Notes to Accounts of ASI Industries Ltd.

Mar 31, 2025

(m) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the Company has a present
obligation (legal or constructive) as a result of a past event
and it is probable that an outflow of resources, that can
be reliably estimated, will be required to settle such an
obligation.

If the effect of the time value of money is material, provisions
are determined by discounting the expected future cash
flows to net present value using an appropriate pre-tax
discount rate that reflects current market assessments
of the time value of money and, where appropriate, the
risks specific to the liability. Unwinding of the discount is

recognised in the Statement of Profit and Loss as a finance
cost. Provisions are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

A present obligation that arises from past events where it
is either not probable that an outflow of resources will be
required to settle or a reliable estimate of the amount cannot
be made, is disclosed as a contingent liability. Contingent
liabilities are also disclosed when there is a possible
obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non -occurrence
of one or more uncertain future events not wholly within the
control of the Company.

Claims against the Company where the possibility of
any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.

Contingent assets are not recognised in financial statements
since this may result in the recognition of income that may
never be realised. However, when the realisation of income
is virtually certain, then the related asset is not a contingent
asset and is recognised.

(n) Borrowing costs

Borrowing costs are interest and other costs that the
Company incurs in connection with the borrowing of funds
and is measured with reference to the effective interest rate
(EIR) applicable to the respective borrowing.

Borrowing costs, allocated to qualifying assets, pertaining
to the period from commencement of activities relating to
construction / development of the qualifying asset up to the
date of capitalisation of such asset are added to the cost of
the assets. Capitalisation of borrowing costs is suspended
and charged to the Statement of Profit and Loss during
extended periods when active development activity on the
qualifying assets is interrupted.

All other borrowing costs are recognised as an expense in
the period which they are incurred.

(o) Segment Reporting - Identification of Segments

An operating segment is a component of the Company
that engages in business activities from which it may earn
revenues and incur expenses, whose operating results
are regularly reviewed by the company''s chief operating
decision maker to make decisions for which discrete financial
information is available. Based on the management approach
as defined in Ind AS 108, the chief operating decision
maker evaluates the Company''s performance and allocates
resources based on an analysis of various performance
indicators by business segments and geographic segments.

(p) Earnings per share
Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the company

- by the weighted average number of equity shares
outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the year

Diluted earnings per share

Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take into
account:

- the after income tax effect of interest and other financing
costs associated with dilutive potential equity

- the weighted average number of additional equity
shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

(q) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject
to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the Company''s cash
management.

(r) Events after reporting date

Where events occuring after the balance sheet date provide
evidence of conditions existed at the end of the reporting
period, the impact of such events is adjusted within financial
statements. Otherwise, events after the balance sheet date
of material size or nature are only disclosed

(s) Current/non current classification

The Company presents assets and liabilities in the balance
sheet based on current/ non-current classification. An asset
is treated as current when it is:

- Expected to be realised or intended to be sold or
consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realised within twelve months after the
reporting period, or

- Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least twelve
months after the reporting period

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the
reporting period, or

- There is no unconditional right to defer the settlement of
the liability for at least twelve months after the reporting
period

The company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as nonÂ¬
current assets and liabilities.

The operating cycle is the time between the acquisition of
assets for processing and their realisation in cash and cash
equivalents. The company has identified twelve months as
its operating cycle.

(t) Dividends

The Company recognises a liability to make distributions to
equity holders when the distribution is authorised and the
distribution is no longer at the discretion of the Company. As
per the corporate laws in India, a distribution is authorised
when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.

(u) Rounding of amounts

All amounts disclosed in the financial statements and notes
have been rounded off to the nearest Lakh as per the
requirement of Schedule III, unless otherwise stated.

3 Significant accounting judgements, estimates and
assumptions

The preparation of these financial statements in conformity
with the recognition and measurement principles of Ind
AS requires the management of the Company to make
estimates and assumptions that affect the reported balances
of assets and liabilities, disclosures relating to contingent
liabilities as at the date of the financial statements and the
reported amounts of income and expense for the periods
presented.

This note provides an overview of the areas that involved
a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to
estimates and assumptions turning out to be different than
those originally assessed. Detailed information about each
of these estimates and judgements is included in relevant
notes together with information about the basis of calculation
for each affected line item in the financial statements.

Critical estimates and judgements

(i) Estimation of net realizable value for inventory

Inventory is stated at the lower of cost and net realizable
value (NRV).

NRV for completed inventory is assessed by reference
to market conditions and prices existing at the reporting
date and is determined by the Company, based on
comparable transactions identified.

(ii) Impairment of non - financial assets

The Company assesses, at each reporting date, whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset''s recoverable amount. An asset''s recoverable
amount is the higher of an asset''s or cash-generating
unit''s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an
individual asset, unless the asset does not generate
cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying

amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written
down to its recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using
a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs
of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an
appropriate valuation model is used.

(iii) Recoverability of trade receivables

In case of trade receivables, the Company follows
the simplified approach permitted by Ind AS 109 -
Financial Instruments for recognition of impairment loss
allowance. The application of simplified approach does
not require the Company to track changes in credit risk.
The Company calculates the expected credit losses on
trade receivables using a provision matrix on the basis
of its historical credit loss experience.

(iv) Useful lives of property, plant and equipment/
intangible assets

The Company reviews the useful life of property, plant
and equipment/intangible assets at the end of each
reporting period. This reassessment may result in
change in depreciation expense in future periods.

(v) Valuation of deferred tax assets

The Company reviews the carrying amount of deferred
tax assets at the end of each reporting period. The
policy for the same has been explained under Note
above.

(vi) Defined benefit plans

The cost of the defined benefit gratuity plan and other
post-employment medical benefits and the present
value of the gratuity obligation are determined using
actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are reviewed at
each reporting date.

I. Nature of Security and Terms of Repayment

a. Equipment and vehicle loan balance outstanding amounting to INR 7.87 lakhs (March 31, 2024: INR 22.72 lakhs) is
secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.34 lakhs starting
from Sept., 2022. Last installment due in Sept, 2025 (Current Rate of Interest as on 31.03.2025 is 7.75% p.a.)

b. Equipment and vehicle loan balance outstanding amounting to INR 31.43 lakhs (March 31, 2024: INR Nil ) is secured by

hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.34 lakhs starting from May.,
2024. Last installment due in May, 2027 (Current Rate of Interest as on 31.03.2025 is 9.00% p.a.)

c. Vehicle loans balance outstanding amounting to INR 36.93 lakhs (March 31, 2024: INR 71.03 lakhs) is secured by

hypothecation of specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 3.21 Lakhs starting from Jan,

2023 and last installment due in March, 2026. (Current Rate of Interest as on 31.03.2025 is 8.00% p.a.)

d. Vehicle loans balance outstanding amounting to INR 40.25 lakhs (March 31, 2024: INR 90.36 lakhs) is secured by

hypothecation of specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 4.62 Lakhs starting from

October, 2022 and last installment due in December, 2025. (Current Rate of Interest as on 31.03.2025 is 7.90% p.a.)

e. Vehicle loans balance outstanding amounting to INR 33.35 lakhs (March 31, 2024: INR 48.69 Lakhs ) is secured by

hypothecation of specific vehicle and guaranteed by Directors. Repayable in 36 EMI of Rs. 1.59 Lakhs starting from March,

2024 and last installment due in February, 2027. (Current Rate of Interest as on 31.03.2025 is 8.85% p.a.)

f. Vehicle loans balance outstanding amounting to INR 153.76 lakhs (March 31, 2024: INR Nil ) is secured by hypothecation
of specific vehicle and guaranteed by Directors. Repayable in 60 EMI of Rs. 3.52 Lakhs starting from September, 2024 and
last installment due in August, 2029. (Current Rate of Interest as on 31.03.2025 is 8.95% p.a.)

g. Unsecured loan from others balance outstanding amounting to INR Nil (March 31,2024: INR 206.47 Lakhs). Repayable on
completion of 2 years (Rate of Interest 8% p.a.)

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual fund
units.

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise
the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case
for unlisted equity shares and and Mutual Funds / Alternative Investment Fund.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

36. FINANCIAL RISK MANAGEMENT

The Company''s activity exposes it to market risk, liquidity risk and credit risk. Company''s overall risk management focuses
on the unpredictibility of financial markets and seeks to minimise potential adverse effects on the financial performance of the
company. This note explains the sources of risk which the entity is exposed to and how the company manages the risk.

(A) Credit risk

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from cash
and cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as
credit exposures to customers including outstanding receivables.

i. Credit risk management

Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business.

increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with
the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking
information.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than
90 days past due.

A default on a financial asset is when the counterparty fails to make contractual payments of when they fall due. This
definition of default is determined by considering the business environment in which entity operates and other macroÂ¬
economic factors.

ii. Provision for expected credit losses

The company follows ''simplified approach'' for recognition of loss allowance on Trade receivables

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 analyzed.

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due. The Company consistently generated sufficient cash flows from operations to meet its financial obligations. Also, the
Company has unutilized credit limits with banks.

Management monitors rolling forecasts of the company''s liquidity position (comprising the undrawn borrowing facilities) and
cash and cash equivalents on the basis of expected cash flows. In addition, the company''s liquidity management policy involves
projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity
ratios against internal and external regulatory requirements.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the Company can be required to pay. In the table below, borrowings include both interest and principal cash flows. To the extent
that interest rates are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting
period.

(C) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market
prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as commodity
risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which
fluctuate due to changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange
rates relates primarily to the export receivables.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies and standard operating procedures to mitigate the risks.

Note: The above analysis is prepared for floating rate liabilities assuming the amount of the liability outstanidng at the end
of the reporting period was outstanding for the whole year and the assumed movement in basis points for the interest rate
sensitivity analysis is based on the currently observable market environment.

(iii) Commodity Price risk

The company is affected by the price volatility of certain commodities. Its operating activities require the continous purchase
of High Speed Diesel (HSD). Due to the significantly increased volatility of the price of the HSD and the regulatory changes,
the company is exposed to price risk. The Company has a risk management framework aimed at prudently managing the
arising from the volatility in commodity prices.

37. CAPITAL MANAGEMENT

For the purpsoe of the company''s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity share holders. The primary objective of the Company''s capital management is to maximise the
shareholder value.

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

(i) There is no immovable properties whose tiltle deeds are not held in the name of the Company.

(ii) The Company does not have any investment Property which is required to be measured at fair value during the year. Hence
disclosure about valuation by a registered valuer is not required.

(iIi) The Company has not revalued any Property, Plant and Equipment and Intangible Assets during the year. Hence disclosure
about valuation by a registered valuer is not required.

(iv) The Company has not granted any Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the
related parties as defined under Companies Act, 2013.

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

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

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

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

(ix) The Company does not have any layers of company as prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017, hence clauses related to compliance with number of layers of companies are not
applicable to the company.

(xi) As there is no Scheme of Arrangements required to be approved by the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013, hence no diclousre is required about the accounting of effect of Scheme of Arrangements in the
books of account of the Company in accordance with the Scheme of Arrangements and accounting standards.

(xii) Utilisation of Borrowed Fund & Share Premium

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.

The Company has not advanced or lent or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (b) provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(xiii) As there is no Scheme of Arrangements required to be approved by the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013, hence no diclousre is required about the accounting of effect of Scheme of Arrangements in the
books of account of the Company in accordance with the Scheme of Arrangements and accounting standards.

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

(xv) Company not traded or invested in crypto currency or virtual currency during the financial year. Hence disclosure about crypto
currency or virtual currency is not required.

39. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE
COMPANIES ACT, 2013

There are no guarantees issued by the Company as at 31st March, 2025 and 31st March, 2024.

40. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year
presentation.

As per our report of even date

For B. L. Ajmera & Co. For and on behalf of the Board of

Directors

Chartered Accountants

Firm Registration Number: 001100C

Pavan Kumar Soni Deepak Jatia

Chief Financial Officer Chairman & Managing Director

Rajendra Singh Zala (DIN : 01068689)

Partner

Membership No. 017184

UDIN:25017184BMMKID1278 Manish P. Kakrai Tushya Jatia

Company Secretary Executive Director

(DIN: 02228722)

Place: Mumbai Place: Mumbai

Date: May 16, 2025 Date: May 16, 2025

Mar 31, 2024

ii. Terms/ rights attached to issued, subscribed and paid up equity shares

1. The Company has only one class of equity share having a par value of INR 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.

2. The Company declares and pays dividends in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Proposed dividend for Financial Year 2023-24 is Rs. 0.35 per equity share of face value of Rs. 1 each amounting to Rs. 315.26 Lakhs (Previous year - Rs. 0.20 per equity share of face value of Rs.1 each amounting to Rs. 180.15 Lakhs), subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability.

3. 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 shareholders.

I. Nature of Security and Terms of Repayment

a. Equipment and vehicle loan balance outstanding amounting to INR Nil (March 31, 2023: INR 5.33 lakhs) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 47 EMI of INR 2.26 lakhs starting from Jan.,2019. Last installment due in June, 2023 (Current Rate of Interest as on 31.03.2024 is 9.05% p.a.)

b. Equipment and vehicle loan balance outstanding amounting to INR Nil (March 31, 2023: INR 7.94 lakhs) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 47 EMI of INR 6.00 lakhs starting from Dec.,2018. Last installment due in May, 2023 (Current Rate of Interest as on 31.03.2024 is 9.05% p.a.)

c. Term Loan from Bank, balance outstanding amounting to INR Nil (March 31, 2023: INR 512.15 lakhs) is secured by 100% guarantee from National Credit Guarantee Trustee Company (âNCGTCâ) and second charge on some specific immovable properties of Mining Segment. Repayable in 5 years including moratorium period of one year and quarterly installment starting from May, 2022. Last installment due in April, 2026 (Current Rate of Interest as on 31.03.2024 is 9.25% p.a.).

d. Equipment and vehicle loan balance outstanding amounting to INR 22.72 lakhs (March 31, 2023: INR 36.46 lakhs) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.34 lakhs starting from Sept., 2022. Last installment due in Sept, 2025 (Current Rate of Interest as on 31.03.2024 is 7.75% p.a.)

e. Vehicle loans balance outstanding amounting to INR 71.03 lakhs (March 31, 2023: INR 102.51 lakhs) is secured by hypothecation of specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 3.21 Lakhs starting from Jan, 2023 and last installment due in March, 2026. (Current Rate of Interest as on 31.03.2024 is 8.00% p.a.)

f. Vehicle loans balance outstanding amounting to INR 90.36 lakhs (March 31, 2023: INR 136.67 lakhs) is secured by hypothecation of specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 4.62 Lakhs starting from October, 2022 and last installment due in December, 2025. (Current Rate of Interest as on 31.03.2024 is 7.90% p.a.)

g. Vehicle loans balance outstanding amounting to INR 48.69 lakhs (March 31, 2023: INR Nil ) is secured by hypothecation of specific vehicle and guaranteed by Directors. Repayable in 36 EMI of Rs. 1.59 Lakhs starting from March, 2024 and last installment due in February, 2027. (Current Rate of Interest as on 31.03.2024 is 8.85% p.a.)

h. Unsecured loan from others balance outstanding amounting to INR Nil (March 31,2023: INR 58.59 lakhs). Repayable on completion of 2 years (Rate of Interest 7% p.a.)

i. Unsecured loan from others balance outstanding amounting to INR 206.47 (March 31,2023: INR Nil). Repayable on completion of 2 years (Rate of Interest 8% p.a.)

I. Nature of Security

(a) Cash Credit from bank is secured by first charge by way of hypothecation of mining and stone related business stock, book debts, etc. and equitable mortgage on specific immovable property and guaranteed by Directors.

II. Quarterly statements of current assets filed by the Company with the banks are in agreement with the books of accounts. The Company has not used borrowings for purpose other than specified purpose of the borrowing.

31. COMMITMENTS AND CONTINGENCIES A. Commitments (Amount in INR Lakhs)
Capital Commitments	March 31, 2024	March 31, 2023
Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances)	75.61	6.58
B. Contingent Liabilities (Amount in INR Lakhs)
	March 31, 2024	March 31, 2023
i. Claim against the company not acknowledged as debt - Labour cases and others	138.16	134.95
ii. Guarantees excluding financial guarantees
Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities and others	456.51	232.14
iii. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company
Cess matter and others	173.11	172.49

(v) Terms and conditions of transactions with related parties

Assessment is undertaken each financial year through examining the financial position of the related party and market in which the related party operates:

The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding loan balances at the year end are unsecured and interest bearing and trade and other receivables are unsecured and interest free and settlement occurs in cash.

In view of losses at its JV/subsidiary viz. Al Rawasi Rock & Aggregate LLC (RRA), a provision had been made for impairment of investments in subsidiaries during the year 2021-22. However, On receipt of final amount after disposal of shareholding of the Al Rawasi Rocks & Aggregate LLC and on receipt distributed surplus from ASI Global Limited, after liquidation, Impairment of investments in subsidiaries considered during the year 2021-22 has been reversed during the previous financial year 2022-23 by Rs. 185.22 Lacs and credited to profit and loss account.

(vi) Foreign Subsidiaries ceased to exist

During the previous financial year 2022-23, the Company after obtaining approval of the shareholders has sold/ transferred and disposed off entire shareholding of the Company, together with its Wholly Owned Subsidiary, ASI Global Limited, held in Al Rawasi Rocks & Aggregate LLC, Fujairah, UAE ( JV/ subsidiary Co.).

Consequent to sale of shares held in Al Rawasi Rocks & Aggregate LLC, Fujairah, UAE , it was decide by the Management of the Company (ASIL) to voluntarily liquidate ASI Global Ltd (ASIGL) a Wholly Owned Subsidiary of the Company, since it has ceased to carry on business, accordingly, in the previous financial year 2022-23, ASIGL filed an application under section 309 (1) (d) of the Companies Act, 2001 (Mauritius) for removal of its name from the records of the Registrar of Companies. In this regard, ASIGL has discharged all its liabilities to all its known creditors and has distributed its surplus assets in accordance with its Constitution and the Companies Act 2001 (Mauritius). The process of liquidation has completed in Mauritius in accordance with the applicable laws.

(i) Leave Obligations

The leave obligations cover the company''s liability for earned leave.

The amount of the provision of INR 61.60 Lakhs (March 31,2023: INR 59.71 Lakhs) is presented as current, since the company does not have an unconditional right to defer settlement for any of these obligations.

(ii) Post Employement obligations

(A) Gratuity

The company provides for gratuity for employees in india as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The amount of gratuity is payable on retirement/ termination of service.

The gratuity plan is a funded plan and the Company makes contribution to recognised Gratuity Fund managed by the trust.

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined beenfit obligation as a result of reasonable changes in key assumptions occuring at the end of the reporting period.

The average duration of the defined benefit plan obligation at the end of the reporting period is 5 Years (March 31,2023: 5 years) (B) Defined contribution plans

The company also has defined contribution plans. The company pays provident fund contributions to approved provident fund trust and publicly administered provident funds. Contributions are made at the rate of 12% of basic salary as per regulations. The obligation of the company is limited to the amount contributed and it has no further contractual nor any contructive obligation. The expense recognised during the period towards defined contribution plan is INR 244.31 Lakhs (March 31, 2023: INR 230.22 Lakhs)

34. SEGMENT REPORTING A. Information about operating segment

The Company has only one reportable segment i.e Mining & Processing of Natural Stone. Hence segmental reporting is not applicable as per the Indian Accountin Standards.

The management assessed that the fair value of cash and cash equivalent, trade receivables, trade payables and other current financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

The fair values for loans and other non current financial assets were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the Fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

The fair values of non current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

ii. Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measure at fair value. To provide an indication about the reliability of the inputs used in determing fair value, the company has classified its financial instruments into three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual fund units.

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity shares.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

v. Valuation processes

The finance department of the company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports direclty to the chief financial officer (CFO) and the audit committte. Discussions of valuation processes and results are held between the CFO, audit committe and the valuation team regularily.

36. FINANCIAL RISK MANAGEMENT

The Company''s activity exposes it to market risk, liquidity risk and credit risk. Company''s overall risk management focuses on the unpredictibility of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. This note explains the sources of risk which the entity is exposed to and how the company manages the risk.

(A) Credit risk

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables.

i. Credit risk management

Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than 90 days past due.

A default on a financial asset is when the counterparty fails to make contractual payments of when they fall due. This definition of default is determined by considering the business environment in which entity operates and other macroeconomic factors.

ii. Provision for expected credit losses

The company follows ''simplified approach'' for recognition of loss allowance on Trade receivables

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 analyzed.

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company consistently generated sufficient cash flows from operations to meet its financial obligations. Also, the Company has unutilized credit limits with banks.

Management monitors rolling forecasts of the company''s liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows. In addition, the company''s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. In the table below, borrowings include both interest and principal cash flows. To the extent that interest rates are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as commodity risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the export receivables.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies and standard operating procedures to mitigate the risks.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Compnay''s exposure to the risk of changes in market interest rates relates primarily to the Group''s long-term debt obligations with floating interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Note: The above analysis is prepared for floating rate liabilities assuming the amount of the liability outstanidng at the end of the reporting period was outstanding for the whole year and the assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment.

(iii) Commodity Price risk

The company is affected by the price volatility of certain commodities. Its operating activities require the continous purchase of High Speed Diesel (HSD). Due to the significantly increased volatility of the price of the HSD and the regulatory changes, the company is exposed to price risk. The Company has a risk management framework aimed at prudently managing the arising from the volatility in commodity prices.

37. CAPITAL MANAGEMENT

For the purpsoe of the company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity share holders. The primary objective of the Company''s capital management is to maximise the shareholder value.

Note:- explanation for change in the ratio by more than 25% as compared to the preceding year

1. As profitability has been increase during the year, Current Ratio is also improved mainly due to increase in current investment as well as decreased in statutory liabilities.

2. Debt Service Coverage Ratio is improved significantly due to increase in profitability during the year and due to reduction in Current Matutities of Long Term Borrowings on account of full repayment of some term loan before due date.

3. Return on Equity Ratio, Net Profit Ratio, Return on Capital Employed and Return on Investment is improved due to increase in profitability during the year in compare to last year.

4. Movement in the Inventory Turnover Ratio is due to reduction in inventory level on account of sale of stock.

5. Movement in Trade payables turnover ratio is due to increase in Sundry Creditors in compare to last year.

39. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013

Loans given to and Corporate Guarantees given for the subsidiaries and Investments made are given under the respective heads.

40. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year presentation.

Mar 31, 2018

1 corporate Information

These statements comprise financial statements of ASI Industries Limited (L14101MH1945PLC256122) for the year ended March 31, 2018. The company is a public company domiciled in India and is incorporated on January 17, 1945 under the provisions of the Companies Act applicable in India. Its shares are listed on Bombay Stock Exchange (BSE) in India. The registered office of the company is located at Marathon Innova, A Wing, 7th FLoor, Off: Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013.

The Company is principally engaged in the mining, windpower and trading activities.

The financial statements were authorised for issue in accordance with a resolution of the directors on May 26, 2018.

2 Significant Accounting Policies

2.1 Basis of preparation

The financial statements of the company have been prepared and presented in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies(Indian Accounting Standards)(Amendment) Rules, 2016 and the relevant provisions of the Companies Act, 2013 (âthe Actâ).

For all periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements for the year ended March 31, 2018 are the first the Company has prepared in accordance with Ind AS. Refer to Note 41 for information on how the Company adopted Ind AS.

The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have been measured at fair value or revalued amount:

- Certain financial assets and liabilities measured at fair value or at amortised cost depending on the classification(refer accounting policy regarding financial instruments),

- Employee defined benefit assets/(obligations) are recognised as the net total of the fair value of plan assets, plus actuarial losses, less actuarial gains and the present value of the defined benefit obligations,

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

3 Significant accounting judgements, estimates and assumptions

The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income and expense for the periods presented.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

Critical estimates and judgements

(i) Estimation of net realizable value for inventory

Inventory is stated at the lower of cost and net realizable value (NRV).

NRV for completed inventory is assessed by reference to market conditions and prices existing at the reporting date and is determined by the Company, based on comparable transactions identified.

(ii) Impairment of non - financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the assetâs recoverable amount. An assetâs recoverable amount is the higher of an assetâs or cash-generating unitâs (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

(iii) Recoverability of trade receivables

In case of trade receivables, the Company follows the simplified approach permitted by Ind AS 109 -Financial Instruments for recognition of impairment loss allowance. The application of simplified approach does not require the Company to track changes in credit risk. The Company calculates the expected credit losses on trade receivables using a provision matrix on the basis of its historical credit loss experience.

(iv) Useful lives of property, plant and equipment/ intangible assets

The Company reviews the useful life of property, plant and equipment/intangible assets at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.

(v) Valuation of deferred tax assets

The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same has been explained under Note above.

(vi) Defined benefit plans

The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Terms/rights attached to equity shares

The Company has only one class of equity share having a par value of INR 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended March 31, 2018, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 0.30 per share (Previous year Rs. 0.30 per share) (Refer Note 31).

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 shareholders.

Nature of Security and Terms of Repayment

a. Term loan from Bank, balance outstanding amounting to INR 799.59 lakhs (March 31, 2017: INR 1010.17 Lakhs and April 1, 2016: INR 1198.35 Lakhs) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 115 EMI of INR 24.94 lakhs starting from November 2011. Last installment due in May, 2021 (Current Rate of Interest as on 31.03.2018 is 9.50% p.a.)

b. Term loan from Bank, balance outstanding amounting to INR 1074.56 lakhs (March 31, 2017: INR 1189.93 Lakhs and April 1, 2016: INR 1289.95 Lakhs) is secured by first charge on the specific immovable property and guarateed by Directors. Repayable in 116 EMI of INR 20.09 lakhs starting from December, 2014. Last installment due in June, 2024 (Current Rate of Interest as on 31.03.2018 is 10.85% p.a.)

c. Term loan from Bank, balance outstanding amounting to INR 21.67 lakhs (March 31, 2017: INR 108.33 Lakhs and April 1, 2016: INR 195 Lakhs) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 36 EMI of INR 7.22 lakhs (excluding interest) starting from July, 2015. Last installment due in June, 2018 (Current Rate of Interest as on 31.03.2018 is 11.10% p.a.)

d. Equipment and vehicle loan balance outstanding amounting to INR 458.95 lakhs (Previous Year NIL) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 36 EMI of INR 11.84 lakhs starting from Jan, 2018. Last installment due in Dec., 2021 (Current Rate of Interest as on 31.03.2018 is 8% p.a.)

e. Equipment and vehicle loan balance outstanding amounting to INR 143.70 lakhs (Previous Year NIL) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 36 EMI of INR 3.64 lakhs starting from Feb, 2018. Last installment due in Dec., Jan., 2022 (Current Rate of Interest as on 31.03.2018 is 8% p.a.)

f. Vehicle loans balance outstanding amounting to INR 374.06 lakhs (March 31, 2017: INR 362.20 Lakhs and April 1, 2016: INR 316.62 Lakhs) is secured by hypothecation of specific vehicle and guaranteed by Directors. Repayable on various payment dates starting from Mar, 2016 and last installment due in June, 2021. (Rate of Interest ranging from 7.99% to 9.36% p.a.)

g. ECB Loan from Bank, balance outstanding amounting to INR 3589.71 lakhs (March 31, 2017: INR 4057.96 Lakhs and April 1, 2016: INR 4249.27 Lakhs) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 26 quarterly installment starting from February, 2017. Last installment due in May, 2023 (Current Rate of Interest as on 31.03.2018 is 5.16% p.a.).

(a) Cash Credit/ WCDL from bank is secured by first charge by way of hypothecation of mining and stone related business stock, book debts, etc. and equitable mortgage on specific immovable property and second charge over the fixed assets of the Company and guaranteed by Directors.

(b) Bank overdraft is secured by fixed deposits of the Company.

(c) Bills Payable is secured by first charge by way of hypothecation of trading business related stock, book debts etc. and equitable mortgage on specific immovable property and guaranteed by Directors.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liablities relate to income taxes levied by the same tax authority

Changes in tax rate

The reduction of the Indian corporate tax rate from 30% to 25% and increase in education cess from 3% to 4% was substantively enacted on February 1, 2018 and will be effective from April 1, 2018. As a result, the relevant deferred tax balance have been remeasured. Deferred tax expected to reverse in the year to March 31, 2019 has been measured using the effective rate that will apply in India for the period (29.12%).

The impact of the change in tax rate amounting to INR 53.10 lakhs has been recognised in tax expense in profit or loss.

(b) Corporate social responsibility expenditure

(i) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 by the Company during the year is INR 55 Lakhs including previous unspent amount of INR 6.80 Lakhs (Previous Year INR 50.84 Lakhs including previous unspent amount of INR 6.49 Lakhs).

(ii) During the year, expenditure related to Corporate Social Responsibility is INR 44.67 Lakhs (Previous Year INR 44.04 Lakhs). Details of Amount Spent towards CSR given below:

(v) terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in armâs length transactions. Outstanding loan balances at the year end are unsecured and interest bearing and trade and other receivables are unsecured and interest free and settlement occurs in cash. The Company has issued corporate guarantees to the lenders of the subsidiary company as an additional comfort as per the terms of arrangement. For the year ended March 31, 2018, the Company has not recorded any impairment of receivables relating to amount owed by related parties (March 31, 2017: NIL). This assessment is undertaken each financial year through examining the financial position of the related party and market in which the related party operates.

(i) leave obligations

The leave obligations cover the companyâs liability for earned leave.

The amount of the provision of INR 90.57 Lakhs (March 31, 2017: INR 93.29 Lakhs) is presented as current, since the company does not have an unconditional right to defer settlement for any of these obligations.

(ii) post employement obligations (a) Gratuity

The gratuity plan is a funded plan and the Company makes contribution to recognised Gratuity Fund managed by the trust.

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occuring at the end of the reporting period.

The average duration of the defined benefit plan obligation at the end of the reporting period is 25.51 years (March 31, 2017: 25.42 years)

(B) Defined contribution plans

The company also has defined contribution plans. The company pays provident fund contributions to approved provident fund trust and publicly administered provident funds. Contributions are made at the rate of 12% of basic salary as per regulations. The obligation of the company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is INR 283.04 Lakhs (March 31, 2017: INR 246.70 Lakhs)

4. SEGMENT REPORTiNG

A. For management purposes, the Company is organised into business units based on its products and services and has three reportable segments, i.e. Stone, Wind Power and Trading

No operating segments have been agrregated to form the above reportable operating segment

The Chief Operating Decision Maker (âCODMâ) monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the standalone financial statements.

Adjustments and eliminations

Current taxes and deferred taxes are not allocated to those segments as they are also managed on a group basis.

Capital expenditure consists of additions of property, plant and equipment.

B. Information about geographical areas Revenue from external customers

The company is domiciled in India. The amount of its revenue from external customers broken down by location of the customers is shown in the table below:

Revenue from four customer amounted to INR 9,257.00 Lakhs (March 31, 2017: INR 9,900.55 Lakhs), arising from sales in the Trading Segment and revenue from two customer amounted to INR 74.81 Lakhs (March 31, 2017: INR 78.59 Lakhs), arising from sales in the Wind Power Segment.

The management assessed that the fair value of cash and cash equivalent, trade receivables, trade payables, and other current financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

ii. Fair Value Hierarchy

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments.

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity shares.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

iv. Valuation inputs and relationships to fair value

The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at March 31, 2018 and March 31, 2017 are shown as below:

v. Valuation processes

The finance department of the company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the chief financial officer (CFO) and the audit committee. Discussions of valuation processes and results are held between the CFO, audit committe and the valuation team regularly.

vi. Reconciliation of fair value measurement of financial assets classified as FVTOCI (Level 3):

5. FiNANCiAL RiSK MANAGEMENT

The Companyâs activity exposes it to market risk, liquidity risk and credit risk. Companyâs overall risk management focuses on the unpredictibility of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. This note explains the sources of risk which the entity is exposed to and how the company manages the risk.

(A) Credit risk

Credit risk is the risk that the counter party will not meet its obligations leading to a financial loss. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables.

i. Credit risk management

Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than 90 days past due.

A default on a financial asset is when the counterparty fails to make contractual payments of when they fall due. This definition of default is determined by considering the business environment in which entity operates and other macroeconomic factors.

ii. Provision for expected credit losses

The company follows âsimplified approachâ for recognition of loss allowance on Trade receivables

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 analyzed.

iii. Reconciliation of loss allowance provision - Trade receivables

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company consistently generated sufficient cash flows from operations to meet its financial obligations. Also, the Company has unutilized credit limits with banks.

Management monitors rolling forecasts of the companyâs liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows. In addition, the companyâs liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. In the table below, borrowings include both interest and principal cash flows. To the extent that interest rates are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.

(c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as commodity risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Companyâs exposure to the risk of changes in foreign exchange rates relates primarily to the external commercial borrowings and export receivables.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies and standard operating procedures to mitigate the risks.

(ii) interest rate risk

The Company primarily borrows funds under fixed interest rate arrangements with banks and financial institutions and therefore the Company is not exposed to interest rate risk.

(iii) Commodity Price risk

The company is affected by the price volatility of certain commodities. Its operating activities require the continous purchase of High Speed Diesel (HSD). Due to the significantly increased volatility of the price of the HSD, the company is exposed to price risk. The Company has a risk management framework aimed at prudently managing the arising from the volatility in commodity prices.

6. CAPiTAL MANAGEMENT

For the purpsoe of the companyâs capital management, capital includes issued equity capital and all other equity reserves attributable to the equity share holders. The primary objective of the Companyâs capital management is to maximise the shareholder value.

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The company includes within debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings that define capital structure requirements. The financial covenants relates to gearing ratio, ratio of net finance cost to EBITDA, fixed assets coverage ratio etc. The company has complied with these covenants throughout the reporting period.

7. standards issued but not yet effective Ind As 115 - Revenue from contracts with customers

Ind AS 115 was issued in February 2016 and establishes a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115 revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under Ind AS. This standard will come into force from accounting period commencing on or after April 1, 2018. The Company will adopt the new standard on the required effective date.

8. details of loans Given, INVEsTMENTs MADE and guarantee given covered U/s 186 (4) of the companies act, 2013

Loans given to and Corporate Guarantees given for the subsidiaries and Investments made are given under the respective heads.

Loans given to others by the Company are as under:

9. Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are subject to confirmation.

10. first time adoption of ind as

These are the companyâs first financial statements prepared in accordance with Ind AS. The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (the Companyâs date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the companyâs financial position, financial performance and cash flows is set out in the following tables and notes.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

i. Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment and intangible assets covered by Ind AS 38 - Intangible Assets as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

ii. Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS. The company has elected to apply this option for its investment in quoted and unquoted equity investments.

iii. Estimates

The estimates at April 1, 2016 and at March 31, 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items where application of Indian GAAP did not require estimation:

- FVTOCI - unquoted equity shares

- Impairment of financial assets based on expected credit loss model

The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions at April 1, 2016, the date of transition to Ind AS and as of March 31, 2017.

iv. Investments in subsidiaries

In separate financial statements, a first-time adopter that subsequently measures an investment in a subsidiary at cost , may measure such investment at cost (determined in accordance with Ind AS 27) or deemed cost (fair value or previous GAAP carrying amount) in its separate opening Ind AS balance sheet.

Selection of fair value or previous GAAP carrying amount for determining deemed cost can be done for each subsidiary. The company elects to carry its investments in subsidiaries at previous GAAP carrying amount as deemed cost.

B. Reconciliations between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.

C. Notes to first-time adoption:

Note 1: Fair valuation of investments

Under the previous GAAP, investments in equity instruments were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value.

Fair value changes with respect to investments in equity instruments designated as at FVOCI have been recognised in equity Instrument through OCI under other equity as at the date of transition and subsequently in the other comprehensive income for the year ended March 31, 2017.

Note 2: Deferred tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

Note 3: Trade Receivables

Under Indian GAAP, the company has created provision for impairment of receivables consists only in respect of specific amount for incurred losses. Under Ind AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Due to ECL model, the company impaired its trade receivable, which has been eliminated against retained earnings on the date of transition and in statement of profit and loss for the year ended March 31, 2017.

Note 4: Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year.

Note 5: Retained earnings

Retained earnings as at April 1, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

Note 6: Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss as âother comprehensive incomeâ includes remeasurements of defined benefit plans and fair value gains or (losses) on financial instruments. The concept of other comprehensive income did not exist under previous GAAP.

11. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year presentation.

Mar 31, 2016

Terms/Rights attached to Equity Shares:

The Company has only one class of equity share having a par value of Re. 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31^st March, 2016, the amount of per share dividend recognized as distributions to equity shareholders was Re. 0.30 per share (Previous year Re. 0.30 per share).

Nature of Security & Terms of Repayment

a) Term loan from Bank, balance outstanding amounting to Rs. 1198.35 lacs (P.Y. Rs. 1364.89 lacs) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 115 EMI of Rs. 24.94 lacs starting from Nov, 2011. Last installment due in May, 2021 (Current Rate of Interest as on 31.03.2016 is 10.00% p.a.)

b) Term loan from Bank, balance outstanding amounting to Rs. 1289.95 lacs (P.Y. Rs. 1375.29 lacs) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 116 EMI of Rs. 20.09 lacs starting from Dec, 2014. Last installment due in July, 2024 (Current Rate of Interest as on 31.03.2016 is 11.35% p.a.)

c) Term loan from Bank, balance outstanding amounting to Rs. 195.00 lacs (P.Y. Nil) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 36 EMI of Rs. 7.22 lacs (excluding interest) starting from July, 2015. Last installment due in June, 2018 (Current Rate of Interest as on 31.03.2016 is 11.60% p.a.)

d) Equipment and vehicle loan, balance outstanding amounting to Rs. 335.83 lacs (P.Y. Rs. 634.42 lacs) is secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 30 EMI of Rs. 29.81 lacs installment starting from Nov, 2014. Last installment due in March, 2017 (Current Rate of Interest as on 31.03.2016 is 11.85% p.a.)

e) Vehicle loans balance outstanding amounting to Rs. 316.62 lacs (P.Y. Rs. 158.80 lacs) is secured by hypothecation of specific vehicle and guaranteed by Directors. Various payment dates starting from Aug, 2013 and last installment due in Feb, 2021. (Rate of Interest ranging from 9.26% to 11.00% p.a.)

f) ECB Loan from Bank, balance outstanding amounting to Rs. 4249.27 lacs (P.Y. Nil) is secured by first charge on the specific immovable property and guaranteed by Directors. Repayable in 26 quarterly installments starting from February, 2017. Last installment due in May, 2023 (Current Rate of Interest as on 31.03.2016 is 6.16% p.a.)

1. Company has purchased mining machinery under EPCG scheme in respect of which the Company has an Export obligation of USD 968641 (Previous year USD 1096336) to be completed before June, 2016.

2. During the year, the Company has sold some of the land revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 25.63 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

3. The exceptional items contains reversal of earlier years provisions of entry tax and waiver of the interest on entry tax amounting to Rs. 127.90 lacs under "Voluntary Amnesty Scheme for Entry Tax 2015" by the appropriate authority.

4. During the year under review, loan of USD 4 million to Wholly Owned Subsidiary viz. ASI Global Limited, Mauritius has been converted into Equity Share Capital.

5. Segmental Reporting

The information pursuant to Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India is as under:

Note: Segment assets include all operating assets used by the business segment and consist principally fixed assets, debtors and inventories and segment liabilities primarily include creditors and other liabilities, as allocated by the management.

6. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

7. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year presentation.

Mar 31, 2015

Terms/Rights attached to Equity Shares:

The Company has only one class of equity share having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March, 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.1.50 per share ( Previous year Rs.1.25 per share).

Nature of Security & Terms of Repayment

a) Term loan from Bank, balance outstanding amounting to Rs. 1364.89 lacs (P. Y. Rs. 1510.28 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 120 EMI of Rs. 24.94 lacs starting from Nov, 2011. Last installment due in July, 2021 (Current Rate of Interest as on 31.03.2015 is 10.65% p.a).

b) Term loan from Bank, balance outstanding amounting to Rs. 1375.29 lacs (P. Y. Nil) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 120 EMI of Rs. 20.09 lacs starting from Dec, 2014. Last installment due in Nov, 2024 (Current Rate of Interest as on 31.03.2015 is 12.00% p.a).

c) Term loan from Bank, balance outstanding amounting to Rs. 47.79 lacs (P.Y. Rs. 155.73 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 28 quarterly installment of Rs. 30.69 lacs starting from Sept, 2012. Last installment due in Sept, 2015 (Current Rate of interest as on 31.03.2015 is 12.50% p.a.).

d) Term loan from Bank, balance outstanding amounting to Rs. 210.48 lacs (P.Y. Rs. 245.87 lacs) is secured by first charge on the specific immovable property at Mumbai and guaranteed by Directors. Repayable in 28 quarterly installment of Rs. 16.23 lacs starting from Sept, 2012. Last installment due in June, 2019 (Current Rate of Interest as on 31.03.2015 is 12.50% p.a).

e) Equipment and vehicle loan amounting Rs. 634.42 lacs (P. Y. Nil) secured by hypothecation of specific assets and guaranteed by Directors. Repayable in 30 EMI of Rs 29.81 lacs installment starting from Nov, 2014. Last installment due in March, 2017 (Current Rate of Interest as on 31.03.2015 is 11.85% p.a).

f) Equipment and vehicle loans balance outstanding amount to Rs. 158.80 lacs (P.Y Rs. 312.34 lacs) secured by hypothecation of specific equipment/vehicle and guaranteed by Directors. Various payment dates starting from Nov, 2012 and last installment due in Nov, 2017. (Rate of interest ranging from 9.25% to 12.00% p.a.).

As at As at 31.03.2015 31.03.2014 Rs. in Lacs Rs. in Lacs

2. Contingent Liability and Commitments

(i) Contingent Liabilities

a) Claims against the Company not acknowledge as 103.59 162.09

b) Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) 67.37 67.37

ii) 132.10 135.43

c) Counter guarantees given by the Company in respect of guarantees given by the Bank to 25.58 26.08

Government authorities & others

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account not provided for 441.14 528.03 (net of advances)

3. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has an Export obligation of US$10,96,336.20 (Previous year US$ 10,96,336.20) to be completed over a period of 8 years from June, 2007.

4. During the year, the Company has sold some of the land for Rs. 41.39 Lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 31.91 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

5. During the year under review, the Company has incurred expenditure of Rs.Nil (Previous year Rs. 37.80 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets.

6. The exceptional items as shown in the Statement of Profit & Loss relates reversal of earlier year provisions amounting to Rs. 257.10 lacs due to re-assessment of land tax liability by the appropriate authority.

7. The Company has changed the policy of providing depreciation on Fixed Assets effective from 1st April, 2014 as required by the Companies Act, 2013. The Management of the Company estimated the useful life of all assets and the remaining useful life of the assets wherever appropriate based on evaluation. Due to this the depreciation charges for the year ended 31st March, 2015 is lower by Rs. 94.90 lacs. Further based on transitional provision provided in Note 7(b) of Schedule II an amount of Rs. 50.66 lacs which pertains to carrying value of assets whose remaining useful life as on 1st April, 2014 is NIL has been adjusted to the Retained Earnings.

8. During the current year the company has:-

i) formed a wholly owned subsidiary viz. ASI Global Limited a private Company limited by shares, incorporated on 19th May, 2014 in Mauritius under the Companies Act, 2001.

ii) acquired on 27th October, 2014, 99% shares (51% shares held by nominee as required by local law for beneficial interest of the group) in Al Rawasi Rock & Aggregate LLC, UAE (RRA) having Limestone Quarry, through its aforesaid wholly owned subsidiary. As the Company holds 1% shares in RRA, RRA also become the wholly owned subsidiary of the Company.

9. Related Parties Disclosure

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Shri. Deepak Jatia

2. Shri.Tushya Jatia

3. Smt. Anita Jatia

B Foreign Subsidiary Companies

1. ASI Global Limited , Mauritius

2. Al Rawasi Rocks & Aggregate LLC, UAE

C Other Related Parties

1. Stone Masters (India) Private Ltd.

2. Deejay Mining & Exports Private Limited

Mar 31, 2014

31-03-2014 31-03-2013 (Rs. In Lacs) (Rs. In Lacs)

1. Contingent Liability and Commitments

Contingent Liabilities

a. Claims against the Company not acknowledge as debts 162.09 147.84

b. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Royalty 67.37 67.37

ii) Others 135.43 96.08

c. Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 26.08 26.08

Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 528.03 435.74

2. PARTICULARS OF UNHEDGED FOREIGN CURRENCY EXPOSURE AS AT THE REPORTING DATE

Export Trade Receivable Euro 13741 15633

3. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 10,96,336.20 (Previous year US$ 25,15,355.07) to be completed over a period of 8 years from June, 2007.

4. During the year, the Company has sold some of the land for Rs. 118.05 Lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 95.56 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

5. During the year under review, the Company has incurred expenditure of Rs. 37.80 lacs (Previous year Rs. 18.49 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to preoperative expenses and shown under the head of Other Current Assets.

6. RELATED PARTIES DISCLOSURE:

I Name of related parties and description of relationship A Key Management Persons and relatives 1. Mr. Deepak Jatia 2 Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Private Ltd.

7. Employee Benefits

(a) Plan Description.

The Company makes annual contributions to the Gratuity fund managed by Trust.

8. A search was conducted by the Income Tax Department on the Company in August, 2013. The proceedings in this are continuing but the Company does not expect any addition as a consequence of the search.

9. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

10. Previous year figures have been regrouped / reclassified wherever considered necessary to confirm to the current year presenatation.

Mar 31, 2013

1. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,15,355.07 (Previous year US$ 25,34,001.26) to be completed over a period of 8 years from June, 2007.

2. During the year, the Company has sold some of the land for Rs. 5.53 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 5.17 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

3. During the year under review, the Company has incurred expenditure of Rs. 18.49 lacs (Previous year Rs. 28.76 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets

4. RELATED PARTIES DISCLOSURE:

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Mr. Deepak Jatia 2 Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Private Ltd.

5. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

6. Previous year figures have been regrouped / reclassified wherever considered necessary to confirm to the current year presentation.

Mar 31, 2012

(a) 64000 Shares have been allotted as fully paid up pursuant to a contract without payment being received in cash.

(b) 100000 Shares have been allotted as fully paid up on conversion of 1,00,000 Deferred Shares of Rs.5/- each and

(c) 7782000 Shares have been issued as fully paid Bonus Shares by capitalisation of General Reserve.

1.1 Terms/Rights attached to Equity Shares :

The Company has only one class of equity share having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March, 2012, the amount of per share dividend recognised as distributions to equity shareholders was Re 1/- per share (previous year Re 1/- per share).

(a) Trade Payable includes bills to the extent Rs. 2999.93 Lacs (Previous year Rs.2908.52 Lacs) accepted by the Company under letter of credit facility granted by IDBI Bank Ltd Jaipur. LC facility secured by first charge by way of hypothecation of trading business related stock, book debts, etc and equitable mortgage on specific immovable property and guaranteed by Directors.

(b) In absence of proper details from the suppliers, the amount over due if any, to Micro, Small & Medium Enterprises under Micro , Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

Note: Land value includes Rs. 9047.96 Lacs (Previous Year Rs. 9056.03 Lacs) on account of revaluation during the Financial Year 2006-07. For the year ended

31.03.2012 31.03.2011

2. CONTINGENT LIABILITY AND COMMITMENTS (Rs.in lacs) (Rs.in lacs)

(i) Contingent Liabilities

a. Claims against the Company not acknowledge as debts 128.42 59.39

b. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 96.08 111.09

c. Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 25.48 25.48

(ii) Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 434.61 498.10

3. PARTICULARS OF UNHEDGED FOREIGN CURRENCY EXPOSURE AS AT THE REPORTING DATE

Export Trade Receivable Euro 11790 Nil

Export Trade Receivable USD Nil 7592

4. Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,34,001.26 (Previous year US$ 25,63,925.39) to be completed over a period of 8 years from June , 2007

5. During the year, the Company has sold some of the land for Rs.5.20 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 5.17 lacs has been credited to General Reserve Account and the Revalatuion Reserve Account has been debited to the extent of assets revalued earlier.

6. During the year under review , the Company has incurred expenditure of Rs. 28.76 lacs (Previous year Rs. 15.86 lacs) towards feasibility study & other expenses for setting up of new ventures and same has been debited to pre-operative expenses and shown under the head of Other Current Assets.

7. RELATED PARTIES DISCLOSURE :

I Name of related parties and description of relationship A Key Management Persons and relatives

1. Mr. Deepak Jatia

2. Mr. Tushya Jatia

B Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common

Stone Masters (India) Ltd.

Note :Segment assets include all operating assets used by the business segment and consist principally fixed assets,debtors and inventories and segment liabilities primararily include creditors and other liabilities, as allocated by the management.

8. Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

9. Previous year figures have been regrouped/ reclassified wherever considered necessary to confirm to the current year presenatation.

Mar 31, 2011

(Rupees in Lacs)

For the year ended 1 Contingent liability not provided in 31.03.2011 31.03.2010 respect of

a.Estimated amount of contracts remaining 498.10 116.33 to be executed on capital account not provided for (net of advances)

b.Claims against the Company not acknowledge 59.39 36.88 as debts

c.Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 111.09 19.07

d Counter guarantees given by the Company in 25.48 26.08 respect of guarantees given by the Bank to Government authorities & others

2 Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 25,63,925.39 (Previous year US$ 27,63,388.82) to be completed over a period of 8 years from June , 2007

3 During the year, the Company has sold some of the land for Rs.25.76 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 20.35 lacs has been credited to General Reserve Account and the Revaluation Reserve Account has been debited to the extent of assets revalued earlier.

4 Sundry creditors includes bills to the extent Rs. 2908.52 lacs (previous year Rs 2999.34 lacs) accepted by IDBI Bank Ltd., Jaipur under letter of credit facility granted to the Company.

5 During year under the review, the Company has incurred expenditure of Rs.15.86 lacs towards feasibility study for setting up of new venture and same has been debited to pre -operative expenses and shown under the head Misc. Expenditure (Assets).

6 In absence of proper details received from the suppliers , the amount over due if any, to Micro, Small & Medium Enterprises under Micro, Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

7 Directors Remuneration

c) No commission has been paid to the Directors', hence the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 has not been made. The remuneration has been paid to the Directors as per schedule XIII of the Companies Act, 1956.

8 Segmental Reporting (Rupees in Lacs)

The information pursuant to Accounting Standard 17- "Segment Reporting" Issued by the Institute of Chartered Accountants of India is as under: The key business segments of the Company are Stone, Wind Power & Trading .

(ii) Geographical Segments

Note :

Segment assets include all operating assets used by the business segment and consist principally fixed assets, debtors and inventories and segment liabilities primararily include creditors and other liabilities, as allocated by the management.

9 Employee Benefits

(a) Plan Description.

The Company makes annual contributions to the Gratuity fund managed by Trust.

10 Related Parties Disclosure :

I Name of related parties and description of relationship

A) Key Management Persons and relatives

1. Mr. Deepak Jatia 2. Mr. Tushya Jatia

B) Enterprises over which key Management Person(s) have significant influence and enterprises having a key Management Person(s) in common:

Stone Masters (india) Ltd.

11 Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

12 Previous year figures have been regrouped and rearranged wherever considered necessary.

Mar 31, 2010

(Rupees in Lacs) For the year ended 31.03.2010 31.03.2009

1 Contingent liability not provided in respect of

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) 116.33 1.50

b. Claims against the Company not acknowledge as debts 36.88 29.93

c. Liabilities disputed for which no provision has been made in the accounts as same is contested in appeal by the Company

i) Income Tax 19.02 19.02

ii) Royalty 67.37 67.37

iii) Others 19.07 19.05

d Counter guarantees given by the Company in respect of guarantees given by the Bank to Government authorities & others 26.08 26.08

2 Company has purchased mining machinery during the year 2007-08 under EPCG scheme in respect of which the Company has a future export obligation of US$ 27,73,526.06 (Previous year US$28,45,486.34) to be completed over a period of 8 years from June , 2007.

3 During the year, the Company has sold some of the land for Rs.49.42 lacs revalued in the earlier year. The profit on sale of such assets to the extent of revalued amount Rs. 39.79 lacs has been credited to General Reserve Account and remaining surplus Rs. 1.48 lacs has been credited to Profit & Loss Account and Revalatuion Reserve Account has been debited to the extent of assets revalued earlier.

4 Sundry creditors includes bills to the extent Rs. 2999.34 lacs (previous year Rs 997.25 lacs) accepted by IDBI Bank Ltd Jaipur under letter of credit facility granted to the Company.

5 Balances of Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

6 In absence of proper details received from the suppliers , the amount over due if any, to Micro, Small & Medium Enterprises under Micro, Small & Medium Enterprises Development Act, 2006 cannot be ascertained.

c) No commission has been paid to the Directors, hence the computation of net profit for the purpose of Directors remuneration under section 349 of the Companies Act, 1956 has not been made. The remuneration has been paid to the Directors as per schedule XIII of the Companies Act, 1956.

7 Segmental Reporting

The information pursuant to Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India is as under:

The key business segments of the Company are Stone, Wind Power & Trading .

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