PROVISION ANP..CQNTlM.g£WT UABUJUES:
Provisions: Provisions are recognised when there is a present obligation 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 there is a reliable estimate of the amount of the obligation. Provisions are measured at the
best estimate of the expenditure required to settle the present obligation at the Balance sheet date and
are not discounted to its present value.
Contingent Liabilities: Contingent liabilities are disdosed when there is a possible obligation arising from
past events, the existence of which win be confirmed only by the occurrence or non occurrence of one or
more uncertain future events not wholly within the control of the company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to
settle or a reliable estimate of the amount cannot be made.
Contingent assets are neither recognised nor disclosed.
EARNING PER.SHARES:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equities shares outstanding during the period.
The weighted average number of equity shares outstanding during the period and for all periods
presented Is adjusted for events, such as bonus shares, other than the conversion of potential equity
shares that have changed the number of equity shares outstanding, without a corresponding change in
resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attnbutable to equity shareholders and the weighted average number of shares outstanding during the
period is adjusted form^ffccts of all dilutive potential equity shares.
b) Terms/ rights attache* to equity shares
1 .The Company has only one c «5 of snare: referred to dS OQuity shares having a par value of Rs.ltY .Each header of CQuity shores lc entitled to enc
vote per snare.
2. Tne company dorfaroc and pay* d'vnJerxJs <n Indian rupees The dividend proposed by the Board o* Directors Is Subject to the approval of the
shareholders in the enojing Annual Genera* Meeting,
3. Tne Company has or4y one class of shares referred to as equity chores having a p*r value of Rs 10/-.Etch holder of eauny snares is enttled to are
vote per -hare
4. The Corrparry ha& allotted equity NK (PY 7.40.0U0) equty shares of Rs. 10/- each at the premium of CY MA (P r Rs 571V- Per share) on
preferential basrs *n PY 2023-24
5. Th< company tUA allotted Don us ecury chores in Previous roar iota l ,91,36,400 equty shares of Rs 10/- each, four Equity shares alorcd *cr
every one existing eoutty share hod on clodng dato of 03/11/2073
NOTE NO 29 DEPOSIT -PROJECT EXPLORATION
The Company has received a security deposit or ? 2500 Lakhs (total agreed: 74000 Lakhs) from
a related party in connection with the proposed subcontracting of a construction contract
currently being executed by the Company. Upon receipt of the full deposit, the Company will
formally assign or subcontract the remaining scope of work under the existing contract to the
related party.
The amount received Is classified under Non-Current Liabilities as "Deposit from Related
Party", as the arrangement involves performance obligations extending beyond 12 months.
NOTE NO 30 DEPOSIT - FROM THIRD PARTIES
The Company has received a security deposit of ? 3023.00 Lacs (Total agreed: ?5000 Lakhs)
from a third party against the future allocation of flats/constructed area, which the Company will
receive as part consideration under an ongoing construction contract.
If the Company does not receive the total agreed amount, the funds received may either be
refunded or forfeited, based on mutual understanding.
Upon receipt of the full deposit, the Company will execute the relevant agreements, and the
designated area will be transferred to the third party. The amount received Is classified under
Non-Current Liabilities as "Deposit from Third Party", pending completion of the project
and execution of the formal agreement.
NOTE NO 31 WORKING CAPITAL AND BANK GUARANTEE FACILITY
During the year, the Company enhanced Its working capital facility from ?300 Lakhs to ?600
Lakhs and its non-fund-based limit (bank guarantees) from ? 2500 Lakhs to ?4300 Lakhs with
Yes Bank Limited. These facilities are secured by the Company’s current assets, investments,
cash flows, residential property of directors, personal guarantees of directors, and commercial
assets of a sister concern firm.
The non-fund-based limit is utilized primarily for issuing bank guarantees to government
departments, either directly, through third parties, or on behalf of Joint ventures. These
guarantees are further secured by fixed deposits and the above-mentioned collateral.
As on 31st March 2025, the outstanding bank guarantees amount to ? 2874.65 Lakhs (Previous
Year: i 2887.69). The guarantees are primarily performance and security-related In nature.
Based on management assessment, no material liability is expected to arise. Hence, no provision
has been made in the financial statements.
Note No 32 - Dues to Micro and Small Enterprises
Disclosures required under section 22 of the micros, small and medium enterprises development
Act 2006
The Company has certain dues to suppliers registered under Micro, Small and Medium
Enterprises Development Act, 2006 (MSMED Act). The disclosure pursuant to the said MSMED
Act are as follows:
Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise
Development Act, 2006" is based on the information available with the Company regarding the
status of registration of such vendors under the said Act, as per the intimation received from
them on requests made by the Company. There are no overdue principal amounts / interest
payable amounts for delayed payments to such vendors at the Balance Sheet date except Rs.
47.44 Lacs (company did not made provision for the interest on overdue amount).
NOTE NO 33 ADVANCE FROM RELATED PARTY
The Company has received an advance of 1850.00 Lacs from a related parly for conducting a
market search and identifying potential project opportunities. The search aims to explore
potential ventures for Joint development. The amount is classified under Other Current
Liabilities as "Advance from Related Party ",
NOTE NO 34 INVESTMENT IN JOINT VENTURES
The company has entered Into the following Joint venture agreements for execution of the
construction projects.
Details of the Company joint ventures are as under
1) The Company is joint venture Partner in Joint venture firm M/s. Prime - GirlraJ-KK (JV), balance
In Capital Rs. 12.26 Lakhs Debit Balance, (P.Y. Rs. 20.69 Lakh Debit Balance) Details of Joint
venture Partners and their Share In the firm are as follow: -
NOTE NO 36 DEPOSIT -PROJECT EXPLORATION
The Company has paid a deposit of Rs. 3332.31 Lacs to a third party for identifying potential
project opportunities. No specific project has been finalized. Upon receiving a satisfactory report,
the Company may consider a joint development work or as per mutually decided by party. The
deposit is classified under Non-Current Assets as "Deposit - Project Exploration". No
impairment has been recognized as of the reporting date.
Note No 37- Corporate Social Responsibility Expenses (CSR)
As per Section 135 of the Companies Act, 2013 read with guidelines issued by
Department of Public Enterprises, GOI, the Company Is required to spend, in every
financial year, at least two per cent or the average net profits of the Company made
during the three immediately preceding financial years In accordance with its CSR Policy.
The Company became liable to undertake CSR activities from the financial year 2024-25, as It
met the applicability criteria for the first time. The details of CSR expenses for the year are as
under:
Note No 38 Disclosures pursuant to the Accounting Standard-15 Employee benefit
Defined benefit plan - Gratuity Obligations
The Company provides for gratuity, a defined benefit plan (the ''Gratuity Plan") covering eligible
employees In accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a
lump sum payment to vested employees at retirement, death, Incapacitation or termination of
employment, of an amount based on the respective employee's salary and the tenure of
employment.
NOTE NO 42 Termination of Projects-
During the financial year, the Railway Department cancelled the following tenders
awarded to the Company-
1 On 9th January 2025 - Cancellation of tho tender for upgradatlon and beautification of five
stations: Marine Lines, Cham! Road, Grant Road, Lower Parel, and Prabhadevi. The scheduled
work duration was 7 months.
2 On 30th December 2024 - Cancellation of the tender for upgradation and beautification of
Umbergaon, Sanjan, and Vapl stations. The scheduled work duration was 7 months.
3 "On 28,h April 2025, the Railway department cancelled a tender for Provision of FOB, COP at
various stations between Isharwara-Aslana section, conversion of goods platform to passenger
platform (PF-No-4), Raising, Flooring PF No-1, raising widening & flooring of PF No. 2/3 & supply,
Fabrication, erection and launching of composite girder at important Bridge No-1066/1 between
Lidhora-Girwar station in connection with proposed 3rd line in Blna Katni Section. The nature of
the work was regarding the upgradation of stations and conversion of platforms for easy of
passengers and improving the efficiency of the platforms In terms of passenger handling, building
Fobs etc. The said work duration was of 12 months.
All the above terminations have been classified by the Company as unlawful. Consequently, the
Company has initiated legal arbitration proceedings against the Railway Department. As of
the reporting date, the pre-resolution and arbitration processes are ongoing.
Financial Disclosure:
As per the financial records, the following amounts are associated with the above projects:
• Stock pertaining to the projects: ? 180.16 lakhs
• Earnest Money Deposit (EMD): ? 26.69 lakhs
• Bank Guarantee submitted: ? 285.89 lakhs
Based on management representation, there is no financial impact recognized in the
current financial statements arising from the above terminations. The Company expects a
favourable resolution and therefore, no provisions or write-downs have been made in respect
of the stock, EMD, or bank guarantee as of the balance sheet date.
The Company continues to closely monitor the legal proceedings and will account for any
financial impact, if necessary, upon the conclusion of the arbitration.
NOTE NO 43 CONTINGENT LIABLITES
Contingent liabilities not provided for in the books of accounts as on 31st March 2025 amount
to ?2,874.6S lakhs (Previous Year: *2,887.69 lakhs) towards bank guarantees Issued to
various government authorities. Additionally, an amount of *155.97 lakhs (Previous Year:
*155.97 lakhs) pertains to disputed income tax liabilities for which the Company has filed an
appeal before the appropriate appellate authority. The Company has also filed an appeal
against GST liabilities amounting to *1,940.87 lakhs towards interest and penalty, which are
currently under dispute.
Based on management assessment and legal advice, no provision has been made in the
financial statements as the Company expects a favourable outcome in all the above matters.
NOTE NO 44 REPORTING ON OTHERS DISCLOSURES:
a. Loan & advances, sundry debtors, sundry creditors and other liabilities are subject to
confirmation and reconciliation. The balances are therefore as per the books of accounts.
b. In the opinion of Directors, provisions for all known liabilities have been made in the accounts.
c. No commission has been paid to the directors and only the remuneration by way of salary has
been paid to the directors as per the section 196, 197 and Schedule V of the Companies Act,
2013 as under:
d. The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Company for holding any Benami property.
e. The Company does not have any transactions with Companies v/hose name has been struck off
from the register of Companies.
f. The Company does not have any charges or satisfaction which Is yet to be registered with
registrar of companies (ROC).
g. The Company has not traded or invested In Crypto currency or Virtual currency during the year.
h. The Company has complied with number of layers prescribed under section 2(87) of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.
i. The Company has not been declared as willful defaulter by any bank or financial institution
or government or any government authority in current year and previous year.
j. The Company'sjiagncial ratios as per Schedule III requiremegt^jm as under:
k. The Company has a system of obtaining periodic confirmation of balances from banks
and other parties. So far as trade/other payables and loans and advances are concerned,
the balance confirmation letters were sent to the parties. Balances of some of the Trade
Receivables, Other Assets, Trade and Other Payables are subject to
confirmatlons/reconciliations and consequential adjustment, if any. Reconciliations are
carried out on on- going basis. However, management does not expect to have any
material financial impact of such pending confirmations reconciliations.
l. AUDIT TRAIL (EDIT LOG) FEATURE IN THE ACCOUNTING SOFTWARE
The Ministry of Corporate Affairs (MCA) introduced a new requirement for companies under the
proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 Inserted by the Companies
(Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software for
maintaining its books of account, shall use only such accounting software which has a feature of
recording audlt£caiLQfieach and every transaction, creating an edit log of each change made In
Company using the audit trail in FY 2024-25.
~^T,^£S,~SSSZZZ:ssr—
° JhaT °re ?rta.n Chor9es which are nature, and it involves practical
charges, despite repayment of the underlying loans. The Company is in the
“ ^r,na,r:.d,rSito.'i0nS and rocos,lng been made to the comparative period's
As per Our report of even date
Chartered Accountant F°r ^ °" behalf °f the Board
(Firm Reg. No. 102588W) .
^Sr83"93' X$g2$T Rushan, Shah Basham shah
"•No. 036247 ?™",07?S>w’?C*Or Executive Director
£s9 y< w
*"*- Shashlkant., Rathod
^ Chief Financial Officer CWf-J «—*
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