Notes to Accounts of Maruti Infrastructure Ltd.

Mar 31, 2024

Note : 25 Credit Risk Management

Credit risk is managed on a group basis. For banks and financial institutions, only high rated banks/institu-tions are accepted.

For other financial assets, the company assesses and manages credit risk based on internal credit rating system. The finance function consists of a separate team who assesses and maintains an internal credit rating system. Internal credit rating is performed on a group basis for each class of financial instruments with different characteristics.

Note 28 Market Risk

(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company constantly monitors the credit markets and rebalances its financing strategies to achieve optimal maturity profile and financing cost.

The company''s main interest rate risk arises from borrowings with variable rates, which expose the company to future cash outflow . The company''s borrowings at variable rate were mainly denominated in INR.

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. Further the calculations for the unhedged floating rate borrowing have been done on the notional value of the foreign currency (excluding the valuation)

30. During the year, there were no imports of raw materials, stores and spares or capital goods and there was no remittance in foreign currency on account of dividends.

31. There was no earning/remittance in foreign currency.

32. Estimated amount of contracts remaining to be executed on capital account and not provided for: Rs. Nil (Rs. Nil).

33. In opinion of the directors, contingent liability provided is Rs.4.08 lacs (Rs.4.08).

34. Fair Value Of Investment Property :

There is no Investment in Property so it is not applicable

35. Details Of Benami Property Held :

The company does not held any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. Where any proceeding has not been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

36. Relationship With Struck Off Companies :

The Company does not have any transactions with companies struck off

37. Borrowings Obtained On The Basis Of Security Of Current Assets:

Where the Company has obtained the borrowing from bank & financial institutions on the basis of Security of Current Assets, quarterly returns or statements of current assets filed by the company with banks or financial institutions are in agreement with the books of accounts

38. Revaluation Of Property, Plant And Equipment And Intangible Assets:

The Company has not done revaluation of PPE / Intangible assets.

39. Utilization Of Borrowed Funds And Share Premium :

There is no unutilised amounts in respect of any issue of securities and long term borrowings from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which the funds were raised

40. Undisclosed Income :

The Company does not have 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.

41. Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in crypto currency or virtual currency during the financial year.

42. Registration of Charges or Satisfaction with Registrar of Companies:

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period

43. Compliance with Number of Layers of Companies:

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

44. This is to state and certify that the company has carried out the Stock taking activities as required by law and following observation were found:

As per the above table Company has submitted the stock statement being well before actual stock taking. Since the Actual Stock was higher as compared to Stock submitted to the Bank.

45. As informed by the management of the company none of the balance of Trade payable is of MSME entities.

46. Figures have been rounded off to the nearest rupee and previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to confirm with current year''s figures.

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Mar 31, 2023

1.15 Provisions, Contingent Liabilities and Contingent Assets

a) A provision is recognised when the Company has a present obligation as a result of past
events and it is probable that an outflow of resources will be required to settle the obliga¬
tion, in respect of which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on best estimate required to settle the obli¬
gation at the balance sheet date. These are reviewed at each balance sheet date and ad¬
justed to reflect the current best estimates.

b) Contingent liabilities, if any, are disclosed separately by way of note to financial statements
after careful evaluation by the management of the facts and legal aspects of the matter
involved in case of:

¦ A present obligation arising from the past event, when it is not probable that an
outflow of resources will be required to settle the obligation.

¦ A possible obligation, unless the probability of outflow of resources is remote.

c) Contingent assets are not recognized.

1.16 Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no
longer at the discretion of the company, on or before the end of the reporting period but not
distributed at the end of the reporting period.

1.17 Exceptional Items

Exceptional items refer to items of income or expense within statement of profit and loss from
ordinary activities which are non-recurring and are of such size, nature or incidence that their sepa¬
rate disclosure is considered necessary to explain the performance of the company.

29 Related Party Transactions:

As per Indian Accounting Standard 24, issued by the Ministry of Corporate Affairs, the disclosures of
transactions with the related parties as defined in the Accounting Standards are given below:

(a) Key Management Personnel (KMP)/Directors of Company:

Mr. Nimesh D. Patel (Chairman & Managing Director)

Mrs. Hiteshi N. Patel (Non Executive Director)

Mr. Chetan A. Patel (Whole Time Director)

Mrs. Dipali S. Patel (Independent Director)

Mr. Shrikant N Jhaveri (Independent Director)

Mr. Nishit P. Patel (Independent Director)

Mr. Pratik Acharya (Chief Financial Officer)

Mr. Alfez Solanki (Company Secretary)

(b) Relative of Key Management Personnel (RKMP):

Mrs. Hiteshi N. Patel (Non Executive Director and Wife of Managing Director)

Mr. Dashrathbhai B Patel (Father of Managing Director)

(c) Subsidiary Companies

Karnish Infrastructure Private Limited

(d) Disclosure of Transactions between the Company and Related Parties and the status of
outstanding balances as at March 31, 2023:

35. Details Of Benami Property Held :

The company does not held any benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and the rules made thereunder. Where any proceeding has not been initiated or pending
against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder.

36. Relationship With Struck Off Companies :

The Company does not have any transactions with companies struck off

37. Borrowings Obtained On The Basis Of Security Of Current Assets:

Where the Company has obtained the borrowing from bank & financial institutions on the basis of Security
of Current Assets, quarterly returns or statements of current assets filed by the company with banks or
financial institutions are in agreement with the books of accounts

38. Revaluation Of Property, Plant And Equipment And Intangible Assets:

The Company has not done revaluation of PPE / Intangible assets.

39. Utilization Of Borrowed Funds And Share Premium :

There is no unutilised amounts in respect of any issue of securities and long term borrowings from banks
and financial institutions. The borrowed funds have been utilised for the specific purpose for which the
funds were raised

40. Undisclosed Income :

The Company does not have 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.

41. Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in crypto currency or virtual currency during the financial year.

42. Registration of Charges or Satisfaction with Registrar of Companies:

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the
statutory period

43. Compliance with Number of Layers of Companies:

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

44. As informed by the management of the company none of the balance of Trade payable is of MSME entities.

45. Figures have been rounded off to the nearest rupee and previous year''s figures have been regrouped, rear¬
ranged and reclassified wherever necessary to confirm with current year''s figures.

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

For Meet Shah & Associates Maruti Infrastructure Limited

Chartered Accountants

Firm No: 142114W Nimesh D. Patel Chetan A. Patel

Chairman & Managing Director Director

DIN :00185400 DIN :00185194

Meet Shah
Proprietor

M.No. 169259 Alfez Solanki Pratik Acharya

UDIN : 23169259BGVQKF7555 Company Secretary Chief Financial Officer

Place : Ahmedabad Place : Ahmedabad

Date : 30.05.2023 Date : 30.05.2023

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Mar 31, 2016

1. Terms and Rights attached to equity Shares

2. The company has not issued Equity Shares during the year.

3. The company had issued 24,71,500 Convertible Warrants during the F.Y. 2013-14.

4. The Company has issued 24,71,500 convertible warrants on preferential basis at price of Rs.10/- each and partly paid by Rs.2.5/- each as per SEBI (DIP) Guidelines, 2000 as per approval by BSE letter dated March 10,2014. The warrant holder has to pay Rs.7.5/- per warrant at time of allotment of warrant. The warrant will be converted at the option of the allottees into equity shares of Rs.10/- each at par at any time within 18 months from the date of allotment, in case of option is not exercise within a period of 18 months from the date of allotment, Rs.2.5/- paid on the date of allotment shall be forfeited.

5. The company has not issued any Right/ Bonus shares during any five preceding years.

6. Cash Credit with Sardar Vallabhbhai Sahakari Bank is secured by hypothecation of book debts of company, and mortgage of office building in the name of the company in tune of sanction limits. The company has not defaulted in payment of loans during the financial year.

7. Related Party Transactions:

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standards are given below:

83 Key Management Personnel (KMP):

Mr. Nimesh D. Patel

Mr. Paresh M Patel

9. Relative of Key Management Personnel (RKMP):

Mrs. Hiteshi N. Patel

Mr. Dashrathbhai B Patel

10. Disclosure of Transactions between the Company and Related Parties and the status of outstanding balances as at March 31, 2016:

11. During the year, there were no imports of raw materials, stores and spares or capital goods and there was no remittance in foreign currency on account of dividends.

12. Estimated amount of contracts remaining to be executed on capital account and not provided for: Rs. Nil (Rs. Nil).

13. In opinion of the directors, contingent liability not provided is Rs. Nil. (Rs. Nil).

14. Figures have been rounded off to the nearest rupee and previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to confirm with current year''s figures.

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Mar 31, 2015

1. Share Capital

1.1 Terms and Rights attached to equity Shares

a The company has issued 24,71,500 Equity Shares during the year.

b The company has issued 24,71,500 (0) Convertible Warrants during the F.Y. 2013-14.

c The Company has converted 24,71,500 convertible warrants which was issued on 10th March, 2014 as per below mention Note No. 1.3(d) into 24,71,500 Equity Shares of Rs. 10/- each and premium of Rs. 5 per share as per SEBI (DIP) Guidelines, 2000 as per approval by BSE letter dated 13th August ,2014. The warrant was converted into equity shares of Rs. 10/- each at par on 24th May 2014.

d The Company has issued 24,71,500 convertible warrants on preferential basis at price of Rs. 10/- each and partly paid by Rs.2.5/- each as per SEBI (DIP) Guidelines, 2000 as per approval by BSE letter dated 10th March,2014. The warrant holder has to pay Rs. 7.5/- per warrant at time of allotment of warrant. The warrant will be converted at the option of the allottees into equity shares of Rs. 10/- each at par at any time within 18 months from the date of allotment, in case of option is not exercise within a period of 18 months from the date of allotment, Rs. 2.5/- paid on the date of allotment shall be forfeited.

e The company has not issued any Right/ Bonus shares during any five preceeding years.

2. Related Party Transactions:

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standards are given below:

(a) Key Management Personnel (KMP):

Mr. Nimesh D. Patel

Mr. Paresh M Patel

(b) Relative of Key Management Personnel (RKMP):

Mrs. Hiteshi N. Patel

Mr. Dashrathbhai B Patel

(c) Entity where company has Partnership Firm

M/S Tirupati Super Structure

(d) Disclosure of Transactions between the Company and Related Parties and the status of outstanding balances as at March 31, 2015:

3. During the year, there were no imports of raw materials, stores and spares or capital goods and there was no remittance in foreign currency on account of dividends.

4. There was no earning/remittance in foreign currency.

5. Estimated amount of contracts remaining to be executed on capital account and not provided for: Rs. Nil (Rs. Nil).

6. In opinion of the directors, contingent liability not provided is Rs. Nil. (Rs. Nil).

7. Figures have been rounded off to the nearest rupee and previous year's figures have been regrouped, rearranged and reclassified wherever necessary to confirm with current year's figures.

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Mar 31, 2014

1.1 Terms and Rights attached to Equity Shares

* The company has only one class of Equity Shares having a par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend proposed by the Board of Directors is subject to approval of the Shareholding in the ensuing Annual General Meeting.

* 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.

* The company has issued 19,00,000 Equity Shares during the year.

* The Company has issued 19,00,000 Equity Shares on preferential basis to promoters and other than promoters at price of

Rs. 12/- each (Including Premium of Rs. 2/- per share) as per SEBI (DIP) Guidelines 2000 as per approval by BSE letter dated 20th March, 2013.

* The Company has issued 24,71,500 Convertible Warrants during year.

* The Company has issued 24,71,500 Convertible Warrants on preferential basis at price of Rs. 10/- and partly paid by Rs. 2.5/

- each as per SEBI (DIP)Guidelines 2000 as per approval by BSE letter dated 10th March, 2014. The warrant holder has to pay Rs. 7.5/- per warrant at time of allotment of warrant. The warrant will be converted at the option of the allottees into equity shares of 7 10/- each at par at any time within 18 months from the date of allotment, in case of option is not exercise within a period of 18 months from the date of allotment, Rs. 2.5/- paid on the date of allotment shall be forfeited.

* The company has not issued any Right/Bonus shares during any preceeding year.

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Mar 31, 2013

1. Directors Remuneration Paid during the year is Rs. 9,00,000 ( Rs. 9,00,000)

2. During the year, there were no imports of raw materials, stores and spares or capital goods and there was no remittance in foreign currency on account of dividends.

3. There was no earning/Remittance in foreign currency.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for: Rs. Nil (Rs. Nil).

5. In opinion of the directors, contingent liability not provided is Rs. Nil. (Rs. Nil).

6. Figures have been rounded off to the nearest rupee and previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to confirm with current year''s figures.

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Mar 31, 2010

1. The details of amount outstanding to Micro, Small and Medium Enterprise under the Micro Small and Medium Enterprises Development Act 2006(MSMED Act), based on the available information with the company:

Disclosure under section 22 of Micro, Small and Medium Enterprises Development Act, 2006.

a. Principal amount remaining unpaid to suppliers as on 31st March 2010:- Rs. Nil (Rs.Nil)

b. Amount of interest paid under section 16:- Rs Nil. (Rs.Nil)

c. Amount of interest due and remaining unpaid as on 31st March 2010:- Rs. Nil (Rs. Nil)

d. Amount of interest accrued and remaining unpaid as on 31st March 2010:- Rs. Nil (Rs. Nil)

e. Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest . specified under this Act: - Rs. Nil (Rs. Nil)

The company has compiled this information based on the current information in its possession. As at March 31 2010 no supplier has intimated the company about its status as micro or small enterprises or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act,2006.

2. In opinion of the directors, contingent liability not provided is Rs. Nil. (Previous Year Rs. Nil)

3. Directors Remuneration Paid during the year is Rs. 4,00,000 (Rs. 3,00,000)

4. Related Party Transactions:

1. Related Parties as identified by the Company and relied by Auditors: i. Key Managerial Personel

a. Nimesh D. Patel

b. Chetan A. Patel

5. Additional information pursuant to the provisions of paragraphs 3, 4B, 4C, 4D of part II of the Schedule VI of the Companies Act, 1956.

(b) As the Company is into the Execution of infrastructure Projects, it is not practicable to give other details pursuant to paragraphs 3, 4B, 4C, 4D of part II of the Schedule VI of the Companies Act, 1956.

During the year, there were no imports of raw materials, es and spares or capital goods and there was no remittance in foreign currency on account of dividends. Also, there was no earning/Remittance in foreign currency.

6. Figures have been rounded off to the nearest rupee and previous years figures have been regrouped, rearranged and reclassified wherever necessary to confirm with current years figures.