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Accounting Policies of G G Dandekar Machine Works Ltd. Company

Mar 31, 2015

1. Method of accounting :

These Financial Statements have been prepared under the historical cost convention on accrual basis, in accordance with the Generally Accepted Accounting Principles in India (GAAP), which includes mandatory accounting standards as prescribed u/s.133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, and in compliance with the provisions of the Act to the extent notified. The accounting policies discussed below are consistent with those used in the previous year, unless otherwise stated.

2. Use of Estimates :

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the reported period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

3. Fixed Assets:

Fixed assets are stated at cost, less accumulated depreciation or amortization. Cost is inclusive of freight, duties, taxes (to the extent of credit not availed) and incidental expenses related to acquisition, installation, erection and commissioning. Financing cost relating to acquisition of qualifying fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use.

4. Depreciation and Amortization:

a) Depreciation on fixed assets is charged on Written Down Value Method using the useful lives and residual values of all the assets as prescribed under Part - C of Schedule II to the Companies Act, 2013, except as stated in para (b) & (c) below

b) Cost of Leasehold Land is amortized over remaining period of lease agreement.

c) Computer Software are being amortised on Straight Line basis over period of 6 years.

5. Investments:

Long term investments are stated at cost. Provision is made to recognize the decline, other than temporary in nature, in carrying amount of such investments. Current investments are stated at the lower of cost or fair value.

6. Inventories:

d) Inventories are valued at lower of cost or estimated net realizable value.

e) Cost of raw materials, components, consumables, tools, stores and spares is arrived at on weighted average cost basis.

f) Cost of finished goods and Work in progress is arrived at on the basis of weighted average cost of raw material and other cost of conversion thereof for bringing the inventories up to their present location and condition.

7. Foreign Currency Transactions:

a) Initial Recognition: Foreign Currency Transactions are translated into Indian Rupee at the exchange rates prevailing on the date of transactions.

b) Conversion: At the end of accounting year, the monetary items denominated in foreign currencies are restated at the exchange rates prevailing on the last day of the accounting year.

c) Exchange Differences: The exchange differences arising on settlement/ conversion of foreign currency transactions are recognized in Profit and Loss Account.

8. Research and Development Expenses

a) Research and Development Expenses, other than Capital Expenses are charged to Profit and Loss Account as and when incurred.

b) Capital expenditure incurred for research and development activities are included in respective Fixed Assets and Depreciation is provided as per rates specified, in Schedule II of the Companies Act, 2013.

9. Revenue Recognition:

a) Sales are accounted for net of Central Sales Tax and Value Added Tax.

b) Revenue from sale is recognized when the significant risks and rewards of ownership of goods have been passed to customers, which generally coincides with their removal from Factory.

c) Revenue from erection and commissioning services is recognized on completion of contractual obligations.

d) Interest income is recognized on accrual basis at applicable interest rate.

e) Dividend income is recognized when the Company's right to receive dividend is established.

10. Employee Benefits:

a) Short Term Employee Benefits :

All employee benefits falling due wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, bonus and other allowances and short term compensated absences etc. are recognized in the period in which the employee renders the related service.

b) Post-Employment Benefits:

i. Defined Contribution Plans:

The State governed Employee Pension Scheme, Employees State Insurance Scheme, the Company's Provident Fund administered by an independent Trust and the Company's Superannuation Scheme are the defined contribution plans. The liability on account of company's contribution paid or payable under these schemes is recognized during the period in which the employee renders the related service and is charged to the Profit and Loss account. The Company has no further obligation beyond these contributions.

ii. Defined Benefit Plans:

The employees' gratuity fund scheme is the Company's defined benefit plan. The present value of the obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

c) Long Term Employee Benefits:

The accruing liability on account of encashment of leave entitlement of employees as per the rules of the Company is determined and provided for on the basis of the actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

11. Provision for Current and Deferred Tax:

a) Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period and in accordance with the provisions of Income Tax Act, 1961.

b) Provision for Deferred Tax resulting from 'Timing Difference' between books and taxable profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance Sheet date.

c) Deferred tax assets for tax loss and depreciation carried forward are recognized to the extent that the realization of the related tax benefit through the future taxable profits is virtually certain and is supported by convincing evidence that sufficient future taxable profits can be realized.

12. Borrowing Cost:

Borrowing costs are charged to Profit and Loss Account, except in cases where borrowings are directly attributable to acquisition, construction or production of a qualifying asset. A qualifying asset is one which necessarily takes substantial period of time to get ready for intended use.

13. Impairment of Assets:

Provision for impairment loss, if any, is recognized to the extent by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is determined on the basis of the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

14. Provisions, Contingent Liabilities and Contingent Assets:

a) Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if :

i. The company has a present obligation as a result of past event,

ii. The probable outflow of resources is expected to settle the obligation, and

iii. The amount of obligation can be reliably estimated.

b) Contingent liabilities are disclosed in the case of:

i. A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

ii. A possible obligation unless the probability of outflow of resources is remote.

c) Contingent Assets are neither recognized nor disclosed.

Provisions & Contingent Liabilities are disclosed after an evaluation of the facts and legal aspects and the amounts are reviewed at each balance sheet date.


Mar 31, 2013

1. Method of accounting:

The financial statements have been prepared under historical cost convention on accrual basis and comply with notified accounting standards as referred to in Section 211 (3C) and other relevant provisions of the Companies Act, 1956; unless otherwise specified.

2. Use of Estimates:

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assump. tions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the reported period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

3. Fixed Assets:

Fixed assets are stated at cost, less accumulated depreciation or amortization. Cost is inclusive of freight, duties, taxes (to the extent of credit not availed) and incidental expenses related to acquisition, installation, erection and commissioning. Financing cost relating to acquisition of qualifying fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use.

4. Depreciation and Amortization:

a. Depreciation on Fixed Assets has been charged on Written Down Value Method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956, except as stated in Para (b) & (c) below.

b. Cost of Leasehold Land is amortized over remaining period of lease agreement.

c. Computer Software are being amortized on Straight Line Method over period of 6 years.

5. Investments:

Long term investments are stated at cost. Provision is made to recognize the decline, other than temporary in nature, in carrying amount of such investments. Current investments are stated at the lower of cost or fair value.

6. Inventories:

a. Inventories are valued at lower of cost or estimated net realizable value.

b. Cost of raw materials, components, consumables, tools, stores and spares is arrived at on weighted average cost basis.

c. Cost of finished goods and Work in progress is arrived at on the basis of weighted average cost of raw material and other cost of conversion thereof for bringing the inventories up to their present location and condition.

7. Foreign Currency Transactions:

a. Initial Recognition: Foreign Currency Transactions are translated into Indian Rupee at the exchange rates prevailing on the date of transactions.

b. Conversion: At the end of accounting year, the monetary items denominated in foreign currencies are restated at the exchange rates prevailing on the last day of the accounting year.

c. Exchange Differences: The exchange differences arising on settlement/ conversion of foreign currency transactions are recognized in Profit and Loss Account.

d. The financial statements of non.integral foreign operations are translated as per provisions of AS.11.

8. Research and Development Expenses

a. Research and Development Expenses, other than Capital Expenses are charged to Profit and Loss Account as and when incurred.

b. Capital expenditure incurred for research and development activities are included in respective Fixed Assets and Depreciation is provided as per rates specified, in Schedule XIV of the Companies Act, 1956.

9. Revenue Recognition:

a. Sales are accounted for net of Central Sales Tax and Value Added Tax.

b. Revenue from sale is recognized when the significant risks and rewards of ownership of goods have been passed to customers, which generally coincides with their removal from Factory.

c. Revenue from erection and commissioning services is recognized on percentage Completion method.

d. Interest income is recognized on accrual basis at applicable interest rate.

e. Dividend income is recognized when the Company''s right to receive dividend is established.

10. Employee Benefits:

a. Short Term Employee Benefits:

All employee benefits falling due wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, bonus and other allowances and short term compensated absences etc. are recognized in the period in which the employee renders the related service.

b. Post.Employment Benefits:

i. Defined Contribution Plans:

The State governed Employee Pension Scheme, Employees State Insurance Scheme, the Company''s Provident Fund administered by an independent Trust and the Company''s Superannuation Scheme are the defined contribution plans. The liability on account of company''s contribution paid or payable under these schemes is recognized during the period in which the employee renders the related service and is charged to the Profit and Loss account. The Company has no further obligation beyond these contributions.

ii. Defined Benefit Plans:

The employees'' gratuity fund scheme is the Company''s defined benefit plan. The present value of the obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

c. Long Term Employee Benefits:

The accruing liability on account of encashment of leave entitlement of employees as per the rules of the Company is determined and provided for on the basis of the actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

11. Provision for Current and Deferred Tax:

i. Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period and in accordance with the provisions of Income Tax Act, 1961.

ii. Provision for Deferred Tax resulting from Timing Difference'' between books and taxable profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance Sheet date. The deferred tax asset is recog. nized only to the extent that there is a reasonable certainty that the assets will be adjusted in future.

12. Borrowing Cost:

Borrowing costs are charged to Profit and Loss Account, except in cases where borrowings are directly attributable to acquisition, construction or production of a qualifying asset. A qualifying asset is one which necessarily takes substantial period of time to get ready for intended use.

13. Impairment of Assets:

Provision for impairment loss, if any, is recognized to the extent by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset''s net selling price and its value in use. Value in use is determined on the basis of the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

14. Provisions, Contingent Liabilities and Contingent Assets:

i. Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if :

a. The company has a present obligation as a result of past event,

b. The probable outflow of resources is expected to settle the obligation, and

c. The amount of obligation can be reliably estimated.

-ii. Contingent liabilities are disclosed in the case of:

a. A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

b. A possible obligation unless the probability of outflow of resources is remote.

iii. Contingent Assets are neither recognized nor disclosed.

Provisions & Contingent Liabilities are disclosed after an evaluation of the facts and legal aspects and the amounts are reviewed at each balance sheet date.


Mar 31, 2012

A-1. Method of accounting:

The financial statements have been prepared under historical cost convention on accrual basis and comply with notified accounting standards as referred to in Section 211 (3C) and other relevant provisions of the Companies Act, 1956; unless otherwise specified.

A-2. Use of Estimates:

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the reported period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

A-3. Fixed Assets:

Fixed assets are stated at cost, less accumulated depreciation or amortization. Cost is inclusive of freight, duties, taxes (to the ex- tent of credit not availed) and incidental expenses related to acquisition, installation, erection and commissioning. Financing cost relating to acquisition of qualifying fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use.

Goodwill is stated at a nominal value of Re. 1/-

A-4. Depreciation and Amortization:

a. Depreciation on Fixed Assets has been charged on Written Down Value Method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956, except as stated in Para (b) & (c) below.

b. Cost of Leasehold Land is amortized over remaining period of lease agreement.

c. Computer Softwares are being amortized over their estimated useful life of 6 years.

A-5. Investments:

Long term investments are stated at cost. Provision is made to recognize the decline, other than temporary in nature, in carrying amount of such investments. Current investments are stated at the lower of cost or fair value.

A-6. Inventories:

a. Inventories are valued at lower of cost or estimated net realizable value.

b. Cost of raw materials, components, consumables, tools, stores and spares is arrived at on weighted average cost basis.

c. Cost of finished goods and Work in progress is arrived at on the basis of weighted average cost of raw material and other cost of conversion thereof for bringing the inventories up to their present location and condition.

A-7. Foreign Currency Transactions:

a. Initial Recognition: Foreign Currency Transactions are translated into Indian Rupee at the exchange rates prevailing on the date of transactions.

b. Conversion: At the end of accounting year, the monetary items denominated in foreign currencies are restated at the exchange rates prevailing on the last day of the accounting year.

c. Exchange Differences: The exchange differences arising on settlement/ conversion of foreign currency transactions are recognized in Profit and Loss Account.

d. The financial statements of non-integral foreign operations are translated as per provisions of AS-11.

A-8. Research and Development Expenses

a. Research and Development Expenses, other than Capital Expenses are charged to Profit and Loss Account as and when incurred.

b. Capital expenditure incurred for research and development activities are included in respective Fixed Assets and Depreciation is provided as per rates specified, in Schedule XIV of the Companies Act, 1956.

A-9. Revenue Recognition:

a. Sales are accounted for net of Central Sales Tax and Value Added Tax.

b. Revenue from sale is recognized when the significant risks and rewards of ownership of goods have been passed to customers, which generally coincides with their removal from Factory.

c.Revenue from erection and commissioning services is recognized on percentage completion method.

d.Interest income is recognized on accrual basis at applicable interest rate.

e.Dividend income is recognized when the Company's right to receive dividend is established.

A-10. Warranty Costs:

Warranty obligations are accounted for as and when claims are admitted.

A-11. Employee Benefits:

a. Short Term Employee Benefits:

All employee benefits falling due wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, bonus and other allowances and short term compensated absences etc. are recognized in the period in which the employee renders the related services.

b. Post-Employment Benefits:

i. Defined Contribution Plans:

The State governed Employee Pension Scheme, Employees State Insurance Scheme, the Company's Provident Fund administered by an independent Trust and the Company's Superannuation Scheme are the defined contribution plans. The liability on account of company's contribution paid or payable under these schemes is recognized during the period in which the employee renders the related service and is charged to the Profit and Loss account. The Company has no further obligation beyond these contributions.

ii. Defined Benefit Plans:

The employees' gratuity fund scheme is the Company's defined benefit plan. The present value of the obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

c. Long Term Employee Benefits:

The accruing liability on account of encashment of leave entitlement of employees as per the rules of the Company is determined and provided for on the basis of the actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

A-12. Provision for Current and Deferred Tax:

i. Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period and in accordance with the provisions of Income Tax Act, 1961.

ii. Provision for Deferred Tax resulting from 'Timing Difference' between books and taxable profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on Balance Sheet date. The deferred tax asset is recognized only to the extent that there is a reasonable certainty that the assets will be adjusted in future.

A-13. Borrowing Cost:

Borrowing costs are charged to Profit and Loss Account, except in cases where borrowings are directly attributable to acquisition, construction or production of a qualifying asset. A qualifying asset is one which necessarily takes substantial period of time to get ready for intended use.

A-14. Impairment of Assets:

Provision for impairment loss, if any, is recognised to the extent by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is determined on the basis of the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

A-15. Provisions, Contingent Liabilities and Contingent Assets:

i. Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if:

a. The company has a present obligation as a result of past event,

b. The probable outflow of resources is expected to settle the obligation, and

c. The amount of obligation can be reliably estimated.

ii. Contingent liabilities are disclosed in the case of:

a. A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

b. A possible obligation unless the probability of outflow of resources is remote.

iii. Contingent Assets are neither recognized nor disclosed.

Provisions & Contingent Liabilities are disclosed after an evaluation of the facts and legal aspects and the amounts are reviewed at each Balance Sheet date.


Mar 31, 2010

1. Method of Accounting:

The financial statements have been prepared under historical cost convention on accrual basis and comply with notified accounting standards as referred to in Section 211 (3C) and other relevant provisions of the Companies Act, 1956, unless otherwise specified.

2. Use of Estimates:

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and reported amounts of revenues and expenses during the reported period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

3. Fixed Assets:

Fixed assets are stated at cost, less accumulated depreciation or amortization. Cost is inclusive of freight, duties, taxes (to the extent of credit not availed) and incidental expenses related to acquisition, installation, erection and commissioning. Financing cost relating to acquisition of qualifying fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use. Goodwill is stated at a nominal value of Re. 1/-

4. Depreciation and Amortization:

a) Depreciation on Fixed Assets has been charged on Written Down Value Method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956, except as stated in Para (b) & (c) below.

b) Cost of Leasehold Land is amortized over remaining period of lease agreement.

c) Computer Softwares are being amortized over their estimated useful life of 6 years.

5. Investments:

Long term investments are stated at cost. Provision is made to recognize the decline, other than temporary in nature, in carrying amount of such investments. Current investments are stated atthe lower of cost orfair value.

6. Inventories:

a) Inventories are valued at lower of cost or estimated net realizable value.

b) Cost of raw materials, components, consumables, tools, stores and spares is arrived at on weighted average cost basis.

c) Cost of finished goods and Work in progress is arrived at on the basis of weighted average cost of raw material and other cost of conversion thereof for bringing the inventories upto their present location and condition.

7. Foreign Currency Transactions:

a) Initial Recognition: Foreign Currency Transactions are translated into Indian Rupee at the exchange rates prevailing on the date of transactions.

b) Conversion: At the end of accounting year, the monetary items denominated in foreign currencies are restated at the exchange rates prevailing on the last day of the accounting year.

c) Exchange Differences: The exchange differences arising on settlement / conversion of foreign currency transactions are recognized in Profit and Loss Account.

d) The financial statements of non-integral foreign operations are translated as per provisions of AS-11.

8. Research and Development Expenses:

a) Research and Development Expenses, other than Capital Expenses are charged to Profit and Loss Account as and when incurred.

b) Capital expenditure incurred for research and development activities are included in respective Fixed Assets and Depreciation is provided as per rates specified, in Schedule XIV of the Companies Act, 1956.

9. Revenue Recognition:

a) Sales are accounted for net of Central Sales Tax and Value Added Tax. .

b) Revenue from sale is recognized when the significant risks and rewards of ownership of goods have been passed to customers, which generally coincides with their removal from factory.

c) Revenue from erection and commissioning services is recognized on percentage completion method.

d) Interest income is recognized on accrual basis at applicable interest rate.

e) Dividend income is recognized when the Companys right to receive dividend is established.

10. Warranty Costs:

Warranty obligations are accounted for as and when claims are admitted.

11. Employee Benefits:

a) Short Term Employee Benefits:

All employee benefits falling due wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, bonus and other allowances and short term compensated absences etc. are recognized in the period in which the employee renders the related service.

b) Post-Employment Benefits:

i. Defined Contribution Plans:

The State governed Employee Pension Scheme, Employees State Insurance Scheme, the Companys Provident Fund administered by an independent Trust and the Companys Superannuation Scheme are the defined contribution plans. The liability on account of Companys contribution paid or payable under these schemes is recognized during the period in which the employee renders the related service and is charged to the Profit and Loss account. The Company has no further obligation beyond these contributions.

ii. Defined Benefit Plans:

The employees gratuity fund scheme is the Companys defined benefit plan. The present value of the obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

c) Long Term Employee Benefits:

The accruing liability on account of encashment of leave entitlement of employees as per the rules of the Company is determined and provided for on the basis of the actuarial valuation from an independent actuary. Actuarial gains and losses are recognized immediately in the Profit and Loss Account.

12. Provision for Current and Deferred Tax:

I. Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period and in accordance with the provisions of Income Tax Act, 1961.

ii. Provision for Deferred Tax resulting from Timing Difference between books and taxable profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance Sheet date. The deferred tax asset is recognized only to the extent that there is a reasonable certainty that the assets will be adjusted in future.

13. Borrowing Cost:

Borrowing costs are charged to Profit and Loss Account, except in cases where borrowings are directly attributable to acquisition, construction or production of a qualifying asset. A qualifying asset is one which necessarily takes substantial period of time to get ready for intended use.

14. Impairment of Assets:

Provision for impairment loss, if any, is recognised to the extent by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an assets net selling price and its value in use. Value in use is determined on the basis of the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

15. Provisions, Contingent Liabilities and Contingent Assets:

i. Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if:

a. The Company has a present obligation as a result of past event,

b. The probable outflow of resources is expected to settle the obligation, and

c. The amount of obligation can be reliably estimated.

ii. Contingent liabilities are disclosed in the case of:

a. A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

b. A possible obligation unless the probability of outflow of resources is remote.

iii. Contingent Assets are neither recognized nor disclosed.

Provisions & Contingent Liabilities are disclosed after an evaluation of the facts and legal aspects and the amounts are reviewed at each balance sheet date

16. Change in accounting policy related to Warranty:

During the year, the Company has changed the accounting policy in respect of warranty. No provision for warranty expenses is made in the books from current year onwards.

In earlier years, the Company was periodically assessing and providing for the estimated liability on sale of its products, based on past performance of such products.

Due to this change, Rs. 1.50 Lacs has been written back in the current year, which was appearing as Provision for Warranty in the books for previous years. The Company has incurred Rs.9.70 Lacs as warranty expenses in the current year.

 
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