Notes to Accounts of Starlog Enterprises Ltd.

Mar 31, 2025

Note 4.1 :

(i) Freehold land at 2 locations were held for purpose of earning capital appreciation. Hence it has been reclassified to Investment Property as per IND AS 40.

(ii) Further, out of the above investments, land situated at Kolkata was under sale pending necessary government permissions and the proceeds received against above transaction is shown under advance against sale of land in Note 17 hereinafter.

(iii) The land located at Raigad District (Horale), Maharashtra was previously kept under lien. The land was sold as a part of One Time Settlement and the lender released the lien on the said land and the company booked a profit of INR 937.56 lakhs. The details relating to One Time Settlement are mentioned in Note 18.1 and the details relating to profit on this settlement in Note 30.1.

(iv) The lien-free land as at March 31, 2024 comprised of land located in Jamnagar, Gujarat. A part of this land was sold in the current financial year, resulting in a profit of INR 81.16 lakhs. (refer note 30.1)

(ii) Terms/ rights attached to equity shares:

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

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

Note 17.1 : This advance includes an amount of INR 370 Lakhs received by the Company from Starlift Services Private Limited (''Starlift''), a subsidiary of the Company. The Company received a total advance of INR 1,660 Lakhs against sale of land/others from Starlift. However, the Company could not complete the transfer due to non-completion of formalities. As the same could not be completed by the Company, the agreement was terminated and entire amount of INR 1,660 Lakhs became payable to Starlift . As against this outstanding, the Company has repaid certain amounts.

Note 18.1 : Prudent ARC Limited had approved One Time Settlement (“OTS”) of its outstanding dues vide its approval letter dated March 23,2024. As per settlement terms, OTS amount of Rs. 2,236 Lakhs (including interest and incidental expenses) was paid by the Company. The Company has complied with the terms of approval of such OTS and obtained No Dues Certificate letter dated November 11,2024.

Note 30.1 : During the year, company has disposed land and some plant and machinery resulting in profit of INR 1,018.72 lakhs and 24.23 lakhs respectively.

Note 30.2 : Prudent ARC Limited had approved One Time Settlement (“OTS”) of its outstanding dues vide its approval letter dated March 23,2024. As per settlement terms, OTS amount of Rs. 2,236 Lakhs (including interest and incidental expenses) was paid by the Company. The Company has complied with the terms of approval of such OTS and obtained No Dues Certificate letter dated November 11,2024.

Note 30.3 : During the current financial year, the Company availed the benefits of GST amnesty scheme. In accordance with the scheme, the company settled its outstanding GST liabilities for the financial years 2017-18 and 2018-19 by paying the principal tax amounts. Consequently, the provisions made for interest relating to these periods have been written back.

Note 30.4 : During the financial year, the company conducted a comprehensive review of its outstanding advances. Based on this assessment, and in accordance with the Company''s accounting policies and applicable IND AS, advances amounting to INR 209.99 lakhs were determined to be irrecoverable and have been written off.

The Company continues to evaluate its receivables and advances periodically to ensure that appropriate provisions and write-offs are made in line with the ECL model.

Note 30.5 : During the financial year, the company has recognized certain exceptional items. These transactions did not result in any tax liability, as the company has substantial carry forward losses and unabsorbed depreciation under the Income Tax Act, 1961, which are available to offset taxable income.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. There are no items falling under Level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. There are no items falling under Level 2.

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

Note:

There are no financial liabilities which are measured at fair value - recurring fair value measurements or at amortised cost for which fair values are required to be disclosed.

Note 32 : Capital Management

For the purpose of the Company’s capital management, equity includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximise the shareholder value. The Company’s Capital Management objectives are to maintain equity including all reserves to protect economic viability and to finance any growth opportunities that may be available in future so as to maximize shareholders’ value. The Company is monitoring capital using debt equity ratio as its base, which is debt to equity. The company’s policy is to keep debt equity ratio below two. There is constant endeavour to reduce debt as much as feasible and practical by improving operational and working capital management.

*The Net Debt Equity ratio for the current year is 0.17 times (PY : 0.71 times)

Note 33 : Capital commitments and contingent liabilities There are no capital commitments during the financial year (March 31,2024 :	Nil)	(INR in Lakhs)
Contingent liabilities not provided for: March 31,2025		March 31,2024
a. Guarantees given by banks on behalf of the Company	128.31	128.31
b. No provision has been made for Sales Tax demands / MVAT(Principal Amount) which have been disputed by the Company at various forums (plus applicable interest and penalty). The Company believes that it has a good case and therefore no provision has been made in the books for the same.	10,068.00	10,068.00

Note 33 : Capital commitments and contingent liabilities (Contd..)			(INR in Lakhs)
Contingent liabilities not provided for:		March 31,2025	March 31,2024
c.	One of the lenders has invoked the Shortfall Undertaking provided by the Company against loan taken Kandla Container Terminal Private Limited (''Kandla''), a subsidiary of the Company and recovery suit was filed by the lender. The matter was adjudicated by the DRT, Mumbai, on 8th March, 2018, directing the issuance of recovery certificate which was issued on 4th February, 2019. The Company has filed a review application against the impugned order and has further filed a praecipe on 17th May, 2018, with the DRT to list the matter on an urgent basis. The matter is sub-judice. The amount given alongside is excluding Interest.*	6,627.20	6,627.20
d.	Commissioner of Customs (Export) has issued a notice to the Company for non-fulfilment of its EPCG obligations. The Company has disputed this non-fulfillment and has filed application to DGFT for issuance of EODC. Considering delay in issue of EODC, the company has filed a writ petition before the Hon''ble Bombay High Court. The amount given alongside is excluding Interest.	1,294.67	1,294.67
e.	Goods and Service Tax Liabilities for F.Y. 2017-18 for the registrations of Gujarat (3.48), Tamil Nadu (2.03) (refer note 30.1)	5.51	23.71
f.	No provision has been made for Sales Tax demands / The Tamil Nadu General Sales Tax Act, 1959 (Principal Amount) which have been disputed by the Company at various forums (plus applicable interest and penalty). The Company believes that it has a good case and therefore no provision has been made in the books for the same.	634.93	634.93
Total Contingent liabilities		18,758.63	18,776.83

*One of the lenders to a subsidiary of the company has invoked shortfall undertaking amounting to Rs. 6,627.20 Lakhs for loan taken by the subsidiary. The same has been disputed by the Company and the entire Debt due taken by the subsidiary has been deposited in Gujarat High Court and the matter is sub-judice.

Note 34 : Financial Risk Management

The Company’s principal financial liabilities comprise Borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to support its operations. The Company’s principal financial assets include investments, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity risk. The Company’s risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes

(a) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Company’s trade receivables, receivables from deposits and also arises from cash held with banks and financial institutions. The maximum exposure to credit risk is equal to the carrying value of the financial assets.

The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and institutions.

Trade receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109 - Financial Instruments (“Ind AS 109”), the Company uses expected credit loss (ECL) model to assess the impairment loss. The Company computes the expected credit loss allowance for trade receivables based on available external and internal credit risk factors such as the ageing of its dues, market information about the customer, industry information and the Company’s historical experience for customers with forward looking experience

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

During the current financial year, the Company has settled a substantial portion of its financial obligations with Bank / Financial Institutions and is in process of settling the majority of its remaining dues with Financial Institutions / Banks by monetising its assets. The details of the repayments are provided in Note no 30.2. This will enable to mitigate the Liquidity Risk of the Company thereby strengthen the financial position of the Company.

(c) Market risk

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

(i) Foreign Currency Risk

The Company does not have any exposure in foreign currency. Hence, there is no Foreign Currency Risk in the Company.

(ii) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates, if applicable

Interest sensitivity Analysis :

Since the long term debt obligations carry fixed interest rates, no risk is anticipated on account of interest rate changes

(B) Defined Benefit Plans

(i) Compensated Absences for employees

The leave obligations cover the Company''s liability for earned leave and sick leave. The Company''s liability on account of compensated absences is not funded and hence the disclosures relating to planned assets are not applicable. The compensated absences debited to Statement of Profit and Loss during the year amounts to INR -1.16 lakhs (March 31,2024 : INR 1.13 lakhs) and is included in Note 25 - ‘Employee benefits expenses’. The accumulated provision for leave encashment aggregates to INR 1.76 lakhs (Previous year INR 3.78 lakhs)

(ii) Post-employment obligations - Gratuity

The Company has a defined benefit gratuity plan in India, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee, who has rendered at least five years of continuous service, to gratuity at the rate of fifteen day wages for every completed year of service or part thereof in excess of six months, based on the rate of wages last drawn by the employee concerned. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. This defined benefit plans expose the Company to actuarial risks, such as interest rate risk and market (investment) risk.

Note 37.1 :

Starport Logistics Limited ("Starport") has issued a nationwide advertisement to sell the shares of ALBA Asia Private Limited ("ALBA"), pursuant to which disvestment of 10,000 equity shares was done in the F.Y. 2022-23. This has resulted in change of the status of ALBA from Jointly Controlled Company to Associate Company. As on Balance sheet date, due to suspension of ISIN of ALBA, the said shares are not transferred to the beneficiary and held by the Starport in Trust for the beneficiary.

Note 37.2 :

Section 2(87) companies Act,2013, defines a "subsidiary company" or "subsidiary", in relation to any other company (that is to say the holding company), as a company in which the holding company:

(i) controls the composition of the Board of Directors; or

(ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies:

"Total Share Capital", for the purposes of section 2(87), means aggregate of the:-

(a) paid-up equity share capital and

(b) convertible preference share capital.

ALBA Asia Private Limited holds 99.915% of total share capital and controls the Board of Directors of West Quay Multiport Private Limited, Hence, ALBA Asia Private Limited is holding company of West Quay Multiport Private Limited in term of Companies Act, 2013.

The related party disclosures made in the financial statement are as per the requirement of Indian Accounting Standard(Ind-as) - 24 on ''Related Party Disclosures''.

There is no movement in equity share capital and neither there is change in the nominal value per share during the year ended March 31,2025 and March 31,2024.

Note 39 : Disclosure requirements as per Ind AS 115 - Revenue from contracts with customers

a) Contracts with Customers

The Company has single source of revenue i.e., Crane hiring & mobilisation. It is disclosed in Note 23 -Revenue From Operations in the financials statements.

- Impairment loss on trade receivables has been disclosed separately under the notes for trade receivable.

- Contract assets are where performance obligations has been partly discharged by the Company and the balance is to be performed in due course.

- Contract liabilities are entity’s obligation to transfer services to a customer for which the Company has received consideration from the customer.

c) Performance Obligations

The contract (work orders) with customers include a clause of maintenance of log sheets for working hours. The log sheets needs to be signed by authorized personnel of customer. The Company submits invoice along with the detailed log sheets and customer makes payment after necessary verification. As per work orders entered with customers, performance obligations for Company is to provide the crane services and once log sheets are signed by both the parties it denotes that performance obligations is completed and Company is eligible to receive the payment as agreed. At this stage an enforceable claim becomes due and no services are incomplete.

The contract is a fixed price contract and do not contain any financing component. The payment is generally due within 30-60 days. There are no other significant obligations attached in the contract with customer.

d) Determining the transaction price and the amounts allocated to performance obligations

Revenue recognised in the statement of profit and loss with the contracted price does not have any adjustments made to the contract price.

Explanation for change in the ratio by more than 25% as compared to the previous year.

a) Current Ratio has increased due to One Time Settlement (OTS) for the year resulting in decrease in Current Liabilities.

b) Debt Equity Ratio has reduced as we have settled debt through OTS.

c) Debt Service Coverage Ratio has improved due to debt reduction due to OTS.

d) Return on Equity Ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

e) Net Capital Turnover Ratio has increased due to increase in working capital on account of One Time Settlement (OTS) of the borrowing.

f) Net Profit Ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

g) Return on Capital Employed ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

h) Return on investment ratio has increased due to One Time Settlement (OTS) settled for the year resulting in exceptional income in the current year.

* Inventory Turnover Ratio is not applicable because the company is service provider.

Note 43 : Segment Information

The Company is primarily engaged in the business of providing cranes on rental basis. Further all the commercial operations of the company are based in India. Accordingly, there are no separate reportable segments.

Note 44 : Subsequent Events

Subsequent to the end of the financial year, the Company has issued 30,00,000 Preference Shares of face value INR 10 each at a premium of INR 40 per share, aggregating to INR 15,00,00,000 pursuant to the approval of the shareholders. The proceeds from the said issuance are intended to be utilized for general corporate purposes, including but not limited to meeting working capital requirements, long term funding requirements and capital expenditure for the benefit of the future business of the Company.

The issuance does not affect the financial position as at the balance sheet date but is considered a significant subsequent event in accordance with Ind AS 10 - Events after the Reporting Period and is accordingly disclosed herein.

Note 45 : Other notes

a. The Company has got "No-Dues" Certificates from all of its Lenders and is now a debt free company.

b. The balances in Trade Receivable, Trade Payable, Advances and certain Bank balances are subject to reconciliation/confirmation and adjustment, if any. In the opinion of the management there will be no material adjustment and if any, will be carried out as and when ascertained.

c. The company has elected to carry its Property Plant and Equipment (PPE) at previous GAAP carrying value as its deemed cost on the date of transition to Ind AS and thereon continued to compute depreciation as required under Companies Act, 2013. No impairment on non-operative PPE due to corrosion and being stationed unused at remote locations have been considered.

d. The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

e. The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

f. The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

g. There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act,1961 (such as search or survey), that has not been recorded in the books of account.

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

i. The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

The figures for the corresponding previous periods have been regrouped/reclassified wherever necessary, to make them comparable.

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Mar 31, 2024

k. Provisions, Contingent liabilities and contingent assets

Provisions are recognised when the Company has a present legal or constructive obligation, as a result of past events, and it is probable that an outflow of resources, that can reliably be estimated, will be required to settle such an obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognised in the statement of profit and loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

Contingent liabilities are not recognised but disclosed where the existence of an obligation will only be confirmed by future events or where the amount of the obligation cannot be measured reliably. Contingent assets are not recognised, but are disclosed where an inflow of economic benefits is probable.

l. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits, (which are not pledged) with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

m. Employee Benefits Provident Fund / ESIC

Retirement benefits in the form of Provident Fund / ESIC are a defined contribution scheme and the contributions are charged to the profit and loss of the year when the contributions to the respective fund are due. There are no other obligations other than the contribution payable to the respective funds.

Gratuity /Leave encashment

The obligation of assets recognised in the balance sheet in respect to defined benefit / leave encashment value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets .The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

Change in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit of loss as past service cost.

Re-measurement gain and losses arising from experience adjustment and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retain earning in the statement of changes in equity and in the balance sheet. Re-measurements are not reclassified to profit or loss in subsequent periods.

n. Foreign currencies

The Company''s financial statements are presented in INR, which is also the Company''s functional currency.

Transactions in foreign currencies are initially recorded by the Company into functional currency at the exchange rate on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

o. Earnings Per Share

Basic Earnings per share (EPS) amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

p. Significant accounting judgements, estimates and assumptions

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Difference between actual results and estimates are recognised in the periods in which the results are known / materialised.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. There are no items falling under Level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. There are no items falling under Level 2.

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

Note:

There are no financial liabilities which are measured at fair value - recurring fair value measurements or at amortised cost for which fair values are required to be disclosed.

For the purpose of the Company''s capital management, equity includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value. The Company''s Capital Management objectives are to maintain equity including all reserves to protect economic viability and to finance any growth opportunities that may be available in future so as to maximize shareholders'' value. The Company is monitoring capital using debt equity ratio as its base, which is debt to equity. The company''s policy is to keep debt equity ratio below two. There is constant endeavour to reduce debt as much as feasible and practical by improving operational and working capital management.

The Company''s principal financial liability represents Borrowings. The main purpose of this financial liability is to pay for Company''s operations. The Company''s principal financial assets consists of investments in subsidiaries and jointly controlled companies, plant property & equipment, investment properties and trade receivables that are derived directly from its operations.

The Company''s activities exposes it to credit risk, liquidity risk and market risk. All such activities are undertaken within a approved risk management policy framework.

The Board of Directors approves these policies for managing each of these risks, which are summarised below:

(a) Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from Trade Receivables and other Financial Asset. Trade receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit risk has always been managed by the Company through credit approvals and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company has adopted expected lifetime credit loss model to assess the impairment loss, and is positive of the realisability of the other trade receivables and other Financial Asset.

(b) Liquidity risk

Liquidity risk arise from the unlikely possibility of Companies inability to meet its cash flow commitments on due date. Company exercises local financial market to meet its liquidity requirement. During the current year, the Company has settled a substantial portion of its financial obligations with Bank / Financial Institutions and is in process of settling the majority of its remaining dues with Financial Institutions / Banks by monetising its assets. This will enable to mitigate the Liquidity Risk of the Company thereby strengthen the financial position of the Company.

(c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises Foreign Currency Risk and Interest Risk.

(i) Foreign Currency Risk

The Company does not have any exposure in foreign Currency. Hence, there is no Foreign Currency Risk in the Company.

(ii) Interest Rate Risk

Companies exposure to the risk of changes in market interest rate relates to the floating rate obligations.

The exposures of the Companies borrowing''s and interest rate changes at the end of the reporting period are as follows:-

(i) Leave obligations

The leave obligations cover the Company''s liability for earned leave and sick leave.

(ii) Post-employment obligations - Gratuity

The Company has a defined benefit gratuity plan in India, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee, who has rendered at least five years of continuous service, to gratuity at the rate of fifteen day wages for every completed year of service or part thereof in excess of six months, based on the rate of wages last drawn by the employee concerned. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. This defined benefit plans expose the Company to actuarial risks, such as interest rate risk and market (investment) risk.

(g) 100% of the plan assets are invested in Insurer Managed Fund which is in India.

(h) Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which is Asset volatility. The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. The plan assets are invested by the company in insurer manager fund wholly with the Life Insurance Corporation of India (“LIC”). The Company intends to maintain this investment in the continuing years.

(j) Other long-term employee benefits

The Company''s liability on account of compensated absences is not funded and hence the disclosures relating to planned assets are not applicable. Compensated absences of INR 3.77 Lakhs (31 March 2023: INR 3.70 Lakhs) expected to be paid in exchange for the services recognized as an expense during the period.

c) Performance Obligations

The contract (work orders) with customers include a clause of maintenance of log sheets for working hours. The log sheets needs to be signed by authorized personnel of customer. The Company submits invoice along with the detailed log sheets and customer makes payment after necessary verification. As per work orders entered with customers, performance obligations for Company is to provide the crane services and once log sheets are signed by both the parties it denotes that performance obligations is completed and Company is eligible to receive the payment as agreed. At this stage an enforceable claim becomes due and no services are incomplete.

The contract is a fixed price contract and do not contain any financing component. The payment is generally due within 30-60 days. There are no other significant obligations attached in the contract with customer.

d) Determining the transaction price and the amounts allocated to performance obligations

Revenue recognised in the statement of profit and loss with the contracted price does not have any adjustments made to the contract price.

39 Segment Information

The company is primarily engaged in the business of providing cranes on rental basis. Further all the commercial operations of the company are based in India. Accordingly, there are no separate reportable segments.

40 The gap between the current liabilities and current assets amounting to Rs. 4,171.36 Lakhs is mainly on account of current maturities of long term debt. The Company is actively engaged in one time settlement with remaining 1 lender through monetizing some of its fixed assets, recovery of dues from its clients and improving EBIDTA. The Company has got “No-Dues” Certificates from majority of its Lenders and is on the road to becoming a debt free company.

41 The balances in Trade Receivable, Trade Payable, Advances and certain Bank balances are subject to reconciliation/ confirmation and adjustment, if any. In the opinion of the management there will be no material adjustment and if any, will be carried out as and when ascertained.

42 The company has elected to carry its Property Plant and Equipment (PPE) at previous GAAP carrying value as its deemed cost on the date of transition to Ind AS and thereon continued to compute depreciation as required under Companies Act, 2013. No impairment on non-operative PPE due to corrosion and being stationed unused at remote locations have been considered.

43 ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iii) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(iv) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act,1961 (such as search or survey), that has not been recorded in the books of account.

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

(vi) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

c) Trade Receivables Turnover Ratio changed due to increase in credit sales during the year.

d) Trade Payables Turnover Ration has decreased on account of reduce in Crane Hiring Expenses

e) Net Capital Turnover Ratio is increased primarily due to increase in Net Sales

f) Net Profit Ratio is decreased on account of income earned in the previous year on One Time Settlement(OTS) reported in Exceptional items

g) Return on Capital Employed ratio has changed because of income earned on One Time Settlement(OTS) reported in Exceptional items previous year

h) Return on investment ratio has changed due to One Time Settlement(OTS) reported in Exceptional items previous year

* Inventory Turnover Ratio is not applicable because the company is service provider.

45 Relationship with Struck off Companies

Company does not have any transaction and outstanding balance with Struck off companies

46 Micro, Small And Medium Enterprises

To the extent, the Company has received intimation from the “suppliers” regarding their status under the Micro,

Small and Medium Enterprises Development Act, 2006, the details are provided as under:

47 The figures for the corresponding previous periods have been regrouped/reclassified wherever necessary, to make them comparable.

As per our report of even date

For Gupta Rustagi & Co. For and on behalf of the Board of Directors

Chartered Accountants Starlog Enterprises Limited

ICAI F.R.N.: 128701W

Niraj Gupta Saket Agarwal Edwina D’Souza

Partner Director Director

ICAI M.N.: 100808 DIN: 00162608 DIN: 09532802

UDIN # 24100808BKDHXN9621

Place: Mumbai Date: 30^th May 2024

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Mar 31, 2016

b) Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

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

1. Segment Reporting

As the Company is operating only in one business segment i.e. operation of cranes, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants is not applicable.

2. As regards compliance by the Company with certain requirements of the Companies Act, 2013, the accounts have not been authenticated by a whole-time company secretary as required under Section 134 of the Act, as no whole-time company secretary as required under section 203 of the Act was appointed by the Company, there is inadequate representation of Independent directors on the Board of the Company and Internal auditors were not appointed under section 138 of the Act. Management of the Company believes that the penalties, if any, on account of the above stated non-compliances are not expected to be material and the same are currently not determinable. Hence, no provision for any consequential liability have been made in accounts.,

3. Related Party Disclosures a Related parties

Description of relationship_

Name of party_

Subsidiary Companies	ABG Project and Services Limited - UK Starport Logistics Limited (formerly known as ABG Ports Limited) Starlift Services Private Limited (formerly known as ABG Kolkata Container Terminal Private Limited) ABG Turnkey Private Limited India Ports & Logistics Private Limited Dakshin Bharat Gateway Terminal Private Limited Kandla Container Terminal Private Limited West Quay Multiport Private Limited
b Key Managerial personnel (KMP)	Mr. Saket Agarwal, Managing Director
c Jointly Controlled Entities	ALBA Asia Private Limited ALBA Ennore Private Limited ALBA Marine Private Limited Haldia Bulk Terminals Private Limited Tuticorin Coal Terminal Private Limited Vizag Agriport Private Limited

d Enterprises over which Key Managerial Personnel can exercise significant influence

Agbros Leasing and Finance Private Limited ABG Power Private Limited Aspen Material Handling Private Limited Indami Investment Private Limited Oblique Trading Private Limited Tagus Engineering Private Limited

Tusker Cranes Private Limited (formerly known as ABG Cranes Private Limited) e Associate Company

South West Port Limited

As per management, whilst the Company(Starlog Enterprises Limited) has had transactions with ABG Cement Limited, PFS Shipping (India) Limited and Tirupati Landmark Private Limited (collectively referred to as "Enterprises"), none of the Key Managerial Personnel of the Company can exercise significant influence over these "Enterprises" and the relatives of the Key Managerial Personnel of the Company who are able to exercise significant influence over these "Enterprises" are not able to exercise significant influence over the Company.

However, as and by way of abundant caution, the transactions between the Company and the above mentioned "Enterprises" have been included below.

e Significant Transactions with Related Parties

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:

4. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below :-

(a) Defined Contribution Plans viz Provident Fund

Eligible employees receive benefits from a provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee''s salary.

(b) Post Employment defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

5. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006

As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.

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

6. Previous year comparatives

Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

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Mar 31, 2015

1. Corporate information

ABG Infralogistics Limited ("the Company") was incorporated on 15-12-1983. The Company is operating in Port & Infrastructure facilities, Charter Hire & Operation of Heavy Duty Cranes, Engineering & Erection activities.

2 The company has plans to mitigate the gap between the current assets and current liabilities, amounting to Rs. 33,85,50,452/-, which is mainly on account of current maturities of long term debt, by raising long term resources including monetizing some of its Fixed Assets.

3. Segment Reporting

As the Company is operating only in one business segment i.e. operation of cranes, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants is not applicable.

4. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below :-

(a) Defined Contribution Plans viz Providend Fund

Eligible employees receive benefits from a provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee's salary.

(b) Post Employment defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

The principal assumptions used in determining gratuity and post-employment medical benefit obligations for the Company's plans are shown below:

5. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006

As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.

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

6. Previous year comparatives

Previous year's figures have been regrouped where necessary to conform to this year's classification.

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Mar 31, 2014

1. Corporate information

ABG Infralogistics Limited ("the Company") was incorporated on 15-12-1983. The Company is operating in Port & Infrastructure facilities, Charter Hire & Operation of Heavy Duty Cranes, Engineering & Erection activities.

a) Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be excercised in respect of shares on which any call or other sums presently payable have not been paid.

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

* (All the above loans are secured by hypothecation of plant and Machinery financed there-against and part of the receivables under specific charter hire agreements.)

* (Rates of interest are generally variable and linked to base rates of respective banks. Rates given above are generally those prevailing at the end of the year.)

2. Contingent liabilities not provided for:

Particulars March 31, 2014 March 31, 2013

a Guarantees given by banks on behalf of the Company 18,87,53,323 22,91,27,420

b No provision has been made for Sales Tax / Maharashtra Value Added Tax demands which have been disputed by the Company 87,99,03,292 6,96,00,000 (Includes Rs. 60,57,79,847 for which the Company have obtained a stay from the High Court of Mumbai until the disposal of the appeal)

c No provision has been made in respect of income tax demands 2,78,00,000 2,78,00,000 which are pending in appeals (fully paid)

d Corporate Guarantee on behalf of Kandla Container Terminal 39,25,23,733 39,25,23,733 Private Limited (formerly ABG Kandla Container Terminal Limited) to a Bank for Term Loan

e Corporate Guarantee on behalf of ABG Ports Limited to a Bank 2,00,00,000 4,00,00,000 for Term Loan (to the extent of loan outstanding)

c Enterprises over which Key Managerial Personnel are able to exercise significant influence

Agbros Leasing and Finance Private Limited Aspen Material Handling Private Limited ABG Power Private Limited Indami Investment Private Limited Oblique Trading Private Limited South West Port Limited Tusker Cranes Private Limited (formerly known as ABG Cranes Private Limited) Tagus Engineering Private Limited

As per management, whilst the Company (ABG Infralogistics Limited) has had transactions with ABG Cement Limited, ABG Shipyard Limited (having NIL transaction during the year), PFS Shipping (India) Limited (having NIL transaction during the year), and Tirupati Landmark Private Limited (collectively referred to as "Enterprises"), none of the Key Managerial Personnel of the Company can exercise significant influence over these "Enterprises" and the relatives of the Key Managerial Personnel of the Company who are able to exercise significant influence over these "Enterprises" are not able to exercise significant infuluence over the Company.

However, as and by way of abundant caution, the transactions between the Company and the above mentioned "Enterprises" have been included below.

3. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below

(a) Defined Contribution Plans viz Provident Fund

Eligible employees receive benefits from a Provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee''s salary.

(b) post Employment defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

4. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006

As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.

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

5. previous year comparatives

Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

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Mar 31, 2013

1. Corporate information

ABG Infralogistics Limited ("the Company") was incorporated on 15-12-1983. The Company is operating in Port & Infrastructure facilities, Charter Hire & Operation of Heavy Duty Cranes, Engineering & Erection activities.

2. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below :-

(a) Defined Contribution Plans viz Provident Fund

Eligible employees receive benefits from a provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee''s salary.

(b) Post Employment defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

The principal assumptions used in determining gratuity and post-employment medical benefit obligations for the Company''s plans are shown below:

Mortality table L.I.C. (1994-96) ULTIMATE

Rate of interest 8% per annum

Salary growth 6% per annum

Expected Rate of Return 8.73% per annum

Withdrawal rates 1% per annum

Retirement age 60 years

3. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006

As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.

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

4. Previous year comparatives

Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

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Mar 31, 2012

1. Corporate information

ABG Infralogistics Limited is operating in Port & Infrastructure facilities, Charter Hire & Operation of Heavy Duty Cranes, Engineering & Erection activities.

(All the above loans are secured by hypothecation of Plant and Machinery financed there-against and part of the receivables under specific charter hire agreements.)

(Rates of interest are generally variable and linked to base rates of respective banks. Rates given above are generally those prevailing at the end of the year.)

2. As per Accounting standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting standard are given below :-

(a) Defined Contribution Plans viz Provident Fund

Eligible employees receive benefits from a provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund plan equal to a specified percentage of the covered employee's salary.

(b) Post Employment defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

The principal assumptions used in determining gratuity and post-employment medical benefit obligations for the Company's plans are shown below:

Mortality table L.I.C. (1994-96) ULTIMATE

Rate of interest 8% per annum

Salary growth 6% per annum

Expected Rate of Return 8% per annum

Withdrawal rates 1% per annum

Retirement age 60 years

3. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006

As determined by management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "Micro, Small, Medium Enterprises Development Act 2006" to whom the company owes dues on account of principal amount together with Interest and accordingly no additional disclosures have been made.

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

4. Previous year comparatives

Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification.

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Mar 31, 2011

1. CONTINGENT LIABILITIES (Not provided for)

(i) Outstanding Bank guarantees as on 31.03.2011:Rs. 17.55 crores (Previous year:Rs. 37.09 crores)

(ii) Corporate Guarantees of Rs. Nil (Previous year Rs. 132 crores) given against Bank Credit/guarantee facilities availed by ABG Haldia Bulk Terminals Pvt. Ltd., a subsidiary Company, as on 31.3.2011.

(iii) No provision has been made in respect of income tax demands amounting to Rs. 2.78 Crore (Previous year: Rs. 2.78 crores) which are pending in appeals.

(iv) No provision has been made for sales tax demands of ? 6.96 crores (Previous Year: Rs. 6.96 crores) which have been disputed by the Company.

2. As per Accounting Standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting Standard are given below:

i) Defined Contribution plans viz Provident Fund

Eligible employees receive benefits from a Provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund Plan equal to a specified percentage of the covered employee's salary.

3. As the Company does not have distinguishable business segments i.e. Charter hire and operation of cranes, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment reporting issued by the Institute of Chartered Accountants is not applicable.

4. As determined by the Management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the "MICRO, SMALL, MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006", to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

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

This has been relied upon by the Auditors.

5. a) Loans and Advances include Rs. 3,93,81,194/- due from Subsidiary Companies (Previous year: Rs. 3,93,81,194/-)

b) Loans and advances (Security Deposits) include Rs. 2,30,31,600/- (Previous year: Rs. 2,30,31,600/-) due from ABG Power Pvt. Ltd., a Company under the same management.

c) Loans and advances (Security Deposits) include Rs. 7,50,00,000/- due from ABG Cranes Pvt. Ltd., a Company under the same management. (Previous year: Rs. 7,50,00,000) Maximum amount outstanding at any time during the year Rs. 7,50,00,000/- (Previous year: Rs. 7,50,00,000).

d) Loans and advances include ? 30,78,292 /- (Previous year Rs. 26,30,638/-) due from Managing Director of the company. Maximum amount outstanding in any time during the year Rs. 30,78,292/-(Previous year Rs. 26,30,638/-).

e) Advance from customers include Rs. 4,06,80,397/- (Previous year Rs. 10,58,00,000/-) due to ABG Ports Pvt. Ltd., a subsidiary company.

6. Balance of debtors and creditors are subject to confirmation. However, in the opinion of the Board, Current Assets, Loans and Advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

7. i) Intereston Fixed loans/credits: Rs. 35,14,29,369/- (Previous Year: Rs. 39,34,91,582/-) ii) Interest capitalized on Fixed Assets Rs. NIL (Previous year: Rs. 1,07,69,137/-)

8. Company has been mainly carrying on the business of charter hire and operation of heavy-duty cranes. The information required to be furnished under paras 3, 4C, 4D of Part II of Schedule VI of the Companies Act, 1956 has been given only to the extent applicable to the business of the Company.

9. Disclosure in respect of Related Parties pursuant to Accounting Standard 18:

a) List of Related Parties

(i) Parties where control exists - Subsidiary Companies

ABG Projects & Service Limited- UK

ABG Kolkata Container Terminal Private Limited

ABG Kandla Container Terminal Limited

ABG Ports Private Limited

ABG LDA Bulk Handling Private Limited

ABG Haldia Bulk Terminals Private Limited

ABG Container Handling Private Limited

ABG Coastal Private Limited

ABG LDA- Marine Private Limited

West Quay Multiport Private Limited

Tuticorin Coal Terminal Private Limited

(ii) Other Parties (Companies over which Directors / relatives are able to exercise significant influence) with whom the company has entered into transaction during the year

ABG Shipyard Limited

PFS Shipping (India) Limited B.F. Engineering Limited

Agbros Leasing and Finance Pvt. Limited

Oblique Trading Private Limited

South West Port Limited

ABG Power Private Limited

ABG Cranes Private Limited

ABG Cement Limited

Tagus Engineering Private Limited

Aspen Material Handling Private Limited

(iii) Key Management Person

Mr. Saket Agarwal, Managing Director

17. Balance Sheet Abstract and Company's General Business Profile.

V. Generic Names Principal Product

Not applicable since company is engaged in the charter hire and operation of heavy duty cranes

10. Previous year's figures have been regrouped, wherever necessary to conform to the current year's presentation.

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Mar 31, 2010

1. CONTINGENT LIABILITIES (Not provided for)

(i) Outstanding Bank guarantees as on 31.03.2010 : Rs. 37.09 Crore (Previous year: Rs. 27.07 Crores) including guarantee of Rs. 4 Crore given on behalf of ABG Haldia Bulk Terminals Private Limited, a subsidiary Company.

(ii) Corporate Guarantees of Rs 132 Crores given against Bank Credit/guarantee facilities of Rs 103.18 Crores availed by ABG LDA Bulk Terminals Pvt. Ltd., a subsidiary Company, as on 31.3.2010.

(iii) No provision has been made in respect of income tax demands amounting to Rs. 2.78 Crore (Previous year: Rs. 2.78 Crores) which are pending in appeals.

(iv) No provision has been made for Income tax demands of Rs. 4.51 Crores (previous year :Rs. 4.51 Crores), which have been dismissed by Commissioner of Income Tax (Appeals) and department has preferred appeals before Income Tax Appellate Tribunal.

(v) No provision has been made for sales tax demands of Rs. 6.96 Crores (Previous Year :Rs. 6.96 Crores) which have been disputed by the Company.

2. During previous year, the Company opted for accounting the exchange differences in accordance with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard-11 which allow foreign exchange differences on long - term monetary items to be capitalized to the extent they relate to acquisition of capital assets, retrospectively from April 1, 2007. Accordingly net exchange translation losses of Rs 956.48 Lacs were added to the cost of Capital assets. This amount included Rs 227.69 Lacs pertaining to the year ended 31st March, 2008 which was credited to General Reserve during the previous year.

3. As per Accounting Standard 15 "Employee Benefits", the disclosure of Employee benefits as defined in the Accounting Standard are given below :

i) Defined Contribution plans viz Provident Fund

Eligible employees receive benefits from a Provident Fund which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund Plan equal to a specified percentage of the covered employee’s salary.

4. As the Company does not have distinguishable business segments, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

5. As determined by the Management and relied upon by Auditors, there are no Micro, Small and Medium Enterprises as defined in the “MICRO, SMALL, MEDIUM ENTERPRISES DEVLOPMENT ACT, 2006”, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

6. a) Loans and Advances include Rs. 39,381,194/- due from Subsidiary Companies (Previous year : Rs. 72,508,787/-).

b) Loans and advances (Security Deposits) include Rs. 23,031,600/- due from ABG Power Pvt. Ltd., a Company under the same management. (Previous year: Rs. 38,000,000/-). Maximum amount outstanding at any time during the year Rs. 38,000,000/- (Previous year: Rs. 38,000,000/-).

c) Loans and advances (Security Deposits) include Rs. 75,000,000/- due from ABG Cranes Pvt. Ltd.,a Company under the same management. (Previous year: Rs. 75,000,000) Maximum amount outstanding at any time during the year Rs. 75,000,000/- (Previous year: Rs. 75,000,000).

d) Loans and advances include Rs. 2,630,638/- (Previous year Rs. 845,155/-) due from Managing Director of the company maximum amount outstanding in any time during the year Rs. 2,630,638/- (Previous year Rs. 845,155/-).

7. Balance of debtors and creditors are subject to confirmation. However, in the opinion of the Board, Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

8. i) Interest on Fixed Loans / Credits: Rs. 393,491,582/- (Previous Year: Rs. 359,583,630/-). ii) Interest capitalised on Fixed Assets Rs. 10,769,137/- (Previous year: Rs. 39,398,713/-).

9. Company has been mainly carrying on the business of charter hire and operation of heavy-duty cranes. The information required to be furnished under paras 3, 4C, 4D of Part II of Schedule VI of the Companies Act, 1956 has been given only to the extent applicable to the business of the Company.

10. Disclosure in respect of Related Parties pursuant to Accounting Standard 18:

a) List of Related Parties

(i) Parties where control exists - Subsidiary Companies

ABG Projects & Service Limited- UK

ABG Kolkata Container Terminal Private Limited

ABG Kandla Container Terminal Limited

ABG Ports Private Limited

ABG LDA Bulk Handling Private Limited

ABG Haldia Bulk Terminals Pvt. Limited

ABG Container Handling Pvt. Ltd.

ABG Coastal Pvt. Ltd.

ABG LDA- Marine Pvt. Limited

(ii) Other Parties (Companies over which Directors / relatives are able to exercise significant influence) with whom the company has entered into transaction during the year

ABG Shipyard Limited

PFS Shipping (India) Limited

B. F. Engineering Limited

Agbros Leasing and Finance Pvt. Limited

Oblique Trading Private Limited

South West Port Limited

ABG Power Private Limited

ABG Cranes Private Limited

ABG Cement Limited

Tagus Engineering Private Limited

Aspen Material Handling Private Limited

(iii) Key Management Person

Mr. Saket , Managing Director

11. Previous years figures have been regrouped, wherever necessary to conform to the current years presentation.