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Notes to Accounts of Bata India Ltd.

Dec 31, 2013

1. CORPORATE INFORMATION

Bata India Limited is a public company domiciled in India and incorporated under the provisions of The Indian Companies Act, 1913. Its shares are listed on Stock exchanges in India. Bata India Limited is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network.

2. Note 19 includes R&D expenses of Rs.43.89 millions (Previous year Rs. 29.48 millions) and Note 20 includes R&D expenses of Rs. 20.96 millions (Previous year Rs. 16.34 millions).

3. The Company entered into a joint venture agreement for the development of the township at Batanagar with Riverbank Developers Private Limited (RDPL) in earlier years. In April 2010, while retaining the legal title over the land at Batanagar Project and shares in the erstwhile Joint Venture Company (RDPL), the Company restructured its agreements with revised terms and conditions for the development of the modern integrated township project at Batanagar.

As per the order of the Government of West Bengal (GOWB), the total obligation on the Company towards development of employee housing colony was Rs. 650.00 millions, the Company had recorded a liability of Rs. 216.24 millions for obligation yet to be fulfilled towards the balance 325,000 square feet of employee housing colony in earlier years (also refer note 31 (b) & (c) ). As per the above-mentioned agreement, any liability arising on account of non-compliance of terms and conditions of GOWB order will be borne by the erstwhile JV Company.

During the year, the Company has signed an addendum to the development agreement whereby the Company will now receive constructed area of 332,030 square feet against 325,000 square feet from RDPL.

The Company alongwith RDPL approached the GOWB for extension of the time limit, which has been principally agreed by GOWB and the revised order is awaited. The Company does not expect any variation from principally agreed terms and conditions and consequently no impact on the financial statements.

4. LEASES

Assets Taken on Operating Lease

a) The Company has taken various residential, office, warehouse and shop premises under operating lease agreements. The lease agreements generally have an escalation clause and there are no subleases. These leases are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements.

b) The aggregate lease rentals payables are charged as ''Rent'' in Note 20.

5. SEGMENT REPORTING

The Company operates in two segments - Footwear & Accessories and Surplus Property Development. The Company has chosen business segments as its primary segments considering the dominant source and nature of risks and returns and the internal organisation and management structure.

A description of the types of products and services provided by each reportable segment is as follows:

Footwear & Accessories: The Segment is engaged in the business of manufacturing and trading of footwear and accessories items through its retail and wholesale network.

Surplus Property Development : The segment is involved in development of surplus property at Batanagar.

6. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Claims against Company not acknowledged as debts includes

Nature 2013 2012 (Rs. millions) (Rs. millions)

Excise and Customs Cases 148.40 158.74

Sales Tax Cases 21.80 34.20

Others* 211.50 279.68

Income Tax Cases** 291.87 -

Total 673.57 472.62

* Others include individually small cases pertaining to rent, labor etc.

** During earlier years, the Assessing Officer had revised the computation of Capital Gains on "Transfer of Development Rights to RHPL" in the year 2007 by treating it as Short Term instead of the Long Term and thus raised a demand of Rs. 230.55 millions on the Company. The Company during the previous year had received favorable judgment from the ITAT Kolkata. However Income Tax Department had filed an appeal with the High Court against the said order.

During the year, the Company has received an order of Commissioner of Income Tax under section 263 of the Income Tax Act, 1961 directing the Assessing Officer for re-computation of consideration adopted by Company for computation of long term capital gain for A.Y. 2007-08 on transfer of development rights of Batanagar land to River Bank Holding Private Ltd. (erstwhile JV company). The amount of tax liability is not mentioned in the order. The Company has filed an appeal to Income Tax Appellate Tribunal against the said order. The Company on the basis of consultant''s advice believes that it has a good case and hence no provision there against is considered necessary. As per the agreement, liability of income tax on such transfer, if any, will be borne by the erstwhile JV company.

On the basis of current status of individual cases and as per legal advice obtained by the Company wherever applicable, the Company is confident that no provision is required in respect of these cases at this point in time.

b) Future obligations imposed by the Govt. of West Bengal in respect of property project are Rs.28.53 millions (Previous year: Rs. 42.13 millions).

c) The erstwhile JV company will fulfill the obligation of development of 88 acres (Previous Year: 88 acres) of land for social and economic purposes as per conditions imposed on the Company by Government of West Bengal. The transaction value is not ascertainable at this point of time. Company has taken bank guarantee from RDPL of Rs. 240.00 millions (Previous year: Rs 240.00 millions).

7. Estimated amount of contracts remaining to be executed for capital expenditure and not provided for amounted to Rs.169.01 millions (Previous year: Rs. 83.51 millions).

8. (a) Gratuity and other post-employment benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at the rate of 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through the companies own trust.

The Company has also provided long term compensated absences which are unfunded.

The following tables summarize the components of net benefit expense recognized in the Statement of profit and loss and the funded status and amounts recognized in the balance sheet for the defined benefit gratuity plan.

(b) Provident Fund

The Provident Fund (where administered by a Trust) is a defined benefit scheme where by the Company deposits as amount determined as a fixed percentage of basic pay to the fund every month. The benefit vests upon commencement of employment. The interest credited to the accounts of the employees is adjusted on an annual basis to confirm to the interest rate declared by the government for the Employees Provident Fund. As per the Actuarial Society of India guidance note (GN21) for measurement of provident fund liabilities, the actuary has accordingly provided a valuation and based on the below provided assumptions, there is no shortfall as at 31st December, 2013.

9. Previous year''s figures have been regrouped/reclassified, wherever necessary, to conform to this year''s classification.


Dec 31, 2012

1. CORPORATE INFORMATION

Bata India Limited is a public company domiciled in India and incorporated under the provisions of The Indian Companies Act, 1913. Its shares are listed on Stock exchanges in India. Bata India Limited is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network.

2. BASIS OF PREPARATION

The financial statements have been prepared to comply in all material respects with the Accounting Standard notified by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year, except for the change in the accounting policy explained below.

a. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year, the amount of per share dividend recognized as distributions to equity shareholders was Rs.6 (Previous year: Rs.6).

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.

Provision for warranties

The warranty claim provision covers the expenses relating to the repairing / cost of shoes sold. Liability in respect of warranties is provided on the basis of valuation carried out by an independent actuary as at year end. It is expected that cost will be incurred over the warranty period as per the warranty terms.

The Company sets up and maintains provision for trade related and other litigations or disputes when a reasonable estimate can be made. The amounts of provisions are based upon estimates provided by the Company''s legal department which are revisited on a timely basis. The exact timing of the settlement of the litigations and consequently, the outflow is uncertain.

In view of large number of labour cases and other civil cases, it is not practicable to disclose the details of each case separately. The exact timing of the settlement of the litigation and consequently, the outflow is uncertain.

* Excise duty on sales amounting to Rs. 293.01 million (Previous year: Rs. 225.43 million) has been reduced from sales in statement of profit & loss and differential excise duty on opening and closing stock of manufactured finished goods amounting to Rs. 44.80 million [Previous Year: Rs. 19.47 million] has been adjusted from (increase)/decrease in inventories in Note 18.

3. Note 19 includes R&D expenses of Rs.29.48 million (Previous year Rs.30.63 million) and Note 20 includes R&D expenses of Rs. 16.34 million (Previous year Rs.19.53 million).

4. InApril 2010, while retaining the legal title over the land at Batanagar Project and shares in the erstwhile Joint Venture Company, Riverbank Developers Private Limited (RDPL), the Company restructured its agreements with revised terms and conditions for the development of the modern integrated township project at Batanagar.

Since conditions precedent to recognizing sale of investment and variation of development rights in the Immovable Property were satisfied in March 2011, gains of Rs. 994.85 million on disposal of Immovable Property and Rs.98.70 million on disposal of investment in shares of erstwhile JV Co before tax arising on the said transaction were recognized under Other Income in the previous year financial statements.

As per the order of the Government of West Bengal, the total obligation on the Company towards development of employee housing colony was Rs.650.00 million, the Company has recorded a liability of Rs.216.24 million for obligation yet to be fulfilled.

Pursuant to the restructuring of these agreements as described above, RDPL ceased to be a jointly controlled entity as at the previous year end.

Further as a part of the consideration, the Company is yet to receive from RDPL, approximately 325,000 square feet of constructed space as per the terms of the revised agreements.

During F.Y-2012 as per the terms of agreement, the Company should have been given possession of certain constructed space from RDPL but is yet to be given possession (date being extended) & hence it has not been capitalized in books of account.

5. LEASES

Assets Taken on Operating Lease

a) The Company has taken various residential, office, warehouse and shop premises under operating lease agreements. The lease agreements generally have an escalation clause and there are no subleases. These leases are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements.

b) The aggregate lease rentals payables are charged as ''Rent'' in Note 20.

6. SEGMENT REPORTING

The Company operates in two segments - Footwear & Accessories and Surplus Property Development. The Company has chosen business segments as its primary segments considering the dominant source and nature of risks and returns and the internal organisation and management structure.

A description of the types of products and services provided by each reportable segment is as follows:

Footwear & Accessories: The Segment is engaged in the business of manufacturing and trading of footwear and accessories items through its retail and wholesale network.

Surplus Property Development : The segment is involved in development of surplus property at Batanagar.

vii. Transaction with erstwhile Joint Venture Company (a JV Company till March 31, 2011):

Details of transaction with erstwhile Joint Venture Company which are material (more than 10% of the total transaction with the Related Parties) :

The erstwhile JV Company will also fulfil the obligation of development of 88 acres (Previous Year: 88 acres) of land for social and economic purposes as per the conditions imposed on the Company by Government of West Bengal. The transaction value is not ascertainable at this point of time. The above obligation is partly covered by Bank Guarantee taken from Riverbank Developers Private Limited of Rs.240 million (Previous year Rs. 240 million).

viii. Transaction with Subsidiaries :

Details of transaction with Subsidiaries which are material (more than 10% of the total transaction with the Related Parties) :

* As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the company as a whole, the amounts pertaining to the directors are not included above.

* Others include individually small cases pertaining to rent, labour etc.

** During the earlier years, the Assessing Officer had revised the computation of Capital Gains on "Transfer of Development Rights to RHPL" in the year 2007 by treating it as Short Term instead of the Long Term and thus raised a demand of Rs. 230.55 million on the Company. The Company during the previous year had received favourable order from the CIT (Appeal). However, Income Tax Department had filed an appeal with the Appellate Tribunal (ITAT) against the said order. The Company during the current year has received favourable order from the ITAT Kolkata.

On the basis of current status of individual cases and as per legal advice obtained by the Company wherever applicable, the Company is confident that no provision is required in respect of these cases at this point in time.

- Future obligations imposed by the Govt of West Bengal in respect of property project are Rs.42.13 million (Previous year: Rs. 58.86 million).

- The erstwhile JV company will fulfil the obligation of development of 88 acres (Previous Year: 88 acres) of land for social and economic purposes as per conditions imposed on the Company by Government of West Bengal. The transaction value is not ascertainable at this point of time.

7. Estimated amount of contracts remaining to be executed for capital expenditure and not provided for (net of advances) amounted to Rs.83.51 million (Previous year: Rs.62.21 million).

8. (a) Gratuity and other post-employment benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at the rate of 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through the companies own trust.

The Company has also provided long term compensated absences which are unfunded.

The following tables summarize the components of net benefit expense recognized in the Statement of profit and loss and the funded status and amounts recognized in the balance sheet for the defined benefit gratuity plan.

The Defined benefit obligation amounting to Rs. 360.44 million is funded by assets amounting to Rs.397.61 million and Company has contributed Rs. 37.17 million excess during the year 2012. The company expects to contribute Rs.20 million (Previous Year Rs.50.00 million) during the year 2013.

The estimates of future salary increases have been considered in actuarial valuation based on inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(b) Provident Fund

The Provident Fund (where administered by a Trust) is a defined benefit scheme where by the Company deposits as amount determined as a fixed percentage of basic pay to the fund every month. The benefit vests upon commencement of employment. The interest credited to the accounts of the employees is adjusted on an annual basis to confirm to the interest rate declared by the government for the Employees Provident Fund. As per the Actuarial Society of India guidance note (GN21) for measurement of provident fund liabilities, the actuary has accordingly provided a valuation and based on the below provided assumptions, there is no shortfall as at 31st December, 2012.

9. Till the year ended 31st December 2011, the Company was using pre-revised Schedule-VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st December 2012 the revised Schedule-VI notified under the Companies Act 1956, has become applicable to the Company. The Company has reclassified previous year figure to conform to this year''s classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.


Dec 31, 2011

1. NATURE OF OPERATION

Bata India Limited is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network.

2. In April 2010, while retaining the legal title over the land at Batanagar Project and shares in the Joint Venture Company, Riverbank Developers Private Limited (RDPL), the Company restructured its agreements with revised terms and conditions for the development of the modern integrated township project at Batanagar.

a) The Company has disposed off its stake in RDPL by transferring the shares of RDPL in a trust, the beneficial ownership of which vests with the buyer of such shares. The Company earned a gain of Rs.98,700 thousand, on such transfer.

b) (i) The Company has received a lumpsum Rs.900,000 thousand for variation of the development rights out of which Rs.700,000 thousand was received in April 2010 and the balance has been received during current year.

(ii) In addition, the Company has received approximately 315,000 square feet of employee housing colony from RDPL. Accordingly, the Company has recorded a gain of Rs.433,759 thousand which represents the cost to RDPL for constructing such colony.

(iii) Since as per the order of the Government of West Bengal, the total obligation on the Company towards development of employee housing colony was Rs. 650,000 thousand, the Company has recorded a contingent liability of Rs.216,241thousand for obligation yet to be fulfilled. Further as a part of the consideration, the Company is yet to receive from RDPL, approximately 325,000 square feet of constructed space as per the terms of the revised agreements.

Pursuant to the restructuring of these agreements as described above, RDPL ceases to be a jointly controlled entity with effect from April 1, 2011.

3. Cash Credit facilities & Working Capital Demand Loans with Banks are secured by hypothecation of stock of raw materials, work-in-progress, finished goods, stores and spare parts, book debts and other current assets.

4. Leases

Assets Taken on Operating Lease

a) The Company has taken various residential, office, warehouse and shop premises under operating lease agreements. The lease agreements generally have an escalation clause and there are no subleases. These leases are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements.

b) The aggregate lease rentals amounting to Rs. 1,454,771 thousands (Previous year Rs. 1,156,649 thousands) (including impact of Straight Lining of Lease Rent) are charged as 'Rent' in Schedule 18.

The future minimum lease payments under non-cancellable operating leases: Rs. Nil (Previous Year: Rs. Nil).

5. Expenditure incurred on Voluntary Retirement Scheme

The Company had incurred Rs. Nil (Previous Year: Rs.9,270 thousands) on account of voluntary retirement scheme which is grouped under salaries, wages and bonus in Schedule 18.

6 Segment Reporting

The Company operates in two segments - Footwear & Accessories and Surplus Property Development. The Company has chosen business segments as its primary segments considering the dominant source and nature of risks and returns and the internal organisation and management structure.

A description of the types of products and services provided by each reportable segment is as follows: Footwear & Accessories: The Segment is engaged in the business of manufacturing and trading of footwear and accessories items through its retail and wholesale network.

7. Contingent Liabilities not provided for in respect of:

- Claims against Company not acknowledged as debts includes

Nature 2011 (Rs.'000s) 2010 (Rs.'000s)

Excise and Customs Cases 154,400 163,220

Sales Tax Cases 34,200 34,200

Others* 226,599 217,790

Income Tax Cases** 230,552 230,552

Total 645,751 645,762

* Others include individually small cases pertaining to rent, labour etc.

** During the previous year, the assessing Officer had revised the computation of Capital Gains on "Transfer of Development Rights to RHPL" in the year 2007 by treating it as Short Term instead of the Long Term and thus raised a demand of Rs. 230,552 thousands on the Company. The Company during the current year has received favourable order from the CIT (Appeal). However, Income Tax Department has filed an appeal with the Appellate Tribunal (ITAT) against the said order.

Further, as per the Joint Development Agreement entered in December 2006, liability of Income Tax on such transfer, if any, will be borne by JV Company.

On the basis of current status of individual cases and as per legal advice obtained by the Company, wherever applicable, the Company is confident that no provision is required in respect of these cases at this point in time.

- Future obligations imposed by the Govt. of West Bengal in respect of property project are Rs. 58,864 thousands (Previous Year Rs. 731,802 thousands).

- The erstwhile JV company will fulfil the obligation of development of 88 acres (Previous Year: 56 acres) of land for social and economic purposes as per conditions imposed on the Company by Government of West Bengal. The transaction value is not ascertainable at this point of time. The above obligation is partly covered by Bank Guarantee taken from Riverbank Developers Private Limited of Rs.240,000 thousands (Previous Year Rs.240,000 thousands).

8. 21,230 (Previous Year: 21,230) equity shares of Rs. 10 each were held in abeyance on account of pending adjudication of the shareholders' right to receive those shares / inability of depository to establish ownership rights.

9. Estimated amount of contracts remaining to be executed for capital expenditure and not provided for amounted to Rs.62,209 thousands (Previous Year: Rs.79,555 thousands).

The Company sets up and maintains provision for trade related and other litigations or disputes when a reasonable estimate can be made. The amounts of provisions are based upon estimates provided by the Company's legal department which are revisited on a timely basis. The exact timing of the settlement of the litigations and consequently, the outflow is uncertain.

(i) In view of large number of labour cases and other civil cases, it is not practicable to disclose the details of each case separately. The exact timing of the settlement of the litigation and consequently, the outflow is uncertain.

10. Gratuity and other post-employment benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at the rate of 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through the companies own trust.

The Company has also provided long term compensated absences which are unfunded.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

11. Manufacturing, Distribution, Selling and Administration expenses (Schedule 18) include Research & Development Expenses of Rs.50,166 thousands (Previous Year: Rs. 49,257 thousands).

** Refer Note no. 3 of Schedule 21.

*** Till March 31, 2011

12. In accordance with "Explanation below Para 10 of Notified AS 9", excise duty on turnover amounting to Rs. 225,426 thousands (Previous Year: Rs. 188,945 thousands) has been reduced from turnover in profit & loss account and differential excise duty on opening and closing stock of manufactured finished goods amounting to Rs. (19,466) thousands [Previous Year: Rs. (6,094) thousands] has been adjusted from Cost of Goods Sold in Schedule -17.

13. Previous Year figures have been regrouped, where necessary, to conform to current year's classification.


Dec 31, 2009

1. Cash Credit facilities & Working Capital Demand Loans with Banks are secured by hypothecation of stock of raw materials, work-in-progress, finished goods, stores and spare parts, book debts and other current assets.

2. Leases

Assets Taken on Operating Lease

a) The Company has taken various residential, office, warehouse and shop premises under operating lease agreements. The lease agreements have an escalation clause and there are no subleases. These leases are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by any lease agreements.

b) The aggregate lease rentals payables are charged as Rent in Schedule 18.

The future minimum lease payments under non-cancellable operating leases: Rs. Nil (Previous Year: Rs. Nil).

3. Expenditure Incurred on Voluntary Retirement Scheme

During the year, the Company has incurred Rs. 14,605 thousands (Previous Year: Rs. 94,288 thousands) on account of voluntary retirement schemes introduced at its Bataguni and Faridabad units.

i. Transaction with Subsidiaries :

Details of transaction with Subsidiaries which are material (more than 10% of the total transaction with the Related Parties) -

4 Segment Reporting

The Company operates in two segments - Footwear & Accessories and Investment in Joint Venture for Surplus Property Development. The Company has chosen business segments as its primary segments considering the dominant source and nature of risks and returns and the internal organisation and management structure.

A description of the types of products and services provided by each reportable segment is as follows:

Footwear & Accessories: The Segment is engaged in the business of manufacturing and trading of footwear and accessories items through its retail and wholesale network.

Investment in Joint Venture for Surplus Property Development: The segment is involved in development of real estate at Batanagar.

5. Contingent Liabilities not provided for in respect of:

- Claims against Company not acknowledged as debts includes

Nature 2009 (Rs.000s) 2008 (Rs.000s)

Excise and Customs Cases 190,140 227,200

Sales Tax Cases 34,200 37,100

Others* 174,798 188,541

Total 399,138 452,841

Others include individually small cases pertaining to rent labour etc

On the basis of current status of individual cases and as per legal advice obtained by the Company, wherever applicable, the Company is confident that no provision is required in respect of these cases at this point in time.

- Future obligations imposed by the Govt of West Bengal in respect of property project are Rs.739,985 thousands (Previous Year Rs. 780,002 thousands).

The JV company will fulfil the obligation of development of 88 acres of land for social and economic purposes as per conditions imposed on the Company by Government of West Bengal. The transaction value is not ascertainable at this point of time.

5. 21,230 (Previous Year: 21,230) equity shares of Rs. 10 each were held irf abeyance on account of pending adjudication of the shareholders right to receive those shares / inability of depository to establish ownership rights. 15. Estimated amount of contracts remaining to be executed for capital expenditure and not provided for amounted to Rs. 109,176 thousands (Previous Year: Rs. 93,320 thousands).

The Company sets up and maintains provision for trade related and other litigations or disputes when a reasonable estimate can be made. The amounts of provisions are based upon estimates provided by the Companys legal department which are revisited on a timely basis. The exact timing of the settlement of the litigations and consequently, the outflow is uncertain.

(i) In view of large number of labour cases and other civil cases, it is not practicable to disclose the details of each case separately. The exact timing of the settlement of the litigation and consequently, the outflow is uncertain.

6. Gratuity and other post-employment benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at the rate of 15 days salary (last drawn salary) for each completed year of service. The scheme is funded through the companies own trust.

The Company has also provided long term compensated absences which are unfunded.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

7. Manufacturing, Distribution, Selling and Administration expenses (Schedule 18) includes R&D Expenses of Rs. 33,877 thousands (Previous Year: Rs. 30,974 thousands).

8. In accordance with "Explanation below Para 10 of Notified AS 9", excise duty on turnover amounting to Rs. 209,365 thousands (Previous Year: Rs. 253,843 thousands) has been reduced from turnover in profit & loss account and differential excise duty on opening and closing stock of manufactured finished goods amounting to Rs. 42,991 thousands [Previous Year: Rs. 25,229 thousands] has been adjusted from Cost of Goods Sold in Schedule -17.

9 Previous Year figures have been regrouped, where necessary to conform to current years classification.

 
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