Enter the first few characters of Company and click 'Go'

Notes to Accounts of Automobile Corporation Of Goa Ltd.

Mar 31, 2019

1) Background and operations

Automobile Corporation of Goa Ltd. (ACGL) was incorporated on 1 September 1980 as a Public Limited Company under the Companies Act 1956. The Company was jointly promoted by EDC Limited (a Government of Goa Undertaking) and Tata Motors Limited.

The Company is engaged in the manufacture of pressed parts, components, sub assemblies for various range of automobiles and manufacture Bus bodies and components thereof.

The financial statements for the year ended 31 March 2019 were approved by the Board of Directors and authorized for issue on 10 May 2019.

2) Basis of preparation

a. Statement of compliance

These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of Companies Act, 2013, (the âAct'') and other relevant provisions of the Act.

Details of the Company''s significant accounting policies are included in Note 3.

b. Functional and presentation currency

The financial statements are prepared in Indian Rupees, which is the Company''s functional and presentation currency. All financial information presented in Indian Rupees has been rounded to the nearest Rupees, except when otherwise indicated.

c. Basis of measurement

These financial statements have been prepared on a historical cost basis except for the following items:

Items Measurement basis

Certain financial assets and liabilities Fair value

Net defined benefit (asset) / liability Fair value of plan assets less present value of defined benefit

obligations

d. Use of estimates and judgments

In preparing these financial statements, management has made judgments, estimates and assumptions, that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets and liabilities at the date of these financial statements and the reported amounts of revenues and expenses for the years presented. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods affected.

Assumptions and estimation uncertainties

i. Impairment of non-financial assets

In assessing the non-financial assets for impairment, factors leading to significant reduction in profits such as reduction in finished goods prices and increase in raw material prices, the Company''s business plans and changes in regulatory environment are taken into consideration. The carrying value of the assets of a cash generating unit (CGU) is compared with the recoverable amount of those assets, that is, the higher of fair value less costs of disposal and value in use.

ii. Provisions and contingencies

The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the applicable Ind AS.

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past events, it is probable that the Company 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, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Guarantees are also provided in the normal course of business. There are certain obligations which management has concluded, based on all available facts and circumstances, are not probable of payment or are very difficult to quantify reliably, and such obligations are treated as contingent liabilities and disclosed in the notes but are not reflected as liabilities in the financial statements. Although there can be no assurance regarding the final outcome of the legal proceedings in which the Company is involved, it is not expected that such contingencies will have a material effect on its financial position or profitability.

iii. Defined benefit plans

Refer note no. 35 for details of the key assumptions used in determining the accounting for these plans.

iv. Provision against obsolete and slow-moving inventories

The Company reviews the condition of its inventories and makes provision against obsolete and slow-moving inventory items which are identified as no longer suitable for sale or use. Company estimates the net realizable value for such inventories based primarily on the latest invoice prices and current market conditions. The Company carries out an inventory review at each balance sheet date and makes provision against obsolete and slow-moving items. The Company reassesses the estimation on each balance sheet date.

v. Useful lives of property, plant and equipment.

The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.

vi. Valuation of deferred tax assets

The Company reviews the carrying amount of deferred tax asset at the end of each reporting period. The policy for the same has been explained under note 3f.

vii. Measurement of fair values

A number of the accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.The Company has an established control framework with respect to the measurement of fair values which is overseen by the Chief Financial Officer (CFO). Significant valuation issues are reported to the Company''s audit committee. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

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

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as a lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

e. Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current / non current classification.

An asset is classified as current when it satisfies any of the following criteria:

- it is expected to be realized in, or is intended for sale or consumption in, the Company''s normal operating cycle.

- it is held primarily for the purpose of being traded;

- it is expected to be realized within 12 months after the reporting date; or

- it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

A liability is classified as current when it satisfies any of the following criteria:

- it is expected to be settled in the Company''s normal operating cycle;

- it is held primarily for the purpose of being traded;

- it is due to be settled within 12 months after the reporting date; or

- the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current assets/liabilities include current portion of non-current financial assets/liabilities respectively. All other assets/ liabilities are classified as non-current. Deferred tax liabilities are classified as non-current liabilities.

f. Standards issued but not yet effective

The standard issued, but not yet effective up to the date of issuance of the Company''s financial statements is disclosed below. The Company intends to adopt the standard from 1 April 2019.

Ind AS - 116 Leases

Ind AS 116 will replace the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single, on-balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17. The amendment is effective for annual periods beginning on or after 01 April 19. The Company is in the process of evaluating the impact of this amendment on the financial statements.

Ind AS 12 Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income tax treatments)

The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events. The Company does not expect any impact from this pronouncement. It is relevant to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues to be charged to equity as part of dividend, in accordance with Ind AS 12.

The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be considered separately or whether some can be considered together. The decision should be based on the approach which provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates would depend upon the probability. The company does not expect any significant impact of the amendment on its financial statements.

Ind AS 109 - Prepayment Features with Negative Compensation

The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. The Company does not expect this amendment to have any impact on its financial statements.

Ind AS 19 - Plan Amendment, Curtailment or Settlement

The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service cost and the net interest for the period after the re-measurement are determined using the assumptions used for the re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any significant impact on its financial statements.

Ind AS 23 - Borrowing Costs

The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. The Company does not expect any impact from this amendment.

Ind AS 28 - Long-term Interests in Associates and Joint Ventures

The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The Company does not currently have any long-term interests in associates and joint ventures and hence does not expect any impact from this amendment.

Ind AS 103 - Business Combinations and Ind AS 111 - Joint Arrangements

The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that business. The Company does not have control / joint control / joint control of a business that is a joint operation and hence does not expect any impact from this amendment.

(3) Terms and rights attached

Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(iv) Performance obligations

The Company satisfies its performance obligations pertaining to the sale of bus bodies and pressing segment items at point in time when the control of goods is actually transferred to the customers. No significant judgment is involved in evaluating when a customer obtains control of promised goods. The contract is a fixed price contract and do not contain any financing component. The payment is generally due within 30-45 days. There are no other significant obligations attached in the contract with customer.

(v) Transaction price

There is no remaining performance obligation for any contract for which revenue has been recognised till period end.

(vi) Determining the timing of satisfaction of performance obligations

There is no significant judgements involved in ascertaining the timing of satisfaction of performance obligations, in evaluating when a customer obtains control of promised goods, transaction price and allocation of it to the performance obligations.

(vii) Determining the transaction price and the amounts allocated to performance obligations

The transaction price ascertained for the only performance obligation of the Company (i.e. Sale of goods) is agreed in the contract with the customer. There is no variable consideration involved in the transaction price.

(viii) Cost to obtain contract or fulfil a contract

_There is no cost incurred for obtaining or fulfilling contract with customers._

(v) The Hon''ble Supreme Court of India (âSCâ) by their order dated February 28, 2019, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal. Further, there are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the outcome of the review petition and directions from the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Provision for the same, has not been made prospectively from the date of the SC order, as the amount is not material.

a) Show cause notice for wrong availment of Modvat by Central Excise which was procedural and technical in nature and similar case decision was given in Company''s favour. Decision made by Commissioner Excise (Appeals) in favour of ACGL for restoration of cenvat reversal whereas appeal filed by Excise department against the Commissioner (Appeals) was remanded back to adjudicating authorities.

b) Appeal filed by Company against Rule 10 A where any liability arising out of demand will be reimbursed by Tata Motors Limited.

c) Disallowance of ITC availed on entry tax paid through credit account.

d) Income Tax notional demand for penalty was dismissed by High Court. Thereafter set aside by Supreme court and sent back to High Court to review. The High Court has restored back the appeal to ITAT.

The management believes that, the aforesaid claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of these matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a âmaterial adverse effect on net income in the respective reported period.â

4) Employee Benefits

A Defined benefit plan

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump-sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable to each completed year of service as per the Trust deed. Vesting occurs upon completion of 5 years of service.

The amount recognised in balance sheet and movements in the net defined benefit obligation over the year are as follows:

The Sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be corelated. Further more, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligations liability recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

IX. The Company has invested in assets which are insurer managed funds.

B Defined contribution plans

I. Contributions are made to recognized provident fund trust established by the Company and Family Pension Fund which covers eligible employees of the Company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee''s salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee''s salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs. 18,595,985 (Previous year Rs.18,373,347).

II. The Company has a superannuation plan (defined contribution plan). The Company maintains separate irrevocable trust for employees covered and entitled to benefits. The Company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs. 24,693,049 (Previous year Rs. 22,765,413).

5) Segment information

(a) The Company has identified business segments as reportable segments.

The Company has two business segments:-

i) Pressing division - manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus Body building division - manufacturing of Bus bodies and component parts for bus bodies.

(b) Inter-segment transfer pricing

Inter-segment transfers are made at transfer price.

Common expenses are allocated to different segments on reasonable basis as considered appropriate.

ii. Measurement of fair values

Level 1: level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: level 2 hierarchy includes fair value of the financial instruments that are not traded in an active market. Fair value of these financial instruments is determined using valuation, which maximise the use of observable market data and rely as little as possible on entity specific estimates. Investments in mutual funds are valued using the closing net assets value (NAV).

Level 3: level 3 hierarchy includes financial instruments that are not based on the observable market data.

iii. Risk management framework

The risk management process is coordinated by the management assurance functions and is regularly reviewed by the Company''s audit committee. The audit committee meets regularly to review risks as well as the progress against the planned actions. Key business decisions are also discussed at the periodic meetings of the audit committee and the board of directors. The overall internal control environment and risk management programme including financial risk management is reviewed by the audit committee and the board.

The risk management framework aims to:

- improve financial risk awareness and risk transparency.

- identify, control and monitor key risks.

- identify risk accumulations.

- provide management with reliable information on the Company''s risk situation.

- improve financial returns.

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

The Company''s activities does not expose it to the financial risks of changes in foreign currency exchange rates and interest rates.

(ii) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

(iii) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, the Company manages liquidity risk by maintaining adequate 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.

Liquidity risk tables

The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.

6) The Company does not have any long - term contract including derivative contract for which provision would be required for material foreseeable losses.

7) Exceptional items includes:

(a) Expenses of Rs. 41,701,959 (previous year Rs. Nil) towards provision for Voluntary Retirement Scheme of employees at manufacturing facilities at Goa.

(b) Income of Rs. Nil (previous year Rs. 28,182,000) received from Government of Maharashtra towards grant under Package Scheme of Incentives 2007 for expansion of manufacturing facilities at Jejuri (pressing segment).

(c) Expense of Rs. Nil (previous year Rs.13,474,978) towards provision for sub-lease charges payable in accordance with Goa-IDC (Transfer & Sub-Lease Regulations), 2018 (bus segment).

8) Current tax expenses for the year ended 31 March 2019 includes tax for earlier years amounting to Rs. 90,550 (previous year Rs. 7,376,473).

Mar 31, 2018

1. Background and operations

Automobile Corporation of Goa Ltd. (ACGL) was incorporated on ^September, 1980 as a Public Limited Company under the Companies Act 1956. The Company was jointly promoted by EDC Limited (a Government of Goa Undertaking) and Tata Motors Limited.

The Company is engaged in manufacture of pressed parts, components, sub assemblies for various range of automobiles and manufacture Bus Bodies and components thereof.

The financial statements for the year ended 31^stMarch, 2018 were approved by the Board of Directors and authorized for issue on 27^tllApril, 2018.

2. Basis of preparation

a. Statement of compliance

These financial statements have been prepared in accordance with Indian accounting standards (âInd ASâ) as notified under the Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013.

Details of the Companyâs significant accounting policies are included in Note 3.

b. Functional and presentation currency

The financial statements are prepared in Indian Rupees, which is the Companyâs functional and presentation currency. All financial information presented in Indian Rupees has been rounded to the nearest Rupees, except when otherwise indicated.

c. Basis of measurement

These financial statements have been prepared on a historical cost basis except for the following items:

Items_Measurement basis

Certain financial assets and liabilities Fair value

Net defined benefit (asset)/liability Fair value of plan assets less present value of defined benefit obligations

d. Use of estimates and judgments

Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods affected.

Assumptions and estimation uncertainties

i. Impairment of non-financial assets

In assessing the non-financial assets for impairment, factors leading to significant reduction in profits such as reduction in finished goods prices and increase in raw material prices, the Companyâs business plans and changes in regulatory environment are taken into consideration. The carrying value of the assets of a cash generating unit (CGU) is compared with the recoverable amount of those assets, that is, the higher of fair value less costs of disposal and value in use.

ii. Provisions and contingencies

The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the applicable Ind AS.

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of past events, it is probable that the Company 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, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

iii. Defined benefit plans

Refer Note no. 36 for details of the key assumptions used in determining the accounting for these plans.

iv. Provision against obsolete and slow-moving inventories

v. Useful lives of property, plant and equipment.

The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.

vi. Valuation of deferred tax assets

The Company reviews the carrying amount of deferred tax asset at the end of each reporting period. The policy for the same has been explained under note 3f.

vii. Measurement of fair values

A number of the accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values which is overseen by the Chief Financial Officer (CFO). Significant valuation issues are reported to the Companyâs audit committee. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

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

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

e. Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current / non current classification.

An asset is classified as current when it satisfies any of the following criteria:

- it is expected to be realized in, or is intended for sale or consumption in, the Companyâs normal operating cycle.

- it is held primarily for the purpose of being traded;

- it is expected to be realized within 12 months after the reporting date; or

- it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

A liability is classified as current when it satisfies any of the following criteria:

- it is expected to be settled in the Companyâs normal operating cycle;

- it is held primarily for the purpose of being traded;

- it is due to be settled within 12 months after the reporting date; or

f. Standards issued but not yet effective

The standard issued, but not yet effective up to the date of issuance of the Companyâs financial statements is disclosed below. The Company intends to adopt the standard from 1st April 2018.

Ind AS 115 Revenue from contracts with customers:

The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. According to the new standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard establishes a five step model that will apply to revenue earned from a contract with a customer, regardless of the type of revenue transaction or the industry. The standard is effective from 01 April 2018.

The Company has preliminary assessed that the impact on revenue and profit impact of IND AS 115 will be immaterial to the financial statements. The Company is still in the process of assessing the full impact of the application of IND AS 115 on the Companyâs financial statements, including on additional disclosures required.

A number of contingent liabilities have arisen as a result of

a) Show cause notice for wrong availment of Modvat by Central Excise which was procedural and technical in nature and similar case decision was given in companyâs favour.

b) Decision made by Commissioner Excise (Appeals) in favour of ACGL for resoration of cenvat reversal whereas appeal filed by Excise department against the Commissioner (Appeals).

c) Appeal filed by company against Rule 10 A where any liability arising out of demand will be reimbursed by Tata Motors Limited.

d) Appeal filed against Commercial Tax Department for disallowance of Input Tax Credit where grounds of disallowance stated by Department were incorrect.

e) Income Tax notional demand for penalty which was dismissed by High Court . Thereafter set aside by Supreme court and sent back to High Court to review. The matter is remanded back to Tax Appellete Tribunal, Panaji (ITAT). Registry to communicate the Order to the Tribunal.

The management believes that, the aforesaid claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of these matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a material adverse effect on net income in the respective reported period.

3) Specified Bank Notes disclosure (SBN)

The disclosures regarding details of specified bank notes held and transacted during 8th November,2016 to 30th December,2016 has not been made since the requirement does not pertain to financial year ended 31st March, 2018.Corresponding amounts as appearing in the audited Ind AS financial statements for the period ended 31st March, 2017 have been disclosed.

4) Employee Benefits

A Defined benefit plan

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump-sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable to each completed year of service as per Trust deed. Vesting occurs upon completion of 5 years of service.

The amount recognised in balance sheet and movements in the net defined benefit obligation over the year are as follows:

B Defined contribution plans

I. Contributions are made to recognized provident fund trust established by the Company and Family Pension Fund which covers eligible employees of the company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employeeâs salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employeeâs salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs.18,373,347 /-(Previous year Rs.19,651,848/-)

II. The company has a superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs.22,765,413 /- (Previous year Rs.22,598,002/-).

5) Segment Information

(a) The company has identified business segments as reportable segments.

The company has two business segments:-

i) Pressing Division - manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body building division - manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment transfer pricing Inter-segment transfers are made at transfer price.

Common expenses are allocated to different segments on reasonable basis as considered appropriate.

ii. Measurement of fair values

Level 1: level 1 hierarchy includes financial instruments measured using quoted prices.

Level 3: level 3 hierarchy includes financial instruments that are not based on the observable market data.

iii. Risk management framework

The risk management process is coordinated by the management assurance functions and is regularly reviewed by the Companyâs audit committee. The audit committee meets regularly to review risks as well as the progress against the planned actions. Key business decisions are also discussed at the periodic meetings of the audit committee and the board of directors. The overall internal control environment and risk management programme including financial risk management is reviewed by the audit committee and the board.

The risk management framework aims to:

- improve financial risk awareness and risk transparency.

- identify, control and monitor key risks.

- identify risk accumulations.

- provide management with reliable information on the companyâs risk situation.

- improve financial returns.

The company has exposure to the following risks arising from financial instruments:

(i) Market risk

The Companyâs activities does not expose it to the financial risks of changes in foreign currency exchange rates and interest rates.

(ii) Credit risk management

(iii) Liquidity risk management

Liquidity risk tables

The following tables detail the Companyâs remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.

* Research and Development expenditure and revenue pertains to period from 26.10.2016 which is from the date recognition of R and D by Department of Scientific and Industrial Research.

6) The Company does not have any long - term contract including derivative contract for which provision would be required for material foreseeable losses.

7) Exceptional items includes:

(a) Income of Rs.28,182,000/- lakhs received from Government of Maharashtra towards grant under Package Scheme of Incentives 2007 for expansion of manufacturing facilities at Jejuri (pressing segment).

(b) Expense of Rs.13,474,978/- lakhs towards provision for sub-lease charges payable in accordance with Goa-IDC (Transfer & SubLease Regulations), 2018. ( bus segment).

Mar 31, 2017

1. Explanation to Transition to Ind AS

The transition as at 1^st April, 2015 to Ind AS was carried out from previous GAAP.

Reconciliations between Previous GAAP and IND AS

Notes to reconciliations between Previous GAAP and Ind AS

1. Dividends

Under previous GAAP, dividend payable was recorded as a liability in the period to which it related. Whereas, under Ind AS, dividend to Shareholder is recognized as a liability in the period in which the obligation to pay is established. This has resulted in increase in equity by Rs.96,614,138/- and Rs.96,322,283/- as on 31-March, 2016 and 1* April, 2015 respectively.

2. Employee benefits

Under Previous GAAP, actuarial gains and losses were recognized in the Statement of Profit and Loss. Whereas, under Ind AS, the actuarial gains and losses form part of re-measurement of net defined liability/asset which is recognized in Other Comprehensive Income in the respective periods. This has resulted in increase in profits by Rs.4, 195,825/-(net of tax) for the year ended 31^st March, 2016. However, the same does not result in difference in equity or total comprehensive income.

The general reserve is used from time to time to transfer from retained earnings for appropriation purpose. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

Note:

Loans from Banks on Cash Credit accounts are secured by hypothecation of stocks, stores, work-in-progress, finished goods, book debts and receivables, Investment, both present and future.

3) TRADE PAYABLES

i The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 have been made on the basis of confirmations received from suppliers regarding their status under the said act;

A number of contingent liabilities have arisen as a result of

a) Show cause notice for wrong availment of Modvat by Central Excise which was procedural and technical in nature and similar case decision was given in company''s favour.

b) Decision made by Commissioner Excise (Appeals) in favour of ACGL for resoration of cenvat reversal whereas appeal filed by Excise department against the Commissioner (Appeals).

c) Appeal filed by company against Rule 10 A where any liability arising out of demand will be reimbursed by Tata Motors Limited.

d) Appeal filed against Commercial Tax Department for disallowance of Input Tax Credit where grounds of disallowance stated by Department were incorrect.

e) Income Tax notional demand for penalty which was dismissed by High Court . Thereafter set aside by Supreme court and sent back to High Court to review.

The management believes that, the aforesaid claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of these matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a material adverse effect on net income in the respective reported period.

4) Specified Bank Notes disclosure (SBN)

During the year, the Company had specified bank notes or other denomination notes as defined in the MCA notification G.S.R 308 (E) dated 31st March, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016. The denomination wise SBNs and other denomination notes as per the notification is given below.

5) Employee Benefits

A The disclosure as required under Ind AS-19 regarding the Company''s defined benefit plans is as follows:

i Investment Risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Currently, the fund comprises of relatively balanced mix of investments in Government securities, and other debt instruments.

ii Interest Risk:

A decrease in the bond interest rate will increase the plan liability; however this will be partially offset by an increase in the return on the plan''s debt investments.

iii Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

iv Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

I. Reconciliation of opening and closing balances of Defined Benefit obligation

VI. The amounts of present value of the obligation, fair value of the plan assets, surplus or deficit in the plan, experience adjustments arising on plan liabilities and plan assets for the current annual period and previous annual period are as under:

VII. The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

The Plan assets are managed by the Gratuity Trust formed by the company. The Management of funds is entrusted with Life Insurance Corporation of India, HDFC Standard Life Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited. The details of investments made by them are not available.

Further more, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligations liability recognized in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

B The disclosure as required under IndAS-19 regarding the Company''s defined contribution plans is as follows :

I Contributions are made to recognized provident Fund trust established by the Company and Family Pension Fund which covers eligible employee''s of the company. Employee''s and the Company make monthly contributions at a specified percentage of the covered employee''s salary (currently 12% of the employee''s salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee''s salary on the monthly basis. Amount recognized as expense in respect of these defined contribution plans, aggregate to Rs.19,651,848/- (Previous year Rs.15,103,262/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employee''s covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employee''s salary to the trust every year. Amount recognized as expense in respect of this defined contribution plans, aggregate to Rs.22,598,002/- (Previous year Rs.21,482,523/-).

6) Related Party Disclosures
a ) Name of related parties and nature of relationship:
Name of the party	Relationship
Tata Motors Limited	Enterprise exercising significant influence
Mr. O.V.Ajay	Key Management Personnel (From 16th December,2014)

38) Segment Information

(a) The Company has identified business segments as reportable segments.

The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing Inter-segment transfers are made at transfer price.

Common Expenses are allocated to different segments on reasonable basis as considered appropriate.

7. Financial Instruments

(i) Capital management

The Company manages it''s capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The Company is not subject to any externally imposed capital requirements.

(iii) Market Risk

The Company''s activity does not expose it to the financial risks of changes in foreign currency exchange rates and interest rates.

(iv) Credit risk management

(v) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors. The Company manages liquidity risk by maintaining adequate 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.

Liquidity risk tables

The extent of overall remuneration should be sufficient to attract and retain talented and qualified individuals suitable for every role. Hence remuneration should be market competitive, driven by the role played by the individual, reflective of the size of the Company, complexity of the sector/ industry/ Company''s operations and the Company''s capacity to pay, consistent with recognized best practices and aligned to any regulatory requirements.

Mar 31, 2016

1) Estimated amount of contracts remaining to be executed on Capital Account and not provided for.

2) The Company is involved in the following appellate, judicial and arbitration proceeding matters arising in the course of conduct of the Company''s businesses. In few of the proceedings in respect of matters under litigation are in early stages, and in other cases, the claims are indeterminate.

Contingent liability in respect of:

Claims against the Company not acknowledged as debt:

i Disputed demands of excise authorities

- Pending before the Commissioner of Central Excise (Appeals)

- Pending before High Court of Bombay, at Goa

- Pending before CESTAT

- Pending filing of appeal before CESTAT

- Pending before Additional Commissioner of Commercial Taxes

ii Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) for alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

iii Income Tax Department has gone into Appeal in the Supreme Court against the order of the High Court dismissing their Review Application in the matter of Depreciation not claimed by the Company in assessment year 1990-91. The Company has filed a counter affidavit with Supreme Court against the appeal.

iv Demand from the Water Resource Department towards usage of ground water from 10 wells/bore wells registered with the said department for the period from August 2008 to November 2013.

v Disputed claim by a service provider.

The management believes that, the aforesaid claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of these matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a material adverse effect on net income in the respective reported period.

3) The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividend have been made by non- resident shareholders.

Previous Year

4) Earnings in foreign exchange classified under the following heads, namely:- '' ''

i. Export of goods calculated on F.O.B. basis 5,264,414 4,810,975

36) The Company has exported bus bodies and component parts thereof of

the sales value (Gross) through a merchant exporter. 2,346,401,507 2,394,321,610

5) The excise duty related to the difference between the opening and closing stock of finished goods is disclosed on the face of the statement of Profit and Loss as "Excise Duty".

6) Warranty Provision

Warranty pertains to replacement of defective parts and expenses incurred in relation to rectification of workmanship defects.

7) The remuneration proposed to Mr. V Krishnamurthi (erstwhile Managing Director) for the period 1st April, 2014 to 6th December, 2014 was in excess of the limits specified in Schedule V of the Companies Act, 2013 and hence was subject to approval of the Central Government under section 197 of the Act. The Central Government vide its communication dated 25th August, 2015 approved an amount of '' 13,979,452/- and accordingly an amount of '' 6,412,638/- has been reversed during the current year.

8) During the previous year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from 1st April, 2014, the Company changed its method of depreciation for certain categories of fixed assets from written down value (WDV) method to straight line method (SLM). The Company also revised the estimated useful lives of some of its assets to align the useful lives with the technical advice obtained during the said year.

Consequent to this change, all fixed assets are now being depreciated under SLM.

The details of previously applied depreciation method, rates / useful lives were as follows:

a) For the change in method of depreciation from WDV to SLM:

Depreciation has been recomputed from the date of capitalization of such assets at SLM rates. Consequent to this there was a write back of depreciation of ''. 45,997,496/- relating to previous years, accounted in the Statement of Profit and Loss for the previous year.

The depreciation expense in the Statement of Profit and Loss for the previous year is lower by '' 4,873,692/- consequent to the change in the method of depreciation from WDV to SLM.

b) For the change in the useful lives of assets:

The Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful lives of the assets were determined to be nil on 1st April, 2014. The depreciation charge of '' 2,338,573/- was adjusted in the Statement of Profit and Loss for the previous year.

The depreciation expense in the Statement of Profit and Loss for the previous year is higher by '' 5,582,430/- consequent to the change in the useful lives of certain fixed assets.

9) Employee Benefits

A The disclosure as required under AS-15 regarding the Company''s defined benefit plans is as follows :

VII. The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

The Plan assets are managed by the Gratuity Trust formed by the company. The Management of funds is entrusted with Life Insurance Corporation of India . The details of investments made by them are not available.

B The disclosure as required under AS-15 regarding the Company''s defined contribution plans is as follows :

I Contributions are made to recognized provident Fund trust established by the Company and Family Pension Fund which covers eligible employees of the Company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee''s salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee''s salary on the monthly basis. Amount recognized as expense in respect of these defined contribution plans, aggregate to '' 15,103,262/-(Previous year '' 14,961,380/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The Company has obtained insurance policy with Life Insurance Corporation of India. The Company contributes 15% eligible employees salary to the trust every year. Amount recognized as expense in respect of this defined contribution plans, aggregate to '' 21,482,523/- (Previous year '' 18,696,013/-)

Notes: 10. Provision for doubtful debts for '' 5,25,914/- (Previous Year Nil) in respect of debts due from related parties.

11. Figures in brackets pertain to the previous year.

12) Segment Information

(a) Segment information for primary segment reporting (by business segment)

The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing - Inter-segment transfers are made at transfer price.

13) As per the provisions of section 135 of the Companies Act, 2013, the Company is required to spend '' 4,900,000/- towards Corporate Social Responsibility (CSR) activities. The Company has spent an amount of Rs,3,700,000/- during the year and intends to spend the balance in the coming financial years in line with the CSR policy of the Company.

14) The Company does not have any long-term contract including derivative contract for which provision would be required for material foreseeable losses.

15) Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year classification/disclosures.

Mar 31, 2015

1 CORPORATE INFORMATION:

Automobile Corporation of Goa Limited was incorporated on September 1, 1980 as a Public Limited Company under the Companies Act, 1956. The Company was jointly promoted by EDC Limited (a Government of Goa undertaking) and Tata Motors Limited

The Company is engaged in manufacture of pressed parts, components, sub-assemblies for various range of automobiles and manufacture of Bus bodies and component parts thereof.

2 Terms and rights attached i Equity Shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3 Estimated amount of contracts remaining to be executed on Capital Account and not provided for 4,172,161 91,608,721

4 The Company is involved in the following appellate, judicial and arbitration proceeding matters arising in the course of conduct of the Company's businesses. In few of the proceedings in respect of matters under litigation are in early stages, and in other cases, the claims are indeterminate.

5 Contingent liability in respect of:

Claims against the Company not acknowledged as debt: i Disputed demands of excise authorities

- Pending before the Commissioner of Central Excise (Appeals). 1,939,003 1,984,533

- Pending before High Court of Bombay, at Goa. 78,769 78,769

- Pending before CESTAT. 90,234,960 51,059,446

- Pending filling of appeal before CESTAT 18,044 -

ii. Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) for 175,000 175,000 alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004

iii Income Tax Department has gone into Appeal in the Supreme Court against the order of the High 3,732,969 3,732,969 Court dismissing their Review Application in the matter of Depreciation not claimed by the Company in assessment year 1990-91. The Company has filed a counter affidavit with Supreme Court against the appeal.

iv Award passed by the Industrial Tribunal and Labour Court, Panaji Goa in favour of ACGL Workers Nil 2,808,872 Union, upholding their demand for increase in VDA (in line with the Central Government notification applicable to Public Sector Undertaking for the period from 1989 to 2006). The Company had filed a writ petition with the High Court against the award.

Parties agreed to out of Court settlement and the High Court of Bombay at Goa passed Order on 21.11.2014 disposing the petition in the said matter.

v Demand from the Water Resource Department towards usage of ground water from 10 wells/bore wells 7,685,622 Nil registered with the said departments for the period from August 2008 to November 2013.

vi Disputed claim by a serviceprovider. 3,296,055 Nil

The management believes that, the aforesaid claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of these matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a material adverse effect on net income in the respective reported period.

6 The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividend have been made by non- resident shareholders.

7 The remuneration proposed to Mr V Krishnamurthi (erstwhile Managing Director ) for the period 1st April, 2014 to 6th December, 2014 is in excess of the limits specified in Schedule V of the Companies Act, 2013 and hence is subject to approval of the Central Government under section 197 of the Act. The Company has made an application to the Central Government on 15th April, 2015.

8 During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from 1st April, 2014 ,the Company changed its method of depreciation for certain categories of fixed assets from written down value (WDV) method to straight line method (SLM). The Company has also revised the estimated useful lives of some of its assets to align the useful lives with the technical advise obtained during the year.

9 a.) For the change in method of depreciation from WDV to SLM:

Depreciation has been recomputed from the date of capitalisation of such assets at SLM rates. Consequent to this there is a write back of depreciation of Rs.45,997,496/- relating to previous years, accounted in the Statement of Profit and Loss for the year.

The depreciation expense in the Statement of Profit and Loss for the year is lower by Rs. 4,873,692/- consequent to the change in the method of depreciation from WDV to SLM

b.) For the change in the useful lives of assets:

The Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful lives of the assets were determined to be nil on 1st April, 2014. The depreciation charge of Rs. 2,338,573/- has been adjusted in the Statement of Profit and Loss for the year.

The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs. 5,582,430/- consequent to the change in the useful lives of certain fixed assets.

10 The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

The Plan assets are managed by the Gratuity Trust formed by the company. The Management of funds is entrusted with Life Insurance Corporation of India . The details of investments made by them are not available.

B The disclosure as required under AS-15 regarding the Company's defined contribution plans is as follows :

I Contributions are made to recognized provident Fund trust established by the Company & Family Pension Fund which covers eligible employees of the company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee's salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee's salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs.14,961,380/- (Previous year Rs.13,959,290/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs. 18,696,013/- (Previous year Rs.17,719,899 /-)

11 Related Party Disclosures

a) Name of related parties and nature of relationship:

Name of the party Relationship

Ashiyana Autobodies Associate (upto 5th December, 2014) Private Limited

Tata Motors Limited Enterprise exercising significant influence

Mr. V. Krishnamurthi Key Management Personnel (Upto 6th December, 2014)

Mr. O. V. Ajay Key Management Personnel (From 16th December, 2014)

12 Segment Information

(a) Segment information for primary segment reporting (by business segment)

The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing - Inter-segment transfers are made at transfer price.

(c) Common Expenses -Common Expenses are allocated to different segments on reasonable basis as considered appropriate.

13 The Company does not have any long - term contract including derivative contract for which provision would be required for material foreseeable losses.

14 Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current years classification/disclosures.

Mar 31, 2014

1) Contingent liability in respect of:

Claims against the Company not acknowledged as debt:

i Disputed demands of excise authorities

- Pending before the Commissioner of Central Excise (Appeals) . 1,984,533 2,025,407

-Pending before High Court of Bombay, at Goa. 78,769 2,882,439

- Pending before CESTAT. 51,059,446 50,978,042

The Company is confident of defending the above demands and expects no liability on this count.

ii. Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) for 175,000 175,000 alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

The Company is confident of defending the above demands and expects no liability on this count.

iii Income Tax Department has gone into Appeal in the Supreme Court against the order of 3,732,969 - the High Court dismissing their Review Application in the matter of Depreciation not claimed by the Company in assessment year 1990-91. The Company has filed a counter affidavit with Supreme Court against the appeal. The Company is confident of defending the above demands and expects no liability on this count.

iv Award passed by the Industrial Tribunal and Labor Court, Panaji Goa in favor of ACGL 2,808,872 Workers Union, upholding their demand for increase in VDA (in line with the Central Government notification applicable to Public Sector Undertaking for the period from 1989 to 2006). The Company has filed a writ petition with the High Court against the award.

The Company is confident of defending the above demands and expects no liability on this count.

2) The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 have been made on the basis of confirmations received from suppliers regarding their status under the said act;

3) The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividend have been made by non- resident shareholders.

4) The excise duty related to the difference between the opening and closing stock of finished goods is disclosed on the face of the statement of Profit and Loss as "Excise Duty".

5) In the financial year ending 31st March 2007,the company issued 1,481,913 equity shares of Rs. 10 each on Rights basis at a premium of Rs.465/- per share aggregating Rs. 703,908,675/-. The objects of the issue were to substantially increase capacity, upgrade and modernise the Bus Body building facilities and shift the existing presses from the main Sheet Metal Pressing unit (at Honda, Goa) to a location in or around Pune. The Rights issue closed for subscription on 20th April,2007 and shares were allotted on 19th May,2007. The pressing unit was relocated to Jejuri (Pune). Further, at the AGM held on 8th August, 2009, the members have approved utilisation of the unspent amount as on the date of AGM for other purposes such as funding incremental working capital needs, new business opportunities, in-organic growth and to invest in group companies. Accordingly, the Company has drawn plans to deploy the unutilised proceeds.

VII. The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

The Plan assets are managed by the Gratuity Trust formed by the company. The Management of funds is entrusted with Life Insurance Corporation of India . The details of investments made by them are not available.

B The disclosure as required under AS-15 regarding the Company''s defined contribution plans is as follows:

I Contributions are made to recognized provident Fund trust established by the Company & Family Pension Fund which covers eligible employees of the company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee''s salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee''s salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs. 13,959,290/- (PreviousyearRs.13,370,162/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs. 17,719,899/-(PreviousyearRs.16,986,181/-).

6)Seament Information

(a) Segment information for primary segment reporting (by business segment) The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles. ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing - Inter-segment transfers are made at transfer price.

(c) Common Expenses -Common Expenses are allocated to different segments on reasonable basis as considered appropriate.

7) Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current years classification/ disclosures.

Mar 31, 2013

Note: 1 (A)

CORPORATE INFORMATION:

Automobile Corporation of Goa Limited was incorporated on September 1, 1980 as a Public Limited Company under the Companies Act, 1956. The Company was jointly promoted by EDC Limited (a Government of Goa undertaking) and Tata Motors Limited.

The Company is engaged in manufacture of pressed parts, components, sub-assemblies for various range of automobiles and manufacture of Bus bodies and component parts thereof.

2) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 41,117,987 /- (Previous Year Rs. 47,680,736/-)

3) Contingent liability in respect of:

i Disputed demands of excise authorities Rs. 55,885,888/- (Previous Year Rs. 55,896,687/-)

- Pending before the Commissioner of Central Excise (Appeals) Rs. 2,025,407/-, (Previous Year Rs. 2,009,206/-)

- Pending before High Court of Bombay, at Goa Rs. 2,882,439/-, (Previous Year Rs. 2,882,439/-)

- Pending before CESTAT Rs. 50,978,042/-, (Previous Year Rs.. 50,978,042/-)

The Company is confident of defending the above demands and expects no liability on this count.

ii. Claims against the Company not acknowledged as debt Rs. 175,000/- (Previous Year Rs. 175,000/-)

- Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) Rs. 175,000/- (Previous Year Rs. 175,000/-) for alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

The Company is confident of defending the above demand and expects no liability on this count.

4) Operating Lease Rentals:

The company has taken certain sheds and residential premises on cancellable operating lease basis. Amount of lease rentals charged to the statement of Profit and loss in respect of such cancelable operating leases are Rs. 929,028/- (Previous year Rs. 1,702,589/-).

5) The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividend have been made by non- resident shareholders.

6) The Company has exported bus bodies and component parts thereof of the sales value (Gross) of Rs. 1,276,988,762/- (Previous year Rs. 1,358,952,157/-) through a merchant exporter.

7) The excise duty related to the difference between the opening and closing stock of finished goods is disclosed on the face of the statement of Profit and Loss as "Excise Duty".

8) In the financial year ending 31st March 2007, the Company issued 1,481,913 equity shares of Rs. 10 each on Rights basis at a premium of Rs. 465/- per share aggregating Rs. 703,908,675/-. The objects of the issue were to substantially increase capacity, upgrade and modernise the Bus Body building facilities and shift the existing presses from the main Sheet Metal Pressing unit (at Honda, Goa) to a location in or around Pune. The Rights issue closed for subscription on 20th April,2007 and shares were allotted on 19th May, 2007. The pressing unit was relocated to Jejuri (Pune). Further, at the AGM held on 8th August, 2009, the members have approved utilisation of the unspent amount as on the date of AGM for other purposes such as funding incremental working capital needs, new business opportunities, in-organic growth and to invest in group companies. Accordingly, the Company has drawn plans to deploy the unutilise proceeds.

I. The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

The Plan assets are managed by the Gratuity Trust formed by the company. The Management of funds is entrusted with Life Insurance Corporation of India . The details of investments made by them are not available.

B The disclosure as required under AS-15 regarding the Company''s defined contribution plans is as follows :

I Contributions are made to recognized provident Fund trust established by the Company & Family Pension Fund which covers eligible employees of the company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee''s salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee''s salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs. 13,370,162 /- (Previous year Rs. 11,430,955/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs. 16,986,181/- (Previous year Rs.14,484,839/-).

9) Related Party Disclosures

a) Name of related parties and nature of relationship:

Name of the party Relationship

Ashiyana Autobodies Private Limited Associate

Tata Motors Limited Enterprise exercising significant influence

Mr. V. Krishnamurthi Key Management Personnel

Mr Ananth Prabhu Key Management Personnel (up to 24th August, 2011)

10) Segment Information

(a) Segment information for primary segment reporting (by business segment) The Company has two business segments:- i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies for various range of automobiles ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing - Inter-segment transfers are made at transfer price.

(c) Common Expenses - Common Expenses are allocated to different segments on reasonable basis as considered appropriate.

11) Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current years classification/disclosures.

Mar 31, 2012

CORPORATE INFORMATION:

Automobile Corporation of Goa Limited was incorporated on September 1, 1980 as a Public Limited Company under the Companies Act, 1956. The Company was jointly promoted by EDC Limited (a Government of Goa undertaking) and Tata Motors Limited.

The Company is engaged in manufacture of pressed parts, components, sub-assemblies for various range of automobiles and manufacture of Bus bodies and component parts thereof.

1) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.47,680,736/- (Previous year Rs.43,730,826/-)

2) Contingent liability in respect of:

i Disputed demands of excise authorities Rs. 55,869,687/- (Previous year Rs.55,896,851/-)

- Pending before the Commissioner of Central Excise (Appeals) Rs.2,009,206/-, (Previous Year Rs. 1,939,003/-)

- Pending before High Court of Bombay, at Goa Rs.2,882,439/-, (Previous Year Rs.2,882,439/-)

- Pending before CESTAT Rs.50,978,042/-, (Previous Year Rs.51,050,265/-)

- Pending filing appeal with CESTAT Rs. Nil/- (Previous year Rs.25,144/-).

The Company is confident of defending the above demands and expects no liability on this count.

ii. Claims against the Company not acknowledged as debts Rs.175,000/- (Previous year Rs. 3,410,000/-)

- Claim raised by a customer Rs. Nil /- (Previous Year Rs. 3,235,000/-) towards disputed penal charges for delay in meeting delivery deadlines.

- Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) Rs. 175,000/- (Previous Year Rs.175,000/-) for alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

The Company is confident of defending the above demands and expects no liability on these counts.

iii Appeal by the Income Tax Department against the order of Income Tax Appellate Tribunal (ITAT) amount shown in Appeal Rs.37,329,969/- (Previous year Rs.37,329,969/-)

- The Income Tax Department had gone in appeal against the Order of the ITAT in respect of depreciation not claimed by the Company in Assessment Year 1990-91, the income tax liability on which is stated to be computed by the department at Rs. 3,732,996 which, due to a typographical error, had been shown as Rs. 37,329,969/- in the appeal.

The High Court of Bombay at Goa has dismissed the appeal of the Income Tax Department on 25th August 2010. The Income Tax Department has moved a review application which has now been dismissed by the High Court.

iv Disputed demand of Rs. Nil/- (Previous year Rs.1,000,000/-) as and by way of damages, for alleged breach of agreement to sell the Bungalow situated at Panaji, Goa.

3) The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 have been made on the basis of confirmations received from suppliers regarding their status under the said act;

4) Operating Lease Rentals:

The company has taken certain sheds and residential premises on cancellable operating lease basis. Amount of lease rentals charged to the statement of Profit and loss in respect of such cancellable operating leases are Rs 1,702,598/- (Previous year Rs.2,555,099/).

5) Earnings per share

Earnings per share (EPS) is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year as under:-

6) The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividend have been made by non- resident shareholders.

7) The Company has exported bus bodies and component parts thereof of the sales value (Gross) of Rs.1,358,952,157/- (Previous year Rs.2,368,508,913/-) through a merchant exporter.

8) The excise duty related to the difference between the opening and closing stock of finished goods is disclosed on the face of the statement of Profit and loss as "Excise Duty".

9) In the financial year ending 31st March 2007, the Company issued 1,481,913 equity shares of Rs. 10 each on Rights basis at a premium of Rs.465/- per share aggregating Rs. 703,908,675/-. The objects of the issue were to substantially increase capacity, upgrade and modernise the Bus Body building facilities and shift the existing presses from the main Sheet Metal Pressing unit (at Honda,Goa) to a location in or around Pune. The Rights issue closed for subscription on 20th April,2007 and shares were allotted on 19th May, 2007. The pressing unit has been relocated to Jejuri (Pune) during the current year. Further, at the AGM held on 8th August, 2009, the members have approved utilisation of the unspent amount as on the date of AGM for other purposes such as funding incremental working capital needs, new business opportunities, in-organic growth and to invest in group companies. Accordingly, the Company has drawn plans to deploy the unutilise proceeds.

VII. The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

B The disclosure as required under AS-15 regarding the Company's defined contribution plans is as follows :

I Contributions are made to recognized provident Fund trust established by the Company & Family Pension Fund which covers eligible employees of the company. Employees and the Company make monthly contributions at a specified percentage of the covered employees salary (currently 12% of the employee's salary). The contribution as specified under the law are paid to the provident fund trust. Contribution towards Pension fund is paid to the Regional Provident fund commissioner at specified percentage of the covered employee's salary on the monthly basis. Amount recognised as expense in respect of these defined contribution plans, aggregate to Rs. 11,430,955/- (Previous year Rs. 9,952,733/-)

II The Company has a Superannuation plan (defined contribution plan). The company maintains separate irrevocable trust for employees covered and entitled to benefits. The company has obtained insurance policy with Life Insurance Corporation of India. The company contributes 15% eligible employees salary to the trust every year. Amount recognised as expense in respect of this defined contribution plans, aggregate to Rs. 14,484,839/- (Previous year Rs.12,375,107/-).

10) Segment Information

(a) Segment information for primary segment reporting (by business segment)

The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

11) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 43,730,826/- (Previous Year Rs. 12,578,721/-)

2. Contingent liability in respect of :

i. Disputed demands of excise authorities Rs. 55,896,851/- (Previous Year Rs. 6,185,062/-)

- Pending before the Commissioner of Central Excise (Appeals) Rs. 1,939,003/- (Previous Year Rs. 1,939,003/-)

- Pending before High Court of Bombay, at Goa Rs. 2,882,439/- (Previous Year 2,882,439/-)

- Pending before CESTAT Rs. 51,050,265/- (Previous Year Rs.1,066,076/-)

- Pending filling appeal with CESTAT Rs. 25,144/- (Previous Year Rs. 297,544/-) The Company is confident of defending the above demands.

ii. Claims against the Company not acknowledged as debts Rs. 3,410,000/- (Previous year Rs. 3,410,000/-)

- Claim raised by a customer Rs. 3,235,000/- (Previous Year Rs. 3,235,000/-) towards disputed penal charges for delay in meeting delivery deadlines.

- Penalty proposed to be levied by the Securities and Exchange Board of India (SEBI) Rs. 175,000/- (Previous Year 175,000/-) for alleged violation of regulation 6 and 8 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

The Company is confident of defending the above demands and expects no liability on these counts.

iii) Appeal by the Income Tax Dept against the order of Income Tax Appellate Tribunal (ITAT) - amount shown in the appeal Rs. 37,329,969/- (Previous Year Rs. 37,329,969/-)

- The Income Tax Department had gone in appeal against the Order of the ITAT in respect of depreciation not claimed by the Company in Assessment Year 1990-91, the income tax liability is stated to be computed at Rs. 3,732,996/- which, due to a typographical error, had been shown as Rs. 37,329,969/- in the appeal.

The High court of Bombay at Goa has dismissed the appeal of the Income Tax Department on 25th August, 2010. The Income Tax Department has moved a review application with the High Court which is pending admission.

iv) Disputed demand of Rs. 1,000,000/- (Previous Year Rs. 1,000,000/-) as and by way of damages, for alleged breach of agreement to sell the Bungalow situated at Panaji, Goa.

- Appeal pending before High Court of Bombay at Goa.

v) Bills discounted with a bank Rs. Nil (Previous Year Rs. 729,614,768/-)

5 The disclosure as required under As-15 regarding the Companys defined plans is as follows :

VII.The assumptions of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment.

3. Operating Lease Rentals :

The company has taken certain sheds and residential premises on cancellable operating lease basis. Amount of lease rentals charged to Profit and loss account in respect of such cancellable operating leases are Rs. 2,555,099/- (Previous Period Rs. 2,024,483/-).

4 Related party Disclosures

a) Name of related parties and nature of relationship :

Name of the party Relationship

Ashiyana Autobodies Private Ltd Associates

Tata Motors Limited Enterprise exercising significant influence

Mr. N. R. Menon Key Management Personnel (up to 1st August, 2010)

Mr. V. Krishnamurthi Key Management Personnel (with effect from 18th October, 2010)

Mr. Ananth Prabhu Key Management Personnel

5 Segment Information :

(a) Segment information for primary segment reporting (by business segment) The Company has two business segments :

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing

Inter -segment transfers are made at transfer price

(c) Common Expenses

Common Expenses are allocated to different segment on reasonable basis as considered appropriate.

6 The Company has exported bus bodies and component parts thereof of the sales value (Gross) of Rs. 2,368,508,913/- (Previous year Rs. 506,997,266/-) through a merchant exporter.

7 The excise duty related to the difference between the opening and closing stock of finished goods is disclosed separately on the face of the Profit and Loss account as "Excise Duty".

8 In the financial year ending 31st March 2007, the company issued 1,481,913 equity shares of Rs. 10 each on Rights basis at a premium of Rs. 465/- per share aggregating to Rs. 703,908,675/-. The object of the issue were to substantially increase capacity, upgrade and modernise the Bus Body building facilities and shift the existing presses from the main Sheet Metal Pressing unit (at Honda, Goa) to a location in or around Pune. The Rights issue closed for subscription on 20th April, 2007 and shares were allotted on 19th May 2007. The management had then decided to shift the pressing unit to Dharwar (Karnataka) instead of Pune.

Further, at the AGM held on 8th August 2009, the members have approved utilisation of the unspent amount as on the date of AGM for other purposes such as funding incremental working capital needs, new business opportunities, in-organic growth and to invest in group companies.

9 Figures of the previous year have been regrouped wherever necessary to correspond with those of the current year.

Mar 31, 2010

1 Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.12,578,721/- (Previous year Rs.21,873,473/-)

2 Contingent liability in respect of:

i. Disputed demands of excise authorities Rs.6,185,062/- (Previous year Rs.6,964,013/-)

-Pending before the Commissioner of Central Excise (Appeals) Rs. 1,939,003/-, (Previous Year Rs1l,939,003/-)

-Pending before High Court of Bombay, at Goa Rs. 2,882,439/-, (Previous Year Rs.2,882,439/-)

-Pending before CESTAT Rs. 1,066,076/-, (Previous Year Rs. 1,566,335/-)

-Pending filing appeal with CESTAT Rs.297,544/- (Previous year Rs.576,236/-).

-The Company is confident of defending the above demands and expects no liability on this count.

ii. Claims against the Company not acknowledged as debts Rs.3,410,000/- (Previous year Rs. 9,943,810/-)

-Claim raised by Delhi Transport Corporation Rs. Nil (Previous year Rs. 6,533,810/-) pending before the Delhi High Court. During the year, the matter was decided against the company and the liability has since been settled.

-Claim raised by a customer Rs.3,235,000 /- (Previous Year Rs. 3,235,000/-) towards disputed penal charges for delay in meeting delivery deadlines.

-Penalty proposed to be levied by the Securities and Exchange Board of India Rs. 175,000/- (Previous Year Rs.l75,000/-) for alleged violation of regulation 6 and 8 of SEBI (Substantial acquisition of shares and takeovers) Regulations 1997 (pending before the Adjudicating Officer) notice dated 21.07.2004.

-The Company is confident of defending the above demands and expects no liability on these counts.

iii. Appeal by the Income Tax Dept against the order of Income Tax Appellate Tribunal (ITAT)- amount shown in the appeal Rs.37,329,969/- (Previous year Rs. 37,329,969/-)

-The Income Tax Department has gone in appeal against the Order of the ITAT in respect of depreciation not claimed by the Company in

-Assessment Year 1990-91, the income tax liability on which is stated to be computed by the department at Rs. 3,732,996 which, due to a typographical error, has been shown as Rs. 37,329,969/- in the appeal.

-The Company is confident of defending the above demand and expects no liability on this count.

iv. Disputed demand of Rs. 1,000,000/- (Previous year Rs. 1,000,000/-) as and by way of damages, for alleged breach of agreement to sell the Bungalow situated at Panaji.Goa.

Appeal pending before High Court of Bombay at Goa

v. Bills discounted with a bank Rs.729,614,768/- (Previous year Rs.548,413,885/-)

3 Managerial remuneration under Section 198 of the Companies Act, 1956 to the Managing Director and an Executive Director:

The above remuneration excludes contribution to gratuity and leave encashment as the incremental liability has been accounted for the company as a whole.

The above remuneration is in excess of the limits specified in Schedule XIII of the Companies Act, 1956 and hence is subject to approval of Central Government under Section 198/309 of the Companies Act, 1956.The company is in the process of making the application to the Central Government.

4 Computation of net profits as per Section 349 read with Section 309(5} and Section 198 of the Companies Act, 1956.

Segment Information

(a) Segment information for primary segment reporting (by business segment)

The Company has two business segments:-

i) Pressing Division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range of automobiles.

ii) Bus body Building Division - Manufacturing of Bus bodies and component parts for Bus bodies.

(b) Inter-segment Transfer Pricing

Inter-segment transfers are made at transfer price.

5 The company had opted for sales tax deferral scheme under the 1988 Package Scheme of incentive of Bombay Sales Tax Act, 1959 under certificate of entitlement No 412302/S/R-31B/1069 dated 4/2/2000. The total sales tax collected and deferred under the said scheme aggregated to Rs 48,428,000/-. The repayment under the scheme was due from 2010 onwards. During the previous year the Company settled the full liability by paying an amount of Rs.20,830,269/- being the NPV (Net Present Value) calculated in accordance with the provisions of the said act. The differential amount of Rs. 27,597,731/- had been accounted as income and disclosed as an "exceptional item" in the Profit and loss account.

6 Hitherto, the company was valuing the inventory of Components, Stores and Spares on FIFO Basis. During the year, the company has changed the method to weighted average. The impact of the change is not material.

7 Figures of the previous year have been regrouped wherever necessary to correspond with those of the current year.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article