Salasar Techno Engineering Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

(xvi) Provisions , Contingent Liabilities, Contingent Assets and Commitments

(a) General

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. If the effect of the time
value of money is material, the amount of a provision shall be the present value of expense expected to be
required to settle the obligation, provisions are therefore discounted when effect is material. The discount
rate shall be pre-tax rate that reflects current market assessment of time value of money and risk specific to
the liability. Unwinding of the discount is recognised in the Statement of Profit and Loss as a finance cost.
Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

(b) Contingencies

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

A contingent asset is a possible asset 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 entity, Contingent assets are not recognised, but are disclosed in the notes. However, when
the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is
recognised as an asset.

(xvii) Share capital and Share Premium

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction, net of tax, from the proceeds.

Par value of the equity share is recorded as share capital and the amount received in excess of the par value is
classified as share premium.

(xviii) Revenue Recognition

(a) Sale of goods and Services

Revenue from sale of manufactured goods is recognised on satisfaction of performance obligation upon
transfer of control of promised products to customers in an amount that reflects the consideration the
Company expects to receive in exchange for those products.

Revenue from rendering of services (other than EPC business) is recognised over time as and when the
customer receives the benefit of the Company''s performance and the Company has an enforceable right to
payment for services transferred.

Contract revenue, i.e. revenue from EPC business, is recognised over time to the extent of performance
obligation satisfied and control is transferred to the customer. Contract revenue is recognised at allocable
transaction price which represents the cost of work performed on the contract plus proportionate margin,
using the percentage of completion method. Percentage of completion is the proportion of cost of work
performed to-date, to the total estimated contract costs Unbilled revenue represents value of goods and
services performed in accordance with the contract terms but not billed.

The amount of retention money held by the customers pending completion of performance milestone is
disclosed as part of contract asset termed as "Security Deposits" and is reclassified as trade receivables
when it becomes due for payment.

(b) Other Income

- Interest income

Interest income is recognised on a time proportion basis using the effective interest method. When
a receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being
the estimated future cash flows discounted at the original effective interest rate of the instrument and
continues unwinding the discount as interest income. Interest income on impaired loans is recognised using
the original effective interest rate.

- Dividends

Dividend is recognised when the Company''s right to receive the payment is established, which is generally
when shareholders approve the dividend.

(xix) Taxation
Income tax

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during
the year. Current and deferred taxes are recognised in Statement of Profit and Loss, except when they relate to
items that are recognised in other comprehensive income or directly in equity, in which case, the current and
deferred tax are also recognised in other comprehensive income or directly in equity, respectively

Current tax

Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as
determined in accordance with the provisions of the Income Tax Act,1961 that have been enacted or subsequently
enacted at the end of the reporting period.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle the asset and the liability on a net basis.

Deferred tax

Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences arising
between the tax base of assets and liabilities and their carrying amount, except when the deferred income tax
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and
affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred tax assets are recognised only to the extent that it is probable that either future taxable profits or
reversal of deferred tax liabilities will be available, against which the deductible temporary differences, and the
carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
income tax asset to be utilised.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or
substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax
asset is realised or the deferred tax liability is settled.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when it relates to income taxes levied by the same taxation authority and the Company intends
to settle its current tax assets and liabilities simultaneously.

During the year ended 31 March, 2020, the Government of India vide taxation Laws (Amendment) Tax Ordinance
, 2019 has allowed an option to the domestic companies to switch to a lower tax rate structure of 22 % (25.168
% including surcharge and cess) from the earlier 30 % (34.944 % including surcharge and cess) subject to the
condition that the Company will not avail any of the specified deductions/ incentives under the Income Tax Act,
1961. The Company has opted for this new rate structure and made current tax/deferred tax Provision with the new
rates.

(xx) Provisions

A provision is recognised when the Company has a present obligation as a result of past events and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate of the
amount can be made. Provisions are determined based on best estimate required to settle the obligation at the
Balance Sheet date. When a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows (when the effect of the time value of the money is
material). The increase in the provisions due to passage of time is recognised as interest expense. Provisions are
reviewed as at each reporting date and adjusted to reflect the current best estimate, Contingent liabilities are
disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent assets are
not disclosed in the financial statements unless an inflow of economic benefits is probable.

(xxi) Earnings per Share

As per Ind AS 33, Earning Per Share, Basic earnings per share are computed by dividing the net profit for the
year attributable to the shareholders'' and weighted average number of shares outstanding during the year. The
weighted average numbers of shares also includes fixed number of equity shares that are issuable on conversion
of compulsorily convertible preference shares, debentures or any other instrument, from the date consideration
is receivable (generally the date of their issue) of such instruments. Diluted earnings per share is computed using
the net profit for the year attributable to the shareholder'' and weighted average number of equity and potential
equity shares outstanding during the year including share options, convertible preference shares and debentures,
except where the result would be anti-dilutive. Potential equity shares that are converted during the year are
included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such
potential equity shares, to the date of conversion.

(xxii) Employee Benefits

Employee benefits include provident fund, employee state insurance scheme, gratuity, compensated absences
and performance incentives.

Provident Fund:

The Company has Defined Contribution plan for the post employment benefits namely Provident Fund which is
recognised by the income tax authorities. These funds are administered through the Regional Provident Fund
Commissioner and the Company''s contributions thereto are charged to Statement of Profit and Loss every year.

Compensated Absences:

Accumulated compensated absences, which are expected to be availed or encashed within 12
months from the end of the year end are treated as short term employee benefits. The obligation
towards the same is measured at the expected cost of accumulating compensated absences as
the additional amount expected to be paid as a result of the unused entitlement as at the year end.
Accumulated compensated absences, which are expected to be encashed beyond 12 months from the end of the
year end are treated as other long term employee benefits. The Company''s liability is actuarially determined (using
the Projected Unit Credit method) at the end of each year. Actuarial losses/ gains are recognised in the Statement
of Profit and Loss in other comprehensive income in the year in which it arise.

Gratuity:

The Company has Defined Benefit plan, namely gratuity for employees (unfunded), the liability for which is
determined on the basis of an actuarial valuation (using the Projected Unit Credit method) at the end of each
annual reporting period. Remeasurements, comprising actuarial gains and losses, the effect of the changes to
the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a charge or
credit recognised in other comprehensive income in the period in which they occur.

(xxiii) Disclosure in respect of operating leases as per IND AS 116 ''Leases''

The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements, if the
contract conveys the right to control the use of an identified asset. The contract conveys the right to control the
use of an identified asset, if it involves the use of an identified asset and the Company has substantially all of the
economic benefits from use of the asset and has right to direct the use of the identified asset. The cost of the
right-of-use asset shall comprise of the amount of the initial measurement of the lease liability adjusted for any
lease payments made at or before the commencement date plus any initial direct costs incurred. The right-of-use
assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if
any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the
straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use
asset.

The Company measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease,
if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental
borrowing rate. For short-term and low value leases, the Company recognises the lease payments as an operating
expense on a straight-line basis over the lease term

(xxiv) Related Party Transactions

Disclosure is being made separately for all the transactions with related parties as specified under IND AS 24
"Related Party Disclosure" issued by the Institute Chartered Accountants of India.

(xxv) Dividend

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

(xxvi) Segment Reporting

The operating segments are the segments for which separate financial information is available and for which
operating profit/loss amounts are evaluated regularly by the Managing Director (who is the Company''s Chief
Operating Decision Maker) in deciding how to allocate resources and in assessing performance.

The accounting policies adopted for segment reporting are in conformity with the accounting policies of the
Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified
to segments on the basis of their relationship to the operating activities of the segment. Inter segment revenue
is accounted on the basis of transactions which are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments
on a reasonable basis have been included under ''unallocated revenue / expenses / assets / liabilities''.

(xxvii) Recent Accounting Developments

Ministry of Corporate Affairs (""MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended
the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind AS 16 - Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items
produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly
attributable costs considered as part of cost of an item of property, plant, and equipment. The effective date for
adoption of this amendment is annual periods beginning on or after April 1, 2022. The Company has evaluated the
amendment and there is no impact on its financial statements.

Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets - The amendment specifies that the ''cost
of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a
contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials)
or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the
depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective
date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption
is permitted. The Company has evaluated the amendment and the impact is not expected to be material.

(xxviii) Exceptional Items include income/expenses that are considered to be part of ordinary activities, however of
such significance and nature that separate disclosure enables the users of financial statements to understand
the impact in more meaningful manner. Exceptional items are identified by virtue of their size, nature and
incidences.

(xxix) The figures appearing in the Financial Statements is rounded off to the nearest lakh or decimals thereof.

D. Equity Shares alloted as fully paid up Bonus Shares for the period of five years immediately preceding 31 March, 2024

The Company has allotted 1,42,85,264 fully paid-up shares of face value ''10/- each during the quarter ended September
30, 2021 pursuant to bonus issue approved by the shareholders through postal ballot.The bonus shares were issued by
capitalization of profits transferred from general reserve.Bonus share of one equity share for every equity share held has
been allotted.

The bonus shares once allotted shall rank pari passu in all respects and carry the same rights as the existing equity shareholders
and shall be entitled to participate in full,in any dividend and other corporate action, recommended and declared after the
new equity shares are allotted.

The Company has allotted 126,28,21,120 fully paid-up shares of face value ''1.00/- each as on 03 Feb -2024 pursuant to bonus
issue approved by the shareholders through postal ballot.The bonus shares were issued by capitalization of Securities
Premium. Bonus share of four equity share for every equity share held has been allotted.

The bonus shares once allotted shall rank pari passu in all respects and carry the same rights as the existing equity shareholders
and shall be entitled to participate in full,in any dividend and other corporate action, recommended and declared after the
new equity shares are allotted.

E. Rights, Preferences and restrictions attached to shares

The company has only one class of equity shares having a par value of '' 10/- per share. Each Shareholder is eligible for one
vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company,
after distribution of all prefential amounts, in proportion of their shareholding.

F. The Company has issued 10,00,000 Equity Shares at a premium of '' 161 per share on conversion of convertible Warrants
alloted on 27-Aug-2020 on preferential basis.

G. The Board of Directors in its meeting held on June 3, 2021 have recommended for approval by shareholders, bonus issue of
1 (one) equity share of '' 10/- each for every 1 (one) equity shares of '' 10/- each held by shareholders of the Company as on
the record date, subject to approval of the shareholders. Pursuant to the approval of the shareholders through postal ballot
(including remote e-voting), the Company alloted 1,42,85,264 bonus equity shares of '' 10/- each as fully paid-up bonus equity
shares, in the proportion of 1 (One) equity share of '' 10/- each for every 1 (One) existing equity shares of '' 10/- each to the
equity shareholders of the Company as on record date of July 13, 2021. Consequently, the Company capitalised a sum of INR
2857.05 lakh from ''other equity'' (securities premium) to ''equity share capital''.

The earning per share has been adjusted for bonus issue for previous year presented.

H. Pursuant to the approval of the board of directors of the Company (the ''Board''), at its meeting held on June 22, 2022, and
the shareholders of the Company, through Postal Ballot on July 27, 2022, the Fund Raising Committee of the Board (the
''Committee''), at its meeting held on September 06, 2022 approved the issue and allotment of 3,00,00,000 Equity Shares
to QIBs at the issue price of '' 27.30 per Equity Share (including a premium of Rs. 26.30 per Equity Share), aggregating to
''81,90,00,000 (Rs Eighty One Crore Ninety Lakh only), pursuant to the Issue. Pursuant to the allotment of Equity Shares in the
Issue, the paid-up Equity Share capital stands increased to '' 31,57,05,280 consisting of 31,57,05,280 Equity Shares.

I. The Board of Directors at their meeting held on April 30, 2022 approved the sub-division of each equity share of face value of
'' 10/- each fully paid up into 10 equity shares of face value of '' 1/- each fully paid up. The same was approved by the members
on June 7, 2022 through postal ballot and e-voting. The effective date of sub-division was June 28, 2022.

J. The company at the meeting held on Apr 30, 2024 approved the allotment of 11,57,43,890 equity shares of face value of
''1/- each to "Non-promoter, Public Category” at an issue price of '' 14.40/- (including a premium of '' 13.40/- each).

K. The Board of Directors at their meeting held on May 07, 2024 approved the allotment of 3,25,00,000 fully paid-up equity shares
of face value of '' 1/- each, pursuant to conversion of 3,25,00,000 fully convertible warrants into said equal number of equity
shares at an issue price of Rs. 14.40/- (including a premium of '' 13.40/- each). However still 5,36,80,000 Warrants are pending
for conversion on account of payment of balance 75% amount payable by them.

Provision for Gratuity

Company provides gratuity for employees as per the Payment of Gratuity Act 1972. Employees who are in continuous service for a
period of 5 years are eligible for gratuity. The Company has an unfunded gratuity plan.

Provision for Compensated Absences:

Compensated Absences is a terminal employee benefit, which covers Company''s liability towards earned leaves of employees of
the Company

2. Disclosure pursuant to Ind AS 19 "Employee Benefits"

(i) Defined Contribution Plans:

The Company makes Provident Fund, Superannuation Fund and Employee State Insurance Scheme contributions which
are defined contribution plans, for qualifying employees. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 182.49 Lakh (previous year
Rs. 188.38 Lakh) for Provident Fund contributions, and Rs. 42.46 Lakh (previous year Rs. 49.62 Lakh) for Employee State
Insurance Scheme contributions in the statement of profit and loss. The contributions payable to these plans by the
Company are at rates specified in the rules of the schemes.

(ii) Defined Benefit Plans (Unfunded):

(a) Gratuity: The Company has an unfunded defined benefit gratuity plan which entitles every employee who departs
after the completion of 5 or more years of service to a gratuity calculated at fifteen days salary (last drawn salary) for
each completed year of service, in accordance with the Payment of Gratuity Act, 1972. The same is payable at the time
of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous
service.

Note 41 : Disclosure pursuant to Ind AS 108 "Operating Segment"

(a) Information about Operating segment:

Basis of identifying Operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to earn revenues
and incur expenses (including transactions with any of the Company''s other components; (b) whose operating results are
regularly reviewed by the Company''s Chief Operating Decision Maker (CODM) to make decisions about resource allocation and
performance assessment; and (c) for which discrete financial information is available.

The company has two reportable segments as described under "Reportable Segments” below. The nature of products and
services offered by these businesses are different and are managed separately given the different sets of technology and
competency requirements.

Reportable Segments :

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute
amount of result or assets exceed 10% or more of the combined total of all the operating segments.

Reportable Segments are as under:

• Steel Structure : comprises manufacturing and sale of Galvanized and Non-galvanised Steel Structures including
Telecom Towers, Transmission Line Towers and Solar Panels.

• Engineering, Procurement and Construction (EPC) Projects : comprises of survey, supply of materials, design,
erection, testing and commissioning on a trunkey basis.

Segment Revenue, Expenditure and Profit:

Performance of a segment is measured based on segment profit (before interest and tax), as included in the internal
management reports that are reviewed by the CODM.

Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment or
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses.

The carrying amounts of trade and other receivables, cash and cash equivalents, trade and other payables are considered to
be the same as their fair values due to their short term nature.

All the financial asset and financial liabilities measured at amortised cost, carrying value is an approximation of their
respective fair value.

Investment in Subsidiaries, Joint Ventures which are measured at cost in accordance with Ind AS 27 "Separate Financial
Statements". Accordingly these items have not been included in the above table.

(b) Fair value hierarchy

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 Company
has classified its financial instruments into the three levels prescribed under the accounting standard, described as follows:

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

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

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

The following table provides the fair value measurement hierarchy of the Company''s financial assets and liabilities that are
measured at fair value or where fair value disclosure is required.

There have been no transfers between levels during the period.

(c) Assets and liabilities which are measured at amortised cost for which fair values are disclosed

All the financial asset and financial liabilities measured at amortised cost, carrying value is an approximation of their
respective fair value.

Note 50 : Financial risk management

The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity
risk. The Company''s risk management strategies focus on the un-predictability of these elements and seek to minimise the
potential adverse effects on its financial performance

The Company''s risk management is carried out by a treasury department under policies approved by the Board of Directors.
Company Treasury Department identifies, evaluates and hedges financial risks in close co-operation with the Company''s
operating units. The board provides principles for overall risk management, as well as policies covering specific areas, such as
hedging of foreign currency transactions foreign exchange risk.

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 risk: currency risk, interest rate risk and other price risk, such as
equity price risk and commodity risk. The value of a financial instrument may change as a result of changes in the interest
rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments
affected by market risk include loans and borrowings, deposits, investments and derivative financial instruments.

(i) Foreign currency risk management

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities,
which are denominated in a currency other than the functional currency of the Company. The Company''s management has
set a policy wherein exposure is identified, a benchmark is set and monitored closely, and accordingly suitable hedges are
undertaken. The policy also includes mandatory initial hedging requirements for exposure above a threshold.

Derivative financial instruments and hedging activity

The Company has entered into hedging contracts by way of foreign exchange forward contracts

Based on the movements in the foreign exchange rates historically and the prevailing market conditions as at the reporting
date, the Company''s Management has concluded that the above mentioned rates used for sensitivity are reasonable
benchmarks.

The Company''s foreign currency exposure arises mainly from foreign exchange imports and exports , primarily with
respect to USD.

(ii) Interest rate risk management

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 rates. The Company''s exposure to the risk of changes in market rates relates primarily to the Company''s
outstanding floating rate debt with floating interest rates.

Company has fixed deposits as margin money for a period between 3 months to 4 years. All fixed deposits are with banks,
accordingly there is no significant interest rate risk pertaining to these deposits.

The exposure of the Company''s borrowing to interest rate changes at the end of the reporting period are as follows:

2. Credit risk management

The Company''s customer profile include public sector enterprises, state owned companies and large private corporates.

Accordingly, the Company''s customer credit risk is low. The Company''s average project execution cycle is around 18 to 36
months. General payment terms include mobilisation advance, monthly progress payments with a credit period ranging from
45 to 90 days and certain retention money to be released at the end of the project. In some cases, retentions are substituted
with bank/ corporate guarantees. The Company has a detailed review mechanism of overdue customer receivables at various
levels within the organisation to ensure proper attention and focus for realisation.

3. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Company''s Policy includes an appropriate liquidity risk management framework for the management of the short-term,
medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by
maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturities of financial liabilities:

The tables below provide details regarding the contractual maturities of non-derivative financial liabilities. The amounts
disclosed in the table are the contractual undiscounted cash flows.

The Conveyance deed is in the name of Salasar Stainless Ltd., erstwhile company that has merged with the Company under
section 230 and section 232 of the Companies Act, 2013 in terms of the approval of the Honourable National Company Law
Tribunal, Special bench, New Delhi dt. 09-Jan-2019.

(b) Details of transaction with companies struck off under section 248 of the Companies Act, 2013

The company does not have any relationship with companies struck off (as defined by Companies Act, 2013) and did not enter
into transactions with any such company for the years ended March 31,2025 and March 31,2024 .

(c) The Company has not traded or invested in Crypto currency or Virtual Currency during the reporting years.

(d) The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in
accordance with the guidelines on wilful defaulters issued by the RBI.

(e) There are no proceedings initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(f) The Company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending
or investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting years.

(g) There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(h) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961.

(i) All the quarterly statements of current assets filed by the Company with banks or financial institutions are in agreement with
books of accounts.

(j) Salasar, in its Board meetings held on 30.12.2024 and 26.03.2025, approved the amalgamation of M/s Hill View Infrabuild
Limited and M/s EMC Limited with itself, respectively. The company is undertaking the necessary steps to complete the
amalgamations in compliance with applicable laws and regulations.

Note 55 :

Figures for the previous year have been regrouped/reclassified to confirm to the figures of the current year.

As per our Report of even date attached For and on behalf of the Board of Directors

ForVAPS& CO.

Firm Registration No. 003612N
Chartered Accountants

Praveen Kumar Jain Alok Kumar Shashank Agarwal

Partner Managing Director Jt. Managing Director

M. No. 082515 DIN : 01474484 DIN: 00316141

Place : Noida (U.P.) Pramod Kr. Kala Mohit Kr. Goel

Date : 30-May-2025 (Chief Financial Officer) (Company Secretary)

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Mar 31, 2024

(xvii) Provisions , Contingent Liabilities, Contigent Assets and Commitments

(a) General

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. If the effect of the time value of money is material, the amount of a provision shall be the present value of expense expected to be required to settle the obligation Provisions are therefore discounted, when effect is material, The discount rate shall be pretax rate that reflects current market assessment of time value of money and risk specific to the liability. Unwinding of the discount is recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

(b) Contingencies

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

A contingent asset is a possible asset 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 entity, Contingent assets are not recognised, but are disclosed in the notes. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.

(xviii) Share capital and Share Premium

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Par value of the equity share is recorded as share capital and the amount received in excess of the par value is classified as share premium.

(xix) Revenue Recognition

(a) Sale of goods and Services

Revenue from sale of manufactured goods is recognised on stisfaction of performance obligation upon transfer of control of promised products to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products.

Revenue from rendering of services (other than EPC business) is recognised over time as and when the customer receives the benefit of the Company''s performance and the Company has an enforceable right to payment for services transferred.

Contract revenue, i.e. revenue from EPC business, is recognised over time to the extent of performance obligation satisfied and control is transferred to the customer. Contract revenue is recognised at allocable transaction price which represents the cost of work performed on the contract plus proportionate margin, using the percentage of completion method. Percentage of completion is the proportion of cost of work performed to-date, to the total estimated contract costs.

Unbilled revenue represents value of goods and services performed in accordance with the contract terms but not billed.

The amount of retention money held by the customers pending completion of performance milestone is disclosed as part of contract asset termed as "Security Deposits” and is reclassified as trade receivables when it becomes due for payment.

(b) Other Income

- Interest income

Interest income is recognised on a time proportion basis using the effective interest method. When a receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.

- Dividends

Dividend is recognised when the Company''s right to receive the payment is established, which is generally when shareholders approve the dividend.

(xx) Taxation

Income tax

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred taxes are recognised in Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act,1961 that have been enacted or subsequently enacted at the end of the reporting period.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle the asset and the liability on a net basis.

Deferred tax

Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred tax assets are recognised only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabilities will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when it relates to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities simultaneously.

During the year ended 31 March, 2020, the Government of India vide taxation Laws (Amendment) Tax Ordinance , 2019 has allowed an option to the domestic companies to switch to a lower tax rate structure of 22 % (25.168 % including surcharge and cess) from the earlier 30 % (34.944 % including surcharge and cess) subject to the condition that the Company will not avail any of the speclfied deductions/ incentives under the Income Tax Act, 1961. The Company has opted for this new rate structure and made current tax/deferred tax Provision with the new rates.

(xxi) Provisions

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate of the amount can be made. Provisions are determined based on best estimate required to settle the obligation at the Balance Sheet date. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of the money is material). The increase in the provisions due to passage of time is recognised as interest expense. Provisions are reviewed as at each reporting date and adjusted to reflect the current best estimate

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

(xxii) Earnings per Share

As per Ind AS 33, Earning Per Share, Basic earnings per share are computed by dividing the net profit for the year attributable to the shareholders'' and weighted average number of shares outstanding during the year. The weighted average numbers of shares also includes fixed number of equity shares that are issuable on conversion of compulsorily convertible preference shares, debentures or any other instrument, from the date consideration is receivable (generally the date of their issue) of such instruments. Diluted earnings per share is computed using the net profit for the year attributable to the shareholder'' and weighted average number of equity and potential equity shares outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

(xxiii) Employee Benefits

Employee benefits include provident fund, employee state insurance scheme, gratuity, compensated absences and performance incentives.

(a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.

The cost of short-term compensated absences is accounted as under:

(i) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and

(ii) in case of non-accumulating compensated absences, when the absences occur.

(b) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

(c) Post-employment obligations

Defined contribution plans: The Company''s contribution to provident fund are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made and when services are rendered by the employees.

Defined benefit plans: For defined benefit plans in the form of gratuity fund, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in the Other Comprehensive Income in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, as reduced by fair value of plan assets (being the funded portion).

The Company operates a defined benefit gratuity plan, which requires contributions to be made to a seperately administered fund.

(xxiv) Leases

As a lessee

The Company''s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The right-of use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

(xxv) Related Party Transactions

Disclosure is being made separately for all the transactions with related parties as specified under IND AS 24 "Related Party Disclosure" issued by the Institute Chartered Accountants of India.

(xxvi) Dividend

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

(xxvii) Segment Reporting

The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the Managing Director (who is the Company''s Chief Operating Decision Maker) in deciding how to allocate resources and in assessing performance.

The accounting policies adopted for segment reporting are in conformity with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment. Inter segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on a reasonable basis have been included under ''unallocated revenue / expenses / assets / liabilities''.

(xxviii) The figures appearing in the Financial Statements is rounded off to the nearest lakh or decimals thereof.

D. Equity Shares alloted as fully paid up Bonus Shares for the period of five years immediately preceding 31 March, 2024.

The Company has allotted 1,42,85,264 fully paid-up shares of face value ''10/- each during the quarter ended September 30, 2021 pursuant to bonus issue approved by the shareholders through postal ballot.The bonus shares were issued by capitalization of profits transferred from general reserve.Bonus share of one equity share for every equity share held has been allotted.

The bonus shares once allotted shall rank pari passu in all respects and carry the same rights as the existing equity shareholders and shall be entitled to participate in full,in any dividend and other corporate action, recommended and declared after the new equity shares are allotted.

The Company has allotted 126,28,21,120 fully paid-up shares of face value '' 1.00/- each as on 03 Feb -2024 pursuant to bonus issue approved by the shareholders through postal ballot.The bonus shares were issued by capitalization of Securities Premium. Bonus share of four equity share for every equity share held has been allotted.

The bonus shares once allotted shall rank pari passu in all respects and carry the same rights as the existing equity shareholders and shall be entitled to participate in full,in any dividend and other corporate action, recommended and declared after the new equity shares are allotted..

E. Rights, Preferences and restrictions attached to shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all prefential amounts, in proportion of their shareholding.

F. The Company has issued 10,00,000 Equity Shares at a premium of Rs. 161 per share on conversion of convertible Warrants alloted on 27-Aug-2020 on preferential basis.

G. The Board of Directors in its meeting held on June 3, 2021 have recommended for approval by shareholders, bonus issue of 1 (one) equity share of ''10/- each for every 1 (one) equity shares of ''10/- each held by shareholders of the Company as on the record date, subject to approval of the shareholders. Pursuant to the approval of the shareholders through postal ballot (including remote e-voting), the Company alloted 1,42,85,264 bonus equity shares of '' 10/- each as fully paid-up bonus equity shares, in the proportion of 1 (One) equity share of ''10/- each for every 1 (One) existing equity shares of ''10/- each to the equity shareholders of the Company as on record date of July 13, 2021. Consequently, the Company capitalised a sum of INR 2857.05 lakh from ''other equity'' (securities premium) to ''equity share capital''

The earning per share has been adjusted for bonus issue for previous year presented. (see note 40)

H. Pursuant to the approval of the board of directors of the Company (the ''Board''), at its meeting held on June 22, 2022, and the shareholders of the Company, through Postal Ballot on July 27, 2022, the Fund Raising Committee of the Board (the ''Committee''), at its meeting held on September 06, 2022 approved the issue and allotment of 3,00,00,000 Equity Shares to QIBs at the issue price of Rs. 27.30 per Equity Share (including a premium of Rs. 26.30 per Equity Share), aggregating to Rs. 81,90,00,000 (Rs Eighty One Crore Ninety Lakh only), pursuant to the Issue. Pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital stands increased to Rs. 31,57,05,280 consisting of 31,57,05,280 Equity Shares.

I. The Board of Directors at their meeting held on April 30, 2022 approved the sub-division of each equity share of face value of '' 10/- each fully paid up into 10 equity shares of face value of '' 1/- each fully paid up. The same was approved by the members on June 7, 2022 through postal ballot and e-voting. The effective date of sub-division was June 28, 2022.

Note 41 : Disclosure pursuant to Ind AS 108 “Operating Segment"

(a) Information about Operating segment:

Basis of identifying Operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to earn revenues and incur expenses (including transactions with any of the Company''s other components; (b) whose operating results are regularly reviewed by the Company''s Chief Operating Decision Maker (CODM) to make decisions about resource allocation and performance assessment; and (c) for which discrete financial information is available.

The company has two reportable segments as described under "Reportable Segments” below. The nature of products and services offered by these businesses are different and are managed separately given the different sets of technology and competency requirements.

Reportable Segments :

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute amount of result or assets exceed 10% or more of the combined total of all the operating segments.

Reportable Segments are as under:

• Steel Structure : comprises manufacturing and sale of Galvanized and Non-galvaniszed Steel Structures including Telecom Towers, Transmission Line Towers and Solar Panels.

• Engineering, Procurement and Construction (EPC) Projects : comprises of survey, supply of materials, design, erection, testing and commissioning on a trunkey basis.

Segment Revenue, Expenditure and Profit:

Performance of a segment is measured based on segment profit (before interest and tax), as included in the internal management reports that are reviewed by the CODM.

Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment or manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Segment Asset, Liabilities and Capital Expenditure:

The assets of the Company directly managed by segments are reported under each segment and exclude deferred tax assets, income tax recoverable and derivative financial assets.

Segment liabilities comprise operating liabilities and exclude borrowings, provisions, deferred tax liabilities and derivative financial liabilities.

Segment capital expenditure comprises additions to property, plant and equipment (including capital work in progress), Right of Use Asset and intangible assets.

(b) Fair value hierarchy

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 Company has classified its financial instruments into the three levels prescribed under the accounting standard, described as follows:

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

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

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

The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company''s risk management strategies focus on the un-predictability of these elements and seek to minimise the potential adverse effects on its financial performance

The Company''s risk management is carried out by a treasury department under policies approved by the Board of Directors. Company Treasury Department identifies, evaluates and hedges financial risks in close co-operation with the Company''s operating units. The board provides principles for overall risk management, as well as policies covering specific areas, such as hedging of foreign currency transactions foreign exchange risk.

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 risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative financial instruments.

(i) Foreign currency risk management

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set a policy wherein exposure is identified, a benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The policy also includes mandatory initial hedging requirements for exposure above a threshold.

Derivative financial instruments and hedging activity

The Company''s customer profile include public sector enterprises, state owned companies and large private corporates.

Accordingly, the Company''s customer credit risk is low. The Company''s average project execution cycle is around 18 to 36 months. General payment terms include mobilisation advance, monthly progress payments with a credit period ranging from 45 to 90 days and certain retention money to be released at the end of the project. In some cases, retentions are substituted with bank/ corporate guarantees. The Company has a detailed review mechanism of overdue customer receivables at various levels within the organisation to ensure proper attention and focus for realisation.

Further, Company has an ongoing credit evaluation process in respect of customers who are allowed credit period.

3. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Company''s Policy includes an appropriate liquidity risk management framework for the management of the short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(d) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or any lender.

(e) Details of benami property held

There are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(f) Disclosures under Rule 11(e)(ii) of the Company (Audit & Auditors) Rule, 2014 :

No funds have been received by the Company in current and previous year (other than as disclosed under note 48(e) from any persons or entities, including foreign entities ("Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(g) Registration of charges or satisfaction with Registrar of Companies

There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(h) Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(i) All the quartely statements of current assets filed by the Company with banks or financial institutions are in agreement with books of accounts.

(j) Valuation of PP&E, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

Note 55 : Figures for the previous year have been regrouped/reclassified to confirm to the figures of the current year.

This is the Balance Sheet referred to in our Report of even date.

For VAPS & CO. For and on behalf of the Board

Chartered Accountants

Firm Registration No : 003612N

Praveen Kumar Jain Alok Kumar Shashank Agarwal

(Partner) Managing Director Jt. Managing Director

Membership No. 082515 DIN : 01474484 DIN : 00316141

Place : Noida (UP.) Pramod Kr. Kala Mohit Kr. Goel

Date : 30-May-2024 Chief Financial Officer Company Secretary

UDIN :24082515BKBYJZ5999

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Mar 31, 2023

Provisions Contingent Liabilities Contigent

Assets and Commitments

(a) General

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. If the effect of the
time value of money is material, the amount of a
provision shall be the present value of expense
expected to be required to settle the obligation
Provisions are therefore discounted, when effect
is material, The discount rate shall be pre-tax rate
that reflects current market assessment of time
value of money and risk specific to the liability.
Unwinding of the discount is recognised in the
Statement of Profit and Loss as a finance cost.
Provisions are reviewed at each balance sheet
date and are adjusted to reflect the current best
estimate.

(b) Contingencies

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

A contingent asset is a possible asset 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
entity, Contingent assets are not recognised,
but are disclosed in the notes. However, when

the realisation of income is virtually certain, then
the related asset is no longer a contingent asset,
but it is recognised as an asset.

(xviii) Share capital and Share Premium

Ordinary shares are classified as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from
the proceeds.

Par value of the equity share is recorded as share
capital and the amount received in excess of the par
value is classified as share premium.

(xix) Revenue Recognition

(a) Sale of goods and Services

Revenue from sale of manufactured goods
is recognised on stisfaction of performance
obligation upon transfer of control of promised
productsto customers in an amount that
reflects the consideration the Company expects
to receive in exchange for those products.

Revenue from rendering of services (other than
EPC business) is recognised over time as and
when the customer receives the benefit of the
Company''s performance and the Company has
an enforceable right to payment for services
transferred.

Contract revenue, i.e. revenue from EPC
business,is recognised over time to the extent
of performance obligation satisfied and control
is transferred to the customer. Contract revenue
is recognised at allocable transaction price (net
of variable considerations) which represents the
cost of work performed on the contract plus
proportionate margin, using the percentage of
completion method. Percentage of completion
is the proportion of cost of work performed
to-date, to the total estimated contract costs.
The transaction price of good sold and services
rendered is net of variable consideration on
account of various discounts and schemes
offered by the Company as part of the contract.

Unbilled revenue represents value of goods
and services performed in accordance with the
contract terms but not billed.

The amount of retention money held by the
customers pending completion of performance
milestone is disclosed as part of contract asset
termed as "Security Deposits" and is reclassified
as trade receivables when it becomes due for
payment.

(b) Other Income
-Interest income

Interest income is recognised on a time
proportion basis using the effective interest

method. When a receivable is impaired, the
Company reduces the carrying amount to its
recoverable amount, being the estimated future
cash flows discounted at the original effective
interest rate of the instrument and continues
unwinding the discount as interest income.
Interest income on impaired loans is recognised
using the original effective interest rate.

- Dividends

Dividend is recognised when the Company''s
right to receive the payment is established,
which is generally when shareholders approve
the dividend.

(xx) Taxation

Income tax

Income tax expense comprises current tax expense
and the net change in the deferred tax asset or
liability during the year. Current and deferred taxes
are recognised in Statement of Profit and Loss, except
when they relate to items that are recognised in other
comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognised
in other comprehensive income or directly in equity,
respectively

Current tax

Current tax is measured at the amount of tax expected
to be payable on the taxable income for the year
as determined in accordance with the provisions of
the Income Tax Act,1961 that have been enacted or
subsequently enacted at the end of the reporting
period.

Current tax assets and current tax liabilities are offset
when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle
the asset and the liability on a net basis.

Deferred tax

Deferred income tax assets and liabilities are
recognised for deductible and taxable temporary
differences arising between the tax base of assets and
liabilities and their carrying amount, except when the
deferred income tax arises from the initial recognition
of an asset or liability in a transaction that is not a
business combination and affects neither accounting
nor taxable profit or loss at the time of the transaction.

Deferred tax assets are recognised only to the extent
that it is probable that either future taxable profits
or reversal of deferred tax liabilities will be available,
against which the deductible temporary differences,
and the carry forward of unused tax credits and
unused tax losses can be utilised.

The carrying amount of a deferred tax asset is reviewed
at the end of each reporting date and reduced to the
extent that it is no longer probable that sufficient

taxable profit will be available to allow all or part of
the deferred income tax asset to be utilised.

Deferred tax assets and liabilities are measured using
the tax rates and tax laws that have been enacted or
substantively enacted by the end of the reporting
period and are expected to apply when the related
deferred tax asset is realised or the deferred tax liability
is settled.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities and when it relates to income
taxes levied by the same taxation authority and the
Company intends to settle its current tax assets and
liabilities simultaneously.

During the year ended 31 March, 2020, the
Government of India vide taxation Laws (Amendment)
Tax Ordinance , 2019 has allowed an option to the
domestic companies to switch to a lower tax rate
structure of 22 % (25.168 % including surcharge
and cess) from the earlier 30 % (34.944 % including
surcharge and cess) subject to the condition that
the Company will not avail any of the specified
deductions/ incentives under the Income Tax Act,
1961. The Company has opted for this new rate
structure and made current tax/deferred tax Provision
with the new rates.

(xxi) Provisions

A provision is recognised when the Company has a
present obligation as a result of past events and it is
probable that an outflow of resources will be required
to settle the obligation, in respect of which a reliable
estimate of the amount can be made. Provisions are
determined based on best estimate required to settle
the obligation at the Balance Sheet date. When a
provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount
is the present value of those cash flows (when the
effect of the time value of the money is material).
The increase in the provisions due to passage of
time is recognised as interest expense. Provisions are
reviewed as at each reporting date and adjusted to
reflect the current best estimate

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

(xxii) Earnings per Share

As per Ind AS 33, Earning Per Share, Basic earnings per
share are computed by dividing the net profit for the
year attributable to the shareholders'' and weighted
average number of shares outstanding during the
year. The weighted average numbers of shares also
includes fixed number of equity shares that are issuable
on conversion of compulsorily convertible preference
shares, debentures or any other instrument, from the
date consideration is receivable (generally the date
of their issue) of such instruments. Diluted earnings
per share is computed using the net profit for the
year attributable to the shareholder'' and weighted
average number of equity and potential equity shares
outstanding during the year including share options,
convertible preference shares and debentures, except
where the result would be anti-dilutive. Potential
equity shares that are converted during the year
are included in the calculation of diluted earnings
per share, from the beginning of the year or date of
issuance of such potential equity shares, to the date
of conversion.

(xxii) Employee Benefits

Employee benefits include provident fund, employee
state insurance scheme, gratuity, compensated
absences and performance incentives.

Provident Fund:

The Company has Defined Contribution plan for the
post employment benefits namely Provident Fund
which is recognised by the income tax authorities.
These funds are administered through the Regional
Provident Fund Commissioner and the Company''s
contributions thereto are charged to Statement of
Profit and Loss every year.

Compensated Absences:

Accumulated compensated absences, which are
expected to be availed or encashed within 12 months
from the end of the year end are treated as short term
employee benefits. The obligation towards the same
is measured at the expected cost of accumulating
compensated absences as the additional amount
expected to be paid as a result of the unused
entitlement as at the year end.

Accumulated compensated absences, which are
expected to be encashed beyond 12 months from
the end of the year end are treated as other long
term employee benefits. The Company''s liability is
actuarially determined (using the Projected Unit
Credit method) at the end of each year. Actuarial
losses/ gains are recognised in the Statement of Profit
and Loss in the year in which they arise.

Gratuity:

The Company has Defined Benefit plan, namely gratuity
for employees (unfunded), the liability for which is
determined on the basis of an actuarial valuation
(using the Projected Unit Credit method) at the end
of each annual reporting period. Remeasurements,
comprising actuarial gains and losses, the effect of

the changes to the return on plan assets (excluding
net interest), is reflected immediately in the balance
sheet with a charge or credit recognised in other
comprehensive income in the period in which they
occur.

(xxiii) Disclosure in respect of operating leases as per
IND AS 116''Leases''

The Company, as a lessee, recognises a right-of-use
asset and a lease liability for its leasing arrangements,
if the contract conveys the right to control the use
of an identified asset. The contract conveys the right
to control the use of an identified asset, if it involves
the use of an identified asset and the Company has
substantially all of the economic benefits from use
of the asset and has right to direct the use of the
identified asset. The cost of the right-of-use asset shall
comprise of the amount of the initial measurement
of the lease liability adjusted for any lease payments
made at or before the commencement date plus any
initial direct costs incurred. The right-of-use assets is
subsequently measured at cost less any accumulated
depreciation, accumulated impairment losses, if any
and adjusted for any remeasurement of the lease
liability. The right-of-use assets is depreciated using
the straight-line method from the commencement
date over the shorter of lease term or useful life of
right-of-use asset.

The Company measures the lease liability at the
present value of the lease payments that are not
paid at the commencement date of the lease. The
lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily
determined. If that rate cannot be readily determined,
the Company uses incremental borrowing rate.
For short-term and low value leases, the Company
recognises the lease payments as an operating
expense on a straight-line basis over the lease term

(xxiv) Related Party Transactions

Disclosure is being made separately for all the
transactions with related parties as specified under
IND AS 24 "Related Party Disclosure" issued by the
Institute Chartered Accountants of India.

(xxv) Dividend

Final dividend on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company''s Board of Directors.

(xxvi) Segment Reporting

The operating segments are the segments for
which separate financial information is available

and for which operating profit/loss amounts are
evaluated regularly by the Managing Director(who
is the Company''s Chief Operating Decision Maker) in
deciding how to allocate resources and in assessing
performance.

The accounting policies adopted for segment
reporting are in conformity with the accounting
policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities
have been identified to segments on the basis of their
relationship to the operating activities of the segment.
Inter segment revenue is accounted on the basis of
transactions which are primarily determined based on
market / fair value factors. Revenue, expenses, assets
and liabilities which relate to the Company as a whole
and are not allocable to segments on a reasonable
basis have been included under ''unallocated revenue
/ expenses / assets / liabilities''.

(xxvi) Recent Accounting Developments

Ministry of Corporate Affairs ("MCA”) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. On March 23, 2022,
MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2022, as below.

Ind AS 16 - Property Plant and equipment - The
amendment clarifies that excess of net sale proceeds
of items produced over the cost of testing, if any, shall
not be recognised in the profit or loss but deducted
from the directly attributable costs considered as part
of cost of an item of property, plant, and equipment.
The effective date for adoption of this amendment is
annual periods beginning on or after April 1,2022. The
Company has evaluated the amendment and there is
no impact on its financial statements.

Ind AS 37 - Provisions, Contingent Liabilities and
Contingent Assets - The amendment specifies that
the ''cost of fulfilling'' a contract comprises the ''costs
that relate directly to the contract''. Costs that relate
directly to a contract can either be incremental costs
of fulfilling that contract (examples would be direct
labour, materials) or an allocation of other costs that
relate directly to fulfilling contracts (an example would
be the allocation of the depreciation charge for an
item of property, plant and equipment used in fulfilling
the contract). The effective date for adoption of this
amendment is annual periods beginning on or after
April 1, 2022, although early adoption is permitted.
The Company has evaluated the amendment and the
impact is not expected to be material.

(xxvii) The figures appearing in the Financial Statements is
rounded off to the nearest lakh or decimals thereof.

---

Mar 31, 2018

A. CORPORATE INFORMATION

Salasar Techno Engineering Limited (the ''Company'') is a public limited company domiciled in India. Its shares are listed on two stock exchanges in India viz, the Bombay Stock Exchange (''BSE'') and the National Stock Exchange (''NSE''). The Company is engaged in manufacturing and sale of Galvanized Steel Structure including Telecom Towers, Transmission Line Towers and Solar Panels. The Company has two manufacturing facilities at Jindal Nagar, Hapur (UP) and Khera Dehat, Hapur (UP).

D. Rights, Preferences and restrictions attached to shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all prefential amounts, in proportion of their shareholding.

E. The Company has issued 33,28,964 Equity Shares at a premium of Rs.98 per share in pursuant to IPO dated 25-July-2017.

Note 1 : Segment Information in accordance to Ind AS- 108 - ''Operating Segments''.

The Company primarily engaged in manufacturing of Galvanise M.S. Steel Structures and related activities. Information reported to and evaluated regularly by the Coperational Decision Maker (CODM) i.e. Managing Director for the purpose of resouce allocation and assessing performance focuses on the business as whole. The CODM reviews the Company''s performance focuses on the analysis of profit before tax at an overall entity level. Accordingly, there is no other seperate reportable segment as defined by Ind As 108 "Operating Segments”. As the Company also prepares the Consolidated Financial Statements (CFS), other relevent segment information is disclose in the CFS.

Note 2 : Employee Benefit Obligations

(i) Defined Contribution Plans:

The Company makes Provident Fund, Superannuation Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.63.67 (Year ended 31 March, 2017 Rs.45.53) for Provident Fund contributions, and Rs.26.53/- (Year ended 31 March, 2017 Rs.19.32) for Employee State Insurance Scheme contributions in the statement of profit and loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(ii) Defined Benefit Plans (Unfuded):

(a) Gratuity: The Company has an unfunded defined benefit gratuity plan which entitles every employee who departs after the completion of 5 or more years of service to a gratuity calculated at fifteen days salary (last drawn salary) for each completed year of service, in accordance with the Payment of Gratuity Act, 1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service.

(b) Leave Encashment : The employees are entitled for each year of service and part thereof and subject to the limits specified, the unavailed portion of such leaves can be accumulated or encashed during/at the end of the service period. The plan is not funded.

Note 3 : Micro, Small and Medium Enterprises.

Information related to Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 (MSME Development Act), are given below.

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small and Medium Enterprises. Consequently the amount paid/ payable to these parties during the year is not ascertainable. Consequently, as of now, it is neither possible for the Company to ascertain whether payment to such enterprises has been made within 45 days from the date of acceptance of supply of goods or services rendered by a supplier nor to give the relevant disclosures as required under the Act. This has been relied upon by the auditors.

Note 4 : First Time Ind AS Adoption Reconciliations:

An explanation of how the transition from the Previous GAAP to Ind AS has affected the Company''s Balance Sheet, other equity, Statement of Profit and Loss and other comprehensive income and Cash Flows is set out in the following tables and notes that accompany the tables.

1. Explanation of material adjustments to Statement of cash flow for the year ended 31 March, 2017:

There are no material adjustments to Statement of Cash Flows as reported under the Previous GAAP except for increase in cash from investing activities and corresponding decrease in cash and cash equivalents of ''383.18 Lakh for the year ended 31 March, 2017.

2. Notes to reconciliations:

(a) Fair valuation of investments FVTPL Investments

In respect of FVTPL investments, fair value adjustment under Ind AS has resulted in an decrease in profit before tax under Ind AS by Rs.8.53 Lakh for the year ended 31 March, 2017.

(b) Remeasurements of defined benefit plans

Under the Previous GAAP, actuarial gains and losses, are charged to profit or loss, however under Ind AS, they form part of remeasurement of defined benefit liability/asset and are recognised in OCI. As a result Rs.1.36 Lakh have been recognised in the OCI net of tax, for the year ended 31 March, 2017.

(c) Discounting of Security Deposit

In respect of Security Deposit, discounting adjustment under Ind AS has resulted in an increase in profit before tax under Ind AS by Rs.2.74 Lakh for the year ended 31 March, 2017.

3. Deferred tax

Various transitional adjustments resulted in temporary differences between taxable profits and accounting profits. Tax adjustments includes deferred tax impact on account of difference between the Previous GAAP and Ind AS on the adjustments discussed above in notes 1 to 3.

Note 5: In the opinion of the Board of Directors, all the Known liabilities and expenses have been provided in the books of accounts.

Note 6: Balances under the head loans and advances, sundry debtors, sundry creditors are relied upon and subject to reconciliation and confirmation.