Notes to Accounts of MBL Infrastructure Ltd.

Mar 31, 2025

(l) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or
constructive obligation as a result of past events and it is probable that there will be an outflow of resources and a
reliable estimate can be made of the amount of obligation. Provisions are not recognised for future operating losses.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the standalone financial statements
when there is a possible obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company
or when there is a present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle the same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognised but disclosed in the Standalone Financial Statements by way of notes to accounts
when an inflow of economic benefits is probable.

Provisions for onerous contracts are recorded in the statements of operations when it becomes known that the
unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be
received.

(m) Employee Benefits

Employee benefits are accrued in the year in which services are rendered by the employees. Short term employee
benefits are recognized as an expense in the statement of profit and loss for the year in which the related service is
rendered.

Contribution to defined contribution plans such as Provident Fund etc, is being made in accordance with statute and
are recognised as and when incurred.

Contribution to defined benefit plans consisting of contribution to gratuity are determined at close of the year at
present value of the amount payable using actuarial valuation techniques. Actuarial gain and losses arising from
experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income.

Other long term employee benefits consisting of Leave Encashment are determined at close of the year at present
value of the amount payable using actuarial valuation techniques. The changes in the amount payable including
actuarial gain/loss are recognised in other comprehensive income.

(n) Revenue recognition

The Company recognizes revenue from contracts with customers when it satisfies a performance obligation by
transferring promised good or service to a customer. The revenue is recognized to the extent of transaction price

allocated to the performance obligation satisfied. Performance obligation is satisfied over time when the transfer
of control of asset (good or service) to a customer is done over time and in other cases, performance obligation is
satisfied at a point in time. The customer obtains control of the asset when it simultaneously benefits by the entity''s
performance. For performance obligation satisfied over time, the revenue recognition is done by measuring the
progress towards complete satisfaction of performance obligation. The progress is measured in terms of a proportion
of actual cost to date, to the total estimated cost attributable to the performance obligation.

Transaction price is the amount of consideration to which the company expects to be entitled in exchange for
transferring good or service to a customer excluding amounts collected on behalf of a third party. Variable consideration
is estimated using the expected value method or most likely amount as appropriated in a given circumstance. Payment
terms agreed with a customer are as per business practice and there is no financing component involved in the
transaction price.

Costs to obtain a contract which are incurred regardless of whether the contract was obtained are charged off in
Statement of Profit and Loss immediately in the period in which such costs are incurred. Incremental costs of obtaining
a contract, if any, and costs incurred to fulfil a contract are amortised over the period of execution of the contract in
proportion to the progress measured in terms of a proportion of actual cost incurred to date, to the total estimated
cost attributable to the performance obligation.

In respect of construction/ project related activity, Revenue is recognised under over time method when it is
probable that the company will collect the consideration to which it is entitled to. Revenue under over time method is
determined by survey of work performed / physical measurement of work actually completed at each reporting date
taking into account contractual price/ unit rates and revision thereto.

(1) Critical accounting judgements, estimation and uncertainty:

Determining the revenue to be recognized in case of performance obligation satisfied over a period of time;
revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation.
The progress is measured in terms of a proportion of actual cost incurred to date, to the total estimated cost
attributable to the performance obligation.

(2) Revenue from construction/project related activity is recognized as follows:

Fixed price contracts: Contract revenue is recognized over time to the extent of performance obligation satisfied
and control is transferred to the customer. Contract revenue is recognized at allocable transaction price which
represents the cost of work performed on the contract plus proportionate margin, using the percentage of
completion method. Percentage of completion is the proportion of cost of work performed to date, to the total
estimated contract costs.

For contracts where the aggregate of contract cost incurred to date plus recognized profits (or minus recognized
losses as the case may be) exceeds the progress billing, the surplus is shown as contract asset and termed as "Due
from customers” For contracts where progress billing exceeds the aggregate of contract cost incurred to date plus
recognized profits (or minus recognized losses as the case may be), the surplus is shown as contract liability and
termed as "Due to customers” Amount received before the related work is performed are disclosed in the Balance
Sheet as Contract Liability and termed as "Advances from customers” The amounts billed on customer for work
performed and are unconditionally due for payment i.e., only passage of time is required before payment falls due,
are disclosed in the Balance Sheet as "Trade Receivables” The amount of retention money held by the customers
pending completion of performance milestone is disclosed as part of contract asset and is reclassified as "Trade
Receivables” when it becomes due for payment.

Other Income

Interest Income

Finance income is accrued on a time proportion basis, by reference to the principal outstanding and the applicable
EIR. Other income is accounted for on accrual basis. Where the receipt of income is uncertain, it is accounted for
on receipt basis.

Dividend Income

Dividend income is accounted for when the right to receive the same is established, which is generally when
shareholders approve the dividend.

(o) Borrowing costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All
borrowing costs are recognized in the Statement of Profit and Loss using the effective interest method except to the
extent attributable to qualifying Property Plant Equipment (PPE) which are capitalized to the cost of the related assets.
A qualifying PPE is an asset, that necessarily takes a substantial period of time to get ready for its intended use or sale.
Borrowing cost also includes exchange differences to the extent considered as an adjustment to the borrowing costs.

(p) Leases

As a lessee

The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at
the inception date, whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the
arrangement conveys a right to use the asset , even if that right is not explicitly specified in an arrangement.

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) Company has
substantially all of the economic benefits from the use of the asset through the period of the lease and (iii) Company
has the right to direct the use of the asset.

At the date of commencement of the lease, Company recognizes a right-of-use asset ("ROU”) and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short¬
term leases), low-value leases and where the agreement contain the clause for cancellation of agreement without
any penalty. For these short-term, low-value or cancellable leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease.

(q) Taxes on income

I ncome tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is
recognized in the income statement except to the extent that it relates to items recognized directly in equity or other
comprehensive income.

(1) Current Tax

Current tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the
end of the reporting period.

(2) Deffered Tax

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences between
the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in
the computation of taxable profit as well as for unused tax losses or credits. In principle, deferred tax liabilities
are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it
is probable that taxable profits will be available against which deductible temporary differences can be utilized.
Deferred tax assets and liabilities are also recognized on temporary differences arising from business combinations
except to the extent they arise from goodwill that is not taken into account for tax purposes.

Deferred taxes are calculated at the enacted or substantively enacted tax rates that are expected to apply when
the asset or liability is settled. Deferred tax is charged or credited to the income statement, except when it relates
to items credited or charged directly to other comprehensive income in equity, in which case the corresponding
deferred tax is also recognized directly in equity.

(r) Earnings per share

Basic Earnings per share is calculated by dividing the profit from continuing operations and Total profit, both attributable to equity
shareholders of the Company by the weighted average number of equity shares outstanding during the period.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholders and weighted average
number of equity and potential equity shares outstanding during the year including share options, convertible preference shares
and debentures, except where the result would be anti-dilutive. Potential equity shares that are converted during the year are
included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity
shares, to the date of conversion.

(s) Segment accounting

Operating segments are identified and reported taking into account the different risk and return, organisation structure
and internal reporting system.

4. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the standalone financial statements in conformity with the measurement principle of Ind AS requires management to
make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies
and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone
financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from
period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes
aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in
the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the standalone financial
statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of
assumptions in the standalone financial statements have been disclosed below. The key assumptions concerning the future and other
key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial year are discussed below:

(a) Contract estimates

The Company, being a part of construction industry, prepares budgets in respect of each project to compute project
profitability. The two major components of contract estimate are ''claims arising during Construction period'' and
''budgeted costs to complete the contract'' While estimating these components various assumptions are considered
by the management such as (i) Work will be executed in the manner expected so that the project is completed
timely (ii) consumption norms will remain same (iii) Assets will operate at the same level of productivity as determined
(iv) Wastage will not exceed the normal % as determined etc. (v) Estimates for contingencies (vi) There will be no
change in design and the geological factors will be same as communicated and (vii) price escalations etc. Due to
such complexities involved in the budgeting process, contract estimates are highly sensitive to changes in these
assumptions all assumptions are reviewed at each reporting date.

(b) Depreciation and impairment on PPE

Property, plant and equipment are depreciated on straight-line basis over the estimated useful lives in accordance with
Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The useful lives of some of the assets have been reviewed during the year and the same have been revised on the basis
of such evaluation duly supported by technical advice.

The company reviews carrying value of its Tangible Assets whenever there is objective evidence that the assets are
impaired. In such situation Asset''s recoverable amount is estimated which is higher of asset''s or cash generating units
(CGU) fair value less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are
discounted using pre-tax discount rate which reflect the current assessment of time value of money. In determining
fair value less cost of disposal, recent market realisations are considered or otherwise in absence of such transactions
appropriate valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order

to determine the amount of depreciation and amount of impairment expense to be recorded during any reporting
period. This reassessment may result in change estimated in future periods.

(c) Impairment on Investments in Subsidiaries and associates

I nvestments in Subsidiaries and associates are been carried at cost. The company has tested for impairment at year end based
on the market value where the shares are quoted, P/E ratio of similar sector company along with premium/discount for nature
of holding and Net Asset Value computed with reference to the book value/ projected discounted cash flow of such company in
respect of unquoted investments.

(d) Impairment allowances on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount
of impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates
on the ageing of the trade receivables balance, credit-worthiness of the trade receivables and historical write-off experience. If the
financial conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

(e) Current Tax and Deferred Tax

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the
estimation of the provision for income taxes.

Deferred tax assets are recognised for unused losses (carry forward of prior years'' losses) and unused tax credit to the extent that it
is probable that taxable profit would be available against which the losses could be utilised. Significant management judgment is
required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies.

(f) Defined benefit obligations (DBO)

Critical estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation, mortality,
discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed for this purpose by the
Management. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

(g) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds
resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and
quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to
change.

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/
litigations/ against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take
account of changing facts and circumstances.

6.3 The Company has as at March 31, 2025 Non-Current Investment amounting to Rs.1500.00 lakhs (March 31, 2024; Rs.1500.00 lakhs) in
its wholly owned subsidiary company MBL (MP) Toll Road Company Ltd ("MTRCL"). The net worth of subsidiary as at March 31, 2025
have been fully eroded. The net worth of subsidiary does not represent true market value of the underlying investment/assets. There
was a participation in concession agreement dated December 07, 2011 by way of project centric ECB facility as per prudential norms
of financing infrastructure projects in India in terms of RBI guidelines & other applicable Indian laws in Toll Annuity project of
MTRCL. Repayments and interest were to be made from escrow account out of deposit of semi annual annuity and user fee (toll)
on achievement of Completion / Commercial Operation Date (COD). Arbitration proceedings have been initiated by MTRCL under
Arbitration & Conciliation Act, 1996 vide notice dated March 20, 2023 against the Authority and Lenders Representative / Escrow Agent
for differences and disputes that have arisen due to breach of escrow agreement dated March 22, 2012. The Arbitration case has been
registered with Indian Council of Arbitration as case No. AC-2373 and MTRCL has raised claims. MTRCL has also filed application under
Section 9 of Arbitration & Conciliation Act 1996 before Commercial Court, Bhopal and the case has been registered as MJC AV 42/2024.
The Adjudicating Authority (NCLT, New Delhi) vide its order dated January 21, 2025 has initiated Corporate Insolvency Resolution
Proceedings on an application filed by Punjab National Bank (International) Ltd (PNBIL) u/s 7 of Insolvency & Bankruptcy Code, 2016
and Resolution Professional (RP) has been appointed. The powers of the members of the Board of Directors of MTRCL are suspended
and management of MTRCL vests with RP Appeal has been filed before Hon''ble NCLAT against the Adjudicating Authority order dated
January 21, 2025, which is pending adjudication. Without prejudice, the Company has filed Claim with RP which has been admitted.
MTRCL being MSME and the Company also being MSME is qualified to submit Resolution Plan in terms of IBC, 2016 and infact has been
declared as one of the prospective Resolution Applicant. Based on estimates like future business plan, arbitration proceedings and other
factors, the management is confident that the realisable amount is higher than the carrying value of the investment and, therefore, the
investment in the above subsidiary is good and recoverable.

6.4 The Company has as at March 31, 2025 Non-Current Investment amounting to Rs.3984.25 lakhs (March 31, 2024; Rs.2984.25 lakhs) in
its wholly owned subsidiary company MBL Projects Ltd. The net worth of the subsidiary does not represent true market value of the
underlying investment/assets. The subsidiary holds shares in downstream SPVs in which projects were cancelled/ terminated. Claims
have been filed against cancellation/termination of the projects. These claims are based on the terms and conditions implicit in the
contract in respect of cancelled/terminated projects. Considering the contractual tenability; legal advice received and progress of
arbitration/ litigation, the management is confident of recovery of these claims. In view of this, the management is confident that
the realisable amount is higher than the carrying value of the investment and, therefore, has considered the investment in the above
subsidiary as good and recoverable.

6.5 The Company has as at March 31,2025 Non-Current Investment amounting to Rs.18505.23 lakhs (March 31,2024; Rs.18505.23 lakhs) in
its wholly owned subsidiary company Suratgarh Bikaner Toll Road Company Private Limited (SBTRCPL) . The net worth of the subsidiary
does not represent true market value of the underlying investment/assets. There has been delay in Completion / Commercial Operation
Date (COD) in respect of the DBFOT Project. The Competent Authority under the Concession Agreement has approved/granted
extension of time for Completion/full COD of the Project till June 08, 2023. The repayment of loans is linked to Completion / COD. The
Lenders had given undertaking not to recover till Completion. Differences and disputes have arisen between the consortium of banks
and SBRTCL about the excess recovery on the basis of completion / undertaking and as per Escrow Agreement dated April 10, 2013 and
the company has invoked arbitration in terms of the dispute resolution mechanism under the Escrow Agreement dated April 10, 2013.
The original sanction rate of interest was 12.50% p.a. with reset clause on completion / COD. Pending dispute resolution, provision for
interest has been made for finance cost @ 9.60% p.a. w.e.f. February 17, 2019 (applicable base rate as per First Supplemental Agreement
of Common Term Loan Documentation with Lenders). The completion of the original scope of work was completed on June 08, 2023. In
case the dispute is decided against the company, there may be additional provision of interest of Rs. 6,417.45 lakhs as on March 31,2025
(Rs. 6,150.01 lakhs as on March 31,2024). In case the dispute is resolved / settlement is arrived at with the banks, the provision of interest
may be reversed, the amount of which is not ascertained as on date. Further, the classification of term loan to long term/current maturity,
provision for claims, carriage ways of intangible assets etc. may under go change. Two of the consortium lenders of SBTRCPL have filed
application under section 7 of the IBC, 2016 which has been contested by SBTRCPL. All five of the consortium lenders of SBRTCL have
filed petitions under Section 19(4) of the Recovery of Debt and Bankruptcy Act, 1993 against SBRTCL, which has been contested by
SBTRCPL. As per the legal advice received by the Company the applications filed are in the contravention and derogation of the Escrow
Agreement, Substitution Agreement and Common Loan Agreement and are not maintainable. Based on estimates like future business
plan, arbitration proceedings and other factors, the management is confident that the realisable amount is higher than the carrying
value of the investment and, therefore, the investment in the above subsidiary is good and recoverable.

6.6 The Company has as at March 31,2025 Non- Current Investment amounting to Rs.5110.00 lakhs (March 31, 2024; Rs.5110.00 lakhs) in
its wholly owned subsidiary company MBL Highway Development Company Limited (MHDCL). The net worth of subsidiary does not
represent true market value of the underlying investment/assets. There was a participation in concession agreement dated September
09, 2011 by way of project centric ECB facility as per prudential norms of financing infrastructure projects in India as per RBI guidelines
and other applicable Indian laws in DBFOT project of MHDCL. Repayments and interest were to be made from escrow account out of
deposit of user fee (toll) on achievement of Commercial Operation Date (COD). However the concession agreement was terminated
by Authority on November 18, 2016. Legal proceedings are pending at various forums for adjudication of disputes including dispute
resolution proceedings in India and summary judgement and certificate of enforcement from a foreign country and its execution
petition in India by such participant. MHDCL has received legal advice that the same is not enforceable. MHDCL has counter claims
against the participant exceeding the amount of the claims. However, provision has been made for claims including foreign exchange
fluctuation as per ''conservative principles of accounting'' but the same is not acknowledged as debt payable by MHDCL. MHDCL has
invoked arbitration against the Authority and Lenders Representative / Escrow Agent on account of material defaults/breach on their
part in fulfilling their obligations as per provisions of Substitution Agreement & Escrow Agreement and filed claims before Arbitral
Tribunal constituted by Indian Council of Arbitration under the Substitution Agreement. Based on estimates like future business plan,
arbitration proceedings and other factors, the management is confident that the realisable amount is higher than the carrying value of
the investment and, therefore, the investment in the above subsidiary is good and recoverable.

6.7 The Company has investment in 2,37,43,800 equity shares aggregating to 30.30% in Orissa Steel Expressway Pvt. Ltd. (OSEPL), a Special
Purpose Vehicle, for execution of Four/Two Laning of Rimuli-Roxy- Rajamunda Section of NH 215 from km 163.00 to km 269.00 in the
state of Orissa awarded by NHAI on DBFOT Basis and there were option agreements which could have been exercised by the parties
prior to completion/termination of concession agreement.

On January 13, 2017, the concession agreement with NHAI was foreclosed and arbitration proceedings were initiated by OSEPL. An
arbitration award dated March 31,2019 for Rs.32,278.00 lakhs plus interest @ 10 % p.a. was passed in favour of OSEPL. The said arbitration
award has been challenged by NHAI before Hon''ble High Court, Delhi. Pursuant to order dated July 24, 2019, NHAI has deposited
Rs.32,278.00 lakhs as a condition for stay of operation of the award pending final adjudication.

Out of 2,37,43,800 equity shares aggregating to 30.30%, 1,28,64,000 equity shares held by the company has been inappropriately
transferred reducing the shareholding of the Company in OSEPL to 13.89 % for which the Company had filed an application inter-
alia oppression and mismanagement with Hon''ble NCLT, Cuttack. The Company has filed appeal before Hon''ble NCLAT against NCLT
order dated August 31, 2022, which is pending adjudication. Hon''ble High Court at Calcutta vide judgement & order dated 05.06.2023
has dismissed the petition filed under Section 11 of Arbitration & Conciliation Act 1996 by Rithwik Projects Private Ltd., being one the
Respondent in the Appeal. The Hon''ble Supreme Court vide order dated February 19, 2024 has dismissed the Special Leave Petition filed
by Rithwik against Calcutta High Court order. The investment is carried at net cost.

20.1 Refer Statement of changes in Equity for movement in balances of reserves.

Nature and purpose of Reserves:-

20.2 Capital Reserve

Rs.44,333.81 lakhs (March 31, 2024 Rs.40,308.22 lakhs) represents adjustments arising out of Resolution Plan under Insolvency and
Bankruptcy Code, 2016 approved by the Hon''ble NCLT on April 18, 2018. It is resulted from implementation of the Package/Resolution
Plan by the Banks/Financial Creditors and are capital in nature and no income/profit has accrued nor any cash flow realised to the
Company.

20.3 Securities Premium

Securities Premium represents the amount received in excess of par value of securities and is available for utilisation as specified under
Section 52 of Companies Act, 2013.

20.4 Debenture Redemption Reserve (DRR)

The Debenture Redemption Reserve (DRR) was created during earlier period, in compliance with the then provisions of the Companies
Act 2013 read with Rules made therein. As per the amendments made in the provisions of Companies Act 2013 read with Rules, DRR is
not required and accordingly the balance of DRR is transferred to General Reserve.

20.5 General Reserve

The General Reserve is created from time to time by appropriating profits from Retained Earnings. The general reserve is created by a
transfer from one component of equity to another and accordingly it is not reclassified to the Statement of Profit and Loss.

20.6 Retained Earnings

Retained Earnings generally represent the undistributed profits /amount of accumulated earnings of the Company and includes
remeasurement gains/losses on defined benefit plans.

21.1 The Company has issued 0.10% Secured Non-Convertible Debentures to banks to be redeemed at a premium of 10% at the time
of final redemption as per approved Resolution Plan. The payment of the interest will be made at the end of each quarter in terms of
approved resolution plan. (read with orders of Hon''ble NCLT/NCLAT)

The payment of the Principal amount is in 39 unequated quarterly installments, commencing from September 30, 2024 as per approved
Resolution Plan

NCDs aggregating to Rs.83360.32 Lakhs (March 31, 2024 Rs.88085.05 Lakhs which stand cancelled on execution of documents for
implementation of the financial package/Resolution Plan by banks) (Including Deferred Credit to March 31, 2025 Rs.36,813.44 Lakhs,
March 31,2024 Rs.37,627.02 Lakhs) is secured by:

(i) 1^st pari-passu charge on the entire immovable properties and long term receivables.

(ii) 1^st pari- passu charge on movable fixed assets (except those assets which are exclusively charged to equipment financer/ECB
Lenders)

(iii) 2^nd pari-passu charge on the entire current assets of the company.

21.2 There is working capital term loan of Rs.3,723.98 Lakhs (March 31,2024 Rs.3,737.54 Lakhs) from banks . The rate of interest on such loan
is 1 year MCLR of SBI plus spread of 0.70% p.a and will be repaid in 39 unequated quarterly installments as per approved Resolution
Plan (read with orders of Hon''ble NCLT/NCLAT)

The Working Capital Term Loan is secured as follows:

(i) 1^st pari-passu charge on the entire Fixed Assets (movable and immovable) of the Company except those specifically charged to
Equipment/ ECB lenders.

(ii) 1^st pari-passu charge on the long term receivables.

(iii) 2^nd pari-passu charge on the entire current assets of the Company.

(iv) Pledge of 24% Promoter Holding in the Company.

21.3 Equipment/ Vehicle finance/ External commercial borrowings (ECB) availed from banks.The rate of interest on such loan is 1 year MCLR
of SBI plus spread of 0.70% p.a and will be repaid in 39 unequated quarterly installments as per approved Resolution Plan (read with
orders of Hon''ble NCLT/NCLAT). ECB loan from banks are secured by hypothecation of specific equipments; comprising construction
equipments acquired out of the said loans.

21.4 All the amounts will be paid after proper reconciliation and without prejudice to legal remedies available to the Company. The Company
will have the option to prepay the dues to banks, financial institutions/ creditors (based on time value of their dues at discount rate),
without any additional levies.

* I he above post employment benefits i.e gratuity and leave encashment which cannot be separately identified from the composite
amount advised by the actuary.

Note:

1 The above information is as identified by the management and relied upon by the auditors.

2 Terms and Conditions of transactions with Related Parties:

All transactions are from related parties are made in ordinary course of business. For the year ended March 31 2025, the Company has
not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial
year through examining the financial position of the related party and the market in which the related party operates.

40 Employee Benefits

As per Ind AS - 19 "Employee Benefits" the disclosure of Employee Benefits as defined are given below:

Defined Contribution Plan

The Company makes Provident Fund and Employees State Insurance Fund contributions for eligible employees. Under the schemes, the
Company is required to contribute a specified percentage / fixed amount of the payroll costs to fund the benefits. The contributions as
specified under the law are paid to the respective fund set up by the government authority.

The management considers that the above carrying amounts of financial assets and financial liabilities recognized in the financial
statements approximate their fair values. The above table includes the balances payable to financial and operational creditors in terms
of the resolution plan approved under the IBC, 2016.

b) Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and
assumptions were used to estimate the fair values:-

i) The fair value of cash and cash equivalents, trade receivables, current trade payables, current financial liabilities and borrowings
approximate their carrying amount largely due to the short-term nature of these instruments. The Board considers that the
carrying amounts of financial assets and financial liabilities recognised at cost/amortised cost in the financial statements
approximate their fair values.

ii) In terms of the resolution plan, the long term borrowings as on March 31,2025 are substantially at fixed rate. Accordingly, any
increase or decrease in the market rate of interest will not have implications on the fair value of long term debt in future years.

42 Financial risk management, objective and policies

The Company''s business activities are exposed to a variety of financial risks - credit risk, liquidity risk and market risk. The Company''s focus
is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The
risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance
with the Company''s policies and risk objectives.

i) Credit Risk

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). To manage this,
the management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Company
periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and
ageing of accounts receivable.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other
receivables. Receivables from customers are reviewed/evaluated periodically by the management and appropriate provisions are
made to the extent recovery there against has been considered to be remote.

The carrying amount of respective financial assets recognised in the financial statements represents the Company''s maximum
exposure to credit risk.

Credit exposure is managed by counterparty limits for investment of surplus funds which is reviewed by the Management. Bank
balances are held with reputed and creditworthy banking institutions.

Trade receivables disclosed include amounts that are past due at the end of the reporting period but against which the Company
has not recognised an allowance for doubtful receivables because there has not been a significant change in credit quality and the
amounts are still considered recoverable.

ii) Liquidity Risk

The Company objective is maintaining optimum level of liquidity to meet its cash and collateral requirement at all times. The
Company relies on Borrowing and internal accruals to meet its need for fund. The current committed lines of credit are sufficient to
meet its short to medium term expansion needs.

The table provides undiscounted cash flow towards non-derivative financial liabilities and net settled derivative financial liabilities
into relevant maturity based on the remaining period at balance sheet date to contractual maturity date.

iii) Market Risk

Market risk is the risk or uncertainty arising from possible market price movements resulting in fluctuation of the fair value of future
cash flows of a financial instrument. The major components of Market risks are foreign currency exchange risk and interest rate risk.
Financial instruments affected by market risk include borrowings.

a) Foreign Currency Risk

The Company does not have any significant transaction in foreign currency except foreign currency ECB loan. There are no
outstanding Derivative contracts as on 31^st March 2025. In terms of resolution plan, ECB Loan is payable in INR Currency.

b) Interest rate and sensitivity

The Company exposure in market relating to change in interest rate primarily arises from floating rate borrowing with banks
and financial institutions. As at March 31, 2025, substantially all of the Company borrowings fall under the fixed interest rates
(approved under resolution plan), hence there will be no interest rate risk. Considering the restructuring of borrowing, the
carrying amount of said borrowing was considered to be at fair value.

iv) Capital Risk Management

The Company''s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital
ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Company sets
the amount of capital required on the basis of annual business and long-term operating plans which include capital and other
strategic investments. The funding requirements are met through a mixture of equity, internal fund generation and other non¬
current borrowings. The Company''s policy is to use current and non-current borrowings to meet anticipated funding requirements.
The Company monitors capital on the basis of the gearing ratio which is net debt divided by Total capital. Net debts are non-current
and current debts as reduced by cash and cash equivalents.

43.1 The Company''s pending litigations comprises of claim against the Company and proceedings pending with tax/ Statutory/Government
Authorities. The Company has reviewed all its pending litigation and proceedings and has made adequate provisions, and disclosed
the contingent liabilities, wherever applicable, in its financial statements.

43.2 The Resolution Plan approved under IBC is binding on all creditors including the Central Government, State Government, any Local
Authority under section 31(1) of IBC, 2016. Claims not filed/ not admitted/ claims which do not form part of the approved Resolution
Plan stand extinguished. The payments of claims are subject to reconciliation and rights and remedies available to the Company and
are not acknowledged as debt.

43.3 As per legal advice received, in case of claim not filed by creditor against Corporate Guarantee(s) provided by the Company in respect
of subsidiary company(ies), the same stand extinguished. Without prejudice to the above, as per the Resolution Plan dated November
22, 2017 of the Company approved under IBC, 2016 read with Orders dated April 18, 2018, March 11,2022 and September 13, 2023
by Hon''ble NCLT, Kolkata, Order dated August 16, 2019 and May 23, 2023 passed by Hon''ble NCLAT and Order dated January 18, 2022,
August 04, 2023 and September 25, 2023 passed by Hon''ble Supreme Court, the treatment of Corporate Guarantees is ""Any amount
arising out of invocation of existing Corporate Guarantees/Contingent Liabilities other than the current sub-judice matters will be
paid after the payment of all the dues of Financial Creditors as per resolution plan, without any interest and penalties subject to the
rights and remedies available to the Company"" and ""All amounts will be paid after proper reconciliation and without prejudice to the
legal remedies available to the Company."" However, Punjab National Bank (International) Ltd has filed application u/s 7 of IBC for the
Corporate Guarantee for the ''project centric'' finance in respect of MBL (MP) Toll Road Company Ltd. As per the legal advice received
such application has been filed in the contravention and derogation of the approved Resolution Plan under IBC, 2016 and is not
maintainable.

43.4 The amount shown above represents the best possible estimates arrived on the basis of available information. The uncertainties and
timing of the cash flows are dependent on the outcome of the different legal process which have been invoked by the company or the
claimants as the case may be and therefore it cannot be estimated accurately.

b) Commitments : Nil (March 31, 2024 - Rs.Nil)

44 Disclosures as required by Indian Accounting Standard (Ind AS) 37 "Provisions, Contingent Liabilities and Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence
or non occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of
business, unresolved claims remains outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due
to uncertainties that surround the related events and circumstances

45 Earnings per share

Basic and diluted earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company by
the weighted average of equity shares outstanding during the year.

47.1 Pursuant to the provisions of Ind AS 12 ""Income Taxes"", the Company has conservatively recognised deferred tax assets (net) as at March
31, 2025 amounting to Rs 15,144.78 lakhs (March 31, 2024 Rs.15,144.78 lakhs) corresponding to unused brought forward income tax
losses for which it has convincing evidences viz. opportunities available in area of its core competence, bidding/pre-qualification limit,
conducive government policies and market conditions, recovery of pending claims, TEV study and approved Resolution Plan etc., based
on which it is inferred that sufficient taxable profit will be available against which unused tax losses can be utilised by the Company.

48 Statutory Dues

In terms of the approved Resolution Plan:

a) Payment of statutory liabilities (like income tax, service tax, Vat, Royalties, Cess, Stamp Duty, other statutory dues etc.) will be made
over a period of 3 years from the date of implementation of the Resolution Plan by the financial creditors with waiver of penal
Interest, simple interest, compound interest, damages, penalties, compounding charges etc. on all statutory dues. Admitted claims
alone will be paid after reconciliation and subject to rights and remedies available.

b) Any liability arising out of the matter, which is presently sub-judice and leads to liability against the Company will be paid over a
period of 7 years after the judgement, without any interest and penalty, subject to rights & remedies available to the Company.
Admitted claims alone will be paid after reconciliation and subject to rights and remedies available.

c) Refer Note No. 43.2

49 Disclosure in relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessment under the Income Tax Act,1961(such
as, Search or Survey or any other relevant provision of the Income tax Act, 1961). Accordingly, there are no transactions which are not
recorded in the books of Accounts.

50 Segment Reporting

The Company''s operations consist of construction/project activities and there are no other reportable segments under Indian Accounting
Standard 108 - Operating Segments.

51 Disclosure pursuant to Regulation 34(3) read with Schedule VA(2) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) regulations, 2015: There is no loan/ advance/ investment outstanding during the year in Subsidiaries,
Associates and Firms/ Companies in which Directors are interested.

52 In accordance with the provisions of "Indian Accounting Standard (Ind AS) -36 - Impairment of Assets" the Company has made an
assessment of the recoverable amount of assets based on higher of the value in use considering its projected scale of operations,
prevailing market conditions, future cash flows and future growth projections and estimated net selling price of the assets pertaining
to its various Cash Generating Units and found recoverable amount of these assets to be higher as compared to carrying value of assets
in its Financial Statements. Accordingly, management considers that there is no need for the provision on account of impairment of
assets.

53 The Company has claims in respect of cost over-runs arising due to client responsibility delays, client''s suspension of projects, deviation
in design, change in scope of work etc., which are at various stages of negotiation/ discussion with the clients/ arbitration /litigation.
The realisability of these claims are estimated by the Company based on contractual terms, historical experience with similar claims as
well as legal opinion obtained from internal and external experts, wherever necessary. Revenue in respect of claim is recognised to the
extent the Company is reasonably certain of their realisation. Realisation of above claims may be lower than the claims recognized if the
Company decides to settle the same out of court in future considering the substantial time involved in litigation. Impact thereof will be
considered in the year of such settlement.

54 The Company has a regular programme of physical verification for its inventory and fixed assets. Further, during the year physical
verification of significant part of inventory and fixed assets has been carried out by the management and no material discrepancy was
found.

55 Other Statutory information

i) The Company do not have any benami property, and no proceeding has been initiated against the Company for holding any
benami property.

ii) The Company does not have any transactions with struck off companies during the year.

iii) The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (ultimate beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.

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 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

viii) The Company has not declared wilful defaulter by any banks or any other financial institution at any time during the financial year.

ix) All immovable properties are held in the name of the Company.

*The key ratios are not comparable as operations of the Company were not normal. The documents for implementation of the Approved
Resolution Plan by the Banks have been executed and the date of implementation of the Package/Resolution Plan has been declared by
banks as September 04, 2024.

57 Fig ures for the previous period have been reworked/regrouped/recasted, wherever considered necessary.

58 These standalone financial statements have been approved by Board of Directors of the Company in their meeting dated May 30, 2025
for issue to the shareholders for their adoption.

Material Accounting Policies 1-4

The accompanying notes are an integral part of the Standalone Financial Statements

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

For S A R C & Associates

Chartered Accountants

Firm''s ICAI Registration No.: 006085N

per Kamal Aggarwal Darshan Singh Negi Anjanee Kumar Lakhotia

Partner Chief Financial Office Chairman & Managing Director

Membership No.: 090129 DIN-00357695

Place: New Delhi Anubhav Maheshwari Megha Singh

Date: May 30, 2025 Company Secretary Director

DIN-10565795

---

Mar 31, 2024

(l) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past events and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not recognised for future operating losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the standalone financial statements when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognised but disclosed in the Standalone Financial Statements by way of notes to accounts when an inflow of economic benefits is probable.

Provisions for onerous contracts are recorded in the statements of operations when it becomes known that the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received.

(m) Employee Benefits

Employee benefits are accrued in the year in which services are rendered by the employees. Short term employee benefits are recognized as an expense in the statement of profit and loss for the year in which the related service is rendered.

Contribution to defined contribution plans such as Provident Fund etc, is being made in accordance with statute and are recognised as and when incurred.

Contribution to defined benefit plans consisting of contribution to gratuity are determined at close of the year at present value of the amount payable using actuarial valuation techniques. Actuarial gain and losses arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income.

Other long term employee benefits consisting of Leave Encashment are determined at close of the year at present value of the amount payable using actuarial valuation techniques. The changes in the amount payable including actuarial gain/loss are recognised in other comprehensive income.

(n) Revenue recognition

The Company recognizes revenue from contracts with customers when it satisfies a performance obligation by transferring promised good or service to a customer. The revenue is recognized to the extent of transaction price allocated to the performance obligation satisfied. Performance obligation is satisfied over time when the transfer

of control of asset (good or service) to a customer is done over time and in other cases, performance obligation is satisfied at a point in time. The customer obtains control of the asset when it simultaneously benefits by the entity''s performance. For performance obligation satisfied over time, the revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost to date, to the total estimated cost attributable to the performance obligation.

Transaction price is the amount of consideration to which the company expects to be entitled in exchange for transferring good or service to a customer excluding amounts collected on behalf of a third party. Variable consideration is estimated using the expected value method or most likely amount as appropriated in a given circumstance. Payment terms agreed with a customer are as per business practice and there is no financing component involved in the transaction price.

Costs to obtain a contract which are incurred regardless of whether the contract was obtained are charged off in Statement of Profit and Loss immediately in the period in which such costs are incurred. Incremental costs of obtaining a contract, if any, and costs incurred to fulfil a contract are amortised over the period of execution of the contract in proportion to the progress measured in terms of a proportion of actual cost incurred to date, to the total estimated cost attributable to the performance obligation.

In respect of construction/ project related activity, Revenue is recognised under over time method when it is probable that the company will collect the consideration to which it is entitled to. Revenue under over time method is determined by survey of work performed / physical measurement of work actually completed at each reporting date taking into account contractual price/ unit rates and revision thereto.

(1) Critical accounting judgements, estimation and uncertainty:

Determining the revenue to be recognized in case of performance obligation satisfied over a period of time; revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost incurred to date, to the total estimated cost attributable to the performance obligation.

(2) Revenue from construction/project related activity is recognized as follows:

Fixed price contracts: Contract revenue is recognized over time to the extent of performance obligation satisfied and control is transferred to the customer. Contract revenue is recognized at allocable transaction price which represents the cost of work performed on the contract plus proportionate margin, using the percentage of completion method. Percentage of completion is the proportion of cost of work performed to date, to the total estimated contract costs.

For contracts where the aggregate of contract cost incurred to date plus recognized profits (or minus recognized losses as the case may be) exceeds the progress billing, the surplus is shown as contract asset and termed as "Due from customers” For contracts where progress billing exceeds the aggregate of contract cost incurred to date plus recognized profits (or minus recognized losses as the case may be), the surplus is shown as contract liability and termed as "Due to customers” Amount received before the related work is performed are disclosed in the Balance Sheet as Contract Liability and termed as "Advances from customers” The amounts billed on customer for work performed and are unconditionally due for payment i.e., only passage of time is required before payment falls due, are disclosed in the Balance Sheet as "Trade Receivables” The amount of retention money held by the customers pending completion of performance milestone is disclosed as part of contract asset and is reclassified as "Trade Receivables” when it becomes due for payment.

Other Income

Interest Income

Finance income is accrued on a time proportion basis, by reference to the principal outstanding and the applicable EIR. Other income is accounted for on accrual basis. Where the receipt of income is uncertain, it is accounted for on receipt basis

Dividend Income

Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.

(o) Borrowing costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs are recognized in the Statement of Profit and Loss using the effective interest method except to the extent attributable to qualifying Property Plant Equipment (PPE) which are capitalized to the cost of the related assets. A qualifying PPE is an asset, that necessarily takes a substantial period of time to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the extent considered as an adjustment to the borrowing costs.

(p) Leases

As a lessee

The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset , even if that right is not explicitly specified in an arrangement.

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) Company has substantially all of the economic benefits from the use of the asset through the period of the lease and (iii) Company has the right to direct the use of the asset.

At the date of commencement of the lease, Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (shortterm leases), low-value leases and where the agreement contain the clause for cancellation of agreement without any penalty. For these short-term, low-value or cancellable leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

(q) Taxes on income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the income statement except to the extent that it relates to items recognized directly in equity or other comprehensive income.

(1) Current Tax

Current tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

(2) Deffered Tax

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit as well as for unused tax losses or credits. In principle, deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Deferred tax assets and liabilities are also recognized on temporary differences arising from business combinations except to the extent they arise from goodwill that is not taken into account for tax purposes.

Deferred taxes are calculated at the enacted or substantively enacted tax rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited to the income statement, except when it relates to items credited or charged directly to other comprehensive income in equity, in which case the corresponding deferred tax is also recognized directly in equity.

(r) Earnings per share

Basic Earnings per share is calculated by dividing the profit from continuing operations and Total profit, both attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholders and weighted average number of equity and potential equity shares outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

(s) Segment accounting

Operating segments are identified and reported taking into account the different risk and return, organisation structure and internal reporting system.

4. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the standalone financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the standalone financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the standalone financial statements have been disclosed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

(a) Contract estimates

The Company, being a part of construction industry, prepares budgets in respect of each project to compute project profitability. The two major components of contract estimate are ''claims arising during Construction period'' and ''budgeted costs to complete the contract'' While estimating these components various assumptions are considered by the management such as (i) Work will be executed in the manner expected so that the project is completed timely (ii) consumption norms will remain same (iii) Assets will operate at the same level of productivity as determined

(iv) Wastage will not exceed the normal % as determined etc. (v) Estimates for contingencies (vi) There will be no change in design and the geological factors will be same as communicated and (vii) price escalations etc. Due to such complexities involved in the budgeting process, contract estimates are highly sensitive to changes in these assumptions all assumptions are reviewed at each reporting date.

(b) Depreciation and impairment on PPE

Property, plant and equipment are depreciated on straight-line basis over the estimated useful lives in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The useful lives of some of the assets have been reviewed during the year and the same have been revised on the basis of such evaluation duly supported by technical advice.

The company reviews carrying value of its Tangible Assets whenever there is objective evidence that the assets are impaired. In such situation Asset''s recoverable amount is estimated which is higher of asset''s or cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount rate which reflect the current assessment of time value of money. In determining fair value less cost of disposal, recent market realisations are considered or otherwise in absence of such transactions

appropriate valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future periods.

(c) Impairment on Investments in Subsidiaries and associates

I nvestments in Subsidiaries and associates are been carried at cost. The company has tested for impairment at year end based on the market value where the shares are quoted, P/E ratio of similar sector company along with premium/discount for nature of holding and Net Asset Value computed with reference to the book value/ projected discounted cash flow of such company in respect of unquoted investments.

(d) Impairment allowances on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on the ageing of the trade receivables balance, credit-worthiness of the trade receivables and historical write-off experience. If the financial conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

(e) Current Tax and Deferred Tax

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes.

Deferred tax assets are recognised for unused losses (carry forward of prior years'' losses) and unused tax credit to the extent that it is probable that taxable profit would be available against which the losses could be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

(f) Defined benefit obligations (DBO)

Critical estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed for this purpose by the Management. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

(g) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change.

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/ litigations/ against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts and circumstances.

6.3 The Company has as at March 31,2024 (i) Non-Current Investment amounting to Rs.1,000 lakhs (March 31,2023; Rs.1,000 lakhs) in MBL (MP) Road Nirman Company Limited and (ii) Non-Current Investment amounting to Rs.1,200 lakhs (March 31, 2023; Rs.1,200 lakhs) in AAP Infrastructure Limited. All the above entities are wholly owned by the Company along with its wholly owned subsidiary Company, MBL Projects Ltd and have incurred losses due to cancellation/termination of the projects. The net worth of above entities as at March 31,2024 have been fully eroded. The net worth of these subsidiaries does not represent true market value of the underlying investment/ assets. Claims have been filed against the cancellation/termination of the projects. These claims are based on the terms and conditions implicit in the contract in respect of the cancelled/terminated projects. Considering the contractual tenability; legal advice received and progress of arbitration/ litigation, the management is confident that the realisable amount is higher than the carrying value of the investments and, therefore, has considered the investment in the above subsidiaries as good and recoverable.

6.4 The Company has as at March 31, 2024 Non-Current Investment amounting to Rs.1,500 lakhs (March 31, 2023; Rs.1,500 lakhs) in its wholly owned subsidiary company MBL (MP) Toll Road Company Ltd ("MTRCL"). The net worth of subsidiary as at March 31,2024 have been fully eroded. The net worth of subsidiary does not represent true market value of the underlying investment/assets. There was a participation in concession agreement dated December 07, 2011 by way of project centric ECB facility as per prudential norms of financing infrastructure projects in India in terms of RBI guidelines & other applicable Indian laws in Toll Annuity project of MTRCL. Repayments and interest were to be made from escrow account out of deposit of semi annual annuity and user fee (toll) on achievement of Completion / Commercial Operation Date (COD). Arbitration proceedings have been initiated by MTRCL under Arbitration & Conciliation Act, 1996 vide notice dated March 20, 2023 against the Authority and Lenders Representative / Escrow Agent for differences and disputes that have arisen due to breach of escrow agreement dated March 22, 2012. The Arbitration case has been registered with Indian Council of Arbitration and MTRCL has raised claims of Rs.35,429 Lakhs. Lenders Representative has preferred proceedings under IBC, 2016 which has been contested by MTRCL as non maintainable, inter-alia, on account of pending arbitration for adjudication of disputes. Based on estimates like future business plan, arbitration proceedings and other factors, the management is confident that the realizable amount is higher than the carrying value of the investment and, therefore, the investment in the above subsidiary is good and recoverable.

6.5 The Company has as at March 31,2024 Non-Current Investment amounting to Rs.2,984 lakhs (March 31,2023; Rs.2,984 lakhs) in its wholly owned subsidiary company MBL Projects Ltd. The net worth of the subsidiary does not represent true market value of the underlying investment/assets. The subsidiary holds shares in downstream SPVs in which projects were cancelled/ terminated. Claims have been filed against cancellation/termination of the projects. These claims are based on the terms and conditions implicit in the contract in respect of cancelled/terminated projects. Considering the contractual tenability; legal advice received and progress of arbitration/ litigation, the management is confident of recovery of these claims. In view of this, the management is confident that the realisable amount is higher than the carrying value of the investment and, therefore, has considered the investment in the above subsidiary as good and recoverable.

6.6 The Company has as at March 31, 2024 Non-Current Investment amounting to Rs.18,505 lakhs (March 31, 2023; Rs.18,505 lakhs) in its wholly owned subsidiary company Suratgarh Bikaner Toll Road Company Private Limited (SBTRCPL). The net worth of the subsidiary does not represent true market value of the underlying investment/assets. There has been delay in Completion / Commercial Operation Date (COD) in respect of the DBFOT Project of the wholly owned subsidiary company, Suratgarh Bikaner Toll Road Company Private Ltd. (SBTRCPL) and SBTRCPL has applied to the Authority for extension of time in terms of the Concession Agreement. The repayment of loans is linked to Completion / COD. The Lenders had given undertaking not to recover till Completion. Differences and Disputes have arisen and SBTRCPL has invoked Arbitration in terms of the Dispute Resolution Mechanism under the Escrow Agreement dated April 10, 2013 on account of material defaults / breaches on their part in fulfilling their obligation as per provisions of the Concession Agreement, Substitution Agreement and Escrow Agreement and filed claims of Rs.1,04,552 lakhs. SBTRCPL started its tolling operations on February 17, 2019 for 156.635 km which increased to 166.415 km from April 01,2021 and further to 170.26 km from October 01,2023. The sanction rate of interest was 12.50% p.a. with reset clause on Completion / COD. Pending dispute resolution, provision for finance cost has been made @ 7.60% p.a. w.e.f. April 01, 2020 (rate as per the proposed Resolution Plan as on that date). In case the dispute is decided against SBTRCPL, there may be additional provision of interest of Rs.7,846 lakhs as on March 31,2024 (Rs.6,269 lakhs as on March 31,2023). In case the Dispute is resolved / settlement is arrived at with the Project Lenders, the provision of interest may be reversed, the amount of which is not ascertained as on date. Further, the classification of the term loan to long term / current maturity, provision for claims, carriage ways of intangible assets etc. may under go change. Two of the consortium lenders of SBTRCPL have filed application under section 7 of the IBC, 2016 which has been contested by SBTRCPL. In the opinion of the management the said applications are filed in the contravention and derogation of the Escrow Agreement, Substitution Agreement and Common Loan Agreement and are not maintainable. Two of the Consortium Lenders of SBTRCPL have filed petitions under section 19(4) of the Recovery of Debt and Bankruptcy Act, 1993 against SBTRCPL and the Company, which have been contested by SBTRCPL and the Company. In the opinion of

the management the said applications are filed in the contravention and derogation of the Escrow Agreement, Substitution Agreement, Common Loan Agreement and the Approved Resolution Plan of the Company and are not maintainable. Based on estimates like future business plan, arbitration proceedings and other factors, the management is confident that the realizable amount is higher than the carrying value of the investment and, therefore, the investment in the above subsidiary is good and recoverable.

6.7 (i) The Company has as at March 31, 2024 Non- Current Investment amounting to Rs.5,110 lakhs (March 31, 2023; Rs.5,110 lakhs) in

its wholly owned subsidiary company MBL Highway Development Company Limited (MHDCL). The net worth of subsidiary as at March 31, 2024 have been fully eroded. The net worth of subsidiary does not represent true market value of the underlying investment/assets.

(ii) There was a participation in concession agreement dated September 09, 2011 by way of project centric ECB facility as per prudential norms of financing infrastructure projects in India as per RBI guidelines and other applicable Indian laws in DBFOT project of MHDCL. Repayments and interest were to be made from escrow account out of deposit of user fee (toll) on achievement of Commercial Operation Date (COD). However, the Concession Agreement was terminated by Authority on November 18, 2016. Legal proceedings are pending at various forums for adjudication of disputes including dispute resolution proceedings in India and summary judgement & certificate of enforcement from a foreign country and its execution petition in India by such participant. MHDCL has received legal advice that the same is not enforceable.

(iii) MHDCL has counter claims against the participant exceeding the amount of the claims. The Hon''ble High Court of Madhya Pradesh at Jabalpur has passed order & judgement dated November 23, 2022 for arbitration under Arbitration & Conciliation Act, 1996. The Special Leave Petition filed by the Authority against the said order has been dismissed by Hon''ble Supreme Court.

(iv) However, provision has been made for claims including foreign exchange fluctuation as per ''conservative principles of accounting'' but the same is not acknowledged as debt payable by MHDCL.

(v) MHDCL has invoked arbitration against the Authority and Lenders Representative / Escrow Agent on account of material defaults/ breach on their part in fulfilling their obligations as per provisions of Substitution Agreement and filed claims of Rs.53,795 lakhs (excluding interest) before Arbitral Tribunal constituted by Indian Council of Arbitration under the Substitution Agreement.

(vi) Considering the contractual tenability; legal advice received and progress of arbitration/ litigation, the management is confident that the realisable amount is higher than the carrying value of the investments and, therefore, has considered the investment in the above subsidiary as good and recoverable.

6.8 The Company has investment in 2,37,43,800 equity shares aggregating to 30.30% in Orissa Steel Expressway Pvt. Ltd. (OSEPL), a Special Purpose Vehicle, for execution of Four/Two Laning of Rimuli-Roxy- Rajamunda Section of NH 215 from km 163.00 to km 269.00 in the state of Orissa awarded by NHAI on DBFOT Basis and there were option agreements which could have been exercised by the parties prior to completion/termination of concession agreement.

On January 13, 2017, the concession agreement with NHAI was foreclosed and arbitration proceedings were initiated by OSEPL. An arbitration award dated March 31,2019 for Rs.32,278.00 lakhs plus interest @ 10 % p.a. was passed in favour of OSEPL. The said arbitration award has been challenged by NHAI before Hon''ble High Court, Delhi. Pursuant to order dated July 24, 2019, NHAI has deposited Rs.32,278.00 lakhs as a condition for stay of operation of the award pending final adjudication.

Out of 2,37,43,800 equity shares aggregating to 30.30%, 1,28,64,000 equity shares held by the company has been inappropriately transferred reducing the shareholding of the Company in OSEPL to 13.89 % for which the Company had filed an application inter-alia oppression and mismanagement with Hon''ble NCLT, Cuttack which has been rejected vide order dated August 31,2022. The Company has filed appeal before Hon''ble NCLAT against NCLT order dated August 31, 2022, which is pending adjudication. The investment is carried at net cost.

21.1 The Company has issued 0.10% Secured Non-Convertible Debentures to banks to be redeemed at a premium of 10% at the time of final redemption as per approved Resolution Plan. The payment of the interest will be made at the end of each quarter in terms of approved resolution plan. (read with orders of Hon''ble NCLT/NCLAT)

The payment of the Principal amount is in 39 unequated quarterly installments as per approved Resolution Plan.

A security trustee has been appointed for creation of security and the amount of NCDs (subject to reconciliation) will be secured by :

(i) 1^st pari-passu charge on the long term receivables and immovable properties.

(ii) 2^nd pari-passu charge on the entire current assets of the company.

21.2 There is working capital term loan of Rs.3,737.54 Lakhs (March 31,2023 Rs. 3,737.54 Lakhs) from banks . The rate of interest on such loan is 1 year MCLR of SBI plus spread of 0.70% p.a and will be repaid in 39 unequated quarterly installments as per approved Resolution Plan. (read with orders of Hon''ble NCLT/NCLAT)

A security Trustee has been appointed for creation of security and Working Capital Term Loan (subject to reconciliation) will be secured by:

(i) 1^st pari-passu charge on the entire Fixed Assets (movable and immovable) of the Company except those specifically charged to Equipment/ECB lenders

(ii) 1^st pari-passu charge on the long term receivables.

(iii) 2^nd pari-passu charge on the entire current assets of the Company.

21.3 Equipment / Vehicle finance/ External commercial borrowings (ECB) availed from banks and others are secured by hypothecation of specific equipment; comprising construction equipment acquired out of the said loans.

21.4 All the amounts will be paid after proper reconciliation and without prejudice to legal remedies available to the Company. The Company will have the option to prepay the dues to banks, financial institutions/ creditors (based on time value of their dues at discount rate), without any additional levies.

26.1 Cash Credit Facilities

There are cash credit facilities aggregating to Rs 3,737.54 Lakhs (March 31, 2023 Rs.3,737.54 Lakhs) from banks. The rate of interest on such cash credit will be 1 year MCLR of SBI plus spread of 0.70% p.a as per the approved Resolution Plan. A security Trustee has been appointed for creation of security and Cash Credit Facilities (subject to reconciliation) will be secured by:

(i) 1^st pari-passu charge on the entire current assets of the company.

(ii) 2^nd pari-passu charge on the entire Fixed Assets (movable and immovable) of the Company.

(iii) 2^nd pari-passu charge on the long term receivables.

26.2 All the amounts will be paid after proper reconciliation and without prejudice to legal remedies available to the Company. The Company will have the option to prepay the dues to banks, financial institutions /creditors (based on time value of their dues at discount rate), without any additional levies.

b) Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:-

i) The fair value of cash and cash equivalents, trade receivables, current trade payables, current financial liabilities and borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The Board considers that the carrying amounts of financial assets and financial liabilities recognised at cost/amortised cost in the financial statements approximate their fair values.

ii) In terms of the resolution plan, the long term borrowings as on March 31,2024 are substantially at fixed rate. Accordingly, any increase or decrease in the market rate of interest will have implications on the fair value of long term debt in future years.

41 Financial risk management, objective and policies

The Company''s business activities are exposed to a variety of financial risks - credit risk, liquidity risk and market risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

i) Credit Risk

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). To manage this, the management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. Receivables from customers are reviewed/evaluated periodically by the management and appropriate provisions are made to the extent recovery there against has been considered to be remote.

The carrying amount of respective financial assets recognised in the financial statements represents the Company''s maximum exposure to credit risk.

Credit exposure is managed by counterparty limits for investment of surplus funds which is reviewed by the Management. Bank balances are held with reputed and creditworthy banking institutions.

Trade receivables disclosed include amounts that are past due at the end of the reporting period but against which the Company has not recognised an allowance for doubtful receivables because there has not been a significant change in credit quality and the amounts are still considered recoverable.

ii) Liquidity Risk

The Company objective is maintaining optimum level of liquidity to meet its cash and collateral requirement at all times. The Company relies on Borrowing and internal accruals to meet its need for fund. The current committed lines of credit are sufficient to meet its short to medium term expansion needs.

The table provides undiscounted cash flow towards non-derivative financial liabilities and net settled derivative financial liabilities into relevant maturity based on the remaining period at balance sheet date to contractual maturity date.

iii) Market Risk

Market risk is the risk or uncertainty arising from possible market price movements resulting in fluctuation of the fair value of future cash flows of a financial instrument. The major components of Market risks are foreign currency exchange risk and interest rate risk. Financial instruments affected by market risk include borrowings.

a) Foreign Currency Risk

The Company does not have any transaction in foreign currency except foreign currency ECB loan

b) Interest rate and sensitivity

The Company exposure in market relating to change in interest rate primarily arises from floating rate borrowing with banks and financial institutions. As at March 31,2024, substantially all of the Company borrowings fall under the fixed interest rates

iv) Capital Risk Management

The Company''s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Company sets the amount of capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments. The funding requirements are met through a mixture of equity, internal fund generation and other noncurrent borrowings. The Company''s policy is to use current and non-current borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of the gearing ratio which is net debt divided by Total capital. Net debts are non-current and current debts as reduced by cash and cash equivalents.

* Rs.378.41 lakhs Includes (March, 31 2024: Rs.244.57 lakhs, March, 31 2023 Rs.244.57 lakhs) , pertaining to period prior to the approval of the Resolution Plan under Insolvency & Bankruptcy Code, 2016 and for which no claim was filed. The Company has received legal opinion that no such amount is payable as the claim stands extinguished in terms of Insolvency & Bankruptcy Code, 2016.

42.1 The Company''s pending litigations comprises of claim against the Company and proceedings pending with tax/ statutory/Government Authorities. The Company has reviewed all its pending litigation and proceedings and has made adequate provisions, and disclosed the contingent liabilities, wherever applicable, in its financial statements.

42.2 The Resolution Plan approved under IBC is binding on all creditors including Central Government, State Government, any Local Authority under section 31(1) of IBC, 2016 and any amount not claimed by the operational creditors stand extinguished. These claims are subject to reconciliation and rights and remedies available with the Company and are not acknowledged as debt.

42.3 As per legal advice received, claim not filed by financial creditor against Corporate Guarantee(s) provided by the Company in respect of subsidiary company(ies), the same stand extinguished. Without prejudice to the above, as per the Resolution Plan dated November 22, 2017 of the Company approved under IBC, 2016 read with Orders dated April 18, 2018, March 11, 2022 and September 13, 2023 by Hon''ble NCLT, Kolkata, Order dated August 16, 2019 , May 23, 2023 and August 10,2023 passed by Hon''ble NCLAT and Order dated January 18, 2022, August 04, 2023 and September 25, 2023 passed by Hon''ble Supreme Court, the treatment of Corporate Guarantees is "Any amount arising out of invocation of existing Corporate Guarantees/Contingent Liabilities other than the current sub-judice matters will be paid after the payment of all the dues of Financial Creditors as per resolution plan, without any interest & penalties subject to the rights & remedies available to the Company" and "All amounts will be paid after proper reconciliation and without prejudice to the legal remedies available to the Company.

ii) One Time Settlement with lenders of SPVs/subsidiaries subject to rights and remedies available to the Company by issuing NCDs for 10years @ coupon rate of 0.10 % p.a to be paid after payment of dues of COC members.

42.4 The amount shown above represents the best possible estimates arrived on the basis of available information. The uncertainties and timing of the cash flows are dependent on the outcome of the different legal process which have been invoked by the company or the claimants as the case may be and therefore it cannot be estimated accurately.

b) Commitments : Nil (March 31, 2023 - Rs.Nil)

43 Disclosures as required by Indian Accounting Standard (Ind AS) 37 "Provisions, Contingent Liabilities and Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of business, unresolved claims remains outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances.

44 Earnings per share

Basic and diluted earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company by the weighted average of equity shares outstanding during the year.

46.1 Pursuant to the provisions of Ind AS 12 ""Income Taxes"" the Company has conservatively recognised deferred tax assets (net) as at March 31,2024 amounting to Rs 15,144.78 lakhs (March 31, 2023 Rs.15,144.78 lakhs) corresponding to unused brought forward income tax losses for which it has convincing evidences viz. opportunities available in area of its core competence, bidding/pre-qualification limit, conducive government policies and market conditions, recovery of pending claims, TEV study and approved Resolution Plan etc., based on which it is inferred that sufficient taxable profit will be available against which unused tax losses can be utilised by the Company.

47 Statutory Dues

In terms of the approved Resolution Plan:

a) Payment of statutory liabilities (like income tax, service tax, Vat, Royalties, Cess, Stamp Duty, other statutory dues etc.) will be made over a period of 3 years from the date of implementation of the Resolution Plan by the financial creditors with waiver of penal Interest, simple interest, compound interest, damages, penalties, compounding charges etc. on all statutory dues. Admitted claims alone will be paid after reconciliation and subject to rights and remedies available.

b) Any liability arising out of the matter, which is presently sub-judice and leads to liability against the Company will be paid over a period of 7 years after the judgement, without any interest and penalty, subject to rights & remedies available to the Company. Admitted claims alone will be paid after reconciliation and subject to rights and remedies available.

c) Refer Note No. 42.2

48 Disclosure in relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessment under the Income Tax Act,1961(su as, Search or Survey or any other relevant provision of the Income tax Act, 1961). Accordingly, there are no transactions which are r recorded in the books of Accounts.

49 Segment Reporting

The Company''s operations consist of construction/project activities and there are no other reportable segments under Indian Accounti Standard 108 - Operating Segments.

50 Disclosure pursuant to Regulation 34(3) read with Schedule VA(2) of the Securities and Exchange Board of India (Listing Obligatio and Disclosure Requirements) regulations, 2015: There is no loan/ advance/ investment outstanding during the year in Subsidiari Associates and Firms/ Companies in which Directors are interested.

51 In accordance with the provisions of "Indian Accounting Standard (Ind AS) -36 - Impairment of Assets", the Company has made assessment of the recoverable amount of assets based on higher of the value in use considering its projected scale of operatio prevailing market conditions, future cash flows and future growth projections and estimated net selling price of the assets pertaini to its various Cash Generating Units and found recoverable amount of these assets to be higher as compared to carrying value of asst in its Financial Statements. Accordingly, management considers that there is no need for the provision on account of impairment assets.

52 The Company has claims in respect of cost over-runs arising due to client responsibility delays, client''s suspension of projects, deviate in design, change in scope of work etc., which are at various stages of negotiation/ discussion with the clients/ arbitration /litigatic The realisability of these claims are estimated by the Company based on contractual terms, historical experience with similar claims well as legal opinion obtained from internal and external experts, wherever necessary. Revenue in respect of claims is recognised to t extent the Company is reasonably certain of their realisation. Realisation of above claims may be lower than the claims recognized if t Company decides to settle the same out of court in future considering the substantial time involved in litigation. Impact thereof will considered in the year of such settlement.

53 The Company has a regular programme of physical verification for its inventory and fixed assets. Further, during the year physii verification of significant part of inventory and fixed assets has been carried out by the management and no material discrepancy we found.

54 Other Statutory information

i) The Company do not have any benami property, and no proceeding has been initiated against the Company for holding a benami property.

ii) The Company does not have any transactions with struck off companies during the year.

iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statute 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 entit (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 t 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 t understanding (whether recorded in writing or otherwise) that the Group shall

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of t 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 have not declared wilful defaulter by any banks or any other financial institution at any time during the financial year.

ix) All immovable properties are held in the name of the Company.

55 Additional Regulatory Information

*The key ratios are not comparable as the operations of the Company are not normal due to to non implementation of the Resolution Plan by the working capital Banks post CIRP under IBC, 2016.

56 Figures for the previous period have been reworked/regrouped/recasted, wherever considered necessary.

57 These standalone financial statements reviewed by the Audit Committee and approved and taken on record by Board of Directors of the Company in their meetings dated May 30, 2024 for issue to the shareholders for their adoption.

Material Accounting Policies 1-4

The accompanying notes are an integral part of the Standalone Financial Statements

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

For S A R C & Associates

Chartered Accountants

Firm''s ICAI Registration No.: 006085N

per Kamal Aggarwal Darshan Singh Negi Anjanee Kumar Lakhotia

Partner Chief Financial Office Chairman & Managing Director

Membership No.: 090129 DIN-00357695

Place: New Delhi Anubhav Maheshwari Megha Singh

Date: May 30, 2024 Company Secretary Director

DIN-10565795

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Mar 31, 2018

4. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the financial statements have been disclosed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

(a) Contract estimates

The Company, being a part of construction industry, prepares budgets in respect of each project to compute project profitability. The two major components of contract estimate are ''claims arising during Construction period'' and ''budgeted costs to complete the contract''. While estimating these

components various assumptions are considered by the management such as (i) Work will be executed in the manner expected so that the project is completed timely (ii) consumption norms will remain same (iii) Assets will operate at the same level of productivity as determined (iv) Wastage will not exceed the normal °/o as determined etc. (v) Estimates for contingencies (vi) There will be no change in design and the geological factors will be same as communicated and (vii) price escalations etc. Due to such complexities involved in the budgeting process, contract estimates are highly sensitive to changes in these assumptions all assumptions are reviewed at each reporting date.

(b) Depreciation and impairment on PPE

Property, plant and equipment are depreciated on straight-line basis over the estimated useful lives in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews its carrying value of its Tangible Assets whenever there is objective evidence that the assets are impaired. In such situation Assets'' recoverable amount is estimated which is higher of asset''s or cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount rate which reflect the current assessment of time value of money. In determining fair value less cost of disposal, recent market realizations are considered or otherwise in absence of such transactions appropriate valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future periods.

(c) Impairment on Investments in Subsidiaries and associates

Investments in Subsidiaries and associates are been carried at cost. The company has tested for impairment at year end based on the market value where the shares are quoted, P/E ratio of similar sector company along with premium/discount for nature of holding and Net Asset Value computed with reference to the book value/ projected discounted cash flow of such company in respect of unquoted investments.

(d) Arrangements containing leases and classification of leases

The Company enters into service / hiring arrangements for various assets / services. The determination of lease and classification of the service / hiring 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.

(e) Impairment allowances on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on the ageing of the trade receivables balance, credit-worthiness of the trade receivables and historical write-off experience. If the financial conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

(f) Income taxes

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes.

(g) Defined benefit obligation (DBO)

Critical estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed for this purpose by the Management. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

(h) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgment to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations/ against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts and circumstances.

6.2 An amount of Rs, 1,500 lakhs classified as loans and advances in the previous year has been reclassified as Investments during the year ending March 31st 2018. As result of the reclassification previous year ending i.e. March 31st 2017 figures have also been reclassified. The resultant impact of the reclassification on (i) other equity Rs,(107.95) Lakhs, (ii) finance cost Rs,(627.55) Lakhs (iii) other income Rs,(519.59) Lakhs, (iv) other noncurrent assets Rs,(105.85) Lakhs, (v) other current assets Rs,(105.85) Lakhs, (vi) non-current financial assets-loan Rs,(1,180.36) Lakhs and (vi) non-current investments Rs, 1,500 Lakhs. The resultant net impact on statement of Profit Et Loss for the year ended 31st March 2017 is ''107.95 Lakhs.

18.1 The company has only one class of equity shares having a par value of Rs,10 per share. Each shareholder is eligible for one vote per share.

18.2 The dividend proposed by the board of directors is subject to the approval of shareholders.

18.3 In the event of Liquidation, the Equity Shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion to their shareholding .

18.4 Reconciliation of shares outstanding at the beginning and at the end of the reporting period:

18.5 The company had allotted 2,07,27,312 fully paid up equity shares of face value Rs,10/- each, in the ratio of one equity shares for every equity shares held, during the quarter ended 30th September, 2015, pursuant to a bonus issue approved by the shareholders at the annual general meeting, held on 17th July, 2015, by capitalisation of capital redemption reserve Et securities premium reserve.

18.6 The details of shareholders holding more than 5°/o shares of the aggregate share in the company:

Refer Statement of changes in Equity (SoCE) for movement in balances of reserves.

Nature and purpose of Reserves:-1. Securities Premium Reserve

Securities Premium Reserve represents the amount received in excess of par value of securities and is available for utilisation as specified under Section 52 of Companies Act, 2013.

2. General Reserve

The general reserve is created from time to time by appropriating profits from retained earnings. The general reserve is created by a transfer from one component of equity to another and accordingly it is not reclassified to the Statement of profit and loss.

3. Retained Earnings

Retained Earnings generally represent the undistributed profits /amount of accumulated earnings of the Company.

4. Capital Reserve

Capital Reserve represents adjustments arising out of Resolution Plan under Insolvency and Bankruptcy Code, 2016 approved by the Hon''ble NCLT on 18th April, 2018 as stated in Note No. 39.

5. Other Comprehensive Income

Other Comprehensive Income represent the balance in equity relating to actuarial gain and losses on defined benefit obligations. This will not be reclassified to statement of Profit and Loss account.

20.1 Equipment/Vehicle finance/ External commercial borrowings (ECB) availed from banks and others are secured by hypothecation of specific equipments; comprising construction equipments acquired out of the said loans and personal guarantee of promoter director of the company.

20.2 Restructuring in term of Resolution Plan

(A) In terms of the Resolution Plan, there will be working capital term loan of Rs,3,737.93 Lakhs from the consortium of banks. The rate of interest on such loan will be I year MCLR of SBI plus spread of 0.70% p.a and will be repaid in 39 unequated quarterly installments.

The Working Capital Term Loan secured/ to be secured as follows:

(i) 1st pari-passu charge on the entire Fixed Assets (movable and immovable) of the Company except those specifically charged to Equipment/ECB lenders.

(ii) 1st pari-passu charge on the long term receivables.

(iii) 2nd pari-passu charge on the entire current assets of the company.

(B) In terms of the Resolution Plan, there will be secured Non-Convertible Debentures at a coupon rate of 0.10% to the consortium of banks to be redeemed over a period of 9.75 years (at a premium of 10°/o at the time of final redemption). The payment of the interest will be made quarterly on the last date of the quarter.

The payment of the Principal amount in 39 unequated quarterly installments.

A security trustee will be appointed for creation of security and the amount of NCDs aggregating to Rs,87,537.50 lakhs (Including Deferred Credit to Rs,38,481.60) will be secured by:

(i) 1st pari-passu charge on the long term receivables.

(ii) 2nd pari-passu charge on the entire current assets of the company.

(C) All the amounts will be paid after proper reconciliation and without prejudice to legal remedies available to the Company. The Company will have the option to prepay the dues to banks, financial institutions /creditors (based on time value of their dues at discount rate), without any additional levies.

26.1 Restructuring of working capital facilities in term of Resolution Plan

In terms of the Resolution Plan, working capital facilities will be Rs,3,737.61 lakhs (cash credit) from the consortium of banks. The rate of interest on such cash credit will be I year MCLR of SBI plus spread of 0.70% p.a. The Working Capital facilities will be secured by:

(i) 1st pari-passu charge on the entire current assets of the company.

(ii) 2nd pari-passu charge on the entire Fixed Assets (movable and immovable) of the Company.

(iii) 2nd pari-passu charge on the long term receivables.

The working capital dues will also be secured by the personal guarantee of Mr Anjanee Kumar Lakhotia and further pledge of 24% of promoter''s shareholding to the consortium of working capital lenders.

’Payable upon reconciliation to dissenting financial creditors as per Resolution Plan under IBC, 2016 as stated in Note No. 39.

26.2 Short term secured borrowings from other party is secured by subservient charge on the current asset of the Company. wFurther, there is a collateral security by way of pledge of 14,12,000 nos. (as on 31st March 2017: 30,41,073 nos.) shares of the Company by Promoter Company MBL A Capital Limited and 2,50,000 nos. (as on 31st March 2017: 26,19,000 nos.) shares of Anjanee Kumar Lakhotia-Chairman Et Managing Director of the company.

The Corporate Insolvency Resolution Process (CIRP) for the Company under the Insolvency Et Bankruptcy Code, 2016 (IBC, 2016) was initiated pursuant to an order dated 30th March 2017 of Hon''ble National Company law Tribunal, Kolkata Bench (Hon''ble NCLT). The Resolution Plan dated 22nd November 2017 submitted by Mr A. K. Lakhotia, Promoter Director after being voted in favour by the Committee of Creditors was approved by Hon''ble NCLT by its order dated 18th April 2018. The powers of the Board of Directors which were suspended during CIRP from 30th March 2017 to 18th April 2018 have been reinstated with effect from 19th April 2018 and the management of the affairs of the Company is now under the control and supervision of the Board of Directors of the company. Four of the dissenting banks have filed appeals with Hon''ble National Company Law Appellate Tribunal against the NCLT order dated 18th April 2018 approving the Resolution Plan. The Resolution Plan, inter-alia, provides for the payment of liabilities, subject to reconciliation and legal remedies, as follows:

(i) Payment of CIRP cost and workmen dues on priority.

(ii) Operational and other creditors (except financial creditors) to be paid in three years.

(iii) Statutory dues to be paid in three years.

(iv) Assenting Financial Creditors:

a) Cash credit facility amounting to Rs,3,737.61 Lakhs @ one year MCLR of SBI plus spread of 0.70% p.a

b) Working Capital Term Loan amounting to Rs,3,737.61 Lakhs @ one year MCLR of SBI plus spread of 0.70% p.a.

c) Issuance of Secured 0.10% Non-convertible debentures (NCDs) amounting to Rs,87,867.00 Lakhs redeemable over a period of 9.75 years (at a premium of 10% at the time of final redemption).

d) External Commercial Borrowings amounting to Rs, 12,281.36 Lakhs be restructured to be paid over a period of 9.75 years @ one year MCLR of SBI plus spread of 0.70% p.a. in Indian rupees.

e) Term Loans from NBFC Lenders amounting to Rs,4,034.35 Lakhs to be restructured to be paid over a period of 9.75 years @ one year MCLR of SBI plus spread of 0.70% p.a..

The repayment of the aforesaid liabilities at (b), (d) and (e) would be made in 39 unequaled quarterly installments. NCDs pursuant to (c) above have since been issued and are redeemable in 39 unequaled quarterly installments.

(v) Dissenting financial creditors - to be paid liquidation value amounting to Rs,4,902.25 Lakhs as per IBC, 2016.

In terms of Ind AS 10 "Events after the Reporting Period" the impact of the Resolution Plan being adjusting event has been given effect to as on 31st March 2018. Accordingly, the resultant impact of the adjustments of the item (ii), (iii) and (iv) detailed above is as under:-

The Adjustment arising out of Resolution Plan including the difference between the admitted claims and liquidation value payable to the dissenting financial creditors to the approved Resolution Plan and other adjustment net of CIRP cost have been disclosed as "Exceptional Item" and are treated as "Capital Reserve". The following items are part of exceptional items - (a) Adjustment for liquidation value Rs,26,719.75 lakhs, (b) Interest Rs, 13,753.68 Lakhs, and (c) CIRP Cost (Rs,275.74 lakhs, less GST Input Rs, 14.87 lakhs) net Rs,(260.87) Lakhs.

39.2 The proceedings under Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ''IBC'') are subject to either resolution or liquidation of a Company. Section 238 of the IBC provides that its provisions override other statutes.

Exceptional Items(Net) amounting to Rupees 40,212.56 Lakhs are resulting from Corporate Insolvency Resolution Process (CIRP) and are capital in nature and no income/profit has accrued and no cash flow is to be realised to the Company. The amount has been routed through Statement of Profit and Loss account as per requirement of Ind AS and being capital in nature has been transferred to Capital Reserve. Moreover no real income/profit has accrued to the Company and in view of above the same is not taxable under provisions of entire Income Tax Act and Rules.

1. Related Party Disclosures

Related parties have been identified in terms of Ind As 24 on "Related Party Disclosure" as listed below :

List of Related Parties where control exists A Name of the Related Party Relationship

AAP Infrastructure Ltd. Subsidiary Company

MBL Highway Development Company Ltd. Subsidiary Company

MBL (MP) Toll Road Company Ltd. Subsidiary Company

MBL Projects Ltd. Subsidiary Company

MBL (MP) Road Nirman Company Ltd. Subsidiary Company

MBL (Haldia) Toll Road Company Ltd. Subsidiary Company

Suratgarh Bikaner Toll Road Company Private Ltd. Subsidiary Company

MBL (Udaipur Bypass) Road Limited Subsidiary Company

TCIL - MBL (JV) (51%) Enterprises-Participation interest

MBL - Supreme (JV) (50%) Enterprises-Participation interest

MBL- ABCI (JV) (60%) Enterprises-Participation interest

MBL- VIL (JV) (60%) Enterprises-Participation interest

B Key Management Personnel Relationship

Mr. Anjanee Kumar Lakhotia Chairman and Managing Director

Mrs. Sunita Palita (Independent Director) Independent Director

Mr. Ashwini Kumar Singh (Independent Director) Independent Director

Mr. Bhagwan Singh Duggal (Independent Director) Independent Director

Mr. Darshan Singh Negi (Chief Financial Officer) Chief Financial Officer

Mr. Anubhav Maheshwari (Company Secretary) Company Secretary

C Enterprises owned or significantly influenced by

key management personnel or their relatives MBLA Capital Ltd

Dipika Suppliers Pvt Ltd Chetan Commotrade Pvt Ltd SMH Infrastructure Pvt Ltd Narayan Infracon Pvt Ltd

The management considers that the above carrying amounts of financial assets and financial liabilities recognized in the financial statements approximate their fair values. The above table includes the balances payable to financial and operational creditors in terms of the resolution plan under the IBC, 2016 as stated in Note No. 39.

b) Fair Value Technique

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:-

i) The fair value of cash and cash equivalents, trade receivables, current trade payables, current financial liabilities and borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The Board considers that the carrying amounts of financial assets and financial liabilities recognized at cost/mortised cost in the financial statements approximate their fair values.

ii) In terms of the resolution plan, the long term borrowings as on 31st March, 2018 are substantially at fixed rate. Accordingly, any increase or decrease in the market rate of interest will have implications on the fair value of long term debt in future years.

2. Fair value of financial assets and liabilities (Contd.)

c) Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below: Level 1

Quoted prices for identical assets / liabilities in active markets. It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date (like Mutual funds units).

Level 2

Inputs that are observable for the asset / liability (other than level 1 inputs), either directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments that are not traded in an active market, is determined by using valuation techniques. If all significant inputs required to fair value an instrument are observable then instrument is included in level 2.

Level 3

Significant Inputs for the asset or liability (instrument) that are not based on observable market data, is included in level 3.

For assets and liabilities which are measured at fair value as at Balance Sheet date, the classification of fair value calculations by category is summarized below:

3. Financial risk management, objective and policies

The Company''s business activities are exposed to a variety of financial risks - credit risk, liquidity risk and market risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

However, as indicated in note no. 39 entire loan has been restructured. In view of the above, the related risks have undergone significant variation leading to substantial improvement in financial position and will require reconsideration on giving effect to the above adjustments in the financial statement.

i) Credit risk

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). To manage this, the management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. Receivables from customers are reviewed/evaluated periodically by the management and appropriate provisions are made to the extent recovery there against has been considered to be remote.

The carrying amount of respective financial assets recognized in the financial statements represents the Company''s maximum exposure to credit risk.

Credit exposure is managed by counterparty limits for investment of surplus funds which is reviewed by the Management. Bank balances are held with reputed and creditworthy banking institutions.

4. Financial risk management, objective and policies (Contd.)

Trade receivables disclosed include amounts that are past due at the end of the reporting period but against which the Company has not recognized an allowance for doubtful receivables because there has not been a significant change in credit quality and the amounts are still considered recoverable.

ii) Liquidity Risk

The company objective is maintaining optimum level of liquidity to meet its cash and collateral requirement at all times. The Company relies on Borrowing and internal accruals to meet its need for fund. The current committed lines of credit are sufficient to meet its short to medium term expansion needs.

The table provides undiscounted cash flow towards non-derivative financial liabilities and net settled derivative financial liabilities into relevant maturity based on the remaining period at balance sheet date to contractual maturity date.

iii) Market Risk

Market risk is the risk or uncertainty arising from possible market price movements resulting in fluctuation of the fair value of future cash flows of a financial instrument. The major components of Market risks are foreign currency exchange risk and interest rate risk. Financial instruments affected by market risk include borrowings.

a) Foreign Currency Risk

The company does not have any significant transaction in foreign currency except foreign currency ECB loan .There are no outstanding Derivative contracts as on 31st March 2018 however the company have Unhedged foreign currency exposure as on 31st march ,2018 (read with note no. 48).

b) Interest rate and sensitivity

The company exposure in market relating to change in interest rate primarily arises from floating rate borrowing with banks and financial institutions. As at March 31, 2018, substantially all of the Company borrowings fall under the fixed interest rates (approved under resolution plan), hence there will be no interest rate risk. Considering the restructuring of borrowing, the carrying amount of said borrowing was considered to be fair value.

iv) Capital risk management

The Company''s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Company sets the amount of capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments. The funding requirements are met through a mixture of equity, internal fund generation and other non-current borrowings. The Company''s policy is to use current and non-current borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of the gearing ratio which is net debt divided by total capital. Net debts are non-current and current debts as reduced by cash and cash equivalents.

The company also monitors capital using gearing ratio which is net debt divided by total capital. The gearing ratio is as follows:

5. Segment Reporting

The company''s operations consists of "Construction/Project Activities" and there are no other reportable segment under Ind AS-108 as identified by the

Chief Operating Officer of the company.

6 Disclosure pursuant to Regulation 34(3) read with Sch V A(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) regulations, 2015 are given in note no. 39.

7 As on March 31, 2018, the overdue financial obligations to banks/financial institutions (20 in nos.) (Nil) Were Rs, 135258.60 lakhs (Nil) of which were subsequently restructured as per the resolution plan approved by Hon''ble NCLT by its order dated 18th April 2018 as stated in Note no. 39

8 In accordance with the provisions of "Indian Accounting Standard (Ind AS) -36 - Impairment of Assets", the company has made an assessment of the recoverable amount of assets based on higher of the value in use considering its projected scale of operations, prevailing market conditions, future cash flows and future growth projections and estimated net selling price of the assets pertaining to its various Cash Generating Units and found recoverable amount of these assets to be higher as compared to carrying value of assets in its Financial Statements. Accordingly, management considers that there is no need for the provision on account of impairment of assets.

9 The company has a regular programme of physical verification for its inventory and fixed assets. Further, during the year physical verification of significant part of inventory and fixed assets has been carried out by an independent firm of professionals and technical consultant and no material discrepancy were found.

10 Previous year figures were regrouped and reclassified, wherever necessary. An amount of Rs,1,500 lakhs classified as loans and advances has been reclassified as Investments during the year ending March 31st 2018. As result of the reclassification previous year ending i.e. March 31st 2017 figures have also been reclassified. The resultant impact of the reclassification on (i) other equity Rs,(107.95) Lakhs, (ii) finance cost Rs,(627.55) Lakhs (iii) other income Rs,(519.59) Lakhs, (iv) other noncurrent assets Rs,(105.85) Lakhs, (v) other current assets Rs,(105.85) Lakhs, (vi) non-current financial assets-loan Rs,(1,180.36) Lakhs and (vi) non-current investments Rs, 1,500 Lakhs. The resultant net impact on statement of Profit Et Loss for the year ended 31st March 2017 is Rs,107.95 Lakhs.

11 These financial statements have been approved by Board of Directors of the Company in their meeting dated June 30, 2018 for issue to the shareholders for their adoption.

Note 1 to 55 are annexed to and from integral part of the Balance Sheet and Statement of Profit Et Loss.

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Mar 31, 2016

1. The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.

2. The company has allotted 2, 07, 27,312 fully paid up equity shares of face value Rs.10/- each, in the ratio of one equity shares for every equity shares held, during the quarter ended 30th September 2015, pursuant to a bonus issue approved by the shareholders at the annual general meeting, held on 17th July 2015, by capitalization of capital redemption reserve & securities premium reserve. Consequently the earning per share has been adjusted for previous periods/year presented in accordance with Accounting Standard 20, Earning per share.

3. The details of shareholders holding more than 5% shares of the aggregate shares in the Company:

4. Working capital facilities in the form of cash credit facilities and working capital demand loans from consortium of banks are secured by:

i) Hypothecation of book debts, stock and other current assets of the company, both present and future, ranking pari passu with consortium banks.

ii) Hypothecation of all unencumbered fixed assets (excluding those present and future fixed assets under specific charge for loans against those specific assets) of the company, both present and future, ranking pari passu with consortium banks.

iii) Equitable mortgage of land & building at Bhadravati (Karnataka), land at dankuni (West Bengal), land at Rourkela (orissa), office space at Jasola (new delhi), office space at Kolkata (West Bengal) and personal guarantees of one promoter director of the company.

5. Short term secured borrowings from other party is secured by subservient charge on the current asset of the Company. Further, there is a collateral

security by way of pledge of 33,46,689 (PY 11,12,000) shares of the Company by Promoter Company MBL A Capital limited.

6. There are no Micro, Small and Medium Enterprises, to whom the company owes dues, and which are outstanding for more than 30 days as at 31st March 2016. There are no interests due or outstanding on the same.

7. Trade payables are subject to confirmation from certain parties.

8. These figures do not include any amounts, due and outstanding, to be credited to Investor Education and Protection Fund.

9. Includes creditors for expenses etc.

10. Provision for tax of Rs.13,642.36 lakhs (Previous year Rs.10,979.36 lakhs) is net of advance tax of Rs.10,202.76 lakhs (Previous year Rs.8,674.06 lakhs).

11 100% investment in equity shares of wholly owned subsidiary, AAP Infrastructure Limited, 30% investment in equity shares of wholly owned subsidiaries, MBL Highway Development Company Limited and MBL (MP) Toll Road Company Limited and 5, 49, 31,000 (Rs. 5, 10, 21,000) equity shares of partly owned subsidiary, Suratgarh Bikaner Toll Road Company Private Limited have been pledged with bankers against long term credit facilities availed by the respective subsidiary company.

12 Includes unclaimed share application and interest of Rs.0.46 lakhs (Previous year Rs.0.46 lakhs) and unclaimed dividend of Rs.1.71 lakhs (Previous year Rs.1.60 lakhs).

13 Includes fixed deposits pledged with banks as margin Rs.133.37 lakhs (Previous year Rs.527.65 lakhs).

14 Includes fixed deposits pledged with others as security deposit Rs.356.14 lakhs (Previous year Rs.289.81 lakhs).

15 Fixed deposits with banks include deposits of Rs.58.28 lakhs (Previous year Rs.495.80 lakhs) with maturity of more than 12 months.

(vii) 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.

(viii) The actuarial liability of compensated absences (unfunded) of accumulated privileged leaves of the employees of the company is as under:

36 SEGMENT Reporting

The company''s operations consists "Construction/Project Activities" and there are no other reportable segment under AS-17 issued by "The Institute of Chartered Accountants of India".

17. DISCLOSURE pursuant TO Regulation 34(3) READ with SCH V A(2) OF SEBI (Listing obligation AND DISCLOSURE REQUIREMENTS)

Disclosure pursuant to Regulation 34(3) read with Sch V A (2) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 are mentioned at Note No.32

18 DISCLOSURE OF RELATED parties / RELATED party TRANSACTIONS:

As per Accounting Standard (AS) - 18 of The Companies (Accounting Standards) Rules, 2006, the list of related parties where control exists and related parties with whom transactions have taken place and relationships are as under:

A. Related party disclosures

II Commitments

-Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for as on 31.3.2016 is Rs.2, 778.51 lakhs (Previous year Rs.122.21 lakhs). Advances paid on capital account are Rs.23.10 lakhs (Previous year Rs. Nil lakhs).

19. Raw materials, stores & spares consumed are 100% indigenous.

20. FINANCIAL AND DERIVATIVE INSTRUMENTS

i) ECB with currency swaps outstanding as at 31.03.2016 is Rs.199 lakhs (restated at the yearend rates), (long term Rs. Nil and current maturities Rs.199 lakhs).

ii) Unheeded ECB outstanding as at 31.03.2016 is Rs.11, 147.11 lakhs (restated at the yearend rates), (long term Rs.9, 804.01 lakhs and current maturities Rs.1, 343.10 lakhs).

- Previous year figures have been reclassified, regrouped, rearranged and recomputed to conform to this year''s classification, wherever considered necessary Figures in the financial statements have been rounded off in rupees lakhs up to two decimal places.

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Mar 31, 2014

1.1 The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 The details of shareholders holding more than 5% shares of the aggregate shares in the company:

2.1 Dividend proposed to be distributed to equity shareholders is Rs. 3.00 (Previous year Rs. 3.00) per equity share.

3.1 External commercial borrowings (ECB) availed from banks are secured by hypothecation of specific plants and equipments.

3.2 ECBs with currency swaps oustanding as at 31.03.2014 isRs.2642.43 lakhs (long termRs.882.97 lakhs and current maturities Rs.1759.46 lakhs).

3.3 Unhedged ECB outstanding as at 31.03.2014 isRs.5889.78 lakhs (restated at the year end rates), (long termRs.5288.78 lakhs and current maturitiesRs. 601.00 lakhs).

3.4 Equipment / Vehicle finance availed from banks and others are secured by hypothecation of the respective assets; comprising construction equipments and vehicles acquired out of the said loans and personal guarantees of promoter director/s of the company.

4.1 All secured working capital facilities in the form of cash credit facilities and working capital demand loans from consortium of banks are secured by:

i) Hypothecation of book debts and other current assets of the company, both present and future, ranking pari passu with consortium banks.

ii) Hypothecation of all unencumbered fixed assets (excluding those present and future fixed assets under specific charge for loans against those specific assets) of the company both present and future ranking pari passu with consortium banks.

iii) Equitable mortgage of land & building at Bhadravati (Karnataka), land at Dankuni (West Bengal), land at Rourkela

(Orissa), office space at Jasola (New Delhi), office space at Kolkata (West Bengal) and personal guarantees of promoter director/s of the company.

5.1 There are no Micro, Small and Medium Enterprises, to whom the company owes dues, and which are outstanding for more than 30 days as at 31st March, 2014. This information as required to be disclosed under Micro, Small, Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

5.2 Trade payables are subject to confirmation from certain parties.

10.1 These figures do not include any amounts, due and outstanding, to be credited to Investor Education and Protection Fund.

6.1 Provision for tax of 710831.36 lakhs (Previous year 78721.36 lakhs) is net of advance tax of 79952.27 lakhs (Previous year 78528.98 lakhs).

7.1 100% investment in equity shares of wholly owned subsidiary, AAP Infrastructure Limited, 30% investment in equity shares of wholly owned subsidiaries, MBL Highway Development Company Limited and MBL (MP) Toll Road Company Limited and 30% investment in equity shares of partly owned subsidiary, Suratgarh Bikaner Toll Road Company Private Limited have been pledged with bankers against long term credit facilities availed by the respective subsidiary company.

7.2 Trade receivables are subject to confirmation from certain parties.

8.1 Includes unclaimed share application and interest ofRs.0.46 lakhs (Previous yearRs.0.46 lakhs) and unclaimed dividend of 71.45 lakhs (Previous yearRs. 0.88 lakhs).

8.2 Includes fixed deposits pledged with banks as margin Rs. 471.26 lakhs (Previous yearRs. 532.42 lakhs).

8.3 Includes fixed deposits pledged with others as security deposit Rs. 461.52 lakhs (Previous year Rs. 549.66 lakhs).

8.4 Fixed deposits with banks include deposits of Rs.596.45 lakhs (Previous year Rs.793.18 lakhs) with maturity of more than 12 months.

9.1 Advances against materials and services are subject to confirmation from certain parties.

(i) 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.

10. Segment Reporting

The company''s operations consist of "Construction/Project Activities" and there are no other reportable segment under AS-17 issued by "The Institute of Chartered Accountants of India".

11. Disclosure pursuant to clause 32 of Listing Agreement

There are no transactions that are required to be disclosed under clause 32 of the listing agreement.

12.Disclosure of related parties / related party transactions:

As per Accounting Standard (AS) - 18 of The Companies (Accounting Standards) Rules, 2006, the list of related parties where control exists and related parties with whom transactions have taken place and relationships are as under:

A. Related party disclosures

Relationship Name of the related party

(i) Subsidiary Companies

a) AAP Infrastructure Limited

b) MBL Highway Development Company Limited

c) MBL (MP) Toll Road Company Limited

d) MBL Projects Limited

e) MBL (MP) Road Nirman Company Limited

f) MBL (Haldia) Toll Road Company Limited

g) Suratgarh Bikaner Toll Road Company Private Limited

(ii) Joint Ventures

a) TCIL - MBL (JV)

b) MBL - Atlas (JV)

c) MBL - Calcutta Industrial Supply Corporation (JV)

d) MBL - Lakheshwari Builders Pvt.Ltd. (JV)

e) MBL - Supreme (JV)

f) Supreme - MBL (JV)

(iii) Associates

a) Orissa Steel Expressway (P) Ltd. - a Joint Venture SPV Company for BOT Project

b) Narayan Infracon Private Limited

(iv) Key Management Personnel

a) Mr. Anjanee Kumar Lakhotia (Chairman)

b) Mr. Maruti Maheshwari (Executive Director)

c) Mr. Aditya Maheshwari (Vice President - Operations) (Upto 15th October''2013

d) Mr. Anuj Maheshwari (Vice President - Operations) (Upto 7th October''2013)

(v) Enterprises owned or significantly influenced by key management personnel or their relatives

a) Prabhu International Vyapar Pvt. Ltd.

b) MBL A Capital Limited

c) MSP Infrastructures Ltd.

d) Narayan Infracon Pvt. Ltd.

e) Sahaj Promoters Pvt. Ltd.

f) Mahamaya Trade-link Pvt. Ltd. (subsidiary of MBL A Capital Limited)

13.Previous year figures have been reclassified, regrouped, rearranged and recomputed to conform to this year''s classification, wherever considered necessary.

14.Figures in the financial statements have been rounded off in rupees lakhs upto two decimal places.

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Mar 31, 2013

1. Segment Reporting

The Company has single business segment namely Infrastructure Activity''. Therefore, the Company''s business does not fall under different business segments as defined by AS-17 issued by "The Institute of Chartered Accountants of India". The Company at present primarily operates in India and therefore the analysis of geographical segments is not applicable to the Company.

2. Disclosure pursuant to Clause 32 of Listing Agreement

There are no transactions that are required to be disclosed under Clause 32 of the Listing Agreement.

3. Contingent Liabilities and Commitments

Rs. in Lakhs

As at As at

I Contingent Liabilities 31.03.2013 31.03.2012

(i) Claims against the Company / disputed liabilities not acknowledged as debts

(to the extent ascertained) 35.00 648.22

(ii) Corporate guarantee given on behalf of a wholly owned subsidiary company AAP Infrastructure Limited 4,160.77 4,503.77

(iii) Outstanding bank guarantees 23,961.12 21,587.46

(iv) Outstanding letter of credit 289.32

(v) Tax matters in disputed under appeal 1,387.10

Company has preferred appeal against the orders of Deputy Commissioner of Income Tax for the Assessment Years from 2005-06 to 2011 -12. Based on the expert opinions obtained, it has been advised to the Company that no provision is required against the same.

II Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for as on 31.3.2013 is Rs. 1.44 Lakhs (Previous year Rs. 745.00 Lakhs).Advances paid on capital account is Rs. 6.34 Lakhs (Previous year Rs. 125.90 Lakhs).

4. Raw materials, stores & spares consumed are 100% indigenous.

5. Previous year figures have been reclassified, regrouped, rearranged and recomputed to conform to this year''s classification, wherever considered necessary.

6. Figures in the financial statements have been rounded off in rupees lakhs upto two decimal places.

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Mar 31, 2012

1.1 The Company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2.1 Dividend proposed to be distributed to equity shareholders is Rs. 1.50 (Previous year Rs. 2.50) per equity share.

3.1 External commercial borrowings (ECB) availed from banks are secured by hypothecation of certain plant and equipments. Such ECBs are fully hedged.

3.2 Equipment / Vehicle finance availed from banks and others are secured by hypothecation of the respective assets; comprising construction equipments and vehicles acquired out of the said loans and personal guarantee of promoter directors.

4.1 Working capital facilities in the form of cash credit facilities and working capital demand loans from consortium of banks are secured by:

i) Hypothecation of book debts and other current assets of the Company, both present and future, ranking pari passu with consortium banks.

ii) Hypothecation of all unencumbered fixed assets (excluding those present and future fixed assets under specific charge for loans against those specific assets) of the Company, both present and future, ranking pari passu with consortium banks.

iii) Equitable mortgage of land & building at Bhadravati (Karnataka), land at Dankuni (West Bengal), land at Rourkela (Orissa), office space at Jasola (New Delhi), office space at Kolkata (West Bengal) and personal guarantees of promoter directors of the Company.

5.1 There are no Micro, Small and Medium Enterprises, to whom the company owes dues, and which are outstanding for more than 30 days as at 31st March, 2012. This information as required to be disclosed under Micro, Small, Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6.1 These figures do not include any amounts, due and outstanding, to be credited to Investor Education and Protection Fund.

6.2 Other payables include statutory dues, security deposits, overdrawn bank balance (due to reconciliation), advance from customers etc.

7.1 Provision for tax of Rs. 7221.35 lacs (Previous year Rs. 4461.36 lacs) is net of advance tax of Rs. 3808.41 lacs (Previous year Rs. 3153.69 lacs).

8.1 100% investment in equity shares of wholly owned subsidiary, AAP Infrastructure Limited and 30% investment in equity shares of wholly owned subsidiary, MBL Highway Development Company Limited, have been pledged with bankers against long term credit facilities availed by the respective subsidiary company.

9.1 Includes unclaimed share application and interest of Rs. 0.46 lacs (Previous year Rs. 0.47 lacs) and unclaimed dividend of Rs. 0.57 lacs (Previous year Rs. 0.21 lacs).

9.2 Includes fixed deposits pledged with banks as margin Rs. 788.64 lacs (Previous year Rs. 1162.86 lacs).

9.3 Includes fixed deposits pledged with others as security deposit Rs. 716.54 lacs (Previous year Rs. 442.68 lacs).

9.4 Fixed deposits with banks include deposits of Rs. 578.67 lacs (Previous year Rs. 463.11 lacs) with maturity of more than 12 months.

(vii) 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.

10. Segment Reporting

The Company has single business segment namely 'Infrastructure Activity'. Therefore, the Company's business does not fall under different business segments as defined by AS-17 issued by "The Institute of Chartered Accountants of India". The Company at present primarily operates in India and therefore the analysis of geographical segments is not applicable to the Company.

11. Contingent Liabilities and Commitments Rs. in Lacs

I. Contingent Liabilities 31.03.2012 31.03.2011

(i) Claims against the Company / disputed liabilities not acknowledged as debts (to the extent ascertained) 648.22 648.22

(ii) Corporate guarantee given on behalf of a wholly owned subsidiary company AAP Infrastructure Limited 5,000.00 5,000.00

(iii) Outstanding bank guarantees 26,244.51 21,021.03

(iv) Outstanding letter of credit - 99.43

II. Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for as on 31.3.2012 is Rs. 745.00 lacs (Previous year Rs. 90.00 lacs).

Advances paid on capital account is Rs. 125.90 lacs (Previous year Rs. Nil).

12. Raw materials, stores & spares consumed are 100% indigenous.

13. The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

14. Figures in the financial statements have been rounded off in rupees lacs upto two decimal places.

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Mar 31, 2010

1. Initial Public Offer

During the current year, the Company has completed an Initial Public Offer (IPO) of 57,00,000 Equity Shares of Rs.10/- each at a cash price of Rs. 180/- per Equity Share. The premium of Rs.170/- per Equity Share amounting to Rs. 9690 lacs has been credited to Securities Premium

Account. The Share Issue expenses incurred by the Company amounting to Rs. 963.33 lacs have been debited against Securities Premium Account.

The position of IPO Proceeds and utilisation thereof vis-a-vis the "Objects of Issue" as stated in Prospectus dated 23rd December, 2009 upto March, 31, 2010 is as follows:

Funds raised: Rs. 10260 lacs. Utilisation as objects of the Issue- Rs. 8792 lacs. Balance Rs.1460 lacs is in cash credit/current bank accounts of the Company.

b. Investments in equity shares of Wholly Owned Subsidiary AAP Infrastructure Limited have been pledged with Bankers against facilities availed by them.

Notes:

i) The Company has disclosed Business Segment as the primary segment, Segments have been indentified taking into account the business activity, organisational structure and internal reporting system.The Companys operations predominantly relate to Infrastructure, Construction and Maintenance.

ii) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts indentifiable to each of the segments as also amounts allocated on a resonable basis.

iii) There are no reportable geographical segments.

f. Disclosure of related parties / related party transactions:

As per Accounting Standard (AS-18) of The Companies (Accounting Standards) Rules, 2006, the Companys related party disclosure is as under:

A. List of Related Parties:

i. Name of the parties where control exists: AAP Infrastructure Ltd., a subsidiary of the Company

ii. Key Management Personnel: a) Mr. Ram Gopal Maheshwari

b) Mr. Anjanee Kumar Lakhotia

c) Mr. Maruti Maheshwari

d) Mr. Aditya Maheshwari

e) Mr. Anuj Maheshwari

iii. Joint Ventures: a) MBL - Telecomunications Consultants India Ltd.(JV)

b) MBL-Supreme (JV)

c) MBL - Calcutta Industrial Supply Corporation (JV)

d) MBL- Lakheshwari Builders Pvt.Ltd. (JV)

iv. Director having significant influence: a) Prabhu International, Proprietory Concern of a Director

b) Prabhu International Vyapaar Pvt. Ltd.

c) SMH Capital Limited.

d) MSP Infrastructures Ltd.

e) Sahaj Promoters Pvt. Ltd.

B. Names of the related parties with whom transactions were carried out during the year and description of relationship:

a. Subsidiary Company: AAP Infrastructure Ltd.

b. Key Management Personnel: a) Mr. Ram Gopal Maheshwari

b) Mr. Anjanee Kumar Lakhotia

c) Mr. Maruti Maheshwari

d) Mr. Aditya Maheshwari

e) Mr. Anuj Maheshwari

h. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 30 days as at 31st March, 2010. This information as required to be disclosed under Micro, Small, Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

i. Interest income on Fixed Deposits of Rs. 228.96 lacs (Tax Deducted at Source Rs. 30.66 lacs) (previous year Rs.180.11 lacs (Tax Deducted at Source Rs.55.51 lacs) is adjusted against Interest and Finance Charges.

j. Contingent Liabilities (Rs. In Lacs) 31.03.2010 31.03.2010 i) Claims against the Company/ disputed Liabilities not acknowledged as Debts (to the extent ascertained) 1013.93 863.93

ii) Corporate Guarantees given on behalf of Subsidiary Companies 2200.00 2200.00

iii) Disputed Income Tax - 343.33

Income Tax Department has preferred appeal against the orders of Commissioner of

Income Tax (Appeals) for the Assessment Year 2004-05 and 2005-06 which were settled in favour of the Company. The amount of the contingent liability is indeterminate.

k. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 120.21 lacs (Previous year Rs. 25.76 lacs)

l. Oustanding Bank Gurantees as on 31st March 2010 amounts to Rs. 18959.82 lacs (Previous year Rs. 13570.89 lacs).

m. Equipment/ Vehicle Finance and External Commercial Borrowings availed from banks and others are secured by hypothecation of specific assets; comprising plant and machinery, construction equipment and vehicles acquired out of the said loans and personal guarantee of certain Directors.

n. Working Captal facilities: Cash Credit facilities and Working Capital Demand Loans from consortium of banks are secured by:

i) Hypothecation against first charge on book debts and other current assets of the Company, both present and future, ranking pari passu with consortium banks.

ii) Hypothecation against first charge on all unencumbered fixed assets of the Company both present and future ranking pari passu with consortium banks.

iii) Equitable Mortgage of certain properties (Land & Buildings).

iv) Personal guarantees of certain Directors.

p. Additional Information under Part II of Schedule VI to the Companies Act, 1956

b) Construction Material

The Company is mainly engaged in the business of infrastructure construction. Keeping in view of the job difficulties in different sites and projects, no quantitative detail of stock, production, turnover and consumption of raw materials are furnished.

q. i) Expenditure in Foreign Exchange - Rs. 21.10 Lacs. (Previous Year-72.30 Lacs)

ii) Earning in Foreign Exchange - Rs. Nil (Previous Year - Nil)

r. Previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.