Notes to Accounts of Valecha Engineering Ltd.

Mar 31, 2025

2.18 Provisions, contingent liabilities and contingent assets
Provisions

A provision is recognised when the Company has a present obligation as result of a past event and it is probable that the outflow of resources
will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates. The assessment of the existence, and potential quantum, of contingencies inherently involves
the exercise of significant judgements and the use of estimates regarding the outcome of future events. Provisions are not discounted to its
present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best estimates.

Contingent liabilities

Contingent Liabilities are not recognized but disclosed in notes forming part of the financial statements.

Contingent Assets

Contingent Assets are disclosed, where an inflow of economic benefits is probable. Contingent assets are neither recognised nor recorded in
financial statements.

2.19 Exceptional Items

When items of income and expense within profit or loss from ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the enterprise for the period, the nature and amount of such material items are disclosed separately as
exceptional items.

2.20 Leases

Leases are accounted as per Ind AS 116 which has become mandatory from April 1,2019.

Assets taken on lease are accounted as right-of-use assets and the corresponding lease liability is accounted at the lease commencement
date.

Initially the right-of-use asset is measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The lease liability is
initially measured at the present value of the lease payments, discounted using the Company''s incremental borrowing rate. It is remeasured
when there is a change in future lease payments arising from a change in an index or a rate, or a change in the estimate of the guaranteed
residual value, or a change in the assessment of purchase, extension or termination option. When the lease liability is remeasured in this way,
a corresponding adjustment is made to the carrying amount of the rightof-use asset, or is recorded in the Statement of Profit and Loss if the
carrying amount of the right-of-use asset has been reduced to zero. The right-of-use asset is measured by applying cost model i.e. right-of-use
asset at cost less accumulated depreciation and cumulative impairment, if any. The right-of-use asset is depreciated using the straight-line
method from the commencement date to the end of the lease term or useful life of the underlying asset whichever is earlier. Carrying amount
of lease liability is increased by interest on lease liability and reduced by lease payments made. Lease payments associated with following
leases are recognised as expense on straight-line basis:

(i) Low value leases; and

(ii) Leases which are short-term.

Assets given on lease are classified either as operating lease or as finance lease. A lease is classified as a finance lease if it transfers
substantially all the risks and rewards incidental to ownership of an underlying asset. Initially asset held under finance lease is recognised in
balance sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance income is recognised over the
lease term, based on a pattern reflecting a constant periodic rate of return on Company''s net investment in the lease. A lease which is not
classified as a finance lease is an operating lease.

The Company recognises lease payments in case of assets given on operating leases as income on a straight-line basis. The Company
presents underlying assets subject to operating lease in its balance sheet under the respective class of asset.

2.21 Income Tax

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and
deferred taxes are recognised in Statement of Profit and Loss except when they relate to items that are recognised in other comprehensive
income or directly in equity, in such case, the current and deferred tax are also recognised in other comprehensive income or directly in
equity, respectively. Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in
accordance with the provisions of the Income Tax Act, 1961. Deferred income tax is recognised using the Balance Sheet approach. Deferred
income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets
and liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred
tax assets are recognised only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabilities will be
available, against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and
are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities
are off set when there is a legally enforceable right to off set current tax assets and liabilities and when the deferred tax balances relate to
the same taxation authority. Minimum Alternative Tax (‘MAT'') credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income-tax during the specified period. In the year in which the MAT credit becomes eligible to be
recognised as an asset, the said asset is created by way of a credit to the statement of profit and loss. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal income-tax during the specified period.

2.23 Critical accounting estimates and assumptions:

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below:

(a) Income taxes

The Company''s tax jurisdiction is India. Significant judgements are involved in estimating budgeted profits for the purpose of paying advance
tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(b) Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation
is derived after determining an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The useful
lives and residual values of Company''s assets are determined by the management at the time the asset is acquired and reviewed periodically,
including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events,
which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or
from a change in market demand of the product or service output of the asset.

(c) Defined Benefit Obligation

The costs of providing pensions and other post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind
AS 19 ‘Employee benefits'' over the period during which benefit is derived from the employees'' services. The costs are assessed on the basis
of assumptions selected by the management. These assumptions include salary escalation rate, discount rates, expected rate of return on
assets and mortality rates.

(d) Fair value measurement of financial instruments

When the fair values of financials assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices
in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model, which involve various
judgements and assumptions.

(e) Right-of-use assets and lease liability

The Company has exercised judgement in determining the lease term as the noncancellable term of the lease, together with the impact of
options to extend or terminate the lease if it is reasonably certain to be exercised. Where the rate implicit in the lease is not readily available, an
incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow
over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a
similar economic environment. Determination of the incremental borrowing rate requires estimation.

2.24 Recent Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. During the year ended March 31,2025, MCA has notified Ind AS 117 - Insurance Contracts and
amendments to Ind As 116 - Leases , relating to sale and lease back transactions, applicable from April 1,2024. The Company has assessed
that there is no significant impact on its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates. These amendments aim to
provide clearer guidance on assessing currency exchangeability and estimating exchange rates when currenciesare not readily exchangeable.
The amendments are effective for annual periods beginning on or after April 1,2025. The Company is currently assessing the probable impact
of these amendments on its financial statements. Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2025.

Nature of Reserves

(i) Capital Reserve

Capital Reserve is created out of Retained Earnings during the year ended March 31, 2025 on account of writing back of secured and
unsecured loans over and above the settlement amounts approved by the Hon''ble NCLT vide order dated 25.06.2024

(ii) Securities Premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of
the Companies Act, 2013.

(iii) General Reserve

The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve
is created by a transfer from one component of equity to another and is not item of other comprehensive income, items included in the
General reserve will not be reclassified subsequently to statement of profit and loss.

(iv) Retained Earnings

The same is created out of profits over the years and shall be utilised as per the provisions of the Act.

(v) OCI - Fair Value of Financial Instrument

The company recognised resultant impact of fair valuation on financial assets and liabilities.

20.1 The details of amounts outstanding to Micro, Small and Medium Enterprises based on information available with the Company is as
under:

*Note : Details of Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act”).

Under Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act”), certain
disclosure are required to be made relating to Micro, Small and Medium Enterprises. The Company is in process of compling relevant information
from its suppliers about their coverage under the said Act. Since the relevant information to the extent available are recorded in the books of
accounts . However in view of the management, the impact of interest, if any , that may be payable in accordance with the provision of this Act
is not expected to be material.

20.2 The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development
Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act,have not been
given subject to amount mentioned in above table.

* The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid
to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23 of Income Tax Act 1961.

20.3 Current liabilities: Trade payables ageing

# As per the NCLT Order dated 25.06.2024 para 33.3, On the date of approval of the Resolution Plan by the Adjudicating Authority, all such
claims which are not a part of the Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings
in respect to a claim which is not a part of the Resolution Plan. Accordingly, all the liabilities including contingent liabilities and commitments,
claims and obligations existing as on and pertaining to the period up to 25.06.2024 whether recorded or not in the books of the accounts of
the Company shall stand extinguished and accordingly no outflow of economic benefits/ loss is expected in respect thereof except a total
contingency amount of Rs. 5 lakhs provided in the Resolution Plan.

34 Segment Reporting

The company operates in a single reportable segment i.e. Construction Activity, which have similar risks and returns for the purpose of Ind AS
108 on ‘Operating segments''.

The company operates in a single geographical segment i.e. domestic.

35 CSR Expenditure

Corporate Social Responsibility (CSR) - In view of losses during previous two years, provisions of Section 135 of the Companies Act, 2013 with
respect to CSR Expenditure is not applicable for current and previous financial year.

36 Related Party Disclosures

Disclosure as required by the Indian Accounting Standard (Ind AS)24 “ Related Party Disclosures “ are given below :

40 Capital management
Risk Management

The objectives when managing capital are to safeguard the ability to continue as a going concern to provide returns for shareholders and benefits
for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

The management sets the amounts of capital required in proportion to risk. The Company manages its capital structure and adjusts it in light of
changes in economic conditions and risk characteristics of the underlying assets.

The Company monitors capital using a gearing ratio being a ratio of net debt as a percentage of total capital.

(i) Borrowings represents total borrowings (non-current & current).

(ii) Equity comprises of all components incuding other comprehensive income.

41 Financial Risk Management

A wide range of risks may affect the Company''s business and financial results. Amongst other risks that could have significant influence on the
Company are market risk, credit risk and liquidity risk.

The Board of Directors of the Company manage and review the affairs of the Company by setting up short term and long-term budgets by
monitoring the same and taking suitable actions to minimise potential adverse effects on its operational and financial performance.

41.1 Market risk

The Company is primarily exposed to the following market risks.

41.1.1 Interest rate risk management

Out of total borrowings, large portion represents current borrowings and all the borrowings are with fixed interest rate. And accordingly the
Company is not exposed to interest rate risk. However, the Company continuously monitoring over all factors influence rating and also factors
which influential the determination of the interest rates by the banks to minimize the interest rate risks.

41.1.2 Price Risk

The company is constantly exposed to market inflation risk. The price of direct cost and overhead projected before execution of project are
substainally increased till the completion of project. However company is eligible to claim price escalation amount from the client as per the
terms and condition mentioned in tender document which varies for tender to tender.

41.2 Credit management

Credit risk is the risk of financial loss to the Company if a client or counterparty to a financial instrument fails to meet its contractual obligations,
and arises principally from the Company''s receivables from clients and cash. Management has a credit policy in place and the exposure to credit
risk is monitored on an on-going basis.

The Company has a low credit risk in respect of its trade receivables, its major customers being autonomous agencies of Government and Public
Sector Undertaikings. However, as Company grows its customer base, it will experience an increased credit risk environment. The Company is
also exposed to credit risk in respect of its cash and seeks to minimise this risk by holding funds on deposit with major financial institutions.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs. 513.25 crores
for March 31,2025 (Rs. 693.02 crores for March 31,2024) being the total of the carrying amount of the balances with banks, bank deposits,
investments (excluding equity investments), trade receivables, loans given and other financial assets.

41.3 Liquidity risk management

Liquidity risk refers to the risk that the Company may not be able to meet its financial obligations timely.

Management monitors rolling forecasts of the Company''s liquidity position (comprising of undrawn bank facilities and cash and cash equivalents)
on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

The table below analyses the maturity profile of the Company''s financial liabilities. The following break up is based on the remaining period at the
balance sheet date to the contractual maturity date. The liquidity continues to remain under stress. The Company is going through a very tight
liquidity situation resulting in sub-optimal level of operations thereby impacting profitability. The amounts disclosed in the table are the contractual
undiscounted cash flows.

43 CIRP / Resolution Plan

Hon''ble NCLT, Mumbai Bench, passed Order dated 21.10.2022 in Company Petition no. CP (IB) No.594/MB-IV/2021 filed by STATE BANK OF
INDIA, the Financial Creditor /Petitioner, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against the Company, Corporate
Debtor/Respondent, for initiating Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Anurag Kumar Sinha, a Registered
Insolvency Professional having Registration Number [IBBI/IPA-001/IP-P00427/2017-18/10750] as Interim Resolution Professional (Later on
confirmed as Resolution Professional (RP) by Committee of Creditors (CoC), to carry out the functions as mentioned under Insolvency and
Bankruptcy Code, 2016.

Further, the RP filed an application bearing IA No. 5819(MB) of 2023 in the above Company Petition, under Section 30(6) of the Code before the
Hon''ble NCLT for its consideration and approval of the Resolution Plan submitted by the consortium of J. K. Solutions Pvt Ltd and One Media
Facility Management (Resolution Applicant) under Section 31 of IBC, 2016. The Hon''ble NCLT, Mumbai Bench, vide its order dated 25.06.2024
approved the Resolution Plan submitted by Resolution Applicant, as a result of which the CIRP ended on 25.06.2024.

Subsequent to approval of Resolution plan and formation of IMC committee (Implementing Monitoring Committee) under the IBC to oversee
the implementation of a Corporate Insolvency Resolution Process, Successful Resolution Applicant (SRA) has paid Rs.69.52 Crores towards
payments to financial creditors and operational creditors and Rs.10.00 Crores towards capital expenditure and working capital. In addition to
Rs.69.52 Crores SRA has paid RS.0.05 Crores towards unexpected contingent liabilities.

44 During the year, the Company has accounted for de-recognition of financial liabilities, being liability towards financial creditors and operational
creditors to the extent of amounts over and above the final settlement amount payable of Rs.69.52 Crores (Rs. 68.02 Crores payable to Financial
Creditors, Rs.0.50 Crores payable to Operational Creditors, Rs. 1.00 Crore towards CIRP Costs. In addition to above Rs. 69.52 Crores, Rs.5
lakhs is kept as reserve for unexpected contingent liability) as mentioned in the Resolution Plan approved by Hon''ble NCLT. The de-recognition
/ write back of the above referred liabilities over and above the settlement amount approved, has been accounted through statement of Profit
and loss, in compliance with and as required under Ind AS 109, “Financial Instruments” with respect to de-recognition of financial liabilities and
general accounting practices consistently followed by the Company.

Accordingly, following items aggregating to Rs.640.55 Crores have been written back through statement of Profit and Loss and disclosed under
“Exceptional Items (Net)”, being the amounts over and above the settlement amount paid as per Resolution Plan:-

45 As per the NCLT Order dated 25.06.2024 para 33.3, On the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims
which are not a part of the Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in
respect to a claim which is not a part of the Resolution Plan. Accordingly, all the liabilities including contingent liabilities and commitments, claims
and obligations existing as on and pertaining to the period up to 25.06.2024 whether recorded or not in the books of the accounts of the Company
shall stand extinguished and accordingly no outflow of economic benefits/ loss is expected in respect thereof except a total contingency amount
of Rs. 5 lakhs provided in the Resolution Plan.

46 Corporate Insolvency Resolution Process of Subsidiary

The Hon''ble National Company Law Tribunal (“NCLT”), Mumbai Bench, vide its order dated 9th October 2023, admitted the application for
initiation of the Corporate Insolvency Resolution Process (“CIRP”) in respect of Valecha Kachchh Toll Roads Limited (VKTRL), a subsidiary of the
Company, under the provisions of the Insolvency and Bankruptcy Code, 2016. Mr. Avil Jerome Menezes was appointed as the Interim Resolution
Professional (“IRP”) and was subsequently confirmed as the Resolution Professional (“RP”) by the Committee of Creditors (“CoC”) to perform
the functions as stipulated under the Code.

The Resolution Plan submitted by the Resolution Applicant has been approved by the CoC with the requisite majority in its meeting held on 28th
March 2025 and is currently pending adjudication before the Hon''ble NCLT, Mumbai Bench.

Pending the outcome of the CIRP and realisability assessment of the assets of VKTRL, the Company continues to carry its investment of Rs
39.84 crores in VKTRL and loans granted of Rs 76.36 crores at book value, aggregating to Rs. 116.20 crores.

As required under Ind AS 109 - Financial Instruments and Ind AS 36 - Impairment of Assets, these balances are ordinarily subject to recoverability
assessment and impairment testing. Considering the ongoing CIRP and pending adjudication of the Resolution Plan, no impairment has been
recognised at this stage. The impact, if any, will be given effect upon conclusion of the CIRP.

47 Investments and Advances in Subsidiaries

The Company continues to carry its investments of Rs. 2.18 Crores in four subsidiary companies, along with loans and advances totalling Rs.

169.02 Crores extended to four subsidiaries and one step-down subsidiary, at their respective book values. These carrying amounts have been
retained pending a detailed assessment of the recoverability of the underlying assets of these companies. The particulars of the investments and
loans are as follows:

The investments and loans are carried at book value, pending recoverability assessment. In accordance with Ind AS 109 - Financial Instruments,
such financial assets are required to be measured at amortized cost or fair value, with recognition of expected credit losses (ECL) where
applicable. The Company has carried out a preliminary review and will undertake a detailed assessment, including ECL recognition if necessary.
Management believes that the carrying amounts are appropriately stated, and any adjustments required under the applicable Indian Accounting
Standards will be made if deemed necessary.

48 Financial Assets - Trade Receivables, Loans, and Advances

The Company''s financial assets comprise trade receivables, loans, advances, and other non-current financial assets. These are stated at their
respective book values, pending assessment of recoverability and recognition of expected credit losses in accordance with the applicable
Indian Accounting Standards (Ind AS). Certain amounts are subject to legal restrictions or ongoing proceedings, as noted below. Appropriate
disclosures regarding the nature, timing, and potential uncertainties related to these assets have been made in the financial statements. The
extract of relevant details is as under: -

50 Assets of Former Project Sites / Piling Division

The Company had certain project sites as of March 2017, which have subsequently been de-mobilized, completed, terminated, or otherwise
rendered non-operational. Due to the closure of these sites, the Company was unable to obtain detailed transaction records, if any, through the
bank accounts previously operated for such project sites. No operations have been carried out at these sites during the period ended March 31,
2025.

Accordingly, In accordance with Ind AS 109 - Financial Instruments and Ind AS 36 - Impairment of Assets the Company has written off trade
receivables of Rs. 70.46 Crores, loans to other parties of Rs. 5.54 Crores, and balances with revenue authorities of Rs. 8.22 Crores, resulting in
a complete write-off of the assets relating to the Piling Division.

51 Change in Share Capital pursuant to Resolution Plan

Pursuant to the approval of the Resolution Plan, the existing paid-up share capital held by the Promoters Group and their related parties was fully
written down, resulting in a reduction of capital. The Successful Resolution Applicant has infused Rs. 21.40 Crores towards the issue of equity
shares of the Company and, as a result, holds 95% of the total shareholding. The remaining 5% of the shares are to be issued to the existing
shareholders, other than the Promoters Group and their related parties, in proportion to their existing holdings of 68.91%.

52 The unpaid liabilities related to amounts withheld from payments to sub-contractors and expenses accrued during CIRP period, are yet to be paid
from the funds available for CoC. Accordingly, undistributed pending payable amount aggregating of Rs. 1.69 Crores including Rs. 0.11 Lacs
(related to Tato Menchuka Package III project) till March 31,2025 has been disclosed under relevant heads under liabilities.

53 Undistributed Pending Payables

As at March 31,2025, the Company has undistributed pending payables aggregating of Rs. 4.38 Crores, comprising of Rs. 1.67 Crores towards
Gratuity, Rs. 2.66 Crores payable to EPFO, Rs. 0.04 Crores for other contingencies, and Rs. 0.01 Crore for Fixed Deposit holders. These
amounts are expected to be settled from funds received from the Successful Resolution Applicant in accordance with the Resolution Plan
approved by the Hon''ble NCLT. No provision has been made in the books of accounts for these pending amounts, except for Rs. 1.22 Crores
towards Gratuity and Rs. 0.01 Crore payable to Fixed Deposit holders.

54 Distribution to Secured Financial Creditors:

As per the approved Resolution Plan (page 9, Paragraph 6), from the cash and cash equivalents remaining after payment and provision for
pending CIRP expenses as on the date of approval of the Resolution Plan, an amount of Rs. 2.35 Crores has been distributed among the
secured financial creditors. The distribution has been appropriately debited to the loan accounts of the respective financial creditors.

55 Loans, Advances, Trade Receivables, and Other Current Assets

The Company''s Loans & Advances, Trade Receivables, and Other Current Assets are subject to confirmations, reconciliations, and adjustments
as may be necessary upon assessment of their recoverability. The Company continues to monitor and evaluate these balances and any
adjustments required under the applicable Indian Accounting Standards will be made if deemed necessary to ensure appropriate presentation
and disclosure in the financial statements.

56 Perpetual instrument considered as equity

The Company treated borrowing as a perpetual loan during the year, and accordingly, disclosed under “Equity” in compliance with Indian
Accounting Standards.

During the year, the Company treated unsecured borrowing as a perpetual loan .The Perpetual Loan is perpetual in nature and does not carry
any fixed maturity or repayment obligation. The principal is repayable only at the sole discretion of the Company by exercising a call option,
failing which the instrument shall remain outstanding in perpetuity. The Perpetual Loan carries a distribution at the rate of 6% per annum on a
non-cumulative basis, with the payment of such distribution being entirely at the discretion of the Company. The Company has an unconditional
right to defer distribution payments for any financial year(s). In the event of exercising the call option for repayment, the Company may, at its
discretion, pay distribution for the relevant financial year or any preceding financial years.

The Perpetual Loan is unsecured and no charge has been created on the assets of the Company in favour of the lender. The lender does not
have any additional voting rights in the management, operations, or decision-making process of the Company, including matters concerning
other lenders or holders of debt securities. Based on the terms of the arrangement, there is no contractual obligation on the Company to
deliver cash or a financial asset, and the discretionary nature of the distribution reinforces its equity characteristics. Accordingly, in line with the
requirements of Ind AS 32 Financial Instruments: Presentation, the Perpetual Loan has been classified and presented as an equity instrument in
the financial statements. Any distribution declared, if any, shall be recognised as a distribution to equity holders and not as a finance cost in the
Statement of Profit and Loss.

57 The Company has one in-operative and dormant Bank account for which no bank statements are available with the Company as on March 31,
2025. The Company is in the process of obtaining the statements of such inoperative and dormant bank account.

58 Subsequent Events

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.

59 Authorisation Of Financial Statements

The financial statements for the year ended March 31,2025 were approved by the Board of Directors on 24th September,2025. The management
and authorities have the power to amend the Financial Statements in accordance with Section 130 and 131 of The Companies Act, 2013.

60 Other Matters

Information with regard to other matters specified in Revised Schedule III to the Act is either nil or not applicable to the Company for the year.

61 Additional Regulatory Disclosures

(i) No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions
(Prohibition) Act, 1988, as amended, and rules made thereunder.

ii) The Company has not revalued its Property, Plant and Equipment during the reporting year.

iii) Loans and Advances granted to Promoters, Directors, KMP and Related Parties:

There are no Loans and Advances in the nature of loans that are granted to promoters, directors, KMP''s and the related parties either
severally or jointly with any other person, that are repayable on demand except as disclosed in financial statements.

iv) There are no proceedings initiated or pending against the Parent for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988).

v) Post NCLT order dated 25.06.2024, the Company has not availed borrowings from banks or financial institutions on the basis of security of
current assets.

vi) The Company had earlier been declared as a wilful defaulter by Canara Bank in the year 2021 and Central Bank of India in the year 2019
in respect of certain borrowings. Subsequently, the Company was admitted into the Corporate Insolvency Resolution Process (CIRP) under
the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), and the Hon''ble National Company Law Tribunal (NCLT), vide its order
dated 25th June, 2024, approved a Resolution Plan .

Pursuant to the approval and implementation of the Resolution Plan, all outstanding dues and defaults of the lenders were settled,
restructured, or waived in accordance with the approved plan. Consequently, the earlier classification of the Company as a wilful defaulter
by the aforesaid banks stands withdrawn / has no continuing effect.

As at the balance sheet date, the Company has no outstanding borrowings and is not classified as a wilful defaulter by any bank and
financial institutions.

vii) The Company do not have any charge to be registered with Registrar of Companies beyond the statutory period.

viii) The Company has no subsidiaries with one layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on
number of Layers) Rules, 2017.

ix) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

x) Utilisation of Borrowed funds and share premium:

A. 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 (whether recorded in writing or
otherwise) that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries)or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

B. 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

xi) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961.

xii) Reporting on Corporate Social Responsibility (CSR) is not applicable to the Company.

xiii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

xiv) In the opinion of the Management, there are no transactions with companies struck off. However the Company does not have any
documentary evidence to support this claim

62 The previous period''s figures have been re-grouped/ re-classified wherever required to conform to current period''s classification. All figures of
financials are stated as Rs. in Crores except otherwise stated.

In term of our Report attached For and on behalf of Valecha Engineering Limited

For Jain Jagawat Kamdar & Co.

Chartered Accountants
FRN:122530W

Bhushan Ravindra Sable Shashikant Gangadhar Bhoge

Executive Director Executive Director

(DIN: 03268957) (DIN: 05345105)

CA Basant Jain Tarun Dutta

Partner Chief Executive Officer

Membership No:122463

Place : Mumbai Vijay Kumar H. Modi Anil S. Korpe

Date : 24th September, 2025 Company Secretary & Legal Chief Financial Officer

M.No. FCS 1831

---

Mar 31, 2024

2.18 Provisions, contingent liabilities and contingent assets
Provisions

A provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will
be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and
are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.

Contingent liabilities

Contingent Liabilities are not recognized but disclosed in notes forming part of the financial statements.

Contingent Assets

Contingent Assets are disclosed, where an inflow of economic benefits is probable. Contingent assets are neither recognised nor recorded in
financial statements.

2.19 Exceptional Items

When items of income and expense within profit or loss from ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the enterprise for the period, the nature and amount of such material items are disclosed separately as
exceptional items.

2.20 Leases

Leases are accounted as per Ind AS 116 which has become mandatory from April 1,2019.

Assets taken on lease are accounted as right-of-use assets and the corresponding lease liability is accounted at the lease commencement
date.

Initially the right-of-use asset is measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The lease liability is
initially measured at the present value of the lease payments, discounted using the Company''s incremental borrowing rate. It is remeasured
when there is a change in future lease payments arising from a change in an index or a rate, or a change in the estimate of the guaranteed
residual value, or a change in the assessment of purchase, extension or termination option. When the lease liability is remeasured in this way,
a corresponding adjustment is made to the carrying amount of the rightof-use asset, or is recorded in the Statement of Profit and Loss if the
carrying amount of the right-of-use asset has been reduced to zero. The right-of-use asset is measured by applying cost model i.e. right-of-use
asset at cost less accumulated depreciation and cumulative impairment, if any. The right-of-use asset is depreciated using the straight-line
method from the commencement date to the end of the lease term or useful life of the underlying asset whichever is earlier. Carrying amount
of lease liability is increased by interest on lease liability and reduced by lease payments made. Lease payments associated with following
leases are recognised as expense on straight-line basis:

(i) Low value leases; and

(ii) Leases which are short-term.

Assets given on lease are classified either as operating lease or as finance lease. A lease is classified as a finance lease if it transfers
substantially all the risks and rewards incidental to ownership of an underlying asset. Initially asset held under finance lease is recognised in
balance sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance income is recognised over the

lease term, based on a pattern reflecting a constant periodic rate of return on Company''s net investment in the lease. A lease which is not
classified as a finance lease is an operating lease.

The Company recognises lease payments in case of assets given on operating leases as income on a straight-line basis. The Company
presents underlying assets subject to operating lease in its balance sheet under the respective class of asset.

2.21 Income Tax

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and
deferred taxes are recognised in Statement of Profit and Loss except when they relate to items that are recognised in other comprehensive
income or directly in equity, in such case, the current and deferred tax are also recognised in other comprehensive income or directly in
equity, respectively. Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in
accordance with the provisions of the Income Tax Act, 1961. Deferred income tax is recognised using the Balance Sheet approach. Deferred
income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets
and liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred
tax assets are recognised only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabilities will be
available, against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and
are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities
are off set when there is a legally enforceable right to off set current tax assets and liabilities and when the deferred tax balances relate to
the same taxation authority. Minimum Alternative Tax (‘MAT'') credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income-tax during the specified period. In the year in which the MAT credit becomes eligible to be
recognised as an asset, the said asset is created by way of a credit to the statement of profit and loss. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal income-tax during the specified period.

2.22 Recent Accounting Pronouncements:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. For the year ended March 31,2024, MCA has not notified any new standards or amendments
to the existing standards applicable to the Company.

2.23 Critical accounting estimates and assumptions:

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below:

(a) Income taxes

The Company''s tax jurisdiction is India. Significant judgements are involved in estimating budgeted profits for the purpose of paying advance
tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(b) Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation
is derived after determining an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The useful
lives and residual values of Company''s assets are determined by the management at the time the asset is acquired and reviewed periodically,
including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events,
which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or
from a change in market demand of the product or service output of the asset.

(c) Defined Benefit Obligation

The costs of providing pensions and other post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind
AS 19 ‘Employee benefits'' over the period during which benefit is derived from the employees'' services. The costs are assessed on the basis
of assumptions selected by the management. These assumptions include salary escalation rate, discount rates, expected rate of return on
assets and mortality rates.

(d) Fair value measurement of financial instruments

When the fair values of financials assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices
in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model, which involve various
judgements and assumptions.

(e) Right-of-use assets and lease liability

The Company has exercised judgement in determining the lease term as the noncancellable term of the lease, together with the impact of
options to extend or terminate the lease if it is reasonably certain to be exercised. Where the rate implicit in the lease is not readily available, an
incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow
over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a
similar economic environment. Determination of the incremental borrowing rate requires estimation.

B. Defined Benefit Plan
Gratuity:

In accordance with the payment of Gratuity Act 1972 the company provides for gratuity covering eligible employees. The liability on account
of gratuity is covered partially through a recognized Gratuity Fund managed by Life Insurance Corporation of India (LIC) and balance is
provided on the basis of valuation of the liability by an independent actuary as at the year end.

Major category of plan assets

The group has taken plans from Life Insurance Corporation of India

The following tables set out the funded status of the gratuity plans and the amounts recognised in the Financial Statements as at 31 March
2024 and 31 March 2023.

40 Financial Risk Management

A wide range of risks may affect the Company''s business and financial results. Amongst other risks that could have significant influence on the
Company are market risk, credit risk and liquidity risk.

The Board of Directors of the Company manage and review the affairs of the Company by setting up short term and long-term budgets by
monitoring the same and taking suitable actions to minimise potential adverse effects on its operational and financial performance.

40.1 Market risk

The Company is primarily exposed to the following market risks.

40.1.1 Interest rate risk management

Out of total borrowings, large portion represents current borrowings and all the borrowings are with fixed interest rate. And accordingly the
Company is not exposed to interest rate risk. However, the Company continuously monitoring over all factors influence rating and also factors
which influential the determination of the interest rates by the banks to minimize the interest rate risks.

40.1.2 Price Risk

The company is constantly exposed to market inflation risk. The price of direct cost and overhead projected before execution of project are
substainally increased till the completion of project. However company is eligible to claim price escalation amount from the client as per the
terms and condition mentioned in tender document which varies for tender to tender.

40.2 Credit management

Credit risk is the risk of financial loss to the Company if a client or counterparty to a financial instrument fails to meet its contractual obligations,
and arises principally from the Company''s receivables from clients and cash. Management has a credit policy in place and the exposure to
credit risk is monitored on an on-going basis.

The Company has a low credit risk in respect of its trade receivables, its major customers being autonomous agencies of Government and
Public Sector Undertaikings. However, as Company grows its customer base, it will experience an increased credit risk environment. The
Company is also exposed to credit risk in respect of its cash and seeks to minimise this risk by holding funds on deposit with major financial
institutions.

(Rs. in crores)

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was ? 693.02 crores
for March 31,2024 ( ? 685.38 crores for March 31,2023) being the total of the carrying amount of the balances with banks, bank deposits,
investments (excluding equity investments), trade receivables, loans given and other financial assets.

40.3 Liquidity risk management

Liquidity risk refers to the risk that the Company may not be able to meet its financial obligations timely.

Management monitors rolling forecasts of the Company''s liquidity position (comprising of undrawn bank facilities and cash and cash
equivalents) on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and
cash equivalents.

The table below analyses the maturity profile of the Company''s financial liabilities. The following break up is based on the remaining period at
the balance sheet date to the contractual maturity date. The liquidity continues to remain under stress. The Company is going through a very
tight liquidity situation resulting in sub-optimal level of operations thereby impacting profitability. The amounts disclosed in the table are the
contractual undiscounted cash flows.

42 Hon''ble, NCLT, Mumbai, passed Order dated 21.10.2022 in Company Petition no. CP (IB) No.594/MB-IV/2021 filed by STATE BANK OF
INDIA, the Financial Creditor /Petitioner, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against the Company, Corporate
Debtor/Respondent, for initiating Corporate Insolvency Resolution Process (CIRP).

Mr. Anurag Kumar Sinha, a Registered Insolvency Professional having Registration Number [IBBI/IPA-001/IP-P00427/2017-18/10750] has
been appointed as Interim Resolution Professional (Later on confirmed as Resolution Professional (RP) by CoC), to carry out the functions as
mentioned under Insolvency and Bankruptcy Code, 2016

The RP filed an application bearing IA No. 5819(MB) of 2023 in the Company Petition under Section 30(6) of the Code before the Hon''ble NCLT
for its consideration and approval of the Resolution Plan. The same is pending for approval before Hon''ble NCLT Mumbai

In terms of Sections 14(4) and 31(3) of the Code, until the resolution plan is approved by the Hon''ble NCLT, the moratorium shall continue to
be in effect and accordingly, the RP shall, continue to manage operations of the Company on a going concern basis during the CIRP.

43 The above audited financial statments were prepared by the management of the Company and RP took the same on record basis. The
Statutory Auditors have carried out the Audit of the Financial Statements for the year ended March 31,2024 vide their report dated May 30,
2024.

44 With respect to the financial statements for the year ended March 31,2024, the RP has signed the same solely for the purpose of ensuring
compliance by the Corporate Debtor with applicable laws, and subject to the following disclaimers:

i. The RP has furnished and signed the report in good faith and accordingly, no suit, prosecution or other legal proceeding shall lie against
the RP in terms of Section 233 of the Code;

ii. No statement, fact, information (whether current or historical) or opinion contained herein should be construed as a representation or
warranty, express or implied, of the RP including, his authorized representatives and advisors;

iii. The RP, in audit of the financial statements and while signing this financial statements, has relied upon the assistance provided by the
Key Managerial Personnel (“KMP”) of the Corporate Debtor, and representations and statements made by the KMP of the Corporate
Debtor, in relation to these financial statements. The financial statements of the Corporate Debtor for the year ended March 31,2024
have been taken on record by the RP solely on the basis of and on relying the aforesaid representations and statements of the aforesaid
directors and the erstwhile management of the Corporate Debtor. For all such information and data, the RP has assumed that such
information and data are in the conformity with the Companies Act, 2013 and other applicable laws with respect to the preparation of
the financial statements and that they give true and fair view of the position of the Corporate Debtor as of the dates and period indicated
therein.

45 Hon''ble National Company Law Tribunal (“NCLT”), Mumbai Bench has passed an order dated 09th October 2023 for initiation of the Corporate
Insolvency Resolution Process (“CIRP”) in respect of Valecha Kachchh Toll Roads Limited (VKTRL), a subsidiary of the Company, under the
provisions of the Insolvency and Bankruptcy Code, 2016 and appointed Mr. Avil Jerome Menezes as Interim Resolution Professional (“IRP”)
(later on confirmed as Resolution Professional(RP) by Committee of Creditors (CoC)) to carry out the functions as mentioned under I & B Code,
2016 for initiation of CIRP.

The Company has given Corporate Guarantees of Rs.990.70 Crores for the loans availed by VKTRL which have been invoked by the secured
financial creditors of VKTRL. However, the Company has not made any provision in this regard in view of initiation of CIRP against VKTRL and
also in view of likely resolution of the account of VEL during CIRP.

The Company has also neither evaluated any impairment provisions for expected credit losses (ECL) as required under Ind AS 109 “Financial
Instruments” nor made any fair valuation as per the requirements of Ind AS 113 “Fair Value Measurements” in respect of its investment made
of Rs. 39.84 crores and loan given of Rs. 73.46 crores to VKTRL, in view of reasons mentioned above.

46 Valecha LM Toll Private Limited (VLMTPL), an erstwhile step down subsidiary of the Company, has been referred to liquidation vide Order
dated 27th October, 2020 of Hon''ble NCLT, Mumbai and liquidation process has commenced. As informed by Liquidator of VLMTPL, all
the assets of VLMTPL have been auctioned except Income Tax receivable and security deposit of sales tax and the proceeds have been
distributed amongst the secured financial creditors of VLMTPL. Further, Corporate Guarantees of Rs.261.14 Crores given by the Company
has been invoked by the secured financial creditors of VLMTPL. However, the Company has not made any additional provision in this regard
in view of likely resolution in CIRP of the Company.

47 The Company has also not evaluated impairment provisions for expected credit losses (ECL) as required under Ind AS 109 “Financial
Instruments” in relation to investments made for Rs.2.19 crores in four subsidiary companies, loans and advances given of Rs.180.45 crores
to four subsidiary companies and one step-down subsidiary company.

Further Corporate Guarantees of Rs. 168.81 Crores given by the Company have also been invoked by the respective secured financial
creditors of one subsidiary and one step down subsidiary. However, the Company has not made any additional provision in this regard in view
of the likely resolution in CIRP of the Company.

48 The Company has not evaluated expected credit losses for long outstanding Trade Receivables of Rs. 303.09 crores which includes Rs.
99.45 crores pertaining to additional claims raised during earlier years on account of escalation and various other reasons which are under
consideration and deliberation before various authorities. The Company has not evaluated impairment provisions for expected credit losses as
required under Ind AS 109 “Financial Instruments” for loans extended to various related parties (other than subsidiaries, step down subsidiaries

and associate company) amounting to Rs. 6.50 crores, loans given to other than related parties amounting to Rs. 26.11 crores and advances
to suppliers amounting to Rs.33.87 crores as at March 31,2024, in view of ongoing CIRP Proceedings against the Company where Resolution
Plan submitted by Resolution Applicant for revival of the Company has already been approved by Committee of Creditors (CoC) and thereafter
it has been filed with the Hon''ble NCLT for the final approval.

49 The Company has not recognised interest payable on its borrowings from Banks and NBFC''s since April 1, 2018 in view of the settlement
proposals pursued in the prior year''s wherein the Company expected a settlement at an amount lower than the liabilities already recorded in
books of accounts. The Company continues to not recognise the interest payable on its borrowings during the current year ended March 31,
2024 in view of likely resolution in CIRP of the Company.

The Company has also not provided for interest liability which may arise towards delayed payment / non-payment of dues towards tax
deducted at source as on March 31,2024.

50 The Company has an outstanding principal liability of Rs. 22.94 crores as at March 31,2024 payable to public fixed deposit holders. In view of
the already weak financial position of the Company, the Company has not provided any further interest on these outstanding overdue deposits
in Prior years. The Company continues to not recognise any interest payable on the outstanding liability payable to Fixed Deposit holders in
view of submission of resolution plan and likely resolution in CIRP of the Company.

51 Other Non Current Assets as at March 31,2024 includes Rs 31.35 crores receivable towards various indirect taxes from Government Authorities
which are pending for assessments.

52 The Company has many project sites which have either been de-mobilized or completed or otherwise shut / non-operational. The Company
could not obtain details of transactions effecting, if any, through Bank accounts previously operated through such project sites. There have
been no operations in such project sites during the year ended March 31,2024. Such Project Sites comprises total assets of Rs. 84.36 crores
[including Trade Receivables Rs. 70.46 crores and loans to other parties Rs. 5.54 crores referred in note 48 above, balances with revenue
authorities of Rs. 8.33 crores referred in note 51 above] and total liabilities of Rs. 26.70 crores as at March 31,2024.

53 The Company has one in-operative and dormant Bank account for which no bank statements are available with the Company as on March 31,
2024. The Company is in the process of obtaining the statements of such inoperative and dormant bank account.

54 The accounts of certain Banks, Loans & Advances given, Trade Receivables, Other Current Assets, Lenders'' liability, Trade Payables and
Other liabilities are subject to confirmations, reconciliations, and adjustments.

55 During the year ended March 31,2024, bank guarantees aggregating to Rs.13.40 crores have been invoked by customers of the Company.
However, the Company has not provided for such invocation of bank guarantees in view of likely resolution in CIRP of the Company.

56 The accumulated losses incurred in the past years have resulted in erosion of Company''s peak Net worth. However, in view of the fact that
CIRP has been initiated against the Holding Company which is likely to result in resolution of the Company and since as per provisions of IBC,
2016, as the Company is to be kept as a going concern, audited financial statements are prepared assuming that it will continue as a going
concern.

57 During the ongoing CIRP, the RP has received claims from various operational and financial creditors. In certain instances, the amount of
the claim admitted by RP under CIRP differs from the amount reflecting in the books of accounts of the Company. However, pending receipt
of final order, the Company has not made any reconciliation / adjustments in its books of account vis-a-vis the claims made by the Creditors.
Accordingly, the above audited financial statements are drawn on the basis of figures appearing in the books of accounts of the Company as
on March 31,2024.

58 There are various Legal cases filed by/ against the company. Since the cases are ongoing and the management believes that they have a
strong case. The Company do not foresee any material impacts on the financial statement of the Company.

59 (A) No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions

(Prohibition) Act, 1988, as amended, and rules made thereunder.

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

(C) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(D) There were no transactions relating to previously unrecorded income that have been surrendered and disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961.

(E) In the opinion of the Management, there are no transactions with companies struck off. However the Company doesnot have any
documentary evidence to support this claim.

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

(i) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

\l\3. Ill UIUI C3f

(G) The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall

(i) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(H) The Company has been declared as wilful defaulter by Canara Bank in 2021 and Central Bank of India in 2019.

60 The previous period''s figures have been re-grouped/ re-classified wherever required to conform to current period''s classification. All figures of
financials are stated as Rs. in Crores except otherwise stated.

In term of our Report attached For and on behalf of Valecha Engineering Limited

For Bagaria & Co. LLP

Chartered Accountants
FRN : 113447W/ W-100019

Anurag Kumar Sinha

Resolution Professional

IBBI/IPA - 001/IP - P00427/2017-18/10750

Vinay Somani Tarun Dutta

Partner Chief Executive Officer

Membership No. 143503

Place : Mumbai. Vijay Kumar H. Modi Anil S. Korpe

Date : 30th May, 2024 Company Secretary & Legal Chief Financial Officer

M.No. FCS 1831

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Mar 31, 2016

Note 1 (b) Right, Preferences and restrictions attached to shares :

The Company has only one class of Equity Shares having a par value of Rs, 10/- per share. Each share holder is entitle for one vote per share. In the event of liquidation, the equity share holders are entitle to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their share holding.

1Nature of Security and Terms of Repayment for Long Term Secured Borrowings

Nature of Security Terms of Repayment

1) Term Loan with the outstanding balance of Rs, 175.55 lakhs Repayable in 48 monthly installments (March 2015 : Rs, 325.53 lakh) is secured by exclusive commencing from Dec 2012 and the last charge on specific Machineries installment due in October 2016. Rate of

Interest at 8.00% p.a

2) Term Loan with the outstanding balance of Rs, 5.26 Repayable in 36 monthly installments Lakhs (March 2015 : Rs, 16.19 lakhs) is secured by exclusive with the last installment due in June 2016. charge on the vehicles Rate of Interest at 10.25% p.a.

3) Term Loan with the outstanding balance of Rs, 2.00 Repayable in 36 monthly installments Lakhs (March 2015 : Rs, 10.94 lakhs) is secured by exclusive with the last installment due in May 2016. charge on the vehicles Rate of Interest at 10.75% p.a.

4) Term Loan with the outstanding balance of Rs, 2.44 Repayable in 36 monthly installments Lakhs (March 2015 : Rs, 7.12 lakhs) is secured by exclusive with the last installment due in June 2016. charge on the vehicles Rate of Interest at 10.25% p.a.

5) Term Loan with the outstanding balance of Rs, 8.02 Repayable in 36 monthly installments Lakhs (March 2015 : Rs, 14.72 lakhs) is secured by exclusive with the last installment due in Dec. 2016. charge on the specific Machinery. Rate of Interest at 10.60% p.a.

6) Term Loan fully paid during the year Repayable in 36 monthly installments (March 2015 : Rs, 1438.57 lakh) it was secured by exclusive commencing from Nov. 2013 and the last charge on the specific Machineries. installment due in Sept. 2016. Rate of

Interest at 13.00% p.a

7) Term Loan fully paid during the year Repayable in 36 monthly installments (March 2015 : Rs, 2080.08 lakh) it was secured by exclusive commencing from Nov. 2013 and the last charge on the specific Machineries. installment due in Sept. 2016. Rate of

Interest at 13.00% p.a

8) Term Loan fully paid during the year Repayable in 36 monthly installments (March 2015 : Rs, 2151.34 lakh) it was secured by exclusive commencing from Nov. 2013 and the last charge on the specific Machineries. installment due in Sept. 2016. Rate of

Interest at 13.00% p.a

9) Term Loan with the outstanding balance of Rs, 3712.16 lakhs Repayable in 30 months payable in (March 2015 : Rs, 3663.49 lakh) is secured by first & exclusive charge quarterly installment with the moratorium on the project receivables for EPC from Surat Municipal period of 12 months and thereafter the Corporation for the three projects with the exclusive and quarterly repayment on phased manner. first charge over Escrow Account and project specific Current Assets. Rate of interest at 12.50% p.a.

10 Nature of Security and Terms of Repayment for Long Term Secured Borrowings

Nature of Security Terms of Repayment

11) Corporate Loan with the outstanding balance of Rs, 1233.68 lakhs Repayable in 10 Quarterly Installments with the (March 2015 : Rs, 1558.60 lakh) is secured by exclusive charge moratorium period of Six months.

on the specific immovable property along with the subservient Rate of interest at 13.10% p.a charge on movable fixed assets & current assets

12) Term Loan with the outstanding balance of Rs, 6161.27 lakhs Repayable in 36 months payable in (March 2015 : Rs, 6216.37 lakh) is secured by first & exclusive charge quarterly installment with the moratorium on the project receivables for EPC from Rapti Nhar Nirman Mandal-II period of 12 months.

Irrigation Depart, Basti, Uttar Pradesh with the exclusive and Rate of interest at 12.25% p.a. first charge over Escrow Account and project specific Current Assets.

13) Term Loan with the outstanding balance of Rs, 215.30 lakhs Repayable in 60 monthly installments

(March 2015 : Rs, 211.58 lakhs) is secured by exclusive charge with the last installment due in March 2019. Rate of on the property purchased Interest at 10.50% p.a

14) Term Loan with the outstanding balance of Rs, 4201.21 lakhs Repayable in 18 quartely installments

(March 2015 : Rs, 5000.00 lakhs) is secured by first & exclusive charge with the last installment due in Sept 2020. Rate of on the specific immovable property & JSL & VIL Shares Interest at 12.15% p.a

15) Term Loan with the outstanding balance of Rs, 4.27 lakhs Repayable in 36 monthly installments

(March 2015 : Rs, 6.36 lakhs) is secured by first & exclusive charge with the last installment due in July 2017. Rate of on the specific machine Interest at 10.25% p.a

16) Term Loan with the outstanding balance of Rs, 33.81 lakhs Repayable in 36 monthly installments

(March 2015 : Rs, 50.47 lakhs) is secured by first & exclusive charge with the last installment due in July 2017. Rate of on the specific vehicles Interest at 10.25% p.a

17) Term Loan with the outstanding balance of Rs, 24.92 lakhs Repayable in 36 monthly installments

(March 2015 : Rs, 37.20 lakhs) is secured by first & exclusive charge with the last installment due in July 2017. Rate of

on the specific Machineries Interest at 10.25% p.a

18) Term Loan with the outstanding balance of Rs, 10.60 lakhs Repayable in 36 monthly installments

(March 2015 : Rs, 15.83 lakhs) is secured by first & exclusive charge with the last installment due in July 2017. Rate of on the specific Machineries Interest at 10.25% p.a

19) Term Loan with the outstanding balance of Rs, 72.80 lakhs Repayable in 46 monthly installments

(March 2015 : Rs, 85.41 lakhs) is secured by first & exclusive charge with the last installment due in July 2018. Rate of on the specific vehicles Interest at 10.50 % p.a

20) Term Loan with the outstanding balance of Rs, 3677.22 Repayable in 60 monthly installments Lakhs (March 2015 : Rs, Nil lakh) is secured by exclusive commencing from Oct 2015 and the last charge on the specific Machineries. installment due in Sept. 2020. Rate of Interest at 14.00 % p.a

21) Term Loan with the outstanding balance of Rs, 3500.00 Repayable in single payment Lakhs (March 2015 : Rs, Nil lakh) is secured Against Bank on or before 07.08.2016 Guarantees Rate of Interest at 13.75 % p.a

22) Term Loan with the outstanding balance of Rs, 267.75 Repayable in 36 monthly installments Lakhs (March 2015 : Rs, Nil lakh) is secured by exclusive commencing from Oct 2015 and the last charge on the specific Machineries. installment due in Sept 2018. Rate of Interest at 14.00% p.a

i. Working capital loans are secured by hypothecation of book debts, current assets, unencumbered plant & machinery and specific immovable properties as per the sanction terms.

ii. Short Term Facilities from Banks are secured against the securities offered under the working capital loans.

23 Pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from 1st April 2014, the useful life of fixed assets have been revised as prescribed there in. As a result, an amount of Rs, 485.06 lakhs representing assets whose useful life has already exhausted as on 1st April 2014 has been adjusted against retained earnings. During the year Rs, 485.06 is added to accumulated depreciation as at 01.04.2015. In respect of remaining assets additional depreciation amounting to Rs, Nil lakhs (Previous Year Rs, 1703.18 lakhs) has been charged for the Year ended 31.03.2016

The Share of Companies Income / Expenditure and Receivables / Payables in case of contracts executed in Joint Venture / Consortium under the work Sharing arrangements are reflected in the books of account of the Company under the relevant heads of account, Hence not considered again for above Disclosure

24 Disclosure required by schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and section 186(4) of the Companies Act, 2013 :

25 The accumulated losses for the year ended 31st March, 2016 have resulted in Company''s erosion of more than 50 percent of its peak net worth during the immediately preceding four financial years. However, the management is of the opinion that subject to approval of Master Restructuring Agreement by banks, the Company will be able to return to profitability over the next few years and may be in position to repay Loans and pay statutory dues. Hence, the financial statements have been prepared assuming that the Company and its subsidiaries will continue as a going concern. No adjustments are hence made in the financial statements that might result from the outcome of this uncertainly.

26 CSR Expenditure :

Corporate Social Responsibility (CSR) - In View of losses incurred, expenditure on CSR is not applicable for the year ended as at 31st March, 2016. In the Previous year the Company had not spent required amount of Rs, 41.22 Lakhs

27 The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2015

1. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for and are disclosed by way of notes :

i. Bank Guarantees and Letter of Credits outstanding amounting to Rs. 33,755.99 lacs (Previous Year Rs. 40,268.55 lacs).

ii. Corporate Guarantee issued in favour of the lenders on behalf of Company's subsidiaries towards the Project Finance of BOT/Annuity Road Projects. As against the aggregate Project Finance amounts outstanding of Rs. 57,724 lacs (Previous Year Rs. 53,750 lacs), Counter Guarantee issued in favour of the lenders is to the extent of Rs. 54,537.00 lacs (Previous Year Rs. 50,397.50 lacs). Company also holds the Corporate Guarantee of the Minority Shareholder amounting to Rs. 828.62 lacs (Previous Year Rs. 871.65 lacs), in its favour.

iii. Necessary provisions are made for the present obligations that arise out of past events prior to the Balance Sheet date entailing future outflow of economic resources. Such provisions reflect best estimates based on available information.

2. Since the principal business of the Company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the company, as required by the Companies Act is not applicable.

3. CSR Expenditure :

(a) Gross amount required to be spent by the company during the year is. Rs. 41,22,478/-

(b) Amount spent during the year on :

4. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2014

1. Employees Retirement and other Benefits:

Defined contribution Plan: The Company''s contribution to provident fund is charged to Statement of Profit and Loss.

Defined benefit plan: The Company''s liability towards Gratuity is determined by Independent actuaries using the projected credit method. Actual gain and losses are recognised immediately in the Statement of Profit & Loss. Obligation is measured at the Present value of the estimated future cash flow using a discounted rate i. e. determined by the market yield at the Balance Sheet date.

2. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for and are disclosed by way of notes:

i. Bank Guarantees and Letter of Credits outstanding amounting to Rs. 40, 268. 55 lacs. (Previous Year Rs. 37, 163. 78 lacs).

ii. Corporate Guarantee issued in favour of the lenders on behalf of Company''s subsidiaries towards the Project Finance of BOT/Annuity Road Projects. As against the aggregate Project Finance amounts outstanding of Rs. 53, 750 lacs (Previous year Rs. 41, 310 lacs), Counter Guarantee issued in favour of the lenders is to the extent of Rs. 50, 397. 50 lacs (Previous Year Rs. 41, 310 lacs). Company also holds the Corporate Guarantee of the Minority Share Holder amounting to Rs. 871. 65 lacs (Previous Year Rs. 1, 937. 00 lacs), in its favour.

iii. Claims against the Company and disputed liabilities not acknowledged as debts are insignificant.

3. Since the principal business of the Company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the company, as required by Part II of schedule VI to the Companies Act, 1956 is not applicable.

4. The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006. (The Act) and hence disclosures required under the said act have not been given. The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act. However, none of the supplier has confirmed the same.

5. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2013

1. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for and are disclosed by way of notes :

(i) Bank Guarantees and Letter of Credits outstanding amounting to Rs. 37,163.78 lacs. (Previous Year Rs. 34,769.53 lacs). (ii) Corporate Guarantee issued in favour of the lenders on behalf of Company''s subsidiaries towards the Project Finance of the BOT/ Annuity Road Projects. Loan amount outstanding Rs. 41,310 lacs ( Previous year Rs. 28,740 lacs).

2. Since the principal business of the company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the company, as required by Part II of schedule VI to the Companies Act 1956 is not applicable.

3. The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006. (The Act) and hence disclosures required under the said act have not been given. The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act. However, none of the supplier has confirmed the same.

4. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2012

* The additional charge of depreciation on account of revaluation is withdrawn from the Revaluation Reserve and credited to the Profit and Loss Account.

# The Company has forfeited Rs. 9,45,00,000/- being the 25% advance on 35,00,000 Preferential warrants at Rs. 108/- per Preferential warrant for which the remaining amount was not received prior to the stipulated time period. The said amount is transferred to the General Reserve Account.

i. # Working Capital Loans are secured by Hypothecation of Books Debts, Current Assets, Unencumbered Plant & Machinery and Portion of the Immovable Properties as per the sanction terms.

ii. # Other Short Term Facilities from Banks are either unsecured and/or against the securities offered under working capital limits.

Employees' Retirement and other Benefits :

Defined contribution Plan : The Company's c&ntribution to provident fund is charged to Profit and Loss Account.

Defined benefit plan: The Company's Liability towards Gratuity are determined by Independent actuaries using the projected credit method. Actual gain and losses are recognised immediately in the Income and Expenses. Obligation is measured at the Present value of the estimated future cash flow using a discounted rate i.e. determined by the market yield at the Balance Sheet date.

1. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for and are disclosed by way of notes:

(i) Bank Guarantees and Letter of Credits outstanding amounting to Rs. 34,769.53 lacs (Previous Year Rs. 29,148.85 lacs).

(ii) Corporate Guarantee issued in favour of the Lenders on behalf of their subsidiaries towards the Project Finance of the BOT/Annuity Road Projects. Loan amount outstanding as at 31.03.2012 was Rs. 28,740 lacs (Previous Year Rs. 4,471 lacs).

2. Since the principal business of the Company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the Company as required by Part II of schedule VI to the Company's Act 1956 is not applicable.

3. The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006. (The Act) and hence disclosures required under the said act have not been given. The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act. However, none of the supplier has confirmed the same.

4. The Financials Statements for the year ended 31.03.2011 had been prepared as per the then applicable, pre-revised Schedule-VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the Financial Statements for the year ended 31st March, 2012 are prepared under revised Schedule-VI. Accordingly, the previous year's figures have also been reclassified to conform to this year's classification.

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Mar 31, 2011

(1) Issue of Preferential Warrants and Equity Shares during the year :

i. Out of the allotted 16,00,000 Preferential Warrants with an option to subscribe to equity shares on a future date, in respect of 6,50,000 warrants, the Company had received the entire issue price for which equity shares were allotted with the nominal value of Rs. 10/- each with a premium of Rs. 29/- per share during the year 2009-10. Further in respect of 9,50,000 warrants, the Company has received the entire issue price for which equity shares were allotted with the nominal value of Rs. 10/- each with a premium of Rs. 29/- per share, during the year.

Consequent to the above, Share Capital is increased by Rs. 95,00,000/- and the Share Premium account by Rs. 2,75,50,000/- during the year.

ii. During the year the Company has allotted additional 35,00,000 preferential warrants at Rs. 107.54 per warrant as approved in the Extra Ordinary General Meeting held on 24th April 2010. In respect of these 35,00,000 warrants, the company has received Rs. 9,45,00,000/- being the 25% of the issue price as advance.

(2) Contingent Liability :

Contingent Liabilities are not provided for and are disclosed by way of notes :

i. Bank Guarantees and Letter of Credits outstanding amounting to Rs. 29,148.85 lacs (Previous Year Rs. 24,392.51 lacs).

ii. Corporate Guarantee issued in favour of the Lenders on behalf of their ultimate subsidiary towards the Project Finance of the Toll Project. Loan amount outstanding as at 31.03.2011 was Rs. 4,471.00 lacs (Previous year Nil).

(3) Provision for Taxes :

i. Current Tax :

The Provision for Income Tax is determined in accordance with provisions of Income Tax Act 1961.

ii. Deferred Tax Provision :

Deferred Tax charge or credit is recognized on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. It is calculated using the applicable tax rates and tax laws that have been enacted by the Balance Sheet date.

(4) Foreign Currency Transaction :

i. Transactions denominated in Foreign Currency are normally recorded at Exchange Rate prevailing at the time of transactions.

ii. Current asset/Investments denominated in Foreign Currency are translated at the rate prevailing at the end of the year and the net gain/ loss is recognized in Profit and Loss Account by reducing/increasing it from the Financial Costs.

(5) Segment reporting :

The Company considers its operations as one single segment i.e. "Construction Activity" and as such, AS-17 is not applicable.

(6) Related Party Disclosure :

Name of the Related Party Nature of Realtionship

(B) Particulars of Joint Ventures & Consortium

1. Ashoka - Valecha (Joint Venture) Joint Venture Member

2. Valecha - ECCI (Joint Venture) Joint Venture Member

3. Valecha - TBL (Joint Venture) Joint Venture Member

4. Valecha - Singla (Consortium) Consortium Member

5. Valecha - SGG (Joint Venture) Joint Venture Member

6. Valecha - Transtonnelstroy (Joint Venture) Joint Venture Member

7. Valecha - Multitech (JV) Joint Venture Member

8. KSSIIPL - VEL (JV) Joint Venture Member

(C) Key Management Personnel

1. Anil Harish Chairman

2. Jagdish K. Valecha Managing Director

3. Umesh H. Valecha Whole Time Director

4. Dinesh H. Valecha Whole Time Director

5. Arvind Thakkar Director

6. G. Ramachandran Director

(7) Since the principal business of the Company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the Company as required by Part II of schedule VI to the Companys Act 1956 is not furnished.

(8) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006. (The Act) and hence disclosures required under the said act have not been given.

The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act. However, none of the supplier has confirmed the same.

(9) The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2010

(1) Issue of Preferential Warrants and Equity Shares during the year:

During the year the Company has allotted 16,00,000 Preferential Warrants at the price of Rs. 39.00 per warrant. Out of the allotted 16,00,000 Preferential Warrants with an option to subscribe to equity shares on a future date, in respect of 6,50,000 warrants, the company had received the entire issue price for which equity shares were allotted with the nominal value of Rs. 10/- each with a premium of Rs. 29/- per share.

Consequent to the above, Share Capital is increased by Rs. 65,00,000/- and the Share Premium account by Rs. 1,88,50,000/- during the year.

(2) Contingent Liability:

Contingent Liabilities are not provided for and are disclosed by way of notes:

Bank Guarantee and Letter of Credits outstanding amounting to Rs. 24,392.51 lacs (Previous Year Rs. 18,110.39 lacs)

(3) Provision for Taxes:

i. Current Tax:

The Provision for Income Tax is determined in accordance with provisions of Income Tax Act 1961.

ii. Deferred Tax Provision:

Deferred Tax charge or credit is recognized on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. It is calculated using the applicable tax rates and tax laws that have been enacted by the Balance Sheet date.

(4) Foreign Currency Transaction:

i. Transactions denominated in Foreign Currency are normally recorded at Exchange Rate prevailing at the time of transactions.

ii. Current asset/Investments denominated in Foreign Currency are translated at the rate prevailing at the end of the year and the net gain/ loss is recognized in Profit and Loss Account by reducing/increasing it from the Financial Costs.

(5) Segment reporting:

The Company considers its operations as one single segment i.e. "Construction Activity" and as such, AS-17 is not applicable.

(6) Related Party Disclosure:

Disclosure as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

Name of the Related Party Nature of Relationship % of Profit

(A) Particulars of Subsidiary & Associate Companies/Firm

1. Valecha Infrastructure Ltd. Wholly Owned Subsidiary Company 100%

2. Valecha International (FZE) Wholly Owned Subsidiary Company 100%

3. Gopaldas Vasudev Construction Pvt. Ltd. Associate Company Nil

4. Valecha Investment Pvt. Ltd Associate Company Nil

(B) Particulars of Joint Ventures & Consortium

1. Ashoka Buildcon - Valecha Engineering Limited (Joint Venture) Joint Venture Member

2. Valecha - ECCI (Joint Venture) Joint Venture Member

3. Valecha - TBL (Joint Venture) Joint Venture Member

4. Valecha - Singla (Consortium) Consortium Member

(C) Key Management Personnel

1. Anil Harish Chairman

2. Jagdish K. Valecha Managing Director

3. Ramchand H. Valecha * Whole Time Director

4. Umesh H. Valecha Whole Time Director

5. Arvind B. Gogate ** Whole Time Director

6. Dinesh H. Valecha Whole Time Director * Retired on 01/07/2009

** Retired on 01/08/2009

(7) Since the principal business of the Company is construction activity quantitative data in respect of trading and manufacturing activities carried out by the company as required by Part II of schedule VI to the Companys Act 1956 is not furnished.

(8) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006. (The Act) and hence disclosures regarding

(a) Amounts due and outstanding to suppliers as at the end of the accounting year

(b) Interest paid during the year

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

The Company is making efforts to get the confirmation from the suppliers as regards their status under the Act. However, non of the supplier has confirmed the same.

(9) The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary.