i Company has not made any non cash allotment/ Bonus issue nor bought back any share during the last five years.

ii None of sharesholder(s) of Company is it's holding company, ultimate holding company, subsidiaries, associates of the holding company or associates of the ultimate holding company for current year and/or previous year.

iii There are no unpaid calls from any director or officers of the company for current and previous year.

Terms / Rights attached to equity shares :

i Voting :

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

ii Liquidation :

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

iii Dividend : The Board of Directors do not propose dividend for financial year 2022-23

I) Overdraft / Cash credit loan from ICICI Bank Ltd.

ii) The above facility from Capsave Finance Private Limited is secured by unconditional and irrevocable bank guarantees from subcontractors of the company, duly assigned in favour of financial institution and personal guarantee of Mr. Gulshan Chopra.

Disclosure as per Accounting Standards AS 15

Defined Contribution plan : Company contribution to Provident Fund is charged to the profit and loss account of the year when the contributions to the respective fund are due.

Defined Benefit Plan : Gratuity liabilities are provided for based on acturial valuation. The acturial valuation is done on Projected Unit Credit Method.

Actuarial gains or losses are recognized immediately in the statements of the profit and loss account as income or expense.

32 The office of the Director General of GST Intelligence (DGGI) had carried out a Search and seizure operations at the office of the Company at Mumbai on 6th January, 2021 under the provisions of Section 67 (1) and (2) of CGST Act. The company has challenged the entire search and seizure proceedings and filed a writ petition with the Honorable Gujarat High Court and the matter is sub-judice in law.In View of this we are unable to comment on financial liabilities, arising out of the said procedings. The Company has deposited Rs. 108.40 Lakhs under protest, which is adjusted by department against disputed dues, no provision is made in the books as the company has challanged the action of the department in the Honorable Gujarat High Court.

33 As per lnd AS 109 "Financial instrument" the company is required to consider "Provision for Expected Credit Loss" on all financial assets on the basis of expected probability of Recoverability of such financial instrument. During the year, the company has provided Rs. 1177.52 Lakhs as Expected Credit Loss (ECL), has written off in the financial statement and Rs. 716.52 Lakhs has been transfer from General Reserve & surplus & Net Balance Rs. 461.00 Lakhs as an Expected Credit Loss As per management explanation, the receivable and advance of Rs. 2116.73 Lakhs is in dispute and for balance receivable and advances, the management is following up with the parties and is hopeful for recovery. But in the absence of adequate basis/ supporting documents, we are unable to comment on the measurement of carrying amount of all the financial assets appearing in the financial statements as on 31st March, 2023.

34 In the year ended 31st March, 2023, mainly due to adoption of prudent accounting practices and various contractual reasons the company has reversed contractual revenue and corresponding sub-contracting costs and other direct expenses. The corresponding disputed receipts and payments transactions relating to the said contracts are still unsettled and reflected in the financial statements under the head “Other Current Liabilities” and “Other Current assets”.

37 Details of pending litigation / arbitration claims

Company's claim for work done, material supply, final bill claims, retentions, mobilisation/ material advances given, receivables, etc is amounting to Rs. 2116.73 Lakhs, which is under arbitration.

38 Trade payables, Trade receivables, Advances received, Advances given, GST Payable / input credit and Income Tax assets (Net of liabilities) are subject to reconciliation and confirmation. The management is the process of reconciling the same

39 In the opinion of the Board, except otherwise stated all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated. The provision for current liabilities and other liabilities is adequate and not in excess of amount reasonably necessary.

40 The Company is engaged primarily in business of civil construction and infrastructure and accordingly there are no separate reportable segments as per Indian Accounting standards (Ind AS) 108 dealing with the segment reporting

41 Company has booked turnover and costs related to joint venture entities and partners in the books of account. However the whole projects have been handled by joint venture partners/entities and related TDS and GST complied by Joint venture partners/entities.

42 The Company has a program of verification to cover all the items of fixed assets in a phased manner, Fixed assets were physically verified by the management during the year.

The accompanying notes 1 to 43 are integral part of the financial statements