n) Provisions and Contingencies

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated
reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Provisions are
discounted where the effect of discounting is material at a pre-tax rate that reflects current market assessments of the time value of
money. Unwinding of the discount (accretion) is recognized as a finance cost. Discount rates are assessed and projected timing of
future obligations each reporting period.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will
not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably.
When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic
benefits is remote, no provision or disclosure is made.

o) Investment and other financial assets:

i) Classification:

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

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

b) those measured at amortised cost

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

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.

ii) Measurement:

At intial recognition, the company 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 that are directly attributable to the acquisition of the financial asset. Transaction costs of
financial assets carried at fair value through profit or loss are expensed in profit or loss.

p) Leases:

As a Lessee:

The company recognizes a right-of-use asset and a lease liability at the lease commencement date.

Right-of-use asset (ROU):

The right-of-use asset is initially measured at cost. Cost comprises of the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, any initial direct costs incurred by the lessee, an estimate of costs to dismantle
and remove the underlying asset or to restore the underlying asset or the site on which it is located less any lease incentives received.

After the commencement date, a lessee shall measure the right-of-use asset applying cost model, which is Cost less any accumulated
depreciation and any accumulated impairment losses and also adjusted for certain re-measurements of the lease liability.

Right-of-use asset is depreciated using straight-line method from the commencement date to the end of the lease term. If the lease
transfers the ownership of the underlying asset to the company at the end of the lease term or the cost of the right-of-use asset
reflects the company will exercise the purchase option, ROU will be depreciated over the useful life of the underlying asset, which is
determined based on the same basis as property, plant and equipment.

Lease liability:

Lease liability is initially measured at the present value of lease payments that are not paid at the commencement date. Discounting is done
using the implicit interest rate in the lease, if that rate cannot be readily determined, then using the company's incremental borrowing rate.
Incremental borrowing rate is determined based on entity's borrowing rate adjusted for terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprises of fixed payments (including in substance fixed payments),
variable lease payments that depends on an index or a rate, initially measured using the index or rate at the commencement date,
amount expected to be payable under a residual value guarantee, the exercise price under a purchase option that the company is
reasonably certain to exercise, lease payments in an optional renewal period if the company is reasonably certain to exercise an
extension option, and penalties for early termination of a lease unless the company is reasonably certain not to terminate early.

Lease liability is measured at amortised cost using the effective interest method. Lease liability is re-measured when there is a change
in the lease term, a change in its assessment of whether it will exercise a purchase, extension or termination option or a revised
in-substance fixed lease payment, a change in the amounts expected to be payable under a residual value guarantee and a change in
future lease payments arising from change in an index or rate.

When the lease liability is re-measured corresponding adjustment is made to the carrying amount of the right-of-use asset. If the
carrying amount of the right-of-use asset has been reduced to zero it will be recorded in statement of profit and loss.

Right-of-use asset is presented under "Property, Plant & Equipment" and lease liabilities are presented under "Financial liabilities" in
the balance sheet.

The company has elected not to recognise right-of-use assets and lease liabilities for short term leases. The lease payments associated
with these leases are recognised as an expense on a straight-line basis over the lease term.

As a Lessor: Lease income from operating leases where the Company is a lessor is recognised as income on a straight-line basis over
the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected
inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

q) Impairment of non-financial assets:

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash
inflows from other assets or group of assets (cash-generating units).

r) Borrowing costs:

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are
assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed
in the period in which they are incurred, unless they are capitalised.

3] Company as a lessee

The Company has incurred expenses relating to short term leases . Terms of such lease include option for renewal on mutually agreed
terms. There are no restrictions imposed by lease arrangements and there are no purchase options or sub leases or contingent rents.
Operating lease rentals for the year recognised in Statement of Profit and Loss amounts to INR 95.52 Lakhs (2023-2024 INR 61.55 Lakhs).

4] Company as a lessor

Rent income includes payments of INR 80.83 lakhs (2023-2024 INR 96.73 Lakhs) for the year relating to agreements entered into by the
Company. There are no restrictions imposed by lease arrangements and there are no contingent rents recognised as income for the period.
These lease arrangements inter alia include escalation clause/option for renewal.

There are no transfers between Level 1 and Level 2 during the year

Financial instruments - Fair values and risk management

i] The carrying value of trade receivables, cash and cash equivalents, other bank balances, loans, trade payables and other financial assets
and liabilities are considered to be the same as their fair values due to their short term nature. The fair value of financial instruments as
referred to in note above have been classified into three categories depending on the inputs used in valuation technique. The hierarchy
gives highest priority to quoted prices in active market for identical assets or liabilities (Level 1 measurement) and lowest priority to
unobservable inputs (Level 3 measurement).

ii] Valuation technique used to determine fair value Specific valuation technique used to value financial instruments include:

The mutual funds are valued using closing NAV available in the market.

B] Financial risk management

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

* Liquidity Risk ; and

* Market Risk

i] Risk Management objectives

The Companys activities expose it to a variety of financial risks viz. credit risk, liquidity risk and market risk. In order to manage
the aforementioned risks, the Company operates a risk management policy and a program that performs close monitoring of and
responding to each risk factors

ii] Credit risk

a] Credit Risk management

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company.
The Company deals with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Company
uses publicly available financial information and its own trading records to rate its major customers. The Company's exposure
and credit ratings of its counterparties are regularly monitored and the aggregate value of transactions concluded is spread
amongst counterparties

b] Cash and Cash equivalents and other Bank balances

The Company held cash and cash equivalents and other bank balances of INR 1,912.66 Lakhs (INR 936.95 Lakhs as on
March 31,2024). The cash and cash equivalents are held with bank counterparties with good credit ratings.

c] Loans and Advances

The Company held Loans and Advances of INR 29709 Lakhs (INR 300.96 Lakhs as on March 31, 2024). The loans and advances
are in nature of rent deposit paid to landlords, bank deposits with more than 12 month maturity and are fully recoverable.

d] Trade receivables

Trade receivables are typically unsecured and are derived from revenue earned from customers. Credit risk has been managed by
the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers
to which the company grants credit terms in the normal course of business. Exposures to customers outstanding at the end
of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of
impairment of trade receivables do not reflect any significant credit losses. Given that the macro economic indicators affecting
customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal
credit losses to continue.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. 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

Maturity profile of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements

iv] Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the
Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial
instruments including foreign currency receivables and payables and long term debt. We are exposed to market risk primarily related
to foreign exchange rate risk, interest rate risk and the market value of our investments. Thus, our exposure to market risk is a function
of investing and borrowing activities and revenue generating and operating activities in foreign currency. The objective of market risk
management is to avoid excessive exposure in our foreign currency revenues and costs.

ii) Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a
change in interest rates at the reporting date would not affect profit or loss.

iii) Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit
or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates,
remain constant.

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also
assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that
date. The period end balances are not necessarily representative of the average debt outstanding during the period.

c] Price Risk

Price risk refers to risk that the fair value of a financial instrument may fluctuate because of the change in the market price. The Company
is exposed to the price risk mainly from investment in mutual funds. Investments in mutual funds are made primarily in units of fixed
maturity and liquid funds and are not exposed to significant price risk.

11] Capital Management

a) Risk Management

The Company's capital management objectives are:

- safeguard their ability to continue as A going concern, so that they can continue to provide returns for shareholders and benefits for
other stakeholders, and

- maintain an optimal capital structure to reduce the cost of capital

The Company contributes to the following post-employment defined benefit plans in India

i] Post Employment Defined Contribution Plans :

The contributions to the Provident Fund and Family Pension fund of certain employees are made to a Government administered
Provident Fund and there are no further obligations beyond making such contribution.The Company recognized INR 3.45 Lacs for year
ended March 31,2025 (INR 3.00 Lacs for March 31,2024 ) contributions in the Statement of Profit and Loss.

The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

ii] Post Employment Defined Benefit Plans :

Gratuity

The Company participates in the Employees Gratuity scheme, a funded defined benefit plan for qualifying employees. Gratuity is
payable to all eligible employees on death or on separation / termination in terms of the provisions of the Payment of Gratuity Act, 1972.
The Company makes annual contribution to the group gratuity scheme administered by the Life Insurance Corporation of India through
its Gratuity Trust fund.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried out
as at March 31, 2025. The present value of the defined benefit obligations and the related current service cost and past service cost,
were measured using the Projected Unit Credit Method.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumption the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit
liability recognized in the Balance Sheet.

iii] Leave Obligation

The Company provides leave to employees. The employees at the end of the financial year can carry forward their balance leave to
the subsequent financial year and it gets lapsed if not availed in that subsequent financial year. The Company Rules does not provide
encashment of Leave at any time during the tenure of employment and also on retirement or termination. The Company records a
provision for leave obligation at the end of the financial year. The total provision recorded by the Company towards this obligation was
INR 2.32 Lakhs as on March 31,2025 (INR 2.13 lakhs as on March 31,2024)

iv] Risk Exposure

Through its defined benefit plans, the Company is exposed to some risks, the most significant of which are detailed below:

Discount rate risk

The Company is exposed to the risk of fall in discount rate. A fall in discount rate will eventually increase the ultimate cost of providing
the above benefit thereby increasing the value of the liability

Salary growth risks

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

Demographic risk

In the valuation of the liability, certain demographic (mortality and attrition rates) assumptions are made. The Company is exposed
to this risk to the extent of actual experience eventually being worse compared to the assumptions thereby causing an increase in
the benefit cost.

1 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any
Benami property.

2 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 Intermediary shall: (a) directly or indirectly lender 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.

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: (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.

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

4 The Company has not traded or invested in Crypto currency or Virtual Currency during the current or previous year.

5 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).

6 The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium
thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

7 The Company has not revalued any of its Property, Plant and Equipment during the year.

8 The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87) of section 2 of

the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017

9 Relationship with Struck off Companies

During the year, the company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013
or section 560 of Companies Act, 2013, however, please note that the Company named as Chothani Fibres Private Limited (Shareholder
category) is StrikeOff and its holding 266 shares in Tips Films Limited.

10 The Company is having bank borrowings during the current year INR 10,001.40 Lakhs and previous year NIL.

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average
number of Equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable to equity holders
of the Company by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity
shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares

Although, pursuant to the Composite Scheme of Arrangement , the immovable properties belonging to the demerged undertaking of Tips
Industries Limited vest in and/or deemed to be tranferred to an vested in the Company, the mutation of tittle/assignment of leases thereof
in the name of the Company are yet to be made and recorded by the appropriate authorities. Notwithstanding the same, the Company
excercises all rights and privileges and pays ground rent, municipal taxes and fulfils all obligations, in relation to or applicable to such
immovable properties. The company is in the process of having it transferred in its name.

Significant accounting polices 1-2

The notes referred to above form an integral part of the financial statements.

In terms of our report of even date For and on behalf of the Board of Directors of

For Maheshwari & Co TIPS FILMS LIMITED

Chartered Accountants CIN :L74940MH2009PLC193028

Firm Registration No. 105834W

K. K. Maloo Kumar S. Taurani Ramesh S. Taurani

Partner Chairman & Executive Director Managing Director

Membership No. 075872 DIN : 00555831 DIN : 00010130

Haresh N. Sedhani Dharmesh H. Navdhare

Chief Financial Officer Company Secretary

Membership No:A68397

Place : Mumbai Place : Mumbai

Date: May 12, 2025 Date: May 12, 2025