NOTES - 1

1. Corporate Information:

M/S. Shashijit Infraprojects Limited is a Public limited company formerly known as “Shashijit Infraprojects Private Limited” & ”Shashijit Construction Private Limited” having its registered address at Plot No. 209, Shop No. 23, 2nd Floor, Girnar Khushboo Plaza, GIDC, Vapi, Gujarat 396195, CIN NO.: L45201GJ2007PLC052114 and PAN No. AALCS3256J engaged in the business of contractors and undertake related/allied activities.

2.1) Rights, preferences and restrictions attached to shares Equity share:

The company has one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share held.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distributing of preferential amounts, in proportions to their shareholding.

2.2) During the financial year 2016-17, the Company had increased it Authorised Share Capital from Rs.25 lacs to Rs. 10 crores after taking necessary approval from the shareholders in the EGM held on 01/08/2016. The Company, after getting necessary approval from the shareholders in the EGM held on 01/08/2016 had issued 23,80,000 Equity Shares of Rs. 10/- each at an issue price of Rs. 15/- each (including Premium of Rs. 5/- per share) by way of Intiail Public Offering. The IPO was made with the object of Purchase of Machinery, Scaffolding Equipments, Repayment of Loan, meeting the Working Capital Requirement and General Corporate Purpose requirement of the Company and the proceeds from the IPO were partly utlised for the purpose as stated in the prospectus and the remaining were kept as Fixed deposits in bank.

3.1) Terms of Repayment

A) Term loan from Saraswat Bank is secured by way of hypothecation of plant & machinery.

B) The vehicle loan is secured by way of hypothecation of respective vehicles

C) Repayment profile of term loan is set out as below

4.1) Working Capital Loan from The Saraswat Co-Operative Bank Ltd. secured as primary security by way of first charge of present and future Book debt of the Company and is further secured as secondary security by way of office at Girnar Khushboo Plaza”23 2nd floor, GIDC VAPI 396195. Further directors are also collaterally secured by way of personal guarantee.

4.2) Overdraft facility from the The Saraswat Co-Operative Bank Ltd, Vapi Branch

5.1) The company has not received any information from “suppliers” regarding their status under the Micro, Small and Medium enterprises Development Act, 2006 and hence disclosure if any relating to the amount un-paid at the end of year together with interest paid/ payable as required under the said Act have not been furnished.

6.1) Discloure pursuant to Accounting standard (AS-15) - Employee Benefits prescribed by companies (Accounting standard Amendment Rules 2006). The company provides for short term employees benefit like Bonus etc. during the year in which the employees perform the services. Leave encashment is accounted for on cash basis and no provision for the same has been maintained. Company make provision for the gratuity as per actuarial report.

i) Method used to determine the contract revenue:-

Contract Revenue has been determine on the basis of percentage of total contract revenue with respect to the stage of completion as on the date of balance sheet.

ii) Method used to determine stage of completion:-

Stage of completion of a particular contract is determined as a proportion of contract cost incurred for work performed upto the reporting date to the estimated total contract cost.

(iii) The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

Defined Benefit Plans- Leave Encashment

Company encashes leaves every year in the month. Necessary provision has been made in the books.

Note:7 Money raised through public issue & its Utilization:

During the year ended March 31, 2017, the company had raised Rs.3,49,20,000/- through public issue: