j) Provisions and Contingencies

The Company recognizes provisions when a present obligation (legal or constructive) as a result of a past event exists and it is
probable that an outflow of resources embodying economic benefits will be required to settle such obligation and the amount of
such obligation can be reliably estimated

If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate the risks specific to the liability When discounting is used, the increase in the provision due to the passage of time is
recognized as a finance cost

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may. but probably will
not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably.
When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying
economic benefits is remote, no provision or disclosure is made

k) Cash and Cash Equivalents

Cash and Cash equivalents for the purpose of Cash Flow Statement comprise cash and cheques in hand, bank balances,
demand deposits with banks where the original maturity is three months or less and other short term highly liquid investments

l) Employee Benefits

Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits
and they are recognized in the period in which the employee renders the related service The Company recognizes the
undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability
(accrued expense) after deducting any amount already paid

Post-Employment Benefits

Defined Benefit plans

i) Provident Fund scheme:

Contribution as required by the statute made to the Government provident fund is debited to Profit and loss statement

ii) Gratuity scheme:

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being earried
out at each reporting date The defined benefit obligations recognized in the Balance Sheet represent the present value of the
defined benefit obligations as reduced by the fair value of plan assets, if applicable Any defined benefit asset (negative defined
benefit obligations resulting from this calculation) is recognized representing the present value of available refunds and reductions
in future contributions to the plan

All expenses represented by current service cost, past service cost, if any. and net interest on the defined benefit liability / (asset)
are recognized in the Statement of Profit and Loss Remeasurements of the net defined benefit liability / (asset) comprising
actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest on the net defined benefit
liabitity/asset). are recognized in Other Comprehensive Income Such remeasurements are not reclassified to the Statement of
Profit and Loss in the subsequent periods

The Company presents the above liability/(asset) as current and non-current in the Balance Sheet as per actuarial valuation by the
independent actuary

Borrowing costs, if any. directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized, if any All other borrowing costs are expensed in the period in which they occur

n) Segment Reporting

The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as
defined by IND AS 108. “ Operating Segments" The Company operates in two segment i.e. "Construction related material
including steel" and “Agriculture and Other".

o) Events after Reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting
period. the impact of such events is adjusted within the financial statements Otherwise, events after the Balance Sheet date of
material size or nature are only disclosed

p) Earnings per share

Basic EPS is calculated in accordance with Ind AS - 33 ’ Earning per Share" by dividing the profit / loss for the year attributable to
ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated in accordance with Ind AS - 33 ¹ Earning per Share" by dividing the profit / loss attributable to ordinary
equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted
average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary
shares

q) Recent accounting pronouncements and its effect on financials
Ind AS 116 Leases :

On March 30. 2019. Ministry of Corporate Affairs has notified Ind AS 118. Leases Ind AS 116 will replace the existing leases
Standard, ind AS 17 Leases, and related Interpretations The Standard sets out the principles for the recognition, measurement,
presentation and disclosure of leases for both parties to a contract i.e.. the lessee and the lessor Ind AS 116 Introduces a single
lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than twelve
months, unless the underlying asset is of low value Currently, operating lease expenses are charged to the statement of Profit &
Loss. The Standard also contains enhanced disclosure requirements for lessees Ind AS 116 substantially carries forward the
lessor accounting requirements in Ind AS 17

The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits two
possible methods of transition

1> Full retrospective • Retrospectively to each prior period presented applying Ind AS 8 Accounting policies. Changes in
accounting estimates and errors

2> Modified retrospective - Retrospectively. with the cumulative effect of initially applying the standard recognized at the date of
initial application

Under modified retrospective approach, the lessee records the lease liability as the present value of the remaining lease
payments, discounted at the incremental borrowing rate and the right of use asset either as

> Its carrying amount as if the standard had been applied since the commencement date, but
discounted at lessee's incremental borrowing rate at the date of initial application or

> An amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments related to that lease
recognized under Ind AS 17 immediately before the date of initial application

Effective April 01,.2019. the company has adopted Ind AS 116 'Leases' using modified retrospective approach The adoption of
the standard did not have any material impact on the financial results.

Ind AS 12 Appendix C. Uncertainty over Income Tax Treatments

On March 30. 2019. Ministry of Corporate Affairs has notified Ind AS 12 Appendix C. Uncertainty over Income Tax Treatments
which is to be applied while performing the determination of taxable profit (or loss), tax bases, unused tax losses, unused tax
credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12 According to the appendix,
companies need to determine the probability of the relevant tax authority accepting each tax treatment, or group of tax treatments,
that the companies have used or plan to use in their income tax filing which has to be considered to compute the most likely
amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses,
unused tax credits and tax rates.

The standard permits two possible method of transition :

1> Full retrospective approach - under this approach .Appendix C will be applied retrospectively to each prior reporting period
presented in accordance with Ind AS 8 - Accounting Policies. Changes in Accounting Estimates and Errors, without using
hindsight

2> Retrospectively, with the cumulative effect of initially applying Appendix C recognized by adjusting equity on initial application,
without adjusting comparatives

Effective April 01., 2019, the company has adopted Ind AS 12 Appendix C using Retrospectively. with the cumulative effect of
initially applying Appendix C recognized by adjusting equity on initial application, without adjusting comparatives The adoption of
the standard did not have any material impact on the financial results.

The Company has elected to exercise the option permitted under section 115BAA of the Income Tax Act. 1961 as introduced by
the Taxation Laws (Amendment) Ordinance 2019 Accordingly, the Company has recognised provision for the income tax for the
year ended 31 03,2020 and re measured its Deferred Tax Assets based on rate prescribed in the said section

The estimates and judgements used in the preparation of the financial statements are continuously evaluated by the Company
and are based on historical experience and various other assumptions and factors (including expectations of future events) that
the Company believes to be reasonable under the existing circumstances Difference between actual results and estimates are
recognised in the period in which the results are known / materialised

The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but
provide additional evidence about conditions existing as at the reporting date

The preparation of the Company's financial statements requires the management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures,
and the disclosure of contingent liabilities Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods

Critical accounting estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
described below

a. income taxes

The Company's tax jurisdiction is India Significant judgements are involved in estimating budgeted profits for the purpose of
paying advance tax. determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax
positions

b Defined benefit obligation

The costs of providing post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind AS 19
'Employee benefits' over the period during which benefit is derived from the employees* services The costs are assessed on the
basis of assumptions selected by the management These assumptions include salary escalation rate, discount rates expected
rate of return on assets and mortality rates

c Fair value measurement of Financial Instruments

When the fair values of financials assets and financial liabilities recorded in the Balance Sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model,
which involve various judgements and assumptions

Property. Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in respect of
periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at
the end of its life The useful lives and residual values of Company's assets are determined by the management at The time the
asset is acquired and reviewed periodically, including at each financial year end The lives are based on historical experience with
similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial
obsolescence arising from changes or improvements in production or from a change In market demand of the product or service
output of the asset

(II) Gratuity scheme:

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being earned
out at each reporting date The defined benefit obligations recognized In the Balance Sheet represent the present value of the
defined benefit obligations as reduced by the fair value of plan assets. If applicable. Any defined benefit asset (negative defined
benefit obligations resulting from this calculation) Is recognized representing the present value of available refunds and reductions
In future contributions to the plan

All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefit liability / (asset)
are recognized In the Statement of Profit and Loss Remeasurements of the net defined benefit liability I (asset) comprising
actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest on The net defined benefit
liabilily/asset). are recognized in Other Comprehensive Income Such remeasurements are not reclassified to the Statement of
Profit and Loss in the subsequent periods

The Company presents the above liabllity/(asset) as current and non-current In the Balance Sheet as per actuarial valuation by the
independent actuary.