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Notes to Accounts of Akzo Nobel India Ltd.

Mar 31, 2015

Note 1.1 Contingent liabilities

As at As at 31 March 2015 31 March 2014

(a) Claims against the Company not acknowledged as debts 91 50

(b) Sales tax matters under appeal 227 188

(c) Excise matters in dispute / under appeal 88 88

(d) Industrial relations and other matters under dispute 2 2

(e) Income tax matters in dispute / under appeal *

" The Income tax assessments for the Company have been completed up to the financial year ended 31 March 2010. Arising from such assessments and appellate orders, the demands aggregate Rs 1,145 million (2013-14 : Rs 1,309 million). The Company as well as the Income tax department have filed appeals on these matters. Pending decisions in the appeals, neither the refunds nor the liabilities for the demands have been recognised in the accounts. The Company, based on its assessment of such cases, is of the view that the final outcome is not likely to have significant adverse impact on the financial statements.

(b) Title in certain immovable properties, taken over pursuant to the Scheme of Amalgamation is to be transferred in the name of the Company.

(a) The Company uses forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions. The Company has not entered into any derivative instruments for trading or speculative purposes or for highly probable forecast transactions. The forward exchange contracts outstanding (all 'buy' contracts) are as under:

(b) The Company's Foreign currency exposures that are not hedged by derivative instruments as on 31 March 2015 amount to Rs 852 million (31 March 2014: Rs 753 million)

Note 5.10 Operating lease

(a) The Company has given colour solution machines under operating leases to various dealers and customers. These have been disclosed under

'Plant and machinery -given under operating lease' in note 3.8 (Fixed assets). The future lease rentals receivable in respect of these assets, based on the agreements in place, are as under :

(b) Obligation on long term non-cancellable operating leases.

The Company has taken office space on operating. The lease rentals charged during the year and maximum obligations on long term non-cancellable operating leases payable as per the rentals stated in the respective agreements are as follows:

Note 1.1

Managerial remuneration paid by the erstwhile Akzo Nobel Coatings India Private Limited ("AN Coatings"), since amalgamated with the Company was in excess of limits prescribed under the Companies Act,1956 by an amount of Rs 8 million and Rs 3 million for the years ended 31 March 1999 and 31 March 2000 respectively. AN Coatings had, therefore, made applications with the Central Government for approval of the excess remuneration paid, for which response is awaited.

Note 1.2

During the quarter ended 30 June 2014, the Company had paid Commission amounting to Rs 3.6 million to its Non-Executive Directors for the year ended 31 March 2014, which has been approved by the shareholders at the Annual General Meeting held on 11 August 2014.

Note 1.3

As per Section 135 of the Companies Act. 2013, a corporate social responsibility (CSR) committee has been formed by the Company. The areas for CSR activities include promoting education including vocational training and skills development, ensuring environmental sustainability, promoting road safety, promoting preventive health care and sanitation, contribution to Prime Minister's national relief fund or any other fund set up by the Government for relief and welfare and any other area the Board may find appropriate. Gross amount required to be spent by the Company during the year was Rs 32.3 million.

(c) Estimates of future salary increases take account of inflation, seniority, promotion, and other relevant factors, such as supply and demand in the employment market.

(d) 'In case of actuarial valuation of post retirement medical benefit, the following medical inflation rates have been considered: Nil for 2015-16 and 8% thereafter. A one percentage point change in assumed healthcare cost trend rates would have the following effects on the aggregate of service cost and interest cost and defined benefit obligation:

$ Shown as an expense/gain netted under 'Contribution to provident and other funds' in Note 4.6

* Discount rate is based on market yields available on Government bonds as at 31 March 2015 with a term that matches that of the liabilities

* Excludes inter segment assets Foot notes:

i) The business segments have been identified in line with the Accounting Standard 17, taking into account the nature of products, risks and returns, organisation structure and internal reporting system.

ii) Inter segment prices are normally negotiated amongst the segments with reference to the costs, market prices and business risks, within the overall optimisation objectives of the Company.

iii) Segment revenue, results and assets and liabilities include the respective amounts identifiable to each of the segments. Other un-allocable items in segment results include income from investment of surplus funds of the Company and corporate expenses. Unallocable assets include un-allocable fixed assets and other assets. Unallocable liabilities include un-allocable current liabilities and net deferred tax liability.

1. (a) List of related parties where control exists:

- Imperial Chemical Industries Limited, England (holding company upto 3 June 2012 and related party having significant influence thereafter)

- Ultimate Holding Company : Akzo Nobel N.V, Netherlands

(b) Other related parties with whom transactions have taken place during the year:

Fellow subsidiaries:

Akzo Nobel Amides Co., Limited Akzo Nobel Paints Lanka (Pvt) Ltd

Akzo Nobel Automotive & Aerospace Coatings Mexico S A De C V Akzo Nobel Paints Taiwan Limited

Akzo Nobel Car Refinishes Indonesia Akzo Nobel Paints Vietnam Ltd

Akzo Nobel Chang Cheng Ltd Akzo Nobel Polymer Chemicals (Ningbo) Co., Ltd.

Akzo Nobel China Investment Co. Ltd. Akzo Nobel Polymer Chemicals B.V

Akzo Nobel Decorative Coatings B.V. Akzo Nobel Polymer Chemicals LLC

Akzo Nobel Functional Chemicals bv Akzo Nobel Powder Coatings (Ningbo) Co., Ltd.

Akzo Nobel Ltda- Divisao Titas EM PO Akzo Nobel Powder Coatings B.V.

Akzo Nobel Powder Coatings SAS Akzo Nobel Powder Coatings Korea Co., Limited

Akzo Nobel Pulp and Perfromance Chemicals AB Akzo Nobel Powder Coatings S.A.E.

Akzo Nobel REP Off BV Akzo Nobel Powder Coatings South Africa (Proprietary) Limited

Akzo Nobel (China) Investment Co., Ltd. Akzo Nobel Projects & Engineering B.V.

Akzo Nobel (Shanghai) Co. Ltd. Akzo Nobel Pty. Limited

Akzo Nobel Amides Co. Ltd. Akzo Nobel Surface Chemistry AB

Akzo Nobel Argentina S.A. Akzo Nobel Surface Chemistry LLC

Akzo Nobel Asia Pte. Ltd. Akzo Nobel UAE Paints L.L.C.

Akzo Nobel Boya Sanayi ve Ticaret A.S. AkzoNobel Paints Singapore Pte ltd

Akzo Nobel Car Refinishes (Singapore) Pte Ltd EKA Chemicals AB

Akzo Nobel Car Refinishes (Suzhou) Company Limited ICI (Malaysia) Holdings Sdn Bhd

Note 1.3 Related Party Disclosures (contd.)

Akzo Nobel Car Refinishes Australia Pty Ltd Akzo Nobel Car Refinishes B.V.

Akzo Nobel Car Refinishes SL

Akzo Nobel Chang Cheng Coatings (Guangdong) Co., Ltd.

Akzo Nobel Chemicals AG

Akzo Nobel Chemicals International B.V.

Akzo Nobel Coatings (Dongguan) Co. Ltd.

Akzo Nobel Coatings (Jiaxing) Co. Ltd.

Akzo Nobel Coatings (Tianjin) Co., Ltd.

Akzo Nobel Coatings CZ, a.s.

Akzo Nobel Coatings GmbH Akzo Nobel Coatings Inc.

Akzo Nobel Coatings International B.V.

Akzo Nobel Coatings Ltd Akzo Nobel Coatings S.P.A.

Akzo Nobel Coatings Sdn Bhd

Akzo Nobel Cross-Linking Peroxides (Ningbo) Co. Ltd

Akzo Nobel Decorative Coatings B.V.

Akzo Nobel Decorative Paints France S.A.

Akzo Nobel Functional Chemicals AB Akzo Nobel Functional Chemicals B.V.

Akzo Nobel Industrial Finishes (Hong Kong) Limited Akzo Nobel Industrial Paints, S.L.

Akzo Nobel International Paint (Suzhou) Co. Ltd.

Akzo Nobel Ltda

Akzo Nobel N.V.

Akzo Nobel Packaging Coatings GmbH Akzo Nobel Packaging Coatings Limited Akzo Nobel Packaging Coatings S.A.

Akzo Nobel Packaging Coatings S.A.S Akzo Nobel Paints (Asia Pacific) Pte Ltd Akzo Nobel Paints (Malaysia) Sdn. Bhd.

Akzo Nobel Paints (Thailand) Ltd.

ICI Dulux (Pty) Limited ICI India Research & Technology Centre

International Paint - Finland International Paint - Vietnam

International Paint Japan K.K.

International Paint Limited International Paint Ltda International

Paint -Ukraine International Farbenwerke GmbH International Farg AB

International Maling A/S International Paint (Akzo Nobel Chile) Ltda

International Paint (Hong Kong) Limited International Paint (Korea) Ltd

International Paint (Nederland) B.V.

International Paint (Panama) Inc.

International Paint (Taiwan) Ltd International Paint Limited

International Paint LLC International Paint of Shanghai Co Ltd

International Paint Pazarlama Limited Sirketi International Paint Sdn

Bhd International Paint Singapore Pte Ltd International Peinture S.A.

IP Singapore Pte -Vietnam

Keum Jung Akzo Nobel Peroxides Ltd.

Pinturas Inca S.A.

PT Akzo Nobel Car Refinishes Indonesia

PT International Paint Indonesia

PT ICI Paints Indonesia

Shanghai ICI Research & Development & Management Co. Ltd Tianjin Akzo Nobel Peroxides Co. Ltd

Key managerial persons

Mr. Nihal Kaviratne CBE Chairman

Mr. Jayakumar Krishnaswamy Managing Director

Mr. Himanshu Agarwal Wholetime Director and CFO

Mr. Amit Jain Managing Director (upto 31 December 2013)

Mr. Partha Sarathi Basu Wholetime Director (upto 31 August 2013)

Note 1.4

The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing legislation under section 92-92F of the Income Tax Act, 1961. Since the law requires such information and documentation contemporaneous in nature, the Company is in process of updating the documentation of international transactions with the associated enterprises during the financial year and expects such records to be in existence latest by the due date of filing the return of income. The management is of the opinion that its international transactions are at arms length so that aforesaid legislation will not have any material impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.


Mar 31, 2014

Note 1: Scheme of Amalgamation

(a) A Scheme of Amalgamation of Akzo Nobel Car Refnishes India Private Limited (AN Car); Akzo Nobel Chemicals (India) Limited (AN Chemicals); Akzo Nobel Coatings India Private Limited (AN Coatings) (collectively referred to as "Transferor companies"); and Akzo Nobel India Limited (the Company) and their respective shareholders, under sections 391 to 394 of the Companies Act, 1956 ("the Scheme") was approved by the shareholders of the respective companies and sanctioned by the Honourable High Court of Karnataka (vide its Orders dated 18 April 2012), Calcutta (vide its Order dated 24 April 2012) and Bombay (vide its Order dated 11 May 2012).

(b) The Scheme became effective on 18 May 2012 ("Effective Date") on fling of the last of the certified copies of the Orders with the Registrar of Companies. The Appointed Date from which the Scheme became operative was 1 April 2011 (the "Appointed Date").

(c) Upon the Scheme becoming effective, the Company has issued and allotted 11,125,983 equity shares of Rs. 10 each, credited as fully paid-up, to the members of the Transferor Companies in the previous year.

Note 1.1: Contingent liabilities

As at 31 March 2014 As at 31 March 2013

(a) Claims against the Company not acknowledged as debts 50 50

(b) Sales tax matters under appeal 188 215

(c) Excise matters in dispute / under appeal 88 88

(d) Industrial relations and other matters under dispute 2 2

(e) Bank guarantees ( third parties, etc.) - -

(f) Income tax matters in dispute / under appeal *

* The Income tax assessments for the Company have been completed upto the finanicial year ended 31 March 2010. Arising from such assessments and appellate orders, the demands aggregate Rs. 1,309 million (2012-13 : Rs. 1,166 million), and the refunds aggregate Rs. NIL (2012-13 : Rs. 1,186 million). The Company as well as the Income tax department have fled appeals on these matters. Pending decisions in the appeals, neither the refunds nor the liabilities for the demands have been recognised in the accounts. The Company, based on its assessment of such cases, is of the view that the final outcome is not likely to have significant adverse impact on the finanicial statements.

Note 1.2: Capital and other commitments

(b) Post amalgamation in 2011-12 (refer to note 2), the Company has transferred the land, building and assets of the transferor companies in Bangalore to its name (refer note 2). The stamp duty thereon has been assessed and amount has been remitted to the relevant authority. The amount so remitted has been capitalised under respective asset classes. The assets of the transferor company in Mahad are pending transfer.

Note 1.3

Managerial remuneration paid by the erstwhile Akzo Nobel Coatings India Private Limited ("AN Coatings"), since amalgamated with the Company (Refer to note 2), was in excess of limits prescribed under the Companies Act,1956 by an amount of Rs. 8 million and Rs. 3 million for the years ended 31 March 1999 and 31 March 2000 respectively. AN Coatings had, therefore, made applications with the Central Government for approval of the excess remuneration paid, for which response is awaited

Disclosures made in accordance with Accounting Standard

(AS 15) pertaining to ''Defined benefit'' plans

(i) The actuarial valuation of Defined benefit plans was carried out as on 31 March 2014. The net actuarial gain on account of post retirement benefits scheme amounting to Rs. 21 million (2012-13: actuarial gain of Rs. 10 million) relating to medical insurance costs have been provided for and included in ''Other retirement benefit charges'' (Note 4.6: Employee benefits expense). Actuarial gains/losses (net) relating to other schemes have been included in ''Contribution to provident and other funds''.

(ii) During the year, the Company has purchased annuities for management staff pensioners for an amount of Rs. 1 million.(2012-13: Rs. 6 million for Management Staff pensioners).

(iii) The Company has separate pension schemes for management staff and non-management staff. The former scheme is in the nature of ''final salary'' plan and the latter scheme is in the nature of ''fat salary'' plan. The Company also has separate gratuity schemes for management and non-management staff. The benefits paid are as per the scheme rules or as per Payment of Gratuity Act, 1972, whichever are more beneficial.

(iv) The guidance on implementing AS-15 (Revised) issued by Accounting Standards Board of the Institute of Chartered Accountants of India states that benefits involving employer established provident funds, which requires interest shortfall to be recompensated, are to be considered as Defined benefit plans. On the basis of actuarial valuations carried out by the actuary no shortfall has been identified in the trusts managed by the Company. The amount of contribution during the year of Rs. 35 million (2012-13: Rs. 32 million) has been included in ''Contributions to provident and other funds'' in Note 4.6.

Note 1.14: Previous year figures have been regrouped/reclassified to make them comparable to the current year figures.


Mar 31, 2013

Note 1.1: Change in accounting estimates for depreciation of fixed assets

In the previous year, post amalgamation of the transferor companies (Refer to Note 2), management reviewed the expected period of utilisation of assets across the entities and revised the estimated useful life of certain categories of assets, viz., furniture and fixtures and office equipment. Accordingly, as per Accounting Standard (AS) 6 ''Depreciation Accounting'', depreciation charge was computed by amortising the balance depreciable amount of such fixed assets as at 1 April 2011 over their revised remaining useful life. However, the impact of the above was not significant.

Note 1.2: Forward exchange contracts

(a) The Company uses forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions. The Company has not entered into any derivative instruments for trading or speculative purposes or for highly probable forecast transactions.

The forward exchange contracts outstanding (all ''buy'' contracts) are as under:

Note 1.3

Managerial remuneration paid by the erstwhile Akzo Nobel Coatings India Private Limited ("AN Coatings"), since amalgamated with the Company (Refer to Note 2), was in excess of limits prescribed under the Companies Act,1956 by an amount of Rs 8 million and Rs 3 million for the years ended 31 March 1999 and 31 March 2000 respectively. AN Coatings had, therefore, made applications with the Central Government for approval of the excess remuneration paid, for which response is awaited.

Disclosures made in accordance with Accounting Standard (AS 15) pertaining to ''defined benefit'' plans:

(i) The actuarial valuation of Defined Benefit plans was carried out as on 31 March 2013. The net actuarial gain on account of post retirement benefits scheme amounting to Rs 10 million (2011-12: actuarial gain of Rs 14 million) relating to medical insurance costs have been provided for and included in ''Other retirement benefit charges'' (Note 4.6: Employee benefits expense). Actuarial gains/losses (net) relating to other schemes have been included in ''Contribution to provident and other funds''.

(ii) During the year, the Company has purchased annuities for management staff pensioners for an amount of Rs 6 million (2011-12: Rs. 9 million for Management Staff pensioners).

(iii) The Company has separate pension schemes for management staff and non-management staff. The former scheme is in the nature of ''final salary'' plan and the latter scheme is in the nature of ''flat salary'' plan. The Company also has separate gratuity schemes for management and non-management staff. The benefits paid are as per the scheme rules or as per Payment of Gratuity Act, 1972, whichever are more beneficial.

(iv) The guidance on implementing AS-15 (Revised) issued by Accounting Standards Board of the Institute of Chartered Accountants of India states that benefits involving employer established provident funds, which requires interest shortfall to be recompensated, are to be considered as defined benefit plans. On the basis of actuarial valuations/assessments carried out by the actuary no shortfall has been identified in the trusts managed by the Company. The amount of contribution during the year of Rs 32 million (2011-12: Rs 23 million) has been included in ''Contributions to provident and other funds'' in Note 4.6.

Note 1.4: Segment Information

(A) Information about primary business segments

(1) The Company''s business segments comprise of:

Coatings: consisting of decorative, automotive, industrial paints and related activities. Others: consisting of chemical and polymers.

Note 1.5: Related Party Disclosures

1. (a ) List of related parties where control exists

- Imperial Chemical Industries Limited, England (holding company up to 3 June 2012 and related party having significant influence thereafter)

- Ultimate Holding Company: Akzo Nobel N.V, The Netherlands

(b) Other related parties with whom transactions have taken place during the year

- Fellow subsidiaries

Akzo Nobel Amides Co., Limited

Akzo Nobel Car Refinishes Indonesia

Akzo Nobel Chang Cheng Ltd

Akzo Nobel China Investment Co. Ltd

Akzo Nobel Decorative Coatings B.V.

Akzo Nobel Functional Chemicals bv

Akzo Nobel Ltda-Divisao Titas EM PO

Akzo Nobel Powder Coatings SAS

Akzo Nobel Pulp and Performance Chemicals AB

Akzo Nobel REP Off BV

Akzo Nobel (China) Investment Co., Ltd

Akzo Nobel (Shanghai) Co. Ltd

Akzo Nobel Amides Co. Ltd

Akzo Nobel Argentina S.A.

Akzo Nobel Asia Pte. Ltd

Akzo Nobel Boya Sanayi ve Ticaret A.S.

Akzo Nobel Car Refinishes (Singapore) Pte Ltd

Akzo Nobel Car Refinishes (Suzhou) Company Limited

Akzo Nobel Car Refinishes Australia Pty Ltd

Akzo Nobel Car Refinishes B.V.

Akzo Nobel Car Refinishes SL

Akzo Nobel Chang Cheng Coatings (Guangdong) Co., Ltd

Akzo Nobel Chemicals AG

Akzo Nobel Chemicals International B.V.

Akzo Nobel Coatings (Dongguan) Co. Ltd

Akzo Nobel Coatings (Jiaxing) Co. Ltd

Akzo Nobel Coatings (Tianjin) Co., Ltd

Akzo Nobel Coatings CZ, a.s.

Akzo Nobel Paints Lanka (Pvt) Ltd

Akzo Nobel Paints Taiwan Limited

Akzo Nobel Paints Vietnam Ltd

Akzo Nobel Polymer Chemicals (Ningbo) Co., Ltd

Akzo Nobel Polymer Chemicals B.V.

Akzo Nobel Polymer Chemicals LLC

Akzo Nobel Powder Coatings (Ningbo) Co., Ltd

Akzo Nobel Powder Coatings B.V.

Akzo Nobel Powder Coatings Korea Co., Limited

Akzo Nobel Powder Coatings S.A.E.

Akzo Nobel Powder Coatings South Africa (Pty) Limited

Akzo Nobel Pty. Limited

Akzo Nobel Surface Chemistry AB

Akzo Nobel Surface Chemistry L.L.C.

Akzo Nobel UAE Paints L.L.C.

AkzoNobel Paints Singapore Pte ltd

EKA Chemicals AB

ICI (Malaysia) Holdings Sdn Bhd

ICI Dulux (Pty) Limited

ICI India Research & Technology Centre

International Paint - Finland

International Paint - Vietnam

International Paint Japan K.K.

International Paint Limited

International Paint Ltda

International Paint - Ukraine

International Farbenwerke GmbH

International Farg AB

Akzo Nobel Coatings GmbH

Akzo Nobel Coatings Inc.

Akzo Nobel Coatings International B.V.

Akzo Nobel Coatings Ltd

Akzo Nobel Coatings S.P.A.

Akzo Nobel Coatings Sdn Bhd

Akzo Nobel Cross-Linking Peroxides (Ningbo) Co. Ltd

Akzo Nobel Decorative Coatings B.V.

Akzo Nobel Decorative Paints France S.A.

Akzo Nobel Functional Chemicals AB

Akzo Nobel Industrial Finishes (Hong Kong) Limited

Akzo Nobel Industrial Paints, S.L.

Akzo Nobel International Paint (Suzhou) Co. Ltd

Akzo Nobel Ltda

Akzo Nobel N.V

Akzo Nobel Packaging Coatings GmbH

Akzo Nobel Packaging Coatings Limited

Akzo Nobel Packaging Coatings S.A.

Akzo Nobel Packaging Coatings S.A.S

Akzo Nobel Paints (Asia Pacific) Pte Ltd

Akzo Nobel Paints (Malaysia) Sdn. Bhd.

Akzo Nobel Paints (Thailand) Ltd

International Maling A/S

International Paint (Akzo Nobel Chile) Ltda

International Paint (Hong Kong) Limited

International Paint (Korea) Ltd

International Paint (Nederland) B.V

International Paint (Panama) Inc.

International Paint (Taiwan) Ltd

International Paint Limited

International Paint LLC

International Paint of Shanghai Co. Ltd

International Paint Pazarlama Limited Sirketi

International Paint Sdn Bhd

International Paint Singapore Pte Ltd

International Peinture S.A.

IP Singapore Pte - Vietnam

Keum Jung Akzo Nobel Peroxides Ltd

Pinturas Inca S.A.

PT Akzo Nobel Car Refinishes Indonesia

PT International Paint Indonesia

Shanghai ICI Research & Development & Management Co. Ltd

Tianjin Akzo Nobel Peroxides Co. Ltd

- Key managerial persons

Mr Nihal Kaviratne CBE Chairman

Mr Amit Jain Managing Director

Mr Partha Sarathi Basu Wholetime Director

Note 1.6: Previous year figures have been regrouped/reclassified to make them comparable to the current year figures.


Mar 31, 2012

(a) A Scheme of Amalgamation of Akzo Nobel Car Refinishes India Private Limited (AN Car), Akzo Nobel Chemicals (India) Limited (AN Chemicals), Akzo Nobel Coatings India Private Limited (AN Coatings) (collectively referred to as "Transferor Companies") and Akzo Nobel India Limited (the Company) and their respective shareholders, under Sections 391 to 394 of the Companies Act, 1956 ("the Scheme") has been approved by the shareholders of the respective companies and sanctioned by the Honourable High Courts of Karnataka (vide its Orders dated 18 April 2012), Calcutta (vide its Order dated 24 April 2012) and Bombay (vide its Order dated 11 May 2012).

(b) The Scheme became effective on 18 May 2012 ("Effective Date") on filing of the last of the certified copies of the Orders with the Registrar of Companies. The Appointed Date from which the Scheme is operative is 1 April 2011 (the "Appointed Date").

(c) AN Car was engaged in the business of marketing automotive paints and related research and development. AN Chemicals was engaged in the business of manufacturing of chemicals. AN Coatings was engaged in the business of manufacturing and marketing industrial paints.

(d) Consequent to the Scheme becoming effective from the Appointed Date, the entire business and undertakings of the Transferor Companies, including all assets, debts, liabilities, duties and obligations have, without further act, instrument or deed, but subject to the charges affecting the same as on the Effective Date, been transferred and vested in the Company. On the Scheme becoming effective, all staff, workmen and employees of the Transferor Companies in service on the Effective Date, are deemed to have become staff, workmen and employees of the Company.

(e) During the period from the Appointed Date to the Effective Date, the Transferor Companies have been deemed to have carried on their respective business and activities for and on account of and in trust for the Company. Accordingly, the revenue from operations and profit before tax of the Transferor Companies for the year ended 31 March 2012, included in the financial statements, amounts to Rs 6,250 million and Rs 241 million respectively.

(f) Upon the Scheme becoming effective and in consideration for the amalgamation of the Transferor Companies, the Company shall issue and allot equity shares, credited as fully paid-up, to the extent indicated below, to the members of the Transferor Companies in the following proportion:

- 403 fully paid-up equity shares of Rs 10 each of the Company for every 100 fully paid-up equity shares of Rs 1,000 each held in AN Car;

- 51 fully paid-up equity shares of Rs 10 each of the Company for every 100 fully paid-up equity shares of Rs 10 each held in AN Chemicals; and

- 970 fully paid-up equity shares of Rs 10 each of the Company for every 100 fully paid-up equity shares of Rs 10 each held in AN Coatings.

The new equity shares to be issued to the members of the Transferor Companies shall be in multiples of 1 and any fractional shares shall be rounded-off to the next higher multiple of 1. The new equity shares to be issued shall rank pari passu with the existing equity shares of the Company. In accordance with the above, 11,125,983 equity shares of Rs 10 each will be issued, which presently have been shown as "Share capital pending allotment" in the Balance Sheet. The record date for issue of shares as above to the shareholders of the Transferor Companies has been determined as 18 May 2012.

(g) In terms of the Scheme, the authorised share capital of the Company stands enhanced to an amount of Rs 1,266.90 million divided into 126,690,000 equity shares of Rs 10 each, without any further act, instrument or deed on the part of the Company, including payment of stamp duty and fees payable to Registrar of Companies.

(h) In terms of the Scheme, the Company has accounted for the amalgamation based on the 'Pooling of Interest' method as under:

- All the assets and liabilities recorded in the books of the Transferor Companies have been recorded by the Company at their respective book values; the amount of inter-company balances have been cancelled.

- The identity of the reserves of the Transferor Companies as on the Appointed Date, if any, has been preserved and they appear in the financial statements of the Company in the same form and manner, in which they appeared in the Financial Statements of the Transferor Companies; and

- The surplus arising between the aggregate values of assets of the Transferor Companies acquired, net of the aggregate of the liabilities of the Transferor Companies, together with the share capital issued, and reserves of the Transferor Companies recorded by the Company (i.e, the difference between the amount recorded as share capital issued and the amount of share capital of the Transferor Companies), has been adjusted to the Capital Reserve Account of the Company as under:

Footnotes

(i) Of the above equity shares, 21,967,644 shares (2010-11: 20,776,213 shares) are held by Imperial Chemical Industries Limited, England, the holding Company. The ultimate holding Company is Akzo Nobel N.V., Netherlands and does not hold any shares in the Company directly.

(ii) During the current year and in the previous year, there has been no movement in the number of equity shares outstanding. This does not consider the shares pending allotment in accordance with the Scheme of Amalgamation (Refer to note 2). In accordance with the terms of the Scheme of Amalgamation, 11,125,983 shares of Rs 10 each, fully paid-up, will be issued and, therefore, presently have been shown as "Share capital pending allotment" in the Balance Sheet.

(iii) The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividend in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

(iv) Shares in the Company held by each shareholder holding more than 5% of equity share capital:

(v) Number of equity shares of Rs 10 each bought back in the five years immediately preceeding the Balance Sheet date, aggregates to 4,036,281 (2010-11: 4,036,281).

(b) Provisions relating to indirect taxes are in respect of proceedings of various sales tax, excise duty, customs duty and other indirect tax cases, including those relating to divested businesses. Outflows in all these cases, including their timing and certainty, would depend on the developments/outcome in these cases, though, presently categorised as short term due to uncertainty involved.

(c ) Provisions relating to divested businesses (other than any indirect tax cases relating to such businesses) are in respect of existing/ anticipated costs arising from divestment of businesses (Catalyst, Explosives, Rubber, Chemicals, Uniqema, Paints Advanced Refinish and Adhesives business) and subsidiaries (Quest International India Limited and Polyinks Limited). Outflows in these cases will depend upon settlement of demands/claims. These include a provision of Rs 125 million (as on 31 March 2011: Rs 125 million) carried forward from 2002-03 in respect of continuing obligation of the Company towards probable land cost liability on sale of Catalyst business.

(d) Miscellaneous claims are relating to litigation matters in respect of sale of properties and demand for past arrears in respect of electricity.

(e) The utilisation of the above provisions would depend on the resolution of the related issues, though classified as long term or short term, based on the management's best estimates and information presently available.

*In a prior year, the erstwhile Akzo Nobel Car Refinishes India Private Limited (AN Car), had received an interest free advance of Rs 17 million in the nature of share application money from a fellow subsidiary, under an assignment of dues by Akzo Nobel Coating International B.V. (the non-resident holding company of AN Car). AN Car had not allotted the shares or refunded the amount till 31 March 2011. In the current year, an application has been made to the Reserve Bank of India (RBI) seeking permission to retain the amount as an interest free advance and for condonation of non-compliances, if any, by AN Car under the Foreign Exchange Management Act, 1999. The response of RBI is awaited, though the Company is hopeful of a favourable conclusion.

Footnotes

1. Investment in shares are fully paid-up, except where indicated otherwise.

2. The non-convertible redeemable bonds carry a maturity face value of Rs 30,000 per bond with a zero coupon. The related income based on implicit yield to maturity has been accrued and included in long-term loans and advances.

3. Fixed maturity plans of mutual funds, wherever considered quoted, are so considered based of readily available net asset values.

4. During the year Debentures of Woodlands Research Foundation were converted into equity shares of Woodlands Multi speciality Hospital

Limited.

Note 1.1: Contingent liabilities

As at As at 31 March 2012 31 March 2011

(a) Claims against the Company not acknowledged as debt 50 50

(b) Sales tax matters under appeal 123 129

(c) Excise matters in dispute/under appeal 88 85

(d) Industrial relations and other matters under dispute 2 2

(e) Bank guarantees (third parties, etc) 91 -

(f) Income Tax matters in dispute/under appeal*

*The Income Tax assessments for the Company have been completed up to the financial year ended 31 March 2007. Arising from such assessments and appellate orders, the demands aggregate to Rs 1,675 million (2010-11: Rs 1,545 million) and the refunds aggregate to Rs 1,296 million (2010-11: Rs 1,356 million). The Company as well as the Income Tax department have filed appeals on these matters. Pending decision in the appeals, neither the refunds nor the liability for the demands have been recognised in the accounts. The Company, based on its assessment of such cases, is of the view that the final outcome is not likely to have significant liabilities.

Note 1.2: Change in accounting estimates for depreciation of fixed assets

Post-amalgamation of the Transferee companies (Refer to note 2), the management reviewed the expected period of utilisation of assets across the entities and has revised the estimated useful life of certain categories of assets, viz., furniture and fixtures and office equipment. Accordingly, as per Accounting Standard (AS) 6 'Depreciation Accounting', depreciation charge has been computed by amortising the balance depreciable amount of such fixed assets as at 1 April 2011 over their revised remaining useful life. However, the impact of the above is not significant.

Note 1.3

Managerial remuneration paid by the erstwhile Akzo Nobel Coatings India Private Limited ("AN Coatings"), since amalgamated with the Company (Refer to note 2), was in excess of limits prescribed under the Companies Act,1956 by an amount of Rs 8 million and Rs 3 million for the years ended 31 March 1999 and 31 March 2000, respectively. AN Coatings had, therefore, made an application with the Central Government for approval of the excess remuneration paid, for which no response has been received so far.

Disclosures made in accordance with Accounting Standard (AS 15) pertaining to 'defined benefit' plans

(i) The actuarial valuation of defined benefit plans was carried out as on 31 March 2012. The net actuarial gain on account of post-retirement benefits scheme amounting to Rs 14 million (2010-11: actuarial loss of Rs 30 million) relating to medical insurance costs have been provided for and included in 'Other retirement benefit charges' (Note 4.6: Employee benefits expense ). Actuarial gains/losses (net) relating to other schemes have been included in 'Contribution to provident and other funds'.

(ii) During the year, the Company has purchased annuities for remaining management staff pensioners for an amount of Rs 9 million.(2010-11: Rs 389 million for management staff pensioners and Rs 143 million for some of the non-management staff pensioners).

(iii) The Company has separate pension schemes for management staff and non-management staff. The former scheme is in the nature of 'final salary' plan and the latter scheme is in the nature of 'flat salary' plan. The Company also has separate gratuity schemes for management and non-management staff. The benefits paid are as per the scheme rules or as per Payment of Gratuity Act, 1972, whichever are more beneficial.

(iv) The guidance on implementing AS-15 (Revised) issued by Accounting Standards Board of the Institute of Chartered Accountants of India states that benefits involving employer established provident funds, which requires interest shortfall to be recompensated, are to be considered as defined benefit plans. During the year, the Institute of Actuaries has issued a Guidance Note on Valuation of Interest Guarantees on Exempt Provident Funds under AS 15 (Revised). On the basis of actuarial valuations/assessments carried out by the actuary under this Guidance Note, a shortfall of Rs 0.3 million has been identified in one of the Trusts managed by the Company and the amount has been provided for during the year. In the previous year, in the absence of such guidance, the Company had estimated that there was no shortfall and actuarial valuation was not necessary. The amount of contribution during the year of Rs 23 million (2010-11: Rs 18 million) has been included in 'Contributions to provident and other funds' in Note 4.6.

Notes

i) The business segments have been identified in line with the Accounting Standard 17, taking into account the nature of products, risks and return, organisation structure and internal reporting system.

ii) Inter segment prices are normally negotiated amongst the segments with reference to the costs, market prices and business risks, within an overall optimisation objective for the Company.

iii) Segment revenue, results and assets and liabilities include the respective amounts identifiable to each of the segments. Other unallocable items in segment results include income from investment of surplus funds of the Company and corporate expenses. Unallocable assets include unallocable fixed assets and other assets. Unallocable liabilities include unallocable current liabilities and net deferred tax liability.

Note 1.4: Revision in Schedule VI format

The financial statements for the year ended 31 March 2011 had been prepared as per the then applicable pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of revised Schedule VI under the Companies Act, 1956, the financial statements for the year have been prepared as per the revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of revised Schedule VI for the previous year figures does not impact recognition and measurement principles followed for preparation of financial statements. The following is a broad summary of significant effects that revised Schedule VI has, primarily on the presentation of the Balance Sheet of the Company as at 31 March 2011:


Mar 31, 2011

1 contingent liabilities not provided for:

As at 31 March As at 31 March 2011 2010 (Rs million) (Rs million) (a) Claims not acknowledged as debt 50 50

(b) Sales tax matters under appeal 129 109

(c) Excise matters in dispute / under appeal 85 50

(d) Industrial relations and other matters under dispute 2 2

(e) Income tax matters in dispute / under appeal

(f) Any other matter - 128

* The Income tax assessments for the Company have been completed up to the financial year ended 31 March 2007. Arising from the completed assessments and appellate orders, the demands aggregate Rs 1545 million (2009-10 : Rs 1378 million), and the total refunds aggregate Rs 1356 million (2009-10 : Rs 1105 million). The Company as well as the Income tax department have fled appeals on these matters. Pending decision in the appeals, neither the refunds nor the liability for the demands have been recognised in the accounts.

2 Sale of National Starch business

(i) The Company sold its National Starch (Specialty Starches) business on a slump sale basis, on 30 December 2010, to C P Ingredients India Private Limited for a consideration of Rs 133 million, inclusive of working capital transferred and other adjustments as per the Business Transfer agreement concluded between the two parties.

(ii) Profit on sale of the business of Rs.113 million, after adjusting the assets transferred of Rs. 17 million and related transaction cost of Rs. 3 million, has been shown as Exceptional item in Profit and Loss Account.

(iii) The National Starch business was not treated as a separate reportable segment, being classified as Others in Segment Information (Note 17 of Schedule 18). Since the business did not represent a major line of business, the disposal has not been treated as a discontinuing operation under Accounting Standard AS 24 for the purpose of disclosure requirements under the Standard.

(iv) The Company received Rs. 171 million as advance in respect of the sale of the above business from the buyer. Excess consideration received amounting to Rs. 38 million has been included under Current Liabilities as creditors.

3 Income from investments, interest and others are stated at gross amounts. The amount of income tax deducted aggregates Rs 2 million (2009-10 : Rs 4 million).

4 Loss on account of foreign exchange fluctuations for the year is Rs 11 million, included in Sundries in schedule 14 (2009-10 : Gain of Rs 8 million included in Miscellaneous receipts in schedule 12)

Footnotes :

1. N. A. - Not Applicable.

2. Production meant for sale is after adjustment of shortages, handling losses, quantity internally consumed.

3. Licensed and installed capacity in respect of intermediates, used entirely for captive consumption, have not been furnished.

4. All items are delicensed.

5. Installed capacities are as certified by the management.

6. Installed capacity of Catalysts is utilised for toll conversion operations undertaken on behalf of Johnson Matthey Chemicals India Private Limited and, therefore, quantity processed has not been included in actual production.

*Notes

(a) Provisions relating to indirect taxes are in respect of proceedings of various sales tax, excise duty, customs duty and other indirect tax cases, including those relating to discontinued businesses. Outflows in all these cases, including their timing and certainty, would depend on the developments/outcome in these cases.

(b) Provisions relating to divested businesses (other than any indirect tax cases relating to such businesses) are in respect of existing / anticipated costs arising from divestment of businesses (Catalyst, Explosives, Rubber Chemicals, Uniqema, Paints Advanced Refinish and Adhesive business) and subsidiaries (Quest International India Limited and Polyinks Limited). Outflows in these cases will depend upon settlement of demands/claims. This includes a provision of Rs 125 million (as on 31 March 2010: Rs 125 million) carried forward from 2002-03 in respect of continuing obligation of the Company towards probable land cost liability on sale of Catalyst business.

(c) Other provisions are relating to litigation matters in respect of sale of properties and demand for past arrears in respect of electricity .

(d) The utilisation of the provisions under (b) and (c) would depend on the resolution of the related issues which are expected in the next two to three years.

5 Employee Benefits

(F) Actuarial assumptions

(c) Estimates of future salary increases take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(d) In case of actuarial valuation of post retirement medical benefit, the following medical inflation rates have been considered: actual rate for 2011-12, 8% for 2012-13 and 6% for 2013-14 onwards. A one percentage point change in assumed healthcare cost trend rates would have the following effects on the aggregate of service cost and interest cost and defined benefit obligation:

$ Included as an expense in Contribution to provident and other funds in Schedule 14.

* Discount rate is based on market yields available on Government bonds as at 31 March 2011 with a term that matches that of the obligation.

(ii) The actuarial valuation of Defined Benefit plans was carried out as on 31 March 2011. The net actuarial loss on account of post retirement benefits scheme amounting to Rs. 30 million (2009-10: Rs. 95 million) relating to medical insurance costs have been provided for and included in Other retirement benefit charges (Schedule 14: Other Expenditure). Actuarial gains/losses (net) relating to other schemes have been included in Contribution to provident and other funds.

(iii) During the year, the Company has purchased annuities for all management staff pensioners and some of the non- management staff pensioners for an amount of Rs. 389 million and Rs. 143 million respectively.

(iv) The management staff pension trust (defined benefit trust) has an unrecognized surplus (fair value of plan assets over obligations) of Rs 71 million as this amount is in excess of contributions towards future service cost of defined benefit members. The Company also has a defined contribution scheme for employees in the same trust and has adjusted this surplus against future contributions in respect of such employees. Accordingly the above surplus, after adjusting employer cost for the year, amounting to Rs 53 million has been recognised in the Profit and Loss Account in Schedule 12 and considered as an advance under Loans and Advances, Schedule 8.

(v) The Company has separate pension schemes for management staff and non-management staff. The former scheme is in the nature of fnal salary plan and the latter scheme is in the nature of fat salary plan. The Company also has separate gratuity schemes for management and non-management staff. The benefits paid are as per the scheme rules or as per Payment of Gratuity Act, 1972, whichever are more beneficial.

(vi) The guidance on implementing AS-15 (Revised) issued by Accounting Standards Board of the Institute of Chartered Accountants of India states that benefit involving employer established provident funds, which requires interest shortfall to be recompensated, are to be considered as defined benefit plans. As confirmed by the Actuary, there is no formal guidance from Acturial Society of India in this regard,and the Company believes that actuarial valuation at present is not necessary. The amount of contribution during the year of Rs 18 million (2008-09: Rs 18 million) has been included in Contributions to provident and other funds in Schedule 14.

6 Segment Information

(A) Information about primary business segments :

(1) The Companys business segments comprise of:

Paints : consisting of decorative and refinish paints.

Others : consisting of specialty starch and polymers (Specialty Starch business sold during the year refer note 3, schedule 18).

* Excludes inter segment assets

Notes:-

i) The business segments have been identified in line with the Accounting Standard 17, taking into account the nature of products, risks and return, organisation structure and internal reporting system.

ii) Segment revenue, results and assets and liabilities include the respective amounts identifiable to each of the segments. Other un-allocable items in segment results include income from investment of surplus funds of the Company and corporate expenses. Unallocable assets include un-allocable fixed assets and current assets. Unallocable liabilities include un-allocable current liabilities and net deferred tax liability.

7 Related Party Disclosures

1. (a) list of related parties where control exists:

- Holding Company : Imperial Chemical Industries Limited, England.

- Ultimate Holding Company : Akzo Nobel N.V., Netherlands

(b) Other related parties with whom transactions during the year have taken place :

- Fellow subsidiaries:

Akzo Nobel Car Refinishes India Pvt Ltd. ICI Swire Paints (Shanghai) Ltd

Akzo Nobel Car Refinishes Singapore National Starch - Singapore

Akzo Noble Chemicals (India) Ltd. National Starch & Chemical Ltd. London

Akzo Nobel Coatings India Pvt Ltd. National Starch & Chemical Ltd. Thailand

Akzo Nobel Decorative Coatings BV (IM) National Starch & Chemical - USA (Bridgewater)

Akzo Nobel Lanka (Pvt.) Limited National Starch & Chemical (Singapore) Pte Ltd.

Akzo Nobel Ltd - Brazil Pinturas INCA

Akzo Nobel Paints (Asia Pacific) Pte Ltd Quest International Egypt SAE

Akzo Nobel Paints Taiwan Ltd. Shanghai ICI R&D

Akzo Nobel Surface Chemistry AB The Glidden Co.

Akzo Nobel Surface Chemistry LLC USA Vietnam Holdings

Akzo Nobel Surface Chemistry Pte Ltd.

Akzo Nobel (Shanghai) Co. Ltd.

Akzo Nobel Paints Singapore Pte ltd

Eka Chemicals (Thailand) Ltd

ICI ( Paints) Vietnam Ltd.

ICI Paints Indonesia

ICI Paints (Malaysia) Sdn Bhd

ICI Paints (Thailand) Ltd

ICI India Research & Technology Centre

- Key managerial persons

Mr. A Narayan Chairman (up to 30 Sep 2010)

Mr. N Kaviratne CBE Chairman (from 01 Oct 2010 )

Mr. R L Jain Managing Director (upto 31 May 2009)

Mr. A Jain Managing Director (from 1 Jun 2009)

Mr. P S Basu Wholetime Director (from 01 Nov 2010)

8 (a) The Company uses forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions

The Company has not entered into any derivative instruments for trading or speculative purposes or for highly probable forecast transaction.

(b) The Companys net foreign currency exposure [receivable/(payable)] that are not hedged by a derivative instrument or otherwise as on 2010-11: nil (2009-10: nil)

9 The figures relating to previous year have been regrouped, wherever necessary, to conform with the current years classification.


Mar 31, 2010

1. Contingent liabilities not provided for:

(a) Claims not acknowledged as debt 50 59 (b) Sales tax matters under appeal 109 102 (c) Excise matters in dispute / under appeal 50 50 (d) Industrial relations and other matters under dispute 2 2 (e) Income tax matters in dispute / under appeal * (f) Any other matter 128 -

* The Income tax assessments for the Company have been completed up to the financial year ended 31 March 2006. Arising from the completed assessments and appellate orders, the total demand / liability is Rs 1378 million (2008-09 : Rs 1319 million), and the total refund is Rs 1105 million (2008-09 : Rs 1072 million). The Company as well as the Income tax department have gone on further appeal on these matters. Pending decision in the appeals, neither the refunds nor the liability for the demands have been recognised in the accounts.

2. Share buyback

During the year 1,235,195 shares (2008-09 : 310,424 shares) were bought back at a consideration of Rs 696 million, (including related expense of Rs. 3 million) [2008-09: Rs.154 million (including related expense of Rs. 4 million)], in terms of the share buy back scheme open between 19 December 2008 and 18 December 2009.

This has been accounted as below:

- The nominal value of shares purchased i.e. Rs. 12 million has been adjusted against the share capital (2008-09: Rs. 3 million). An equal amount has been reduced from General Reserve and credited to Capital Redemption Reserve, as per the provisions of the Companies Act, 1956.

- The difference between consideration paid and nominal value of shares aggregating Rs. 684 million has been adjusted against General Reserve.(2008-09: Rs. 151 million)

All shares bought back were extinguished during the year. (2008-09: Out of the 310,424 shares bought back, 173,472 shares were extinguished till 31 March 2009 and 136,952 shares were extinguished on 8 April 2009.) Following the above share buyback, the holding of Imperial Chemical Industries Limited in the Company as on 31 March 2010 is 56.40% (as on 31 March 2009: 54.57%).

3. As on 31 March 2010, there are no amounts due to be deposited with the Investor Education and Protection Fund, in respect of deposits and unclaimed dividends. (2008-09: Nil)

4. Income from investments, interest and others are stated at gross amounts. The amount of income tax deducted thereon is Rs 4 million (2008-09 : Rs 14 million)

5. Gain on account of foreign exchange fluctuations for the year of Rs 8 million is included in Miscellaneous receipts in schedule 11 (2008-09 : Loss of Rs 11 million included in Sundries in schedule 13)

6. Sales exclude sale of equipment at cost amounting to Rs. 6 million (2008-09: Rs 6 million).

7. The Board of Directors had proposed dividend of Rs 16.00 per share for the year 2008-09, at the Board Meeting held on 15 May 2009. Subsequent to the Board Meeting, the Company bought back 37,549 shares, as per the buyback scheme approved by the shareholders. Therefore, these shares were not entitled to dividend at the date of book closure and the excess dividend provision of Rs 0.6 million and excess dividend tax of Rs. 0.1 million have been written back during the year.

8. Related Party Disclosures

1. List of related parties:

a) Holding Company : Imperial Chemical Industries Limited, England.

b) Ultimate Holding Company : Akzo Nobel N.V., Netherlands

c) Other related parties (fellow subsidiaries) where common control exists and with whom transactions during the year have taken place :

Akzo Nobel Car Retinishes BV Akzo Nobel Car Refinishes India Pvt Ltd Akzo Nobel Coatings India Pvt Ltd Akzo Nobel Decorative Coatings BV Akzo Nobel Ltda - Brazil Akzo Nobel Paints (Asia Pacific) Pte Ltd Akzo Nobel Surface Chemistry LLC USA Akzo Nobel Surface Chemistry Personal C Elotex AG Akzo Nobel Surface Chemistry Pte Ltd Akzo Nobel Chemicals (India) Ltd Akzo Nobel Lanka (Pvt.) Ltd Eka Chemicals (Thailand) Ltd ICI ( Paints) Vietnam Ltd ICI Paints Indonesia ICI Paints (Malaysia) Sdn Bhd ICI Paints (Thailand) Ltd ICI Swire Paints (Shanghai) Ltd Inter - National Starch, Inc National Starch and Chemical (Singapore) Pte Ltd National Starch and Chemical Ltd, London National Starch and Chemical - Trading Co Ltd (Thailand) National Starch and Chemical - USA (Bridgewater) National Starch and Chemical (Singapore) Pte Ltd National Starch and Chemical (Shanghai) Ltd National Starch Specialties (Shanghai) Ltd Pinturas INCA The Glidden Co. Vietnam Holdings

d) Key managerial personnel Mr. A. Narayan Chairman Mr. R. L. Jain Managing Director (up to 31 May 2009) Mr. A. Jain Managing Director (with effect from 1 June 2009)

9. The figures relating to previous year have been regrouped wherever necessary to conform with the current years classification.



 
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