r) Provisions, Contingent liabilities and Assets
(i) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement
is virtually certain. The expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.
(ii) Contingent Liabilities
Contingent liability is disclosed for (i) Possible obligations which will be confirmed only by the future events not wholly within the
control of the company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources
will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
(iii) Contingent Assets
Contingent Assets are not recognised but are disclosed in the notes to the financial statements.
s) Investments in subsidiaries and associates
The Company has elected to recognise its investments in subsidiary and associate companies at cost in accordance with the option
available in Ind AS 27, Separate Financial Statements.
t) Earnings Per Share
Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the Company by the
weighted average number of equity shares outstanding during the period. Diluted earnings per equity share are computed by dividing
the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for
deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had
the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential
equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are
determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any
share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of
Directors.
3 Recent pronouncements:
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31,2025, MCA has notified Ind AS - 117 Insurance
Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to the Company w.e.f. April
1,2024. The Company has reviewed the new pronouncements and based on its evaluation has determined that it does not have any
significant impact in its financial statements.
Note 1. Represents two litigations filed in National Consumer Forum in respect of one project with frivolous claims, which the Company
is confident of being awarded in its favour.
Note 2. The Company had informed the stock exchanges that the Company has deposited ' 35 Crores with the Hon'ble Supreme Court
of India on 26th May, 2023 and the appeal filed by the Company against the State of Gujarat, Collector of Electricity Duty, Chief Auditor,
Industries Commission; has been admitted. During pervious periods, pending decision of the Hon'ble Supreme Court, the Company has
made an aggregate provision in its books for the principal amount of ' 2,052.13 lakhs and disclosed contingent liability for interest, the
amount of which is not ascertainable and is not acknowledged or accepted by the Company.
C Disclosure pursuant Leases:
As Lessee:
Short term Leases:
The Company has obtained premises for its business operations under operating lease or leave and license agreements. These are not
non-cancellable and are renewable by mutual consent on mutually agreeable terms.
Lease payments are recognised in Statement of Profit and Loss under the head "Rent Expense" in note no 34.
As Lessor:
i) Finance Lease Receivable (reconciliation gross/net investment)
The Reconciliation between the total gross investment in the lease and net investment in lease at the statement of financials
position date is as follows.
Provident Fund
The Company’s contribution to the provident fund, administered through a Company managed trust, is recognised as an expense
in the Statement of Profit and Loss. The trust pays interest to its beneficiaries based on the minimum rate of return specified by
the Government, from time to time. If there is any shortfall in the fund assets of the said trust, then the same is contributed by the
Company to the trust and is charged to Statement of Profit and Loss. As on 31st March, 2025, there is no shortfall in the fund assets
of the said trust.
Borrowings secured against current assets :
The Company has borrowings from banks secured against Current Assets and quarterly returns filed for the same with the banks are
in agreement with the books of accounts of the Company.
Trade Receivables Ageing Schedule as on 31.03.2025
Note 1: The principal amount due to Micro, Small and Medium Enterprises includes Retention amount of ' 464.95 Lakhs (PY ' 409.21
Lakhs.)
Note 2: Out of above, amount pertaining to Medium Enterprises is ' 11.71 Lakhs (PY ' 10.47 Lakhs )
M SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015:
Disclosures are required under Regulation 34 (3) read with schedule V of the SEBI (Listing Obligation & Disclosure Requirements)
Regulations 2015 have not been given as there are no such transactions with any such party.
N Disclosures pursuant to Ind AS 115 -Revenue from Contracts with Customers:
Disaggregation of revenue:
The management determines that the segment information reported under Note 36 (T) Segment reporting is sufficient to meet the
disclosure objective with respect to disaggregation of revenue under Ind AS 115 Revenue from contract with Customers. Hence, no
separate disclosures of disaggregated revenues are reported.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and
mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using
the closing price as at the reporting period. The mutual funds are valued using the closing NAV
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There are no transfers between levels 1 and 2 during the year.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.
ii) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices or dealer quotes for similar instruments.
- the fair value of the remaining financial instruments is determined using discounted analysis.
iii) Valuation Processes
Valuation of unquoted equity shares is done by an external valuation agency.
The main level 3 inputs for unlisted equity securities used by the Company are derived and evaluated as follows:
Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments
of the time value of money and the risk specific to the asset.
Earnings growth factor for unlisted equity securities are estimated based on market information for similar types of companies.
Changes in level 2 and 3 fair values are analysed at the end of each reporting period.
R Financial Risk Management:
The Company has exposure to credit risk, liquidity risk and market risk arising from financial instruments.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks. Risk management policies and systems are reviewed periodically to reflect changes in
market conditions and the Company’s activities.
The Company monitors compliance with the Company's risk management policies and procedures, and reviews the adequacy of the
risk management framework in relation to the risks faced by the Company.
a. Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the Company's receivables from customers, loans and investments. Credit risk is managed
through continuous monitoring of receivables and follow up for overdues.
Investments
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a
good credit rating. The Company does not expect any losses from non-performance by these counter parties, and does not have any
significant concentration of exposures to specific industry sector or specific country risks.
Trade Receivables
The Company’s exposure to credit risk is influenced mainly by individual characteristics of each customer. Credit risk is managed
through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the customer. Trade ,Other
receivables and other financial assets, the company has no significant past due but not impaired.
b. Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company ensures that
it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions.
Maturities of Financial Liabilities
The table herewith analyse the Company's Financial Liabilities into relevant maturity groupings based on there contractual maturities
for:
The amount disclosed in the table are the contractual undiscounted cash flows. Balance dues within the 12 months equal there
carrying balances as the impact of discounting is not significant.
c. Market Risk
1. Price Risk
The Company is mainly exposed to the price risk due its investment in equity instruments and equity and debt mutual fund. The price
risk arises due to unascertainity about the future market value of these investments.
Management Policy
The Company maintains its portfolio in accordance with framework set by risk management policies.
2. Currency Risk
The Company has no significant exposure to export revenue and import of raw material and property, plant and equipments so the
Company is not subject to significant risk that changes in foreign currency value impact.
S Capital Management:
Risk management
For the purpose of Company's Capital Management, equity includes equity share capital and all other equity reserves attributable to
the equity holders of the Company. The Company manages its capital to optimise returns to the share holders and make adjustments
to it in light of changes in economic conditions or its business requirements. The Company's objective is to safe guard continuity,
maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to share holders
through continuing growth and maximise the share holders value. The Company funds its operations through internal accruals. The
Management and Board of Directors monitor the return of capital as well as the level of dividend to share holders.
W Other statutory informations
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 does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
3) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
4) (i) 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: 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 provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(ii) 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.
5) The Company does not have any such transaction which is not recorded in the books of accounts and 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 holds all the title deeds of immovable property in its name.
7) There is no Scheme of Arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies
Act, 2013.
8) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
X Information on Dividend for the year ended 31st March, 2025
Dividends proposed or declared after the balance sheet date but before the financial statements have been approved by the Board of
Director for issue are not recognised as a liability at the balance sheet date.
The Board of Director recommended final dividend of Rs 2.40 per equity share for the financial year ended on 31st March, 2025. The
payment is subject to approval of share holder in ensuing Annual General Meeting of the Company. (Previous year Rs. 2.40 per equity
share).
Y These Financial Statements were authorised for issue in accordance with the resolution of the Board of Directors in its meeting held
on 13th May, 2025.
As per our report of even date For and on behalf of the Board
For CNK & Associates LLP Chirayu Amin Malika Amin Rati Desai
Chartered Accountants Chairman Managing Director & CEO Director
Firm Registration No.: 101961W/W-100036 DIN: 00242549 DIN: 00242613 DIN: 08535681
Rachit Sheth Rasesh Shah Keval Thakkar
Partner Chief Financial Officer Company Secretary
Membership No. 158289
Vadodara : 13th May, 2025 Vadodara : 13th May, 2025
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