Notes to Accounts of Salasar Exteriors and Contour Ltd.

Mar 31, 2025

b) Finance Lease: - Finance lease are capitalized at the commencement of the lease, at the lower of the fair value of
the property or the present value of the minimum lease payments. The corresponding liability to the lessor is
Included in the Balance Sheet as a finance lease obligation- Lease payments are apportion between finance charges
and the reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the
liability. Finance charges are charged directly against the Income over the period of the: lease.

The Company has not provided any of its assets on the basis of operating lease or Finance lease to others.

m) Cash flow: *

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted lor the effects or
transactions of a non-cash nature and any deferrals of past or future cash receipts and payments. The cash flows from
regular operating, investing and financing activities of the company arc segregated.

n) Earnings Per Share:-

The Company reports the basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20.
''Earnings per Share". Basic EPS is computed by dividing the Net Profit or loss attributable to the Equity Shareholders
for the year by the weighted average number of equities shares outstanding during the year. Diluted EPS is computed
by dividing the Net Profit or Loss attributable to the Equity Shareholders for the year by the weighted average number
of Equity Shares outstanding during the year as adjusted for the elicits of all potential Equity Shares, except where the
results are Anti - Dilutive.

The weighted average number of Equity Shares outstanding during the period is adjusted for events such a Bonus Issue.
Bonus elements in right issue, share splits, and reverse share split (consolidation of shares) that have changed the
number of Equity Shares outstanding, without a corresponding change in resources.

o) Taxes on Income

• Current Tax: -

Provision for current tax is made after taken into consideration benefits admissible under the provisions of the Income
Tax AcL 1961.

• Deferred Taxes: -

Deferred Income Tax is provided using the liability method on all temporary difference at the balance sheet date
between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes.

I Deferred Tax Assets are recognized for all deductible temporary differences to the extent that it is probable that taxable
profit will be available In the future against which this item can be utilized.

II. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to apply to the period when the assets
is realized or the liability Is settled, based on tax rates ( and the tax) that have been enacted or enacted subsequent to
the balance sheet date.

p) Discontinuing Operations

During the year the company has not discontinued any of its operations.

q) Provisions Contingent liabilities and contingent assets: -

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation . Provisions are
determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting
date. Where no reliable estimate can be made, a disclosure is made as Contingent Liability.

A disclosure fora Contingent Liability is also made when there is a possible obligation or present obligation that may,
but probably will not require an outflow of resources. Where there is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Possible obligation that arises from the 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 recognized because it is not probable that an outflow of resources will be required to settle the obligation IS reported
as Contingent Liability. In the rare cases, when a liability cannot be measures reliable, it is classified as Liability. The Company does not recognize a Contingent Liability but disclosed its exist nee in the standalone financial statements.

Sr

Where events occurring after the Balance Sheet date provide evidence of condition that existed at the end of reporting
period, the impact of such events is adjusted within the standalone financial statements. Otherwise, events after the
Balance Sheet date of material size or nature are only disclosed.

All the events occurring after the Balance Sheet date up to the date of the approval of the standalone financial statement
of the Company by the board of directors have been considered, disclosed and adjusted, wherever applicable, as per the
requirement of Accounting Standards.

22. We have shown carrying value of closing stock worth Rs. 764.90 lakhs at the year-end. we have provided the value of
stock based on our best estimation as there is uncertainties in the market regarding the potential realizable value of
stock in hand, we have made the valuation as per set industries practices however we are not sure whether we have
made the value of stock as per AS 2 valuation of inventory.

23. during the previous year we have enter into the compromise agreement with bank of Baroda and company has made the
payment as per the restricted terms as per the revised terms and the baa bank has written off 211.39 lakhs in their
books of account as we are not liable to pay the balance amount hence, we have booked as income under the head of
other income.

24. The previous year''s figures gave been reworked, regrouped, and reclassified wherever necessary.

Amounts and other disclosures for the preceding year are included as an integral part of the current
annual financial statements and are to be read in relation to the amounts and other disclosures
relating to the current financial year.

25. The Company has not revalued Its Property. Plant and Equipment for the current year.

26. There has been no Capital work in progress for the current year of the company.

27. There is no Intangible assets under development in the current year.

28. Credit and Debit balances of unsecured loans. Trade Payables, sundry Debtors, loans and Advances are subject to
confirmation and therefore the effect of the same on profit could not be ascertained.

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

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

31. No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami
Transactions (Prohibition) Act. 1988. as amended, and rules made thereunder.

32. The company has not been declared as willful defaulter by any bank or financial institution or government or
government authority.

33. The Company has not advanced or loaned to or invested In funds to any other person(s) or entity(is). including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend to 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

34. The Company has not received any fund from any person(s) or cntity(is), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall

a. directly or indirectly lend to 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.

35. The company does not have transaction with the struck off under section 248 of companies act 2013 or section 560 of
Companies act 1956.

36. The company is in compliance with the number of layers prescribed under clause (87) of section 2 of company''s
act read with companies (restriction on number of layers) Rules. 2017.

37. Related Parties Disclosure: -

The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting
Standard are given below:

As per Accounting Standard 18. issued by the Chartered Accountants of India. The Disclosures of Transaction with the
related parties as defined in the related parties as defined in the Accounting Standard are given

List of related parties with whom transactions have taken place and relationships: -

The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves
under the Micro. Small and Medium Enterprises Development Act. 2006 (MSMED Act 2006) but has not received the
same in totality. The above information is compiled based on the extent of responses received by the company from its
suppliers.

41. Title deeds of immovable Property

Tittle deeds of immovable property has not been held in the name of promoter, director, or relative of promoter/ director
or employee of promoters / director of the company, hence same are held in the name of the company.

42. Loans or Advances In the nature of loans to promoters, directors. KMPs and the related parties:-

No Loans or Advances in the nature of loans are granted to promoters, directors. KMPs and the related parties (as defined
under Companies Act, 2013.) either severally or jointly with any other person.

43. Compliance with approved Scheme(s) of Arrangements

The Company does not have made any arrangements in terms of section 230 to 237 of companies act 2013. and hence
there is no deviation to be disclosed.

44. Grouping of Loans & Advances. Sundry Debtors and Sundry Creditors-

The Sundry Creditors. Loans and Advances and Sundry Debtors as shown in the financial statement for the year ended
31-03-2025 are as under: -

Company has received show cause notice under Rule 4 of the SEBI (Procedure for holding Inquiry & Imposing Penalties)
Rules, 1995 read with section 15-1 of the SEBI Act 1992.

During the course of investigation before the SEBI, some of the irregularities were identified in the financial statement of
the company and stated that in some cases the figures is not showing the amount in proper head like sundry creditors,
loans and advances and sundry debtors regrouped incorrectly. The same is rectified while finalizing the financials for the
year ended 31-03-2025.

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Mar 31, 2024

q) Provisions Contingent liabilities and contingent assets: -

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Where no reliable estimate can be made, a disclosure is made as Contingent Liability.

A disclosure for a Contingent Liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Possible obligation that arises from the past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation is reported as Contingent Liability. In the rare cases, when a liability cannot be measures reliable, it is classified as Contingent Liability. The Company does not recognize a Contingent Liability but disclosed its existence in the standalone financial statements.

r) Event after Reporting Date: -

Where events occurring after the Balance Sheet date provide evidence of condition that existed at the end of reporting period, the impact of such events is adjusted within the standalone financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

All the events occurring after the Balance Sheet date up to the date of the approval of the standalone financial statement of the Company by the board of directors have been considered, disclosed and adjusted, wherever applicable, as per the requirement of Accounting Standards.

For D G M S & Co. For Salasar Exteriors and Contour Ltd.

Chartered Accountants

Videh Joshi Shree Kishan Joshi

Director & CFO Director

Hiren J. Maru DIN: 05168539 DIN: 05166595

Partner Place: Mumbai Place: Mumbai

M. No. 115279

FRN No. 112187W

UDIN No: 24115279BKBWLB3497

Place :Mumbai

Date: 21/06/2024

22. We have shown carrying value of closing stock worth Rs. 764.90 Lakhs at the year-end, we have provided the value of stock based on our best estimation as there is uncertainties in the market regarding the potential realizable value of stock in hand, we have made the valuation as per set industries practices however we are not sure whether we have made the value of stock as per AS 2 valuation of inventory.

23. during the previous year we have enter into the compromise agreement with bank of Baroda and company has made the payment as per the restructed terms as per the revised terms and the baa bank has written off 211.39 lakhs in their books of account as we are not liable to pay the balance amount hence, we have booked as income under the head of other income.

24. The previous year''s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current annual financial statements and are to be read in relation to the amounts and other disclosures relating to the current financial year.

25. The Company has not revalued its Property, Plant and Equipment for the current year.

26. There has been no Capital work in progress for the current year of the company.

27. There is no Intangible assets under development in the current year.

28. Credit and Debit balances of unsecured loans, Trade Payables, sundry Debtors, loans and Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.

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

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

31. No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988, as amended, and rules made thereunder.

32. The company has not been declared as willful defaulter by any bank or financial institution or government or government authority.

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

a. directly or indirectly lend to 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

34. 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 to 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.

35. The company does not have transaction with the struck off under section 248 of companies act, 2013 or section 560 of Companies act 1956.

36. The company is in compliance with the number of layers prescribed under clause (87) of section 2 of company''s act read with companies (restriction on number of layers) Rules, 2017.

37. Related Parties Disclosure: -

The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are given below:

As per Accounting Standard 18, issued by the Chartered Accountants of India, The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are given below:

List of related parties with whom transactions have taken place and relationships: -

The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based on the extent of responses received by the company from its suppliers.

42. Title deeds of immovable Property

Tittle deeds of immovable property has not been held in the name of promoter, director, or relative of promoter/ director or employee of promoters / director of the company, hence same are held in the name of the company.

43. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties:-

No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.

44. Compliance with approved Scheme(s) of Arrangements

The Company does not have made any arrangements in terms of section 230 to 237 of companies act 2013, and hence there is no deviation to be disclosed.

45. Grouping of Loans & Advances, Sundry Debtors and Sundry Creditors:-

The Sundry Creditors, Loans and Advances and Sundry Debtors as shown in the financial statement for the year ended 31-03-2024 are as under: -

For D G M S & Co. For Salasar Exteriors and Contour Ltd.

Chartered Accountants

Videh Joshi Shree Kishan Joshi

Director & CFO Director

Hiren J. Maru DIN: 05168539 DIN: 05166595

Partner Place: Mumbai Place: Mumbai

M. No. 115279

FRN No. 112187W

UDIN No: 24115279BKBWLB3497

Place :Mumbai

Date: 21/06/2024

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Mar 31, 2023

(1) The Company has issued shares against the Business purchase of Salasar Exteriors (Prop. Shreekishan Joshi) to the consideration of Rs 4,12,48,684/- of Rs. 10 each.

39. Corporate Social Responsibility (CSR)

The section 135 (Corporate social responsibility) of companies act, 2013 is not applicable to the company.

40. Notes forming part of accounts in relation to Micro and small enterprise

1. Based on information available with the company, on the status of the suppliers being Micro or small

enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act,2013 with regard to the payments made/due to Micro and small Enterprises are given below :

The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based on the extent of responses received by the company from its suppliers.

41. Title deeds of immovable Property

Tittle deeds of immovable property has not been held in the name of promoter, director, or relative of promoter/ director or employee of promoters / director of the company, hence same are held in the name of the company.

42. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties:-

No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.

43. Compliance with approved Scheme(s) of Arrangements

The Company does not have made any arrangements in terms of section 230 to 237 of companies act 2013, and hence there is no deviation to be disclosed.