Notes to Accounts of Tarmat Ltd.

Mar 31, 2024

Note 32 : Segment information

a) Primary Segment

The Business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction

b) Secondary Segment

The company oprates in India and hence there are no geographical Segments.

Note 33 (A) - 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 the 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) There is no income surrendered or disclosed as income during the year in tax assessment under the Income Tax Act, 1961 (such assearch or survey) that has not been recorded in the books of account.

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

(v) The Company does not have any pending charges which is yet to be registered with the Registrar of Companines beyond the statutory period .

(vi) The company has complied with the number of layers prescribed under (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules,2017

(vii) The Company has not advanced or loaned or invested fund (either borrowed funds or share premium or any other sources or kind of funds) to any other persons or entityies, 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 Parent Company (Ultimate Beneficiaries) or

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

(viii) The Company has not received any fund from any persons or entity(ies), inculding foreign entities (Funding Party) with the understanding (Whether recorded in writing or otherwise) the 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) Provie any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ix) The Company does not have any transactions with Companies struck off.

Note 35

Previous years figures have been regrouped whenever necessary to confirm to the current year presentation.

Note 36

All Figures are in lakhs unless otherwise stated Note 37

There were no Significant events after end of the reporting period which required any adjustment on the disclosure in the finanacial statement subsequent to the reporting period.

Note 38 Exceptional Item

The company has paid during the current finanacial year Rs 261.37 against vat payment

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Mar 31, 2023

3.15. Provision and Contingencies

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of
past event; it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to
a provision is presented in the Statement of Profit and Loss.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised as a finance cost.

If the Company has a contract that is onerous, the present obligation under the contract is recognised and
measured as a provision However, before a separate provision for an onerous contract is established, the
Company recognises any impairment loss that has occurred on assets dedicated to that contract.

An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Company
cannot avoid because it has the contract) of meeting the obligations under the contract exceed the
economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least
net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or
penalties arising from failure to fulfil it.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. The Company does not recognize a contingent liability but
discloses its existence in the Standalone Financial Statements.

3.16. Cash and Cash Equivalants

Cash and cash equivalent for the purpose of presentation in cash flow statement and in the balance sheet
comprise cash at banks and on hand and short-term deposits with an original maturity of three months
or less that are readily convertible to known amounts of cash, which are subject to an insignificant risk of
changes in value

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.

A Financial Assets

1. Intial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the
financial asset.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair
value through profit or loss, irrespective of the business model

The Company’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result
from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified
and measured at amortised cost are held within a business model with the objective to hold financial
assets in order to collect contractual cash flows while financial assets classified and measured
at fair value through OCI are held within a business model with the objective of both holding to
collect contractual cash flows and selling.

Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e.,
the date that the Company commits to purchase or sell the asset.

ii Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified in below categories:

Debt instruments at amortised cost

Equity instruments measured at fair value through other comprehensive income (FVTOCI)

Financial assets at fair value through profit or loss.

Debt instruments at amortised cost other than derivative contracts

A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:

The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and

Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is included in Other Income in the Statement of Profit and Loss. The losses
arising from impairment are recognised in the Statement of Profit and Loss. This category generally
applies to trade and other receivables.

Equity Investments

All equity investments in scope of Ind-AS 109 are measured at fair value other than equity investments
measured at deemed cost on first time adoption of Ind AS. Equity instruments which are held for trading
are classified as at FVTPL. For all other equity instruments, the Company decides to classify the same
either as at FVTOCI or Fair Value Through Profit or Loss (FVTPL). The Company makes such election
on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from
OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer
the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the Statement of Profit and Loss

iii Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company’s similar
financial assets) is primarily derecognised when:

The rights to receive cash flows from the asset have expired, or

The Company has transferred substantially all the risks and rewards of the asset

iv Impairment of financial assets

In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on the following financial assets and credit risk
exposure:

Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt
securities, deposits, trade receivables and bank balance.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade
receivables.

The application of simplified approach does not require the Company to track changes in credit risk.

Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right
from its initial recognition.

Lifetime ECL are the expected credit losses resulting from all possible default events over

the expected life of a financial instrument. ECL is the difference between all contractual cash

flows that are due to the Company in accordance with the contract and all the cash flows
that the entity expects to receive, discounted at the original EIR. When estimating the cash
flows, an entity is required to consider:

a. All contractual terms of the financial instrument (including prepayment, extension, call and similar
options) over the expected life of the financial instrument. However, in rare cases when the
expected life of the financial instrument cannot be estimated reliably, then the entity is required to
use the remaining contractual term of the financial instrument

b. Cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance
on portfolio of its trade receivables. The provision matrix is based on its historically observed default

rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At

every reporting date, the historical observed default rates are updated and changes in the forward¬
looking estimates are analysed.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/
expense in the Statement of Profit and Loss (SPL). This amount is reflected under the head ‘other
expenses’ in the SPL. The balance sheet presentation for various financial instruments is described
below:

Financial assets measured at amortised cost: ECL is presented as an allowance, i.e., as an integral part
of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount.
Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross
carrying amount

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on
the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to
enable significant increases in credit risk to be identified on a timely basis.

i) Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowing or payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables, loans and borrowings including
bank overdrafts and financial guarantee contracts

ii) Subsequent Measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include derivatives, financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Company that
are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated
embedded derivatives are also classified as held for trading unless they are designated as effective hedging
instruments.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated
as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses attributable to changes in own credit risks are recognized in
OCI. These gains/ losses are not subsequently transferred to SPL. However, the Company may transfer the
cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the
Statement of Profit and Loss

3.18. Trade Payable

Trade payables represent liabilities for goods and services provided to the Company prior to the end
of financial year which are unpaid. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting period.

De-Recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Reclassification of Financial Assets and Liabilities:

The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a
change in the business model for managing those assets. Changes to the business model are expected
to be infrequent. The Company’s senior management determines change in the business model as a
result of external or internal changes which are significant to the Company’s operations. Such changes are
evident to external parties. A change in the business model occurs when the Company either begins or
ceases to perform an activity that is significant to its operations If the Company reclassifies financial
assets, it applies the reclassification prospectively from the reclassification date which is the first day of the
immediately next reporting period following the change in business model. The Company does not restate
any previously recognised gains, losses (including impairment gains or losses) or interest.

Financial assets and financial liabilities are off-set and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously. The legally enforceable
right must not be contingent on future events and must be enforceable in the normal course of business and
in the event of default, insolvency or bankruptcy of the Company or the counterparty.

New and ameded standards

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standard) Amendment Rules
2022 dated March 23, 2022, to amend the following Ind AS which are effective from April 01,2022.

(a) Amendments to Ind AS 37: Onerous Contracts - Costs of Fulfilling a Contract

An onerous contract is a contract under which the unavoidable cost of meeting the obligations under
the contract costs (i.e., the costs that the Company cannot avoid because it has the contract) exceed
the economic benefits expected to be received under it.

The amendments specify that when assessing whether a contract is onerous or loss-making, an entity
needs to include costs that relate directly to a contract to provide goods or services including both
incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly
related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of
contract management and supervision). General and administrative costs do not relate directly to
a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract

The Company applied the amendments to the contracts for which it had not fulfilled all of its obligations
at the beginning of the reporting period.

Prior to the application of the amendments, the Company had not identified any contracts as being
onerous as the unavoidable costs under the contracts, which were the costs of fulfilling them,
comprised only incremental costs directly related to the contracts. As a result of the amendments,
the Company assessed whether certain other directly related costs are required to be included by the
Company in determining the costs of fulfilling the contracts. These amendments had no impact on the
Standalone financial statements of the Company as there were no onerous contracts within the scope
of these amendments that arose during the period

(b) Reference to the Conceptual Framework - Amendments to Ind AS 103

The amendments replaced the reference to the ICAI’s “Framework for the Preparation and Presentation
of Financial Statements under Indian Accounting Standards” with the reference to the “Conceptual
Framework for Financial Reporting under Indian Accounting Standard” without significantly changing its
requirements

The amendments also added an exception to the recognition principle of Ind AS 103 Business
Combinations to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent
liabilities that would be within the scope of Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets or Appendix C, Levies, of Ind AS 37, if incurred separately. The exception requires entities
to apply the criteria in Ind AS 37 or Appendix C, Levies, of Ind AS 37, respectively, instead of the
Conceptual Framework, to determine whether a present obligation exists at the acquisition date.

The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify
for recognition at the acquisition date.

In accordance with the transitional provisions, the Company applies the amendments prospectively, i.e.,
to business combinations occurring after the beginning of the annual reporting period in which it first
applies the amendments (the date of initial application).

These amendments had no impact on the Standalone financial statements of the Company as there
were no contingentassets, liabilities or contingent liabilities within the scope of these amendments that
arose during the period

(c) Amendments to Ind AS 16: Property, Plant and Equipment: Proceeds before Intended Use

The amendments modified paragraph 17(e) of Ind AS 16 to clarify that excess of net sale proceeds
of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but
deducted from the directly attributable costs considered as part of cost of an item of property, plant, and
equipment.

The amendments are effective for annual reporting periods beginning on or after 1st April, 2022. These
amendments had no impact on the standalone financial statements of the Company as there were no
sales of such items produced by property, plant and equipment made available for use on or after the
beginning of the earliest period presented.

(d) Ind AS 109 Financial Instruments - Fees in the ‘10 per cent’ test for derecognition of financial
liabilities

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or
modified financial liability are substantially different from the terms of the original financial liability. These
fees include only those paid or received between the borrower and the lender, including fees paid or
received by either the borrower or lender on the other’s behalf.

These amendments had no material impact on the Standalone Financial Statements of the Company.

Note 33 (A) - 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 againstthe Company for holding benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the 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) There is no income surrendered or disclosed as income during the year in tax assessments under the Income
Tax Act, 1961 (such assearch or survey) that has not been recorded in the books of account.

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

(v) The Company does not have any pending charges which is yet to be registered with the Registrar of Companies
beyond the statutoryperiod.

(vi) The Company has complied with the number of layers prescribed under (87) of section 2 of the Companies Act,
2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

(vii) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of 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 Parent Company (Ultimate Beneficiaries) or

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

(viii) The Company has 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.

(ix) The Company does not have any transactions with companies struck off.

Note 34

Previous year’s figures have been regrouped whenever necessary to confirm to the current year presentation.

Note 35

All figures are in lakhs unless otherwise stated
Note 36

There where non-Significant events after end of the reporting period which required any adjustment on the disclosure
in the financial statement subsequent to the reporting period.

Note 37 Exceptional Item

The company has during the current financial year received an arbritation award of Rs 251.86 lakh. The award was
on account of refund of amount paid on invocation of bank gurantee in FY 2012-13 which was treated as an expense
in the financial statements of FY 2012-13.

As per our report of even date

For HEGDE & ASSOCIATES For and on behalf of the Board of Directors of TARMAT LTD

Chartered Accountants
(Registration No. 103610W)

Sd/- Sd/- Sd/- Sd/-

MANOJ SHETTY AMIT SHAH REGINA M SINHA S. CHAKRABORTY

(PARTNER) Executive Director Director Company Secretary / CFO

Membership No.138593 Din No. 08467309 Din No. 08488285

Place: Mumbai
Date: 30.05.2023

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Mar 31, 2018

1. Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 109607070, of which 60.328% is held by the promoters.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS -

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Coporate Affairs pursuant to Section 133 of the Companies Act, 2013 and the Companies (Indian Accounting Standards) Rules, 2015, as applicable.

The financial statements for the year ended 31st March, 2018 are the first financial statements prepared by the Company under Ind AS. For all periods upto and including the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India immediately before adopting Ind As. The financial statements for the year ended 31st March, 2017 and the opening Balance Sheet as at 1st April, 2016 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Company’s balance sheet, statement of profit and loss and statement of cash flows are provided in note 1.3 d.

The financial statement have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS. All asset and liabilities have been classified as current or non current as per the Company’s normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. The Company considers 12 month as normal operating cycle.

The Company’s financial statements are reported in Indian Rupees, which is also the company’s functional currency and all values are rounded to the nearest lakh except otherwise indicated.

a. Terms / Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each Holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

c. Shares held by holding /ultimate holding company

Tarmat Ltd has no holding company. Hence the number of shares held by Holding/ultimate company is NIL

d. Details of shareholders holding more than 5% shares in the company

3.1 Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

3.2 Details of Securities and Terms of Repayment Secured (Term Loans)

Srei Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8, 2011 (for disbursement of Rs.72lacs), on August 15, 2011 (for disbursement of Rs.28lacs), on October 15, 2011 (for disbursement of Rs.250lacs), on December 5, 2011 for disbursement of Rs.60lacs) on March 15, 2012 (for disbursement of Rs.20.68lacs and on March 15, 2012 (for disbursement of Rs.40lacs)

The Company has paid the dues during the year and the account is settled and cleared.

Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

1. Cash Credit Limits - Note 8 (A) (a)

A) Vijaya Bank

Secured by way of: First charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

Default

However the Company has arrived at a settlement with Vijaya Bank and has started the payment as per as per the terms and conditions as agreed upon by the Company with Vijaya Bank.

The company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amount unpaid as at year end together with interest paid/payable under this act has not been given.

Note No. 4 Related Party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below:

For the year ended 31st March 2018

a) List of related parties with whom the company entered into transactions -

Note No. 5 Segment information -

1) Segment information

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

Note No.6 Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 “Impairment of Assets” issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

3) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

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Mar 31, 2016

b. Terms / Rights attached to equity shares

The company has only one class of equity shares having a par value of '' 10 per share. Each Holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

c. Shares held by holding /ultimate holding company

Tarmat Ltd has no holding company. Hence the number of shares held by Holding/ultimate Company is NIL

1. Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

2 Details of Securities and Terms of Repayment Secured (Term Loans)

a) SREI Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8, 2011 (for disbursement of Rs.72lacs), on August 15, 2011 (for disbursement of Rs.28 lacs), on October 15, 2011 (for disbursement of Rs.250 lacs), on December 5, 2011 for disbursement of Rs.60 lacs) on March 15, 2012 (for disbursement of Rs.20.68 lacs and on March 15, 2012 (for disbursement of Rs. 40 lacs).

The company has defaulted in repayment of installments and the loan amount is overdue. The loan account has been declared as NPA by the Financial Institution.

b) Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese”

The company has defaulted in repayment of installments and the loan amount is overdue. The loan account has been declared as NPA by the Bank.

1. Cash Credit limits - Note 8(A)(a)

A) Vijaya Bank

Secured by way of first charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company

Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

Default

The company has defaulted in the repayment of principle and interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as “Non Performing Asset” and has served a SARFESAI notice on the company and has initiated recovery proceeding against the company.

The company has also defaulted in the repayment of principle and interest due to Kotak Mahindra Bank Ltd. The bank has classified the account as Non Performing Asset.

Note on SME

The company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amount unpaid as at year end together with interest paid/payable under this act has not been given.

Note on Application money due

The amount relates to share application money received but not refunded as the addressees are not traceable. The amount is kept in a separate bank account pending transfer to Investor Education & Protection fund when due.

Note No. 3 Extra Ordinary Item

There are no extra ordinary items during the current year.

Note No. 4 Related Party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below:

For the year ended 31st March 2016

Note No. 5 Segment information -

6) Segment information -

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

7) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

8) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

Note No.9 Additional Comments

10) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 “Impairment of Assets” issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

11) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

12) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

13) The previous year’s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

---

Mar 31, 2015

1. Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96Cr, of which 63% is held by the promoters.

2. Terms / Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each Holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

3. Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

4. Details of Securities and Terms of Repayment

Secured (Term Loans)

SREI Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8,2011 (for disbursement of Rs.72lacs), on August 15,2011 (for disbursement of Rs.28lacs), on October 15,2011 (for disbursement of Rs. 250lacs), on December 5,2011 for disbursement of Rs.60lacs) on March 15, 2012 (for disbursement of Rs.20.68lacs and on March 15, 2012 (for disbursement of Rs.40lacs)

Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

A) Vijaya Bank

Secured by way of: First charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

Default

The company has defaulted in the repayment of interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as "Non Performing Asset" during the current financial year and has served a SARFESAI notice on the company against which the company has preferred an appeal.

5. Extra Ordinary Item

There are no extra ordinary items during the current year.

6. Contingent Liabilities

(Rs. in lacs)

Particulars 2014-2015 2013-2014

Bank Guarantee 2015.16 3628.77

Property Tax 45.82 55.71

Total 2060.98 3684.48

7. Related Party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below:

For the year ended 31 st March 2015

a) List of related parties with whom the company entered into transactions-

S.No. Name of Related Party Nature of Relationship

A) Key Management personnel and their relatives - ;

J Mr. Jerry Varghese Managing Director

2 Mrs. Saramma Varghese Executive Director

3 Mr. Dilip Varghese Executive Director

B)Enterprise owned/controlled by key management personnel or their relatives -

J M/s Tarmat Construction Pvt. Ltd. Company controlled by Mr. Jerry Varghese

2 M/s Tarmat Holding Pvt. Ltd. Company controlled by Mr. Jerry Varghese

3 M/s Tarmat Quarries Pvt. Ltd. Company controlled by Mr. Jerry Varghese

4 M/s Tarmat Motels Pvt. Ltd. Company controlled by Mr. Jerry Varghese

b) Nature of Transactions -

Nature of Transaction Amount Nature of Relationship

Managerial Remuneration Rs. 50.45 lacs Key Management personnel

Directors sitting fees Rs. 0.62 lacs Non Executive Directors

Professional charges Rs. 3.75 lacs Independent Director

8. Segment information-

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

9. Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

3) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

4) The previous year's figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

---

Mar 31, 2014

Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96Cr, of which 63% is held by the promoters.

1. SHARE CAPITAL

a. Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each Holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

b. Shares held by holding/ultimate holding company

Tarmat Ltd has no holding company. Hence the number of shares held by Holding/ultimate company is NIL

2. Additional Information to Secured Long Term Borrowings

a. The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

b. Details of Securities and Terms of Repayment

Secured (Term Loans)

SREI Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8, 2011 (for disbursement of Rs.72lacs), on August 15, 2011 (for disbursement of Rs.28lacs), on October 15, 2011 (for disbursement of Rs. 250lacs), on December 5, 2011 for disbursement of Rs.60lacs) on March 15, 2012 (for disbursement of Rs.20.68lacs and on March 15, 2012 (for disbursement of Rs.40lacs).

3. Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese"

4.Unsecured

1. Cash Credit Limits - Note 8 (A) (a)

A) Vijaya Bank

Secured by way of: First charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese

c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

5. Default

The company has defaulted in the repayment of interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as "Non Performing Asset" during the previoust financial year and has served a SARFESAI notice on the company against which the company has preferred an appeal.

The company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amount unpaid as at year end together with interest paid/payable under this act has not been given.

The amount relates to share application money received but not refunded as the addressees are not traceable.The amount is kept in a separate bank account pending transfer to Investor Education & Protection Fund when due.

6. Extra Ordinary Item

There are no extra ordinary items during the current year. During the previous year ended 31st March,2013 the company had provided a sum of Rs. 1044.15 lacs towards performance bank guarantee invoked by client at Chennai. The management is of the opinion that the amount is fraudulently invoked and is contestable and a case has been filed in the Chennai High Court. Since the bank has already made the payment to the client, the company has written off the same as extraordinary items as the recovery of the same is subject to outcome of litigation.

7. CONTINGENT LIABILITIES

Particulars 2013 - 2014 2012 - 2013 Estimated amount of claims against the Company not acknowledged as debts: - -

Bank Guarantee 3628.77 3797.94

Property Tax 55.71 -

Total 3684.48 3797.94

8. Segment information

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

9. Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

3) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

4) The previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

---

Mar 31, 2013

1. Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96 Cr, of which 63% is held by the promoters.

Note No. 2 Extra Ordinary Item

During the year the company has paid a sum of Rs. 1044.15 lacs towards performance bank guarantee invoked by client at Chennai. The management is of the opinion that the amount is fraudulently invoked and is contestable and a case has been filed in the Chennai High Court. Since the bank has already the payment to the client, the Company has written off the same as extra ordinary item, as recovery of the same is subject to out come of litigation.

Note No. 3 : Contingent Liabilities

(Rs. in lacs)

Particulars 2012-2013 2011-2012

Estimated amount of claims against the Company not acknowledged as debts:

Bank Guarantee 3,797.94 6,336.51

Total 3,797.94 6,336.51

Note No. 4

1) Segment information -

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

Note No.5 Joint ventures: AS-27, Para 51 to 54

During the year, the company has written off investments made in Joint venture amounting to Rs. 362.96 Lacs as the amount is no longer recoverable. The total amount of investment in Joint Ventures was Rs. 550.64 Lacs of which Rs. 185.74 lacs was recovered from the venture.

Note No.6 Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. 6412/-)

3) Income tax Search was conducted on the company consequent to which the company declared a sum of Rs. 10 crores as undisclosed income. The company is in the process of filing the return under Block income tax assessment, and contest the same. However, a provision of Rs 7 Crores is made towards the Income tax liability.

4) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

5) The previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

---

Mar 31, 2012

1. Corporate Information :

Roman Tarmat Ltd. (RTL) was established in the year 1986 by Mr. Jerry Varghese. RTL is specialized in the construction of Airfield and National/State Highways all over India. The present works include parking bays for the Airbus A-380 at Bangalore International Airport, Airports at Gulbarga & Shimoga, recarpeting of Main Runway at Agra Airport, four laning project on Napgur-Hyderabad National Highway.

The company had its IPO in 2007 and got listed in BSE/NSE. The present paid up capital of the company is Rs. 10.96Cr, of which 63% is held by the promoters.

Note 2.

SHARE CAPITAL

a. Terms/Rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

b. Shares held by holding/ultimate holding company

Roman Tarmat Ltd. has no holding company. Hence the number of shares held by Holding/ultimate company is NIL

2.1 additional Information to Secured Long term Borrowings

The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

Note no. 1 Related Party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below:

For the year ended 31st march 2012

a) List of related parties with whom the company entered into transactions-

S. Name of Related Party Nature of Relationship No.

A) Key Management personnel and their relatives -

1 Mr. Jerry Varghese Managing Director

2 Mrs. Saramma Varghese Director

3 Mr. Dilip Varghese Director

B) Enterprise owned/controlled by key management personnel or their relatives -

1 M/s Tarmat Construction Pvt. Ltd. Company controlled by Mr. Jerry Varghese

2 M/s Tarmat Holding Pvt. Ltd. Company controlled by Mr. Jerry Varghese

3 M/s Tarmat Quarries Pvt. Ltd. Company controlled by Mr. Jerry Varghese

4 M/s Tarmat Motels Pvt. Ltd. Company controlled by Mr. Jerry Varghese



Note No. 2

1) Segment information -

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

Note No.3 Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 “Impairment of Assets” issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. 6412/- (Previous year debit Rs. 272,101/-)

3) The income tax assessment of the company has been completed up to Asst. year 2009-10.

4) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary. The Balances shown under Investment in Joint Venture are subject to balance confirmation receivable from parties to Joint Venture.

5) The previous year’s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

---

Mar 31, 2010

A) CONTINGENT LIABILITIESS - (Rs. in lacs)

Particulars 2009 - 2010 2008 - 2009

Estimated amount of claims against the Company not 70.78 0 acknowledged as debts: Sales Tax

Bank Guarantee 6011.93 6129.14 Total 6082.71 6129.14

1] Related party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below

For the year ended 31st march 2010

2] Segment information -

a) primary Segment

The business segment has been considered as the primary segment. The Company is engaged in only one reportable segment viz Construction.

b) Secondary Segment

The Company operates in India and hence there are no geographical segments.. 9] Since the principal business of the Company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) On assessment of the impairment of fixed assets of the Company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the Company is of the view that no provision for impairment of fixed assets is required.

4) In accordance with Accounting Standard 11 (revised), the net exchange loss debited to Profit & Loss account is Rs Nil (previous year Rs.1,77,46,911/-)

5) On assessment of the impairment of fixed assets of the Company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the Company is of the view that no provision for impairment of fixed assets is required.

6) The income tax assessment of the Company has been completed up to Asst. Year 2007-08.

7) The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures relating to the amount unpaid as at year end together with interest paid/ payable under this Act have not been given.

8) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary. The Balances shown under Investment in Joint Venture are subject to balance confirmation receivable from parties to Joint Venture.