Notes to Accounts of ABC India Ltd.

Mar 31, 2025

2.13 Provisions, contingent liabilities and contingent assets

a) Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable
estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at
each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their
present values, where the time value of money is material.

b) Contingent liability is disclosed for possible obligations which will be confirmed only by future events not
wholly within the control of the Company or present obligations arising from past events where it is not
probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the
amount of the obligation cannot be made.

c) Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain,
related asset is disclosed.

d) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

2.14 Employee benefits

a) Short-term employee benefits

Short-term employee benefits in respect of salaries and wages, including non-monetary benefits are
recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in
which the related service is rendered.

b) Defined contribution plans

Company''s Contributions to Provident fund are charged to the Statement of Profit and Loss in the year when
the contributions to the respective funds are due.

c) Defined benefit plans

Gratuity is in the nature of a defined benefit plan. The cost of providing benefits under the defined benefit
obligation is calculated on the basis of actuarial valuations carried out at reporting date by independent
actuary using the projected unit credit method. Service costs and net interest expense or income is reflected
in the Statement of Profit and Loss. Gain or Loss on account of remeasurements are recognised immediately
through other comprehensive income in the period in which they occur.

d) Other employee benefits

The employees of the Company are entitled to compensated leave which is recognised as an expense in the
statement of profit and loss account as and when they accrue. The liability is calculated based on actuarial
valuation using projected unit credit method. These benefits are unfunded.

2.15 Financial instruments, Financial assets, Financial liabilities and Equity instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual
provisions of the relevant instrument and are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities measured at fair value through profit or loss) are added to or deducted from the fair
value on initial recognition of financial assets or financial liabilities.

i) Financial Assets

(a) Recognition

Financial assets include Investments, Loans, Trade receivables, Advances, Security Deposits, Cash and cash
equivalents, etc. Such assets are initially recognised at transaction price when the Company becomes party
to contractual obligations. The transaction price includes transaction costs unless the asset is being fair
valued through the Statement of Profit and Loss.

(b) Classification

Management determines the classification of an asset at initial recognition depending on the purpose
for which the assets were acquired. The subsequent measurement of financial assets depends on such
classification.

Financial assets are classified as those measured at:

1) amortised cost, where the financial assets are held solely for collection of cash flows arising from
payments of principal and/ or interest.

2) fair value through other comprehensive income (FVTOCI), where the financial assets are held not only
for collection of cash flows arising from payments of principal and interest but also from the sale of
such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses
arising from changes in the fair value being recognised in other comprehensive income.

3) fair value through profit or loss (FVTPL), where the assets does not meet the criteria for categorization
as at amortized cost or as FVTOCI. Such assets are subsequently measured at fair value, with unrealised
gains and losses arising from changes in the fair value being recognised in the Statement of Profit and
Loss in the period in which they arise.

Loans, Trade receivables, Advances, Security Deposits, Cash and cash equivalents etc. are classified for
measurement at amortised cost while investments may fall under any of the aforesaid classes. However,
in respect of particular investments in equity instruments that would otherwise be measured at fair value
through profit or loss, an irrevocable election at initial recognition may be made to present subsequent
changes in fair value through other comprehensive income.

(c) Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) held
at amortised cost and financial assets that are measured at fair value through other comprehensive income
are tested for impairment based on evidence or information that is available without undue cost or effort.
The Company recognizes loss allowances using the expected credit loss (ECL) model and ECL impairment
loss allowance are measured at an amount equal to lifetime ECL.

Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross
carrying amount.

(d) De-recognition

Financial assets are derecognised when the right to receive cash flows from the assets has expired, or has
been transferred, and the Company has transferred substantially all of the risks and rewards of ownership. If
the asset is one that is measured at:

(i) amortised cost, the gain or loss is recognised in the Statement of Profit and Loss;

(ii) fair value through other comprehensive income, the cumulative fair value adjustments previously taken to
reserves are reclassified to the Statement of Profit and Loss unless the asset represents an equity investment
in which case the cumulative fair value adjustments previously taken to reserves is reclassified within equity.

ii) Financial liabilities

Borrowings, trade payables and other financial liabilities are initially recognised at the value of the
respective contractual obligations. They are subsequently measured at amortised cost. Financial liabilities
are derecognised when the liabilities extinguished, that is, when the contractual obligation is discharged,
cancelled and on expiry.

iii) Equity instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

iv) Derivatives

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the
end of each reporting period. The resulting gains / losses is recognised in the Statement of Profit and Loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the
timing of recognition in profit or loss / inclusion in the initial cost of non-financial asset depends on the
nature of the hedging relationship and the nature of the hedged item.

v) Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a
legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or
realise the asset and settle the liability simultaneously.

vi) Dividend distribution

Dividends paid is recognised in the period in which the interim dividends are approved by the Board of
Directors, or in respect of the final dividend when approved by shareholders.

vii) Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

For some assets and liabilities, observable market transactions or market information might be available. For
other assets and liabilities, observable market transactions and market information might not be available.
However, the objective of a fair value measurement in both cases is the same—to estimate the price at
which an orderly transaction to sell the asset or to transfer the liability would take place between market
participants at the measurement date under current market conditions.

In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions
that are based on market conditions and risks existing at each balance sheet date.

The Company uses the following 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 or indirectly.

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

Taxes on income comprises of current taxes and deferred taxes. Current tax in the Statement of Profit and
Loss is provided as the amount of tax payable in respect of taxable income for the period using tax rates and
tax laws enacted during the period, together with any adjustment to tax payable in respect of previous years.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
and the amounts used for taxation purposes (tax base), at the tax rates and tax laws enacted or substantively
enacted by the end of the reporting period.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax
losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax assets to be utilised.

Unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent
that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed
separately under other comprehensive income or equity, as applicable.

2.17 Earnings per Share

a) Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted-average number of equity shares
outstanding during the period.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders and the weighted-average number of shares outstanding during the period are adjusted
for the effects of all dilutive potential equity shares.

The number of equity shares and potential dilutive equity shares are adjusted retrospectively for all periods
presented for any share split and bonus shares issues including for changes effected prior to the approval of
the financial statements by the Board of Directors.

2.18 Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker (CODM).

The chief operating decision-maker, who is responsible for allocating resources and assessing performance
of the operating segments, has been identified as the Managing Director.

The accounting policies adopted for segment reporting are in line with the accounting policies adopted for
preparing and presenting the Financial Statements of the Company as a whole. In addition, the following
specific accounting policies have been followed for segment reporting:

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment
including inter segment transfers.

b) Revenue, expensses, assets and liabilities are identified to segments on the basis of their relationship
to the operating activities of the segment. Segment results represent profits before finance charges,
unallocated corporate expenses and taxes. Revenue, expenses, assets and liabilities which relate to the
Company as a whole and are not allocable to segments on direct and/or on a reasonable basis, have
been disclosed as "Unallocable".

2.19 Cash and cash equivalents

Cash and cash equivalents in the Balance sheet comprise cash on hand, cheques on hand, balance with
banks on current accounts and short term, highly liquid investments with an original maturity of three
months or less and which carry insignificant risk of changes in value.

For the purpose of the Cash Flow Statement, Cash and cash equivalents consist of Cash and cash equivalents,
as defined above and net of outstanding book overdrafts as they are considered an integral part of the
Company''s cash management.

2.20 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expenses associated with investing or financing flows. The cash flows from
operating, investing and financing activities of the Company are segregated.

3. | Use of estimates and judgements_

The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities at the date of the financial statements and the results of operations
during the reporting period end. Although these estimates are based upon management''s best knowledge
of current events and actions, actual results could differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
a) Judgements in applying accounting policies

The judgements, apart from those involving estimations (see note below), that the Company has made in
the process of applying its accounting policies and that have a significant effect on the amounts recognised
in these financial statements pertain to the following:

i) Revenue recognition

Contract revenue is recognised using the percentage of completion method as construction progresses.
The percentage of completion is estimated by reference to the stage of the projects determined based on
the proportion of costs incurred to date and the total estimated costs to complete.

ii) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of
the Company''s future taxable income against which the deferred tax assets can be utilized.

iii) Classification of leases

The Company enters into leasing arrangements for various assets. The classification of the leasing
arrangement as a finance lease or operating lease is based on an assessment of several factors, including,
but not limited to, transfer of ownership of leased asset at end of lease term, lessee''s option to purchase
and estimated certainty of exercise of such option, proportion of lease term to the asset''s economic life,
proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized
nature of the leased asset.

to the Financial Statements for the year ended 3ist March, 2025 (Contd.)

b) Key sources of estimation uncertainty

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

(i) Revenue and inventories

The Company recognizes Contract revenue using the percentage of completion method. This requires
forecasts to be made of total budgeted cost with the outcomes of underlying construction and service
contracts, which require assessments and judgements to be made on changes in work scopes, claims
(compensation, rebates etc.) and other payments to the extent they are probable and they are capable of
being reliably measured. For the purpose of making estimates for claims, the Company used the available
contractual and historical information.

(ii) Useful lives of property, plant and equipment:

PPE 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 value of the asset are determined by the
management when 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 lives, such as change in technology.

(iii) Estimation of Defined benefit obligations

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed
at each financial year end.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for
plans, the actuary considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only
at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates.

(iv) Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow
of funds is believed to be probable and are liable estimate of the outcome of the dispute can be made
based on management''s assessment of specific circumstances of each dispute and relevant external advice,
management provides for its best estimate of the liability. Such accruals are by nature complex and can take
number of years to resolve and can involve estimation uncertainty. Information about such litigations is
provided in notes to the financial statements.

(d) The Company has only one class of equity shares. The Company declares and pays dividend in Indian rupees. The
holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to one
vote per share.

(e) In 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 dues. The distribution will be in proportion to the
number of equity shares held by the shareholders.

Retained Earnings and Other Comprehensive Income figures as 31.03.2024 have been reinstated to transfer the fair
valuation impact of invetsments in cumpolsory convertible preference shares of Social Worth Technologies from
Retained Earnings to Other Comprehensive Income. The retrospective correction is in line with IND AS 8- Accounting
Policies, changes in Accounting Estimates and Errors. Total Comprehensive Income remains the same.

Notes:

Terms and conditions of the above financial liabilities:

1) Trade payables are non-interest bearing and are normally settled on 60 days term.

2) The Company has financial risk management policies in place to ensure that all payable are paid within the pre¬
agreed credit terms.

3) Due to Micro and Small enterprise is Nil as confirmed by company. Company has not received any communication
from vendors wrt to their said status.

Interest Income on financial assets carried at amortised cost, for the year ended 31.03.2024, has been reinstated
to transfer the fair valuation impact of investments in Compulsory convertible Preference Shares of Social
Worth Technologies from Profit & Loss to Other Comprehensive Income. The retrospective correction is in line with
IND AS 8-Accounting Policies Changes in Accounting Estimates and Errors

The amounts shown in I (i) above represent the best possible estimates arrived at on the basis of available
information. The uncertainties and timing of the cash flows are dependent on the outcome of different legal
processes which have been invoked by the Company or the claimants, as the case may be and, therefore, cannot
be estimated accurately. The Company does not expect any reimbursement in respect of above contingent
liabilities.

In the opinion of the management, no provision is considered necessary for the disputes mentioned above on
the ground that there are fair chances of successful outcome of the appeals.

2. The company has not received memorandum (as required to be filed by the suppliers with the notified authority
under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status of MSME as on
31st March, 2025 as micro, small and medium enterprises. Consequently, the amount due to micro and small
enterprises as per requirement of Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
is Nil (31st March, 2024- Nil ).

3. Details of Loans given, Investments made and Guarantee given covered u/s 186 (4) of the Companies Act, 2013:
Investments made are given under the respective heads (Refer Note 5(i) and (ii)).

All loans as disclosed in respective notes (Refer note 13) are provided for business purposes.

(I) Construction Contracts

On the balance sheet date, the Company reports the net contract position for each contract as either an asset
or a liability. A contract represents an asset where costs incurred plus recognised profits (less recognised losses)
exceed progress billings; a contract represents a liability where the opposite is the case.

6. Employee Benefits :

As per Indian Accounting Standard - 19 "Employee Benefits", the disclosures of Employee Benefits are as follows:
(I) Defined Contribution Plan :

Employee benefits in the form of Provident Fund and Employee State Insurance Corporation (ESIC) are considered
as defined contribution plan.

The contributions to the respective fund are made in accordance with the relevant statute and are recognised as
expense when employees have rendered service entitling them to the contribution. The contributions to defined

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Gratuity

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the said Act, an employee who has
completed five years of service is entitled to specific benefit. The Gratuity plan provides a lumpsum payment to
employees at retirement, death, incapacitation or termination of employment. The level of benefits provided
depends on the member''s length of service and salary at retirement age etc.

Gratuity Benefits are funded in nature. The liabilities arising in the Defined Benefit Schemes are determined in
accordance with the advice of independent, professionally qualified actuaries, using the projected unit credit
method at the year end.

Details of funded post retirement funds (Gratuity) are as follows:

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to the Financial Statements for the year ended 3ist March, 2025 (Contd.)

(III) Risks related to defined benefit plans:

The main risks to which the Company is exposed in relation to operating defined benefit plans are :

i) Mortality risk: The assumptions adopted by the Company make allowances for future improvements
in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in
greater payments from the plans and consequently increases in the plan''s liabilities. In order to minimise
this risk, mortality assumptions are reviewed on a regular basis.

ii) Interest Rate Risk: The present value of Defined Benefit Plans liability is determined using the discount
rate based on the market yields prevailing at the end of reporting period on Government bonds. A
decrease in yields will increase the fund liabilities and vice-versa.

iii) Salary cost inflation risk: The present value of the defined benefit plan liability is calculated with reference
to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures
might lead to higher liabilities.

(IV) Asset - liability management and funding arrangements

The trustees are responsible for determining the investment strategy of plan assets. The overall investment
policy and strategy for Company''s funded defined benefit plan is guided by the objective of achieving an
investment return which, together with the contribution paid is sufficient to maintain reasonable control over
various funding risks of the plan.

(V) Other disclosures:

i) The following are the assumptions used to determine the benefit obligation:

a) Discount rate: The yield of government bonds are considered as the discount rate. The tenure has been
considered taking into account the past long term trend of employees'' average remaining service life
which reflects the average estimated term of the post - employment benefit obligations.

b) Rate of escalation in salary: The estimates of rate of escalation in salary, considered in actuarial valuation,
take into account inflation, seniority, promotion and other relevant factors including supply and demand
in the employment market. The above information is certified by the actuary.

c) Rate of return on plan assets: Rate of return for the year was the average yield of the portfolio in which
Company''s plan assets are invested over a tenure equivalent to the entire life of the related obligation.

d) Attrition rate: Attrition rate considered is the management''s estimate based on the past long- term trend
of employee turnover in the Company.

ii) The Gratuity and Provident Fund expenses have been recognised under "Contribution to Provident and Other
Funds" and Leave Encashment under "Salaries and Wages" under Note No. 30

Corporate Guarantee of '' 5.22 crores (Previous Year- '' 6.92 crores) given by Bhoruka Properties against ICICI
Bank''s OD Limit facility.

Corporate Guarantee of '' 5.22 crores (Previous year- '' 6.92 crores) given by ABC Financial against ICICI Bank''s OD
Limit facility.

Property of Bhoruka properties Pvt. Ltd. located at Kolkata, is mortgaged against the ICICI Bank''s OD facility.

8. Segment Reporting disclosures as per Ind AS-108 “Operating Segments”:

Operating Segments:

a) Freight and Service b) Petrol Pump

Identification of Segments:

The chief operating decision maker monitor the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performance assessment. Segment performance
is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements.
Operating segments have been identified on the basis of the nature of products/services and have been
identified as per the quantitative criteria specified in the Ind AS.

Segment Revenue and Results:

The expenses and incomes which are not attributable to any business segment are shown as unallocated
expenditure (net of unallocated income)

Segment Assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property,
plant and equipments, trade and other receivables, cash and cash equivalents, bank balance other than cash
and cash equivalents etc.

(II) Fair Values Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are Companied
into three Levels of a fair value hierarchy. The three Levels are denied based on the observability of significant
inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

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 rely as little as possible on entity
specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is

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10. Lease disclosures:

(I) Company as Lessor:

Company has not given any assets under any finance lease arrangement. All the leases are non cancellable
operating leases and the underlying assets continue to reflect under property plant and equipment. Leases have
varying terms, renewal rights and escalation terms. Though none of them are substantial in nature.

(II) Company as Lessee:

i) Applied the exemption provided on transition and have not recognised the Right of Use asset and Liability
for leases which had less than 12 months period on the transition date.

ii) Applied the exemption and have not recognised the impact for leases which are not substantial in value.

11. Financial risk management

The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and
credit risk. The Company''s senior management has the overall responsibility for establishing and governing the
Company''s financial risk management framework.

(I) Credit risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Company. Credit risk arises primarily from financial assets such as trade receivables, bank balances, loans,
investments and other financial assets.

At each reporting date, the Company measures loss allowance for certain class of financial assets based on
historical trend, industry practices and the business environment in which the Company operates.

Credit risk with respect to trade receivables are limited, due to the Company''s customer profiles are well balanced
in Government and Non-Government customers and diversified amongst in various construction verticals and
geographies. All trade receivables are reviewed and assessed on a quarterly basis.

Credit risk arising from investments, derivative financial instruments and balances with banks is limited because
the counterparties are banks and recognised financial institutions with high credit worthiness

(i) Provision for expected credit losses

The Company measures Expected Credit Loss (ECL) for financial instruments based on historical trend, industry
practices and the business environment in which the Company operates.

For financial assets, a credit loss is the present value of the difference between:

(a) the contractual cash flows that are due to an entity under the contract; and

(b) the cash flows that the entity expects to receive

The Company recognises in profit or loss, the amount of expected credit losses (or reversal) that is required to
adjust the loss allowance at the reporting date in accordance with Ind AS 109.

In determination of the allowances for credit losses on trade receivables, the Company has used a practical
expedience by computing the expected credit losses based on ageing matrix, which has taken into account
historical credit loss experience and adjusted for forward looking information.

The risk parameters are same for all financial assets for all period presented. The Company considers the
probability of default upon initial recognition of asset and whether there has been a significant increase in
credit risk on an on-going basis throughout each reporting period. In general, it is presumed that credit risk has
significantly increased since initial recognition if the payments are more than (60 days past due) . A default on a
financial asset is when the counterparty fails to make contractual payments when they fall due. This definition
of default is determined by considering the business environment in which entity operates and other macro¬
economic factors

b) Credit Risk Exposure

The Company provides for expected credit loss based on lifetime expected credit loss mechanism for trade
receivables

12. Capital risk management

The Company''s capital management objectives are

- to ensure the Company''s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as
presented on the face of balance sheet. Management assesses the Company''s capital requirements in order
to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account
the subordination levels of the Company''s various classes of debt. The Company manages the capital structure
and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the
underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

(V) The Company have 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.

(VI) The Company have 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.

(VII) The Company have not any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the 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.

(VIII) The Company has borrowings with charge on current assets of the Company. The returns or statements
of assets filed by the Company with banks and financial institutions are in agreement with the books of
accounts.

(IX) The Company have never been declared wilful defaulter by any bank or financial institution or government
or any government authority.

(X) There are no charges which are yet to be registered with the Registrar of Companies beyond the statutory
period.

(XI) The borrowings obtained by the company from banks have been applied for the purposes for which such
loans were was taken.

(XII) Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There
is no such notification which would have been applicable from April 1,2024.

122

ABC INDIA LIMITED

Annual Report 2024-25

Notes (Amount in lacs)

The previous year figures have been regrouped/rearranged wherever found necessary.

For B D S & Co. For and on behalf of the Board of Directors

Chartered Accountants

Firm''s Registration Number 326264E

(Ashish Agarwal) (Twinkle Agarwal)

Shweta Bagaria Sarawgee Managing Director Di^rector

Partner DIN: 00351824 DIN: 08641698

^Membership l\l°. ⁰⁶³⁶⁷⁹ (Sanjay Agarwal)

Pl^ace: ^ ^Ko|kata Company Secretary & Chief Financial Officer

Dated: 21st May, 2025 ^p

UDIN: 25063679BMLXVE5819

---

Mar 31, 2024

2.13 Provisions, contingent liabilities and contingent assets

a) Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

b) Contingent liability is disclosed for possible obligations which will be confirmed only by future events not wholly within the control of the Company or present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

c) Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed.

d) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

2.14 Employee benefits

a) Short-term employee benefits

Short-term employee benefits in respect of salaries and wages, including non-monetary benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related service is rendered.

b) Defined contribution plans

Company''s Contributions to Provident fund are charged to the Statement of Profit and Loss in the year when the contributions to the respective funds are due.

c) Defined benefit plans

Gratuity is in the nature of a defined benefit plan. The cost of providing benefits under the defined benefit obligation is calculated on the basis of actuarial valuations carried out at reporting date by independent actuary using the projected unit credit method. Service costs and net interest expense or income is reflected in the Statement of Profit and Loss. Gain or Loss on account of remeasurements are recognised immediately through other comprehensive income in the period in which they occur.

d) Other employee benefits

The employees of the Company are entitled to compensated leave which is recognised as an expense in the statement of profit and loss account as and when they accrue. The liability is calculated based on actuarial valuation using projected unit credit method. These benefits are unfunded.

2.15 Financial instruments, Financial assets, Financial liabilities and Equity instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the relevant instrument and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities measured at fair value through profit or loss) are added to or deducted from the fair value on initial recognition of financial assets or financial liabilities.

i) Financial Assets

(a) Recognition

Financial assets include Investments, Loans, Trade receivables, Advances, Security Deposits, Cash and cash equivalents, etc. Such assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the Statement of Profit and Loss.

(b) Classification

Management determines the classification of an asset at initial recognition depending on the purpose for which the assets were acquired. The subsequent measurement of financial assets depends on such classification.

Financial assets are classified as those measured at:

1) amortised cost, where the financial assets are held solely for collection of cash flows arising from payments of principal and/ or interest.

2) fair value through other comprehensive income (FVTOCI), where the financial assets are held not only for collection of cash flows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.

3) fair value through profit or loss (FVTPL), where the assets does not meet the criteria for categorization as at amortized cost or as FVTOCI. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the Statement of Profit and Loss in the period in which they arise.

Loans, Trade receivables, Advances, Security Deposits, Cash and cash equivalents etc. are classified for measurement at amortised cost while investments may fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be measured at fair value through profit or loss, an irrevocable election at initial recognition may be made to present subsequent changes in fair value through other comprehensive income.

(c) Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) held at amortised cost and financial assets that are measured at fair value through other comprehensive income are tested for impairment based on evidence or information that is available without undue cost or effort.

The Company recognizes loss allowances using the expected credit loss (ECL) model and ECL impairment loss allowance are measured at an amount equal to lifetime ECL.

Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

(d) De-recognition

Financial assets are derecognised when the right to receive cash flows from the assets has expired, or has been transferred, and the Company has transferred substantially all of the risks and rewards of ownership. If the asset is one that is measured at:

(i) amortised cost, the gain or loss is recognised in the Statement of Profit and Loss;

(ii) fair value through other comprehensive income, the cumulative fair value adjustments previously taken to reserves are reclassified to the Statement of Profit and Loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves is reclassified within equity.

ii) Financial liabilities

Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Financial liabilities are derecognised when the liabilities extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry.

iii) Equity instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

iv) Derivatives

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gains / losses is recognised in the Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of recognition in profit or loss / inclusion in the initial cost of non-financial asset depends on the nature of the hedging relationship and the nature of the hedged item.

v) Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

vi) Dividend distribution

Dividends paid is recognised in the period in which the interim dividends are approved by the Board of Directors, or in respect of the final dividend when approved by shareholders.

vii) Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions.

In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date.

The Company uses the following 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 or indirectly.

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

2.16 Taxes

Taxes on income comprises of current taxes and deferred taxes. Current tax in the Statement of Profit and Loss is provided as the amount of tax payable in respect of taxable income for the period using tax rates and tax laws enacted during the period, together with any adjustment to tax payable in respect of previous years.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and the amounts used for taxation purposes (tax base), at the tax rates and tax laws enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilised.

Unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.

2.17 Earnings per Share

a) Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted-average number of equity shares outstanding during the period.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted-average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

The number of equity shares and potential dilutive equity shares are adjusted retrospectively for all periods presented for any share split and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.18 Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM).

The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director.

The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparing and presenting the Financial Statements of the Company as a whole. In addition, the following specific accounting policies have been followed for segment reporting:

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment including inter segment transfers.

b) Revenue, expenses, assets and liabilities are identified to segments on the basis of their relationship to the operating activities of the segment. Segment results represent profits before finance charges, unallocated corporate expenses and taxes. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on direct and/or on a reasonable basis, have been disclosed as "Unallocable".

2.19 Cash and cash equivalents

Cash and cash equivalents in the Balance sheet comprise cash on hand, cheques on hand, balance with banks on current accounts and short term, highly liquid investments with an original maturity of three months or less and which carry insignificant risk of changes in value.

For the purpose of the Cash Flow Statement, Cash and cash equivalents consist of Cash and cash equivalents, as defined above and net of outstanding book overdrafts as they are considered an integral part of the Company''s cash management.

2.20 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing flows. The cash flows from operating, investing and financing activities of the Company are segregated.

3. Use of estimates and judgements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

a) Judgements in applying accounting policies

The judgements, apart from those involving estimations (see note below), that the Company has made in the process of applying its accounting policies and that have a significant effect on the amounts recognised in these financial statements pertain to the following:

i) Revenue recognition

Contract revenue is recognised using the percentage of completion method as construction progresses. The percentage of completion is estimated by reference to the stage of the projects determined based on the proportion of costs incurred to date and the total estimated costs to complete.

ii) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company''s future taxable income against which the deferred tax assets can be utilized.

iii) Classification of leases

The Company enters into leasing arrangements for various assets. The classification of the leasing arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee''s option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset''s economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset.

b) Key sources of estimation uncertainty

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

i) Revenue and inventories

The Company recognizes Contract revenue using the percentage of completion method. This requires forecasts to be made of total budgeted cost with the outcomes of underlying construction and service contracts, which require assessments and judgements to be made on changes in work scopes, claims (compensation, rebates etc.) and other payments to the extent they are probable and they are capable of being reliably measured. For the purpose of making estimates for claims, the Company used the available contractual and historical information.

ii) Useful lives of property, plant and equipment:

PPE 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 value of the asset are determined by the management when 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 lives, such as change in technology.

iii) Estimation of Defined benefit obligations

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each financial year end.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans, the actuary considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

iv) Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed to be probable and are liable estimate of the outcome of the dispute can be made based on management''s assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

Gratuity

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the said Act, an employee who has completed five years of service is entitled to specific benefit. The Gratuity plan provides a lumpsum payment to employees at retirement, death, incapacitation or termination of employment. The level of benefits provided depends on the member''s length of service and salary at retirement age etc.

Gratuity Benefits are funded in nature. The liabilities arising in the Defined Benefit Schemes are determined in accordance with the advice of independent, professionally qualified actuaries, using the projected unit credit method at the year end.

(III) Risks related to defined benefit plans:

The main risks to which the Company is exposed in relation to operating defined benefit plans are :

i) Mortality risk : The assumptions adopted by the Company make allowances for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the plans and consequently increases in the plan''s liabilities. In order to minimise this risk, mortality assumptions are reviewed on a regular basis.

ii) Interest Rate Risk : The present value of Defined Benefit Plans liability is determined using the discount rate based on the market yields prevailing at the end of reporting period on Government bonds. A decrease in yields will increase the fund liabilities and vice-versa.

iii) Salary cost inflation risk : The present value of the defined benefit plan liability is calculated with reference to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

(IV) Asset - liability management and funding arrangements

The trustees are responsible for determining the investment strategy of plan assets. The overall investment policy and strategy for Company''s funded defined benefit plan is guided by the objective of achieving an investment return which, together with the contribution paid is sufficient to maintain reasonable control over various funding risks of the plan.

(V) Other disclosures :

i) The following are the assumptions used to determine the benefit obligation:

a) Discount rate : The yield of government bonds are considered as the discount rate. The tenure has been considered taking into account the past long term trend of employees'' average remaining service life which reflects the average estimated term of the post - employment benefit obligations.

b) Rate of escalation in salary : The estimates of rate of escalation in salary, considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

c) Rate of return on plan assets : Rate of return for the year was the average yield of the portfolio in which Company''s plan assets are invested over a tenure equivalent to the entire life of the related obligation.

d) Attrition rate : Attrition rate considered is the management''s estimate based on the past long- term trend of employee turnover in the Company.

ii) The Gratuity and Provident Fund expenses have been recognised under "Contribution to Provident and Other Funds" and Leave Encashment under "Salaries and Wages" under Note No. 30

Note:

Corporate Guarantee by Bhoruka Properties Pvt. Ltd. & ABC Financial Services Pvt. Ltd. and personal guarantee by Director Ashish Agarwal against ICICI Bank''s OD Limit facility.

8. Segment Reporting disclosures as per Ind AS-108 "Operating Segments":

Operating Segments:

a) Freight and Services b) Petrol Pump Identification of Segments:

The chief operating decision maker monitor the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments have been identified on the basis of the nature of products/services and have been identified as per the quantitative criteria specified in the Ind AS.

Segment Revenue and Results:

The expenses and incomes which are not attributable to any business segment are shown as unallocated expenditure (net of unallocated income)

Segment Assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipments, trade and other receivables, cash and cash equivalents, bank balance other than cash and cash equivalents etc. Segment liabilities primarily includes trade payables, borrowings and other liabilities.

Common assets and liabilities which cannot be allocated to any of the segments are shown as a part of unallocated Corporate assets/liabilities.

(II) Fair Values Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are Companied into three Levels of a fair value hierarchy. The three Levels are denied based on the observability of significant inputs to the measurement, as follows;

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

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 rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

10. Lease disclosures:

I. Company as Lessor:

Company has not given any assets under any finance lease arrangement. All the leases are non cancellable operating leases and the underlying assets continue to reflect under property plant and equipment. Leases have varying terms, renewal rights and escalation terms. Though none of them are substantial in nature.

II. Company as Lessee:

i) Applied the exemption provided on transition and have not recognised the Right of Use asset and Liability for leases which had less than 12 months period on the transition date.

ii) Applied the exemption and have not recognised the impact for leases which are not substantial in value.

iii) Details of movement in Right of use Asset during the year is as follows:

vi) Balance in Lease Liability against leasehold land is Nil as no payment is due against the corresponding right of use.

vii) Incremental borrowing rate applied to lease liability is 10%.

11. Financial risk management

The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company''s senior management has the overall responsibility for establishing and governing the Company''s financial risk management framework.

(I) Credit risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, bank balances, loans, investments and other financial assets.

At each reporting date, the Company measures loss allowance for certain class of financial assets based on historical trend, industry practices and the business environment in which the Company operates.

Credit risk with respect to trade receivables are limited, due to the Company''s customer profiles are well balanced in Government and Non-Government customers and diversified amongst in various construction verticals and geographies. All trade receivables are reviewed and assessed on a quarterly basis.

Credit risk arising from investments, derivative financial instruments and balances with banks is limited because the counterparties are banks and recognised financial institutions with high credit worthiness.

(i) Provision for expected credit losses

The Company measures Expected Credit Loss (ECL) for financial instruments based on historical trend, industry practices and the business environment in which the Company operates.

For financial assets, a credit loss is the present value of the difference between:

(a) the contractual cash flows that are due to an entity under the contract; and

a) Credit Risk Management

The finance function of the Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

12. Capital risk management

The Company''s capital management objectives are

- to ensure the Company''s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

13. (I) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property also all the property are held in the name of the Company.

(II) The Company do not have any transactions with companies struck off.

(III) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(IV) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(V) The Company have 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.

(VI) The Company have 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.

(VII) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the 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.

(VIII) The Company has borrowings with charge on current assets of the Company . The returns or statements of assets filed by the Company with banks and financial institutions are in agreement with the books of accounts.

(IX) The Company have never been declared wilful defaulter by any bank or financial institution or government or any government authority.

(X) There are no charges which are yet to be registered with the Registrar of Companies beyond the statutory period.

(XI) The borrowings obtained by the company from banks have been applied for the purposes for which such loans were was taken.

(XII) Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1, 2024.

38. The figures for the corresponding previous quarter / year have been regrouped / reclassified wherever necessary, to make them comparable and appropriate disclosure of the regrouping has been given along.

For B D S & Co. For and on behalf of the Board of Directors

Chartered Accountants

Firm''s Registration Number 326264E

Shweta Bagaria Sarawgee (Ashish Agarwal) (Siddarth Kapoor)

Partner Managing Director Director

Membership No. 063679 DIN: 00351824 DIN: 02089141

Place: Kolkata (Sanjay Agarwal)

Dated: 28th May, 2024 Company Secretary & Chief Financial Officer

UDIN: 24063679BKHGUH7465

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Mar 31, 2023

2.13 Provisions, contingent liabilities and contingent assets

a) Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

b) Contingent liability is disclosed for possible obligations which will be confirmed only by future events not wholly within the control of the Company or present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

c) Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed.

d) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

2.14 Employee benefits

a) Short-term employee benefits

Short-term employee benefits in respect of salaries and wages, including non-monetary benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related service is rendered.

b) Defined contribution plans

Company''s Contributions to Provident fund are charged to the Statement of Profit and Loss in the year when the contributions to the respective funds are due.

c) Defined benefit plans

Gratuity is in the nature of a defined benefit plan. The cost of providing benefits under the defined benefit obligation is calculated on the basis of actuarial valuations carried out at reporting date by independent actuary using the projected unit credit method. Service costs and net interest expense or income is reflected in the Statement of Profit and Loss. Gain or Loss on account of remeasurements are recognised immediately through other comprehensive income in the period in which they occur.

d) Other employee benefits

The employees of the Company are entitled to compensated leave which is recognised as an expense in the statement of profit and loss account as and when they accrue. The liability is calculated based on actuarial valuation using projected unit credit method. These benefits are unfunded.

2.15 Financial instruments, Financial assets, Financial liabilities and Equity instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the relevant instrument and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities measured at fair value through profit or loss) are added to or deducted from the fair value on initial recognition of financial assets or financial liabilities.

i) Financial Assets

(a) Recognition

Financial assets include Investments, Loans, Trade receivables, Advances, Security Deposits, Cash and cash equivalents, etc. Such assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the Statement of Profit and Loss.

(b) Classification

Management determines the classification of an asset at initial recognition depending on the purpose for which the assets were acquired. The subsequent measurement of financial assets depends on such classification.

Financial assets are classified as those measured at:

1) amortised cost, where the financial assets are held solely for collection of cash flows arising from payments of principal and/ or interest.

2) fair value through other comprehensive income (FVTOCI), where the financial assets are held not only for collection of cash flows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.

3) fair value through profit or loss (FVTPL), where the assets does not meet the criteria for categorization as at amortized cost or as FVTOCI. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the Statement of Profit and Loss in the period in which they arise.

Loans, Trade receivables, Advances, Security Deposits, Cash and cash equivalents etc. are classified for measurement at amortised cost while investments may fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be measured at fair value through profit or loss, an irrevocable election at initial recognition may be made to present subsequent changes in fair value through other comprehensive income.

(c) Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) held at amortised cost and financial assets that are measured at fair value through other comprehensive income are tested for impairment based on evidence or information that is available without undue cost or effort.

The Company recognizes loss allowances using the expected credit loss (ECL) model and ECL impairment loss allowance are measured at an amount equal to lifetime ECL

Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

(d) De-recognition

Financial assets are derecognised when the right to receive cash flows from the assets has expired, or has been transferred, and the Company has transferred substantially all of the risks and rewards of ownership. If the asset is one that is measured at:

(i) amortised cost, the gain or loss is recognised in the Statement of Profit and Loss;

(ii) fair value through other comprehensive income, the cumulative fair value adjustments previously taken to reserves are reclassified to the Statement of Profit and Loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves is reclassified within equity.

ii) Financial liabilities

Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Financial liabilities are derecognised when the liabilities extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry.

iii) Equity instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

iv) Derivatives

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gains / losses is recognised in the Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of recognition in profit or loss / inclusion in the initial cost of non-financial asset depends on the nature of the hedging relationship and the nature of the hedged item.

v) Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

vi) Dividend distribution

Dividends paid is recognised in the period in which the interim dividends are approved by the Board of Directors, or in respect of the final dividend when approved by shareholders.

vii) Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. Flowever, the objective of a fair value measurement in both cases is the same—to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions.

In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date.

The Company uses the following 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 or indirectly.

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

2.16 Taxes

Taxes on income comprises of current taxes and deferred taxes. Current tax in the Statement of Profit and Loss is provided as the amount of tax payable in respect of taxable income for the period using tax rates and tax laws enacted during the period, together with any adjustment to tax payable in respect of previous years.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and the amounts used for taxation purposes (tax base), at the tax rates and tax laws enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilised.

Unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.

2.17 Earnings per Share

a) Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted-average number of equity shares outstanding during the period.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted-average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

The number of equity shares and potential dilutive equity shares are adjusted retrospectively for all periods presented for any share split and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.18 Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM).

The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director.

The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparing and presenting the Financial Statements of the Company as a whole. In addition, the following specific accounting policies have been followed for segment reporting:

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment including inter segment transfers.

b) Revenue, expenses, assets and liabilities are identified to segments on the basis of their relationship to the operating activities of the segment. Segment results represent profits before finance charges, unallocated corporate expenses and taxes. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on direct and/or on a reasonable basis, have been disclosed as "Unallocable".

2.19 Cash and cash equivalents

Cash and cash equivalents in the Balance sheet comprise cash on hand, cheques on hand, balance with banks on current accounts and short term, highly liquid investments with an original maturity of three months or less and which carry insignificant risk of changes in value.

For the purpose of the Cash Flow Statement, Cash and cash equivalents consist of Cash and cash equivalents, as defined above and net of outstanding book overdrafts as they are considered an integral part of the Company''s cash management.

2.20 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing flows. The cash flows from operating, investing and financing activities of the Company are segregated.

B. Use of estimates and judgements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

a) Judgements in applying accounting policies

The judgements, apart from those involving estimations (see note below), that the Company has made in the process of applying its accounting policies and that have a significant effect on the amounts recognised in these financial statements pertain to the following:

i) Revenue recognition

Contract revenue is recognised using the percentage of completion method as construction progresses. The percentage of completion is estimated by reference to the stage of the projects determined based on the proportion of costs incurred to date and the total estimated costs to complete.

ii) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company''s future taxable income against which the deferred tax assets can be utilized.

iii) Classification of leases

The Company enters into leasing arrangements for various assets. The classification of the leasing arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee''s option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset''s economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset.

b) Key sources of estimation uncertainty

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

(i) Revenue and inventories

TheCompany recognizes Contractrevenue usingthe percentage of completion method.This requires forecasts to be made of total budgeted cost with the outcomes of underlying construction and service contracts, which require assessmentsand judgements to be madeonchangesinworkscopes, claims (compensation, rebatesetc.) and other payments to the extent they are probable and they are capable of being reliably measured. For the purpose of making estimates for claims, the Company used the available contractual and historical information.

(ii) Useful lives of property, plant and equipment:

PPE 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 value of the asset are determined by the management when 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 lives, such as change in technology.

(iii) Estimation of Defined benefit obligations

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each financial year end.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans, the actuary considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

(iv) Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed to be probable and are liable estimate of the outcome of the dispute can be made based on management''s assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

III) Risks related to defined benefit plans:

The main risks to which the Company is exposed in relation to operating defined benefit plans are :

i) Mortality risk: The assumptions adopted by the Company make allowances for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the plans and consequently increases in the plan''s liabilities. In order to minimise this risk, mortality assumptions are reviewed on a regular basis.

ii) Interest Rate Risk: The present value of Defined Benefit Plans liability is determined using the discount rate based on the market yields prevailing at the end of reporting period on Government bonds. A decrease in yields will increase the fund liabilities and vice-versa.

iii) Salary cost inflation risk: The present value of the defined benefit plan liability is calculated with reference to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

IV) Asset - liability management and funding arrangements

The trustees are responsible for determining the investment strategy of plan assets. The overall investment policy and strategy for Company''s funded defined benefit plan is guided by the objective of achieving an investment return which, together with the contribution paid is sufficient to maintain reasonable control over various funding risks of the plan.

V) Other disclosures:

i) The following are the assumptions used to determine the benefit obligation:

a) Discount rate: The yield of government bonds are considered as the discount rate. The tenure has been considered taking into account the past long term trend of employees'' average remaining service life which reflects the average estimated term of the post - employment benefit obligations.

b) Rate of escalation in salary : The estimates of rate of escalation in salary, considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

c) Rate of return on plan assets: Rate of return for the year was the average yield of the portfolio in which Company''s plan assets are invested over a tenure equivalentto the entire life of the related obligation.

8. Segment Reporting disclosures as per Ind AS-108 "Operating Segments”:

Operating Segments:

a) Freight and Services b) Petrol Pump Identification of Segments:

The chief operating decision maker monitor the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments have been identified on the basis of the nature of products/servicesand have been identified as per the quantitative criteria specified in the Ind AS.

Segment Revenue and Results:

The expenses and incomes which are not attributable to any business segment are shown as unallocated expenditure (net of unallocated income)

Segment Assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipments, trade and other receivables, cash and cash equivalents, bank balance other than cash and cash equivalents etc. Segment liabilities primarily includes trade payables, borrowings and other liabilities.

Common assets and liabilities which cannot be allocated to any of the segments are shown as a part of unallocated Corporate assets/liabilities.

(II) Fair Values Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are Companied into three Levels of a fair value hierarchy. The three Levels are denied based on the observability of significant inputs to the measurement, as follows;

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

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 rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

10. Lease disclosures:

I. Company as Lessor:

Company has not given any assets under any finance lease arrangement. All the leases are non cancellable operating leases and the underlying assets continue to reflect under property plant and equipment. Leases have varying terms, renewal rights and escalation terms. Though none of them are substantial in nature.

II. Company as Lessee:

i) Applied the exemption provided on transition and have not recognised the Right of Use asset and Liability for leases which had less than 12 months period on the transition date.

ii) Applied the exemption and have not recognised the impact for leases which are not substantial in value.

iii) Details of movement in Right of use Asset during the year is as follows:

11. Financial risk management

The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company''s senior management has the overall responsibility for establishing and governing the Company''s financial risk management framework.

(I) Credit risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, bank balances, loans, investments and other financial assets.

At each reporting date, the Company measures loss allowance for certain class of financial assets based on historical trend, industry practices and the business environment in which the Company operates.

Credit risk with respect to trade receivables are limited, due to the Company''s customer profiles are well balanced in Government and Non-Government customers and diversified amongst in various construction verticals and geographies. All trade receivables are reviewed and assessed on a quarterly basis.

Credit risk arising from investments, derivative financial instruments and balances with banks is limited because the counterparties are banks and recognised financial institutions with high creditworthiness.

(i) Provision for expected credit losses

The Company measures Expected Credit Loss (ECL) for financial instruments based on historical trend, industry practices and the business environment in which the Company operates.

For financial assets, a credit loss is the present value of the difference between:

(a) the contractual cash flows that are due to an entity under the contract; and

(b) the cash flows that the entity expects to receive.

The Company recognises in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance atthe reporting date in accordance with Ind AS 109.

In determination of the allowances for credit losses on trade receivables, the Company has used a practical expedience by computing the expected credit losses based on ageing matrix, which has taken into account historical credit loss experience and adjusted for forward looking information.

12. Capital risk management

The Company''s capital management objectives are

-to ensure the Company''s ability to continue as a going concern

-to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

38. The previous year figures have been regrouped/rearranged wherever found necessary.

For B D S & Co. For and on behalf of the Board of Directors

Chartered Accountants

Firm''s Registration Number 32G264E

Shweta B. Sarawgee (ASHISH AGARWAL) (VIJAY KUMAR JAIN)

^Partner Managing Director Director

Membership No. 063679 DIN: 00351824 DIN: 00491871

Place: Kolkata

Dated: 26th May, 2023 (SANJAY AGARWAL)

UDIN: 23063679BGYOIT6636 Company Secretary & Chief Financial Officer

---

Mar 31, 2018

1. Corporate information

ABC India Limited (‘ABCIL’ or ‘the Company’) is a public Company and incorporated in India under the provisions of the Companies Act, 1956. ABCIL has been a pioneer in the field of Logistics since its inception in India. ABCIL is listed with premier stock exchanges, namely, BSE and CSE. Its registered office is situated at P-10 New CIT Road Kolkata-700073 and corporate office at 40/8 Ballygunge Circular Road Kolkata - 700 019. The financial statements for the year ended March 31, 2018 were approved by the Board of Directors on May 26, 2018.

2. Use of estimates and judgements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

a) Judgements in applying accounting policies

The judgements, apart from those involving estimations (see note below), that the Company has made in the process of applying its accounting policies and that have a significant effect on the amounts recognised in these financial statements pertain to the following:

i) Revenue recognition

Contract revenue is recognised using the percentage of completion method as construction progresses. The percentage of completion is estimated by reference to the stage of the projects determined based on the proportion of costs incurred to date and the total estimated costs to complete.

ii) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilized.

iii) Classification of leases

The Company enters into leasing arrangements for various assets. The classification of the leasing arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee’s option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset’s economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset.

b) Key sources of estimation uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with in the next financial year.

(i) Revenue and inventories

The Company recognizes Contract revenue using the percentage of completion method. This requires forecasts to be made of total budgeted cost with the outcomes of underlying construction and service contracts, which require assessments and judgements to be made on changes in work scopes, claims (compensation, rebates etc.) and other payments to the extent they are probable and they are capable of being reliably measured. For the purpose of making estimates for claims, the Company used the available contractual and historical information.

(ii) Useful lives of property, plant and equipment:

PPE 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 value of the asset are determined by the management when 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 lives, such as change in technology.

(iii) Estimation of Defined benefit obligations

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each financial year end.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans, the actuary considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

(iv) Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed to be probable and are liable estimate of the outcome of the dispute can be made based on management’s assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

(d) The Company has only one class of equity shares. The Company declares and pays dividend in Indian rupees. The holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to one vote per share.

(e) In 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 dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

(f) Shareholders holding more than 5 % of the equity shares in the Company :

1. Contingent liabilities and commitments (to the extent not provided for)

The amounts shown in I(i) above represent the best possible estimates arrived at on the basis of available information. The uncertainties and timing of the cash flows are dependent on the outcome of different legal processes which have been invoked by the Company or the claimants, as the case may be and, therefore, cannot be estimated accurately. The Company does not expect any reimbursement in respect of above contingent liabilities.

In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the ground that there are fair chances of successful outcome of the appeals.

2. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31^st March 2018 as micro, small and medium enterprises. Consequently, the amount due to micro and small enterprises as per requirement of Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 is Nil (31^st March 2017 - Nil) (1^st April 2016 - Nil)

3. Details of Loans given, Investments made and Guarantee given covered u/s 186 (4) of the Companies Act, 2013:

Investments made are given under the respective heads (Refer Note 5 (i) and (ii)).

All loans as disclosed in respective notes (Refer note 13 and 36(7) are provided for business purposes.

(a) Construction Contracts

On the balance sheet date, the Company reports the net contract position for each contract as either an asset or a liability. A contract represents an asset where costs incurred plus recognised profits (less recognised losses) exceed progress billings; a contract represents a liability where the opposite is the case.

(b) Amounts due from /(to) customers under construction contracts

3. Employee Benefits :

As per Indian Accounting Standard - 19 “ Employee Benefits” the disclosures of Employee Benefits are as follows :

(a) Defined Contribution Plan :

Employee benefits in the form of Provident Fund and Employee State Insurance Corporation (ESIC) are considered as defined contribution plan.

The contributions to the respective fund are made in accordance with the relevant statute and are recognised as expense when employees have rendered service entitling them to the contribution. The contributions to defined contribution plan, recognised as expense in the Statement of Profit and Loss are as under :

(b) Defined Benefit Plans/Long Term Compensated Absences (On the basis of Acturial Valuation)

Leave Obligations

The leave oligations cover the Company liability for earned leaves. The amount of Provision of Rs. 13,54,891/- (as at 31^st March, 2017 of Rs. 15,16,070/-) is bifurcated as Current and Non-current on the basis of Independent acturial report. Provision of Rs. 31,69,027/- as at 1^st April, 2016 has not been sujected to Independent acturial report.

Gratuity

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the said Act, an employee who has completed five years of service is entitled to specific benefit. The Gratuity plan provides a lumpsum payment to employees at retirement, death, incapacitation or termination of employment. The level of benefits provided depends on the member’s length of service and salary at retirement age etc.

Gratuity Benefits are funded in nature. The liabilities arising in the Defined Benefit Schemes are determined in accordance with the advice of independent, professionally qualified actuaries, using the projected unit credit method at the year end.

c) Risks related to defined benefit plans:

The main risks to which the Company is exposed in relation to operating defined benefit plans are :

i) Mortality risk : The assumptions adopted by the Company make allowances for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the plans and consequently increases in the plan’s liabilities. In order to minimise this risk, mortality assumptions are reviewed on a regular basis.

ii) Interest Rate Risk : The present value of Defined Benefit Plans liability is determined using the discount rate based on the market yields prevailing at the end of reporting period on Government bonds. A decrease in yields will increase the fund liabilities and vice-versa.

iii) Salary cost inflation risk : The present value of the defined benefit plan liability is calculated with reference to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

d) Asset - liability management and funding arrangements

The trustees are responsible for determining the investment strategy of plan assets. The overall investment policy and strategy for Company’s funded defined benefit plan is guided by the objective of achieving an investment return which, together with the contribution paid is sufficient to maintain reasonable control over various funding risks of the plan.

e) Other disclosures :

i) The following are the assumptions used to determine the benefit obligation:

a) Discount rate : The yield of government bonds are considered as the discount rate. The tenure has been considered taking into account the past long term trend of employees’ average remaining service life which reflects the average estimated term of the post - employment benefit obligations.

b) Rate of escalation in salary : The estimates of rate of escalation in salary, considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

c) Rate of return on plan assets : Rate of return for the year was the average yield of the portfolio in which Company’s plan assets are invested over a tenure equivalent to the entire life of the related obligation.

d) Attrition rate : Attrition rate considered is the management’s estimate based on the past long- term trend of employee turnover in the Company.

ii) The Gratuity and Provident Fund expenses have been recognised under “ Contribution to Provident and Other Funds” and Leave

Encashment under “ Salaries and Wages” under Note No. 30.

4. Segmment Reporting disclosures as per Ind AS-108 “Operating Segments”:

Operating Segments :

a) Freight and Services b) Petrol Pump c) Construction

Identification of Segments :

The chief operating decision maker monitor the operating results ofits business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments have been identified on the basis of the nature of products/services and have been identified as per the quantitative criteria specified in the Ind AS.

Segment Revenue and Results:

The expenses and incomes which are not attributable to any business segment are shown as unallocated expenditure (net of unallocated income)

Segment Assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipments, trade and other recievables, cash and cash equivalents, bank balance other than cash and cash equivalents etc. Segment liabilities primarily includes trade payables, borrowings and other liabilities.

Common assets and liabilities which cannot be allocated to any of the segments are shown as a part of unallocated Corporate assets/liabilities.

B. Fair Values Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are Companied into three Levels of a fair value hierarchy. The three Levels are denied based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

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 rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

5. Lease disclosures :

a) Operating lease taken :

The Company’s significant leasing arrangements are in respect of operating leases for land and building premises (residential, office, stores, godowns etc.). These leasing arrangements which are not non-cancellable range between 11 months and 9 years generally, or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as ‘Rent’ under Note 33.

b) Operating lease given

The Company has leased out office, stores and godown premises under non-cancellable operating leases.

6. Finacial risk management

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management has the overall responsibility for establishing and governing the Company’s financial risk management framework.

(A) Credit risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, bank balances, loans, investments and other financial assets.

At each reporting date, the Company measures loss allowance for certain class of financial assets based on historical trend, industry practices and the business environment in which the Company operates.

Credit risk with respect to trade receivables are limited, due to the Company’s customer profiles are well balanced in Government and Non-Government customers and diversified amongst in various construction verticals and geographies. All trade receivables are reviewed and assessed on a quarterly basis.

Credit risk arising from investments, derivative financial instruments and balances with banks is limited because the counterparties are banks and recognised financial institutions with high credit worthiness.

(i) Provision for expected credit losses

The Company measures Expected Credit Loss (ECL) for financial instruments based on historical trend, industry practices and the business environment in which the Company operates.

For financial assets, a credit loss is the present value of the difference between:

(a) the contractual cash flows that are due to an entity under the contract; and

(b) the cash flows that the entity expects to receive

The Company recognises in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date in accordance with Ind AS 109.

In determination of the allowances for credit losses on trade receivables, the Company has used a practical expedience by computing the expected credit losses based on ageing matrix, which has taken into account historical credit loss experience and adjusted for forward looking information.

(ii) The movement of Trade Receivables and Expected Credit Loss are as follows :

*The company assesses at each date of balance sheet whether a financial asset or a group of financial asssets is impaired or not. Ind AS-109 “Financial instruments” requires expected credit losses to be measured through a loss allowance. The company has used a practical expedient and adjusted for forward looking information to compute expected credit losses. No provision for impairment of trade receivables has been made for the year 2017-18 as substanial amount of Rs. 17.78 crores out of Rs. 47.03 crores of trade receivables has been impaired on the transition date out of which Rs. 12.07 crores and Rs. 5.70 crore has been written off in the year 2016-17 and 2017-18 respectively. Moreover, during the year 2017-18, trade receivables of Rs. 34,28,421/- has been written off apart of provision earlier created.

a) Credit Risk Management

The finance function of the Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: No Risk B: Low Risk C: Medium Risk D: High Risk

The risk parameters are same for all financial assets for all period presented. The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an on-going basis throughout each reporting period. In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than (60 days past due) . A default on a financial asset is when the counterparty fails to make contractual payments when they fall due. This definition of default is determined by considering the business environment in which entity operates and other macro-economic factors.

b) Credit Risk Exposure

The Company provides for expected credit loss based on lifetime expected credit loss mechanism for trade receivables.

(B) Liquidity Risk

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of cash credit facilities, short term loans and term loans.

The table below summarises the maturity profile of the Company’s financial liabilities:

7. Capital risk management

The Company’ s capital management objectives are :

- to ensure the Company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. Management assesses the Company’s capital requirements in order to maintain an eficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

*Net Debt = Non - current liabilities Current liabilities - Deferred tax liabilities (net)

8. The Company has transferred certain assets and business contracts of Record Management business unit through an assets purchase agreement with effect from 01.03.2018 at a consideration of Rs. 7 Crores. The gain arising therefrom has been included in exceptional items in Profit & Loss Account.

9. First-time Adoption of Ind AS

a) These financial statements, for the year ended 31^st March, 2018, are the first financial statements, the Company has prepared in accordance with Ind AS.

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for year ended 31^st March, 2018, together with the comparative figures for the year ended 31^st March, 2017, as described in the summary of significant accounting policies [Refer Note No.2-3].

The Company has prepared the opening Balance Sheet as per Ind AS as of 1^st April, 2016 (the transition date) by:

a. recognising all assets and liabilities whose recognition is required by Ind AS,

b. not recognising items of assets or liabilities which are not permitted by Ind AS,

c. reclassifying items from previous Generally Accepted Accounting Principles (GAAP) to Ind AS as required under Ind AS, and

d. applying Ind AS in measurement of recognised assets and liabilities.

Reconciliations Between Previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash lows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.

Notes on First time Ind AS adoption

I. Ind AS 101 mandates certain exceptions and allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions in the financial statements:

a) Property, plant and equipment and intangible assets were carried in the Balance Sheet prepared in accordance with previous GAAP on 31^st March, 2016. Under Ind AS, the Company has elected to regard such carrying values as deemed cost at the date of transition.

Further, the Company had revalued certain freehold land and buildings and had a balance of Rs. 3.14 Crores in revaluation reserve on the date of transition. On transition, such revaluation reserve has been adjusted in retained earnings.

b) The Company has applied Appendix C of Ind AS 17 (Leases) - ‘Determining whether an Arrangement contains a Lease’ to determine whether an arrangement existing at the transition date contains a lease on the basis of facts and circumstances existing at that date.

II. In addition to the above, the principal adjustments made by the Company in restating its previous GAAP financial statements, including the Balance Sheet as at 1st April, 2016 and the financial statements as at and for the year ended 31^st March, 2017 are detailed below:

a) Under previous GAAP, non-current investments were stated at cost. Where applicable, provision was made to recognise a decline, other than temporary, in valuation of such investments. Under Ind AS, equity instruments have been classified as Fair Value through Other Comprehensive Income (FVTOCI) through an irrevocable election at the date of transition.

However, since, the fair valuation has been done based on level 3 inputs, difference in fair value and cost as on the date of transition deferred and has been considered and shown as “Deferred gain on changes in fair value of financial assets”under Other Non-Current Liabilities.

b) Under previous GAAP, actuarial gains and losses related to the defined benefit schemes for gratuity were recognised in profit or loss. Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability/asset which is recognised in OCI. Consequently, the tax effect of the same has also been recognised in OCI instead of profit or loss.

c) Under previous GAAP, transaction costs incurred towards origination of borrowings were recognised in profit or loss. Under Ind AS, transaction costs incurred towards origination of borrowings is deducted from the carrying amount of borrowings on initial recognition. These costs are recognized in the statement of profit and loss over the tenure of the borrowing as part of the finance cost by applying the effective interest method.

d) Under previous GAAP, financial assets and security deposits paid were initially recognized at transaction price. Subsequently, any finance income were recognized based on contractual terms. Under Ind AS, such financial instruments are initially recognized at fair value and subsequently carried at amortised cost determined using the effective interest rate. Any difference between transaction price and fair value affects profit and loss unless it quantifies for recognition as some other type of asset.

e) The Company has changed retrospectively its accounting policy regarding recognising sale of service with respect to transportation under Percentage of completion method. However, this has no impact in opening reserve on the date of transition.

f) The previous Indian GAAP required deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax assets/liabilities on new temporary differences which was not required under pervious Indian GAAP. However, in the absence of probability of realising the deferred tax assets, the same has not been recognised.

g) Retained earnings and statement of profit and loss has been adjusted consequent to the Ind AS transition adjustments with corresponding impact to deferred tax, wherever applicable.

h) Under previous GAAP, book overdraft, were reflected in cash flows from operating activities in cash flow statement. Under Ind AS, such amount are included in cash and cash equivalents in the cash flow statement.

10. Standards issued but not yet effective

The standard issued, but not yet effective up to the date of issuance of the Company financial statements is disclosed below. The Company intends to adopt this standard when it becomes effective.

Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 was issued in February 2015 and establishes a five step model to account for revenue arising from contracts with customers. Under Ind AS 115 revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under Ind AS. This standard will come into force from accounting period commencing on or after 1^st April 2018. The Company will adopt the new standard on the required effective date. During the current year, the Company performed a preliminary assessment of Ind AS 115, which is subject to changes arising from a more detailed ongoing analysis.

Amendment to Ind AS 7:

In March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)(Amendments) Rules, 2017, notifying amendment to Ind AS 7, ‘Statement of Cash Flows’. This amendment is in accordance with the recent amendment made by International Accounting Standards Board (IASB) to IAS 7. The amendments is applicable to the company from April 1, 2017. The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash flow items, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement.The company is evaluating the requirements of the amendment and the effect on the financial statements is being evaluated.

11. The previous year’s including figures as at the date of transition have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year including figures as at the date of transition are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

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Mar 31, 2016

1. Related party disclosures:

Names of related parties:

Associates 1. Bhoruka Properties Private Limited

2. Assam Bengal Carriers Limited

3. M/S. Assam Bengal Carriers

4. Gusto Imports Private Limited Key Management Personnel & their relatives Mr. Anand Kumar Agarwal

Mr. Ashish Agarwal Dr. Ashok Kumar Agarwal Significant Influence of Key Management Personnel TCI Bhoruka Projects Limited

5. Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

Note to Financial Statements No. 1 to 28 are attached to and forming part of the Balance Sheet as at March 31, 2016 and Statement of Profit & Loss for the year ended on that date and have been signed for the purpose of identification.

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Mar 31, 2015

OTHER NOTES ON FINANCIAL STATEMENTS

1. Contingent Liabilities & Commitments (to the extent not provided for) (Amount In Rs.)

Contingent Liabilities March 31, 2015 March 31, 2014

Guarantees and Counter guarantees 5,56,60,550 10,12,24,490

The Company may be contingently liable In respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments : Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,48,83,649/- (P.Y. Rs. 1,49,13,649/-) has been made.

2. Books of accounts for Branches : The books of accounts for all branches are being compiled at company's Kolkata office on the basis of data, statements, vouchers etc. received from accounting centres, which have been checked by internal auditors thereat.

3. Balances of Trade Receivables, Advances & Deposits : Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

4. Fuel Pump at Pune: The Company's fuel pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and commission based on sales and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant accounting policies as set out in Note No. 1.

5. Related party disclosures

Names of related parties Associates 1. Bhoruka Properties Private Limited

2. Assam Bengal Carriers Limited

3. M/s. Assam Bengal Carriers

4. Gusto Imports Private Limited

Key Management Personnel & Mr. Anand Kumar Agarwal their relatives Mr. Ashish Agarwal

Dr. Ashok Agarwal

6. Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

Note to Financial Statements No. 1 to 28 are attached to and forming part of the Balance Sheet as at March 31, 2015 and Statement of Profit & Loss for the year ended on that date and have been signed for the purpose of identification.

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Mar 31, 2014

1.0 OTHER NOTES ON FINANCIAL STATEMENTS

1.1 Contingent Liabilities & Commitments (to the extent not provided for)

Contingent Liabilities March 31, 2014 March 31, 2013 (Rs.) (Rs.)

Guarantees and Counter guarantees 10,12,24,490 10,46,82,321

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,49,13,649/- (P.Y. Rs. 1,52,33,185/-) has been made.

1.2 Books of accounts for Branches

The books of accounts for all branches are being maintained at company''s office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

1.3 Bad Debts

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 12,30,025/- (Previous Year Rs. 2,49,481/-) has been so written off.

1.4 Balances of Trade Receivables, Advances & Deposits

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

1.5 Petrol Pump at Pune

The Company''s petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant accounting policies as set out in Note No. 1.

1.6 Related party disclosures Name of related parties

Subsidiary(Erstwhile) ABC Skyline Limited

I Associates

1. Bhoruka Properties Private Limited

2. Bhoruka Public Welfare Trust

3. Utsav Prakashan Limited

4. Assam Bengal Carriers Limited

5. M/S. Assam Bengal Carriers

6. Gusto Imports Private Limited

Joint Ventures(Erstwhile) Nissin ABC Logistics Private Limited

Key Management Personnel & their relatives

Mr. Anand Kumar Agarwal

Mr. Ashish Agarwal

Dr. Ashok Agarwal

1.7 The investment in erstwhile subsidiary company ABC Skyline Limited has been sold and hence as the company has no interest in the subsidiary.

1.8 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

Note to Financial Statements No. 1 to 28 are attached to and forming part of the Balance Sheet as at March 31, 2014 and Statement of Profit & Loss for the year ended on that date and have been signed for the purpose of identification.

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Mar 31, 2013

1.1 Contingent Liabilities & Commitments (to the extent not provided for):

Contingent Liabilities March 31,2013 March 31,2012

Guarantees and Counter guarantees 10,46,82,321 13,07,83,290

Income tax liability in respect of which the Company has preferred NIL 3,20,273 appeals/ representations before appropriate authorities.

Based on Asst. Year

judicial precedence Company''s claim is likely to succeed. (2008-09)

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable.

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,52,33,185/- (P.Y. Rs. 1,58,51,603/-) has been made.

1.2 Books of Accounts for Branches:

The books of accounts for all branches are being maintained at company''s office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

1.3 Bad Debts:

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 2,49,481/- (Previous Year Rs. 1,33,539/-) has been so written off.

1.4 Balances of Trade Receivables, Advances & Deposits:

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

1.5 Petrol Pump at Pune:

The Company''s petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

1.6 Defined Benefit Plan as per AS-15 Employee Benefits:

In respect of Defined Benefit Plan, necessary disclosures are as under:

1.7 Segment Reporting:

The Company has two segments namely Freight and service division, and Petrol Pump division in terms of Accounting Standard-17 issued by the Institute of Chartered Accountants of India.

Earlier, warehousing facility division was also considered as segment, however the same having no significant business transactions, now stands merged with Freight and services division. The required disclosure are as follows:

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

1.8 The erstwhile Joint Venture agreement of the Company regarding Nissin ABC Logistics Ltd was mutually terminated during the year, consequent to which the company divested 19% interest out of 24% earlier. As such, the company has no interest in such Joint Venture.

1.9 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

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Mar 31, 2012

1.1 The Company has reserved issuance of 1,10,130 (Previous year 1,10,210) equity shares of Rs. 10 each for exercise or grant of options under Employee Stock Option Scheme to eligible employees. As per the terms of the Stock Option Scheme, 2007 of the Company, options vesting on or before 01/11 /2008 can be exercised @ Rs 50/- per equity shares and option vesting after 01/11/2008 can be exercised @ Rs 55/- per equity share. The options granted vest over a maximum period of 3 years from the date of grant.

2.1 There are no dues to Micro and Small Enterprises determined to the extent such parties have been identified on the basis of information available with the Company as at 31 March, 2012 which require disclosure under the Micro, Small and Medium Enterprises Development Act, 2006.

3 OTHER NOTES ON FINANCIAL STATEMENTS

3.1 Contingent Liabilities & Commitments (to the extent not provided for):

Contingent Liabilities March 31,2012 March 31,2011 (Rs.) (Rs.)

Guarantees and Counter guarantees 13,07,83,290 13,83,64,345

Income tax liability in respect of which the Company has preferred 3,20,273 3,20,273

appeals/ representations before appropriate authorities. Based on Asst. Year Asst. Year judicial precedence Company's claim is likely to succeed. (2008-09) (2008-09)

The Company may be contingently liable in respect of various court cases filed by / or against the Company, amount of which is unascertainable

Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,58,51,603/- (P.Y. Rs. 8,96,04,685/-) has been made.

3.2 Books of Accounts for Branches:

The books of accounts for all branches are being maintained at company's office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors thereat.

3.3 Bad Debts:

Bad debts are ascertained by the management, each year after due consideration and are accordingly written off. During the year Rs. 1,33,539/- (Previous Year Rs. 17,69,750/-) has been so written off. Although doubtful debts could not be specifically quantified, however, as an abundant precaution an amount of Rs. NIL (Previous Year Rs 28,72,688/-) is provided towards estimated bad debts.

3.4 Balances of Trade Receivables, Advances & Deposits:

Balances of Trade Receivables, Advances & Deposits are subject to confirmation from the respective parties.

3.5 Petrol Pump at Pune:

The Company's petrol pump at Pune is being administered and operated under an agreement by a party where the Company is entitled to fixed monthly income and such party has to bear operating expenses including bad debts and losses, if any, besides making arrangements of funds.

3.6 Utilisation of money realized under ESOP:

The money realized pursuant to exercise of options by employees has been utilized in the business of the Company especially for funding capital investments.

3.7 Statement Regarding Subsidiary Company

(a) The interest of ABC India Limited in its subsidiary company, ABC Skyline Limited at the end of the financial year March 31,2012 is entire share capital of 50,000 equity shares of Rs. 10/- each issued by the subsidiary company.

(b) The net aggregate amount, so far as it concerns members of the holding company and is not dealt with in the attached financial statements of the holding company is loss for the period from January 13,2012 to March 31,2012 amounts to Rs. 19,360/-.

(c) The net aggregate amount, so far as it concerns members of the holding company and are dealt with in the attached financial statements of the Holding Company is loss for the period from January 13,2012 to March 31,2012 amounts to Rs. NIL.

3.8 interest in Joint Venture

The Company has 24 % interest in the joint venture, viz Nissin ABC Logistics Pvt. Limited, incorporated in India, which is engaged in logistic service business.

3.9 Previous year figures have been regrouped / rearranged / reworked / reclassified wherever necessary and figures in brackets in Balance Sheet, Statement of Profit & Loss and Notes thereto are negative figures.

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Mar 31, 2010

1. The books of accounts for all branches are being maintained at companys office at Kolkata on the basis of data, statements, vouchers etc. received from accounting centers, which have been checked by internal auditors there at.

2. The Company has no dues to entities falling under the provisions of Micro, Small & Medium Enterprises Development Act, 2006.

3. Capital Commitments

Estimated amount is not ascertainable for contracts remaining to be executed on capital account against which advance of Rs. 1,43,99,398/-(P.Y.Rs. 78,74,515/-) has been made.

4. Contingent Liabilities not provided for (Rs. in Lacs)

Particulars 31st March, 2010 31st March, 2009

Guarantees and Counter guarantees

given by the Company 655.01 574.97

Income tax liability in respect

of which the Company has preferred

appeals/representations before

appropriate authorities. Based on

judicial precedence Companys

claim is likely to succeed.

Assessment Year 2006-07 0.59 0.00

In respect of various court cases filed by/or against the Company, amounffe unascertainable,

Note: (i) As the liability for gratuity is provided on an actuarial basis and the liability for leave encashment is provided for the company as a whole, the amount pertaining to the Chairman and Managing Director is not ascertainable and therefore, not included above.

6. Earnings from transportation and related activities includes Rs. 37,94,878/- (P.Y. Rs.1,01,41,365/-) being earnings in foreign exchange out of which Rs. 4,29,950/- (P.Y. Rs. 3,24,657/-) remained un-realised at the year end.

7. Expenditure on foreign tour undertaken by executives amounted to Rs. 17,47,201 (P.Y. Rs. 48,50,345/-) which includes cost of foreign currency purchased for Rs. 7,72,784/- (P.Y. Rs. 28,46,105/-) and other expenses Rs. 9,74,417/- (P.Y. Rs. 20,04,240/-). Apart from above the company has remitted foreign exchange worth Rs. 18,52,213/- (P.Y Rs 2,32,098/-) on account of freight by overseas constituents spent on companys behalf and/or freight collected by company on their behalf, transfer to branch and payment of license subscription fee.

8. (a) Bad debts are ascertained by the management, each year after due consideration and written off. During the year Rs.1,58,339/- ( P.Y. Rs. 25,58,644/-) has been written off. Although doubtful debts could not be specifically quantified, however, as an abundant precaution an amount of Rs.62,087/- (P.Y. Rs. 18,35,205/-) has been provided towards estimated bad debts.

(b) Balances of Deposits and Advances are subject to confirmation from the respective parties.

9. Segment Reporting

Business segment: As per AS-17 issued by The Institute of Chartered Accountant of India the company has two segments namely Freight and Service division and Petrol Pump division.

Note.

a) Segment Assets & Liabilities, as well as revenue & expenses are directly attributable to the segment.

b) All Unallocated assets & liabilities and revenue & expenses are treated separately.

c) There are no separate reportable secondary segments.

d) Accounting policies of the segment are the same as those described in summary of significant account policies as set out in Note no. 1 of Schedule 15.

10. Previous year figures have been re-grouped and re-arranged wherever necessary and figures in brackets in Balance Sheet, Profit & Loss Account and Schedules thereto are for the previous year.