S) Provisions and Contingencies
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.
29. NOTES TO FINANCIAL STATEMENTS
A) In the opinion of Board of Directors, Trade Payables, Advances to suppliers, Trade Receivable,
Current Assets, Loans & Advances and Investments have a value on realization in the ordinary
course of business, which is at least equal to the amount at which they are stated in the Balance
Sheet.
4. POSCO Maharashtra Steel Pvt Ltd filed a commercial dispute in Pune District Legal Service Authority
against the company for Pre-institution mediation in terms of Section 12A of chapter IIIA of
Commercial Court Act, 2015.
5. A suit has been filed against the company in the micro and small enterprises facilitation council
where the supplier is claiming that the company did not pay him the said amount against a bill
which has not been booked by the company in the books.
6. The company has received intimation of liability u/s 74 of TNGST Act 2017 for Tamil Nadu FY 2018¬
19 to FY 2021-22 for interest and penalty payment.
C) The Company has disclosed the amounts payable to Micro and Small Enterprises as at 31 March
2025, based on the information available. In accordance with the provisions of the Micro, Small
and Medium Enterprises Development Act, 2006 ('the Act'), a provision for interest on
outstanding balances as at 31 March 2025 has been made. However, the Company has not
received any claims for interest from suppliers to date. The provision for interest is made on a
prudent basis, though the management believes the impact is not expected to be material.
D) 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:
E) 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.
F) There are no contingencies and events after the Balance Sheet dates that affect the financial
position of the company.
1. Figures mentioned in Transaction columns are excl. all applicable taxes and figures mentioned
in the outstanding column are incl. all applicable taxes.
2. The Management has decided to wind up the subsidiary Eleganz Infra & Projects Limited
incorporated in Rwanda.
3. Amounts marked * are below 100.
4. ** Change in the Closing Balance of account with associate is due to foreign exchange
fluctuation, no transactions are incurred in the year
H) 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.
I) Segment Reporting:
The company is operating in single primary business segment, Hence Accounting Standard on
Segment Reporting (AS-17) is not applicable.
J) Impairment of Assets:
There is an Impairment of Rs NIL (PY- Rs NIL) in the current year.
L) 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.
N) Issue of Shares
The Company has completed its initial public offer ("IPO") of 60,05,000 equity shares of face value
of Rs 10 each at an issue price of Rs 130 per share.
The issue comprised of fresh issue of 60,05,000 equity shares aggregating 7,806.50 lakhs. The
total IPO expenses incurred 741.17 lakhs (including provision) (excluding taxes) has been adjusted
against securities premium.
1. Total Debt = Long Term Borrowings Short Term Borrowings
2. Equity = Equity Share Capital Reserves and Surplus
3. Earnings Available for Debt Services = Profit after Tax Finance Cost Depreciation &
Ammortisation - Other Income
4. Cost of Goods Sold = Cost of Material Consumed Changes in Inventory (WIP)
5. Purchase = Cost of Material Consumed
6. Capital Employed = Equity Share Capital Reserves & Surplus Long Term Borrowings (excl.
current maturities)
7. Earnings before Interest & Tax (EBIT) = Profit Before Tax Finance Cost - Other Income
Q) 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
Sd/- Sd/- Sd/-
Hemant Kumar Agrawal Sameer Pakvasa Mayank Kumar Sharma
Designated Partner Managing Director Director
Membership No.: - 403143 DIN: - 01217325 DIN: - 09283513
UDIN: - 25403143BMLIHT9658
Sd/- Sd/-
Archana Desai Rahul Sharma
Chief Financial Officer Company Secretary
Place: - Mumbai
Date: - 16th May, 2025
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