A provision is recognised when the Company has a present obligation as a result of past event; 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 of the amount of obligation. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the obligation at the reporting
date. These are reviewed at each reporting date and adjusted to reflect the current best estimates.
Where the Company expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any provision is presented in the statement
of profit and loss net of any reimbursement.

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 recognized 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 recognized because it cannot be
measured reliably. The Company does not recognize a contingent liability but discloses its existence
in the financial statements.

T) Accounting for Proposed Dividend

As per AS 4, the Company has not created provision for dividend proposed/ declared after the balance
sheet date unless a statute requires otherwise. Rather, Company has disclosed the same in notes to
the financial statements.

U) Government Grants

Government Grants are recognized when there is a reasonable assurance that the same will be
received and all attaching conditions will be complied with. Revenue from grants is recognized in the
statement of profit and loss. Capital grants relating to specific Tangible assets are reduced from the
gross value of the respective Tangible Assets. Where the Company receives non-monetary grants, the
asset is accounted for on the basis of its acquisition cost. In case a non-monetary asset is given free of
cost, it is recognized at a nominal value.

V) Events occurring after the Balance Sheet date:

Events occurring after the balance sheet date are those significant events, both favourable and
unfavourable, that occur between the balance sheet and the date on which the financial statements
are approved by the Board of Directors. Adjustments to assets and liabilities are required for events
occurring after the balance sheet date that provide additional information materially affecting the
determination of the amounts relating to conditions existing at the balance sheet date. To that extent
Assets and Liabilities are adjusted for events occurring after the balance sheet date which indicate
that the fundamental accounting assumption of going concern is not appropriate.

1. As per Order of Commissioner of Service Tax demand for service tax is Rs. 175.56 Lakhs u/s
73(1) r/w Sec 73(2) and Penalty imposed is Rs. 175.56 Lakhs u/s 78. Company has deposited
sum of Rs 13.17 Lakhs which is equal to 7.5% of tax amount as per Sec. 83 of the Finance Act,
1994.

2. We are currently in the process of reconciling, rectifying, and revising the TDS returns. The
liability shown on the TRACES portal is under review and is primarily due to discrepancies that
we have identified and are in the process of addressing.

3. PPL Case has been disposed on 14th July, 2024 and awarded in favour of company so there
is no contingent liability.

4. POSCO Maharashtra Steel Pvt Ltd filed commercial dispute in Pune District Legal Service
Authority against company for Pre-institution mediation in terms of Section 12A of chapter 111A
of Commercial Court Act, 2015.

.___.

3. Interest on outstanding balances of MSME creditors not provided in the books as contractual
terms with the parties are more than 60/90 days and parties are also agreed upon the terms of
payment. Now, company is developing the procedure for compliance the relevant act and will
provide interest, if payable as per act.

4. Disclosure pursuant to Accounting Standard - 7 'Construction Contracts':

In terms of the disclosure required to be made under the Accounting Standard 7 for
'Construction Contracts' as notified in the Rule 7 of the Companies (Accounts) Rules, 2014, the
amounts considered in the financial statements up to the balance sheet date are as follows:

5. Leases:

The company has operating lease agreements, primarily for leasing office space. Most of these
lease agreements provide for cancellation by either party with a notice period ranging from 30
days to 120 days and contain a clause for renewal of lease agreement at the option of the
company. There are no non-cancellable operating leases. There are no assets are taken on
finance lease.

6. There are no contingencies and events after the Balance Sheet dates that affect the financial
position of the company.

7. Donation made by the Company is within the limits prescribed in the Companies Act 2013.

8. Related Party Disclosure:

As per the Accounting Standard 18 prescribed by Rule 7 of the Companies (Accounts) Rules,
2014, details of related parties & transactions with them are given below:

9. Component Accounting for fixed Assets:

In opinion of the management, based on internal verification of the assets of the company,
there is no major part, in case of any asset, which is significant to total cost of the asset and
whose useful life is different from the useful life of the asset. Hence, there is no change in
accounting of fixed assets and depreciation thereon as required under component accounting.

10. Segment Reporting:

The company is operating in single primary business segment, Hence Accounting Standard on
Segment Reporting (AS-17) is not applicable.

11. Impairment of Assets:

There is an Impairment of Rs NIL (PY Rs 9.36 Lakhs) in the current year.

13. Disclosure as required by Accounting Standard 15 Revised (AS-15R): Employee Benefits

Leave Encashment: The Company provides for the expected cost of accumulating paid leave
which can be carried forward and used in future periods by the employees. The obligation for
accumulating paid leaves has been recognised at the end of the reporting period.

Gratuity: The Company provides for gratuity for employees in India as per the Payment of
Gratuity Act, 1972. The amount of gratuity payable on retirement/termination is the employees
last drawn basic salary per month computed proportionately for 15 days salary multiplied for
the number of years of service. The company contribution "on the basis of actuarially
ascertained by the Independent Actuaries" is charged to profit and loss account.

16. Other Disclosures

i) Relationship with Struck off Companies - The Company does not have any transactions or
relationships with any companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of the Companies Act, 1956.

ii) There are no transactions that have been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 which have not been
recorded in the books of account.

iii) There are no charges or satisfaction of charges yet to be registered with Registrar of
Companies beyond the statutory period.

iv) There is no Benami Property held under Prohibition of Benami Property Transactions Act,
1988 and rules made thereunder.

v) There is no transaction in Crypto Currency or Virtual Currency.

vi) The Company is not declared wilful defaulter by any bank or financials institution or
lender during the year.

vii) 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.

viii) 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.

ix) Previous year's figures have been recast or regrouped wherever necessary to make them
comparable with current year's figures.

For Jayesh Sanghrajka & Co LLP For & on behalf of the Board

Chartered Accountants

ICAI FRN: - 104184W/W100075

- \rfr“

Hemant Kumar Agrawal (sf Regd No. Sameer Pakvasa Mayank Kumar Sharma

I*' 104184W/ j 7 II

Designated Partner w*wi00075 y*if Managing Director Director

Membership No.:-403143 ----DIN:-01217325 DIN: -09283513

UDIN:-24403143BKDIHD5477^*s£i*^ _v

Archana Desai Rahul Sharma

Chief Financial Officer Company Secretary

Mace; - iviumuai

Date: - 06th September, 2024