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Notes to Accounts of HIL Ltd.

Mar 31, 2015

1. Corporate Information

The Company is engaged in the production and distribution of Building products, Thermal insulation products (Refractories) and generation of Wind Power. Building products includes Fibre Cement Sheets Aerocon Panels, AAC Blocks, Material Handling and Processing Plant and Equipment and Advanced Polymer Products. The Company presently has manufacturing facilities at Hyderabad, Faridabad, Jasidih, Dharuhera, Thimmapur, Jhajjar, Kondapalli, Chennai, Thrissur, Wada, Sathariya, Balasore and Golan. The Wind Turbine Generators has been setup in Gujarat, Tamil Nadu and Rajasthan.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for freehold land, lease hold land and building acquired before December 31,1983 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year except for the change in accounting policy explained below.

(b) Terms/rights attached to equity shares

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

During the year ended March 31, 2015, the amount of dividend per share recognized as distributions to equity shareholders is Rs.20/-, including Interim dividend of Rs.10/- (Previous Year: Rs.5/-, including interim dividend of Rs.nil)

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

a) Interest free sales tax loan from a financial institution is secured by way of first charge on the entire assets of the Sathariya Unit and Balasore Unit of the Company, both present and future, repayable after 7 years from the date of disbursement. Accordingly Rs. 427 lacs due on July 2016, Rs. 301 lacs due on January 2017, Rs. 792 lacs due on March 2018, Rs. 606.72 lacs due on July 2019, Rs. 920.74 lacs due on September 2019 and Rs. 1107.53 lacs due on March 2022.

b) Deferred Sales Tax loan was sanctioned towards the sales tax dues relating to Thimmapur, Kondapalli and Chennai unit. The loans are interest free and repayable at the end of 7 years from the month of deferral. The repayment of the deferral scheme has already commenced for all Units. The last installment is due during 2017-18 for Chennai & Kondapalli and during 2023-24 for Thimmapur . The yearly repayment varies from Rs. 5 lacs to Rs. 4 crores due to varying amount of availment in the earlier years as per deferral scheme.

a) Cash credit facilities and demand loan from banks are secured by hypothecation of inventories and book debts and are further secured by second equitable mortgage of the Company's immovable properties and hypothecation of other fixed assets, both present and future, other than assets exclusively charged in favour of a Financial Institution for Interest Free Sales Tax Loan as disclosed in note 5. These borrowings carries interest @10% to 13.75% p.a.

b) Buyers credit carries interest @ 0.50% to 0.80% p.a.

a) Pending settlement of dispute regarding external development charges with Haryana Urban Development Authority, Faridabad, Freehold Land of the value of Rs. 1.27 lacs (Previous Year Rs. 1.27 lacs) is pending for registration in the Company's name.

b) Plant and Machinery of the value of Rs. 30.60 lacs (Previous Year: Rs. 30.60 lacs) are held in joint ownership with others.

c) Freehold Land, Leasehold Land and Buildings include Rs. 945.23 lacs (Previous Year: Rs. 945.23 lacs), WDV Rs. 433.99 lacs (Previous Year: Rs. 433.99 lacs) on account of additions on revaluation during the year ended December 31, 1983 as per valuation carried out by an approved valuer.

Note :

a) The Company alongwith other co-owners, has developed a plot of land at 25 Barakhamba Road, New Delhi, where the Company's share is 15%. The registration of the said plot of the value of Rs. 427.60 lacs (Previous Year : Rs. 427.60 lacs) in the name of the Company is pending. The Company has given the said property on operating lease to some parties. There are no contingent rents in the lease agreements. The lease terms are mainly for 3-5 years and are renewable at the option of the lessee. There are no restrictions imposed by lease agreements. There are no subleases.

b) Government Securities for Rs. 0.50 lacs (Previous Year : Rs. 0.50 lacs) lodged with Government Departments.

3. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The Employees' Gratuity Fund Scheme managed by a trust is a defined benefit gratuity plan which is administered through Group Gratuity Scheme with Life Insurance Corporation of India. 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 or part thereof in excess of six months.

The following tables summaries the components of net benefit expense recognised in the statement of profit and loss, the funded/non-funded status and amount recognised in the balance sheet for the gratuity plan:

Statement of profit and loss

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.

4. EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT

Revenue expenditure debited to respective heads of account includes expenditure incurred on Research and Development during the year amounting to Rs. 345.66 lacs (Previous Year: Rs. 333.72 lacs) and assets/ equipments purchased for research activities of Rs. 9.34 lacs (Previous Year: Rs. 418.46 lacs) disclosed under Tangible Assets.

The Company's share of the assets, liabilities, income and expenses of the jointly controlled entity as at and for the years ended December 31,2014 and 2013 are as follows:

5. SEGMENT INFORMATION

Business segments

As of March 31,2015 the Company has organised its operations into three major businesses: Building Products, Thermal Insulation Products (Refractories) and wind power. A description of the types of products and services provided by each reportable business segment is as follows:

Building Products: The Company manufactures and markets fibre cement sheets, Aerocon Panels, AAC blocks and Advanced Polymer Products. The said products are used in construction activity. The Company also trades in allied products like GC Sheets, CC Sheet, AAC Blocks, UCPVC& CPVC pipes & fittings etc.

Thermal Insulation Products (Refractories): The Company manufactures and markets insulation products used in Cement, Fertilizers and Power Sector in the Kilns, furnaces and boilers.

Wind Power : The Company installed few Wind Turbine Generators as a part of Green initiative, part of which is used for captive consumption and the excess power to be sold to the respective state electricity board.

Geographical segments

The analysis of geographical segments is based on the location of the customers i.e. domestic and overseas.

a. Primary segment information (by business segments)

The following table presents revenue and profit information regarding business segments for the years ended March 31.2015 and March 31,2014 and certain assets and liabilities information regarding business segments as at March 31.2015 and March 31,2014.

* Sales as per the statement of Profit and Loss is Rs. 110779.14 lacs (Previous Year: Rs. 86947.41 lacs) which includes Rs. 0.48 lacs (Previous Year: Rs. 0.28 lacs) pertaining to Corporate Office. **

** Total other income as per the statement of Profit and Loss is Rs. 1762.07 lacs (Previous year : Rs. 799.93 lacs) which includes Rs. 1474.72 lacs (Previous year: Rs. 437.73 lacs) pertaining to Corporate Office.

The Company has entire fixed assets situated within India for producing goods/providing services to domestic as well as overseas markets. Hence, separate figures for fixed assets/ addition to fixed assets have not been furnished.

No amount has been provided as doubtful receivable or advance written off or written back in the year in respect of receivable due from/to above related parties. *

*As the future liabilities for gratuity and leave encashment is provided on an actuarial basis for the company as a whole, the amount pertaining to the managing director for previous year is not ascertainable, therefore, not included above.

6. CONTINGENT LIABILITIES (Not provided for) in respect of:

a. Demand raised by the Income tax authorities, being disputed by the Company 904.03 804.17

b. Demands raised by Sales tax authorities, being disputed by the Company [refer note below] 1117.05 971.56

c. Demands (Including penalties) raised by Excise authorities, being disputed by the Company 2310.85 2093.97

d. Appeal filed by the Company before the High Court of Judicature of Andhra Pradesh against the decision of appeal in favour of the Income tax department pertaining to wealth tax matter. 56.98 56.98

e. Pending cases with Income Tax Appellate Authorities where Liability not Liability not Income Tax Department has ascertainable ascertainable preferred appeals

f. Demand for Property Tax, being disputed by the Company 561.86 561.86

g. Other claims against the Company not acknowledged as debts 313.10 353.61

Income tax demand comprises of demand from the Indian tax authorities upon completion of their assessment for the financial years 2008-09 to 2011 -12. The tax demands are mainly on account of disallowance of the benefit on research & development expenses, depreciation expenses on Wind mill and other expenses not allowed.

The demands raised by the Sales tax authority are mainly towards enhancement of turnover due to certain disallowances, entry tax on stock transfers and local sales tax demand upon completion of assessment and various other miscellaneous cases raised by the respective state authorities.

The demand raised by the excise authority is mainly towards excise duty demand including interest and penalty towards disallowance of availment of CENVAT credit and wrong classification of products as taxable versus exempt product.

Mainly represents appeal preferred by Indian Tax Authorities in High Court against favourable order of Tribunal for not considering certain amounts under "Long Term Capital Gain"

f Other claims against the Company not acknowledged as debt mainly includes liability towards fuel surcharge adjustment disputed with Electricity board for the financial year 2008-09 and 2009-10.

The Company is contesting the demands and the Management believe that its position will likely be upheld in the appellate process and accordingly no expense has been accrued in the financial statements for the demand raised / show cause notice received as the ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial statement.

- In addition to above, the Company has provided Rs. 432.28 lacs (including Rs. 82 lacs provided in current year and Rs. Nil reversed during the current year). All these cases are under litigations and are pending with various authorities, expected timing of resulting outflow of economic benefits cannot be specified.

Note: The wage agreements at three of the manufacturing locations of the Company are pending as at March, 31 2015. It is expected that agreement will be entered in next year and arrears would be paid based on the agreement. The provision for wage arrears have been made on the basis of expected outflows.

7. With a view to rationalize the workforce at its Hyderabad and Dharuhera units, (Previous Year: Faridabad and Jasidih units) the Company had announced Voluntary Early Retirement Scheme (VERS). In response to the VERS, workmen opted for the same and expenditure of Rs. 332.91 lacs (Previous Year: Rs. 355.42 lacs) on VERS is charged to the statement of profit and loss as an exceptional item.

8. Previous year figures have been regrouped/rearranged wherever necessary to confirm to current years classification.


Mar 31, 2014

1. CORPORATE INFORMATION

The Company is engaged in the production and distribution of Fibre Cement Sheets and other building products, viz., Aerocon Panels, AAC Blocks, Material Handling and Processing Plant and Equipment, Thermal Insulation Products (Refractories) and Advanced Polymer Products. The Company presently has manufacturing facilities at Hyderabad, Faridabad, Jasidih, Dharuhera, Thimmapur, Kondapalli, Chennai, Thrissur, Wada, Sathariya, Balasore and Golan. The Company has set up Wind Turbine Generators in Gujarat, Tamil Nadu and Rajasthan.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956, read with General Circular 8/2014 dated 4th April 2014, issued by the Ministry of Corporate Affairs. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for freehold land, lease hold land and building acquired before December 31, 1983 which are carried at re valued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The Employees'' Gratuity Fund Scheme managed by a trust is a defined benefit gratuity plan which is administered through Group Gratuity Scheme with Life Insurance Corporation of India. 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 or part thereof in excess of six months.

The following tables summaries the components of net benefit expense recognised in the statement of profit and loss, the funded/non-funded status and amount recognised in the balance sheet for the gratuity plan:

Statement of Profit and Loss

4. EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT

Revenue expenditure debited to respective heads of account includes expenditure incurred on Research and Development during the year amounting to Rs.333.72 lacs (Previous Year: Rs.320.74 lacs) and assets/equipments purchased for research activities of Rs.418.46 lacs (Previous Year: Rs.77.21 lacs) disclosed under Tangible Assets.

5. SEGMENT INFORMATION

Business Segments

As of March 31, 2014 the Company has organised its operations into three major businesses: Building Products, Thermal Insulation Products (Refractories) and wind power. A description of the types of products and services provided by each reportable business segment is as follows:

Building Products: The Company manufactures and markets fibre cement sheets, Aerocon Panels, AAC blocks and Advanced Polymer Products. The said products are used in construction activity. Company also trades in allied products like GC Sheets, CC Sheet, AAC Blocks, Upvc & Cpvc pipes & fittings etc.

Thermal Insulation Products (Refractories): The Company manufactures and markets insulation products used in Cement, Fertilizers and Power Sector in the Kilns, furnaces and boilers.

Wind Power: The Company installed few Wind Turbine Generators as a part of Green initiative, part of which is used for captive consumption and the excess power to be sold to the respective state electricity board.

Geographical Segments

The analysis of geographical segments is based on the location of the customers i.e. domestic and overseas.

a. Primary segment information (by Business segments)

The following table presents revenue and profit information regarding business segments for the years ended March 31, 2014 and March 31, 2013 and certain assets and liabilities information regarding business segments as at March 31, 2014 and March 31, 2013.

6. CONTINGENT LIABILITIES (Rs.in lacs) (NOT PROVIDED FOR) IN RESPECT OF 2013-14 2012-13

a. Demand raised by the Income Tax authorities, being disputed by the Company 804.17 1107.70

b. Demands raised by Sales tax authorities, being disputed by the Company. 971.56 1244.32

c. Demands (Including penalties) raised by Excise authorities, being disputed by the Company. 2093.97 1565.79

d. Appeal filed by the Company before the High Court of Judicature of Andhra Pradesh against the decision of appeal in favour of the Income tax department pertaining to wealth tax matter. 56.98 56.98

e. Pending cases with Income Tax Appellate Authorities where Liability Liability not not Income Tax Department has preferred appeals. ascerta -inable ascertai -nable

f. Demand for Property Tax, being disputed by the Company 561.86 305.86

g. Other claims against the Company not acknowledged as debts 353.61 353.61

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

7. CONTRIBUTIONS TO POLITICAL PARTIES

Information in respect of Section 293A (4) of Companies Act. 1956 pertaing to contribution to political parties (included in note 22-Donations) Rs.Nil. (Previous Year: Rs.50.00 lacs each to All India Congress Committee & Bhartiya Janata Party)

8. The Company is in the process of applying to the Central Government for approval of excess managerial remuneration amounting to Rs.116.90 lacs paid to Managing Director during the year beyond the limits specified in Part II of Section II (B) and Section III of Schedule XIII of the Companies Act, 1956. The Company believes that such approval will be obtained in due course and would not have any material impact upon the financial statements.

9. With a view to rationalize the workforce at its Faridabad and Jasidih units, the Company had announced a voluntary early retirement scheme (VERS) during September 2013. In response to the VERS, 86 workmen opted for the same. Expenditure of Rs.355.42 lacs on VERS is charged to the statement profit and loss for the year ended 31 March 2014.

10. Previous year figures have been regrouped/rearranged wherever necessary to confirm to current years classification.


Mar 31, 2013

1. CORPORATE INFORMATION

The Company is engaged in the production and distribution of Fibre Cement Sheets and other building products, viz., Aerocon Panels, AAC Blocks, Material Handling and Processing Plant and Equipment, and Thermal Insulation Products (Refractories). The Company presently has manufacturing facilities at Hyderabad, Faridabad, Jasidih, Dharuhera, Thimmapur, Kondapalli, Chennai, Thrissur, Wada , Sathariya, Balasore, Golan and Derabassi. The Company has set up Wind Turbine Generators in Gujarat, Tamil Nadu and Rajasthan.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for freehold land, lease hold land and building acquired before December 31, 1983 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The Employees'' Gratuity Fund Scheme managed by a trust is a defined benefit gratuity plan which is administered through Group Gratuity Scheme with Life Insurance Corporation of India. 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 or part thereof in excess of six months.

The following tables summaries the components of net benefit expense recognised in the statement of profit and loss, the funded/non-funded status and amount recognised in the balance sheet for the gratuity plan:

4. EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT

Revenue expenditure debited to respective heads of account includes expenditure incurred on Research and Development during the year amounting to Rs.320.74 lacs (Previous Year: Rs.228.67 lacs) and assets/equipments purchased for research activities of Rs.77.21 lacs (Previous Year: Rs.4.92 lacs) disclosed under Tangible Assets.

5. SEGMENT INFORMATION Business Segments

As of March 31, 2013 the Company has organised its operations into three major businesses: Building Products, Thermal Insulation Products (Refractories) and Wind Power. A description of the types of products and services provided by each reportable business segment is as follows:

Building Products: The Company manufactures and markets fibre cement sheets, Aerocon Panels and AAC blocks. The said products are used in construction activity. Company also trades in allied products like GC Sheets, CC Sheet etc.

Thermal Insulation Products (Refractories): The Company manufactures and markets insulation products used in Cement, Fertilizers and Power Sector in the Kilns, furnaces and boilers.

Wind Power: The Company installed few Wind Turbine Generators as a part of Green initiative, part of which is used for captive consumption and the excess power to be sold to the respective state electricity board.

Geographical Segments

The analysis of geographical segments is based on the location of the customers i.e. domestic and overseas.

a. Primary segment information (by Business segments)

The following table presents revenue and profit information regarding business segments for the years ended March 31, 2013 and March 31, 2012 and certain assets and liabilities information regarding business segments as at March 31, 2013 and March 31, 2012.

6. LOANS AND ADVANCES IN THE NATURE OF LOANS GIVEN TO COMPANY IN WHICH DIRECTORS ARE INTERESTED

Hindustan Motors Limited

Balance as at March 31, 2013 Rs. Nil (Previous Year: Rs.Nil)

Maximum amount outstanding during the year Rs.Nil (Previous Year: Rs.1000.00 lacs)

7. CONTRIBUTIONS TO POLITICAL PARTIES

Information in respect of Section 293A (4) of Companies Act, 1956 pertaing to contribution to political parties (included in note 22-Donations) Rs.50 lacs each to All India Congress Committee and Bharthiya Janata Party.

8. Previous year figures have been regrouped/rearranged wherever necessary to confirm to current years classification.


Mar 31, 2011

1 Nature of Operations

The Company is engaged in the production and distribution of Fibre Cement Sheets, Aerocon Panels, AAC Blocks, Material Handling and Processing Plant and Equipment and Thermal Insulation Products (Refractories). The Company presently has manufacturing facilities at Hyderabad, Faridabad, Jasidih, Dharuhera, Thimmapur, Vijayawada, Chennai, Thrissur, Wada , Sathariya Balasore and Golan. During the year the Company has commenced generating power by setting up Wind Turbine Generator at Vandhiya village in Gujarat.

2. Segment Information

Business Segments

As of March 31, 2011 the Company has organised its operations into two major businesses: Building Products and Thermal Insulation Products (Refractories). A description of the types of products and services provided by each reportable business segment is as follows:

Building Products: The Company manufactures and markets fibre cement sheets, Aerocon Panels and AAC blocks. The said products are used in construction activity.

Thermal Insulation Products (Refractories): The Company manufactures and markets insulation products used in Cement, Fertilizers and Power Sector in the Kilns, furnaces and boilers.

Geographical Segments

The analysis of geographical segments is based on the location of the customers i.e. domestic and overseas.

3. Related Party Disclosure

No amount has been provided as doubtful debt or advance written off or written back in the year in respect of debts due from/to above related parties.

Name of related parties

Joint Venture Supercor Industries Limited, Nigeria.

Key Management Personnel Mr. Abhaya Shankar (Managing Director)

4. Interest in Joint Venture Company

The Companys share of the assets, liabilities, income and expenses of the jointly controlled entity as at and for the years ended December 31, 2010 and 2009 are as follows:

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

(Rs. In Lacs) 2010-11 2009-10

a) Demand raised by the Income Tax authorities, being disputed by the Company 592.41 289.26

b) Demands raised by Sales tax authorities, being disputed by the Company. 1654.36 1155.83

c) Demands (Including penalties) raised by Excise authorities,being disputed by the Company. 1139.44 1012.80 d) Appeal filed by the Company before the High Court of Judicature of Andhra Pradesh against the decision of appeal in favour of the Income tax department pertaining to wealth tax matter. 56.98 56.98

e) Pending cases with Income Tax Appellate Authorities where Income Tax Department has preferred appeals. Liability Liability not not ascertainable ascertainable

f) Demand for Property Tax, being disputed by the Company 401.68 401.68

g) Other claims against the Company not acknowledged as debts. 246.00 182.60

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

6. Employee Benefit Plans (AS 15 revised)

The Employees Gratuity Fund Scheme managed by a trust is a defined benefit gratuity plan which is administered through Group Gratuity Scheme with Life Insurance Corporation of India. 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 or part thereof in excess of six months.

The following tables summaries the components of net benefit expense recognised in the profit and loss account, the funded/ non-funded status and amount recognised in the balance sheet for the gratuity plan:

7. a) Interest free sales tax loan from a financial institution is secured by way of first charge on the entire assets of the Sathariya Unit of the Company, both present and future.

b) Cash Credit facilities from banks are secured by hypothecation of inventories and book debts and are further secured by second equitable mortgage of the Companys immovable properties and hypothecation of other fixed assets, both present and future, other than assets as disclosed in (a) above.

8. Revenue and Capital expenditure debited to respective heads of account include expenditure incurred on Research and Development during the year amounting to Rs. 155.62 lacs and Rs. 8.40 lacs respectively (Previous Year Rs. 108.10 lacs and Rs. Nil respectively).

9. Provision for employee related other costs and loss on onerous contracts

a) The wage agreements at three of the manufacturing locations of the Company are pending as at March, 31 2011. The provision for wage arrears have been made on the basis of expected outflows. It is expected that agreement will be entered in next year and arrears would be paid based on the agreement.

b) The Company is executing one supply and erection contract entered with a party. The estimated unavoidable future cost of meeting the obligations under the contract exceed the expected future economic benefits to be received under it by Rs.103.73 lacs (Previous Year Rs. 154.63 lacs). Accordingly, provision for loss on onerous contract has been made for Rs.103.73 lacs. The contract is expected to be completed in next year.

10. In accordance with Explanation below para 10 of Notified Accounting Standard 9: Revenue Recognition, excise duty on sales amounting to Rs. 7760.69 lacs (Previous Year Rs. 5285.50 Lacs) has been reduced from sales in profit and loss account and expenditure during construction period. Excise duty income on decrease in stocks amounting to Rs. 204.35 lacs (Previous Year excise duty expense of Rs. 732.92 lacs) has been considered in Schedule 17 of the financial statements and excise duty on closing stock out of trial run production amounting to Rs. 13.50 lacs (Previous Year Rs. 29.97 lacs) has been debited to expenditure during construction period.

11. Previous year figures have been regrouped/ rearranged wherever necessary to conform with current years classification.



 
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