(xi) Provisions and Contingent Liabilities

The Company estimates the provisions that have
present obligations as a result of past events,
and it is probable that an outflow of resources
will be required to settle the obligations. These
provisions are reviewed at the end of each
reporting date and are adjusted to reflect the
current best estimates.

The Company uses significant judgement to
disclose contingent liabilities. Contingent
liabilities are disclosed when there is a possible
obligation arising from past events, the existence
of which will 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 the obligation or a reliable estimate of
the amount cannot be made. Contingent assets
are neither recognized nor disclosed in the
standalone financial statements.

(xii) Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker. The Board

of directors monitors the operating results
of all segments separately for the purpose of
making decisions about resource allocation and
performance assessment. Segment performance
is evaluated based on profit and loss and is
measured consistently with profit and loss in the
Summary Statements.

The operating segments have been identified on
the basis of the nature of services. Further:

i. Segment revenue includes sales and other
income directly identifiable with / allocable
to the segment. Expenses that are directly
identifiable with / allocable to segments
are considered for determining the
segment result.

ii. Expenses which relate to the Company as
a whole and not allocable to segments are
included under unallocable expenditure.

iii. Income which relates to the Company as a whole
and not allocable to segments is included in
unallocable income.

iv. Segment assets and liabilities include those
directly identifiable with the respective
segments. Unallocable assets and liabilities
represent the assets and liabilities that relate
to the Company as a whole and not allocable to
any segment.

(ii) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has only one class of equity shares having par value of I NR 1 per share (March 31, 2024: INR 2 per
share). Each shareholder is entitled to one vote per share held. They entitles the holders to participate in dividends and dividend,
if any declared is payable in Indian Rupees.

The Board of Directors, in their meeting on May 20, 2025, proposed a final dividend of INR 2 per equity share (Face Value:
INR 1 per share) for the year ended March 31, 2025 which is subject to approval of the shareholders in the ensuing Annual
General Meeting.

I n the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.

Nature and purpose of reserves

A) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of
the Companies Act, 2013.

B) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified
percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution
in a given year is more than 10% of the paid-up capital of the group for that year, then the total dividend distribution is less than
the total distributable results for that year. Consequent to introduction of Companies Act 2013, the requirement to mandatorily
transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously
transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.

C) Capital Reserve

As per the provisions of the erstwhile Companies Act 1956, the Company created Capital reserve on forfeiture of share call
money in previous financial years. The amount can be utilised only in accordance with the specific requirements of Companies
Act, 2013.

D) Surplus in the Statement of Profit and Loss

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other
distributions paid to investors.

v) Yes Bank Limited INR 1,075.94 Lakhs (March 31, 2024: INR 1,465.23 Lakhs), carrying interest rate 7.75% (March 31,
2024: 7.75%) repayable in 1 to 29 monthly installments. Such loans are hypothecated against Plant & Equipment (1 No.
Crane).

vi) Yes Bank Limited INR 320.35 Lakhs (March 31, 2024: INR 492.17 Lakhs), carrying interest rate 8.40% (March 31, 2024:
8.40%) repayable in 1 to 20 monthly installments. Such loans are hypothecated against Plant & Equipment (33 Prime
Movers).

vii) IDFC First Bank Limited INR 6,341.88 Lakhs (March 31, 2024: INR 6,268.18 Lakhs), carrying interest rate ranging from
9.25% (March 31, 2024: 9.00% to 9.95%) repayable in 1 to 58 monthly installments. Such loans are hypothecated
against Plant & Equipment (21 No. Cranes).

viii) ICICI Bank Limited INR 12,103.92 Lakhs (March 31, 2024: INR 1,791.95 Lakhs), carrying interest rate of 8.90% (March
31, 2024: 8.75%) repayable in 1 to 59 monthly installments. Such loans are hypothecated against Plant & Equipment
(32 No. Cranes).

8. (b) The Company has obtain term loans from bank during current financial year. The purpose for which said loans were taken
and details of end use are as below:

18. (a) Term loans & deferred payment liabilities include:-

i) Saraswat Co-Opeartive Bank Limited I NR 17,018.02 Lakhs (March 31, 2024: INR 11,658.27 Lakhs), carrying interest
rate ranging from 9.20% to 9.25% (March 31, 2024: 9.00% to 9.35%) repayable in 1 to 59 monthly installments. Such
loans are hypothecated against Plant & Equipment (27 Nos. Cranes) and registered mortgage on land and buildings
at Tathawade.

ii) Kotak Mahindra Bank Limited INR 2,164.07 Lakhs (March 31, 2024: INR 2,869.04 Lakhs), carrying interest rate ranging
from 7.27% to 7.30% (March 31, 2024: 7.27% to 7.30%) repayable in 1 to 40 monthly installments. Such loans are
hypothecated against Plant & Equipment (2 Nos. Cranes).

iii) HDFC Bank Limited INR 2,813.99 Lakhs (March 31, 2024: INR 2,134.34 Lakhs), carrying interest rate 9.00% to 9.25%
(March 31, 2024: 9.25%) repayable in 1 to 57 monthly or quarterly installments. Such loans are hypothecated against
Plant & Equipment (8 Nos. Cranes).

iv) Indusind Bank Limited INR 2,866.67 Lakhs (March 31, 2024: INR 3,429.14 Lakhs), carrying interest rate 8.75% (March
31, 2024: 9.90%) repayable in 1 to 44 monthly installments. Such loans are hypothecated against Plant & Equipment (2
No. Cranes).

32. Earnings per share ("EPS")

Basic earnings per share amounts are calculated by dividing the profit for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the profit attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be
issued on conversion of all the dilutive potential equity shares into equity shares.

Pursuant to the approval of the members at the 35^th Annual General Meeting of the Company held on 03 September 2024,
each equity share of face value of INR 2/ each were split into two equity shares of INR 1/- with effect from the record date, 27
September 2024. Consequently, basic and diluted earnings per share have been computed for prior periods, presented in the
financial results of the company, in accordance with Ind AS 33 - 'Earnings per share'.

xi) Compensated Absences:

The Compensated Absences is payable to all eligible employees for each day of accumulated leave on death or on resignation.
Compensated Absences debited to Statement of Profit and Loss during the year amounts to INR 21.77 lakhs (March 31, 2024:
INR 17.87 lakhs) and is included in Note 28 - 'Employee benefits expenses'. Accumulated current provision for leave encashment
aggregates to INR 115.25 lakhs (Previous year INR 105.71 lakhs).

34. Leases

The Company incurred INR 461.52 Lakhs** (March 31, 2024 INR 408.07 Lakhs**) for the year ended towards expenses relating to
short term leases and leases of low-value assets.

** excluding expense related to discontinued operations amounting to INR 12.62 Lakhs (March 31, 2024 - INR 4.58 Lakhs)"

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding
balances at the year-end are unsecured and interest free except for borrowings and settlement occurs in cash. There have been
no guarantees provided or received for any related party receivables or payables except as disclosed above.

36. Disclosure pursuant to Ind AS 105 "Non-Current Assets Held for Sale and Discontinued
Operations

The Board of Directors of the Company has approved vide its resolution dated August 07, 2024, slump sale of renewable energy
business to Sangreen Future Renewables Private Limited, the wholly owned subsidiary of the Company with effect from October
01, 2024. Further, the Company has executed the Business Transfer Agreement (""BTA"") on October 25, 2024, regarding transfer
of renewable business for a consideration of INR 4,306.05 lakhs. Accordingly, the renewable energy business is disclosed
as discontinued operations in the profit and loss account and previous period is restated to give effect to the presentation
requirement in accordance with IND AS 105 - Non-Current Assets Held for Sale and Discontinued Operations.

The slump sale is at book value considering it to be common control transaction in accordance with Appendix C of IND AS -103
- Business Combination and accordingly there is no impact on statement of profit and loss and the financial position of balance

The Company's significant revenues are derived from one customer (March 31, 2024: two customer) contributing 10% or more to
the company's revenue represented approximately INR 6,692.25 Lakhs (March 31, 2024: INR 13,667.74 Lakhs) of the Company's
total revenue from operations.

The requirements for disclosure of segment information based on quantitative thresholds is met during the year for the first
time and accordingly in accordance with Ind AS 108 "Operating Segments", segment information is disclosed for all the periods
presented in this audited standalone financial results.

38. Fair values of financial assets and financial liabilities

The fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, security deposits, interest
accrued on fixed deposits, trade receivables, unbilled receivables, loans, interest accrued on ICDs given, investments, trade
payables, interest accrued but not due on borrowings, accrued employee liabilities, short-term borrowings, capital creditors,
interest payable on unsecured Loans and other financial liabilities approximate the carrying amounts because of the short term
nature of such financial instruments.

The amortized cost using effective interest rate (EIR) of non-current financial assets consisting of security deposits, fixed deposit
accounts with maturity for more than 12 months from balance sheet date are not significantly different from the carrying amount.

Financial assets that are neither past due nor impaired include cash and cash equivalents, security deposits, term deposits, and
other financial assets.

39. Fair value hierarchy

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

(c) Fair Value of financial assets and liabilities measured at amortised cost

The fair value of cash and cash equivalents, trade receivables, Unbilled receivables, loans, other current financial assets, trade
payables, short-term borrowings and other financial liabilities approximate the carrying amounts because of the short term
nature of these financial instruments.

The amortized cost using effective interest rate (EIR) of non-current financial assets consisting of investments in equity instruments,
security and term deposits and of non current financial liabilities consisting of borrowings received are not significantly different
from the carrying amount.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

40. Financial risk management objectives and policies

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 categorized 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) 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 and derivative financial instruments.

(B) 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 and
retaining sufficient balances in bank accounts required to meet a month's operational costs. The Management reviews the
bank accounts on regular basis and fund drawdowns are planned to ensure that there is minimal surplus cash in bank accounts.
The maximum exposure to the credit risk as at the reporting period is primarily from trade receivables amounting to INR 17,559.93
Lakhs and INR 12,693.97 Lakhs as at March 31, 2025 and March 31, 2024 respectively. 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.

(C) 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.

As at March 31, 2025, the Company had a working capital of INR 22,053.79 Lakhs (March 31, 2024: INR 16,941.56 Lakhs). The
working capital of the Company for this purpose has been derived as follows:

(i) Mainly due to provision created for slow and non moving inventory in books of account post submission of statement to bank and
exclusion of refurbished stock in statement.

(ii) Mainly due to unbilled revenue details submitted to bank includes only for the month for which statement is filed while unbilled
revenue as per books of account included all unbilled revenue oustanding as at the end of reporting period and additional
allowance for bad and doubtful debts created in books of account post submission of statement to bank.

43. Relationship with Struck off Companies under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956,

The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section
560 of the Companies Act, 1956.

45. Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017.

46. Utilisation of Borrowed funds and share premium:

(i) 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"

(ii) 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

(i) Claims against the Company not acknowledged as debts comprises of claims raised on Company by it's customers or vendors for
breach of contracts, and by certain government authorities on account of road taxes, raod accident by SML's Trailer and charges
for conversion fees for land aggregating to INR 209.18 Lakhs (March 31, 2024 - INR 208.44 Lakhs). The Company has been advised
by its legal counsel that it is possible, but not probable, that action will succeed in respect of claims against the Company. These
claims are being contested in the courts by the Company. The Management does not expect these claims to succeed. Accordingly,
no provision for the contingent liability has been recognised in the financial statements.

(ii) The Company has received favourable order in respect of Order of Assessment for FY 2008-09 towards VAT and CST liability
regarding transfer of right to use the goods. Accordingly the Demand Notice issued by Asst. Commissioner of Sales Tax (PUN-
INV-D-007) Pune in respect of Order of Assessment of Tax under Central Sales Tax, 1956 for Financial Year 2008-09 towards VAT
liability under CST Act and VAT liability under MVAT Act, 2002 aggregating to INR 120.26 Crores regarding "transfer of right to use
the goods" stands rejected.

Based on favourable judgments for F.Y. 2008-2009, the management believes that rendering Crane Services on rental basis does
not involve "transfer of right to use goods" so as to fall under the purview of VAT or Sales tax. As the Company never passes
effective control and possession of its cranes to its customers, the question of levying VAT or CST does not arise. Accordingly
company believes that order of Assessment for FY 2007-08, FY 2009-10, FY 2010-11, FY 2012-13, FY 2013-14, FY 2014-15, FY 2015¬
16, FY 2016-17 and FY 2017-18 towards VAT and CST liability regarding transfer of right to use the goods would be decided in favor
of company.

Also the management relied on the recent judgement issued by Supreme Court on 9^th January, 2024 related to applicability of
Sales Tax / VAT on renting out Trailers / cranes. Wherein the apex court recorded in its Order that a sale transaction can be subject
to either service or sales tax, and the sale transaction cannot be subjected to both taxing statutes. Accordingly, supreme court
allow the appeals by holding that the contracts are not covered by the relevant provisions of the Sales Tax Act and of the VAT Act,
as the contracts do not provide for the transfer of the right to use the goods.

(iii) I ncome tax matters comprise demand from the tax authorities for the payment of additional tax of INR 20.71 Lakhs (March
31, 2024: INR 18.27 Lakhs) upon completion of their tax reviews for the various financial years. The tax demands are mainly
on account of TDS liability under the Income Tax Act and disallowances of certain expenses. The matter is pending before the
Assessing Officer of Income Tax.

(iv) The Company has received notice of demand in respect of FY 2017-18 to FY 2021-22 towards GST liabilities regarding disallowance
of input tax credits, unreconciled turnover, ifference in tax payment in reconciliation. The matters are pending before
various forums.

The Company is contesting the above demands of Sales tax, VAT, Income tax and Goods and Services Tax and the management,
including its tax advisors, believe that its position will likely be upheld in the appellate process. No tax expense has been accrued
in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding
will not have a material adverse effect on the Company's financial position and results of operations.

Contingent assets are neither recorded nor disclosed in the financial statements.

52. Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The
areas for CSR activities are as described below. A CSR committee has been formed by the company as per the Act. The funds are
utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

53. Audit Trail

In regard to financial accounting software:

The Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all the relevant transactions recorded in the software
except that in absence of sufficient and appropriate audit evidence including adequate coverage in SOC report we are unable
to comment on audit trail at database level. Further, we did not come across any instance of audit trail feature being tampered
with in respect of such accounting software except for above. Additionally, the audit trail of prior year has been preserved by the
Company as per the statutory requirements for record retention to the extent it was enabled and recorded in respective years.

In regard to Payroll application:

The Company has used an accounting software for maintaining its payroll records, which is managed and maintained by a third-
party software service provider. However, in absence of sufficient and appropriate audit evidence including adequate coverage in
SOC report we are unable to comment whether the accounting software has a feature of recording audit trail (edit log) facility and
whether the same has operated throughout the period for all relevant transactions recorded in the software or whether there is
any instance of audit trail feature being tampered with. Additionally, we are unable to comment whether the audit trail of prior
year has been preserved as per the statutory requirements for record retention.

54. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

55. The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or
disclosed as income during the year (and previous year) in the tax assessments under the Income Tax Act, 1961 (such as, search
or survey or any other relevant provisions of the Income Tax Act, 1961.

56. The company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

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

58. The Company does not have any Benami property, where any proceeding has been initiated or pending against the company for
holding any Benami property.

59. The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee), as disclosed in note 3.1 to the financial statements, are held in the name of the company.

60. The Code on Social Security 2020

The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code
becomes effective.

61. The other requirements of the Schedule III of the Companies Act, 2013 not specifically disclosed are either Nil or not applicable
to the Company.

62. No Significant subsequent events have been observed which may require an adjustment to the standalone financial statements.

63. Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS and as required by Schedule III of
the Act.

As per our report of even date For and on behalf of the Board of Directors of

For M S K A & Associates Sanghvi Movers Limited

Chartered Accountants CIN: L29150PN1989PLC054143

Firm Registration No.:105047W

Nitin Manohar Jumani Rishi Sanghvi Madhu Dubhashi

Partner Chairman & Managing Director Director

Membership No: 111700 DIN: 08220906 DIN: 00036846

Place: Pune Place: Pune

Date: May 20, 2025 Date: May 20, 2025

Rajesh Likhite Sham Kajale

Company Secretary & Chief Compliance Officer Chief Financial Officer

Membership No - A-13151

Place: Pune Place: Pune Place: Pune

Date: May 20, 2025 Date: May 20, 2025 Date: May 20, 2025