Notes to Accounts of Quest Flow Controls Ltd.

Mar 31, 2025

r) Provisions, Contingent Assets and Contingent Liabilities

A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the
obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value (except retirement benefits) and are determined based on best
estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. 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. When there is a
possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.

A Contingent Asset is neither recognized nor disclosed in the financial statements.

s) Events after Balance Sheet

Events occurring after the balance sheet date that indicate that an asset may have been impaired, or that a liability may have existed, at the balance sheet date are, therefore,
taken into account in identifying contingencies and in determining the amounts at which such contingencies are included in financial statements.

c) The rights, preferences and restrictions attached to each class of shares -

Equity Shares: The company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. The dividend proposed (if
any) 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, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

i) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date
-Nil

j) Calls unpaid (showing aggregate value of calls unpaid by Directors and officers) - Nil

k) Forfeited shares (amount originally paid-up) - Nil

l) For the period of five years immediately preceding the date at which the Balance Sheet is prepared, the company has not allotted any shares as fully paid up pursuant to
contract without payment being received in cash or bought back any class of shares.

m) The Company has not declared or paid any dividend to its shareholder in any of the financial years.

The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendments Rules2021) which is effective from 1st April,2023 states that every
company which uses accounting software for maintaining its books of accounts shall use only the accounting software where there is a feature of recording audit trail of
each and every transaction, and further creating an edit log of each change made to books of accounts along with the date when such changes were made and ensuring that
audit trail cannot be disabled.

Note-36 RELATIONSHIP WITH STRUCK OFF COMPANIES

During the year, the Company had no transactions with struck off companies.

Note-37 RECENT ACCOUNTING PRONUNCEMENTS

There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013, which are issued
and not effective as at March 31, 2024.

Note-38 BORROWING AGAINST CURRENT ASSETS

The Company does not have any borrowings secured against its current assets and hence is not required to file quarterly returns/statements of inventory with banks or
financial institutions.

Note-39 EVENTS OCCURING AFTER BALANCE SHEET DATE

There are no events subsequent to the balance sheet date, which require adjustment of, or disclosure in the Financial statements.

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 traded or invested in Crypto Currency or Virtual Currency during the financial year/period.

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

5. The Company has not been declared a wilful defaulter by any bank or other lender (as defined under the Companies Act, 2013), in accordance with the guidelines on
wilful defaulters.

6. The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken.

7. The Company is in compliance with the number of layers prescribed under Clause (87) of Section 2 of the Companies Act read with the Companies (Restriction on number
of Layers) Rules, 2017.

FOR BILIMORIA MEHTA & CO For Meson Valves India Limited

CHARTERED ACCOUNTANTS

Brij''esh Madhav Manerikar Swaroop Raghuvir Natekar

P (Managing Director) (Whole Time Director)

DIN: 05154847 DIN: 05154850

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IS ll0149DW) 91

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Prashant Taparia >^£DACC$^^ Vij''aya E Shahapurkar Kishor Dhondu Makvan

Partner (Chief Financial Officer) (Chief Executive Officer)

M. NO. : 190252

F. M NO : 101490W

Place: Mumbai

Date: May 26, 2025

UDIN: 25190252BMLZXB8918 Ankit Jain

(Company Secretary)

---

Mar 31, 2024

a) Terms/rights attached to equity shares.

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.The dividend proposed by the Board of Directors is subject to the approval of the shareholders except in the case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amount in proportion of their shareholding.

SEGMENT REPORTING i) Business (Primary) Segment

The Company operates in a single primery business segment, namely, Manufacturing of Valves, and hence there is no reportable primery segment as per IND AS-108 on segment reporting.

Balances of some of the advances given and taken and Sundry Debtors & Creditors are subject to the confirmations from the respective parties.

NOTI 34

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

Note 35

During the year, the Company had no transactions with struck off companies.

Note 36

There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013, which are issued and not effective as at March 31,2024.

The company has filed quarterly returns or statements of current assets with banks or financial institutions and same the same are in compliance with the books.

Note 38

The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts

Note 39

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

2. The Company and its Subsidiaries has not traded or invested in Crypto Currency or Virtual Currency during the financial year/period.

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

4. The Company and its Subsidiaries does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the period/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).

5. The Company has not been declared a willful defaulter by any bank or other lender (as defined under the Companies Act, 2013), in accordance with the guidelines on willful defaulters

6. The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken

7. The Company is in compliance with the number of layers prescribed under Clause (87) of Section 2 of the Companies Act read with the Companies (Restriction on number of Layers) Rules, 2017.