Generic Engineering Construction and Projects Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

17. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the
Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company
from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The
provision is measured at the present value of the lower of the expected cost of terminating the contract
and the expected net cost of continuing with the contract. Before a provision is established, the Company
recognises any impairment loss on the assets associated with that contract.

Contingent liability is disclosed in the case of:

• a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to see the obligation;

• a present obligation arising from past events, when no reliable estimate is possible:

• a possible obligation arising from past events, unless the probability of outflow of resources is remote.

A contingent asset is disclosed where an inflow of economic benefits is probable.

Provisions, contingent liability & contingent asset are reviewed at each balance sheet.

18. EARNING PER SHARE

Basic earnings per share is computed in accordance with Ind AS 33 - Earnings per Share, by dividing the net
profit or loss attributable to equity shareholders of the Company by the weighted average number of equity
shares outstanding during the year.

Diluted earnings per share is computed by adjusting the net profit or loss attributable to equity shareholders
and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity
shares, which include convertible instruments, options and other similar instruments.

The earnings per share is presented both on a basic and diluted basis in the financial statements.

19. LEASES

Where the Company is lessee

The Company applies a single recognition and measurement approach for all leases, except for short- term
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets.

The right-of-use assets are also subject to impairment testing. Management assesses at each reporting date
whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, or
when annual impairment testing is required, the Company estimates the recoverable amount of the asset
or the cash-generating unit to which it belongs. If the carrying amount of the right-of-use asset exceeds its
recoverable amount (being the higher of fair value less costs of disposal and value in use), the carrying
amount is reduced to its recoverable amount, and the reduction is recognised as an impairment loss in the
Statement of Profit and Loss in accordance with

Ind AS 36 - Impairment of Assets.

Lease Liabilities

At the commencement date of the lease, the company recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments (including
in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on
an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option reasonably certain to be exercised by the Company and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option
to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses
(unless they are incurred to produce inventories) in the period in which the event or condition that triggers the
payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After
the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future
payments resulting from a change in an index or rate used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e.,those leases
that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be
low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense
on a straight-line basis over the lease term.

Where the Company is lessor

Assets given on lease are classified either as operating lease or as finance lease. A lease is classified as a
finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying
asset. Asset held under finance lease is initially recognised in balance sheet and presented as a receivable at
an amount equal to the net investment in the lease. Finance income is recognised over the lease term, based
on a pattern reflecting a constant periodic rate of return on Groups'' net investment in the lease. A lease which
is not classified as a finance lease is an operating lease. The Group recognises lease payments in case of
assets given on operating leases as income on a straight-line basis. The Group presents underlying assets
subject to operating lease in its balance sheet under the respective class of asset. When the Group is an
intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is
classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. In
case of sale and leaseback transactions, the Group first considers whether the initial transfer of the underlying
asset to the buyer lessor is a sale by applying the requirements of Ind AS 115. If the transfer qualifies as a
sale and the transaction is at market terms, the Group effectively derecognises the asset, recognises a ROU
asset (and lease liability) and recognises in Statement of Profit and Loss, the gain or loss relating to the buyer-
lessor''s rights in the underlying asset. (Also refer to policy on Property, Plant and Equipment above)

g. The aggregate number of equity shares allotted as fully paid up by way of bonus shares in immediately preceding
five years ended March 31,2025 are NIL (previous period of five years ended March 31,2024: NIL).

h. The aggregate number of fully paid up equity shares bought back in immediately preceding five years ended March
31,2025 are NIL (previous period of five years ended March 31,2024: NIL shares).

i. The aggregate number of fully paid up equity shares issued under ESOP Plan in immediately preceding five years
ended March 31, 2025 are NIL (previous period of five years ended March 31, 2024: NIL shares). There are no
outstanding fully paid up equity shares to be issued under ESOP Plan.

j. The aggregate number of fully paid up equity shares reserved for issued under options outstanding are NIL (March
31,2024: NIL shares).

k. Capital Management Note

The Company continues its policy of a conservative capital structure which has ensured that it retains the highest
credit rating even amidst an adverse economic environment. Low gearing levels also enable the Company to
navigate business challenges on one hand and raise growth capital on the other. This policy also provides flexibility
of fund-raising options for future, which is especially important in times of global economic volatility. The gross debt
equity ratio is 0.20:1 as at March 31,2025 (as at March 31,2024: 0.26:1).

l. During the financial year 2023-24, the Company had issued through preferenctial allotment 54,50,000
warrants at a price of ? 32.40 at upfront payment of 25% of the total consideration. Each warrants
entitling them for subscription of equivalent number of Equity Shares of ? 5/- each (including
premium of ? 27.40/- each Share) under Regulation 28(1) of the SEBI (LODR) Regulations, 2015.
The holder of the warrants would need to exercise the option to subscribe to equity shares before the expiry of 18
months from the date of allotment, upon payment of the balance 75% of the consideration of warrants.

Share Warrants outstanding at the begining of the year 54,50,000/-, out of which 39,50,000 share warrants are
converted into equity share capital and 15,00,000 share warrants were forefited and amount received on such
warrants is transferred to Capital Reserve.

General Reserve: General reserve is cretated out of the profits earned by the company by way of transfer from
surplus in the statement of profit and loss. Company can use this reserved for payment of dividend and issue of
fully paid-up and not paidup bonus shares. consequent to introduction of companies Act 2013, the requirment to
madatorily thansfer a specified percentage of the net profit to general reserve has been withdrawn.

Security Premium: Where the company issues shares at premium, whether for cash or otherwise, a sum equal
to the aggregate amount of the premium recived on those shares shall be transferred to "Security Premium" . The
company may issued fully paid up bonus shares to its members out of the share premium reserve and the company
can use this reserve for buy-back of shares. The reserve can be utilised only for limited purpose such as issuance
of bonus share in accordance with provision of the companies Act 2013.

Retained Earnings: Retained earnings are the profit that the company has earned till date, less any transfers to
General reserve and payment of dividend.

ICICI Bank

Car loan from ICICI Bank Ltd availed of Rs 21.98 lakh is repayable in 60 equal monthly installments. First installment
being due on 5 Jan, 2020 and ended on 05 November, 2024, monthly EMI amount is Rs.46,603.00 and rate of interest is
9.40% secured against the security of specific vehicle.

Axis Bank

Term loan of Rs. 190 lakhs from Axis bank carring interest rate is Repo rate 4.65% currently 9.50% and tenor of the
loan is 48 Months out of which 12 months is principal moratorium periods, 100% guarantee from NCGTC (National Credit
Guarantee Trustee Company Ltd (Ministry of Finance, Government of India). The said loan is closed during the financial
year 2024-25.

The said loan is secured by creation of charge on Office No. 2101 to 2106, 21st floor, Kesar Solitare, plot no. 5, Sector -
19, Sanpada, NAvi Mumbai - 400705 including all alloted car parking.

Construction equipment loan availed of Rs 1.88 cr from Axis bank which is repayable in 47 equal monthly installments.
First installment being due on 20 Sep, 2021 and ending on 20 July, 2025, monthly EMI amount is Rs. 4,72,734.00 and
rate of interest is 8.50% secured by way of Construction equipment hypothecation. The said loan is also guaranteed by
Mr. Manis Patel - Managing Director of the Company.

Term loan of Rs. 81.38 lakh from Axis bank for purchase of new asset which is repayable in 47 equal monthly
installments. First installment being due on 15 January, 2022 and ending on 15 November 2025, monthly EMI amount is
Rs. 2,01,511.00 and rate of interest is 7.80% secured by way of Construction equipment hypothecation. The said loan is
also guaranteed by Mr. Manis Patel - Managing Director of the Company.

State Bank of India

Term loan of Rs. 360.00 from State bank of India carring interest rate is 8.30% and tenor of the loan is 48 Months out of
which 12 months is principal moratorium periods.The said loan is closed during the financial year 2024-25.

Term loan of Rs. 180.00 from State bank of India carring interest rate is 7.40% and tenor of the loan is 60 Months and
ending on 31 Octember, 2026, out of which 24 months is principal moratorium periods.

The above two loans are primarily secured by Hypothecation with second Pari Pasu Charge in sharing with current
Banker of all current assets, entire goods, movables and other assets, present and future, including documents of title
to goods and other assets such as book-debts, outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments and rights and all machinery, present and future, and further secured by
deposit of all title deeds of the existing immovable properties of the Company with intent to create a security thereon in
favor of the Bank or mortgage by way of second pari passu charge over existing immovable properties of the Company.

The above two loans are also covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee Company
Ltd (Ministry of Finance, Government of India).

Notes:

Working Capital facility from Banks

(a) Security and repayment details for cash credit facilities including working capital demand loans is as

follows:

i) The cash credit is repayable on demand, interest ranging between 9.75% to 10.95%p.a. is /to be secured
against first pari passu hypothecation charge on Stocks, Book Debts and entire current assets of the company.

ii) The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the
Company.

iii) Personal Guarantee of Manish R Patel to all banks.

iv) Corporate Guarantee of D Ravilal Resource Management Pvt Ltd (Formerly known as Generic Engineering
and Construction Private limited) to all bank.

(b) Collateral security:

Equitable Mortgage of the following properties:

1. Commercial unit no. 201, second floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa
No 1 P,Situated at Unit no 201 2nd floor ''''fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083
(metro), admeasuring total area : 2287 sq ft belongs to: Generic Engineering Constructions and Private
Limited. Who is : Gurantor, Title Deed No: Bdr 7-08806-2011, Registered On : 25-Nov-11, At: Mumbai
Maharashtra.

2. Commercial unit no. 202, second floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa
No 1 P,Situated at Unit no 202 2nd floor "fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083
(metro), admeasuring total area : 2287 sq ft belongs to: Generic Engineering Constructions and Private
Limited. Who is : Gurantor, Title Deed No: Bdr 7-08806-2011, Registered On : 25-Nov-11, At: Mumbai
Maharashtra.

3. Commercial Office No 1901 To 1906 Plot Bearing Survey Number: Plot No.5, Sector 19,Situated at Kesar
Solitaire, Sanpada, Navi Mumbai-400705 (Semi Urban), Admeasuring Total area :4826 sq ft. which belongs to
gurantor i.e. D Ravilal Resource Management Private Limited.

4. Office No : 2101 To 2106, 21st Floor, Kesar Solitaire, Plot Bearing Survey Number: 5 Sector-19, Sanpada.
Navi - Mumbai-400705 (Semi Urban) including all alloted car parkings.

Secured Loans from other Parties

Secured by way of issue of Bank Guarantee

Unsecured Loan from Related Party

Loan from Related Party is interest free loan and repayable on demand

- During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.

- The carrying amounts of Security deposits, trade receivables, other financial assets, cash and cash equivalents,
fixed deposits with banks, current borrowings, trade payables and other current financial liabilities are considered to
be approximately equal to their fair value, since those are current in nature.

- The fair values computed above for assets measured at amortised cost 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
indirectly observable inputs.

Valuation process

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most
relevant data available.

NOTE : 36 : RISK MANAGEMENT

Financial risk management objectives and policies

The Company''s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables. The
main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial
assets include trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. Company''s senior management oversees the
management of these risks. It is Company''s policy that no trading in derivatives for speculative purposes may be
undertaken. The Board of Directors review and agree policies for managing each of these risks, which are summarised
below.

a) Market risk

Market risk is the risk of any loss in future earnings, in realisable fair value or in future cash flows that may result
from a change in the price of a financial instrument. The value of a financial instrument may change as a result of
change in the interest rates, foreign currency exchange rates, liquidity and other market changes. Future specific
market movements cannot be normally predicted with reasonable accuracy.

I. Interest rate sensitivity

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. Company have exposure to the risk of changes in market interest
rates as Company''s long-term debt obligations is at floting interest rates. Interest Rate Sensitivity on Interest
Amounts is as follows

c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or
at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities -
borrowings, trade payables and other financial liabilities.

Liquidity risk management

Company''s treasury department is responsible for liquidity and funding as well as settlement management. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors
the Company''s net liquidity position through forecasts on the basis of expected cash flows.

d) Credit risk

Credit risk arises from cash and bank balances, current and non-current financial assets, trade receivables and
other financial assets carried at amortised cost.

Credit risk management

To manage credit risk, the Company periodically assesses the financial reliability of customers and other
counterparties, taking into account the financial condition, current economic trends, analysis of historical bad
debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company uses a provision
margin to compute the expected credit loss allowance for trade receivable. Also, trade receivables are monitored on
periodic basis for any non-recoverability of the dues.

Company''s credit period generally ranges from 15 to 60 days

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic
prospect of recovery.

Percentage of revenue from top 5 customers for F.Y 2024-25 is 64.14%, revenue from operations (it''s 53.53% for
2023-24)

B) Capital management
1. Risk management

The Company''s objectives when managing capital are to

- safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and

- maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, Company may adjust the amount of dividends paid to
shareholders

Gratuity

Benefit Scheme:

Gratuity is payable to all the eligible employees at the rate of 15 days salary (Basic D. A.) for each completed year of
service, subject to a payment ceiling of INR 2,000,000, in line with Payment of Gratuity Act, 1972.

The formula to calculate daily salary is 1/26 * monthly salary and vesting period is 5 years.

In line with Gratuity Act, service more than 6 months is considered as 1 year, so past service is calculated as rounded
years of service.

Gratuity shall be payable to an employee on termination of employment due to superannuation, retirement or resignation
after successful completion of the vesting period. The completion of vesting period is not applicable in the case where
termination of employment is due to death, disability. To provide for the aforementioned eventualities and to arrive at
the present value of the defined benefit obligation, we have incorporated the underlying assumptions for this actuarial
valuation.

Valuation Assumptions:

Following assumptions are used in preparation of this actuarial valuation as required under Indian Accounting Standard
19 (Ind AS 19):

Discount Rate:

The rate used to discount employee benefit obligations reflects the estimated term of the benefit obligation and shall be
consistent with the currency and term of the government bonds. We have used the Discount Rate as 6.55% p.a. which
relates to the rate available on Government Securities (G. Sec.) for the tenure of 4 years i.e. the average expected future
working life of employees (estimated term of obligation). The rate is taken as per the deal rate as on 31-03-2025.

Salary Escalation Rate:

Estimates of future salary increase are based on inflation, seniority, promotion and other relevant factors such as demand
and supply in the employment market. This assumption has been determined in consultation with the entity. Salary
Escalation rate is considered as 7.50% p.a. for all future years.

Attrition Rate:

As discussed with entity, Attrition rate is considered as 15.00% p.a. for all future years.

Mortality Rate:

Since no separate analysis of the mortality rate for the entity was undertaken, we have considered the latest unisex
mortality table available. We have used Indian Assured Lives Mortality (2012-14) Ultimate - Urban table for death rate
and to provide for liability on account of death while in service.

The rates are assumed to include permanent disablement.

Retirement Age:

We have considered the retirement age for all employees as 58 years, as provided by the entity.

Recognition of Actuarial Gains and Losses:

As required under Indian Accounting Standard 19 (Ind AS 19), Actuarial Gains and Losses should be recognised
immediately in the Statement of Other Comprehensive Income.

Materiality:

Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis
of the financial statements.

The result of the valuation was shared with the entity. The determination and interpretation of the assumptions was
discussed with the client and was thereby found suitable.

Reasonableness of Assumptions:

The assumptions with regards to salary escalation and attrition rates are the expectations of the entity based on the
salary increment that the entity will provide in future and the expected turnover in the future.

As per Accounting Standard assumptions are management''s best estimate assumptions and thereby the assumptions
given by entity are accepted. We have checked for reasonableness of assumptions and discussed impact of assumptions
on provision to ensure entity''s accounts give true and fair view.

The results are particularly sensitive to some assumptions, such as the discount rate, level of salary inflation, level of
employee turnover and mortality. For example, a decrease in the assumed discount rate or an increase in salary inflation
will lead to an increase in reported liability.

Method of Valuation:

To calculate the Defined Benefit Obligation, we have used the Projected Unit Credit Method (PUCM) which is suggested
under Indian Accounting Standard 19 (Ind AS 19) as notified under The Companies (Indian Accounting Standards) Rules,
2015.

Valuation Result:

Accrued liability (discontinuance liability) as on 31-03-2025 after considering all employees (vested and non-vested
employees) works out as INR 6,903,047. This is for representation purpose only and not to be accounted in balance
sheet.

The result of this actuarial valuation report is dependent on the actuarial assumptions used. The Defined Benefit
Obligation towards Gratuity along with the Current and Non-current liability in accordance with Schedule III of The
Companies Act of India, 2013 is tabulated below:

Gratuity Plan - Unfunded

The entity has a defined benefit gratuity plan in India (unfunded). The entity''s defined benefit gratuity plan is a final salary
plan for employees. Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme for Gratuity.

Risk Exposure

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the
liability requiring higher provision.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Entity has to manage pay-out
based on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does
not have any longevity risk.

NOTE: 38 : SEGMENT REPORTING

The Company is mainly engaged in the business of Construction of residential buildings/ commercial complexes and
activities connected and incidental thereto. On that basis, the company has only one reportable business segment-
Construction, the results of which are embodied in the financial statments. The Company operates in only one
Geographical segment -- within India

The Company has three Customers contributing more than 10% of the revenue from operations in FY 2024-25 having
23.88% ,16.14% and 10.75% of revenue from operations and three customers in F.Y. 2023-24 having 13.48%, 21.27%
and 11.82% of revenue from operations.

During the current financial year 2024-25, the provisions of Section 135 of the Companies Act, 2013 relating to
Corporate Social Responsibility are applicable to the Company. Accordingly, the Company has constituted a CSR
Committee in compliance with the requirements of the Companies Act, 2013.

In accordance with Section 135 read with Section 198 of the Companies Act, 2013, the amount required to be
spent on CSR activities for the year has been computed at 2% of the average net profits of the Company for the
immediately preceding three financial years, calculated as per Section 198 of the Act.

NOTE 45: DISCLOSURE PURSUANT TO INDIAN ACCOUNTING STANDARD (IND AS) 116, LEASES

The Company has adopted Ind AS 116 "Leases" effective 1st April 2019, as notified by the Ministry of Corporate Affairs
(MCA) vide Companies (Indian Accounting Standards), Amendment Rul es, 2019, using the modified retrospective
method. Under this simplified Approach, the Company recognized equal amount of right of use asset and lease liability
on the transition date, adjusted by the amount of prepayments pertaining to such leases, carried in the Balance Sheet on
such transition date.

The management has carried out impairment testing at the end of each reporting period and, based on such assessment,
is of the opinion that there is no indication of impairment in respect of the Company''s assets including goodwill except for
financial assets the impairment of which is specified in financial statements. Accordingly, no impairment loss has been
recognised in any of the reporting periods presented.

1 No proceedings have been initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.

2 The Company do not have any transactions with companies struck off.

3 The Company have not incurred any Expenditure in Foreign Currency.

4 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

5 The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

6 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall 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
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

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

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

8 The Company have no such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assements under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961)

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

10 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined
under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India.

11 There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under
section 133 of the Companies Act, 2013, which are issued and not effective as at March 31,2025.

12 The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in
agreement with the books of accounts

13. There are no direct personal expenses debited to the profit and loss account. However, personal expenditure if
included in expenses like telephone, vehicle expenses etc. are not identifiable or separable.

14. The management has evaluated subsequent events from the date of the balance sheet up to the date of
approval of the financial statements. Based on such evaluation, it has been concluded that there are no events or
circumstances that have occurred after the balance sheet date which require adjustment to, or disclosure in, these
financial statements in accordance with Ind AS 10 “Events after the Reporting Period.

NOTE 48. Previous year figures have been regrouped/ rearranged where-ever necessary.

The Accompanying notes 1-48 are an Integeral part of the financial Statement
As per our report of even date

For Bilimorria Mehta & Company For and on Behalf of the Board of Directors of

CHARTERED ACCOUNTANTS Generic Engineering Construction And Projects Limited

ICAI FRN : 120759W CIN No. L4500MH994PLC082540

CA Prakash Mehta Manish Patel Dhairya Patel Simran Agrawal

PARTNER Managing Director Director Company Secretary

Membership no. : 030382 DIN: 00195878 DIN: 08909705 Place: Mumbai

Place: Mumbai Place: Mumbai Place: Mumbai Date: 29th May 2025

Date: 29th May 2025 Date: 29th May 2025 Date: 29th May 2025

UDIN: : 25030382BMIIJH7144

---

Mar 31, 2024

12. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

Contingent liability is disclosed in the case of:

o a present obligation arising from past events, when it is not probable that an outflow of resources will be required to see

the obligation;

o a present obligation arising from past events, when no reliable estimate is possible: o a possible obligation arising from past events, unless the probability of outflow of resources is remote.

A contingent asset is disclosed where an inflow of economic benefits is probable.

Provisions, contingent liability & contingent asset are reviewed at each balance sheet.

13. EARNING PER SHARE

Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of equities shares outstanding during the year. Diluted earing per share adjusts the figures used in determination of basic earnings per share to take into account the conversion of all dilutive potential equity shares.

14. RECENT PRONOUNCEMENT

The Ministry of Corporate Affairs ("MCA") notifies new standards / amendments under Companies (Indian Accounting Standards) Rules as issued from time to time. As of 31st March 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company that has not been applied.

Notes:

(a) Security and repayment details for cash credit facilities including working capital demand loans is as follows:

i) The cash credit is repayable on demand, interest ranging between 9.75% to 10.95%p.a. is /to be secured against first pari passu hypothecation charge on Stocks, Book Debts and entire current assets of the company, EQM of Property at Kesar Solitaire of Ranjan D Patel, Hemlata M Patel, Trupti M Patel, EQM of Commericial Property at Vikhroli of D Ravilal Resource Management Private Limited (Formely Known as Generic Engineering & Construction Private Limited).

ii) The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the Company.

iii) Personal Guarantee of Manish R Patel and to all banks.

iv) Corporate Guarantee of Generic Engineering and Construction Private limited to all bank.

Collateral security:

1. Commercial unit no. 201, second floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa No 1 P,Situated at Unit no 201 2nd floor "fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083 (metro), admeasuring total area : 2287 sq ft belongs to: Generic Engineering Constructions and Private Limited. Who is : Gurantor, Title Deed No: Bdr 7-08806-2011, Registered On : 25-Nov-11, At: Mumbai Maharashtra

2. Commercial unit no. 202, second floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa No 1 P,Situated at Unit no 202 2nd floor "fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083 (metro), admeasuring total area : 2287 sq ft belongs to: Generic Engineering Constructions and Private Limited. Who is : Gurantor, Title Deed No: Bdr 7-08806-2011, Registered On : 25-Nov-11, At: Mumbai Maharashtra

3. Commercial Office No 1901 To 1906 Plot Bearing Survey Number: Plot No.5, Sector 19,Situated at Kesar Solitaire, Sanpada, Navi Mumbai-400705 (Semi Urban), Admeasuring Total area :4826 sq ft. Belongs to: D Ravilal Resource Management Private Limited, who is Guarantor

4. Office No : 2101 To 2106, 21st Floor, Kesar Solitaire, Plot Bearing Survey Number: 5 Sector-19, Sanpada. Navi - Mumbai-400705 (Semi Urban) including all alloted car parkings.

5. Commercial Office no. 501 To 504 Kesar Solitaire, Plot Bearing Survey Number: 5 Sector 19, Sanpada.

Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

- During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.

- The carrying amounts of Security deposits, trade receivables, other financial assets, cash and cash equivalents, fixed deposits with banks, current borrowings, trade payables and other current financial liabilities are considered to be approximately equal to their fair value, since those are current in nature.

- The fair values computed above for assets measured at amortised cost 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 indirectly observable inputs.

Valuation process

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available.

NOTE : 36 : Risk Management :-

Financial risk management objectives and policies

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

The Company is exposed to market risk, credit risk and liquidity risk. Company’s senior management oversees the management of these risks. It is Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors review and agree policies for managing each of these risks, which are summarised below.

a) Market risk

Market risk is the risk of any loss in future earnings, in realisable fair value or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of change in the interest rates, foreign currency exchange rates, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and other financial liabilities.

Liquidity risk management

Company’s treasury department is responsible for liquidity and funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net liquidity position through forecasts on the basis of expected cash flows.

The table below summarises the maturity profile of Company’s financial liabilities based on contractual undiscounted payments.

d) Credit risk

Credit risk arises from cash and bank balances, current and non-current financial assets, trade receivables and other financial assets carried at amortised cost.

Credit risk management

To manage credit risk, the Company periodically assesses the financial reliability of customers and other counterparties, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company uses a provision margin to compute the expected credit loss allowance for trade receivable. Also, trade receivables are monitored on periodic basis for any non-recoverability of the dues.

Note No. 37 Disclosure under Ind AS 19 Employee Benefits Gratuity

Benefit Scheme:

Gratuity is payable to all the eligible employees at the rate of 15 days salary (Basic D. A.) for each completed year of service, subject to a payment ceiling of INR 2,000,000, in line with Payment of Gratuity Act, 1972.

The formula to calculate daily salary is 1/26 * monthly salary and vesting period is 5 years.

In line with Gratuity Act, service more than 6 months is considered as 1 year, so past service is calculated as rounded years of service.

Gratuity shall be payable to an employee on termination of employment due to superannuation, retirement or resignation after successful completion of the vesting period. The completion of vesting period is not applicable in the case where termination of employment is due to death, disability. To provide for the aforementioned eventualities and to arrive at the present value of the defined benefit obligation, we have incorporated the underlying assumptions for this actuarial valuation -

Valuation Assumptions:

Following assumptions are used in preparation of this actuarial valuation as required under Indian Accounting Standard 19 (Ind AS 19):

Discount Rate:

The rate used to discount employee benefit obligations reflects the estimated term of the benefit obligation and shall be consistent with the currency and term of the government bonds. We have used the Discount Rate as 6.41% p.a. which relates to the rate available on Government Securities (G. Sec.) for the tenure of 5 years i.e. the average expected future working life of employees (estimated term of obligation). The rate is taken as per the deal rate as on 31-03-2022.

Salary Escalation Rate:

Estimates of future salary increase are based on inflation, seniority, promotion and other relevant factors such as demand and supply in the employment market. This assumption has been determined in consultation with the entity. Salary Escalation rate is considered as 5.00% p.a. for all future years.

Attrition Rate:

As discussed with entity, Attrition rate is considered as 15.00% p.a. for all future years.

Mortality Rate:

Since no separate analysis of the mortality rate for the entity was undertaken, we have considered the latest unisex mortality table available. We have used Indian Assured Lives Mortality (2012-14) Ultimate - Urban table for death rate and to provide for liability on account of death while in service.

The rates are assumed to include permanent disablement.

Retirement Age:

We have considered the retirement age for all employees as 58 years, as provided by the entity.

Recognition of Actuarial Gains and Losses:

As required under Indian Accounting Standard 19 (Ind AS 19), Actuarial Gains and Losses should be recognised immediately in the Statement of Other Comprehensive Income.

Materiality:

Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.

The result of the valuation was shared with the entity. The determination and interpretation of the assumptions was discussed with the client and was thereby found suitable.

Reasonableness of Assumptions:

The assumptions with regards to salary escalation and attrition rates are the expectations of the entity based on the salary increment that the entity will provide in future and the expected turnover in the future.

As per Accounting Standard assumptions are management’s best estimate assumptions and thereby the assumptions given by entity are accepted. We have checked for reasonableness of assumptions and discussed impact of assumptions on provision to ensure entity’s accounts give true and fair view.

The results are particularly sensitive to some assumptions, such as the discount rate, level of salary inflation, level of employee turnover and mortality. For example, a decrease in the assumed discount rate or an increase in salary inflation will lead to an increase in reported liability.

Method of Valuation:

To calculate the Defined Benefit Obligation, we have used the Projected Unit Credit Method (PUCM) which is suggested under Indian Accounting Standard 19 (Ind AS 19) as notified under The Companies (Indian Accounting Standards) Rules, 2015.

Valuation Result:

Accrued liability (discontinuance liability) as on 31-03-2022 after considering all employees (vested and non-vested employees) works out as INR 5,346,665. This is for representation purpose only and not to be accounted in balance sheet.

The result of this actuarial valuation report is dependent on the actuarial assumptions used. The Defined Benefit Obligation towards Gratuity along with the Current and Non-current liability in accordance with Schedule III of The Companies Act of India, 2013 is tabulated below:

Gratuity Plan - Unfunded

The entity has a defined benefit gratuity plan in India (unfunded). The entity’s defined benefit gratuity plan is a final salary plan for employees. Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme for Gratuity

Risk Exposure

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Entity has to manage pay-out based on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Note: 38 : SEGMENT REPORTING

The Company is mainly engaged in the business of Construction of residential buildings/ commercial complexes and activities connected and incidental thereto. On that basis, the company has only one reportable business segment- Construction, the results of which are embodied in the financial statments. The Company operates in only one Geographical segment -- within India

The Company has three Customers contributing more than 10% of the revenue from operationsin FY 2023-24 having 13.48% ,21.27% and 11.82% of revenue from operationsand two customers in F.Y 2022-23 having 30.16% and10.38% of revenue from operations

Note: 39 : DISCLOSURE OF RELATED PARTY AND TRANSACTIONS

The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the period-end are unsecured and settlement occurs in cash or credit as per the terms of the arrangement. Impairment assessment is undertaken each financial year through.

Note 42: Other Statutory Information

i) No proceedings have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property T ransactions Act, 1988 (as amended) and rules made thereunder.

ii) The Company do not have any transactions with companies struck off.

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

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

v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall 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 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vi) The Company have 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

vii) The Company have no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assements under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

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

ix) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

43. Previous year figures have been regrouped/ rearranged where-ever necessary.

The accompanying notes 1-35 are an integral part of the financial statements.

As per our report of even date

For Bilimoria Mehta & Company For and on behalf of the Board of Directors of

CHARTERED ACCOUNTANTS Generic Engineering Construction And Projects Limited

ICAI FRN : 120759W CIN No. L45100MH1994PLC082540

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

CA Prakash Mehta Manish Patel Jayesh Rawal Tarak Gor Krishna Sharma

PARTNER Managing Director Director Whole Time Director (WTD) Company Secretary

Membership No. : 030382 DIN: 00195878 DIN: 00464313 & Mem No.: A40183:

PLACE: MUMBAI PLACE: MUMBAI PLACE: MUMBAI ^Chief n^na^cy¹" ^(CFO) PLACE: MUMBAI

DATE: 30th May 2024 DATE: 30th May 2024 DATE: 30th May 2024 pD''Nf°m50mrai DATE: 30th May 2024

^UDIN : ^{24030382BKFJCM9}1⁸⁷ dATeT30th^MM^Ua^My^B2024

---

Mar 31, 2023

12. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some
or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised
as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the
effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to
the passage of time is recognised as a finance cost.

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a
contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured
at the present value of the lower of the expected cost of terminating the contract and the expected net cost of
continuing with the contract. Before a provision is established, the Company recognises any impairment loss on
the assets associated with that contract.

Contingent liability is disclosed in the case of:

• a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to see the obligation;

• a present obligation arising from past events, when no reliable estimate is possible:

• a possible obligation arising from past events, unless the probability of outflow of resources is remote.

A contingent asset is disclosed where an inflow of economic benefits is probable.

Provisions, contingent liability & contingent asset are reviewed at each balance sheet.

13. EARNING PER SHARE

Basic earning per share is calculated by dividing the net profit after tax by the weighted average number of equity
shares outstanding during the year. Diluted earing per share adjusts the figures used in determination of basic
earnings per share to take into account the conversion of all dilutive potential equity shares.

14. LEASES

Where the Company is lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the assets

The right-of-use assets are also subject to impairment.

Lease Liabilities

At the commencement date of the lease, the company recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for
terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce
inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e.,those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be
low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a
straight-line basis over the lease term.

e. Terms/Rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs 5 per share (Rs. 5 Each after subdivision) .
Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian
rupees. Dividend declared in current year is Rs. 0.05/ per share.

In the event of liquidation of the Company, the holders of 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 shares held by the shareholder.

(b)The Company has allotted 6296913 Equity Shares of FV of Rs 5/- at an issue price of Rs 32.40. The Company has
allotted 4600000 Equity Share of FV Rs 5/- by converting 4600000 Equity Warrants convertible in to Equity shares on
receipt of balance 75% of the consideration from share holders. The company has allotted 45.50 Lakhs Equity warrants
convertible into equity shares at an issue price of Rs. 32.4/- per warrant, 25% partly paid and the requirements of section
42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the
purposes for which the funds were raised.

100% guarantee from NCGTC (National Credit Guarantee Trustee Company Ltd (Ministry of Finance, Government of
India).

Term loan of Rs. 1.80 Cr is repayable in equal instalments of Rs. 5lakhs per month. Interest rates chargable is EBLR

0.75% P.a. , 100% guarantee from NCGTC (National Credit Guarantee Trustee Company Ltd (Ministry of Finance,
Government of India).

Term loan of Rs. 1.90 Cr is repayable in 47 equal monthly instalments of Rs.61,268. Interest rates chargable is 8.5% P.a.
towards construction equipment

Car loan availed of Rs 21.98 lakh is repayable in 41 equal monthly installments. First installment being due on 5 Jan,
2020 and ending on 5 May, 2023, monthly EMI amount is Rs. 46,603.00 and rate of interest is 9.40%

Term loan of Rs. 230.22 from HDFC bank carring interest rate is 8.25% (reference rate plus spread of 0.80% p.a) and
tenor of the loan is 48 Months out of which 12 months is principal moratorium periods, 100% guarantee from NCGTC
(National Credit Guarantee Trustee Company Ltd (Ministry of Finance, Government of India).

Term loan of Rs. 360.00 from State bank of India carring interest rate is 8.30% (RBI’s Repo rate plus mark up 1.65%) and
tenor of the loan is 48 Months out of which 12 months is principal moratorium periods, 100% guarantee from NCGTC
(National Credit Guarantee Trustee Company Ltd (Ministry of Finance, Government of India).

Construction equipment loan availed of Rs 1.88 cr from Axis bank which is repayable in 47 equal monthly installments.
First installment being due on 20 Sep, 2021 and ending on 20 July, 2025, monthly EMI amount is Rs. 4,72,734.00 and
rate of interest is 8.50% secured against motor vehicle of Rs. 1.91 cr.

Term loan of Rs. 81.38 lakh from Axis bank for purchase of new asset which is repayable in 47 equal monthly installments.
First installment being due on 15 January, 2022 and ending on 15 November 2025, monthly EMI amount is Rs. 2,01,511.00
and rate of interest is 7.80%

(a) Security and repayment details for cash credit facilities including working capital demand loans is as follows:

i) The cash credit is repayable on demand, interest ranging between 9.75% to 10.95%p.a. is /to be secured against
first pari passu hypothecation charge on Stocks, Book Debts and entire current assets of the company, EQM of
Property at Kesar Solitaire of Ranjan D Patel, Hemlata M Patel, Trupti M Patel, EQM of Commericial Property at
Vikhroli of D Ravilal Resource Management Private Limited (Formely Known as Generic Engineering & Construction
Private Limited).

ii) The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the
Company (ie. as 10% Margin).

iii) Personal Guarantee of Manish R Patel and to all banks.

iv) Corporate Guarantee of D Ravilal Resource Management Private Limited to all bank.

Collateral security:

1. Commercial Unit no 201 2nd floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa No 1 P,Situated
at “fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083 (metro), admeasuring total area : 2287 sq ft
belongs to: Generic Engineering Constructions and Projects Limited.

2. Commercial Unit no 202 2nd floor, Plot Bearing Survey Number: CTS No:21a S No 99 P/96P/15 P Hissa No 1 P,Situated
at “fitwell house opp hometown LBS Marg Vikhroli west Mumbai-400083 (metro), admeasuring total area : 2287 sq ft
belongs to: Generic Engineering Constructions and Projects Limited.

3. Commercial Office No 1901 To 1906, Kesar Solitaire, Plot Bearing Survey Number: Plot No.5, Sector 19, Sanpada, Navi
Mumbai-400705 (Semi Urban), Admeasuring Total area :4826 sq ft. Belongs to: D Ravilal Resource Management
Private Limited. Who is : Gurantor.

4. Commercial Office No 2101 To 2106, Kesar Solitaire, Plot Bearing Survey Number: Plot No.5, Sector 19, Sanpada, Navi
Mumbai-400705 (Semi Urban), Admeasuring Total area :4826 sq ft. Belongs to: Generic Engineering Constructions
and Projects Limited.

5. Commercial Office No 501 To 504, Kesar Solitaire, Plot Bearing Survey Number: Plot No.5, Sector 19, Sanpada, Navi
Mumbai-400705 (Semi Urban), Belongs to: Generic Engineering Constructions and Projects Limited.

Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date.This section explains the
judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and
measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial
instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath
the table.

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable

NOTE : 35 : Risk Management

Financial risk management objectives and policies

The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables. The
main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets
include trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company is
exposed to market risk, credit risk and liquidity risk. Company’s senior management oversees the management of these
risks. It is Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors review and agree policies for managing each of these risks, which are summarised below.

a) Market risk

Market risk is the risk of any loss in future earnings, in realisable fair value or in future cash flows that may result from a
change in the price of a financial instrument. The value of a financial instrument may change as a result of change in the
interest rates, foreign currency exchange rates, liquidity and other market changes. Future specific market movements
cannot be normally predicted with reasonable accuracy.

Note No. 35 Disclosure under Ind AS 19 “Employee Benefits
Gratuity

Benefit Scheme:

Gratuity is payable to all the eligible employees at the rate of 15 days salary (Basic D. A.) for each completed year of service,
subject to a payment ceiling of INR 2,000,000, in line with Payment of Gratuity Act, 1972.

The formula to calculate daily salary is 1/26 * monthly salary and vesting period is 5 years.

In line with Gratuity Act, service more than 6 months is considered as 1 year, so past service is calculated as rounded years
of service.

Gratuity shall be payable to an employee on termination of employment due to superannuation, retirement or resignation
after successful completion of the vesting period. The completion of vesting period is not applicable in the case where
termination of employment is due to death, disability. To provide for the aforementioned eventualities and to arrive at the
present value of the defined benefit obligation, we have incorporated the underlying assumptions for this actuarial valuation

Valuation Assumptions:

Following assumptions are used in preparation of this actuarial valuation as required under Indian Accounting Standard 19
(Ind AS 19):

Discount Rate:

The rate used to discount employee benefit obligations reflects the estimated term of the benefit obligation and shall be
consistent with the currency and term of the government bonds. We have used the Discount Rate as 7.30% p.a. which relates
to the rate available on Government Securities (G. Sec.) for the tenure of 5 years i.e. the average expected future working life
of employees (estimated term of obligation). The rate is taken as per the deal rate as on 31-03-2023.

Salary Escalation Rate:

Estimates of future salary increase are based on inflation, seniority, promotion and other relevant factors such as demand
and supply in the employment market. This assumption has been determined in consultation with the entity. Salary Escalation
rate is considered as 7.50% p.a. for all future years.

Attrition Rate:

As discussed with entity, Attrition rate is considered as 15.00% p.a. for all future years.

Mortality Rate:

Since no separate analysis of the mortality rate for the entity was undertaken, we have considered the latest unisex mortality
table available. We have used Indian Assured Lives Mortality (2012-14) Ultimate - Urban table for death rate and to provide
for liability on account of death while in service.

The rates are assumed to include permanent disablement.

Recognition of Actuarial Gains and Losses:

As required under Indian Accounting Standard 19 (Ind AS 19), Actuarial Gains and Losses should be recognised immediately
in the Statement of Other Comprehensive Income.

Materiality:

Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis
of the financial statements.

The result of the valuation was shared with the entity. The determination and interpretation of the assumptions was discussed
with the client and was thereby found suitable.

Reasonableness of Assumptions:

The assumptions with regards to salary escalation and attrition rates are the expectations of the entity based on the salary
increment that the entity will provide in future and the expected turnover in the future.

As per Accounting Standard assumptions are management’s best estimate assumptions and thereby the assumptions
given by entity are accepted. We have checked for reasonableness of assumptions and discussed impact of assumptions
on provision to ensure entity’s accounts give true and fair view.

The results are particularly sensitive to some assumptions, such as the discount rate, level of salary inflation, level of
employee turnover and mortality. For example, a decrease in the assumed discount rate or an increase in salary inflation will
lead to an increase in reported liability.

Method of Valuation:

To calculate the Defined Benefit Obligation, we have used the Projected Unit Credit Method (PUCM) which is suggested under
Indian Accounting Standard 19 (Ind AS 19) as notified under The Companies (Indian Accounting Standards) Rules, 2015.

Gratuity Plan - Unfunded

The entity has a defined benefit gratuity plan in India (unfunded). The entity’s defined benefit gratuity plan is a final salary plan
for employees. Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme for Gratuity

Risk Exposure

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability
requiring higher provision.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Entity has to manage pay-out based
on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not
have any longevity risk.

36. SEGMENT REPORTING

The Company is mainly engaged in the business of Construction of residential buildings/ commercial complexes and
activities connected and incidental thereto. On that basis, the Company has only one reportable business segment -
Construction, the results of which are embodied in the financial statements. The Company operates in only one
geographical segment - within India.

The Company has 2 Customer contributing more than 10% of the revenue from operation in F.Y 2022-23 having 30.16%
and 10.38% of revenue from operation and 2 customers in F. Y 2021-22 having 25.81% and 15.82% of revenue from
operations.

41. Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules from time to time. On March 31, 2023, MCA amended the Companies (Indian
Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023,
applicable from April 1, 2023, as below:

Ind AS 1 - Presentation of Financial Statements

The amendments require companies to disclose their material accounting policies rather than their significant accounting
policies. Accounting policy information, together with other information, is material when it can reasonably be expected
to influence decisions of primary users of general-purpose financial statements.

Ind AS 12-Income Taxes

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning
obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12
(recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences.

Ind AS 8-Accounting Policies, Changes in Accounting Estimates and Errors

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition
of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new
definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement
uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be
measured in a way that involves measurement uncertainty.

The Company does not expect these amendment to have any significant impact in its financial statements.

For Bilimoria Mehta & Company For and on behalf of the Board of Directors of

CHARTERED ACCOUNTANTS Generic Engineering Construction And Projects Limited

ICAI Firm Registration No. 101490D CIN No. L45100MH1994PLC082540

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

CA Prakash Mehta Manish Patel Tarak Gor Khushboo Agarwal

PARTNER Managing Director Director and CFO Company Secretary

Membership No. : 030382 DIN: 00195878 DIN: 01550237 Mem. No A55345

PLACE: MUMBAI PLACE: MUMBAI PLACE: MUMBAI PLACE: MUMBAI

DATE: 11-07-2023 DATE: 11-07-2023 DATE: 11-07-2023 DATE: 11-07-2023

UDIN : 23030382BGSHYH3128

---

Mar 31, 2018

a. Terms/Rights attached to shares:

The Company has only one class of Equity Shares having par value of Rs. 10 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 ensuring Annual General Meeting. The Amount of Dividend to be paid amounts to total of Rs. 18.18 lakhs and total of Divident Distribution Tax is Rs. 3.85 lakhs

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assests 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.

f. Increase in Authorised

During the year company had increased its authorised capital from Rs. 1800.00 Lakh to Rs. 2300.00 Lakhs vide ordinary resolution passed in EGM dated 10/03/2018

Notes:

(a) Security and repayment details for cash credit facilities including working capital demand loans is as follows:

i) The cash credit is repayable on demand and is /to be secured against first pari passu hypothecation charge on Stocks, Book Debts and entire current assets of the company, EQM of Property at Gurudutt CHS of Mr. Ravilal S Patel, EQM of Property at Kesar Solitaire of Ranjan D Patel, Hemlata M Patel, Trupti M Patel, EQM of Commericial Property at Vikhroli and Residential Property at Ghatkopar (E) of Generic Engineering & Construction Private Limited.

ii) The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the Company (ie. as 10% Margin).

iii) Personal Guarantee of Manish R Patel and his Relative namely, Ravilal S Patel, Ranjan D Patel, Hemlata M Patel, Trupti M Patel to the State Bank of India Limited.

iv) Personal Guarantee of Generic Engineering and Construction Private limited to State Bank of India Limited

1. First-time adoption of Ind AS Transition to Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31^st March 2018, comparative information for the year ended 31^st March 2017 and in preparation of an opening Ind AS balance sheet as at 1^st April 2016 (the Company’s 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 Section 133 of the Companies Act, 2013 read together with Rule 7 of the companies (Accounts) rules, 2014 (Previous GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows.

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.

Ind AS optional exemptions:

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 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 after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.

Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets at their previous GAAP carrying value.

Ind AS mandatory exceptions:

De-recognition of financial assets and liabilities:

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

Estimates:

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

2. SEGMENT REPORTING

The Company is mainly engaged in the business of Construction of residential buildings/commercial complexes and activities connected and incidental thereto. On that basis, the Company has only one reportable business segment -Construction, the results of which are embodied in the financial statements. The Company operates in only one geographical segment - within India.

---

Mar 31, 2016

1. None of the Earnings / Expenditures is in Foreign Currency.

2. Balance of Debtors, Creditors, Deposits, Loans and Advances are subject to confirmation and reconciliation .

3. In the opinion of the management and to the best of the knowledge and belief the value under the head of the current assets and non-current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities; adequate and not in excess of amount considered reasonably necessary.

4. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the due if realized in the ordinary course of business. The provision for depreciation known liabilities are adequate and not in excess of the amounts reasonably necessary.

5. Rs. 1,10,000- has been paid to Ravindra Mishra as Director of remuneration for the Year (P.Y. Rs. Nil)

6. Previous year’s figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

7. Related party Transaction

8. Subsidiary -NIL

9. Key managerial Person (Non-executive directors will not be KMP, related party)

10. MR. RAYINDRA TRIBHUYAN MIS HRA

11. MRS. RICHA RAMCHAND DALWANI

---

Mar 31, 2015

1 Equity shares include:

I Terms/Rights attatched to Equity Shares

The compnay has only one class of equity share having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. All shares rank parri passu with regard to dividend.

2. Particulars of equity share holders holding more than 5% of the total number of equity share capital:

* As per records of the compnay including its register of shareholders/members

---

Mar 31, 2014

1. Contingent Liabilities and Commitments (to the extended not provided for) Uncalled amount on Convertible Debenture NIL (P.Y Rs.664800/-)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

1. Mr. Paresh Pathak

2. Mr. Ravindra Mishra

3. Mr. Mahesh Raut

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

---

Mar 31, 2013

1. Contingent Liabilities and Commitments(to the extended not provided for) Uncalled amount on Convertible Debenture Rs.664800/- (P.Y Rs.664800/-)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

1. Mr. Paresh Pathak

2. Mr. Ravindra Mishra

3. Mr. Mahesh Raut

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

---

Mar 31, 2012

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared on the historic cost convention, on an accrual basis and in accordance with the Accounting Standards noti?ed by the Companies (Accounting Standard) Rules 2006 and the relevant provisions of the Companies Act, 1956.

The Preparation of the ?nancial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities and income and expenses during the reported period. The management believes that the estimates used in the preparation of the ?nancial statement are prudent and reasonable. The difference between the actual results and the estimates are recognized in the periods in which the results are materialized.

2. REVENUE RECOGNITION:

INCOME:

The Company recognizes income on accrual basis, However where the ultimate collection of the same lacks reasonable certainty, revenue recognition is postponed to the extent of uncertainty.

i) Income from dividend is recognized as and when such dividend has been declared and the Company’s right to receive payment is established.

ii) Profit/ loss on sale of investments if any is recognized on the contract date.

3. INVESTMENTS: Long Term Investments are stated at cost.

4. Deferred Tax Assets have not been recognized, as there is no reasonable certainty for setting off the same.

5. Contingent Liabilities and Commitments (to the extended not provided for) Uncalled amount on Convertible Debenture Rs.664800/- (P.Y Rs. 664800/-)

6. Auditors’ remuneration as Audit fee for the year Rs. 28,090/- (Previous year Rs. 33,090 /-).

7. Estimated amount of contracts remaining to be executed- NIL

---

Mar 31, 2011

1) In the opinion of the Board, the current assets, Loans and Advances have been stated at a value realizable in the ordinary course of business. The provision for all known liabilities are adequate and neither in excess nor in short of the amount reasonably necessary.

2) Taxation The provision for tax is based on the assessable profit of the Company computed in accordance with Income Tax Act, 1961.

3) As con?rmed by the management and on the basis of information available with the Company regarding the status of the Small Scale Industrial Undertaking, there is no amount outstanding as on the date of the Balance Sheet.

4) Additional information pursuant to the provision of Paragraph B Part II Schedule VI have been given herein below, to the extent applicable:

5) SEGMENT REPORTING

The Company’s comprises of only one segment Non-Banking Finance Company.

6) RELATED PARTY DISCLOSURES

Disclosures as required by the Accounting Standard 18 “Related Party Disclosures” are given Below :

a) Key Management Personnel

1. Paresh V. Pathak Director

2. Mahesh J. Raut Director

3. Ravindra T. Mishra Director

7) The unquoted shares and debentures held as investment and stock in trade has not been revalued during the year and stated as cost as per company's policies. The fall in value could not be ascertained.

8) Balance of Sundry Debtors, Loans & Advances and Unsecured loans are subject to con?rmation and Reconciliation if any.

9) Contingent Liability :

Uncalled amount on partly paid up Convertible Debenture Rs. 664800/- (P.Y. Rs. 664800/-).

10) The previous year ?gures are regrouped, rearranged, reclassi?ed to make them comparable with that of current year.

11) Sundry Debtors include Rs. 2395358/- (Previous Year Rs. 4390358/-) from the Private Company in which two directors of the company is interested as director and member of the said company.