23. Provisions, Contingent Liabilities and Contingent
Assets:

Aprovision is recognised if, asa result of a pastevent,
the company has a present legal orconstructive
obligation that can be estimated reliably, and
it is probable that an outflow of economic
benefits will be required to settle the obligation.

Provisions for onerous contracts are recognized
when the expected benefits to be derived
by the Company from a contract are lower
than the unavoidable costs of meeting
the future obligations under the contract.

A disclosure for contingent liabilities is made
where there is a possible obligation or a present
obligation that may probably not require an
outflow of resources oran obligation forwhich
the future outcome cannot be ascertained with
reasonable certainty. When there is a possible
ora present obligation where the likelihood of
outflow of resources is remote, no provision or
disclosure is made.

Contingent assets are neither recognized nor
disclosed in financial statements.

(ii) Terms/rights attached to Equity Shares

The Company has only one class shares referredto as equity shares having a par value of Rs 10 per share
which rank pari-passu in all respects including voting rights and entitlement to dividend. Each holder of Equity
Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors of Company, at its meeting held on 29th May, 2026have recommended payment of
dividend of Rs. 3.30(Rupees three and thirty paise only) per equity share of the face value of Rs. 10 each forthe
financial year ended 31st March, 2026.If approved, the total dividend forthe financial year 2025-26will be Rs.
3.30(Rupees three and thirty paise only) per equity share of the face value of Rs. 10 each.

Pursuant to the dividend forthe financial year 2024-25approved by the shareholders at the 31st Annual
General Meeting held on 22ndSeptember, 2025,the Company paid the equity dividend of 33%(Rs. 3.30per
equity share of nominal face value of Rs. 10/-each fully paid up) aggregating to Rs. 4,93,60,703/- (gross)subject
to deduction of tax at source as per the applicable rate(s) to the eligible shareholders. The payment wasmade
on 29th September, 2025.

(iii) Detail of shares held by the holding company, the ultimate holding company, their subsidiaries and associates
are Nil (as at 31st March 2025 :Nil)

Nature and purpose of reserves

(a) Securities Premium:

The amount received in excess of face value of the equity shares is recognised in Securities premium. The
reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the
provisions of the Companies Act, 2013.

(b) Retained earnings

Retained earnings or accumulated surplus represents total of all profits retained since Company's inception.
Retained earnings are credited with current year profits, reduced by losses, if any, dividend payouts, transfers to
General reserve or any such other appropriations to specific reserves.

(c) Other comprehensive income

Other comprehensive income consist of FVOCI financial assets and financial liabilities and remeasurement of
defined benefit assets and liability.

(d) Share Forfeiture

The reserve represents the part amounts paid on shares which have been forfeited on account of calls remained
unpaid.

(e) Capital Reserve

The Capital Reserve is the amount received against share warrants convertible into equity shares which have
lapsed due to non-compliance and hence, forfeited. The amount paid on such forfieted warrants have been
transferred to Capital Reserve.

ii. Working Capital Finance availed from banks are repayable on demand and renewed every year. These loans are
secured against Hypothecation of Stock, Book Debts, Current Assets, Movable fixed assets of Companies.

iii. Working capital facility from HDFC Bank Ltd is further secured by fixed deposit worth Rs. 500 lakhs held and
pledge with the bank as 10% cash margin towards the additional working capital facility of Rs 5,000 lakhs
provided by the bank.

iv. Working capital facility from Axis Bank Ltd is further secured by fixed deposit worth Rs. 700 lakhs held and

pledge with the bank as 10% cash margin towards the working capital facility of Rs 7,000 lakhs provided by the

bank.

v. Working capital facility from Kotak Bank Ltd is further secured by fixed deposit worth Rs. 700 lakhs held and

pledge with the bank as 10% cash margin towards the working capital facility of Rs 6,950 lakhs provided by the

bank.

vi. Working capital facility from IDFC Bank Ltd is further secured by fixed deposit worth Rs. 250 lakhs held and

pledge with the bank as 10% cash margin towards the working capital facility of Rs 2,500 lakhs provided by the

bank.

Note : 1 On account of inclusion of advance to suppliers in quarterly statements, valuation of inventory including
custom and other duties / taxes paid thereon and non-adjustments of exchange rate differences.

Note : 2 No material discrepancies.

Note : 3 Amount reported in quarterly statements pertains to trade payable in respect of goods and other trade
payable were not included therein.

Note : 4 On account of non-inclusion of stock in transit and corresponding trade payable in quarterly statement and
valuation of inventory

Note : 5 Amount of trade payable excessive reported in the statement submitted to bank.

Note : 6 Advances given and outstanding was adjusted while reporting the trade payable in the statement submitted
to bank.

Note : 7 On account of inclusion of taxes and advances receivable in quarterly statement, effect of expected credit
loss provision, writing off of bad debts and regrouping of advance received.

D. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair
value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the
valuation date.

d) Nature of CSR activities undertaken by the Company -

i) Eradicating hunger, poverty and malnutrition

ii) Promoting health care including preventive health care and sanitation

iii) Promoting education, including special education and employment enhancing vocation skills

41 Financial instruments

The fairvalues of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced orliquidation sale.

The following methods and assumptions wereused to estimate the fairvalues:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts
largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances
are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not
materially different from their carrying amounts.

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

Level 1:quoted (unadjusted) prices in active markets foridentical assets orliabilities.

Level 2:other techniques forwhich all inputs which have a significant effect on the recorded fairvalue are observable,
either directly orindirectly.

Level 3:techniques which use inputs that have a significant effect on the recorded fairvalue that are not based on
observable market data.

Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that
reflects the significance of inputs used in the measurements. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to
unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level 1: quoted prices for identical instruments

• Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: inputs which are not based on observable market data.

For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is
summarised below:

There were no significant changes in classification and no significant movements between the fair value hierarchy
classifications of financial assets and financial liabilities during the year.

42 Financial risk factors

The Company's principal financial liabilities comprise loans and borrowings, advances and trade and other payables.
The purpose of these financial liabilities is to finance the Company's operations and to provide to support its
operations. The Company's principal financial assets include loans, trade and other receivables and cash and cash
equivalents that derive directly from its operations.

The Company's activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and
agrees policies for managing each of these risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are
settled by delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient
cash including availability of funding through an adequate amount of committed credit facilities to meet the
obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to
meet its short term and long term liabilities as and when due. Anticipated future cash flows are expected to be
sufficient to meet the liquidity requirements of the Company.

(i) Financing arrangements

The Company has access to the following undrawn borrowing facilities as at the end of the reporting period:

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other
price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk includes
investment, deposits, foreign currency receivables and payables. The Company's treasury team manages
the Market risk, which evaluates and exercises independent control over the entire process of market risk
management.

(i) Foreign currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company has foreign currency loan and trade payables
and is therefore exposed to foreign exchange risk. The exchange rates have been volatile in the recent
years and may continue to be volatile in the future. Hence the operating results and financials of the
Company may be impacted due to volatility of the rupee against foreign currencies.

(ii) Interest rate risk

Interest rate risk is the risk that the fairvalue of future cash flows of the financial instruments will fluctuate
because of changes in market interest rates. According to the Company, interest rate risk exposure is only
forfloating rate borrowings. The Company is not significantly exposed to the interest rate risk, since the
borrowings of the Company are on Fixed interest rate basis.

(iii) Commodity risk

Commodity price risk arises due to fluctuation in prices of crude oil. Volatility in Crude Oil prices, Currency
fluctuation of Rupee vis-a-vis other prominent currencies coupled with demand-supply scenario in the
world market affect the effective price and availability. The Company manages this risk by widening its
source base, appropriate contracts and commitments and well planned procurement.

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer orcounter-party fails to meet its
contractual obligations. The Company is exposed to credit risks from its operating activities, primarily
trade receivables, cash and cash equivalents, deposits with banks and other financial instruments.
Credit risk is managed by the Company through credit approvals, establishing credit limits and continuously
monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course
of business.

Trade and other receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a
significant increase in credit risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant change increase in credit risk, the Company compares the risks of default
occurring on the assets as at the reporting date with the risk of default as at the date of initial recognition. It
considers the reasonable and supportive forward looking information such as:

(i) Actual orexpected significant adverse changes in business.

(ii) Actual orexpected significant changes in the operating results of the counterparty.

(iii) Financial oreconomic conditions that are expected to cause a significant change to the counterparty's ability to
meet its obligations.

(iv) Significant increase in credit risk on other financial instruments of same counter party.

43 (a) Capital management

The Company's objectives when managing capital are to :

(i) 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

(ii) maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may issue new shares, adjust the amount of
dividends paid to shareholders etc. The Company's policy is to maintain a stable and strong capital structure
with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future
development and growth of its business. The Company will take appropriate steps in order to maintain, or if
necessary adjust, its capital structure.

44 Segment Reporting

The Company's Board of Directors consisting of Managing Director together with the Chief Financial Officer has
been identified as the Chief Operating Decision Maker (CODM) as defined under Ind AS 108 "Operating Segments".
The CODM evaluates the Company's performance and allocated the resources based on an analysis of various
performance indicators. The Company is principally engaged in the business activities of Ancillary Infra i.e.
manufacturing and trading of Bitumen and Allied Products, Logistics of Bitumen and Liquefied Petroleum Gas (LPG)
and energy generation through Wind Mills. The Company has accordingly identified these 3 activities as Operating
segments in accordance with requirements of Ind AS 108 on 'Operating segments'.

a) Above inter-corporate loan has been given for general business purposes and guarantee has been given to
enable the subsidiary to avail loan for general business purposes.

b) Also Refer Note 3 for Investments.

47 Acquisition of 100% stake in Konkan Storage Systems (Karwar) Private Limited

On 31st December, 2025, the Company has acquired 100% equity shares of Konkan Storage Systems
(Karwar) Private Limited for a consideration of Rs. 2,200 lakhs by way of purchase of 10100 fully paid-up
equity shares of Rs. 10 each at a premium of Rs. 21,772.18 each in pursuance of Share Purchase Agreement
dated 8th July, 2025 executed between the Company and shareholders of Konkan Storage Systems (Karwar)
Private Limited. The purchase consideration of Rs. 2,200 lakhs have been paid by the Company in cash.
Pursuant to the Acquisition, Konkan Storage Systems (Karwar) Private Limited has become wholly owned
subsidiary of the Company with effective from 31st December 2025. Konkan Storage Systems (Karwar) Private
Limited has its own liquid bulk Storage facilities/Terminal at Karwar.

50 Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards oramendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time.

During the year,the MCA has issued an amendment forremoval of carve-out under Ind AS 1,Presentation of
financial statements relating to classification of liabilities subject to covenants breach which is applicable with
effect from 1st April 2026.The Company has reviewed the new pronouncements and based on its evaluation
has determined that it does not have any significant impact in standalone financial statements.

51 ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO
THECOMPANIES ACT, 2013

i) Event after reporting date

There have been no events after the reporting date.

ii) Details of Benami Property Held

No proceedings have been initiated during the financial year orpending as at the end of the financial year
against the Company forholding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45of 1988) and rules made thereunder.

iii) Wilful Defaulter

The Company has not been declared as a wilful defaulter by any bank orfinancial institution orother
lender in the current orpreceeding financial year.

iv) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87)of section 2of the
Act read with Companies (Restriction on number of Layers) Rules, 2017 forthe financial years ended 31st
March 2026and 31st March 2025.

v) Utilisation of borrowed funds and share premium

No funds have been advanced orloaned orinvested (either from borrowed funds orshare premium orany
other sources orkind of funds) by the Company to orin any other persons orentities, including foreign
entities ("Intermediaries") with the understanding, whether recorded in writing orotherwise, that the
Intermediary shall lend orinvest in party identified by oron behalf of the Company (Ultimate Beneficiaries).
The Company has also not received any fund from any parties (Funding Party) with the understanding that
the Company shall whether, directly orindirectly lend orinvest in other persons orentities identified by or
on behalf of the Funding Party ("Ultimate Beneficiaries") orprovide any guarantee, security orthe like on
behalf of the Ultimate Beneficiaries.

vi) Compliance with approved Scheme(s) of Arrangements

There is no any scheme of Arrangement orAmalgamation initiated orapproved by the Board of Directors
and Shareholders of the Company during the year ended 31st March 2026and 31st March 2025.

vii) Undisclosed income

There is no income surrendered or disclosed as income during the year in tax assessments under the
Income Tax Act,1961 (such as search or survey), that has not been recorded in the books of account.

viii) Title deeds of Immovable Properties not held in name of the Company

The title deeds of the immovable properties possessed by the Company are held in the name of the
Company (other than properties where the Company is the lessee and the lease agreements are duly
executed in favour of the lessee).

ix) Details of Crypto Currency orVirtual Currency

The Company has not traded orinvested in Crypto currency orVirtual currency during the current or
preceeding financial year.

x) Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC and the Company does not have any charges or
satisfaction of charges which is yet to be registered with Registrar of Companies within the statutory
period for the financial years ended 31st March 2026 and 31st March 2025 except as under:

a) Two charge registered in favor of HDFC Bank Ltd needs to be modified so as to align the same with
the present working capital facility and bank guarantee facility obtained from the Bank.

xi) Relationship with Struck off Companies

The Company have not entered into any transaction during the current or previous financial year with the
companies whose names have been struck off under section 248 of Companies Act, 2013 or section 560 of
Companies Act, 1956 and there is no outstanding receivable from / payable to such companies as at the
end of year.

53 The Company is yet to receive balance confirmations in respect of certain financial assets and financial liabilities.
The Management does not expect any material difference affecting the current year's financial statements due
to the same.

54 The financial statements were approved for issue by the Board of Directors on 29th May, 2026.

55 The figures of the previous year's have been regrouped or reclassified wherever necessary to make them
comparable.