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

Notes to Accounts of Dalmia Bharat Sugar and Industries Ltd.

Mar 31, 2022

1 Capital Reserve majorly comprises of reserve created consequent to slump purchase of plants in Ninaidevi & Kolhapur units.

2 Retained earnings represents undistributed profits of the Company which can be distributed to its equity shareholders in accordance with the requirement of the Companies Act, 2013.

3 Other Comprehensive Income represent the balance in equity for items to be accounted in Other Comprehensive Income. OCI is classified into (i) items that will not be reclassified to statement of profit and loss, and (ii) items that will be reclassified to statement of profit and loss.

4 General reserve represents the statutory reserve, this is in accordance with Indian Corporate Law wherein a portion of profit is apportioned to general reserve. Under Companies Act, 1956 it was mandatory to transfer the amount before a company can declare dividend. However under Companies Act , 2013, transfer of any amount to general reserve is at the discretion of the Company.

5 Other Comprehensive Income includes fair valuation of equity instruments, retirement benefits and profits and losses on account of cash flow hedge for unexecuted contracts.

Nature of securities, Interest & repayment terms.

A) Details of Loans taken from Banks:-

a) Axis Bank Term Loan was secured by first pari passu charge through mortgage on movable and immovable fixed assets of the Kolhapur location, payable in unequal quarterly installments starting 31st March 2018.

b) HDFC Bank Term Loan for Nigohi distillery is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of Ethanol Plant at Nigohi payable in 40 equal quarterly installments starting from May''21.

c) HDFC Bank Term Loan for Jawaharpur distillery is secured by first pari passu charge through hypothecation on movable and immovable fixed asset of Ethanol Plant at Jawaharpur payable in 40 equal quarterly installments starting from May''21.

d) HDFC Bank Term Loan for Jawaharpur distillery incineration boiler is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of distillery plant at Jawaharpur payable in 40 equal quarterly installments starting from Dec''22.

e) HDFC Bank Term Loan for Ramgarh distillery is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of distillery plant at Ramgarh payable in 36 equal quarterly installments starting from Dec''22.

f) HDFC Bank Term Loan for Jawaharpur distillery expansion is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of distillery plant at Jawaharpur payable in 36 equal quarterly installments starting from Dec''22.

g) HDFC Bank Term Loan for Jawaharpur grain distillery is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of Grain Ethanol Plant at Jawaharpur payable in 36 equal quarterly installments starting from March''23.

h) HDFC Bank Term Loan for Kolhapur distillery is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of distillery plant at Kolhapur payable in 36 equal quarterly installments starting from Dec''22.

i) HDFC Bank Term Loan for Nigohi distillery is secured by first pari passu charge through hypothecation on movable & immovable fixed asset of distillery plant at Nigohi payable in 36 equal quarterly installments starting from Sep''22.

B) Details of Loans taken from entities other than banks:-

a) Sugar Development Fund (SDF) loans are secured by guarantees given by banks on behalf of the company and are repayable in unequal structured installments.

b) SEFASU 2018 term loan is secured by first pari passu charge on movable and immovable fixed assets of RamgarhJawaharpur and Nigohi sugar units.

Note:- Term loan raised during the year has been used for same purpose it was availed.

* Includes demand of Rs. 79.88 cr raised by Dist. Collector Salem in respect of mines, against which the company has filed a writ petition and the Hon''ble High Court has stayed the recovery of demand & the writ is pending for final disposal.

# Excludes bank guarantees issued by banks on behalf of the company against financial liabilities recognised in the books of account.

i) The company assesses it''s obligation arising in the normal course of business including pending litigations, proceedings with tax authorities and other contracts including derivative & long-term contracts. A provision for material foreseeable losses is recognised in accordance with the applicable accounting standards. Disclosure of contingent liabilities is made as applicable.

ii) Based on favourable decisions in similar cases, legal opinion taken by the company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

37 Disclosure as required by Ind AS 108, Operating Segments

(i) Identification of Segments

The chief operational decision maker monitors the operating results of its business segments seperately for the purpose of making decision about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segments have been identified on the nature of products and services and have been identified as per the quantitative criteria specified in the Ind AS.

(ii) Operating segments identified as follows:

a) The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

b) The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

c) The "Distillery Segment" includes Production and sale of Ethanol, ENA and sanitizer.

d) The ''Others'' segment'' includes Magnesite, Travel, and Electronics activities of the Company.

(iii) Segment revenue and results

The expense or incomes which are not directly attributable to any business segment are shown as unallocable expenditure ( net of unallocable income )

(iv) Segment assets and liabilities

Segment assets include all operating assets used by the operating segments and mainly consists of property plant and equipment, trade receivables, cash and cash equivalents and inventories. Segment liabilities primarily include trade payables and other liabilities. Common assets and liabilities which cannot be allocated to any other segments are shown as part of unallocable assets/liabilities.

(ix) Significant clients

There is no single customer who has contributed 10% or more to the company''s revenue for both the years ended March 31,

2022 and March 31,2021.

Notes:-

a) The accounting policies of the reportable segments are the same as the Company''s accounting policies described in note no. 2 and 3.

b) All assets are allocated to reportable segments other than investments, loans, certain financial assets and current and deferred tax assets. Segment assets include all assets directly attributable to the segments and portion of the enterprise assets that can be allocated on a reasonable basis to the segments.

c) All liabilities are allocated to reportable segments other than borrowings, certain financial liabilities, current and deferred tax liabilities. Segment liabilities include all liabilities directly attributable to the segments and portion of the enterprise liabilities that can be allocated on a reasonable basis to the segments.

38 Employee Benefits - Gratuity & Post employement benefits

Gratuity

Gratuity is computed as 15 days salary, for every recognized retirement / termination / resignation. The Gratuity plan for the company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the Statement of profit and loss.

(vii) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders, which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

45 Financial Risk Management

Financial risk management objectives and policies:

Sugar industry being an industry which is cyclical in nature, the company''s operational activities are exposed to various financial & operational risks, such as economical & political risk, market risk, credit risk and risk of liquidity. The Company realizes that risks are inherent and integral aspect of any business. The primary focus is to foresee the unpredictability of markets and seek to minimize potential adverse effects on its financial performance. The Company''s senior management oversees the management of these risks and devise approrpiate risk management framework for the Company. The senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the company''s policies and risk objectives.

A Market Risk:-

The Company operates internationally and is transacted in foreign currencies and consequently the Company is exposed to foreign exchange risk through its sales in overseas. The Company holds derivative financial instruments such as foreign exchange forward to mitigate the risk of changes in exchange rates on foreign currency exposures.

During the year ended March 31,2022, the Company has designated certain foreign exchange forward contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in other comprehensive income - cash flow hedge as at March 31,2022 are expected to occur and reclassified to statement of profit and loss within 1 year.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the Statement of Profit or Loss at the time of the hedge relationship rebalancing.

B Credit Risk:-

Credit risk arises when a counterparty defaults on its contractual obligations to pay, resulting in financial loss to the Company. The Company is exposed to credit risks from its operating activities, primarily trade receivables. Since there is a blend of instituitional & non instituitional buyers with the company and also considering the fact that major sales gets effected after receipt of advance from the customers, the credit risks in respect of trade receivables is minimized.

C Liquidity risk:

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of cash credit facilities, short term loans and commercial papers and to reduce debts to be able to meet the cyclicalities of the sugar business. Apart from cyclical sugar business, the Company has alternate revenue streams in the form of cogeneration and distillery, which, to a large extent, offset the impact of sugar cyclicalities.

46 Capital Management

"For the purpose of capital management, capital includes net debt and total equity of the company. The primary objective of the capital management is to maximize shareholder value along with an objective to keep the leverage in check in view of cyclical capital intensive sugar business of the company.

One of the majour business of the company is the sugar business, which is a seasonal industry,where the entire production is made in about five to six months and then sold throughout the year. Thus, it necessitates keeping high sugar inventory levels requiring high working capital funding. Sugar business being a cyclical business, it is prudent to avoid high leverage and the resultant high finance cost. It is the endeavor of the company to prune down debts to acceptable levels based on its financial position.

The company may resorts to further issue of capital when the funds are required to make the company stronger financially or to invest in projects meeting the ROI expectations of the Company.

D Interest rate risk:

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regard to interest income and interest expenses to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

In addition to the above gearing ratio, the company also looks at operating profit to total debt ratio (EBIDTA/Total Debts) which gives an indication of adequacy of earnings to service the debts. The company carefully negotiates the terms and conditions of the loans and ensures adherence to all the financials convenants. With a view to arrive at the desired capital structure based on the financial condition of the company, the company normally incorporates a clause in loan agreements for prepayment of loans without any premium. During the year, majority of the long term debts have been contracted by the company at concessional interest rates under various soft loan schemes of the Government.

Further, no changes were made in the objectives, policies or process for managing capital during the period.

The company is not subject to any externally imposed capital requirements.

A - Company has fair valued its debt based mutual fund investment through profit & loss.

47 This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the Indian accounting standard.

B - Company has opted to fair value its quoted investments in equity share through OCI.

C - As per Para D-15 of Appendix D of Ind AS 101, the first time adopter may chose to measure its investment in subsidiaries, JVs and Associates at cost or at fair value. Company has opted to value its investments in subsidiaries, JVs and Associates at cost.

D - Company has adopted effective rate of interest for calculating Interest. This has been calculated as the weighted average of effective interest rates calculated for each loan. In addition processing fees and transaction cost relating to each loan has also been considered for calculating effective interest rate.

Fair value hierarchy

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

Level 2 - Inputs other than quoted prices included within 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 assets or liabilities that are not based on observable market data (unobservable inputs).

48 The Board of Directors had, in its meeting held on December 31,2020, approved the Scheme of Arrangement between the Company and Himshikhar Investment Limited ("HIL"/its Wholly Owned Subsidiary) involving amalgamation of HIL with the Company. The proposed appointed date of the Scheme is 1st April, 2021. The Petition has been filed with Hon''ble National Company Law Tribunal, Chennai Bench for approval of the Scheme and the approval is awaited. Pending necessary approval, no effect of the Scheme has been considered in the financial results.

49 Impairment Review

Assets are tested for impairment whenever there are any internal or external indicators of impairment. Impairment test is performed at the level of each Cash Generating Unit (''CGU'') or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment. The impairment assessment is based on higher of value in use and value from sale calculations. During the year, the testing did not result in any impairment in the carrying amount of other assets. The measurement of the cash generating units'' value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.

Key assumptions used in value-in-use calculations are:-

(i) Operating margins (Earnings before interest and taxes), (ii) Discount Rate, (iii) Growth Rates and (iv) Capital Expenditure

During the year the company has done the impairment assessment for Ninaidevi unit (which got impaired earlier) and management is of the view that thereis not any requirement for impairment. Accordingly impairment amounting Rs.21.79 Cr has been reversed during the year.

iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

v) The Company has not advanced or loan or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vii) The Company did not have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

viii) The Company has not declared willful defaulter by any banks or any other financial institution at any time during the financial year.

51 Pursuant to notifications issued by Central Government notifying assistance to sugar mills in respect of export for the Sugar Season 2020-21, the company has accounted for Rs. 98.37 Cr under the head Other operating Income on fulfilment of eligibility conditions.

52 The company is periodically reviewing possible impact of COVID-19 on its business and same is considered in preperation of financial statement for the year ended March 22. Review includes internal and external factors as know to the company upto the date of approval of these results to assess and finanlise the carrying amounts of it''s assets and liabilities.

53 Events occurring After the Balance Sheet date

No adjusting or significant non adjusting events have occurred between the reporting date and date of authorization of financial statements.

54 Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

Mar 31, 2018

1. Corporate Information

The company was incorporated as Dalmia Cement (Bharat) Limited. Name of the company was changed from Dalmia Cement (Bharat) Limited to Dalmia Bharat Sugar and Industries Limited (âThe Companyâ) vide fresh certificate of incorporation dated 7th September, 2010 issued by registrar of companies, Tamilnadu.

The company is mainly engaged in manufacturing of sugar, generation of power, manufacturing of Industrial alcohol and manufacturing of refractory products.

The company is listed on the National Stock Exchange of India and Bombay Stock Exchange of India. These financial statements are presented in Indian Rupees (H ).

2. Basis of accounting and preparation of Financial Statements

A. Statement of Compliance with Ind AS

In accordance with the notification dated 16th February, 2015, issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as âInd ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) with effect from April 1, 2017 with restatement of previous year figures presented in this financial statements. Accordingly, the financial statements have been prepared in accordance with Ind AS prescribed under Section 133 of the Companies Act, 2013 (âActâ) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.

The Company has adopted all the applicable Ind AS and the adoption was carried out in accordance with Ind AS-101 First time adoption of Indian Accounting Standards.

The transition was carried out from Generally Accepted Accounting Principles in India which comprised of applicable Accounting Standards specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014, other pronouncements of the Institute of Chartered Accountants of India (ICAI), relevant applicable provisions of the Companies Act, 1956, and the Companies Act, 2013 to the extent applicable and the applicable guidelines issued by the Securities and Exchange Board of India (SEBI) (âPrevious GAAPâ).

These financial statements for the year ended March 31, 2018 are the first financial statements of the Company prepared in accordance with Ind AS. The date of transition to Ind AS is April 1, 2016. All the Ind AS issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the financial statements are approved by the Board of Directors have been considered in preparing these financial statements.

These financial statements are approved and adopted by board of directors of the company in their meeting held on 28th May 2018.

B. Basis of preparation and presentation.

These financial statements have been prepared in accordance with Ind AS under the historical cost basis except for the following:

i) Certain financial assets and financial liabilities - measured at fair value and

ii) Defined benefits plan - plan assets measured at fair value.

Historical cost is generally based on the fair value of the consideration in exchange for goods and services.

All assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. The Company has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

C. Current/Non-current assets and liabilities:

A. Current Assets - An asset is classified as current when:

(a) The company expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;

(b) The company holds the asset primarily for the purpose of trading;

(d) The asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current assets.

B. Current Liability - A liability is classified as current when:

(a) the company expects to settle the liability in its normal operating cycle;

(b) the company holds the liability primarily for the purpose of trading;

(d) the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current liabilities.

D. Functional and presentation currency

the financial statements including notes thereon are presented in Indian rupees, which is the functional currency of the company. All the financial information presented in Indian rupees has been rounded to the nearest crore as per the requirement of Schedule III to the Act, unless stated otherwise.

E. Use of judgment, estimates and assumptions

the preparation of financial statements in conformity with Ind AS requires the Management to make judgement, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities and contingent assets at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon the Managementâs best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

a. Property, plant and equipment and intangible assets

the useful life and residual value of plant, property equipment and intangible assets are determined based on technical evaluation made by the management of the expected usage of the asset, the physical wear and tear and technical or commercial obsolescence of the asset. Due to the judgements involved in such estimations, the useful life and residual value are sensitive to the actual usage in future period.

b. Recognition and measurement of defined benefit obligations

the cost of the leave encashment, defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. these include the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are periodically reviewed at each reporting date.

c. Fair value measurement of financial instruments

When the fair value of the financial assets and liabilities recorded in the balance sheet cannot be measured based on the quoted market price in active markets, their fair value is measured using valuation technique. the input to these models are taken from the observable market wherever possible, but where this is not feasible, a review of judgment is required in establishing fair values. Changes in assumption relating to these assumption could affect the fair value of financial instrument.

d. Provision for litigations and contingencies

the provision for litigations and contingencies are determined based on evaluation made by the management of the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgements around estimating the ultimate outcome of such past events and measurement of the obligation amount.

e. Impairment of financial and non-financial assets

the impairment provision for financial assets are based on assumptions about risk of default and expected losses. the company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Companyâs past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

the Company assesses at each reporting date whether there is an indication that a Non-financial asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the assetâs recoverable amount which is higher of an assetâs or Cash generating unit (CGU) fair value less costs of disposal and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

F. Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participantâs ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets & liabilities on the basis of the nature, characteristics and the risks of the asset or liability and the level of the fair value hierarchy as explained above.

Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis as explained above, except for share-based payment transactions that are within the scope of Ind AS 102, leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.

* refer note no. 46 for transition impact.

1 Capital Reserve majorly comprises of reserve created consequent to slum purchase of plants in Ninaidevi & Kolhapur units.

2 Retained earnings represents undistributed profits of the Company which can be distributed to its equity shareholders in accordance with the requirement of the Companies Act, 2013.

3 Other Comprehensive Income Reserve represent the balance in equity for items to be accounted in Other Comprehensive Income. OCI is classified into (i) items that will not be reclassified to statement of profit and loss, and (ii) items that will be reclassified to statement of profit and loss.

Nature of securities, Interest & repayment terms.

A) Details of Loans taken from Banks:-

a) Debentures from Axis bank were secured by mortgage and first charge on pari-passu basis on all the immovable and movable assets (both current and future) excluding current assets of the sugar units of the company at Jawaharpur and Nigohi.

b.1) PNB Interest free loan (availed under âScheme for Extending Financial Assistance to Sugar Undertaking 2014â of Govt of India) is secured by second charge on pari passu basis with SDF lendors and Allahabad Bank on entire fixed assets of the companyâs sugar units.

b.2) PNB Farmer soft loan is secured by first pari passu charge on the current assets of the company alongwith woking capital lenders and subservient charge on movable & immovable fixed assets of the company at sugar factories Ramgarh, Jawaharpur and Nigohi location. Repayable in 20 quarterly structured installments starting from 20th Sept 2017.

(c) & (d) Allahabad Bank term loans were secured by first pari passu charge on movable & immovable Fixed Assets at Shri Datta Sakhar Karkhana (unit Kolhapur).

e) Ratnakar bank term loan was secured by first pari passu charge on movable & immovable fixed assets of the company at Ramgarh, Jawaharpur & Nigohi location.

f) Canara Bank term loan was secured by subservient charge on entire fixed assets excluding vehicles of companyâs sugar units at Jawaharpur and Nigohi and subservient charge on plant & machinery at Ramgarh Sugar unit. The same was repaid in Dec 2016.

g) HDFC Term loan 1, is secured by first pari passu charge on movable and immovable fixed assets of the sugar mills located at Ramgarh, Jawaharpur & Nigohi location repayable in 40 structured quarterly installments starting from March 2017.

h) HDFC Term loan 2, is secured by first pari passu charge through mortgage on movable and immovable fixed assets of the ethanol plant at Nigohi location, payable in 40 equal quarterly installments starting after two years moratorium.

i) Axis Bank Term Loan is secured by first pari passu charge through mortgage on movable and immovable fixed assets of the Kolhapur location, payable in unequal quarterly installments starting March 31, 2018.

B) Details of Loans taken from entities other than banks:-

a) Sugar Development Fund (SDF) loans are secured by guarantees given by banks amounting RS.48.50 cr on behalf of the company and are repayable in unequal structured installments.

b) Loans from SDF were secured by second exclusive charge on movable and immovable properties of the sugar units situated in Uttar Pradesh.

(i) Working capital Loan and Bank overdraft are secured by hypothecation of Inventories and trade receivables in favour of the participating banks ranking pari passu on inter-se-basis, repayable during next one year and carrying interest in the range of 9.00% to 10.35%

(ii) Commercial Papers issued are repayable during next one year and carry interest in the range of 7.5% to 8.5%.

* There are no outstanding amounts payable beyond the agreed period to Micro, Small and Medium enterprises as required by MSMED Act, 2006 as on the balance sheet date to the extent such enterprises have been identified based on information available with the company. In view of this there is no overdue interest payable.

* Includes demand of RS.79.88 cr raised by Dist. Collector Salem in respect of mines, against which the company has filed a writ petition and the Honâble High Court has stayed the recovery of demand & the writ is pending for final disposal.

i) The company assesses itâs obligation arising in the normal course of business including pending litigations, proceedings with tax authorities and other contracts including derivative & long-term contracts. A provision for material foreseeable losses is recognised in accordance with the applicable accounting standards. Disclosure of contingent liabilities is made as applicable.

ii) Based on favourable decisions in similar cases, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

3. Disclosure as required by Ind AS 108, Operating Segments:

(i) Identification of segments

(ii) Operating segments identified as follows

a) The âOwn Manufactured Sugar Segmentâ includes manufacture and marketing of Sugar.

b) The âPower Segmentâ includes generation and sale of Power. Power is also used for captive consumption by the Company.

c) The âDistillery Segmentâ includes Production and sale of Ethanol and ENA.

d) The âOthersâ segmentâ includes Magnesite, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments. There is no major reliance on a few customers or suppliers.

(iii) Segment revenue and results

The expense or incomes which are not directly attributable to any business segment are shown as unallocable expenditure ( net of unallocable income )

(iv) Segment assets and liabilities

Notes:-

a) The accounting policies of the reportable segments are the same as the Companyâs accounting policies described in note no. 2 and 3.

4. Employee Benefits - Gratuity & Post employment benefits:

Gratuity

For summarizing 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 respective plans, the details are as under

The estimates 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 market. The above information is certified by Actuary.

5. Related party transaction:

a) List of related parties

i. Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited.

ii. Key Management Personnel of the Company

Shri Jai Hari Dalmia- Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri K V Mohan- Company Secretary (Till 26th Sept 2016), Isha Kalra Company Secretary (W.e.f 27th Oct 2016) & Shri Anil Kataria- Chief Financial Officer.

iii. Enterprises having Shareholder/ Key Managerial Personnel in common with the Company (including its subsidiaries)

Dalmia Bharat Limited, Dalmia Cement (Bharat) Limited, Dalmia Refractories Limited, Adhunik Cement Limited, Calcom Cement India Limited, DCB Power Ventures Limited, OCL India Limited, Dalmia Cement East Limited, Dalmia Bharat Foundation & Dalmia Institute of Scientific & Industrial Research.

6. Government Grant:

a) Government grants recognised in the financial statements

The Company is eligible to receive various government grants by way of reimbursement of cane price, production subsidy, society commission and interest subvention on certain term loans. Accordingly, the Company has recognised these government grants in the following manner:-

7. Leases:

(i) Operating lease arrangements

Office premises are taken on operating lease. There is no escalation clause in the lease agreement

8. Disclosures as required by Indian Accounting Standard (Ind AS) 37:- Provisions, Contingent liabilities and Contingent assets:

There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Ind As âProvisions, Contingent Liabilities & Contingent Assets.

9. Pre operative expenditure included in capital work in progress:

The Company had incurred some expenditure related to acquisition/construction of fixed assets and therefore accounted for the same under Capital work in progress. Details of the expenses capitalised and carried forward as capital work in progress are given below:

10. Disclosure required by SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015:

Detail of loans & advances in the nature of Loans given to Subsidiaries in which Directors are interested as required by clause 53(F) of SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015.

11. Transition to Ind As

First-time adoption of Ind AS

These financial statements, for the year ended March 31, 2018, are the first financial statements, the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragrapRs.7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Companyâs opening balance sheet was prepared as at April 1, 2016, being the Companyâs date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 01, 2016 and the financial statements as at and for the year ended March 31, 2017.

This note explains the principal adjustments made by the Company and an explanation on how the transition from the previous GAAP to Ind AS has affected its financial statements, including the Balance Sheet as at April 1, 2016 and the financial statements for the year ended March 31, 2017.

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from the previous GAAP to Ind AS:

a) Deemed cost

The Company has opted to continue with the carrying value for all of its property, plant and equipment as recognized in the previous GAAP financial statements as their deemed cost at the transition date to IND AS (i.e. April 1, 2016) except land for which the company has elected to use fair value at the date of transition to Ind AS i.e. April 1, 2016 as deemed cost on the date of transition to Ind AS.

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for a class of its property, plant and equipment as recognised in the financial statements as on the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost on the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets.

b) Leases

Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing on the date of transition to Ind AS, except where the effect is expected to be not material.

c) Investment in subsidiaries.

Ind AS 27 requires an entity to account for its investments in subsidiaries and associates either at cost or in accordance with Ind AS 109. Ind AS 101 provides an option to measure such investments as at the date of transition to Ind AS either at cost determined in accordance with Ind AS 27 or deemed cost, where deemed cost shall be its fair value as at date of transition to Ind AS or previous GAAP carrying amount as at that date.

d) Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances on the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in equity investments.

e) De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions. The Company has applied the de-recognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after April 1, 2016 (the transition date).

f) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

g) Impairment of financial assets

As permitted by Ind AS 101, the company has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

h) Government Grant

Ind As 101 requires a first time adopter to recognise the Government grant as per the requirements of Ind AS 109, Financial Instruments, and Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance. Consequentially the comapny has recognised and measured government grant on a government loan at a below-market rate of interest.

Footnotes to the reconciliation of equity as at April 1, 2016 and March 31, 2017 and Statement of Profit and Loss for the year ended March 31, 2017 :

Equity

Equity as at the transition date has been adjusted consequent to the above Ind AS transitional adjustments.

Detailed reconciliation of Equity as per I GAAP & Equity as per IND AS is as per the below table.

Property, plant and equipment & Intangible Assets

Borrowings

Ind AS requires transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition. These costs are recognized in profit or loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate method. Under the previous GAAP, transaction costs incurred in connection with borrowings were accounted upfront and charged to Statement of Profit and Loss for the period in which such transaction costs was incurred.

Also IND AS requires the loans to be recognised basis EIR method and therefore subsidized & interest free loans have been derecognised to that extent.

Detailed accounting treatment of the above two adjustment has been shown in the table below.

Government Grant

Investments

Under Indian GAAP, the company accounted for long term investments in quoted or unquoted equity shares and perpetual bonds as investment measured at cost less provision for other than temporary diminution in the value of investments.

Under Ind AS, the compay has designated such investments in quoted equity shares as FVTOCI investments. Ind AS requires FVTOCI investments to be measured at fair value with changes in fair value recognised in other comprehensive income. At the date of transition to Ind AS, difference between the instrumentsâ fair value and Indian GAAP carrying amount has been recognised in other comprehensive income, net of related deferred taxes.

For the investments in perpetual Bonds, the compay has designated such investments in bonds at amortised costs using effective interest rate method with difference in carrying value and amortised cost at the date of transition to be recognised in retained earnings.

Further, in case of a subsidiary, the Company has the option to account for investment in shares either at cost/deemed cost or FVTOCI or FVTPL as at the transition date.

As per the aforesaid alternatives, the Company has designated investment in the subsidiary at deemed cost i.e. the previous GAAP carrying amount as at the date of transition

Under Indian GAAP, the company accounted for current investments in debt based mutual funds as investment measured at cost less provision for other than temporary diminution in the value of investments. Under Ind AS, the company has designated such investments as FVTPL investments. Ind AS requires FVTPL to be measured at fair value. At the date of transition to Ind AS, difference between the instruments fair value and carrying value as at the date of transition has been recognised in retained earnings, net of related deferred taxes.

Detailed reconciliation of investment as per IGAAP & as per IND AS is given in the table below.

Defined benefit obligation

Both under Indian GAAP and Ind AS, the company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, remeasurements [comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability] are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus, the employee benefit cost is increased by H 0.25 Cr and re-measurement gain on defined benefit plans has been recognized in the OCI, net of tax as at the transition date and reduced by RS.2.06 Cr on account to re-measurement loss for the FY 2016-17 and remeasurement loss on defined benefit plan has been recognized in the OCI, net of tax as at March 31, 2017.

Under Ind AS, an entity is permitted to transfer amounts recognized in Other Comprehensive Income within equity. The Company has taken recourse of the said povision and has transferred as at the date of transition to Ind AS, all re-measurement costs relating to prior period to the transition date to Retained earnings.

Deferred tax Liability (net)

âPrevious GAAP required deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the year. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which were not required under the previous GAAP Moreover, carryforward of unused MAT tax credits are to be treated as deferred tax assets which was earlier considered as Other noncurrent non-financial assets.

In addition, the various transitional adjustments lead to temporary differences and consequently deferred tax adjustments have been recognized in correlation to the underlying transaction in retained earnings. The impact on deferred tax liabilities is shown in the table below.

Revenue

Under the previous GAAP, revenue from sale of goods was presented as net of excise duty on sales. However, under Ind AS, revenue from sale of goods includes excise duty and such excise duty is separately presented as an expense on the face of the Statement of Profit and Loss. Thus, under Ind AS, sale of goods for the year ended March 31, 2017 has increased by RS.78.10 Cr.

Financial Assets & Liabilities

Under Indian GAAP, there was no such concept of financial assets or liabilities. Under Ind AS, financial assets and financial liabilities has been classified as per Ind AS 109 read with Ind AS 32. Figures of the Previous Year have been regrouped as per Ind AS, wherever necessary.

Other comprehensive income

Under the previous GAAP, the Company did not present total comprehensive income and other comprehensive income. Hence, it has reconciled the previous GAAP profit to profit as per Ind AS. Further, the previous GAAP profit is reconciled to other comprehensive income and total comprehensive income as per Ind AS.

12. Financial Risk Management

Financial risk management objectives and policies:

Sugar industry being an industry which is cyclical in nature, the companyâs operational activities are exposed to various financial & operational risks, such as economical & political risk, market risk, credit risk and risk of liquidity. The Company realizes that risks are inherent and integral aspect of any business. The primary focus is to foresee the unpredictability of markets and seek to minimize potential adverse effects on its financial performance. The Companyâs senior management oversees the management of these risks and devise approrpiate risk management framework for the Company. The senior management provides assurance that the Companyâs financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the companyâs policies and risk objectives.

A. Market Risk-

Major market risk which the company has is the selling prices of itâs mainstream product i.e. sugar. Market demand supply plays a very much dominating role with strong outcomes in both the situations i.e. over production & under production.

Sugar industry being cyclical in nature, the company is exposed to sugar market price risk in respect of the inventories held at the year-end as any decline in prices below the carrying cost inflicts losses to the Company. However, the Company has mitigated this risk by well integrated business model by diversifying into co-generation and distillation, thereby utilizing the by-products.

B. Credit Risk:-

C. Liquidity risk:

The Companyâs objective is to maintain a balance between continuity of funding and flexibility through the use of cash credit facilities, short term loans and commercial papers and to reduce debts to be able to meet the cyclicalities of the sugar business. Apart from cyclical sugar business, the Company has alternate revenue streams in the form of cogeneration and distillery, which, to a large extent, offset the impact of sugar cyclicalities.

In view of seasonal nature of sugar business, which is a dominant business of the Company, there is a peak build-up of sugar inventories at the year end, resulting in peak working capital requirement. With the liquidation of such inventories over the year, the working capital requirement is gradually reduced. Thus, the current ratio computed at the year end is not a reflection of average and realistic ratio for the year.

D. Interest rate risk:

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the companyâs position with regard to interest income and interest expenses to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

13. This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the Indian accounting standard.

A - Company has fair valued its debt based mutual fund investment through profit & loss.

B - Company has opted to fair value its quoted investments in equity share through OCI.

Fair value hierarchy

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

Level 2 - Inputs other than quoted prices included within 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 assets or liabilities that are not based on observable market data (unobservable inputs).

14. Impairment Review:

Assets are tested for impairment whenever there are any internal or external indicators of impairment. Impairment test is performed at the level of each Cash Generating Unit (âCGUâ) or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment. The impairment assessment is based on higher of value in use and value from sale calculations. During the year, the testing did not result in any impairment in the carrying amount of other assets. The measurement of the cash generating unitsâ value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.

Key assumptions used in value-in-use calculations are:-

(i) Operating margins (Earnings before interest and taxes), (ii) Discount Rate, (iii) Growth Rates and (iv) Capital Expenditure

15. Events occurring After the Balance Sheet date:

No adjusting or significant non adjusting events have occurred between the reporting date and date of authorization of financial statements.

16. Previous Year Comparatives:

Figures in brackets pertain to previous year. Previous yearâs figures have been regrouped where necessary to conform to this yearâs classification.

Mar 31, 2017

1. Segment Information

Primary Segment: Business Segment

The Company''s operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Others.

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

The "Distillery Segment" includes Production and sale of Ethanol.

The ''Others'' segment'' includes Magnesite, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments.

The following table presents segment revenues, results, assets & liabilities in accordance with AS-17 as on March 31, 2017;

2. There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Accounting Standard (AS)-29 ''Provisions, Contingent Liabilities & Contingent Assets.

3. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with the nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited Key Management Personnel of the Company

Shri Jai Hari Dalmia- Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri K V Mohan- Company Secretary (Till 26th Sept 2016), Isha Kalra-Company Secretary & Shri Anil Kataria- Chief Financial Officer

Relatives of Key Management personnel

Shri Y. H. Dalmia (Brother of Vice Chairman) and Shri Puneet Yadu Dalmia (Son of Shri Y.H. Dalmia).

Enterprises having Shareholder/ Key Managerial Personnel in common with the Company (including its subsidiaries)

4. Related Party Disclosure as required by Accounting Standard-18. (contd.)

4. Purchase of goods & services includes transaction with Dalmia Bharat Limited Rs, 14.79 Crore (Rs, 10.48 Crore), Dalmia Cement (Bharat) Limited Rs, 1.47 Crore (Rs, 1.65 Crore) and Dalmia Refractories Limited Rs, 0.02 Crore (0.03 Crore).

5. Loans and advances given represent transaction with Dalmia Solar Power Limited Rs, 0.32 Crore (NIL) and Himshikhar Investment Limited Rs, 77.98 Crore (NIL).

6. Loans repaid includes transaction with Dalmia Bharat Limited HNIL (Rs, 34.00 Crore) and DCB Power Ventures Limited HNIL (Rs, 16.00 Crore).

7 Interest paid on loans includes transaction with Dalmia Bharat Limited RS,NIL (RS,3.14 Crore) and DCB Power Ventures Limited RS,NIL (RS,1.47 Crore).

8 Interest received on Loan from Dalmia solar power Limited RS,0.02 Crore (NIL),Dalmia sugar venture Limited RS,0.00 Crore (NIL),Himshikhar Investment Limited RS,1.03 Crore (NIL).

9. Salary and perquisites includes transaction with Shri J. H. Dalmia RS,0.56 Crore (RS,0.52 Crore) and Shri Gautam Dalmia RS,0.69 Crore (RS,0.07 Crore). It includes M.D. Commission approved by the board amounting RS,8.00 Crore payable to Shri J.H.Dalmia & RS,9.00 Crore payable to Shri Gautam Dalmia subject to approval in Annual General Meeting.

10. Dividend received represent dividend from Dalmia Bharat Limited RS,NIL (RS,0.33 Crore).

11. Dividend paid represent dividend paid to Dalmia Bharat Limited NIL (RS,0.89 Crore).

1. Loans receivable include Dalmia Solar Power Limited RS,0.67 Crore (RS,0.35 Crore) , Dalmia Sugar Venture Limited RS,0.01 Crore (RS,0.01 Crore),Himshikhar Investment limited RS,77.98 Crore (NIL)

2 Amount receivable includes Dalmia Cement (Bharat) Limited RS,NIL (RS,0.25 Crore).

3 Amount payable includes Dalmia Cement (Bharat) Limited HNIL (RS,0.08 Crore) and Dalmia Bharat Limited RS,0.72 Crore (RS,1.69 Crore) .

5. Foreign Currency Exposures

The amount of foreign currency exposures as at March 31, 2017 that are not hedged by a derivative instrument or otherwise is NIL. There is no hedged foreign currency exposure as on the balance sheet date.

6. Figures less than Rupees Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

7. In the opinion of the Management there is no reduction in the value of any assets, hence no provisions is required in terms of Accounting Standard AS 28 "Impairment of Assists"

8. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

9. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

Mar 31, 2016

1) Debentures referred to in A above to the extent of :

10.42%, Series XII RS, 33.34 crore (RS, 66.67 crore) are secured by mortgage and first charge on pari-passu basis on all the immovable and movable assets (both current and future) excluding current assets of the sugar units of the Company at Jawaharpur and Nigohi, last installment is redeemable for RS, 33.34 crore on September 30, 2016.

2) Term Loans from Banks referred to in B (i) above to the extent of :

a) RS, 120 crore (RS, 180 crore) is secured by subservient charge on entire fixed assets excluding vehicles of Company''s sugar units at Jawaharpur and Nigohi and subservient charge on plant & machinery at Ramgarh Sugar unit. The same is repayable in two yearly equal installments of H 60 crore each in Dec 2016 & Dec 2017, carrying interest @ Base rate 1%. (Presently 10.65%).

b) RS, 236.15 crore (RS, 217.73 crore) is secured by first exclusive charge on movable & immovable Fixed Assets at Shri Datta Sakhar Karkhana (unit Asurle Porle). The same is repayable in thirty unequal installments ranging from RS, 4.00 crore to RS, 9.33 crore each, commencing from March 2016, carrying interest @ Base rate 1.5% (presently 11.20%).

c) RS, 78.20 Crore (RS, 78.20 Crore), interest free loan (availed under "Scheme for Extending Financial Assistance to Sugar Undertaking 2014" of Govt of India) is secured by second charge on pari passu basis with SDF lendors and Allahabad Bank on entire fixed assets of the Company''s sugar units. The same is repayable in twelve quarterly equal installments commencing from June 2016.

d) RS, 73.20 Crore (Rs. NIL) Farmer loan taken under the soft loan scheme at subsidized rates for payment to the cane farmers. Secured by first pari passu charge on the current assets of the Company along with working capital lenders and subservient charge on movable & immovable fixed assets of the Company at sugar factories Ramgarh, Jawaharpur and Nigohi location. Repayable in 20 quarterly structured installments starting from 20th Sept 2017. The applicable interest rate is linked with Base rate (Presently 10.85%). There is an interest subvention of 10% provided by the Central Government for one year on the entire loan and that of 10% provided by Maharashtra State Government on Loan pertaining to our Kolhapur Unit for next 4 years.

e) RS, 120.00 Crore (RS, NIL), is secured by first pari passu charge on movable & immovable fixed assets of the Company at Ramgarh, Jawaharpur & Nigohi location repayable in 20 structured quarterly installments starting from Sept 2016. The applicable interest rate is linked with Base rate (Presently 11.15%).

f) RS, 50.00 Crore (RS, NIL), is secured by first pari passu charge on movable & immovable fixed assets of the Company at Ramgarh, Jawaharpur & Nigohi location repayable in 18 equal quarterly installments starting from Dec 2016. The applicable interest rate is linked with Base rate (Presently 10.65%).

3) Term Loan from others referred to in B (ii) above to the extent of :

RS, 36.16 crore (H 34.33 crore) which consist of various loans and are secured by second exclusive charge on movable and immovable properties of the sugar units at Ramgarh, Jawaharpur, Nigohi and Kolhapur. The same is repayable in unequal structured installments in the range of RS, 11 Lacs to RS, 2.06 crore and carry interest in the range of 4% to 7.50%.

(i) Working capital Loan from Banks are secured by hypothecation of Inventories and other assets in favour of the participating banks ranking pari passu on inter-se-basis, repayable during next one year and carrying interest in the range of 9.85% to 10.75%.

(ii) Bridge Loan from bank is secured by subservient charge on movable & immovable fixed assets located at Kolhapur unit. Tenor is 6 months. Applicable interest rate is Base rate of the bank. (Presently 10.65%).

(iii) Short term loan from related parties are repayable on demand and carry interest @ 10%.

i) The Company assesses its obligation arising in the normal course of business including pending litigations, proceedings with tax authorities and other contracts including derivative & long-term contracts. A provision for material foreseeable losses is recognized in accordance with the applicable accounting standards. Disclosure of contingent liabilities is made as applicable.

ii) Based on favorable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favorable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

4. "There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Accounting Standard (AS)-29 ''Provisions, Contingent Liabilities & Contingent Assets."

5. The Company has started the commercial production at 1750 TCD Ninaidevi plant from 30th November 2015 and 60 KLPD distillery at Kolhapur plant from 1st March 2016.

6. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited Key Management Personnel of the Company

Shri Jai Hari Dalmia- Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri K V Mohan- Company Secretary & Shri Anil Kataria-Chief Finance Officer

Relatives of Key Management Personnel

Shri Y. H. Dalmia (Brother of Vice Chairman) and Shri Puneet Yadu Dalmia (Son of Brother of Vice-Chairman).

Enterprises on which the Key Management Personnel of the Company exercise significant influence

Dalmia Refractories Limited, Dalmia Bharat Limited, Adhunik Cement Limited, Calcom Cement India Limited, DCB Power Ventures Limited, OCL India Limited, Dalmia Cement (Bharat) Limited & Dalmia Cement East Ltd.

7. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs.3.56 Crore (Rs. 0.84 Crore), OCL India Limited Rs.1.88 Crore (Rs. 0.82 Crore), Dalmia Bharat Limited Rs.2.30 Crore (Rs. 3.85 Crore), Adhunik Cement Limited Rs.1.02 Crore (Rs. 1.31 Crore), Dalmia Refectories Limited Rs.0.36 Crore (Rs. 0.30 Crore), Calcom Cement LimitedRs.0.45 Crore (Rs. 0.40 Crore) and Dalmia Cement East Limited Rs..23 Crore (Rs. 0.36 Crore).

8. Reimbursement of expenses - receivable includes transaction with Dalmia Bharat Limited Rs.0.15 Crore (Rs. 0.16 Crore).

9. Reimbursement of expenses - payable includes transaction with Dalmia Bharat Limited Rs.0.23 Crore (Rs. 0.32 Crore), Dalmia Cement (Bharat) Limited Rs. 0.07 (Rs. 0.00 Crore).

10. Purchase of goods & services includes transaction with Dalmia Bharat Limited Rs.10.48 Crore (Rs. 10.69 Crore), Dalmia Cement (Bharat) Limited Rs 1.65 Crore (Rs. 1.86 Crore) and Dalmia Refectories Limited Rs.0.03Crore (0.02 Crore).

11. Loans and advances given represent transaction with Dalmia Solar Power Limited Rs. 0.00 Crore (Rs. 0.01 Crore) and Dalmia Sugar Ventures Limited Rs. 0.00 Crore (Rs.0.01 Crore).

12. Loans repaid includes transaction with Dalmia Bharat Limited Rs. 34.00 Crore (Rs. 16.00 Crore) and DCB Power Ventures Limited Rs.16.00 Crore (Rs. 0.00 Crore).

13. Receipt of fund on their behalf and transfer includes transaction with Dalmia Bharat Limited Rs.0.00 Crore (Rs. 0.07 Crore).

14. Interest paid on loans includes transaction with Dalmia Bharat Limited Rs. 3.14 Crore (Rs. 3.75 Crore) and DCB Power Ventures Limited Rs.1.47 Crore (Rs 1.60 Crore).

15. Related Party Disclosure as required by Accounting Standard-18. (contd.)

16. Salary and perquisites includes transaction with Shri J. H. Dalmia Rs.0.52 Crore (Rs. 0.52 Crore) and Shri Gautam Dalmia Rs. 0.07 Crore (Rs.

0.07 Crore) .

17. Dividend received represent dividend from Dalmia Bharat Limited Rs 0.33 Crore (Rs 0.19 Crore).

18. Dividend paid represent dividend paid to Dalmia Bharat Limited Rs 0.89 Crore (Rs 0.00 Crore).

1. Loans receivable include Dalmia Solar Power Limited Rs.0.35 Crore (Rs. 0.35 Crore) and Dalmia Sugar Venture Limited Rs. 0.01 Crore (Rs.0.01 Crore) .

2. Loans payable includes Dalmia Bharat Limited Rs. 0.00 Crore (Rs. 34.00 Crore) and DCB Power Ventures Limited Rs. 0.00 Crore (Rs. 16.00 Crore).

3. Interest payable includes Dalmia Bharat Limited Rs 0.00 Crore (Rs 0.00 Crore) and DCB Power Ventures Limited Rs.0.00 Crore (Rs. 0.23 Crore).

4. Amount receivable includes Dalmia Cement (Bharat) Limited Rs.0.25 Crore (Rs. 0.19 Crore), Dalmia Bharat Limited 0.00 Crore (Rs.0.19 Crore), Dalmia Refectories Limited Rs.0.00 Crore ( Rs.0.03 Crore), Calcom Cement Limited Rs.0.00 Crore (Rs.0.09 Crore), Adhunik Cement Limited Rs.0.00 Crore (Rs.0.09 Crore) and Dalmia Cement East Limited Rs.0.00 Crore (Rs.0.04 Crore).

5. Amount payable includes Dalmia Cement (Bharat) Limited Rs.0.08 (Rs. 0.00 Crore) and Dalmia Bharat Limited Rs.1.69 Crore (Rs. 0.50 Crore).

There is no hedged foreign currency exposure as on the balance sheet date.

19. Figures less than Rs. Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

20. The Company has changed the method of charging depreciation from Straight Line Method to Written Down Value Method for Power Cogeneration plant & Machinery (other than Boiler, which is already being depreciated as per Written Down Value method) considering that there is higher wear and tear and that the revised carrying values approximates the current replacement values.

In compliance to the accounting standard (AS-6), depreciation has been recomputed from the date of commissioning of these plants at WDV rates applicable to those years. Consequent to this there is an additional charge for depreciation during the year of Rs. 59.65 Cr which relates to previous years. Additional depreciation on account of current year is Rs 4.99 Cr. Consequently the net block of Fixed Assets and profits are lower by Rs. 64.64 Cr.

21. In the opinion of the Management there is no reduction in the value of any assets, hence no provisions is required in terms of Accounting Standard AS 28 "Impairment of Assists".

22. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

23. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

Mar 31, 2015

1. SHARE CAPITAL

(a) Terms/ rights attached to Ordinary Equity shares

The Company has only one class of ordinary equity shares having a face value of Rs. 2 per share. Each ordinary equity shareholder is entitled to one vote per share.

In the event of winding-up of the company, the ordinary equity shareholders shall be entitled to be repaid remaining assets of the company, in the ratio of the amount of capital paid up on such ordinary equity shares.

2. Long Term Borrowings

1) Debentures referred to in A above to the extent of:

10.42%, Series XII Rs. 66.67 crore (Rs. 100 crore) are secured by mortgage and first charge on pari-passu basis on all the immovable and movable assets (both current and future) excluding current assets of the sugar units of the company at Jawaharpur and Nigohi, redeemable in three yearly equal installments of Rs. 33.33 crore commencing from September 30, 2014.

2) Term Loans from Banks referred to in B (i) above to the extent of:

a) Rs. 180 crore (Rs. 190 crore) is secured by subservient charge on entire fixed assets excluding vehicles of company's sugar units at Jawaharpur and Nigohi and subsequent charge on plant & machinery at Ramgarh Sugar unit. The same is repayable in five yearly unequal installments ranging from Rs. 10 crore to Rs. 60 crore each, commencing from December 2013, carrying interest @ Base rate 1% (Presently 11.20%).

b) Rs. 217.73 crore (Rs. 167.46 crore) is secured by mortgage on immovable property being Land & Building, structure, plant & machinery of Shri Datta Sakhar Karkhana (unit Asurle Porle). The same is repayable in thirty unequal installments ranging from Rs. 4 crore to Rs. 5.50 crore each, commencing from March 2016, carrying interest @ Base rate 1.5% (Presently 11.75%).

c) Rs. 78.20 Crore (Rs. 78.20 Crore), interest free loan (availed under "Scheme for Extending Financial Assistance to Sugar Undertaking 2014" of Govt of India) is secured by second charge on pari passu basis with SDF lendors and Allahabad Bank on entire fixed assets of the company's sugar units. The same is repayable in twelve quarterly equal installments commencing from June 2016.

3) Term Loan from others referred to in B (ii) above to the extent of:

Rs. 34.33 crore (Rs. 54.04 crore) which consist of various loans and are secured by second exclusive charge on movable and immovable properties of the sugar units at Ramgarh, Jawaharpur and Nigohi. The same is repayable in unequal installments in the range of Rs. 1.33 crore to Rs. 20.08 crore per year till FY 2018-19 and carry interest in the range of 4% to 7.50%.

3. CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF:

(Rs. Crore)

S.No. Particulars 2014-15 2013-14

a)Claims against the Company not acknowledged 0.51 0.51 as debts

b)Demand raised by Income tax authorities under 7.44 56.62 dispute

c)Demand raised by custom, excise, entry tax, 76.15 53.25 service tax and sales tax authorities under dispute

d)Other money for which the Company is contingently 0.15 0.15 liable

e)Guarantee issued by the Company's banker on behalf of the company 13.54 2.98

Notes:

i) The Company assesses it's obligation arising in the normal course of business including pending litigations, proceedings with tax authorities and other contracts including derivative & long-term contracts. A provision for material foreseeable losses is recognised in accordance with the applicable accounting standards. Disclosure of contingent liabilities is made as applicable.

ii) Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

4. GRATUITY AND OTHER POST EMPLOYMENT BENEFIT PLANS:

Gratuity

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

Provident Fund

The Guidance note issued by Accounting Standard Board (ASB) on implementing AS 15, Employee Benefit (Revised 2005) states that provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan. The fund does not have any existing deficit or interest shortfall.

5. SEGMENT INFORMATION

Primary Segment: Business Segment

The Company's operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Others.

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

The 'Others' segment' includes Magnesite, Distillery, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments.

6. For the Season 2014-15, the Government of Uttar Pradesh has announced certain financial assistance including Rs. 28.60 (per quintal of cane) linked to average selling price of sugar and its by products during 1st October, 2014 to 31st May, 2015.

Based on the prevailing selling price, the Company has accounted for financial assistance of Rs. 18.48 Crore @ 8.60 (per quintal of cane)(PY. Rs. Nil) for the year.

7. The company has acquired immovable and movable properties of "Ninaidevi Sahakari Sakhar Karkhana Ltd.", Valued by the valuer at Rs. 28.46 Crores, having a capacity of 1750 TCD, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, on payment of consideration of Rs. 24.30 Crores. Besides this outstanding liabilities of Rs. 2.53 crores was also taken over and incorporated in the books of accounts and classified under current & non-current liabilities based upon the nature. Correspondingly amount of Rs. 1.63 Crores has been transferred to capital reserve.

8. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited

Key Management personnel of the Company

Shri Jai Hari Dalmia- Vice-Chairman, Shri Yadu Hari Dalmia - Vice-Chairman (till 31-10-2013), Shri Gautam Dalmia - Managing Director, Shri Puneet Yadu Dalmia - Managing Director (till 31-10-2013).

Relatives of Key Management personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), Shri J. H. Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman) Shri Y H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Vice-Chairman), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Managing Director), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice-Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia (Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director), Shri M. H. Dalmia (Brother of Vice-Chairman) and Smt. Abha Dalmia (Wife of Brother of Vice-Chairman).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Dalmia Refractories Limited (formerly known as Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Shri Investments, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, New Habitat Housing Finance and Development Limited, Dalmia Bharat Limited, Dalmia Power Limited, Kanika Investment Limited, Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited (amalgamated into Dalmia Cement Bharat Ltd w.e.f. 9-12-2013), D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, ShriRadha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Adhunik Cement Limited, Calcom Cement India Limited, Adhunik MSP Cement (Assam) Limited, Vinay Cements Limited, RCL Cements Limited, SCL Cements Limited, Golden Hills Resort Private Limited, Rajputana Properties Private Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, DCB Power Ventures Limited, OCL India Limited and Dalmia Cement (Bharat) Limited, Dalmia Bharat Cements Holdings Limited, Shri Rangam Securities & Holdings Limited, Khappa Coal Co. Pvt. Ltd., YHD Trusteeship Services Pvt. Limited, Shri Yadu Hari Trusteeship Services Pvt. Ltd., Vastalaya Developers Pvt. Limited, Yadu Hari Dalmia Parivar Trust, Respect Elders & Co., Love Children & Co., Respect Nature & Society, Shri Brahma Creation Trust, Shri Vishnu Preservation Trust, Shubh Homes Realtors LLP.

9. Figures less than Rs. Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

10. In the opinion of the Management there is no reduction in the value of any assets, hence no provisions is required in terms of Accounting Standard AS 28 "Impairment of Assests".

11. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

12. "There are no present obligations requiring provisions in accordance with the guiding principles as enunciated in Accounting Standard (AS)-29 'Provisions, Contingent Liabilities & Contingent Assets."

13. Due to adoption of depreciation rates on the basis of useful life as prescribed under Schedule II of the Companies Act' 2013, depreciation charged for the year is higher by Rs 1.58 Cr. as compared to the depreciation rates charged during previous year. Further, written down value of fixed assets whose lives have expired as at 1st April, 2014 amounting to Rs. 4.73 Cr. have been adjusted net of tax, from retained earnings in accordance with provisions of schedule II to the Companies Act, 2013.

14. PREVIOUS YEAR COMPARATIVES

Figures in brackets pertain to previous year. Previous year's figures have been regrouped where necessary to conform to this year's classification.

Mar 31, 2014

1. Contingent Liabilities (not provided for) in respect of

(Rs. in Crore)

S. No. Particulars 2013-14 2012-13

a) Claims against the Company not acknowledged as debts 0.51 0.49

b) Demand raised by Income tax authorities under dispute 56.62 65.28

c) Demand raised by custom, excise, entry tax, service tax and sales tax authorities under dispute 53.25 56.21

d) Other money for which the Company is contingently liable 0.15 0.15

e) Guarantee issued by the Company''s banker on behalf of the company 2.98 -

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

2. Operating Lease

Assets taken on Lease

Office premises are taken on operating lease. There is no escalation clause in the lease agreement.

3. Gratuity and Other Post Employment Benefit Plans:

Gratuity

The Company has defned beneft gratuity plan. Every employee who has completed fve years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the plan.

4. Segment Information

Primary Segment: Business Segment

The Company''s operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Others.

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

The ''Others'' Segment'' includes Magnesite, Distillery, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not signifcant in the context of total turnover. As such there are no reportable Geographical Segments.

Segment Information

The following table presents segment revenues, results, assets & liabilities in accordance with AS-17 as on March 31, 2014:

5. In the previous year, the Company had changed the method of depreciation from straight line method to written down value method with efect from 1-4-2006, for Boiler plants at Ramgarh, Jawaharpur and Nigohi on account of timely replacement of machinery due to accelerated wear and tear.

In compliance with the Accounting Standards (AS-6) notifed by Companies (Accounting Standards) Rules, 2006, (as amended), depreciation has been recomputed from the date of commissioning of these plants at WDV rates applicable to those years. Consequent to this, there was an additional charge for depreciation during the previous year of Rs. 26.83 Crore due to the said change.

Had there been no change in the method of depreciation, the charge for the previous year would have been lower by Rs. 1.22 crore, excluding the charge relating to the previous years.

Consequently, the Net Block of Fixed Assets and Reserves and Surplus was lower by Rs. 28.05 Crore in the previous year.

6. Related Party Disclosure as required by Accounting Standard-18. a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited

Key Management Personnel of the Company

Shri Jai Hari DalmiaÂ Vice-Chairman, Shri Yadu Hari Dalmia Â Vice-Chairman (till 31-10-2013), Shri Gautam Dalmia - Managing Director, Shri Puneet Yadu Dalmia Â Managing Director (till 31-10-2013).

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), Shri J. H. Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman), Shri Y. H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Vice-Chairman), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Managing Director), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice-Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia (Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M. H. Dalmia (Brother of Vice-Chairman) and Smt. Abha Dalmia (Wife of Brother of Vice-Chairman).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Dalmia Refractories Limited (formerly known as Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Shri Investments, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, New Habitat Housing Finance and Development Limited, Dalmia Bharat Limited, Dalmia Power Limited, Kanika Investment Limited, Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited (amalgamated into Dalmia Cement Bharat Ltd w.e.f. 9-12-2013), D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, ShriRadha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Adhunik Cement Limited, Calcom Cement India Limited, Adhunik MSP Cement (Assam) Limited, Vinay Cements Limited, RCL Cements Limited, SCL Cements Limited, Golden Hills Resort Private Limited, Rajputana Properties Private Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, DCB Power Ventures Limited, OCL India Limited and Dalmia Cement (Bharat) Limited, Dalmia Bharat Cements Holdings Limited, Shri Rangam Securities & Holdings Limited, Khappa Coal Co. Pvt. Ltd., YHD Trusteeship Services Pvt. Limited, Shri Yadu Hari Trusteeship Services Pvt. Ltd., Vastalaya Developers Pvt. Limited, Yadu Hari Dalmia Parivar Trust, Respect Elders & Co., Love Children & Co., Respect Nature & Society, Shri Brahma Creation Trust, Shri Vishnu Preservation Trust, Shubh Homes Realtors LLP.

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs. 2.15 Crore (Rs. 0.21 Crore), OCL India Limited Rs. 0.29 Crore (Rs. 0.46 Crore), Dalmia Bharat Limited Rs. 3.64 Crore (Rs. 3.33 Crore) and Adhunik Cement Limited Rs. 0.88 Crore (Rs. NIL).

2. Reimbursement of expenses Â receivable includes transaction with Dalmia Bharat Limited Rs. 0.04 Crore (Rs. 0.03 Crore), Dalmia Cement (Bharat) Limited Rs. 0.04 Crore (Rs. 0.05 Crore).

3. Reimbursement of expenses Â payable includes transaction with Dalmia Bharat Limited Rs. 0.22 Crore (Rs. 0.40 Crore) and Dalmia Cement (Bharat) Limited Rs. 0.02 Crore (Rs. 0.05 Crore), DCB Power Ventures Limited Rs. 0.05 Crore (Rs. NIL).

4. Purchase of goods & services includes transaction with Dalmia Bharat Limited Rs. 9.58 Crore (Rs. 10.19 Crore) and Dalmia Cement (Bharat) Limited Rs. 1.40 Crore (Rs. 0.66 Crore).

5. Rent payment includes transaction with Ishita Properties Limited Rs. 0.01 Crore (Rs. 0.01 Crore).

6. Loans and advances given represent transaction with Dalmia Solar Power Limited Rs. 0.01 Crore (Rs. 7.23 Crore).

7. Loans taken includes transaction with Dalmia Bharat Limited Rs. 75.50 Crore (Rs. 127.25 Crore) and DCB Power Ventures Limited Rs. 15.00 Crore (Rs. 26.00 Crore).

8. Loans repaid includes transaction with Dalmia Bharat Limited Rs. 70.50 Crore (Rs. 132.25 Crore), DCB Power Ventures Limited Rs. 18.00 Crore (Rs. 7.00 Crore).

9. Sale of fixed assets includes transaction with Dalmia Cement (Bharat) Limited Rs. 0.09 (Rs. NIL) and Dalmia Bharat Limited Rs. 0.03 Crore (Rs. 0.04 Crore).

10. Receipt of fund on their behalf and transfer includes transaction with Dalmia Bharat Limited Rs. 0.06 Crore (Rs. 0.03 Crore).

11. Interest paid on loans includes transaction with Dalmia Bharat Limited Rs. 7.82 Crore (Rs. 2.47 Crore) and DCB Power Ventures Limited Rs. 2.50 Crore (Rs. 0.57 Crore).

12. Salary and perquisites includes transaction with Shri J. H. Dalmia Rs. 0.39 Crore (Rs. 0.42 Crore), Shri Y. H. Dalmia Rs. 1.11 Crore (Rs. 0.41 Crore), Shri Gautam Dalmia Rs. 0.04 Crore (Rs. 0.05 Crore), Shri Puneet Yadu Dalmia Rs. 0.05 Crore (Rs. 0.07 Crore).

13. Dividend received represent dividend from Dalmia Bharat Limited Rs. 0.19 Crore (Rs. 0.14 Crore).

14. Dividend paid represent dividend paid to Dalmia Bharat Limited Rs. 0.37 Crore (Rs. NIL).

2 Loans payable includes Dalmia Bharat Limited Rs. 50.00 Crore (Rs. 45.00 Crore) and DCB Power Ventures Limited Rs. 16.00 Crore (Rs. 19.00 Crore).

3 Interest payable includes Dalmia Bharat Limited Rs. 1.44 Crore (Rs. 1.25 Crore) and DCB Power Ventures Limited Rs. 0.37 Crore (Rs. 0.51 Crore).

4 Amount receivable includes Dalmia Cement (Bharat) Limited Rs. 0.15 Crore (Rs. 0.09 Crore).

5 Amount payable includes Dalmia Cement (Bharat) Limited Rs. 0.01 Crore (Rs. 0.06 Crore), Dalmia Bharat Limited Rs. 2.27 Crore (Rs. 3.80 Crore) and DCB Power Ventures Limited Rs. 0.06 Crore (Rs. 0.01 Crore).

8. In the previous year, the company acquired immovable and movable property of "M/s Shri Datta Sahakari Sakhar Karkhana Limited", Distt. Kolhapur, Maharashtra, having a capacity of 2500 TCD, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, on payment of consideration of Rs. 108.00 Crore. Besides this outstanding liabilities of Rs. 17.48 crore consisting of unsecured loan, sales tax dues & employees dues etc. were also taken over and incorporated in the books of account & classified under current & non-current liabilities based upon the tenor of maturity.

9. Figures less than Rs. Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

10. Previous year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

Mar 31, 2013

1. Contingent Liabilities (not provided for) in respect of:

(Rs. Crore)

S. No. Particulars 2012-13 2011-12

a) Claims against the Company not acknowledged as debts 0.49 0.55

b) Demand raised by Income tax authorities under dispute 65.28 58.40

c) Demand raised by custom, excise, entry tax, service tax and sales tax authorities 56.21 44.35 under dispute

d) Other money for which the Company is contingently liable 0.15 0.15

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same

2. The Company has changed the method of changing depreciation from straight line method to written down value method with effect from April 1, 2006,for Boiler plants at Ramgarh, Jawaharpur and Nigohi considering that there is higher wear and tear in the concerned equipment and that the revised carrying values approximates the current replacement values.

In compliance with the Accounting Standards (AS-6) notified by Companies (Accounting Standards) Rules, 2006, (as amended), depreciation has been recomputed from the date of commissioning of these plants at WDV rates applicable to those year Consequent to this, there is an additional charge for depreciation during the year of Rs.26.83 crore which relates to the previous year

Had there been no change in the method of depreciation, the charge for the year would have been lower by Rs.1.22 crore, excluding the charge relating to the previous year

Consequently, the net block of fixed assets and profit for the year are lower by Rs.28.05 crore.

3. Gratuity and Other Post Employment Beneft Plans:

Gratuity

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 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the plan.

4. Segment Information

Primary Segment: Business Segment

The Company''s operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Other

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

The ''Others'' segment'' includes Magnesite, Distillery, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments.

5. The company had given advance of Rs.9.50 crore to its wholly owned subsidiary company, "Dalmia Solar Power Limited" for its solar power business. However, the subsidiary company has abandoned its only project of 10MW Solar Power Project during the year. Hence, advance amounting to Rs.8.92 crore has been written off considering the financial position & future business viability of the subsidiary company.

6. During the year, the company acquired immovable and movable property of "M/s Shri Datta Sahakari Sakhar Karkhana Limited", Distt. Kolhapur, Maharashtra, having a capacity of 2500 TCD, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, on payment of consideration of Rs.108.00 crore. Besides this outstanding liabilities of Rs.17.48 crore consisting of unsecured loan, sales tax dues & employees dues etc. have also been incorporated in the books of account & classified under current & non-current liabilities based upon the tenor of maturity. The capital reserve of Rs.1.41 crore being the difference between net assets acquired and consideration paid, has also been recorded consequent to the Independent valuer report. Pro-rata depreciation on its assets has been charged from the date of taking over the possession.

7. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited

Key Management Personnel of the Company

Shri Jai Hari DalmiaÂ Vice-Chairman, Shri Yadu Hari Dalmia Â Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri Puneet Yadu Dalmia Â Managing Director.

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), Shri J.H. Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman) Shri Y.H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Vice-Chairman), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Managing Director), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice-Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia (Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M.H. Dalmia (Brother of Vice-Chairman) and Smt. Abha Dalmia (Wife of Brother of Vice-Chairman).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Shri Investments, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, New Habitat Housing Finance and Development Limited, Dalmia Bharat Limited, Dalmia Power Limited, Kanika Investment Limited, Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Adhunik Cement Limited, Calcom Cement India Limited, Adhunik MSP Cement (Assam) Limited, Vinay Cements Limited, RCL Cements Limited, SCL Cements Limited, Golden Hills Resort Private Limited, Rajputana Properties Private Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, DCB Power Ventures Limited, OCL India Limited and Dalmia Cement (Bharat) Limited.

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs.0.21 crore (Rs.0.53 crore), OCL India Limited Rs.0.46 crore (Rs.4.59 crore) and Dalmia Bharat Limited Rs.3.33 crore (Rs.1.14 crore).

2. Reimbursement of expenses Â receivable includes transaction with Dalmia Bharat Limited Rs.0.03 crore (Rs.0.05 crore), Dalmia Cement (Bharat) Limited Rs.0.05 crore (Rs.0.14 crore).

3. Reimbursement of expenses Â payable includes transaction with Dalmia Bharat Limited Rs.0.40 crore (Rs.0.20) and Dalmia Cement (Bharat) Limited Rs.0.05 crore (Rs.0.10 crore).

4. Purchase of goods & services includes transaction with Dalmia Bharat Limited Rs.10.19 crore (Rs.5.75 crore), Dalmia Cement (Bharat) Limited Rs.0.66 crore (Rs. Nil) and Shri Natraj Ceramics and Chemical Industries Limited Rs.0.03 crore (Rs. Nil).

5. Rent payment includes transaction with Ishita Properties Limited Rs.0.01 crore (Rs. Nil).

6. Loans and advances given include transaction with Dalmia Solar Power Limited Rs.7.23 crore (Rs.0.45 crore).

7. Loan taken includes transaction with Dalmia Bharat Limited Rs.127.25 crore (Rs.166.00 crore) and DCB Power Ventures Limited Rs.26.00 crore (Rs.56 crore).

8. Loan refund includes transaction with Dalmia Bharat Limited Rs.132.25 crore (Rs.141.00 crore), DCB Power Ventures Limited Rs.7.00 crore (Rs.56 crore).

9. Sale of fixed assets includes transaction with Dalmia Cement (Bharat) Limited Rs. Nil (Rs.0.01 crore) and Dalmia Bharat Limited Rs.0.04 crore (Rs. Nil).

10. Receipt of fund on their behalf and transfer includes transaction with Dalmia Bharat Limited Rs.0.03 crore (Rs. Nil).

11. Purchase of fixed assets includes transaction with Dalmia Cement (Bharat) Limited Rs. Nil (Rs.0.01 crore).

12. Interest paid on loan includes transaction with Dalmia Bharat Limited Rs.2.47 crore (Rs.3.73 crore) and DCB Power Ventures Limited Rs.0.57 crore (Rs. Nil).

13. Salary and perquisites includes transaction with Shri J. H. Dalmia Rs.0.42 crore (Rs.0.26 crore), Shri Y. H. Dalmia Rs.0.41 crore (Rs.0.26 crore), Shri Gautam Dalmia Rs.0.05 crore (Rs.0.26 crore), Shri Puneet Yadu Dalmia Rs.0.07 crore (Rs.0.26 crore).

14. Dividend received is on account of Dalmia Bharat Limited Rs.0.14 crore (Rs.Nil).

8. Figures less than r Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

9. Previous Year Comparatives

Mar 31, 2012

(a) Terms/ Rights attached to Ordinary Shares

The Company has only one class of Ordinary Shares having a face value of Rs2 per share. Each Ordinary Shareholder is entitled to one vote per share. 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 ended March 31, 2012 the amount of dividend per share recognised as distribution to ordinary shareholders was Rs Nil (Rs0.25).

In the event of winding-up of the company, the ordinary shareholders shall be entitled to be repaid remaining assets of the company, in the ratio of the amount of capital paid up on such ordinary shares.

1) Debentures referred to in A above to the extent of :

10.26%, Series XII Rs100.00 crore (Rs100.00 crore) are secured by mortgage and charge on first pari-passu basis on all the immovable and movable assets excluding current assets, both present and future, of the Company's sugar unit at Jawaharpur & Nigohi and redeemable in three yearly equal instalments commencing from September 30, 2014.

2) Term Loans from Banks referred to in B (i) above to the extent of :

Rs200.00 crore (Rs200.00 crore) is secured by subservient charge on entire fixed assets excluding vehicles of sugar units at Jawaharpur and Nigohi and subservient charge on plant & machinery at Ramgarh Sugar unit. The same is repayable in five yearly unequal instalments in the range of Rs30 crore to Rs50 crore each commencing from December 2013, carrying interest @ Base rate 1% (present 11.75%).

3) Nil (Rs14.12 crore) is secured by residual charge on the movable and immovable fixed assets of the sugar units.

4) Term Loan from Others referred to in B (ii) above to the extent of :

Rs83.98 crore (Rs88.99 crore) which consist of various loans and are secured by second exclusive charge on movable and immovable properties of the sugar unit at Ramgarh, Jawaharpur and Nigohi. The same is repayable in unequal instalments in the range of Rs1.33 crore to Rs20.08 crore per year till FY 2017-18 and carry interest in the range of 4% to 7.50%.

(i) Working capital Loan from Banks are secured by hypothecation of inventories and other assets in favour of the participating banks ranking pari passu on inter-se-basis, repayable during next one year and carrying interest in the range of 11% to 11.75%.

(ii) Short term Loans from Banks are secured by hypothecation of receivables. It is repayable during next one year and carry interest in the range of 10.75% to 11%.

(iii) Short term Loans from Related Parties are repayable during next one year and carry interest @ 10%.

5. Contingent Liabilities (not provided for) in respect of:

(Rs in Crore)

S.No. Particulars 2011-12 2010-11

a) Claims against the Company not acknowledged as debts 0.55 0.82

b) Demand raised by Income tax authorities under dispute 58.40 20.72

c) Demand raised by custom, excise, entry tax, service tax and sales tax authorities 44.35 22.75 under dispute

d) Other money for which the Company is contingently liable 0.15 0.15

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

6. Gratuity and Other Post Employment Benefit Plans:

Gratuity

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 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the plan.

Statement of Profit and Loss

Net employee benefit expense (recognised in Employee benefit Expenses)

Provident Fund

The Guidance note issued by Accounting Standard Board (ASB) on implementing AS 15, Employee Benefit (Revised 2005) states that provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan. The fund does not have any existing deficit or interest shortfall.

7. Segment Information

Primary Segment: Business Segment

The Company's operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Others.

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company.

The 'Others' segment' includes Magnesite , Distillery, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments.

8. During the preceding previous year, the Company had incurred some expenditure related to acquisition/construction of fixed assets and therefore accounted for the same under Capital work in progress. Details of the expenses capitalised and carried forward as capital work in progress are given below:

9. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited Key Management Personnel of the Company

Shri Jai Hari Dalmia- Vice-Chairman, Shri Yadu Hari Dalmia - Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri Puneet Yadu Dalmia - Managing Director.

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), Shri J.H.Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman) Shri Y.H.Dalmia (HUF), Smt. Bela Dalmia (Wife of Vice-Chairman), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Managing Director), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice- Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia (Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director), Shri M.H.Dalmia (Brother of Vice-Chairman) and Smt. Abha Dalmia (Wife of Brother of Vice-Chairman).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Private Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, New Habitat Housing Finance and Development Limited, Dalmia Bharat Enterprises Limited, Dalmia Power Limited, Kanika Investment Limited, Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Golden Hills Resort Private Limited, Rajputana Properties Private Limited, Cosmos Cements Limited, Sutnga Mines Private Limited, DCB Power Ventures Limited, OCL India Limited and Dalmia Cement (Bharat) Limited.

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs0.53 Crore (Rs2.86 Crore), OCL India Limited Rs4.59 Crore (Rs2.99 Crore) and Dalmia Bharat Enterprises Limited Rs1.14 Crore (Rs1.12 Crore).

2. Reimbursement of expenses - receivable includes transaction with Dalmia Bharat Enterprises Limited Rs0.05 Crore (Rs0.23 Crore), Dalmia Cement (Bharat) Limited Rs0.14 Crore (Rs0.42 Crore) and Dalmia Solar Power Limited Rs Nil (Rs0.16 Crore).

3. Reimbursement of expenses - payable includes transaction with Dalmia Bharat Enterprises Limited Rs0.20 Crore (Rs Nil) and Dalmia Cement (Bharat) Limited Rs0.10 Crore (Rs1.85 Crore).

4. Purchase of goods & services includes transaction with Dalmia Bharat Enterprises Limited Rs5.75 Crore (Rs5.42 Crore).

5. Rent payment includes transaction with Ishita Properties Limited Rs Nil (Rs0.03 Crore) and Dalmia Bharat Enterprises Limited Rs Nil (Rs0.07 Crore).

6. Loans and advances given includes transaction with Dalmia Solar Power Limited Rs0.45 Crore (Rs1.27 Crore).

7. Loan taken includes transaction with Dalmia Bharat Enterprises Limited Rs166.00 Crore (Rs189.20 Crore) and DCB Power Ventures Limited Rs56.00 Crore (Rs Nil).

8. Loan refund includes transaction with Dalmia Bharat Enterprises Limited Rs141.00 Crore (Rs164.20 Crore) and DCB Power Ventures Limited Rs56.00 Crore (Rs Nil).

9. Loan and advances received back includes transaction with Dalmia Solar Power Limited Rs Nil (Rs2.56 Crore) and Dalmia Sugar Ventures Ltd. Rs Nil (Rs0.99 Crore).

10. Sale of fixed assets includes transaction with Dalmia Cement (Bharat) Limited Rs0.01 Crore (Rs Nil).

11. Receipt of fund on their behalf and transfer includes transaction with Dalmia Bharat Enterprises Limited Rs Nil (Rs20.84 Crore) and Dalmia Cement (Bharat) Limited Rs Nil (Rs229.72 Crore).

12. Purchase of fixed assets includes transaction with Dalmia Cement (Bharat) Limited Rs0.01 Crore (Rs Nil) and Dalmia Bharat Enterprises Limited Rs Nil (Rs0.24 Crore).

13. Interest paid on loan includes transaction with Dalmia Bharat Enterprises Limited Rs3.73 Crore (Rs1.77 Crore).

14. Salary and perquisites includes transaction with Shri J. H. Dalmia Rs0.26 Crore (Rs0.52 Crore), Shri Y H. Dalmia Rs0.26 Crore (Rs0.51 Crore), Shri Gautam Dalmia Rs0.26 Crore (Rs0.48 Crore), Shri Puneet Yadu Dalmia Rs0.26 Crore (Rs0.46 Crore).

1 Loan receivable includes Dalmia Solar Power Limited Rs2.27 Crore (Rs1.82 Crore).

2 Loan payable includes Dalmia Bharat Enterprises Limited Rs50.00 Crore (Rs25.00 Crore).

3 Amount receivable includes Dalmia Bharat Enterprises Limited Rs0.20 Crore (Rs Nil), Dalmia Cement (Bharat) Limited Rs0.23 Crore (Rs4.85 Crore) and OCL India Limited Rs0.05 Crore (Rs Nil)

4 Amount payable includes Dalmia Cement (Bharat) Limited Rs0.01 Crore (Rs Nil), Dalmia Bharat Enterprises Limited Rs Nil (Rs29.09 Crore) and Himshikhar Investment Limited Rs Nil (Rs1.13 Crore).

10. Presentation and Disclosure of Financial Statements

During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the figures in accordance with the requirements applicable in the current year.

11. Figures less than ' Fifty thousand which are required to be shown separately have been shown at actual in double brackets.

12. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year's figures have been regrouped where necessary to conform to this year's classification.

Mar 31, 2011

1. Contingent liabilities (not provided for) in respect of: (Rs Million) Sl. Particulars 2010-11 2009-10

a) Claims against the Company not 8.22 386.69 acknowledged as debts

b) Guarantees/Counter Guarantees - 14.70 given to banks on account of loans given by the banks to Bodies Corporate

c) Demand raised by Income tax 207.22 111.16 authorities in dispute

d) Demand raised by custom, 227.51 729.29 excise, entry tax, service tax and sales tax authorities in dispute

e) Other money for which the 1.50 11.93 Company is contingently liable

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

2. Computation of net profit in accordance with Section 349 of the Companies Act, 1956 for calculation of commission payable to Directors:

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

4. Operating Lease

Assets taken on lease

Office premises are obtained on operating lease. The lease term is for 3 years. There is no escalation clause in the lease agreement.

Assets given on lease

The Company had leased out building, plant and machinery etc on operating lease during the earlier period. The lease term was for 10 years and thereafter not renewable. There was no escalation clause in the lease agreement. There were no restrictions imposed by lease arrangements. Contingent rent recognized in the Profit & Loss Account for the year was Rs Nil (RsNil).

Difference in quantitative tally is on account of captive consumption/ shortage/excess/damages etc.

5. Gratuity and Other Post Employment Benefit Plans

Gratuity

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 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The estimates of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Provident Fund

The Guidance note issued by Accounting Standard Board (ASB) on implementing AS 15, Employee Benefit (Revised 2005) states that provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan. The fund does not have any existing deficit or interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e. government interest to be paid on provident fund scheme exceeds rate of interest earned on investment), pending the issuance of Guidance Note from the actuarial society of India, the Company's actuary has expressed his inability to reliably measure the same.

6. Segment Information

Primary Segment: Business Segment

The Company's operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The identified reportable segments are Own Manufactured Sugar, Power and Others.

The "Own Manufactured Sugar Segment" includes manufacture and marketing of Sugar.

The "Power Segment" includes generation and sale of Power. Power is also used for captive consumption by the Company

The 'Others' segment' includes Magnesite , Distillery, Travel, and Electronics activities of the Company.

The company caters mainly to the needs of the domestic market. The export turnover is not significant in the context of total turnover. As such there are no reportable Geographical Segments.

7. Related Party Disclosure as required by Accounting Standard-18.

a) List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Himshikhar Investment Limited, Dalmia Solar Power Limited and Dalmia Sugar Ventures Limited

Key Management Personnel of the Company

Shri J.H.Dalmia- Vice-Chairman, Shri Y.H.Dalmia - Vice-Chairman, Shri Gautam Dalmia - Managing Director, Shri Puneet Yadu Dalmia - Managing Director and Shri T. Venkatesan - Whole Time Director (upto October 31, 2010).

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), J.H.Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman), Y.H.Dalmia (HUF), Smt. Bela Dalmia (Wife of Vice-Chairman), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Managing Director), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice-Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director ), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia (Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M.H.Dalmia (Brother of Vice-Chairman) and Smt. Abha Dalmia (Wife of Brother of Vice-Chairman) and Smt. Kala Venkatesan (Wife of Whole Time Director (upto October 31, 2010)

Associate of the Company OCL India Limited (upto March 31, 2010)

Joint Venture of the Company Khappa Coal Company Private Limited (upto March 31, 2010)

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Private Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, New Habitat Housing Finance and Development Limited, Dalmia Bharat Enterprises Limited, Dalmia Power Limited, Kanika Investment Limited ,Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Golden Hills Resort Private Limited, Rajputana Properties Private Limited, Cosmos Cements Limited,Sutnga Mines Private Limited, DCB Power Ventures Limited, OCL India Limited and Dalmia Cement (Bharat) Limited.

8. Figures less than Rs Five Thousand which are required to be shown separately have been shown at actual in double brackets.

9. A Scheme of Arrangement between the Company, Dalmia Cement (Bharat) Limited [formerly known as Avnija Properties Limited], Dalmia Bharat Enterprises Limited, DCB Power Ventures Limited and their respective shareholders and creditors under section 391 -394 of Companies Act, 1956, has been sanctioned by Hon'ble High Court of Madras on July 29, 2010 and made effective on September 1, 2010. Consequently, in terms of aforesaid Scheme, the Cement business, Thermal Power business and Refractory business (the "Demerged Undertakings") has been transferred to the respective resulting Company effective from 1st April 2010. In view of this, figures for previous year are strictly not comparable.

As per the accounting treatment detailed in the scheme, the Company has reduced the undermentioned assets and liabilities of Demergered Undertakings, pursuant to the Scheme, at their respective book values as on the Appointed Date, i.e., April 1, 2010. The Company has debited an amount equal to the difference between book values of assets and liabilities of the Demerged Undertaking from Share Premium Account, General Reserve, Surplus in Profit and Loss Account. The details of the same are as follows:

As per the aforesaid Scheme of Arrangement, the shareholders of the Company as on the record date, i.e., 27-9-2010 received one share of Dalmia Bharat Enterprises Limited for every one share held by them in this Company.

10. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year's figures have been regrouped where necessary to conform to this year's classification.

Mar 31, 2010

1. Contingent liabilities (not provided for) in respect of:

(Rs. in Million)

S. No.Particulars 2009-10 2008-09

a) Claims against the 386.69 200.69 Company not ackno wledged asdebts

b) Guarantees/Counter 14,70 240.00 Guarantees given to banks on account of loans given by the banks to Bodies Corporate

c) Demand raised by 111.16 76.90 Income tax authorities indispute d) Demand raised by 729.29 582.95 custom, excise, entry tax, service tax and sales tax authorities in dispute

e) Other money for 11.93 2.98 which the Company is contingently liable

f) Uncalled Liability - 42.24 on Partly Paid up Units

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

2. Computation of net profit in accordance with Section 349 of the Companies Act, 1956 for calculation of commission payable to Directors:

As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as a whole, the amounts pertainingtothedirectorsarenotincludedabove.

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and currentassetsin the ordinarycourse of business willnotbe less than theamountatwhichtheyarestatedintheBalanceSheet.

4. Operating Lease Assets taken on lease

Office premises are obtained on operating lease. The lease term is for 3 years. There is no escalation clause in the lease agreement.

Assets given on lease

The Company has leased out building, plant and machinery etc on operating lease. The lease term is for 10 years and thereafter not renewable. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease arrangements. Contingent rentrecognized in the Profit & Loss Account for the year was (Rs.Nil) (Rs.Nil).

5. Gratuity and Other Post Employment Benefit Plans Gratuity

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 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balances heet for the plan.

Profit and Loss Account

Net employee benefit expense (recognised in Personnel Expenses)

Provident Fund

The Guidance note issued by Accounting Standard Board (ASB) on implementing AS 15, Employee Benefit (Revised 2005) states that provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan. The fund does not have any existing deficit or interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e. government interest to be paid on provident fund scheme exceeds rate of interest earned on investment), pending the issuance of Guidance Note from the actuarial society of India, the Companys actuary has expressed his inability to reliably measure the same.

6. Segment Information

Primary Segment: Business Segment

The Companys operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The four identified reportable segments are Own Manufactured Cements, Own Manufactured Sugar, Powerand Others.

The"Own Manufactured Cementand Sugar Segmenfincludesmanufactureand marketing ofCement and Sugar.

The "Power Segmenf includes generation and sale of Power. Power is al so used for captive consumption by the Company The Otherssegmentincludes Magnesite, Distillery, Travel, Electronics and refractories activities of the Company.

During the year, management has decided to demerge operations of cement business (cement segment), captive power plants at cement units (power segment), refractory business and certain other businesses (Others segment). The disclosure of discontinuing business is given in Note 19.

Thecompany caters mainlyto the needs ofthe domestic martet.The export turnoverisnotsignificant in the context oftotal turnover. As such there are no reportableGeographical Segments.

Segment Information

The following table presents segment revenues, results,assets & liabili -ties in accordance with AS-17 as on 31.3.2010 for both continuing and discontinuing operations.

7. Related Party Disclosure as required by Accounting Standard-18.

a)List of related parties along with nature and volume of transactions is given be low:

Subsidiaries of the Company

Kanika Investment Limited, Ishita Properties Limited, D.I. Properties Limited, Geetee Estates Limited, Avnija Properties Limited, Shri Rangam Properties Limited, Hemshila Properties Limited, Himshikhar Investment Limited, Dalmia Minerals & Properties Limited, Shree Radha Krishna Broker & Holdings Limited, Dalmia Power Limited (formerly known as Seeta Estates & Brokers Limited), Dalmia Solar Power Limited (formerly known as Shri Rangam Brokers & Holdings Limited), Arjuna Brokers & Minerals Limited, Dalmia Bharat Enterprises Limited (formerly known as Sri Kesava Mines & Minerals Limited), DCB Power Ventures Limited (formerly known as Sri Madhava Minerals & Properties Limited), Sri Shanmugha Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Trivikrama Mines and Properties Limited, Sri Dhandauthapani Mines and Minerals Limited, Sri Madhusudana Mines and Properties Limited and Dalmia Sugar Ventures Limited

Subsidlanes and step down subsidiaries of AvnijaPiopeities Limited

Dalmia Cement Ventures Limited, Golden Hills Resort Private Limited and Rajputana Properties Private Limited

Step down Subsidiaries of Dalmia Minerals & Properties Limited Cosmos Cements Limited and Sutnga Mines Private Limited

Associate of the Company OCL India Limited

JointVentures Khappa Coal Company Private Limited

Key Management Personnel of the Company Shri J.H.Dalmia Vice-Chairman, Shri Y.H.Dalmia Vice-Chairman , Shri Gautam Dalmia - Managing Director, Shri Puneet Dalmia ManagingDirector,andShriT.Venkatesan WholetimeDirector.

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Vice-Chairman), Shri J.H.Dalmia (HUF), Smt. Kavita Dalmia (Wife of Vice- Chairman) Shri Y.H.Dalmia (HUF),Smt.Bela Dalmia (WifeofVice-Chairman),Shri Gautam Dalmia (Son ofVice-Chairman),ShriGautam Dalmia (HUF),Smt.Anupama Dalmia (Wife of Managing Director), Shri Puneet Dalmia (Son of Vice-Chairman), Smt. Avantika Dalmia (Wife of Managing Director), Kumari Shrutipriya Dalmia (Daughter of Vice-Chairman), Kumari Sukeshi Dalmia (Daughter of Managing Director ), Kumari Vaidehi Dalmia (Daughter of Managing Director), Kumari Sumana Dalmia Daughter of Managing Director), Kumari Avanee Dalmia (Daughter of Managing Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M.H.Dalmia,(Brother of Vice-Chairman) Smt. Abha Dalmia (Wife of Brother of Vice-Chairman), Shri R.H.Dalmia (Brotherof Vice-Chairman) and Smt. KalaVenkatesan(WifeofWholeTime Director).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Private Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya DalmiaTrust,PriyangTrust,AvaneeTrustandRaghuHari Dalmia ParivarTrust.

8. Discontinuing operation

The Directors of Company at its meeting held on March 18, 2010, considered and approved a proposal to demerge the cement business, refractory business, thermal power business and certain other businesses (collectively the "Demerged Undertakings") into Dalmia Bharat Enterprises Limited ("DBEL") in terms of a Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 and other applicable laws (the "Scheme"). DBEL is presently wholly owned subsidiary of the Company.

The Company has filed the Scheme of Arrangement under sections 391 to 394 of the companies Act, 1956 before the High court of Madras and hopes to complete the demerger by the end of the calendaryear.

As part of the Scheme, DBEL will further demerge the cement business to Avnija Properties Ltd ("Avnija") and thermal power business to DCB Power Ventures Ltd ("DPVL"). Post implementation of the Scheme as above, DPVLs shareholding will be held upto 74o/o by Dalmia Power Ltd ("DPL") while the balance 26% will be held by Avnija. Avnija and DPL will become wholly owned subsidiaries of DBEL. DBEL will be listed on NSE, BSE and Madras Stock Exchange with the same shareholding pattern as of the Company. The shareholders of the Company will receive one additional share in DBEL for every share held in the Company.

The purpose of the demerger is to develop potential for further growth and diversification to have better synergy and optimization of resources as well as to facilitate fund raising and development of the respective businesses. Further, the demerger would facilitate the running of Cement Undertaking, which is one of the core businesses of the group, with a greaterandfocusedapproachtoconcentrateand focus on its operations to itsgreateradvantage.

The carrying amounts of the total assets and liabilities to be demerged as at 31 March, 2010 are as follows. (Comparative information for demerged divisions in 2008-09 is included in accordance with the Accounting Standard on Discontinuing Operations).

9. Profit/Losson sale of Investments does not includeany profit/loss on sale of long term investments.

10. Details of loans and advances to associates, parties in which Directors are interested and Investments by the Loanee in the shares ofthe Company (as required by clause 32 of listing agreement)

11. During the year the Company, has acquired its stake in OCL India Limited, an associate of the Company, from 21.71 % to 45.370/0 through bulkdeal. It has bought 13.46 million shares,or 23.66%additional stake,in OCL India Limited at Rs 131.66 per share.

12. Figures lessthan Rs. Fivethousand which are required to be shown separately have beens how not actual in double brackets.

13. Previous Year Comparatives

Figures in brackets pertain to previousyear.Previousyears figures have been regrouped where necessary to conform to this years classification.

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