Note 4.1 :

(i) Freehold land at 2 locations were held for purpose of earning capital appreciation. Hence it has been reclassified to Investment Property as per IND AS 40.

(ii) Further, out of the above investments, land situated at Kolkata was under sale pending necessary government permissions and the proceeds received against above transaction is shown under advance against sale of land in Note 17 hereinafter.

(iii) The land located at Raigad District (Horale), Maharashtra was previously kept under lien. The land was sold as a part of One Time Settlement and the lender released the lien on the said land and the company booked a profit of INR 937.56 lakhs. The details relating to One Time Settlement are mentioned in Note 18.1 and the details relating to profit on this settlement in Note 30.1.

(iv) The lien-free land as at March 31, 2024 comprised of land located in Jamnagar, Gujarat. A part of this land was sold in the current financial year, resulting in a profit of INR 81.16 lakhs. (refer note 30.1)

(ii) Terms/ rights attached to equity shares:

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion of the shares held by the shareholder.

Note 17.1 : This advance includes an amount of INR 370 Lakhs received by the Company from Starlift Services Private Limited ('Starlift'), a subsidiary of the Company. The Company received a total advance of INR 1,660 Lakhs against sale of land/others from Starlift. However, the Company could not complete the transfer due to non-completion of formalities. As the same could not be completed by the Company, the agreement was terminated and entire amount of INR 1,660 Lakhs became payable to Starlift . As against this outstanding, the Company has repaid certain amounts.

Note 18.1 : Prudent ARC Limited had approved One Time Settlement (“OTS”) of its outstanding dues vide its approval letter dated March 23,2024. As per settlement terms, OTS amount of Rs. 2,236 Lakhs (including interest and incidental expenses) was paid by the Company. The Company has complied with the terms of approval of such OTS and obtained No Dues Certificate letter dated November 11,2024.

Note 30.1 : During the year, company has disposed land and some plant and machinery resulting in profit of INR 1,018.72 lakhs and 24.23 lakhs respectively.

Note 30.2 : Prudent ARC Limited had approved One Time Settlement (“OTS”) of its outstanding dues vide its approval letter dated March 23,2024. As per settlement terms, OTS amount of Rs. 2,236 Lakhs (including interest and incidental expenses) was paid by the Company. The Company has complied with the terms of approval of such OTS and obtained No Dues Certificate letter dated November 11,2024.

Note 30.3 : During the current financial year, the Company availed the benefits of GST amnesty scheme. In accordance with the scheme, the company settled its outstanding GST liabilities for the financial years 2017-18 and 2018-19 by paying the principal tax amounts. Consequently, the provisions made for interest relating to these periods have been written back.

Note 30.4 : During the financial year, the company conducted a comprehensive review of its outstanding advances. Based on this assessment, and in accordance with the Company's accounting policies and applicable IND AS, advances amounting to INR 209.99 lakhs were determined to be irrecoverable and have been written off.

The Company continues to evaluate its receivables and advances periodically to ensure that appropriate provisions and write-offs are made in line with the ECL model.

Note 30.5 : During the financial year, the company has recognized certain exceptional items. These transactions did not result in any tax liability, as the company has substantial carry forward losses and unabsorbed depreciation under the Income Tax Act, 1961, which are available to offset taxable income.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. There are no items falling under Level 1.

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. There are no items falling under 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.

Note:

There are no financial liabilities which are measured at fair value - recurring fair value measurements or at amortised cost for which fair values are required to be disclosed.

Note 32 : Capital Management

For the purpose of the Company’s capital management, equity includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximise the shareholder value. The Company’s Capital Management objectives are to maintain equity including all reserves to protect economic viability and to finance any growth opportunities that may be available in future so as to maximize shareholders’ value. The Company is monitoring capital using debt equity ratio as its base, which is debt to equity. The company’s policy is to keep debt equity ratio below two. There is constant endeavour to reduce debt as much as feasible and practical by improving operational and working capital management.

*The Net Debt Equity ratio for the current year is 0.17 times (PY : 0.71 times)

*One of the lenders to a subsidiary of the company has invoked shortfall undertaking amounting to Rs. 6,627.20 Lakhs for loan taken by the subsidiary. The same has been disputed by the Company and the entire Debt due taken by the subsidiary has been deposited in Gujarat High Court and the matter is sub-judice.

Note 34 : Financial Risk Management

The Company’s principal financial liabilities comprise Borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to support its operations. The Company’s principal financial assets include investments, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity risk. The Company’s risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes

(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. Credit risk arises principally from the Company’s trade receivables, receivables from deposits and also arises from cash held with banks and financial institutions. The maximum exposure to credit risk is equal to the carrying value of the financial assets.

The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and institutions.

Trade receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109 - Financial Instruments (“Ind AS 109”), the Company uses expected credit loss (ECL) model to assess the impairment loss. The Company computes the expected credit loss allowance for trade receivables based on available external and internal credit risk factors such as the ageing of its dues, market information about the customer, industry information and the Company’s historical experience for customers with forward looking experience

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

During the current financial year, the Company has settled a substantial portion of its financial obligations with Bank / Financial Institutions and is in process of settling the majority of its remaining dues with Financial Institutions / Banks by monetising its assets. The details of the repayments are provided in Note no 30.2. This will enable to mitigate the Liquidity Risk of the Company thereby strengthen the financial position of the Company.

(c) 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 include borrowings.

(i) Foreign Currency Risk

The Company does not have any exposure in foreign currency. Hence, there is no Foreign Currency Risk in the Company.

(ii) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates, if applicable

Interest sensitivity Analysis :

Since the long term debt obligations carry fixed interest rates, no risk is anticipated on account of interest rate changes

(B) Defined Benefit Plans

(i) Compensated Absences for employees

The leave obligations cover the Company's liability for earned leave and sick leave. The Company's liability on account of compensated absences is not funded and hence the disclosures relating to planned assets are not applicable. The compensated absences debited to Statement of Profit and Loss during the year amounts to INR -1.16 lakhs (March 31,2024 : INR 1.13 lakhs) and is included in Note 25 - ‘Employee benefits expenses’. The accumulated provision for leave encashment aggregates to INR 1.76 lakhs (Previous year INR 3.78 lakhs)

(ii) Post-employment obligations - Gratuity

The Company has a defined benefit gratuity plan in India, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee, who has rendered at least five years of continuous service, to gratuity at the rate of fifteen day wages for every completed year of service or part thereof in excess of six months, based on the rate of wages last drawn by the employee concerned. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. This defined benefit plans expose the Company to actuarial risks, such as interest rate risk and market (investment) risk.

Note 37.1 :

Starport Logistics Limited ("Starport") has issued a nationwide advertisement to sell the shares of ALBA Asia Private Limited ("ALBA"), pursuant to which disvestment of 10,000 equity shares was done in the F.Y. 2022-23. This has resulted in change of the status of ALBA from Jointly Controlled Company to Associate Company. As on Balance sheet date, due to suspension of ISIN of ALBA, the said shares are not transferred to the beneficiary and held by the Starport in Trust for the beneficiary.

Note 37.2 :

Section 2(87) companies Act,2013, defines a "subsidiary company" or "subsidiary", in relation to any other company (that is to say the holding company), as a company in which the holding company:

(i) controls the composition of the Board of Directors; or

(ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies:

"Total Share Capital", for the purposes of section 2(87), means aggregate of the:-

(a) paid-up equity share capital and

(b) convertible preference share capital.

ALBA Asia Private Limited holds 99.915% of total share capital and controls the Board of Directors of West Quay Multiport Private Limited, Hence, ALBA Asia Private Limited is holding company of West Quay Multiport Private Limited in term of Companies Act, 2013.

The related party disclosures made in the financial statement are as per the requirement of Indian Accounting Standard(Ind-as) - 24 on 'Related Party Disclosures'.

There is no movement in equity share capital and neither there is change in the nominal value per share during the year ended March 31,2025 and March 31,2024.

Note 39 : Disclosure requirements as per Ind AS 115 - Revenue from contracts with customers

a) Contracts with Customers

The Company has single source of revenue i.e., Crane hiring & mobilisation. It is disclosed in Note 23 -Revenue From Operations in the financials statements.

- Impairment loss on trade receivables has been disclosed separately under the notes for trade receivable.

- Contract assets are where performance obligations has been partly discharged by the Company and the balance is to be performed in due course.

- Contract liabilities are entity’s obligation to transfer services to a customer for which the Company has received consideration from the customer.

c) Performance Obligations

The contract (work orders) with customers include a clause of maintenance of log sheets for working hours. The log sheets needs to be signed by authorized personnel of customer. The Company submits invoice along with the detailed log sheets and customer makes payment after necessary verification. As per work orders entered with customers, performance obligations for Company is to provide the crane services and once log sheets are signed by both the parties it denotes that performance obligations is completed and Company is eligible to receive the payment as agreed. At this stage an enforceable claim becomes due and no services are incomplete.

The contract is a fixed price contract and do not contain any financing component. The payment is generally due within 30-60 days. There are no other significant obligations attached in the contract with customer.

d) Determining the transaction price and the amounts allocated to performance obligations

Revenue recognised in the statement of profit and loss with the contracted price does not have any adjustments made to the contract price.

Explanation for change in the ratio by more than 25% as compared to the previous year.

a) Current Ratio has increased due to One Time Settlement (OTS) for the year resulting in decrease in Current Liabilities.

b) Debt Equity Ratio has reduced as we have settled debt through OTS.

c) Debt Service Coverage Ratio has improved due to debt reduction due to OTS.

d) Return on Equity Ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

e) Net Capital Turnover Ratio has increased due to increase in working capital on account of One Time Settlement (OTS) of the borrowing.

f) Net Profit Ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

g) Return on Capital Employed ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

h) Return on investment ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

* Inventory Turnover Ratio is not applicable because the company is service provider.

Note 43 : Segment Information

The Company is primarily engaged in the business of providing cranes on rental basis. Further all the commercial operations of the company are based in India. Accordingly, there are no separate reportable segments.

Note 44 : Subsequent Events

Subsequent to the end of the financial year, the Company has issued 30,00,000 Preference Shares of face value INR 10 each at a premium of INR 40 per share, aggregating to INR 15,00,00,000 pursuant to the approval of the shareholders. The proceeds from the said issuance are intended to be utilized for general corporate purposes, including but not limited to meeting working capital requirements, long term funding requirements and capital expenditure for the benefit of the future business of the Company.

The issuance does not affect the financial position as at the balance sheet date but is considered a significant subsequent event in accordance with Ind AS 10 - Events after the Reporting Period and is accordingly disclosed herein.

Note 45 : Other notes

a. The Company has got "No-Dues" Certificates from all of its Lenders and is now a debt free company.

b. The balances in Trade Receivable, Trade Payable, Advances and certain Bank balances are subject to reconciliation/confirmation and adjustment, if any. In the opinion of the management there will be no material adjustment and if any, will be carried out as and when ascertained.

c. The company has elected to carry its Property Plant and Equipment (PPE) at previous GAAP carrying value as its deemed cost on the date of transition to Ind AS and thereon continued to compute depreciation as required under Companies Act, 2013. No impairment on non-operative PPE due to corrosion and being stationed unused at remote locations have been considered.

d. The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

e. The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

f. The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

g. 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.

h. The Company has not traded or invested in crypto currency or virtual currency during the year.

i. The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

The figures for the corresponding previous periods have been regrouped/reclassified wherever necessary, to make them comparable.