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Notes to Accounts of Brahmaputra Infrastructure Ltd.

Mar 31, 2023

Contingent Liability, Contingent Asset and Provisions

Contingent liability

Contingent liabilities are possible obligations that arise from past events and whose existence will only be
confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company. Where it is not probable that an outflow of economic benefits will be required, or the
amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the
probability of outflow of economic benefits is remote.

Contingent assets

Contingent assets are possible assets that arises from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company.

Provisions

The Company creates a provision when there is present obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate can be made of the amount of obligation.

If the effect of the time value of money is material, provisions are determined by discounting the expected
future cash flows (representing the best estimate of the expenditure required to settle the present obligation
at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(xv) Cash and cash equivalents

Cash and cash equivalents includes cash on hand, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within
borrowings in current financial liabilities in the balance sheet.

(xvi) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The weighted
average numbers of equity shares outstanding during the period are adjusted for events such as bonus
issue, share split or consolidation of shares.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares. The dilutive potential equity shares are deemed converted into
equity shares as at the beginning of the period, unless they have been issued at a later date.

(xvii) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker.

In accordance with Ind AS 108 - Operating Segments, the operating segments used to present segment
information are identified on the basis of internal reports used by the Company''s Management to allocate
resources to the segments and assess their performance.

Segment profit is used to measure performance as management believes that such information is the most
relevant in evaluating the results of certain segments relative to other entities that operate within these
industries. Inter-segment pricing is determined on an arm''s length basis.

The operating segments have been identified on the basis of the nature of products/services. Further:

1. Segment revenue includes sales and other income directly identifiable with / allocable to the segment.

2. Expenses that are directly identifiable with / allocable to segments are considered for determining the
segment result. Expenses which relate to the Company as a whole and not allocable to segments are
included under unallowable expenditure.

3. Income which relates to the Company as a whole and not allocable to segments is included in
unallowable income.

4. Segment assets and liabilities include those directly identifiable with the respective segments.
Unallowable assets and liabilities represent the assets and liabilities that relate to the Company as a
whole and not allocable to any segment.

The Board of Director(s) are collectively the Company''s ‘Chief Operating Decision Maker'' or ‘CODM''
within the meaning of Ind AS 108.

(xviii) Dividends paid

Dividend to shareholders is recognised as a liability and deducted from equity, in the year in which the
dividends are approved by the shareholders. However, interim dividends, if any, declared by the Board of
directors, which does not need shareholder''s approval, are recognised as a liability and deducted from
retained earnings, in the year in which the dividends are so declared.


Mar 31, 2018

1. I) Company Overview

Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi 110 037

Explanations for reconciliation of Balance Sheet as previously reported under I GAAP to INDAS

1. Investment

Under previous GAAP, long term investments were measured at cost less diminution in value which is other than temporary. Under IndAS, non-current investments (other than investments in equity instruments of subsidiaries, associates and joint ventures) are measured at fair value through profit or loss. Consequently,, the differences, as at the transition date and as at the end of year 2015-16, respectively between carrying value as per previous GAAP and fair value, are reflected in total equity and profit or loss.

2. Preference Shares

Under previous GAAP .preference shares which was recognised as equity ,but as per IndAS 109, it is reclassified as liability and has been measured at amortised cost by discounting as effective interest rate method.

3. Borrowings

As per Ind AS 109 .borrowings which are Under Corporate Debt Restructuring are accounted at amortised cost at market interest rate.

4. Other Equity

a) Adjustments to retained earnings and other comprehensive income has been made in accordance with Ind AS, for the above mentioned line items.

b) In addition, as per Ind-AS 19, actuarial gains and losses are recognized in other comprehensive income as compared to being recognized in the statement of profit and loss under I GAAP.

Explanations for reconciliation of Statement of Profit and loss as previously reported under IGAAP to Ind AS

1. Reclassification

Under previous GAAP, actuarial gains and losses on employees defined benefit obligations were recognised in profit or loss. Under Ind AS, the actuarial gains and losses on re-measurement of net defined benefit obligations are recognised in other comprehensive income. This resulted in a reclassification between profit or loss and other comprehensive income.

Interest Cost on Plan Defined Plans shall be accounted under Finance Costs under IndAS

2. Equity Instrument through Other Comprehensive 121 Income

Investment in equity instruments are carried at fair value through OCI in ind AS compared to being carried at cost under I GAAP

3. Finance Cost

As per Ind AS 109 , Interest expense on long term borrowings and preference shares are measured at effective interest rate /market rate.

Note: 2 Fair Value Measurement

Financial Instruments by Category and hierarchy

The Company uses following hierarchy for determining and disclosing the fair value of financial instruments by Valuation technique

Level 1: Qouted (Unadjusted) Prices in active markets for identical assets or liabilities

Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable either directly or indirectly

Level 3: Techniques which use inputs have a significant effect on the recorded fair value that are not based on observable market data

FINANCIAL RISK MANAGEMENT-OBJECTIVES AND POLICIES

The Company’s financial liabilities comprise mainly of borrowings .trade payables and other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (‘Board’) oversee the management of these financial risks. They identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company’s financial performance.

1) Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

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. Since the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is minimal. The Company has not used any interest rate derivatives.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. The Company does not enter into any derivative instruments for trading or speculative purposes.

Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other price risk arises from financial assets such as investments in equity instruments and bonds. The Company is exposed to price risk arising mainly from investments in equity instruments recognised at FVTOCI. As at 31st March, 2018, the carrying value of such equity instruments recognised at FVTOCI amounts to Rs. 1.13 lakhs (Previous year Rs.1.87 lakhs and Rs.1.57 lakhs as at 1st April, 2016).

2) Credit Risk:

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, derivative financial instruments, other balances with banks, loans and other receivables .To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

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 through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business.

ii) Actual or expected significant changes in the operating results of the counterparty.

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty.

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

3) Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

The table below analysis derivative and non-derivative financial liabilities of the Company into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

The Management of the Company is reasonably certain that the Company would be having Future Taxable Income and deferred tax assets are only recognized to the extent that their utilization is probable, i.e. tax benefit is expected in future periods and the Same is further supported by the Technical & Economical Valuation conducted by Mecon Ltd. as a part of CDR Implementation.

Note: on 19-06-2018 .i.e. before approving of financial statements of 31-03-2018 we have received a letter from ICICI Bank for One Time Settlement of outstanding dues under cash credit, Bank Guarantee, Working Capital, Term Loan and Funded Interest Term Loan Facilities ("Credit Facilities") amounting to Rs.6,98,91,788/- out of which Rs.22,500,000/- Is paid by us as final settlement and Rs.1,36,794 is Cut Back by the Bank

- All Long Term and Short Term Borrowings from “ Banks” were restructured with cut off date as on 01st March 2014 under RBI “ Corporate Debt Restructuring Mechanism1’ vide letter of approval dt. 17th December 2014. The same has been implemented by the participating banks except “ HDFC Bank” and same have been duly accounted for in the books of accounts.

- Primary Security:

1st Pari-passu charge on all the current assets (present/future) except current assets of City centre shopping mall project which is exclusively charged to Allahabad bank for term loan of Rs.60.00 Crores.

1st pari-passu charge on fixed assets of company (except fixed assets exclusively charged with Allahabad Bank for shopping mall term loan and equipments exclusively charged with equipment lenders).

- Col lateral Security:

First pari-passu charge with all consortium banks on the following immovable properties:

- Land & Building at A-7, Mahipalpur, Delhi. (Jointly owned by Co. and one other Associate Company)

- Office premises at 401, 4th floor, Royal Plaza, GS Road, Guwahati in the name of the Associate Company

- Central Workshop, Parking Bay and Industrial Land situated at Brahmaputra Industrial Park, Village Sila, District Kamrup, Assam.

- Banarsai Devi Bhawan, Railway Road, Deedwana, District Nagour, Rajasthan in the name of relative of Promoter

- First pari-passu charge on furniture and fixtures at A-7, Mahipalpur, Delhi.

- Hypothecation of other plant and machinery on subservient charge basis for consortium.

- Common Securities (Excluding Equipment Lenders):

Personal Guarantee of Mr. Manoj Kumar Prithani, Mr. Sanjeev Kumar Prithani, Mr. Suresh Kumar Prithani, Mr. Sanjay Kumar Mozika and Mr. Suneet KumarTodi.

Corporate Guarantee of M/s Brahmaputra Promoters and Planners Pvt. Limited and M/s Brahmaputra Projects Pvt. Limited.

Promoters and promoter group to pledge their entire unencumbered shareholding in favour of lenders. In case the company wants to bring in strategic investor in future, the Lenders to permit release of the shares pledged to the extent that the total pledge of promoter shareholding is not less than 51% at all times.

In Terms of Sanction of CDR package 100% Shareholding of promoters have been pledged.

- Rate of Interest:

Rate of Interest as per CDR Sanction is 10.75%.p.a (floating) linked to base rate of convener (Indian Overseas Ban k), with a right to reset after every 2 years

* Rs.8,04,47,932/- (Previous Year - Rs.8,04,47,932/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

** Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable except Service Tax Liability of Rs. 2,14,60,728/- (Previous Year Rs.24,15,698/-) Related to DDA Project has not been included in Receipts from Civil Contracts / Projects instead only debited to Customer and credited to Service Tax Liability.

Note: 3 CAPITAL RISK MANAGEMENT

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders. The capital structure ofthe Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

1) Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

2) Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

3) In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Arbitrational Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

4) The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

Projected Unit Credit (PUC) actuarial method has been used to assess the Plan’s liabilities, including those death-in-service and in capacity benefits.

General Descriptions of defined benefit plans:

a) Gratuity Plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on Termination of service, or retirement, whichever is earlier. The benefit vests after five years of continuous service.

b) Provident Fund Plan:

The Company contributes 12% of salary for all eligible employees towards Provident Fund managed by the Regional Provident Fund Authority.


Mar 31, 2016

1- All Long Term and Short Term Borrowings from “ Banks” were restructured with cutoff date as on 01st March 2014 under RBI “ Corporate Debt Restructuring Mechanism” vide letter of approval dt. 17th December 2014. The same has been implemented by the participating banks except “ HDFC Bank” and some have been duly accounted for in the books of accounts.

- Primary Security

1st Pari-passu charge on all the current assets (present/future) except current assets of City centre shopping mall project which is exclusively charged to Allahabad bank for term loan of Rs. 60.00 Crores.

1st pari-passu charge on fixed assets of company (except fixed assets exclusively charged with Allahabad Bank for shopping mall term loan and equipments exclusively charged with equipment lenders).

- Collateral Security:

First pari-passu charge with all consortium banks on the following immovable properties:

- Land & Building at A-7, Mahipalpur, Delhi. (Jointly owned by Co. and one other Associate Company)

- Office premises at 401, 4th floor, Royal Plaza, GS Road, Guwahati in the name of the Associate Company

- Central Workshop, Parking Bay and Industrial Land situated at Brahmaputra Industrial Park, Village Sila, District Kamrup, Assam.

- Banarsai Devi Bhawan, Railway Road, Deedwana, District Nagour, Rajasthan in the name of relative of Promoter

- First pari-passu charge on furniture and fixtures at A-7, Mahipalpur, Delhi.

- Hypothecation of other plant and machinery on subservient charge basis for consortium.

Common Securities( Excluding Equipment Lenders):

Personal Guarantee of Mr. Manoj Kumar Prithani, Mr. Sanjeev Kumar Prithani, Mr. Suresh Kumar Prithani, Mr. Sanjay Kumar Mozika and Mr. Suneet KumarTodi.

Corporate Guarantee of M/s Brahmaputra Promoters and Planners Pvt. Limited and M/s Brahmaputra Projects Pvt. Limited.

Promoters and promoter group to pledge their entire unencumbered shareholding in favour of lenders. In case the company wants to bring in strategic investor in future, the Lenders to permit release of the shares pledged to the extent that the total pledge of promoter shareholding is not less than 51% at all times.

In Terms of Sanction of CDR package 100% Shareholding of promoters have been pledged.

Rate of Interest

Rate of Interest as per CDR Sanction is 10.75%.p.a (floating) linked to base rate of convener (Indian Overseas Bank), with a right to reset after every 2 years

NOTE 2

SIGNIFICANT ACCOUNTING POLICIES AND OTHER DISCLOUSERS FORMING PART OF BALANCE SHEET AS ON 31st MARCH 2016 AND STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED ON THAT DATE.

3. COMPANY INFORMATION

4. Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, MahipalpurCrossing) New Delhi 110037

5. SIGNIFICANT ACCOUNTING POLICIES

6. Basis of accounting

The financial statements have been prepared to comply with the requirements of the Companies Act, 2013 and Companies Act, 1956 where ever applicable, under the historical cost convention on the accrual basis of accounting except interest on Mobilization/Equipment Advances is being accounted for on actual recovery basis and Interest on Late / Non Payment of Term Loan Installments of Financers accounted for as and when settled.

Also the financial statements have been prepared in accordance with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

7. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting policies requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported accounts of revenues and expenses for the years presented.

3. Revenue recognition

8. Income from construction contracts is recognized by reference to the stage of completion of the contract activity as certified by the client.

9. Revenue from real estate projects is recognized on the basis of percentage of completion method of accounting.

10. Income from industrial park project is recognized on the time of execution of registered sale deed / agreement to sale, in relation to sold areas only.

11. “Bill raised but unsettled” have been accounted for in the books at the value reasonably ascertained by the management on the date of raising the bill.

12. Claims in respect of civil contracts lodged/awarded with/by the respective Department which may pertains to earlier years have been accounted for in the books in the year of its certainty and at value /enhanced value reasonably ascertained by the management.

13. Joint Ventures

Revenues / Expenses from contracts executed by the Company in joint ventures on back-to-back arrangement basis are recognized on the same basis as similar contracts independently executed by the Company. Company''s share in the Profit / Loss from joint ventures is accounted as and when the same is determined by the joint venture.

14. Employee benefit

During the year under review the company has provided Bonus on accrual basis, Provident fund and ESI contribution for eligible employees has been provided on actual liability basis and Gratuity and Leave Encashment has been provided based on actuarial valuation.

15. Investment

Long term and short term investments both are stated at cost. No provision for diminution in coated investment is made because of its Long Term Nature.

16. Inventory

17. All inventories consisting of Work in Progress (Contract), Materials & Stores in hand and Real-estate division has been valued at cost as determined by the Management.

18. No Provision is being made for slow moving Work in Progress as the management is hope full to recover at stated value.

19. Foreign currency transactions

20. Transactions in foreign currencies are accounted for at exchange rate prevailing as on date of transaction.

21. All assets and liabilities in foreign currencies existing at balance sheet date are translated at the rate of balance sheet date.

22. Misc. expenditure.

23. Preliminary expenses are amortized over a period of 10 years.

24. Increase in share capital expenses are amortized over a period of 5 years.

25. Amalgamation expenses are amortized over a period of 5 years.

26. Fixed assets.

Fixed Assets has been stated at cost less accumulated depreciation. Cost includes purchase price and all other attributable cost of bringing the assets to working condition for intended use.

27. Depreciation

Depreciation on Fixed Assets has been provided as per Useful Lives method prescribed under Schedule II of Companies Act, 2013 i.e Depreciable Amount (Cost Less 5% Residual Value) is to be charged over useful life of Fixed Asset Under Straight Line Method of Depreciation.

Carrying Amount of Fixed Asset as on 31.03.2014 is to be depreciated over remaining life of the Asset, However if the life of asset expires before 31.03.2014 it is debited to Reserve and Surplus for the year.

28. Contingent liabilities

Contingent Liabilities not admitted by the company are not provided for in the accounts but are disclosed by way of other disclosures.

29. Taxation

Income Tax comprises current tax and deferred tax. Deferred tax assets and liabilities are recognized for the future tax consequences of timing differences subject to consideration of prudence. Deferred tax assets and liabilities are measured using the tax rates enacted or substantively enacted by the balance sheet date.

30. Earning per share

The earnings considered in ascertaining company''s EPS comprises the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year

31. Borrowing cost

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are considered as part of the cost of that asset. Other borrowing costs are recognized as an expense in the year in which they are incurred.

32. Prior Period Income/Expenses.

Income/Expenses related to Prior Period are shown separately in “Note” to financial Statement under their natural head and the impact of amounts is separately disclosed in other disclosures.

33. Impairment of assets

Pursuant to Accounting Standard (AS-28) on Impairment of assets issued by the Institute of Chartered Accountant of India, the company assessed its fixed assets for impairment as at the year end and concluded that there has been no significant impaired fixed assets that needs to be recognized in the books of accounts.

34. Lease rental payments being operating lease is accounted for as an expenses on accrual basis.

35. Insurance claims lodged / Receivable with the respective departments has been accounted for in the books at the value either mutually settled or reasonably ascertained by the management.

36. Provision for Doubtful Debts is being made at value estimated by the management.

37. OTHER DISCLOUSERS

38. Contingent Liabilities not provided for:

39. Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 21796.75 Lacs (previous year Rs 26295.28 Lacs).

40. Letter of Credit o/s as on 31 -03-16 Rs.329.57 Lacs (Previous Year Rs.599.38 Lacs)

41. Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year-515.83 Lacs) under section 153A/143(3) of Income Tax Act,1961 as the same is under appeal with I.T Authorities. However the I.T Deptt. Has recovered Rs 513.62 Lacs against outstanding refunds shown under “Advance Income Tax & TDS (Net of Provision for income tax)” under Note No. 16

42. Service Tax demand of Rs.537.38 Lacs (Previous Year-Rs. 1488.42 Lacs) for F.Y.2005-06 to F.Y. 2010-11 and penalty of Rs. 173.24 Lacs (Previous Year-173.24 Lacs). However the Deptt. Has recovered Rs 300 Lacs against which the company recovered only Rs 127.76 Lacs from Customer, Hence Net Figure of Rs 172.24 Lacs Under Protest shown under “ Indirect Tax Balances / recoverable / Credits” under Note No.16.

43. VAT/Entry Tax liability against Lucknow Airport Project is estimated to be Approx Rs.209.79 Lacs (Previous Year-196.62 Lacs)

44. VAT/Entry Tax liability for project executed in the state of West Bengal is estimated to be approx Rs.72.07 Lacs (Previous Year -NIL)

45. Income Tax demand of Rs.0.70 Lacs (Previous Year - 0.70 Lacs) for penalty of U/s.271 (1 b)

46. Income Tax demand for penalty U/s 272 (A)(2)(k) of Rs.3.50 Lacs (Previous Year - 3.50 Lacs)

47. Penalty for Non Submission of C Form under Lucknow Airport Project- Rs 72.69 Lacs (Previous Year-Rs 72.69 Lacs)

48. (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables,

Loans & Advances and Trade payables are subject to their confirmation.

49. Rs. 78,032,234/- (Previous Year - Rs. 7,04,34,973/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

50. Trade payable and Trade Receivables are shown net off business advances.

51. Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable except Service Tax Liability of Rs 75,97,261 /- Related to DDA Project has not been included in Receipts from Civil Contracts / Projects Instead Only Debited to customer and Credited to Service Tax Liability.

52. Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

53. Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

54. Related Party Disclosure pursuant to Accounting Standard (AS) 18 is as follows: List of Related Parties:

55 Subsidiaries:

- Brahamputra Concrete (Bengal) Pvt. Ltd.

- Brahmaputra Concrete (P) Ltd.

- Brahmaputra Property Management Services (P) Ltd.

- Brahmaputra Industrial Park Pvt. Ltd. (Shares Sold on 04.03.2016)

- Brahmaputra Real Estates Pvt. Ltd. (Shares Sold on 04.03.2016)

56 Joint Ventures:

BCL-FGM Consortium BIL-BLA-GSCO (JV)

BLA Brahmaputra Consortium Ltd (JV)

Brahmaputra Consortium Ltd (JV)

Brahmaputra Infrastructure Limited-PKV (JV)

BTS Brahmaputra Consortium Ltd (JV)

DRA Brahmaputra Consortium Ltd (JV)

DRA-BLA-BCL(JV)

DRA-Brahmaputra Infrastructure Ltd.(JV)

DRAIPL-Brahmaputra Infrastructure Limited (JV)

GPL- Brahmaputra Consortium Ltd (JV)

IPL-Brahmaputra Infrastructure Ltd. (JV)

KB- Brahmaputra Consortium Ltd (JV)

KMC-Brahmaputra Infrastructure Limited (JV)

Madhava- Brahmaputra Consortium Ltd (JV)

Madhava Hytech Brahamaputra (JV)

PCL- Brahmaputra Consortium Ltd (JV)

SMSILBCL (Joint Venture)

SMSIL-BIL (Joint Venture)

Supreme-Brahmaputra Infrastructure Limited (JV)

Unity- Brahmaputra Infrastructure Ltd. (JV)

57. Associates:

Anjanee Estates Private Limited

Bengal Brahmaputra Realty Limited

Brahmaputra Finlease (P) Ltd

Brahmaputra Holdings (P) Ltd

Brahmaputra Housing & Urban Infrastructure Ltd.

Brahmaputra Industrial ParkPvt.Ltd Brahmaputra Overseas Ltd Brahmaputra Projects (P) Ltd Brahmaputra Promoters & Developers Limited Brahmaputra Promoters and Planners (P) Ltd Brahmaputra Real Estate Pvt Ltd.

Brahmaputra Realtors (P) Ltd Brahmaputra Warehousing Pvt. Ltd.

Indotech Tubewells (P) Ltd.

M.L.Singhi & Associates (P) Ltd.

Meghalaya Infratech Ltd.

Satluj Infrastructure Ltd.

58. Key Management Personnel & their relatives:

- Sanjeev Kumar Prithani, Joint Managing Director

- Sanjay Kumar Mozika, Joint Managing Director

- Manoj Kumar Prithani,CEO

- Rajesh Singh, Whole time Director

- Pankaj Goyal, V.P (Finanace &Accounts)

- Vivek Malhotra, Company Secretary

- Suresh Kumar Prithani, Relative

- Shobna Prithani, Relative

- Anita Prithani, Relative

- Kiran Prithani, Relative

- Nikita Prithani, Relative

- Om Kumar, Independent Director (resigned on datedOI. 10.2015)

- Satish Chandra Gupta,Independent Director (resigned on dated 13.08.2015)

- Viresh Shankar Mathur, Independent Director (resigned on dated 30.05.2015)

- KuladharSaharia, Independent Director

- Khushboo Jhuria, Independent Director

- Sunit KumarTodi, Whole Time Director (resigned on 26.06.2015)

- Narendra Nath Batabayal, Independent Director (Appointed on 01.10.2015)

59. In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Arbitrational Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

60. The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the yearend together with interest paid/payable under this Act has not been given.

61. Segment Reporting

The Company has two segments - Heavy Civil Construction Division and Real Estate. Individual reporting is given below:

62. There is no impairment loss on fixed assets is recognized or reversed during the year pursuant to Accounting Standard (AS) 28.

63. Profit After Tax is after considering the following Income, Expenditure & Taxes which relates to Prior Period


Mar 31, 2015

1. All Long Term and Short Term Borrowings from " Banks" were restructured with cut off date as on 01st March 2014 under RBI " Corporate Debt Restructuring Mechanism" vide letter of approval dt. 17th December 2014. The same has been implemented by the participating banks except " HDFC Bank" and same have been duly accounted for in the books of accounts.

2. Primary Security

1st Pari-passu charge on all the current assets (present/future) except current assets of City centre shopping mall project which is exclusively charged to Allahabad bank for term loan of Rs. 60.00 Crores.

1st pari-passu charge on fixed assets of company (except fixed assets exclusively charged with Allahabad Bank for shopping mall term loan and equipments exclusively charged with equipment lenders).

3. Collateral Security:

First pari-passu charge with all consortium banks on the following immovable properties:- - Land & Building at A-7, Mahipalpur, Delhi. ( Jointly owned by Co. and one other Associate Company)

* Office premises at 401,4th floor, Royal Plaza, GS Road, Guwahati in the name of the Associate Company

* Central Workshop, Parking Bay and Industrial Land situated at Brahmaputra Industrial Park, Village Sila, District Kamrup, Assam.

* Banarsai Devi Bhawan, Railway Road, Deedwana, District Nagour, Rajasthan in the name of relative of Promoter

* First pari-passu charge on furniture and fixtures at A-7, Mahipalpur, Delhi.

* Hypothecation of other plant and machinery on subservient charge basis for consortium.

4. Rate of Interest

Rate of Interest as per CDR Sanction is 10.75%.p.a (floating) linked to base rate of convener (Indian Overseas Bank), with a right to reset after every 2 years.

5. Work in Progress ( WIP ) Inventory includes a sum of Rs. 62.30 Crores identified as " Slow Moving" by the Management, but no provision has been made in the books of accounts as the management is hopefull to encash / recover the same in due course.

6. COMPANY INFORMATION

1. Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

7. OTHER DISCLOUSERS

1 Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 26295.28 Lacs (previous year Rs 39912.30 Lacs).

(b) Letter of Credit o/s as on 31-03-15 Rs. 599.38 Lacs (Previous Year Rs.580.68 Lacs )

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year-515.83 Lacs ) under section 153A/143(3) of Income Tax Act,1961 as the same is under appeal with I.T Authorities. However the I.T Deptt. Has recovered Rs 513.62 Lacs against outstanding refunds shown under " Advance Income Tax & TDS (Net of Provision for income tax )" under Note No. 16

(e) Service Tax demand of Rs. 1488.42 Lacs (Previous Year-Rs.1488.42 Lacs) for F.Y.2005-06 to F.Y. 2010-11 and penalty of Rs.173.24 Lacs ( Previous Year-173.24 Lacs). However the Deptt. Has recovered Rs 300 Lacs which is shown under " Indirect Tax Balances / recoverable / Credits" under Note No. 16

(f) VAT/Entry Tax liability against Lucknow Airport Project is estimated to be Approx Rs.196.62 Lacs ( Previous Year - 54.25 Lacs )

(g) Income Tax demand of Rs.0.70 Lacs (Previos Year - 0.70 Lacs ) for penalty of U/s.271(1b)

(h) Income Tax demand for penalty U/s 272 (A)(2)(k) of Rs.3.50 Lacs ( Previous Year - 3.50 Lacs )

(i) Penalty for Non Submission of C Form under Lucknow Airport Project - Rs 72.69 Lacs (Previous Year - NIL)

8. (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 7,04,34,973/- (Previous Year - Rs. 6,71,59,938/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable and Trade Receivables are shown net off business advances.

9. Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable.

10. During the year, the Company was associated in the following Joint Ventures:

SN. Name of Joint Venture Description of Job

1 DRA-BLA-BCL(JV) Widening and strengthening of existing National Highways from 2 Lane to 4 Lane NH-31 , Nalbari Section, Assam

2 Madhava-Brahmaputra Construction of foundation, Consortium Limited (JV) substructure and super-structure (PSC Box Girder) of major bridge No. 543 (proposed span 20x25.00m on pile foundations) at Chainage 143/600 KM and minor Br. No. 541 at Chainage 143/750 KM in between Damcherra- Chandranathpur stations, on permanent 143/180.00 KM to 144/ 208.00 KM and all other ancillary works in connection with Lumding- Silchar Gauge Conversion Project.

3 DRA-Brahmaputra (i) Construction of Grade Consortium Limited (JV) Separator at Rani Jhansi Road at New Delhi. (N.I.T.-EE.XVIM/2007-08/09)

(ii) Construction of Grade Separator at Dabri intersection of Pankha Road and Road leading to Dwarka near Janakpuri in West Delhi.

4 Unity-Brahamputra (i) Construction of Jorhat Consortium (JV) Medical College & Hospital,Jorhat

(ii) Construction of Single line BG Tunnel No.6 in coonection with Construction of new railway line project Jiribam-Tupul (Imphal) of N.F Railway (Construction)

(iii) Execution of the work "Assam Hills Medical College & Research Institute, Diphu, Karbi Anglong"

5 IPL-Brahmaputra Construction of New Integrated Infrastructure Passenger Terminal Building Limited (JV) at Lucknow Airport.

6 SMSIL-BCL (Joint Venture) Construction of North Bank Embankment on river Brahamaputra near Dibrugarh, Assam

Construction of underpass 7 Madhava Hytech - at Ring Road and Kadirenhalli Brahamaputra (JV) Road junction at Banglore, Karnataka.

8 SMSIL-BIL (Joint Venture) Construction of North Guide Bundh in river Brahmaputra.

9 BCL-FGM Consortium Hiring of Crawler mounted shovels/ Hydraulics Excavators, backhpes, dumpers for removal of Lignite

10 KMC Brahmaputra Contruction of 2-lane Infrastructure Ltd. (JV) Gangtok Byepass Road from R anipool to Burthuk in East Sikkim

11 DRAIPL-Brahmaputra Contruction of 2-lane Silchar Infrastructure Ltd.(JV) Byepass with paved shoulders under SARDP-NE,Phase-A, under Silchar PWD NH Division in the State of ASSAM.

12 Supreme-BIL (JV) Construction of pucca road on service road of saran main canal,Marhaura branch canal, Kateya branch canlal and Hathua branch canal, Under saran canal system.

13 BIL-BLA-GSCO(JV) Development and operations of ChattiBariatu Coal Mining Block

14 DRA-Brahmaputra Improvement & Upgradation Infrastructure Ltd. (JV) of SH-46 (Dudhnoi Goalpara Pancharatna)

11. Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

12. Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

13. Remuneration to Managing Director & Whole time Directors as under :

Rs. In Lacs

Particulars 2014-15 2013-14

Salary 33.43 69.77

Perks 9.48 23.91

TOTAL 42.91 93.68

14. Related Party Disclosure pursuant to Accounting Standard (AS) 18 is as follows:

List of Related Parties:

a) Subsidiaries:

* Brahamputra Concrete (Bengal) Pvt. Ltd.

* Brahmaputra Concrete (P) Ltd.

* Brahmaputra Property Management Services (P) Ltd

* Brahmaputra Industrial Park Pvt.Ltd

* Brahmaputra Warehousing Pvt. Ltd ( Shares Sold on 04.03.2015)

* Brahmaputra Real Estates Pvt. Ltd

b) Joint Ventures:

* PCL- Brahmaputra Consortium Ltd (JV)

* KB- Brahmaputra Consortium Ltd (JV)

* DRA-BLA-BCL(JV)

* Brahmaputra Consortium Ltd (JV)

* GPL- Brahmaputra Consortium Ltd (JV)

* Madhava- Brahmaputra Consortium Ltd (JV)

* BTS Brahmaputra Consortium Ltd (JV)

* DRA Brahmaputra Consortium Ltd (JV)

* BLA Brahmaputra Consortium Ltd (JV)

* IPL-Brahmaputra Infrastructure Ltd. (JV)

* Unity- Brahmaputra Infrastructure Ltd. (JV)

* SMSIL BCL (Joint Venture)

* Madhava Hytech Brahamaputra (JV)

* SMSIL-BIL (Joint Venture)

* BCL-FGM Consortium

* KMC-Brahmaputra Infrastructure Limited (JV)

* DRAIPL-Brahmaputra Infrastructure Limited (JV)

* Supreme-Brahmaputra Infrastructure Limited (JV)

* BIL-BLA-GSCO (JV)

* DRA-Brahmaputra Infrastructure Ltd.(JV) * c) Associates:

* Brahmaputra Overseas Ltd

* Brahmaputra Projects (P) Ltd

* Brahmaputra Promotors and Planners (P) Ltd

* Brahmaputra Holdings (P) Ltd

* Brahmaputra Realtors (P) Ltd

* Brahmaputra Promoters & Developers Limited

* Brahmaputra Housing & Urban Infrastructure Ltd.

* Indotech Tubewells (P) Ltd

* M.L.Singhi & Associates (P) Ltd

* Brahmaputra Finlease (P) Ltd

* Satluj Infrastructure Ltd

* Bengal Brahmaputra Realty Limited

* Meghalaya Infratech Ltd.

* Anjanee Estates Private Limited

d) Key Management Personnel & their relatives:

* Sanjeev Kumar Prithani, Joint Managing Director

* Sanjay Kumar Mozika, Joint Managing Director

* Manoj Kumar Prithani, Managing Director till 26th Aug,2013.

* Manoj Kumar Prithani,CEO since 27th Aug,2013 & Relative

* Rajesh Singh, Whole time Director

* Suneet Kumar Todi, Whole time Director

* Pankaj Goyal, V.P ( Finanace & Accounts)

* Vivek Malhotra, Company Secretary

* Suresh Kumar Prithani, Relative

* Shobna Prithani , Relative

* Anita Prithani, Relative

* Kiran Prithani, Relative

* Nikita Prithani, Relative

* Om Kumar, Independent Director

* Satish Chandra Gupta,Independent Director

* Viresh Shankar Mathur,Independent Director

* Kuladhar Saharia, Independent Director

* Khushboo Jhuria, Independent Director

15. In the opinion of the Directors, the Current Assets, Non Current Assets,Claim Receivables,Outstanding Arbitrational Claim,Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

16. The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/ payable under this Act has not been given.

17. There is no impairment loss on fixed assets is recognized or reversed during the year pursuant to Accounting Standard (AS) 28.

18. Travelling & Conveyance includes Rs. 0.75 Lacs (Previous Year - Rs. NIL) incurred on Foreign Travelling of Directors & Others.

19. Profit After Tax is after considering the following Income,Expenditure & Taxes which relates to Prior Period


Mar 31, 2014

A. COMPANY INFORMATION

1. Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

B. OTHER DISCLOUSERS

1. Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 39912.30 Lacs (previous year Rs 43320.73 Lacs).

(b) Letter of Credit o/s as on 31-03-14 Rs. 580.68 Lacs (Previous Year Rs.178.45 Lacs)

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year- Rs. 515.83 Lacs) under section 153A/143(3) of Income Tax Act,1961 as the same is under appeal with I.T. Authorities. However, the I.T. Deptt. has recovered Rs 513.62 Lacs against outstanding refunds shown under "Advance Income tax & TDS (Net of Provision for Income tax )" under Note No. 16

(e) Service Tax demand of Rs. 1488.42 Lacs (Previous Year-Rs.1753.90 Lacs) for F.Y.2005-06 to F.Y. 2010-11 and penalty of Rs.173.24 Lacs (Previous Year-NIL)

(f) VAT liability against Lucknow Airport Project is estimated to be Approx Rs.54.25 Lacs (Previous Year - NIL)

(g) Income Tax demand of Rs.0.70 Lacs (Previous Year - NIL) for penalty U/s 271 (1 )(b)

(h) Income Tax demand for penalty U/s 272 (A)(2)(k) of Rs.3.50 Lacs (Previous Year - NIL)

2 (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 6,71,59,938/- (Previous Year - Rs. 6,32,31,002/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable are shown net off business advances.

3 Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable.

4 Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

5 Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

6 In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

7 The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

8 Travelling & Conveyance includes Rs. NIL (Previous Year - Rs. 0.21 Lacs) incurred on Foreign Travelling of Directors & Others

9 Profit After Tax is after considering the following Income, Expenditure & Taxes which relates to Prior Period


Mar 31, 2013

A. COMPANY INFORMATION

Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

1. Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 43,320.73/- Lacs (previous year Rs 24,966.77 Lacs).

(b) Letter of Credit o/s as on 31-03-13 Rs. 178.45 Lacs (Net of Margin) (Previous Year Rs.59.82 Lacs).

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year-Nil) under section 153A/143(3) of Income Tax Act,1956.

(e) Service Tax demand of Rs. 1753.90 Lacs (Previous Year-Nil) for F.Y.2005-06 to F.Y. 2010-11.

2. Detailed description of Merger

"The scheme of Amalgamation of Brahmaputra Infraproject Ltd. (Transferor Company) with Brahmaputra Infrastructure Ltd. (Transferee Company) with appointed date as on 1st April 2012,was sanctioned by Hon''ble Delhi High Court vide order dated 4th January 2013. Both the company majorly are in same line of business being of Civil Construction. Consequent upon approval of Scheme and in consideration of the transfer and vesting of all the assets and liabilities of the Transferor Company to the transferee company, the Shareholders of transferor company were entitled for two equity shares of Rupees 10/- each as fully paid-up of transferee company against each share held by them on Record Date.

Accordingly 1,40,18,400 Equity shares of Rs.10/- each of transferee company have been issued against 70,09,200 equity shares of Rs.10/- each of transferor company under Scheme of Amalgamation and alloted to the shareholders of transferor company.

While preparing merged Balance Sheet of both transferor and transferee Company as on 31st March 2013, AS 14 has been followed and accounted for under pooling of interest method and hence deficit arising out of amalgamation have been adjusted in reserves.

3. Current Year Figures (31.03.2013) and Previous Year Figures (31.03.2012) are not directly comparable because of the fact that Current Year Figures also Includes figures of Transferor Company namely Brahmaputra Infraproject Limited, while the Previous year Figures are Standalone of Transferee Company namely Brahmaputra Infrastructure Limited.

4. (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 6,32,31,002/- (Previous Year - Rs. 5,39,48,208/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable are shown net off business advances.

5. Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever ap plicable.

6. Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures.

7. Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

8. In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Arbitrational Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

9. The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

10. There is no impairment loss on fixed assets is recognized or reversed during the year pursuant to Accounting Stan- dard (AS) 28.

11. Travelling & Conveyance includes Rs. 0.21 Lakhs (Previous Year - Rs. 15.50 Lacs) incurred on Foreign Travelling of Directors & Others.

12. After the change in Management decision hitherto Central Workshop at Guwahati as Trading asset to Capital asset henceforth the same has been accordingly capitalised to fixed asset.

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