms of bank loan during the year.

EBITDA = Profit before tax Finance cost Depreciation/amortization - Non operating income

Nature of security

(A) Secured by a first pari-passu charge by hypothecation/mortgage over all the property, plant and equipment (present
and future) of the Company.

(B) Secured by a second charge on entire current assets of the Company (present and future), pari-passu with other
term lenders.

(C) Secured by personal guarantee of Managing Director of the Company.

Interest rate and terms of repayment

(a) Rupee term loan from a bank amounting to Rs. 7,119 lakhs (31^st March, 2024: Rs. 9,073 lakhs) is repayable in thirteen
quarterly instalments from 1^st April 2026 to 1^st April 2029. Interest is payable on monthly basis at one-year marginal
cost of fund of the bank plus 0.35% p.a.

(b) As at 31^st March, 2024, rupee term loan from a bank amounting to Rs. 2,772 lakhs is repayable in three quarterly
instalments from 30^th June 2025 to 31^st December 2025. Interest is payable on monthly basis at one-year marginal
cost of fund of the bank plus 0.85% p.a. The same is classified as current maturities during the year as disclosed it in
note 15(i).

(c) As at 31^st March, 2024, rupee term loan from a bank amounting to Rs. 749 lakhs is repayable on 30^th June 2025.
Interest is payable on monthly basis at one-year marginal cost of fund of the bank plus 0.85% p.a. The same is classified
as current maturities during the year as disclosed it in note 15(i).

(d) Outstanding balances of loans and terms of repayment as indicated in (a) to (c) are exclusive of current maturities of
such loans.

28(b). EMPLOYEE SHARE BASED PAYMENT PLANS

The Board of Directors of the Company had approved a Scheme called as "Usha Martin Employee Stock Options Plan - 2024
("ESOP Plan”) in their meeting held on August 12, 2024. Pursuant to the ESOP Plan, the Company has constituted Usha
Martin Employees Welfare Trust ('Trust') to acquire, hold and allocate/transfer equity shares of the Company to eligible
employees (as defined in the ESOP Plan) from time to time on the terms and conditions specified under the ESOP Plan. The
said trust had purchased, during the financial year 2024-25, Company's equity shares aggregated to 1,90,500 equity shares
from the secondary open market at cost of Rs. 342.23 per share for which the Company had given loan to trust amounting
to Rs. 652 lakhs. The financial statements of the Trust have been included in the standalone financial statements of the
Company in accordance with the requirements of Ind AS and cost of such treasury shares has been presented as a deduction
in equity share capital of Rs. 2 lakhs (31^st March, 2024: Nil) and in other equity of Rs. 650 lakhs (31^st March, 2024: Nil). Such
number of equity shares (which are lying with trust) have been reduced while computing basic and diluted earnings per share.

29. SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS

The preparation of the Ind AS financial statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts and
the disclosures. The Company based its assumptions and
estimates on parameters available when the financial
statements were prepared and these are reviewed at each
Balance Sheet date.

Other disclosures relating to the Company's exposure to
risks and uncertainties includes:

• Capital management (Refer note 33D)

• Financial risk management objectives and policies (Refei
note 33B)

• Sensitivity analysis disclosures (Refer note 31b)
Estimates and assumptions

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. Existing circumstances and assumptions about
future developments, however, may change due to market
changes or circumstances arising that are beyond the

control of the Company. Such changes are reflected in the
assumptions when they occur.

Useful economic lives of property, plant and equipment
and impairment considerations

Property, plant and equipment are depreciated over their
useful economic lives. Management reviews the useful
economic lives at least once a year and any changes could
affect the depreciation rates prospectively and hence the
carrying values of assets. The Company also reviews its
property, plant and equipment, for possible impairment if
there are events or changes in circumstances that indicate
that carrying values of the assets may not be recoverable.

In assessing the property, plant and equipment for
impairment, factors leading to significant reduction in
profits such as changes in commodity prices, the Company's
business plans and changes in regulatory environment are
taken into consideration.

Impairment exists when the carrying value of an asset
or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal
and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales
transactions, conducted at arm's length, for similar assets
or observable market prices less incremental costs for
disposing of the asset. The value in use calculation is based
on a DCF model. The carrying value of the assets of a cash

generating unit (CGU) is compared with the recoverable
amount of those assets, that is, the higher of fair value
less costs of disposal and value in use. Recoverable value is
based on the management estimates of commodity prices,
market demand and supply, economic and regulatory
climates, long-term plan, discount rates and other factors.
The recoverable amount is sensitive to the discount rate
used for the DCF model as well as the expected future
cash-inflows and the growth rate used for extrapolation
purposes. Any subsequent changes to cash flow due to
changes in the above mentioned factors could impact the
carrying value of the assets.

The impairment provisions for financial assets are based
on assumptions about risk of default and expected cash
loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company's past history, existing
market conditions as well as forward-looking estimates at
the end of each reporting period.

Judgements are required in assessing the recoverability
of overdue trade receivables and determining whether a
provision against those receivables is required. Factors
considered include the credit rating of the counterparty,
the amount and timing of anticipated future payments and
any possible actions that can be taken to mitigate the risk of
non-payment.

Taxes

Deferred tax assets are recognised for deductible
temporary differences and unused tax losses to the extent
that it is probable that taxable profit will be available
against which the losses can be utilised. Significant
management judgement is required to determine the
amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable
profits and business developments together with future tax
planning strategies.

Defined benefit plans

The cost and the present value of the defined benefit
gratuity plan and long term service award are determined
using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include the
determination of the discount rate, future salary increases
and mortality rates. Due to the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each
reporting date. The parameter most subject to change is
the discount rate. In determining the appropriate discount
rate for plans, the management considers the interest rates
of Government bonds in currencies consistent with the

currencies of the post-employment benefit obligation. The
mortality rate is based on publicly available mortality table.
Those mortality tables tend to change only at interval in
response to demographic changes. Future salary increases
and gratuity increases are based on expected future
inflation rates.

Leases - estimating the incremental borrowing rate

The Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is
the rate of interest that the Company would have to pay to
borrow over a similar term, and with a similar security, the
funds necessary to obtain an asset of a similar value to the
right-of-use asset in a similar economic environment. The
Company estimates the IBR using observable inputs (such
as market interest rates) when available.

Provisions and contingencies

The assessments undertaken in recognising provisions
and contingencies have been made in accordance with the
applicable Ind AS.

A provision is recognized 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. Where the effect of time value of money
is material, provisions are determined by discounting the
expected future cash flows.

The Company has capital commitments in relation to
various capital projects which are not recognized on the
Balance Sheet. In the normal course of business, contingent
liabilities may arise from litigation and other claims against
the Company. Guarantees are also provided in the normal
course of business. There are certain obligations which
management has concluded, based on all available facts
and circumstances, are not probable of payment or are
very difficult to quantify reliably, and such obligations
are treated as contingent liabilities and disclosed in the
notes but are not reflected as liabilities in the financial
statements. Although there can be no assurance regarding
the final outcome of the legal proceedings in which
the Company is involved, it is not expected that such
contingencies will have a material effect on its financial
position or profitability.

The timing of recognition and quantification of the liability
(including litigations) requires the application of judgement
to existing facts and circumstances, which can be subject to
change. The carrying amounts of provisions and liabilities are
reviewed regularly and revised to take account of changing
facts and circumstances.

Non-current assets held for sale

Assets and liabilities of non-current assets held for sale
are measured at the lower of carrying amount and fair
value less cost to sale. The determination of fair value
less costs to sale include use of management estimates
and assumptions. The fair value has been estimated
using valuation techniques (including income and market
approach) which includes unobservable inputs.

Valuation of inventories

The Company follows suitable provisioning norms for
writing down the value of slow-moving, non-moving and
surplus inventory. This involves various judgements and
assumptions that may differ from actual developments
in the future. Raw materials used in the production are
written down below cost as finished products in which
they will be consumed are expected to be sold below
cost. Inventory which is expected to be sold to third party
is only considered for provision which is computed by
comparing Net realisable value and cost. Net realisable
value represents the estimated selling price for inventories
less all estimated costs of completion and costs necessary
to make the sale.

30. COMMITMENTS AND CONTINGENCIES

A Leases

Company as a lessee

(i) The Company as a lessee has entered into various
lease contracts, which includes lease of land, office
space, employee residential accommodation, guest
house etc. Generally, the Company is restricted from
assigning and subleasing the leased assets. There are
lease contracts that include extension and termination
options. These options are negotiated by management
to provide flexibility in aligning with the Company's
business needs. Management exercises significant
judgement in determining whether these extension
and termination options are reasonably certain to
be exercised.

The Company has certain leases of office space,
employee residential accommodation, guest house etc
with lease terms of 12 months or less. The Company
applies the 'short-term lease' and 'lease of low-value
assets' recognition exemptions for these leases.

Set out below are the net carrying amounts of right-
of-use assets recognised in Balance Sheet and the
movement during the year:

## Includes demand aggregating to Rs. 3,829 lakhs (31^st March, 2024: Rs. 3,829 lakhs) received by the Company towards entry tax in Punjab.
Subsequent to the decision of the Hon’ble Supreme Court of India, vide order dated 11^th November, 2016, upholding the rights of State
Governments to impose entry tax, the Company has filed petitions before the Hon’ble High Court of the aforesaid State on grounds that entry tax
imposed by the State legislation is discriminatory in nature. Pending decisions by the Hon’ble High Court of Punjab, the Company’s obligation, if any,
towards entry tax is not ascertainable. Based on legal opinion obtained, management believes that there will be no resultant adverse impact on the
Company.

@ The Company had given an undertaking to deposit Rs. 1,922 lakhs (31^st March, 2024:Rs. 1,922 lakhs) in six instalments in terms of the order of the
Hon’ble High Court of Jharkhand. Against the same, the Company has deposited an amount of Rs. 1,922 lakhs upto 31^st March, 2020. During the
year ended 31^st March 2025, the Hon’ble High Court of Jharkhand issued an order setting aside the demand of Rs. 2,847 lakhs.

(iv) Others

a) The Company has provided a Letter of Comfort to a bank that has provided credit facilities to its joint venture, Pengg
Usha Martin Wires Private Limited. Such facilities have been utilised to the extent of Rs. 2,510 lakhs as at 31^st March,
2025 (31^st March, 2024: Rs. 1,486 lakhs) by the joint venture company. Vide the letter of comfort, the Company has
provided an undertaking not to dispose off its investment in that joint venture company and to ensure that no losses
are suffered by the lender concerned. The Company has assessed that it is only possible, but not probable, that outflow
of economic resources will be required [Refer note 32(iii)].

b) The Company has provided a Letter of Comfort to a bank that has provided credit facilities to its subsidiary, UM Cables
Limited. Such facilities have been utilised to the extent of Rs. 2,185 lakhs as at 31^st March, 2025 (31^st March, 2024:

Rs. 2,961 lakhs) by the subsidiary company. Vide the letter of comfort, the Company has provided an undertaking

not to dispose off its investment in that subsidiary company and to ensure that no losses are suffered by the lender
concerned. The Company has assessed that it is only possible, but not probable, that outflow of economic resources
will be required [Refer note 32(iii)].

c) The Company has provided a Letter of Comfort to a bank that has provided credit facilities to its subsidiary, Usha
Martin Singapore Pte. Limited. Such facilities have been utilised to the extent of Rs. 3,295 lakhs as at 31^st March, 2025
(31^st March, 2024: Rs. 4,019 lakhs) by the subsidiary company. Vide the letter of comfort, the Company has provided
an undertaking not to dispose off its investment in that subsidiary company and to ensure that no losses are suffered
by the lender concerned. The Company has assessed that it is only possible, but not probable, that outflow of economic
resources will be required [Refer note 32(iii)].

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 period.

The sensitivity analysis are based on a change in a significant assumption, keeping all other assumptions constant. The
sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that
changes in assumptions would occur in isolation from one another.

In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the
project unit credit method at the end of reporting period, which is the same as that applied in calculating the defined
benefit obligation liability recognized in the balance sheet.

K Risk analysis

Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined
benefit plans and management's estimation of the impact of these risks are as follows:

(i) Interest risk

A decrease in the interest rate on plan assets will increase the plan liability.

(ii) Longevity risk/Life expectancy

The present value of the defined benefit plan liability
is calculated by reference to the best estimate of
the mortality of plan participants both during and at
the end of the employment. An increase in the life
expectancy of the plan participants will increase the
plan liability.

(iii) Salary growth risk

The present value of the defined benefit plan liability
is calculated by reference to the future salaries of
plan participants. An increase in the salary of the plan
participants will increase the plan liability.

(iv) Investment risk

The Gratuity plan is funded with Life Insurance
Corporation of India (LIC). The Company does not
have any liberty to manage the fund provided to
LIC. The present value of the defined benefit plan
liability is calculated using a discount rate determined
by reference to Government of India bonds. If the
return on plan asset is below this rate, it will create a
plan deficit.

III Provident Fund

Provident Fund contributions in respect of employees
are made to Trusts administered by the Company
and such Trusts invest funds following a pattern of
investments prescribed by the Government. Both
the employer and the employees contribute to this
Fund and such contributions together with interest
accumulated thereon are payable to employees at
the time of their separation from the Company or
retirement, whichever is earlier. The benefit vests
immediately on rendering of services by the employee.
The interest rate payable to the members of the Trusts
is not lower than the rate of interest declared annually
by the Government under the Employees' Provident
Funds and Miscellaneous Provisions Act, 1952 and
shortfall, if any, on account of interest is to be made

good by the Company. In terms of the guidance on
implementing Indian Accounting Standard 19 on
Employee Benefits, a provident fund set up by the
Company is treated as a defined benefit plan in view
of the Company's obligation to meet interest shortfall,
if any.

The Actuary has carried out actuarial valuation of
plan's liabilities and interest rate guarantee obligations
as at the balance sheet date using projected unit
credit method and deterministic approach as outlined
in the Guidance Note 29 issued by the Institute of
Actuaries of India. Based on such valuation, there is
no future anticipated shortfall with regard to interest
rate obligation of the Company as at the Balance
Sheet date. Further during the period, the Company's
contribution of Rs. 541 lakhs (31^st March, 2024: Rs.
494 lakhs) to the Provident Fund Trust, has been
expensed under Contribution to provident and other
funds. Disclosures given hereunder are restricted to
the information available as per the Actuary's report.

Principal actuarial assumptions

Principal actuarial assumptions used to determine the
present value of the defined benefit obligation are
as follows:

The Company enters into derivative financial instruments with various counterparties, principally financial institutions with
investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs
the use of market observable inputs. The most frequently applied valuation techniques include forward pricing model,
using present value calculations. The model incorporate various inputs including the credit quality of counterparties, foreign
exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective
currencies, interest rate curves and forward rate curves of the underlying commodity. As at 31^st March, 2025, the mark-to-
market value of other derivative assets / liabilities positions is net of a credit valuation adjustment attributable to derivative
counterparty default risk.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.

The following explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value through profit and loss. To provide an indication about the reliability of the inputs
used in determining fair value, the Company has classified its financial investments into the three levels prescribed under the
accounting standard.

Notes :

The Company uses the following hierarchy for determining and /or disclosing the fair value of financial instruments by
valuation techniques :

Level 1 hierarchy includes financial instruments measured using quoted prices in active markets for identical assets
or liabilities.

Level 2 hierarchy includes the fair value of financial instruments that are not traded in an active market (for example, over-
the counter derivatives) and the fair value is determined using valuation techniques which maximise 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.

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year. The Company's policy is to recognise transfers into and
transfers out of fair value hierarchy levels as at the end of the reporting period.

33B. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

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 has established the Risk Management Committee (RMC) which is
responsible for developing and monitoring the Company's risk management policies.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and control and monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company's activities.

The Company's activities expose it to market risk, liquidity risk and credit risk which are measured, monitored and managed
to abide by the principles of risk management.

(a) Credit risk

Credit risk refers to the risk of financial loss that may arise from counterparty failure on its contractual obligations
resulting in financial loss to the Company. Credit risk encompasses both the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration risks.

The Company controls its own exposure to credit risk.
All external customers undergo a creditworthiness
check. The Company performs an on-going
assessment and monitoring of the financial position
and the risk of default. Based on the aforesaid checks,
monitoring and historical data, the Company does
not perceive any significant credit risk on trade
receivables. Outstanding customer receivables are
regularly monitored and any shipments to major
customers are generally covered by letters of credit
or other forms of credit insurance obtained from
reputable banks.

In addition, as part of its cash management and credit
risk function, the Company regularly evaluates the
creditworthiness of financial and banking institutions
where it deposits cash and performs trade finance
operations. The Company primarily has banking
relationships with the public sector, private and large
international banks with good credit rating.

Trade Receivable aggregating Rs. 14,940 lakhs (31^st
March, 2024: Rs. 14,401 lakhs) from three customers,
each contributes to more than 10% of outstanding
trade receivables as at 31^st March, 2025.

The maximum exposure to the credit risk at the
reporting date is the carrying value of all financial
assets amounting to Rs. 69,481 lakhs (31^st March,
2024: Rs. 61,437 lakhs) as disclosed in note 33A(a).

An impairment analysis is performed at each reporting
date using a provision matrix to measure expected
credit losses. The provision rates are based on days
past due for groupings of various customer segments
with similar loss patterns (i.e., by geographical region,
product type, customer type and rating, and coverage
by letters of credit or other forms of credit insurance).
The calculation reflects the probability-weighted
outcome, the time value of money and reasonable
and supportable information that is available at the
reporting date about past events, current conditions
and forecasts of future economic conditions. The
Company does not hold collateral as security. The
letters of credit and other forms of credit insurance
are considered integral part of trade receivables and
considered in the calculation of impairment. The
Company evaluates the concentration of risk with
respect to trade receivables and contract assets as

low, as its customers are located in several jurisdictions
and industries and operate in largely independent
markets. Movement in the allowance for credit
impaired trade receivables is given in Note 9 (i).

The details of year-end trade receivables which were
past due but not impaired as at 31^st March, 2025 and
31^st March, 2024 is given in Note 9(i).

Credit risk from balances with banks is managed by
the Company's treasury department in accordance
with the Company's policy. Investments of surplus
funds are made only with approved counterparties
and within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the
Company's Board of Directors on an annual basis, and
may be updated throughout the year. The limits are set
to minimise the concentration of risks and therefore
mitigate financial loss through counterparty's potential
failure to make payments.

Concentrations arise when a number of counterparties
are engaged in the same geographical region, or have
economic features that would cause their ability to
meet contractual obligations to be similarly affected
by changes in economic, political or other conditions.
Concentrations indicate the relative sensitivity of the
Company's performance to developments affecting a
particular industry.

In order to avoid excessive concentrations of risk, the
Company's policies and procedures include specific
guidelines to focus on the maintenance of a diversified
portfolio. Identified concentrations of credit risks are
controlled and managed accordingly.

(b) Liquidity risk

Liquidity risk arises from the Company's inability to
meet its cash flow commitments on the due date.

The Company has liquidity risk monitoring processes
covering short-term, mid-term and long-term funding.
The Company's objective is to maintain a balance
between continuity of funding and flexibility through
the use of committed credit facilities and loan funds.
Management regularly monitors projected and actual
cash flow data, analyses the repayment schedules of
the existing financial assets and liabilities and performs
annual detailed budgeting procedures coupled with
rolling cash flow forecasts.

(c.3) Commodity price risk

The Company's revenue is exposed to the risk of price fluctuations related to the sale of its wire & wire rope products.
Market forces generally determine prices for such products sold by the Company. These prices may be influenced by
factors such as supply and demand, production costs (including the costs of raw material inputs) and global and regional
economic conditions and growth. Adverse changes in any of these factors may reduce the revenue that the Company
earns from the sale of wire & wire rope products. The Company primarily purchases its raw materials in the open market
from third parties. The Company is therefore subject to fluctuations in prices of wire rods, zinc, lead, lubricants, core and
other raw material inputs. The Company purchased substantially all of coal requirements from third parties in the open
market during the year ended 31^st March, 2025 and 31^st March, 2024 respectively.

The Company does not have any commodity forward contract for Commodity hedging.

The following table details the Company's sensitivity to a 5% movement in the input price of wire rod and zinc. The
sensitivity analysis includes only 5% change in commodity prices for quantity sold or consumed during the year, with all
other variables held constant. A positive number below indicates an increase in profit or equity where the commodity
prices decrease by 5%. For a 5% increase in commodity prices, there would be a comparable impact on profit or equity,
and the balances below are negative.

33C. DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses derivative instruments as part of its management of exposure to fluctuations in foreign currency
exchange rates. All derivative activities for risk management purposes are carried out by specialist teams that have the
appropriate skills, experience and supervision. The Company does not acquire or issue derivative financial instruments
for trading or speculative purposes. The Company does not enter into complex derivative transactions to manage the
treasury risks. Treasury derivative transactions are normally in the form of forward contracts and these are subject
to the Company guidelines and policies. The fair values of all derivatives are separately recorded in the balance sheet
within current and non-current assets and liabilities. The use of derivatives can give rise to credit and market risk. The
Company tries to control credit risk as far as possible by only entering into contracts with reputable banks and financial
institutions. The use of derivative instruments is subject to limits, authorities and regular monitoring by appropriate
levels of management. The limits, authorities and monitoring systems are periodically reviewed by management and
the Board. The market risk on derivatives is mitigated by changes in the valuation of the underlying assets, liabilities or
transactions, as derivatives are used only for risk management purposes.

33D. CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital and other equity. The
Company's primary capital management objectives are to ensure its ability to continue as a going concern and to
optimize the cost of capital in order to enhance value to shareholders.

The Company manages its capital structure and makes adjustments to it as and when required. To maintain or adjust
the capital structure, the Company may pay dividend or repay debts, raise new debt or issue new shares. The Company
monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. No major changes were
made in the objectives, policies or processes for managing capital during the year ended 31^st March, 2025 and 31^st
March, 2024 respectively. The Company includes within net debt, interest bearing loans and borrowings, less cash and
cash equivalents as follows:

34(i) The Company was allocated two coal blocks namely, Kathautia Coal Block and Lohari Coal Block in the State of

Jharkhand for captive use. Pursuant to the Hon'ble Supreme Courts' order dated 24th September, 2014 followed by
promulgation of the Coal Mines (Special Provisions) Act, 2015, (CMSP Act), the allocation of all coal blocks since 1993,
including the aforesaid coal blocks allocated to the Company were cancelled with effect from 24th September, 2014 in
case of Lohari Coal Block and 1st April, 2015 in the case of Kathautia Coal Block.

Through the process of public auction as envisaged in the CMSP Act, the aforesaid Coal Blocks had been allocated to
other successful bidders by the Central Government. Pursuant to conclusion of such auction, the Central Government
had also issued vesting orders for Kathautia and Lohari Coal Blocks for transfer and vesting the Company's rights, title
and interest in and over the land and mine infrastructure of the said coal blocks to the respective successful bidders.

38. (a) The Directorate of Enforcement ("ED”) had

issued an order dated August 9, 2019 under the
provisions of Prevention of Money Laundering
Act, 2002 (PMLA) to provisionally attach certain
parcels of land at Ranchi, State of Jharkhand
being used by the Company for its business for
a period of 180 days in connection with export
and domestic sale of iron ore fines in prior
years aggregating Rs. 19,037 lakhs allegedly
in contravention of terms of the mining lease
granted to the Company for the iron ore mines
situated at Ghatkuri, Jharkhand. The Hon'ble High
Court of Jharkhand at Ranchi had, vide order
dated February 14, 2012, held that the Company
has the right to sell the iron ore including fines
as per the terms of the mining lease which was
in place at that point in time. The Company
had paid applicable royalty and had made
necessary disclosures in its returns and reports
submitted to mining authorities. In response to
the provisional attachment order, the Company
had submitted its reply before the Adjudicating
Authority (AA). Subsequently, AA had issued an
order by way of which the provisional attachment
was confirmed under Section 8(3) of PMLA.
Thereafter, the Company filed an appeal before
the Appellate Tribunal, New Delhi and successfully
obtained a status quo order from the Tribunal on
the confirmed attachment order which continues
till the next date of hearing that is now fixed on
July 9, 2025. The ED had filed a complaint before
the District and Sessions Judge Cum Special

Judge, Ranchi (Trial Court, Ranchi), pursuant to
which summoning orders dated May 20, 2021
were issued to the Company and one of its
Officers. In response to the said complaint and
summons received, the Company had filed a
quashing petition before the Hon'ble Jharkhand
High Court and a subsequent Special Leave
Petition ('SLP') before the Hon'ble Supreme
Court against the order of the Hon'ble Jharkhand
High Court dismissing the Company's quashing
petition. Vide interim order dated December 15,
2021, the Hon'ble Supreme Court had granted
protection to the Company from arrest and
stayed the summoning orders issued by the Trial
Court, Ranchi. The Hon'ble Supreme Court vide
order dated September 28, 2022 had dismissed
the SLP with the directions to the Company to
present all its defences "which are required to
be considered and dealt with at the time of trial”
before the aforesaid Trial Court, Ranchi. Vide
order dated November 21, 2024, Trial Court,
Ranchi has further taken cognizance of the charge
sheet filed by the Central Bureau of Investigation
(CBI) for the offence under the Prevention of
Corruption Act, 1988 and the Indian Penal Code,
1860 against the Company, its Managing Director
(MD) and one of the Other Officers, pursuant to
which summoning orders dated November 26,
2024 were issued to the Company, its MD and
one of the Other Officers. The matter at the
Trial Court, Ranchi is scheduled to be heard
on May 19, 2025.

The ongoing operations of the Company have
not been affected by the aforesaid proceedings.
Supported by a legal opinion obtained,
management believes that the Company has
a strong case in its favour on merit and law.
Accordingly, no adjustment to these standalone
financial statements in this regard have been
considered necessary by the management.

(b) On October 2, 2020, Central Bureau of

Investigation (CBI) had filed a First Information
Report (FIR) against the Company, its Managing
Director (MD) and certain Other Officers under
the Prevention of Corruption Act, 1988 and
the Indian Penal Code, 1860 before the Special
Judge, CBI, New Delhi (CBI Court, New Delhi)
for allegedly trying to influence ongoing CBI
investigation pertaining to the proceedings
mentioned in note 38(a) above. Vide order dated
September 15, 2022, the CBI Court, New Delhi
had taken cognizance of the offence based on
interim charge sheet filed by the CBI against
the Company, its MD and certain Other Officers
and has directed the CBI to take such steps as
may be necessary to complete the investigation.
The Company strongly refutes the aforesaid
allegations made by the CBI. The Company has
received intimation from the Directorate of
Enforcement (ED) regarding summons issued on
this matter by the Special Judge, (PC Act) CBI,
New Delhi, under the provisions of PMLA and the
matter is scheduled to be heard on May 26, 2025.

The Company has been providing information
sought by the CBI and ED in this regard and

intends to continue cooperating, as required
by applicable laws and relevant court orders.

The Company and its MD is taking such legal
measures as considered necessary in respect
of these ongoing proceedings. Supported by a
legal opinion obtained, management believes
that the Company has a strong case in its favour
on merit and law in these matters. Accordingly,
no adjustment to these standalone financial
statements in this regard have been considered
necessary by the management.

39. Based on the Company's internal structure and
information reviewed by the Chief Operating
Decision Maker to assesses the Company's financial
performance, the Company is engaged solely in the
business of manufacture and

sale of wire, wire ropes and allied products.
Accordingly, the Company has only one operating
segment, i.e., "Wire & Wire Ropes”.

40. The Company uses an accounting software for
maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software, except that audit
trail feature is not enabled for certain changes which can
be made using privileged / administrative access rights
to the application and / or the underlying database.
Further no instance of audit trail feature being
tampered with was noted in respect of the accounting
software. Additionally, the audit trail of prior year has
been preserved by the Company as per the statutory
requirements for record retention to the extent it was
enabled and recorded in the respective year.

42. 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.

(ii) The Company does not have any transactions with
companies struck off.

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

(iv) The Company has not traded or invested in Crypto
currency or Virtual Currency during the financial year.

(v) 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:

(a) 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

(b) provide any guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries

(vi) 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:

(a) 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

(b) provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries,

(vii) 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 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).

(viii) The Company has not been declared wilful defaulter by
any bank or financial Institution or other lender.

(ix) The Company is not a Core Investment Company
as defined in the regulations made by Reserve Bank
of India. The Company has no Core Investment
companies as part of the Group.

(x) 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.

(xi) There are no events or transactions after the reporting
period which is required to be disclosed under Ind

AS 10.