Notes to Accounts of Conart Engineers Ltd.

Mar 31, 2025

CONTINGENT LIABILITIES ..........“ 31”
31st March 2025	31st March 2024
(Rupees)	(Rupees)
Guarantee given to bank 74,63,900.00	79,16,615.00
Service tax liabilities* 10,78,053	10,78,053
*Service Tax Liabilities of Rs.10,78,053.00 for the F.Y.2012-13,2013-14 & 2014-15 are pending before the appellate authority.

Capital Commitment ..........“32”

Estimated amount of contract remaining to be executed on capital account and not provided for is Nil in current as well as previous year

Title deeds of immovable property..........“33”

All the title deeds of immovable property are held in the name of the company.

Relationship with Struck off Companies..........“34”

The Company has not dealt with any company whose balance if outstanding as on 31/03/2025, and whose name is struck of from registrar of Companies u/s 248 of the Companies Act 2013 or sec 560 of the Companies Act 1956.

Corporate Social Responsibility (CSR)..........“35”

The company is not covered u/s 135 of the companies Act 2013 under Corporate Social Responsibility (CSR).

*The above entities include related party(ies) where the relationship existed even for the part of the year.

No Loan or Advance in the Nature of Loans are granted to promoters / Directors / KMPs and the related parties ( as defined under Companies Act,2013) either severally or jointly with any other person.

EARNING PER SHARE ..........“42”

Basic earning per share has been calculated by dividend profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The company has not issued any potential equity shares and accordingly, the basic earning per share and diluted earning per share are the same. Earning per share has been calculated as under:

Effects due to COVID-19..........“47”

The company has evaluated the impact of COVID-19 resulting from:

a. the possibility of constraints to render services which may require revision of estimations of costs to complete the contract because of additional efforts;

b. onerous obligations;

c. penalties relating to breaches of service level agreements, and

d. Termination or deferment of contracts by customers.

The company has concluded that the impact of COVID-19 is not material based on these estimates. Due to the nature of the pandemic, the company continues to monitor developments to identify significant uncertainties relating to revenue in future periods

Rounding off..........“48”

Figures have been rounded off to the nearest rupee.

Reclassification and re-grouping...........“49”

Previous year figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2024

n. Provisions and contingent liabilities

The Company creates a provision where there is present obligation (legal or constructive) as a result of past event that
probably requires an outflow of resources embodying economic benefits and a reliable estimate can be made of the amount
of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of
which the likelihood of outflow of resource is remote, no provision or disclosure is made.

o. Contract receipts / revenue recognition

Revenue is recognized when it is probable that economic benefits associated with a transaction flows to the Company in the
ordinary course of its activities and the amount of revenue can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable.

Contract revenue:

Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive
payments, to the extent that it is probable that they will result in revenue and can be measured reliably. When the outcome
of a construction contract can be estimated reliably, contract revenue is recognised in the statement of profit or loss in
proportion to the stage of completion of the contract. The stage of completion is assessed by reference to surveys of work
performed. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to
the extent of contract costs incurred that are likely to be recoverable. Full provision is made for any loss in the year in which
it is first foreseen. Cost incurred towards future contract activity is classified as project work in progress.

Revenue from operations is measured at fair value of the consideration receivable or received, taking into account contractually
defined terms of payment and excluding taxes collected on behalf of the government.

In respect of contracts executed, the company accounts for income to the extend of work completed, on the basis of invoices
certified. Uncertified contract receipts are determined on technical estimates.

Material supplied by the clients in accordance with the terms of contract is not taken into account as contract receipts.
Prices, escalations and de-escalations are accounted as and when certified.

Sale of goods & Services:

Revenue from sale of goods is recognized when the Company transfers all significant risks and rewards of ownership to the
buyer, while the Company retains neither continuing managerial involvement nor effective control over the goods sold.

Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.
Interest and dividend:

Interest income is recognized using effective interest method.

Dividend income is recognized when the right to receive payment is established.

p. Employee benefit expenses
Short Term Employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange of the services rendered by
employees are recognized as an expense during the period when the employees render the services.

Post-Employment Benefits

Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to
separate entities. The Company makes specified monthly contributions towards Provident Fund, State Insurance, and
Pension Scheme. The Company''s contribution is recognised as an expense in the Statement of Profit and Loss during the
period in which the employee renders the related service.

The company also provides retirement benefits in the form of Gratuity on the basis of valuation, as at the Balance Sheet date.
Gratuity liability is covered by a Group Gratuity policy with life insurance Corporation of India.

Defined Benefit Plans

The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of
resignation/superannuation.

The company also provides retirement benefits in the form of Gratuity on the basis of valuation, as at the Balance Sheet date.
Gratuity liability is covered by a Group Gratuity policy with life insurance Corporation of India.

Re-measurement of Defined Benefit Plans in respect of Post-Employment are charged to other Comprehensive Income.

NOTES..........“44”

Sundry Debtors and Creditors & advance are subject to confirmation by the respective parties. Necessary adjustments in accounts
will be made in the year in which discrepancy, if any, may be noticed.

NOTES ..........“45”

Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course
of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably
required.

NOTES ..........“46”

In accordance with Indian Accounting Standard (IND AS) 19 - “Employee Benefits” disclosures in respect of the Defined Benefit
Gratuity Plan (to the extent of information made available by LIC) are given below:

Effects due to COVID-19..........“47”

The company has evaluated the impact of COVID-19 resulting from:

a. the possibility of constraints to render services which may require revision of estimations of costs to complete the contract
because of additional efforts;

b. onerous obligations;

c. penalties relating to breaches of service level agreements, and

d. Termination or deferment of contracts by customers.

The company has concluded that the impact of COVID-19 is not material based on these estimates. Due to the nature of the
pandemic, the company continues to monitor developments to identify significant uncertainties relating to revenue in future periods

Rounding off..........“48”

Figures have been rounded off to the nearest rupee.

Reclassification and re-grouping...........“49”

Previous year figures have been regrouped / reclassified wherever necessary.

For and on behalf of the Board

For Govind Prasad & Co Conart Engineers Limited

Chartered Accountants (Jitendra S Sura) (Jimish J Sura)

(Govind Prasad) Chairman & Managing Director Executive Director (Finance)

Partner DIN - 00480172 DIN - 03096064

Membership No. 047948 (Kavaljitkaur Dhillon)

Firm Registration No. 114360W Company Secretary, ACS 53248

Mumbai Vadodara

Dated : 30th, May, 2024 Dated : 30th, May, 2024

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Mar 31, 2015

NOTE - "1" :

BACKGROUND

Conart Engineers Limited

listed company and is engaged providing full range of General Contracting and Project Management Services for Industrial, Commercial, and Residential Construction projects. We service to sectors like Heavy Machinery, Pharmaceuticals, Chemicals, Textiles, and Educational. Our experience has been Four decades long. Majority of our projects are awarded from Private Sectors clients and are based on At-Risk Contracting.

NOTE - "2" :

(a) SHARE CAPITAL

a) Terms / rights attached to equity shares :

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

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

NOTE - "3" :

DETAILS OF DEFERD TAX LIABILITY

The Company has during the year in accordance with Account Standard AS-22 "Accounting for Taxes on Income " issued by the Institute of Chartered Accountants of India ", Recognized in the profit & loss accounts a difference of Rs.16,05845/- Between net, deferred tax liabilities of Rs.12,50,539/- As on 31st March 2015 and on the deferred tax liabilities of Rs.28,56,384/-As on 31st March,2014

NOTE - "4" :

CONTINGENT LIABILITIES

Guarantee given to the Bank Rs.19,00,000/-(Previous Year Rs. 1,11,46,952/-)

NOTES - "5"

Estimated amount of contract remaining to be executed on capital account and not provided for is Nil (Previous year Nil).

Since the company is operating in one segment i.e. construction, segment wise reporting is not applicable.

Sundry Debtors and Creditors & advance are subjected to confirmation by the respective parties. Necessary Adjustments in account will be made in the year in which discrepancy, if any, may be noticed.

NOTE - "6"

Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

NOTE - "7"

There are no delays in payments to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium enterprises development act 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

Figures have been rounded off to the nearest rupee.

NOTE - "8"

Previous year figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2014

Notes to Accounts - "1"

BACKGROUND

Conart Engineers Limited is a listed company and is engaged providing full range of General Contracting and Project Management Services for Industrial, Commercial, and residential Construction projects. We service to sectors like Heavy Machinery. Pharmaceuticals, Chemicals, Textiles, and Educational. Our experience has been Four decades long. Majority of our projects are awarded from Private Sectors cilents and are based on At-Risk Contracting.

Notes to Accounts - "2"

Sundry Debtors and Creditors & advance are subjected to confirmation by the respective parties. Necessary Adjustments in account will be made in the year in which discrepancy, if any, may be noticed.

Notes to Accounts - "3"

Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

Notes to Accounts - "4"

There are no delays in payments to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium enterprises development act 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

Notes to Accounts - "5"

Previous year figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2013

1. CONTINGENT LIABILITIES

Guarantee given to the Bank Rs.1,11,46,952/-(Previous year Rs..1,89,13,000/-)

2. Estimated amount of contract remaining to be executed on capital account and not provided for is Nil (Previous year Nil).

3. Sundry Debtors and Creditors & advance are subjected to confirmation by the respective parties. Necessary Adjustments in account will be made in the year in which discrepancy, if any, may be noticed.

4. Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5. There are no delays in payments to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium enterprises development act 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

6. Figures have been rounded off to the nearest rupee.

7. Previous year figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2012

Personal Guarantee of the following properties.

1) Office No-35 belong to Mr. Tejas V Sura, Mr Jimish J Sura, MsTeena H Gandhi, Ms Shweta D Shah, Ms Prachi J Sura at Manoj Ind Premises, Wadala, Mumbai 2) Office No - 36 belong to Ramesh S Sura ( HUF ), Vinod S Sura ( HUF ) and Jitendra S Sura ( HUF ) at Manoj Ind Premises, Wadala, Mumbai

3) Resi property Spun Villa Plot No - 2 , Vadodara, belong to Mr Jitendra Sura, MD , Conart Engg Ltd.

4) Office Premises No -11 to 16 2nd floor Bombay Shopping Centre Vadodara ad measuring about 5942 sq ft belong to Mr Tejas Sura, Mr Pradip Sura, Mr Jimish Sura and Ms Prachi Sura. — Personal guarantee/s of Mr Jitendra S Sura, Mr Tejas V.Sura, Mr Jimish J Sura, Mr Pradip Sura, Ms Prachi Sura, Ms Shweta D Shah, Ms Teena H Gandhi as well as and the adult co-parcenors of Ramesh S Sura (HUF),Vinod S Sura (HUF), and Jitendra S Sura(HUF)

1. CONTINGENT LIABILITIES

Guarantee given to the Bank Rs.1,89,13,000/-(Previous year Rs..2,24,35,500/-)

As employee-wise break-up of contribution to group gratuity scheme is not ascertainable, the amounts related to the individual Director have not been included above.

2. Earning in foreign Currency: ;

3. Since the company is operating in one segment i.e. construction, segment wise reporting is not applicable.

4. Name and Nature of Transaction with related parties: 2011-2012 Name of Related Parties & Nature of Transaction Value of Transaction

5. Sundry Debtors and Creditors & advance are subjected to confirmation by the respective parties. Necessary Adjustments in account will be . made in the year in which discrepancy, if any, may be noticed.

6. Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

7. There are no delays in payments to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium enterprises development act 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

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Mar 31, 2010

1. CONTINGENT LIABILITIES

a) Guarantee given to the Bank Rs.3,37,45,776/-(Previous year Rs.93,08,870/-)

b) Income tax demand of Rs.8,84,945/-against which appeal is pending. (Previous year Rs.13,72,338/-)

2. Estimated amount of contract remaining to be executed on capital account and not provided for is Nil (Previous year Nil).

3. Since the company is operating in one segment i.e. construction, segment wise reporting is not applicable.

4. Sundry Debtors and Creditors & advance are subjected to confirmation by the respective parties. Necessary Adjustments in account will be made in the year in which discrepancy, if any, may be noticed.

5. Sundry Loan & Advances and other assets are, in the opinion of management stated at the amount realizable in the ordinary course of business and provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

6. There are no delays in payments to Micro and Small enterprises as required to be disclosed underthe Micro,Small and Medium enterprises development act 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

7. Figures have been rounded off to the nearest rupee.

8. Previous year figures have been regrouped / reclassified wherever necessary.