Home  »  Company  »  IFB Agro Indus  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of IFB Agro Industries Ltd.

Mar 31, 2016

Nature of security & terms of repayment for secured borrowings availed from the bank

Nature of Security: Term loan from bank for 7.5 million US dollars equivalent to Rs, 4,908.00 lacs (excluding adjustment for foreign exchange difference amounting to Rs, 55.14 lacs) is secured by an exclusive charge on all present and future assets (plant and machinery and civil work) at Noorpur refinanced out of this loan and on other plant and machinery of the Company.

Terms of Repayment: Repayable in 14 stipulated periodic installments commencing from 31 December 2016 and ending on 31 January 2020 and carries an interest rate of3 months libor plus 225 basis points.

Note:

Security deposit includes an amount of Rs, 240.02 lacs (Previous Year Rs, 240.02 lacs) obtained as a part of sale and lease back agreement entered into by the Company with Rajasthan State Electricity Board (RSEB) which expired on 28 February, 2004. In terms of the said agreement, the residual value of the assets under lease acquired and leased back to RSEB (under physical possession of RSEB) is required to be adjusted against the corresponding amount of security deposit as mentioned above. Company’s appeal towards certain claims against RSEB is pending before the Hon''ble Jaipur High Court.

Note:

The Company has identified micro, small and medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMEDA) on the basis of information made available by the respective suppliers or vendors of the Company. Based on the information available with the Company and copy of registration certificates received, as at the yearend '' 77.60 lacs is dues to micro, small and medium enterprises (previous year '' 42.37 lacs).During the year there has been no delay in payment to MSMEDA creditors beyond the period of 30 days and hence no interest is payable on the same.

a) The factory buildings at Noorpur and Dankuni, West Bengal have been constructed on land taken on lease/rent from related parties.

b) Company’s marine product processing plant at Kolkata has been erected on land obtained under lease for ninety nine years, valid up to 9 August 2093 through license from Kolkata Metropolitan Development Authority, for which formal lease deed is yet to be executed.

c) Plant & machinery includes electrical installation and laboratory equipment.

d) Out of total value of building, Rs, 3,251.03 lacs (previous year Rs, 2,941.62 lacs) has been constructed on leasehold land.

e) Land under lease represents payments made and costs incurred in connection with acquisition of leasehold rights and are being amortized over the period of lease.

f) Modernization project ''50 KLPD Grain Distillery at Noorpur'' has been completed during this year and commercial production has commenced from 14 January 2016.

g) During the year Company recognized an impairment loss of Rs, 429.69 lacs in respect of certain plant and machinery pertaining to Distillery, which has been retired from active use and held for disposal.

h) Freehold land include Rs,46.24 lacs acquired from Nurpur Gases Private Limited for which registration is pending.

i) The Company based on technical evaluation has assessed and concluded that none of the components of fixed assets have an useful life which is different from that of the principle asset, j) Additions to plant & machinery includes ? 4.5 5 lacs being general administrative expenses capitalized along with the cost of asset, (previous year Rs,3.16 lacs)

Notes:

1 The Company''s operations are diversified into two main business segments, namely :

a) Spirit, Liquor and Spirituous Beverages comprising manufacturing of Extra Neutral Alcohol, Rectified Spirit and Indian Made Indian Liquor.

b) Marine, comprising Marine product processing, for sale in export and domestic markets and Marine Feed trading.

2 Inter segment sales involves sale of dry ice by Distillery to Marine division at cost.

35. Related Party Disclosures

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, disclosures in respect of “Related Parties” are as follows:-

List of Related Parties:

Key Management Personnel (KMP):

Mr. Bijon Nag, Chairman

Mr. Bikram Nag, Joint Executive Chairman

Mr. Arup Kumar Banerjee, Vice Chairman and Managing Director

Mr. Indranil Goho, Joint Managing Director

Mr. Dipak Sen, Chief Financial Officer

Mr. Ritesh Agarwal, Company secretary & Chief compliance officer

Mr. Kanak Ghosh, AVP-HR

Mr. Sudip Das, AGM-Internal Audit

Mr. Dipayan Basu, Senior Manager- Accounts

Mr. Sayandeep Chowdhury, Manager- Accounts

Dr. J.A. Gore, President (Distillery)

Mr. S.K.Bayen, VP-Projects & Diversification

Mr. Santanu Ghosh, CGM- Plant Operations & Safety

Mr. Rana Chatterjee, Chief Financial Officer (Distillery)

Mr. Supriyo Bandopadhyay, Head- CO2 Operations

Mr. Pratap Mukherjee, Chief Operating Officer (Marine Division)

Mr. Aditya Narayan Kale, G.M.- New Project & Operations Mr. Rajat Purkayastha, G.M.-Finance (Projects-Marine Division)

Mr. Nilesh Soni, Manager-Finance (Marine Division)

Mr. Soumen Basu Chowdhury, AGM-Marine Feed Mr. Rahul Pathak, National Sales Head (Marine Foods)

Mr. Soumitra Chakraborty, AGM- Supply Chain Mr. Madan Dutta, Senior Manager- Marine Feed Mr. D Deb, Head-EXIM Desk Mr. Debashish Ghosh, Business Head - IMIL Division Mr. Debojyoti Bandopadhyay, DGM- (Dankuni Plant)

Mr. S.K. Kundu, DGM (Procurement & Spirit Sales)

Mr. Sanjoy Bhattacharya, AGM (Head Panagarh Plant)

Mr. Debadideb Chandra, Manager (Plant Head)

Mr. Saibal Dutta Chowdhury, Asst. Manager (Production & Q.C.-Panagarh Plant)

Mr. Abhijeet Banerjee, Business Head (Marine Foods) - up to 31 May 2015

Companies that have a member of Key Management Personnel in common

Nurpur Gases Private Limited

Asansol Bottling and Packaging Company Private Limited Travel Systems Limited IFB Industries Limited

Note: Related parties’ relationships as identified by the Company and relied upon by the Auditors.

1. Additional Information

Company has entered into arrangements with bottling units (“tie-up unit”) at Kandi and Purulia for production and marketing of its own IMIL brands. Production in premises of tie-up units in accordance with such arrangements is carried out under close supervision of the Company. The Company is also required to ensure adequate finance to the tie-up units wherever required. Though under this agreement, the production and sales are accounted for in the books of tie-up units, the Company promotes its brands through this arrangement. Accordingly, it is considered appropriate to disclose the following quantitative and value information for the financial year, as furnished by tie-up units.


Mar 31, 2013

1. Background and nature of operations

IFB Agro Industries Limited (the "Company") is engaged in the business of manufacturing alcohol, bottling of branded alcoholic beverages as well as processed and packed marine foods both for domestic and export markets. The Company is listed in BSE and NSE.

2. The Company has discontinued the IMFL bottling business in West Bengal during the year and has entered into an arrangement with a bottling unit ("tie-up unit") in West Bengal for production and marketing of its own IMFL brands. Similar tie up arrangements exist in other states, namely Assam and Orissa .The production in the premises of tie-up units under the said arrangements, wherein each party''s obligations are stipulated, is carried out under close supervision of the Company. The marketing is entirely the responsibility of the Company. The Company is also required to ensure adequate finance to the tie-up units wherever required. Though under the agreements, the production and sale are accounted for by and in the books of the tie-up units, the Company promotes its brands through these arrangements. Accordingly, it is considered appropriate to disclose the following quantitative and value information for the year, as furnished by the tie-up units:

i) Profit from tie-up operations detailed as under is included in ''Other operating revenue''.

3. Related Party Disclosures

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, disclosures in respect of "Related Parties" are as follows:- A. List of Related Parties: Associates:

Nurpur Gases Private Limited Travel Systems Limited

IFBAutomotive Private Limited IFB Industries Limited

Asansol Bottling & Packaging Co. Private Limited Special Drinks Private Limited

CPL Industries Limited Zenith Investments Limited CPL Projects Limited

Management Personnel:

Mr. Bijon Nag, Chairman

Mr. Bikram Nag, Joint Executive Chairman

Mr. A.K. Banerjee, Managing Director

Mr. Indroneel Goho, President & COO

Dr. J A. Gore, President - Distillery

Mr. Rahul Choudhary, Vice President Finance & Company Secretary

Mr. Santanu Ghosh, GM Operations - Distillery

Mr. S. K Bayen, AVP- Projects & Diversification- Distillery

Mr. Rana Chaterjee, Chief Financial Officer (Distillery)

Mr. R Purkayastha, GM Finance & Commercial - IMFL Operations

Mr. Dhiman Saha, AVP - IMFL Operations

Mr. A K Palit, GM - IMFL Sales

Mr. Pratap Mukherjee, COO - Marine Business

Mr. D Deb, Sr Manager - Head EXIM Desk

Mr. Abhijit Banerjee, Business Head - Marine Foods

Mr. Soumen Basu Chowdhury, Sr Manager - Marine Feed

Mr. Debojyoti Bandopadhyay, Head-IMFL Operations & Safety-Dankuni Plant

Mr. Debasish Ghosh, Head Bottling Plants (Division 1)

Mr. Saptarshi Bhattacharya, Business Head - Panagarh Plant

Mr. Kanak Ghose, AVP-HR

Tax Act 1956 for 2005-06 and 2007-08 and under West Bengal VAT Act 2003 for the year 2005-06, 2006-07, 2007-08 and 2008-09 for payment of duty including interest and penalty not acknowledged by the Company being not sustainable in the Company''s considered view. Matter pending under appeal with West Bengal Commercial Taxes Appellate and Revisional Board/ Additional Commissioner of Commercial Taxes , West Bengal

4. Estimated amount of capital contracts remaining to be executed and not provided for (net of advances) Rs 1,255 lacs (previous year Rs 14.99 lacs).

5. Previous year''s amounts have been regrouped/rearranged to conform to the classification of the current year, wherever considered necessary.


Mar 31, 2012

1.1 The Company announced a Voluntary Retirement Scheme (VRS) for the employees of one of the units during the year. A sum of Rs. 285.95 Lakh (Previous year Rs. Nil) has been paid under VRS during the year and is included in "Salaries, Wages & Bonus"

Notes:

1. The Company's operations are diversified into two main business segments, namely :

a) Spirit, Liquor and Spirituous Beverages comprising of Rectified Spirit, Country Liquor and Indian Made Foreign Liquor.

b) Marine division comprising of Marine products processing & exports, domestic selling and Marine Feed trading.

2. Segments have been identified and reported in accordance with Accounting Standard 17 Segment Reporting.

3. Segment Revenue in each of the above domestic Business Segments primarily includes sales, processing charges and export incentives in the respective segments.

4. Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

2. The Company has entered into arrangements with certain bottling units ("tie -up units") in Assam, Orissa & Bihar for production and marketing of its own IMFL brands. The production in the premises of tie-up units under the said arrangements, wherein each party's obligations are stipulated, is carried out under the Company's close supervision. The marketing is entirely the responsibility of the Company. The Company is also required to ensure adequate finance to the tie-up units, whenever required. Though under the agreements, the production and sale are accounted for by and in the books of the tie-up units, the Company promotes its brands through these arrangements. Accordingly, it is considered appropriate to disclose the following quantitative and value information for the year, as furnished by the tie-up units:

iii) The balance due from tie-up units, of Rs. 572.52 Lacs (31.03.2011: Rs. 402.36 Lacs) is included under "Advances" (Note 18). This is on account of the financing by the company of inventories, debtors and other current assets net of current liabilities on behalf of the units.

3. Contingent Liabilities and Commitments (to the extent not provided for)

(Rs. in Lacs)

31.03.12 31.03.11

Contingent Liabilities:

A) Claims against the company not acknowledged as debts

i) Show Cause Notice issued by Customs Department against the Marine Division 210.53 210.53 of the Company. The Company had filed suitable reply and also faced personal hearing. The adjudication order is still awaited. The Company is of the considered view that the demand is not sustainable.

ii) Demand raised by Excise Department for payment of duty not acknowledged by 10.95 10.95 the company, being not sustainable in the Company's considered view. Matter pending with Commissioner of Excise, Government of West Bengal.

iii) Demand raised by Sales Tax Department under West Bengal Sales Tax Act 1994 2564.88 906.47 for the years 2004-05, 2005-06, 2006-07, 2007-08 and 2008-09, Central Sales Tax Act 1956 for 2005-06 and 2007-08 and under West Bengal VAT Act, 2003 for the years 2005-06, 2006-07, 2007-08 and 2008-09 for payment of duty including interest and penalty, not acknowledged by the company being not sustainable in the Company's considered view. Matters pending under appeal with West Bengal Commercial Taxes Appellate and Revisional Board/Additional Commissioner of Commercial Taxes, West Bengal

Total 2,786.36 1,127.95

B) Other moneys for which the company is contingently liable

i) Letters of Credit issued by Bankers 1.60 114.91

ii) ESI liability for the period April 1997 - March 2011, pending renewal - 15.97 of exemption at Noorpur Factory

Total 1.60 130.88

C) Disputed income tax demand outstanding for the Assessment year 2009-10 is Rs. 914.46 Lacs (31.03.2011: Rs. Nil) which is not acknowledged as debt by the Company and the appeal is pending for adjudication before CIT (Appeals). Based on certain decisions of the appellate authorities and the interpretation of the relevant provisions, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

Commitments:

Estimated amount of Capital Contracts remaining to be executed and not provided for (net of advances) Rs. 14.99 Lacs (previous year Rs 770.55 Lacs).

4. Trade Receivables, Advances, Deposits and Trade Payables are subject to confirmation.

5. In terms of Article 76 of the Article of Association of the Company, Mr. Bijon Nag is a permanent Director of the Company. As he does not seeks re-appointment by rotation, the Company is of the opinion that the provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to him.

6. As notified by the Ministry of Corporate Affairs of the Government of India, revised Schedule VI under the Companies Act, 1956 is applicable to all financial statements for the financial year commencing on or after 1st April, 2011. Accordingly, the financial statements for the year ended 31st March, 2012 are prepared in accordance with the aforesaid revised Schedule VI.

7. Previous year's figures have been regrouped/reclassified to conform to the current year's classification, wherever considered necessary.


Mar 31, 2011

1. Share Capital

a) Out of the Issued and Subscribed Capital, 104,000 Equity Shares of Rs.10 each were issued as fully paid Bonus Shares by capitalisation of Reserves and Surplus in earlier years.

2. Secured Loans

a) Cash Credit including FCNR loans from Banks are secured by (i) hypothecation charges ranking pari passu inter se on the Companys entire current assets, (ii) second charge ranking pari passu inter se on the Companys fixed assets and (iii) personal guarantee of one director.

b) Export Packing Credits from Banks are secured by (i) hypothecation of exportable stocks (ii) personal guarantee of one director.

4. Fixed Assets

a) The factory buildings at Noorpur and Dankuni, West Bengal have been constructed on land leased/rented by associate concerns.

b) Companys Marine Product Processing Plant, Kolkata has been erected on land amounting to Rs. 7,877 thousand, obtained under lease for ninety nine years valid upto 9th August, 2093 through license from Calcutta Metropolitan Development Authority, for which formal lease deed is yet to be executed.

c) Plant & Machinery includes electrical installation and laboratory equipment.

d) Building worth Rs. 194,072 thousand (Previous Year Rs. 193,454 thousand) has been constructed on leasehold land.

5. The Lease Agreement entered into with Rajasthan State Electricity Board (RSEB) expired on 28th February, 2004. In terms of the said agreement, the residual value of the leased assets acquired from RSEB amounting to Rs.2,40,02 thousand is required to be adjusted against the corresponding amount of interest free security deposit obtained from RSEB. As Companys appeal towards certain claims against RSEB is pending before the Honourable Jaipur High Court, adjustments as mentioned above and further income arising there from, have not yet been considered in these financial statements.

6. Sundry Debtors, Advances, Deposits and Creditors are subject to confirmation.

8. The Company has entered into arrangements with certain bottling units ("tie-up units") in Assam, Orissa & Bihar for production

and marketing of its own IMFL brands. The production in the premises of tie-up units under the said arrangements, wherein each partys obligations are stipulated, is carried out under its close supervision. The marketing is entirely the responsibility of the Company. The Company is also required to ensure adequate finance to the tie-up units wherever required. Though under the agreements, the production and sale are accounted for by and in the books of the tie-up units, the Company promotes its brands through these arrangements. Accordingly, it is considered appropriate to disclose the following quantitative and value information for the year, as furnished by the tie-up units:

iii) The balance due from tie-up units, of Rs. 40,236 thousand (Previous Year Rs. 44,147 thousand) is included under advances recoverable. This is on account of the financing by the company of inventories, debtors and other current assets net of current liabilities on behalf of the units.

9. Pending renewal of exemption of the Employees State Insurance Scheme at its factory at Noorpur since the year 1997-98, no deduction or deposit in respect thereof has been made. {Please also refer to Note No. 11 (e).}

10. No supplier at the year end has intimated the company about its status as a micro, medium or small enterprise or its registration under Micro Small and Medium Enterprises Development Act, 2006.

11. Contingent Liabilities 31.03.2011 31.03.2010

Rs.000 Rs.000 a) Counter Guarantees given to Bankers against 18,400 18,775 Guarantees issued by them.

b) Letters of Credit issued by Bankers 11,491 66,625

c) Corporate Guarantees given in favour of other bodies corporate - 21,700

d) Show Cause Notice issued by Customs Department against the 21,053 21,053 Marine Division of the Company. The Company had filed suitable reply and also faced personal hearing. The adjudication order is still awaited. The Company is of considered view that demand is not sustainable.

e) ESI liability for the period April 1997 – March 2011 1,597 1,557 pending renewal of exemption.

f) Demand raised by Excise Department for payment of 1,095 1,095 duty not acknowledged by the Company being not sustainable. Matter pening with Commissioner of Excise, Government of West Bengal.

g) Demand raised by Sales Tax Department under West Bengal Sales Tax Act 1994 90,647 43,276 for the year 2004-05, 2005-06 and 2006-07, Central Sales Tax Act, 1956 for 2005-06 and under West Bengal VAT Act 2003 for the year 2005-06 & 2006-07 for payment of duty including interest and penalty not acknowledged by the company being not sustainable in the Company’s considered view. Matter pending under appeal with West Bengal Commercial Taxes Appellate and Revisional Board/Additional Commissioner of Commercial Taxes, West Bengal. 144,283 174,081

There is no possibility of any reimbursement in respect of the above.

12. Outstanding Capital Commitments (net of advance) are estimated at Rs.77,055 thousand (Previous Year Rs. Nil).

16. According to the Company and in terms of Article 76 of the Memorandum & Articles of Association of the Company, Mr Bijon Nag is permanent Director on the Board of the Company. As this Director does not seek reappointment by rotation, the provisions of Section 274(1) (g) of the Companies Act, 1956 are not applicable to him.

Notes:

1. The Companys operations are diversified into two main business segments, namely :

a) Spirit, Liquor and Spirituous beverages comprising of rectified spirit, country liquor and Indian made foreign liquor.

b) Marine division comprising of marine products processing & exports, domestic selling and marine feed trading.

2. Segments have been identified and reported taking into account, the nature of products and services, different risks and returns reporting systems.

3. Segment Revenue in each of the above domestic business segments primarily includes sales, processing charges and export incentives in the respective segments.

4. Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

18. Related Party Disclosures

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, disclosures in respect of "related parties" are as follows :- A. List of related parties:

Associates:

Nurpur Gases Private Limited

IFB Automotive Private Limited

Asansol Bottling & Packaging Co. Private Limited

CPL Industries Limited

CPL Projects Limited

Travel Systems Limited

IFB Industries Limited

Special Drinks Private Limited

Zenith Investments Limited

Key Management Personnel:

Mr. Bikram Nag (Joint Executive Chairman)

Mr. A.K. Banerjee (Managing Director)

Mr. Bijon Nag (Chairman)

Mr. Rahul Choudhary (Vice President - Finance & Company Secretary)

Note: Related parties relationships as identified by the Company and relied upon by the Auditors.

24. Previous years figures have been regrouped and rearranged wherever necessary.


Mar 31, 2010

1. Share Capital (Schedule 1)

a) Out of the Issued and Subscribed Capital, 104,000 Equity Shares of Rs.10 each were issued as fully paid Bonus Shares by capitalisation of Reserves and Surplus in earlier years.

2. Secured Loans (Schedule 3)

a) Term Loan other than short term loan is secured by (i) exclusive first charge on existing entire fixed assets and assets to be created in the project of the Company, and (ii) second charge on the current assets of the Company, (iii) Corporate Guarantee of one Associate Company.

b) Cash Credit including FCNR loans from Banks are secured by (i) hypothecation charges ranking pari passu inter se on the Companys entire current assets, (ii) second charge ranking pari passu inter se on the Companys fixed assets and (iii) Personal Guarantee of one Director.

c) Export Packing Credits from Banks are secured by (i) hypothecation of exportable stocks (ii) Personal Guarantee of one Director.

3. Deferred Tax

The break up of net deferred tax liability as at 31st March 2010 is as under: -

31.03.2010 31.03.2009

Rs.000 Rs.000

Deferred Tax Liabilities :

Timing difference on account of

difference between Book

Depreciation and Depreciation

under

Income Tax Act. 93,948 90,473

Less: Deferred Tax Assets :

Leave Encashment (Tax Effect) 1,693 1,378

Net Deferred Tax Liability 92,255 89,095



4. Fixed Assets (Schedule 4)

a) The factory buildings at Noorpur and Dankuni, West Bengal have been constructed on land leased/rented by associate concerns.

b) Companys Marine Product Processing Plant, Kolkata has been erected on land worth Rs. 7,877 thousand, obtained under lease for ninety nine years valid upto 9th August, 2093 through license from Calcutta Metropolitan Development Authority, for which formal lease deed is yet to be executed.

c) Plant & Machinery includes electrical installation and laboratory equipment.

d) Building worth Rs. 159,499 thousand (previous year Rs. 143,436 thousand) has been constructed on leasehold land.

5. The Lease Agreement entered with Rajasthan State Electricity Board (RSEB) expired on 28th February, 2004. In terms of the said agreement, the residual value of the leased assets acquired from RSEB amounting to Rs. 24,002 thousand is required to be adjusted against the corresponding amount of interest free security deposit obtained from RSEB. As Companys appeal towards certain claims against RSEB is pending before the Jaipur High Court, adjustments as mentioned above and further income arising therefrom, have not yet been considered in these accounts.

6. Sundry Debtors, Advances, Deposits and Creditors are subject to confirmation.

7. Sale of Certified Emission Reduction (CER) has been accounted for on execution of sale contract during the year which hitherto was accounted for on cash basis in earlier years. The surplus of Rs. 36,829 thousand arising due to the fact stated above has been credited in the Profit and Loss Account.

9. The Company had entered into arrangements with distillery tie-up units in Assam, Orissa & Bihar for production and marketing of its own IMFL brands. The production in the premises of tie-up units is carried out under its close supervision. The marketing is entirely the responsibility of the Company. The Company is also required to ensure adequate finance to their tie-up units. Though

10. Pending renewal of exemption of the Employees State Insurance Scheme at its factory at Noorpur since the year 1997-98, no deduction or deposit in respect thereof has been made. (Please also refer to Note No. 13(e)).

11. Compensation received towards higher transportation cost of molasses has been recognized on a consistent basis as per procedure followed by the Government towards granting rebate on excise duty payable on matching concept basis and accounting convention followed by the Company. Accordingly, the Company has recognized and adjusted Rs. 69,761 thousand (Previous Year Rs. 2,16,246 thousand) during the year based on credit adjustment availed.

12. No supplier at the year end has intimated the company about its status as a micro, medium or small enterprise or its registration under Micro Small and Medium Enterprise Development Act, 2006.

13. According to the Company and in terms of Article 76 of the Memorandum & Articles of Association of the Company, Mr Bijon Nag is permanent Director on the Board of the Company. As this Director does not seek reappointment by rotation, the provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to him.

1. Segments have been identified and reported taking into account, the nature of products and services, different risks and returns reporting systems.

2. Segment Revenue in each of the above domestic business segments primarily includes sales, processing charges and export incentives in the respective segments.

3. Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

Find IFSC