Notes to Accounts of Glittek Granites Ltd.

Mar 31, 2024

18. Contingent Liabilities & Contingent Assets:

Contingent liabilities are not provided for but are disclosed by way of Notes on Accounts. Contingent liabilities is
disclosed in case of a present obligation from past events

(a) when it is not probable that an outflow of resources will be required to settle the obligation;

(b) when no reliable estimate is possible;

(c) unless the probability of outflow of resources is remote.

Provisions are made when

(a) the Company has a present legal or constructive obligation as a result of past events;

(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation;
and

(c) a reliable estimate is made of the amount of the obligation.

Contingent assets are neither accounted for nor disclosed by way of Notes on Accounts where the inflow of economic
benefits is probable.

19. Current And Non- Current Classification:

The Normal Operating Cycle for the Company has been assumed to be of twelve months for classification of its various
assets and liabilities into "Current” and “Non-Current”.

The Company presents assets and liabilities in the balance sheet based on current and non-current classification.

An asset is current when it is

(a) expected to be realised or intended to be sold or consumed in normal operating cycle

(b) held primarily for the purpose of trading

(c) expected to be realised within twelve months after the reporting period

(d) Cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period. All other assets are classified as non-current.

A liability is current when

(a) it is expected to be settled in normal operating cycle

(b) it is held primarily for the purpose of trading

(c) it is due to be discharged within twelve months after the reporting period

(d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period. All other liabilities are classified as non-current.

20. Earning Per share:

Earnings per share are calculated by dividing the net profit or loss before OCI for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of
calculating diluted earnings per share, the net profit or loss before OCI 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 Company has not provided and paid interest on delayed payment to MSME as per the provisions of the MSME Act,
2006. It was informed by the Management that the vendors have agreed to accept delayed payment without any interest and
have not raised any objection. The impact of the same on the Profit and Loss for the year could not ascertain as the company
has not calculated the amount of interest payable

The above Information has been determined to the extent such parties have been identified on the basis of information
available with the company

Note:- 36 Quarterly Returns submitted to Banks

The company has been sanctioned working capital limits in excess of five crores rupees, in aggregate, from banks on the basis
of security of current assets. Differences between Quarterly returns or statement filed by the company with banks and books
of account are as follows:

Notes:-

1. The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the
Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

2. Finance income and finance cost by instrument category wise classification :-

i) Interest income of Rs.0.93 Lakhs (P.Y. Rs.0.86 Lakhs) on financial instrument at amortised cost.

ii) Interest expense of Rs. 155.88 Lakhs (P.Y.Rs. 143.18 Lakhs) on borrowing at amortised cost.

Note 39: Financial risk management objectives & Policies

The Company’s financial liabilities comprise long term borrowings, short term borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the
Company’s operations. The Company’s financial assets include trade and other receivables, cash and cash equivalents, and deposits.

The Company is exposed to market risk and credit risk. The Company has a Risk management policy and its management is supported by a board of Directors that advises on risks
and the appropriate risk governance framework for the Company. The audit committee provides assurance to the Company’s management that the Company’s risk activities are
governed by appropriate policies and procedures and that risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The Board of
Directors reviews and agrees policies for managing each of these risks, which are summarised below.

(i) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises risk of interest rate,
currency risk and other price risk, such as commodity price risk and equity price risk. Financial instruments affected by market risk include FVTPL investments.

a. Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the
risk of changes in foreign exchange rates relates primarily to the Company’s operating activities. The Company has a treasury department which monitors the foreign exchange
fluctuations on the continuous basis and advises the management of any material adverse effect on the Company.

Foreign Currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in foreign currency exchange rates, with all other variables held constant. The impact on the
Company’s profit before tax is due to changes in the fair value of assets and liabilities.

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit
risk from its operating activities (primarily trade receivables).

The Company implements a credit risk management policy under which the Company only transacts business with counterparties that have a certain level of credit worthiness based
on internal assessment of the parties, financial condition, historical experience, and other factors. The Company’s exposure to credit risk is influenced mainly by the individual
characteristics of each customer. The Company has established a credit policy under which each new customer is analysed individually for creditworthiness.

Trade receivables

An impairment analysis is performed at each reporting date on an individual basis for all the customers. In addition, a large number of minor receivables are grouped into
homogenous groups and assessed for impairment collectively. The calculation is based on credit losses historical data. The maximum exposure to credit risk at the reporting date is
the carrying value of trade receivables disclosed in Note 8 as the Company does not hold collateral as security. The Company has evaluated the concentration of risk with respect to
trade receivables as low, as its customers are located in several jurisdictions and industries.

Refer note no 8 for ageing of trade receivable as of 31st March, 2024 and 31st March, 2023.

No significant changes in estimation techniques or assumptions were made during the reporting period.

Credit risk also arises from transactions with financial institutions, and such transactions include transactions of cash and cash equivalents, various deposits, and financial
instruments such as derivative contracts. The Company manages its exposure to this credit risk by only entering into transactions with banks that have high ratings. The Company’s
treasury department authorizes, manages, and oversees new transactions with parties with whom the Company has no previous relationship.

Furthermore, the Company limits its exposure to credit risk of financial guarantee contracts by strictly evaluating their necessity based on internal decision making processes, such as
the approval of the board of directors.

Credit risk exposure

The carrying amount of financial assets represents the Company’s maximum exposure to credit risk. The maximum exposure to credit risk as of 31st March, 2024 and 31st March,
2023 are as follows:

The Company’s objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess
operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium/ long term expansion needs. The Company
monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs. Besides, it generally has certain undrawn credit facilities which can
be accessed as and when required; such credit facilities are reviewed at regular intervals. Thus, no liquidity risk is perceived at present.

Note:- 40

The stock of Finished Goods and WIP is being brought forward from last more than 5 years. In stone Industry, unlike other minerals such as iron ore or coal, each colour or variety
is a product by itself and granite is not a perishable product and company is selling it as and when a customer wants it. It has a very slow demand but that doesn’t mean it has no
value. It is a natural product which is in imperishable. Tiles are extremely resilient when it comes to staining and wear and water resilient. As such no provision has been made for
diminution in value due to obsolescence and effluxes of time.

Note:- 41

In the opinion of the Board, all assets other than Property ,plant & equipment have a realizable value in the ordinary course of business which is not different from the amount at
which it is stated.

Note42. Additional Disclosures relating to the requirement of revised schedule III

(i) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
Rules made thereunder.

(ii) Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(iii) Company has complied with the number of layers prescribed under the Companies Act, 2013.

(iv) There is no undisclosed income under the Income Tax Act, 1961 for the year ending 31st March, 2024 and 31st March, 2023 which needs to be recorded in the books ofl
account.

(v) Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(vi) The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were taken.

(vii) The charges for the all the borrowings from the banks and financial institutions are properly registered with the Registrar of the companies and there is no charges which is
pending for satisfaction which are yet to be registered with the registrar of the companies beyond the statutory period.

(viii) Relationship with struck off companies

There are no transactions with strike off company u/s 248 or 560 of Companies Act, 2013

(ix) The Company has not entered into any scheme of arrangements which has an accounting impact on current or previous financial year.

(x) Utilisation of Borrowed Fund & Share Premium:

a) The Company have not advanced or loaned or invested funds to any other person(s) or entities, 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.

b) The Company have not received any fund from any person(s) or entities, 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.

Note 43. Ratio Analysis & Its Elements

Refer Annexure

Note 44.

Previous year’s figures have been rearranged and/or regrouped, wherever necessary.

Note 45.

The financial statements have been approved by the Audit Committee at its meeting held on 30th May, 2024 and by the Board of Directors on the same date.

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Mar 31, 2015

1. Refund Claims for CENVAT credit which has been rejected have been debited to CENVAT Credit Receivable which will be adjusted against future liabilities amounting to Rs. 472929/- (previous year Rs. 396309/-). Service tax Refund claim pending in appeal amounting to Rs. 485669/-(previous year Rs. 485669/-)

2. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises(Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

3. The details of the company's post-retirement benefit plans for gratuity for its employees determined as per actuarial valuation by Life Insurance Corporation of India are given below :

4. Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recoganised in the Balance Sheet and Statement of Profit and Loss.

a. Premium paid for the year amounting to Rs. 246467/- (Previous year Rs. 219175/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

5. The company does not have more than one reportable segment in terms of Accounting Standard 17 "Segment Reporting".

6. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

7. Related party disclosure as per AS-18

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by "The Institute of Chartered Accountants of India" are as follows :-

8. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

9. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

10. Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.

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Mar 31, 2014

1 Rights Preference and restrictions attached to the equity shares

The equity shares of the company having par value of Rs.5, per share, rank pari passu in all respects including voting rights and entitlement to dividend and share in the company residual asset.

2 Long Term Borrowings :

a. Vehicle loans including current maturities are secured by hypothecation of vehicle against which such loan has been taken.

b. Repayments terms of outstanding long term borrowings

Vehicle loans are repayable in equal monthly installments over a term of 3 years

c. Vehicle Loan from HDFC bank taken against cost of new car which includes Insurance Rs.Nil (Previous Year Rs.3,05,033/-) and Life time Road Tax Rs.Nil (Previous year Rs.17,73,145/-) which has been debited to Revenue Expenses.

3 Short Term Borrowings

Nature of Security

Working Capital facilities from a bank is secured by hypothecation of stock of raw materials, semi finished goods, finished goods, stores and spares and Book debts/Receivables of the Company, both present and future and further secured by way of first charge on all immovable properties and movable properties / fixed assets both present and future, and personal guarantee of three promoters directors,

4 In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

5 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2014 March, 2013 Rs. Rs. (i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

Demand for return of Service Tax refund received against the company has filed an 485,669 485,669 appeal

Demand for Income Tax and FBT against which the Company has preferred appeals 184,956 954,662

(b) Liabilities on account of unexpired 5,079,307 10,095,891 letter of credit

(c) Pending outcome of legal and other claims filed- by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for

Total 5,749,932 11,536,222

6 Refund Claims for CENVAT credit which has been rejected have been debited to CENVAT Credit Receivable which will be adjusted against future liabilities amounting to Rs.3,96,309/- (previous year Rs.4,45,304/-) Service tax Refund claim pending in appeal amounting to Rs.485669/- (previous year Rs.4,85,669/-)

7 In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

8 The details of the company''s post-retirement benefit plans for gratuity for its employees '' determined as per actuarial valuation by Life Insurance Corporation of India are given below:

9 The company does not have more than one reportable segment in terms of Accounting Standard -17 "Segment Reporting".

10 Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

11 As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

12 There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

13 Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.

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Mar 31, 2013

1. In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

2 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2013 March, 2012 Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt Demand for entry tax against which the Company has preferred an appeal 330,000 330,000

Demand for return of Service Tax refund received against the company has filed an appeal 485,669 487,058

Demand for Income Tax and FBT against which the Company has preferred appeals 954,662 -

(b) Liabilities on account of unexpired letter of credit 10,095,891 13,406,416

(c) Pending outcome of legal and other claims filed by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for

Total 11,866,222 14,223,474

Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recognised in the Balance Sheet and Profit & Loss Account.

a. Premium paid for the year amounting to Rs.632838/- (Previous year Rs.512405/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

3. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

4. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

5. Related party disclosure as per AS-18

6. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

7. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

8. Previous period figures have been regrouped/rearranged, wherever considered necessary, to confirm to the current year classification.

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Mar 31, 2012

1a Rights Preference and restrictions attached to the equity shares

The equity shares of the company having par value of Rs.5, per share, rank pari passu in ail respects including voting rights and entitlement to dividend and share in the company residual asset.

a. Secured loans are covered by

Term Loan including current maturities are secured by First charge on all the company's movable and immovable assets, both present and future subject to prior charge on specified movable assets created for working capital requirements.

Term loan is additionally secured by the personal guaranteed of three promoter Directors of the Company Vehicle loans including current maturities are secured by hypothecation of vehicle against which such loan has been taken.

b. Repayments terms of outstanding long term borrowings

Vehicle loans are repayable in equal monthly installments over a term of 3 years

1 In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the oridinary course of business which is not different from the amount at which it is stated.

2. The revised schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ending 31st March, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosure which have been complied with in these financial statements. Previous year figures have been reclassified in accordance with the current year requirement.

3 Contingent liabilities and commitments

Particulars As at 31 As at 31 March, 2012 March, 2011 Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

Demand for entry tax against which the Company has preferred an appeal 330,000 330,000

Demand for return of Services Tax refund received against the company has filed an appeal 487,058

(b) Liabilities on account of unexpired letter of credit 13,406,416 3,900,496

(c) Pending outcome of legal and other claims filed by the company, additional Liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not provided for 14,223,474 4,230,496

4 The Company's appeal before CESTAT for rejection of refund claim of cenvat credit of service tax amounting to Rs.2,47,773/- (previous year Rs.2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been decided in company's favour. However while granting refund an amount of Rs.239726/- has been rejected against which a fresh appeal has been filed with CESTST, Bangalore. Also out of the refund claim of Rs.11,07,720/- (Previous Year 428212/-) for the period from April 2009 to March 2011, Rs.674575/- (Previous Year 158573/ -) has been rejected against which company has filed an appeal except for Rs.2435/- for which Company has decided not to file an appeal as filing an appeal will cost more than the claim amount involved. Claim received during the year for period prior to 01.04.2009 amounting to Rs.8047/- (previous year Rs.48611/-) has been credited under other income in Profit & Loss Account.

5. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recoganised in the Balance Sheet and Profit & Loss Account.

a. Premium paid for the year amounting to Rs.512405/- (Previous year Rs.300773/-) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of India and the composition of investments relating to these assets is not available with company.

6. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

7. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against term loan are subject to confirmation.

8. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

9. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

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Mar 31, 2011

1. The Company's appeal before CESTST for rejection of refund claim of cenvat credit of service tax amounting lo Rs.2,47.773/- (previous year Rs. 2,47,773/-) for the period from 01.01.2005 to 31.03.2006 has been decided in company's favour However while granting refund an amount of Rs.2,39,726/- has been rejected against which funnier appeal is to be filed. Also out of the refund claim of Rs.4,28,212/- for the period from April 2009 to 30th June 2010, Rs.1,56.573/- has been rejected against which company is in process of filing appeal. Claim received during the year for period prior to 01.0.4 2009 amounting to Rs.45,611/- [previous year Rs.4.26,343/-) has been credited under ether income in Profit & Loss Account.

2. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2005, the Company has riot been abte to identify such suppliers and the infomnaticn required under

3. The amounts to be recognized in the balance sheet and statements of profit and loss Account Present value of obligations as at the end of year Fair value of plan assets as at the end of the year Funded status Net Asset/(1iability) recognized in balance shee1

4. Expenses Recognised in statement of Profit & Loss Account Current Service cost Interest Cost Expected return on plan assets Net Actuarial (gain)/ Loss recognised in the year Expenses recognised in statement of Profit & loss' 1 Since fair value of plan assets is more than the present value of obligations no liability/assets or profit/loss has been recognised in the Balance Sheet and Profit & Loss Account

a. Premium paid for the year amounting to Rs.300773 (Previous year Rs 148847) has been debited to the Profit & Loss Account under Payments to & for employees.

b. The Plan assets of the company are managed by Life Insurance Corporation of india and the composition of investments relating to these assets is not available with company.

5. As required by Accounting Standard AS-22 on accounting for Taxes ort Income, no deferred tax liability / asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

6. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

7. The company vide notification No. S.O. 301(E) dated 8th February, 2011 is exempted from applicability of Para 3(i}(a), 3(ii)(a), 3(ii)(b) and 3(it}(d) of pal II of Schedule VI and accordingly, information required under this paragraph has not been disclosed in notes to the accounts as per the Board Resolution dated 30.05,2011.

8. Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with this year's figures.

9. Information pursuant to pan IV of Schedule V) of the Companies Act, 1956

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Mar 31, 2010

1. Contingent liabilities are not provided for in respect of :

i) Estimated amount of Contracts remaining to be executed on Capital Accounts & not provided for (net of advances) Rs.474250 (previous year - Nil)

ii) Liabilities on account of unexpired letter of credit Rs.25.73,645 (Previous year Rs.61.11,013)

iii) Demand for Rs.3.30 lacs (Previous year Rs.3.30 Lacs) in respect of entry tax has not been accepted by the company and the company has filed appeals before the appropriate authorities against the same.

iv) Pending outcome of legal and other claims filed by the company, additional liabilities that may arise in this respect on final settlement is currently not ascertainable and has accordingly not been provided for.

v) Demand for ESI amounting to Rs. 121391 (previous year - Nil) has not been accepted by the company and an appeal has been filed before appropriate authorities against the same. Rs. 60696 (previous year - Nil) paid against the same is included in Loan and Advances.

vi) Demand for Refund of Service Tax claim received for Rs.868148 against which the company has preferred an appeal.

2. The Companys appeal for rejection of refund claim of cenvat credit of service tax amounting to Rs 2,47,773 (previous year- Rs. 247773) for the period from 01.01.2005 to 31.03.2006 filed in previous year is still pending before the CESTAT. Claim received during the year for earlier year amounting to Rs. 426343 (previous year Rs. 713498) has been credited under other income in Profit & Loss Account. From current year the expenses against which service tax refund has been claimed or to be claimed are accounted for net of service tax.

3. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the Company has not been able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

4. The details of the companys post-retirement benefit plans for gratuity for its employees determined as per actuarial valuation by Life Insurance Corporation of India are given below:

5. The following expenses related to expansion of the production unit have been capitalised during the year.

6. Leasehold quarries are yet to become operational.

7. Sale Deeds in respect of Housing tenements are yet to be executed.

8. The company does not have more than one reportable segment in terms of Accounting Standard - 17 "Segment Reporting".

9. Balances of Sundry Creditors, Sundry Debtors, Advances & dues against car loan are subject to confirmation.

10. Related party disclosure as per AS-18

As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by "The Institute of Chartered Accountants of India" are as follows :-

A. Particulars of Associate / Subsidiary Companies :



Name Nature of relationship

U.S.D. Industries Pvt. Ltd Associate Company

Granite Mart Ltd. Associate Company

Virdhi Commercial Co. Limited Associate Company

Glittek Infotech Limited Associate Company

B. Particulars of Key Management Personnel :

Name Nature of relationship

Mr. Bimal Kumar Agarwal Promoter & Director

Mr. Kamal Kumar Agarwal Managing Director

Mr. Ashoke Agarwal Joint Managing Director

C. Particulars of Relatives of Key Managerial Personnel

Name Nature of relationship

Mrs. Alpana Agarwal Wife of Managing Director

Mrs. Manjula Agarwal Wife of Joint Managing Director

D. Details of transactions with Associate Company

11. As required by Accounting Standard AS-22 on accounting for Taxes on Income, no deferred tax liability asset has been computed because there is no reasonable certainty that sufficient future taxable profits will be available.

12. There is no impairment loss on any assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

13. Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with this years figures.

14. Information pursuant to part IV of Schedule VI of the Companies Act, 1956