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Notes to Accounts of Indian Hume Pipe Company Ltd.

Mar 31, 2017

d) Terms / rights attached to Equity Shares:

The Company has only one class of equity shares having a face value of Rs.2/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of shareholders in the ensuing Annual General Meeting except interim dividend.

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

e) Details of shares held by shareholders holding more than 5% of aggregate shares in the company.

The Board of Directors at their meeting held on May 18, 2017, have recommended Final Dividend of Rs.2.40 (1.20%) per share of Rs.2/- each for the Financial Year 2016-17 on enhanced Equity Share Capital post Bonus Issue, subject to approval of Shareholders of the Company. Total dividend, post bonus issue including interim dividend for the Financial Year 2016-17 is Rs. 1647.20 lakhs (170%) as against Rs.775.15 lakhs (160%) paid to Financial Year 2015-16. Pursuant to amendment in Accounting Standard (AS)-4, "Contingencies and Events Occuring After the Balance Sheet Date", declaration of dividends to shareholders after the balance sheet date is not required to be recognized as a liability as at the balance sheet date.

1. RESEARCH AND DEVELOPMENT EXPENDITURE

Expenses on Research and Development during the year under various heads amount to Rs.340.49 Lakhs (Previous year Rs.313.99 Lakhs)

2. Confirmations have not been received from some of the Debtors, Creditors and Depositors.

3. Corporate Social Responsibility

As per section of 135 of the Companies Act, 2013 (the Act) a company meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years (calculated in accordance with the provisions of Section 198 of the Act) on corporate social responsibility (CSR) activities/programs in terms of its CSR policy and Schedule VII of the Act. The areas for CSR activities undertaken by the Company are Health, Medical aid, and Education grants etc. The Company has formed its CSR Committee as per the Act and Rules thereon. The Company has incurred CSR Expenditure of Rs.100 Lakhs (Previous year Rs.89 Lakhs) by way of contribution to corpus of Ratanchand Hirachand Foundation, a Section 8 Company promoted by the Promoters of the Company for undertaking CSR activities on behalf of the Company as per CSR Policy read with Schedule VII of the Act. The report on CSR activities and CSR expenditure incurred by the Company for the Financial Year 2016-17 is given in the Directors'' Report.

NOTES: 4 BUSINESS SEGMENTS

The Company has considered "Business Segment" as the primary reporting segment for disclosure. The products included in each of the reported domestic business segments are as follows:

a. Construction contracts including Water Supply Schemes, Pipes Supply & Laying Projects.

b. Others include Railway Sleepers, Air Rifles, Development of Land and Other Miscellaneous items.

Segment revenue relating to each of the above domestic business segment includes income from services provided, where applicable. The above business segments have been identified considering:

5. The nature of products & services

6. The differing risks & returns

7. There are no inter segment sales.

8. Since the Company does not have any significant business outside India there are no reportable geographic segments.

VII Accumulated compensated absences (non vesting)

Actuarial valuation of sick leave has been made on March 31, 2017. Provision in respect of this benefit amounts to Rs.19.25 Lakhs for the financial year ending March 31, 2017. (Previous year Rs.12.57 Lakhs.)

VIII Provident Fund

The Company contributed Rs.331.35 Lakhs towards Provident Fund during the year ended March 31, 2017. (Previous year Rs.295.36 Lakhs.)

9. Other operating income includes Rs.7.13 Lakhs on account of subsidy for VAT/LBT/Power during the year (Previous year Rs.56.78 lakhs)

10. In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

11. Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2016

1 DEFERRED TAX (ASSETS) AND LIABILITIES (NET)

Deferred tax liability for the period ended March 31, 2016 has been provided on the estimated tax computation for the year. Major components of deferred tax assets and liabilities arising on account of timing differences are:

2. Related party disclosures A. Names of Related Parties & Nature of Relationship Sr Names of Related Party Nature of Relationship

No_

i Ratanchand Investment Pvt. Ltd. Ultimate Holding Company

ii IHP Finvest Ltd. Promoter Holding Company (Holding 65.92% in Equity)

iii Mr. Rajas R. Doshi (Chairman & Managing Director)

iv Mr. Mayur R. Doshi I (Executive Director)

''Key Management Personnel

v Mr. S. M. Mandke

(Company Secretary)

vi Mr. M. S. Rajadhyaksha (Chief Financial Officer)

vii Ms. Jyoti R. Doshi. (Director)

viii Mr. Aditya R. Doshi Relatives of Key Management Personnel

ix Ms. Anushree M. Doshi

x Mobile Systems India Pvt. Ltd.

J- Companies in which control exists directly / indirectly

xi Raj Jyoti Trading & Investment Pvt. Ltd. J

xii Ms. Anima B. Kapadia (Director) Other Related Party

xiii Walchand Hirachand Foundation

xiv Ratanchand Hirachand Foundation > Section 8 of Companies Act, 2013

xv Smt. Pramila Shantilal Shah Charity Foundation. s

xvi Verifacts Services Pvt. Ltd. Company in which a director is interested.

3 RESEARCH AND DEVELOPMENT EXPENDITURE

Expenses on Research and Development during the year under various heads amount to '' 313.99 lacs (Previous year '' 298.09 lacs)

4. Confirmations have not been received from some of the Debtors, Creditors and Depositors.

5. STOCK IN TRADE - LAND

During the previous year, the Company had converted Industrial land admeasuring about 27,504.78 sq. mtrs. approximately at Badarpur, New Delhi, hitherto held as Fixed assets into Stock in trade on November 12, 2014 at a book value of Rs, 399.25 lacs.

6. Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013 (the Act) a company within the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years (calculated in accordance with the provisions of Section 198 of the Act) on Corporate Social Responsibility (CSR) activities/programs in terms of its CSR policy and Schedule VII of the Act. The areas for CSR activities undertaken by the Company are Health, Medical aid and Education grants etc. The Company has formed its CSR Committee as per the Act and Rules thereon. The Company has incurred CSR Expenditure of Rs, 89 Lacs (Previous year Rs, 55 Lacs) by way of contribution to corpus of Ratanchand Hirachand Foundation, a Section 8 Company promoted by the Promoters of the Company for undertaking CSR activities on behalf of the Company as per CSR Policy read with Schedule VII of the Act. The report on CSR activities and CSR expenditure incurred by the Company for the Financial Year 2015-16 is given in the Directors'' Report.

NOTES:

1 BUSINESS SEGMENTS

The Company has considered “Business Segment” as the primary reporting segment for disclosure. The products included in each of the reported domestic business segments are as follows:

a. Construction contracts including Water Supply Schemes, Pipes Supply & Laying Projects.

b. Others include Railway Sleepers, Air Rifles, Development of Land and Other Miscellaneous items.

7 During the previous year, the Company had re-assessed its liability towards interest on income tax provision pertaining to earlier years pursuant to amendment to Section 220 of the Income Tax Act, 1961. Due to this re-assessment and based on legal advice obtained, an amount of Rs, 312.35 lacs towards interest provision of earlier years had been written back and disclosed as an exceptional item during the previous year.

8. The Company has been recognizing profits of projects after execution of 10% of contract value. This policy is suitable for average contract value of Rs, 70 Crores which Company has generally been receiving. During the current financial year, the Company received two large project orders, one of them being larger than Rs, 500 Crores. During the quarter ended March 31, 2016 the company commenced execution of both projects. To reflect proper margin quarter to quarter, the Company has decided to recognize profit on project order value exceeding Rs, 500 Crores at 7.5% of project contract value and continue to recognize profits of projects smaller than Rs, 500 Crores on execution of 10% of project value. The company believes that this change provides a more appropriate basis for recognition of profit on large orders. Due to this change, profit after tax is higher by Rs, 692.43 lacs being proponed from future accounting periods to the current quarter and year. No similar large order has been executed in the previous year.

9. In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

10. Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2015

In Lacs 2014-15 2013-14

1.1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) :

1 Contingent Liabilities

a) Guarantees given by the Banks 30177.36 26040.57

b) Claims against the company not acknowledged as debts 136.27 136.27

c) Sales Tax / VAT demand under appeal 3350.94 588.25

d) Demands raised by Excise department excluding interest, if any, leviable thereon. 1495.21 1497.76

e) Service Tax demand under appeal 11468.31 11468.31

The Management believes that the outcome of any pending litigation will not have a material adverse effect on the Company''s financial position and the results of operations.

2 Capital Commitments

Commitments for Capital Expenditure are estimated at 442.37 267.62

2.1 RESEARCH AND DEVELOPMENT EXPENDITURE

Expenses on research and Development during the year under various heads amount to Rs. 298.09 Lacs (Previous year Rs. 279.23 Lacs)

2.2 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

2.3 STOCK-IN-TRADE-LAND

a. During the year, the Company has converted Industrial land admeasuring about 27,504.78 sq. meters approximately at Badarpur, New Delhi, hitherto held as Fixed assets in to Stock in Trade on 12th November, 2014 at a book value of Rs. 399.25 Lacs.

b. During the previous year, the Company had converted its industrial land admeasuring about 48,288 sq. meters approximately at Hadapsar Pune, hitherto held as Fixed Assets in to Stock in Trade w.e.f. 31st July, 2013 at a book value of Rs. 1.32 Lacs.

c. During the previous year, the Company had converted land admeasuring about 14,070 sq. meters approximately at Wadala Mumbai, hitherto held as Fixed assets in to Stock in Trade w.e.f. 31st October, 2013 at a book value of Rs. 0.70 Lacs.

2.4 The Company has incurred an expense of Rs. 55.00 Lacs towards Corporate Social Responsibility by way of contributing the amount to Ratanchand Hirachand Foundation during the year.

NOTES:

1 BUSINESS SEGMENTS

The Company has considered "Business Segment" as the primary reporting segment for disclosure.The products included in each of the reported domestic business segments are as follows:

a. Construction contracts including Water Supply Schemes, Pipes Supply & Laying Projects

b. Others include Railway Sleepers, Air Rifles, Development of Land and Other Miscellaneous items.

Segment revenue relating to each of the above domestic business segment includes income from services provided, where applicable. The above business segments have been identified considering:

1. The nature of products & service

2. The differing risks & returns

2 There are no inter segment sales.

3 Since the Company does not have any significant business outside India there are no reportable geographic segments.

VI Accumulated compensated absences (non vesting)

Actuarial valuation of sick leave has been made on 31-03-2015. Provision in respect of this benefit amounts to Rs. 9.17 Lacs for the financial year ending 31-03-2015. (Previous year Rs. 9.73 Lacs.)

Gratuity cost, as disclosed above, is included under Employee benefit expenses.

VII Provident Fund

The Company contributed Rs. 269.11 Lacs towards Provident Fund during the year ended 31st March 2015. (Previous year Rs. 229.27 Lacs.)

2.5 During the year, the Company has re-assessed its liability towards interest on income tax provision pertaining to earlier years pursuant to amendment to section 220 of the Income Tax Act 1961. Due to this re-assessment and based on legal advice obtained, an amount of Rs. 312.35 lakhs towards interest provision of earlier years has been written back and disclosed as an exceptional item during the year.

2.6 The Company has charged off an amount of Rs. 25.33 Lacs (net of deferred tax of Rs. 13.04 Lacs) in the opening retained earnings pertaining to assets whose balance useful life was Nil as at 1st April,2014, pursuant to such adoption, in accordance with transitional provisions as per note 7(b) to Part C of Schedule II of the Companies Act, 2013,

2.7 The depreciation for the year is higher by Rs. 305.36 Lacs, pursuant to adoption of useful lives as per Part C of Schedule II of the Companies Act, 2013.

2.8 In the opinion of the Board, none of the assets other than Fixed Assets and Non-Current Investments have a value on realisation in the ordinary course of business lower than at least equal to the amount at which they are stated.

2.9 Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2014

Rs. in lacs

2013-14 2012-13 1.1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) :

1 Contingent Liabilities

a) Guarantees given by the Banks 26040.57 21942.51

b) Performance Corporate guarantees given by the Company to various contractees. - 963.76

c) Claims against the company not acknowledged as debts 136.27 120.59

d) Sales Tax/Vat demand excluding those recoverable from customers for the years 1980-81 to 588.25 537.84 2013-14 under appeal.

e) Demands raised by Excise department excluding interest, if any, leviable thereon. 1497.76 1494.17

f) Service Tax demand excluding those recoverable from customers upto the Year 2013-14 under 11468.31 10684.32 appeal.

1.2 RESEARCH AND DEVELOPMENT ExPENDITURE

Expenses on Research and Development during the year under various heads amount to Rs. 279.23 lacs (Previous year Rs. 256.75 lacs)

1.3 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

1.4 a. The Company has converted its industrial land admeasuring about 48,288 sq. meters approximately at Hadapsar Pune, hitherto held as Fixed Assets in to Stock in Trade w.e.f. 31st July, 2013 at a book value of Rs. 1,32,269.50.

b. The Company has converted its land admeasuring about 14,070 sq. mtrs. approximately at Wadala Mumbai, hitherto held as Fixed assets into Stock-in-trade w.e.f. 31st October, 2013 at a book value of Rs. 69,709.49.

1.5 Amount of Rs. 20.00 lacs (Previous year Rs. 33.50 lacs) is paid towards Legal and Professional fees to a solicitor firm in which, one of the director is a sole proprietor.

1.6 In the opinion of the Board, none of the assets other than Fixed Assets and Non-Current Investments have a value on realisation in the ordinary course of business lower than at least equal to the amount at which they are stated.

1.7 Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2013

Rs. in lacs

Particulars 2012-13 2011-12

1.1 Contingent liabilities and commitments (to the extent not provided for)

1 Contingent Liabilities

a) Guarantees given by the Banks 21942.51 17281.31

b) Performance Corporate guarantees given by the Company to various contractees. 963.76 963.76

c) Claims against the company not acknowledged as debts 120.59 120.59

d) Sales Tax /VAT demand excluding those recoverable from customers for the years 1980-81 to 537.84 568.20 2012-13 under appeal.

e) Demands raised by Excise department excluding interest, if any, leviable thereon. 1494.17 1649.72

f) Service Tax demand excluding those recoverable from customers upto the Year 2012-13 under 10684.32 3576.68 appeal.

1.2 Research and Development Expenditure

Expenses on Research & Development during the year under various heads amount to Rs. 256.75 lacs (previous year Rs. 236.66 lacs)

1.3 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

1.4 During the year, the Company has received from Government of Andhra Predesh for Chilamathur factory, under Industrial Investment Promotion Policy Rs.140.65 lacs towards reimbursement of sales tax for the year 2009-10 to 2011-12 and Rs.10.38 lacs towards reimbursement of power cost for the year 2011-12 to 2012-13. These amounts have been included under the head " Other Operating Income".

1.5 In the opinion of the Board, none of the assets other than Fixed Assets and Non-Current Investments have a value on realisation in the ordinary course of business lower than at least equal to the amount at which they are stated.

1.6 Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2012

1.1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) :

Rs.in Lacs

2011-12 2010-11

Particulars

1 Contingent Liabilities

a) Guarantees given by the Banks 17281.31 13649.99

b) Performance Corporate guarantees given by the Company to various contractees. 963.76 807.67

c) Claims against the company not acknowledged as debts 120.59 120.59

d) Additional Sales Tax demand excluding Rs902.26 lacs (Previous year Rs905.24 lacs) recoverable from

customers for the years 1980-81 to 2009-10 under appeal. 568.20 506.32

e) Demands raised by Excise department excluding interest, if any, leviable thereon. 1649.72 1877.10

f) Additional Service Tax demand excluding those recoverable from customers upto the Year 2010-11 under appeal. 3576.68 3488.18

g) The Company had received notice under section 148 of the Income Tax Act 1961 for reopening of assessment for the year ended 31st March 2004 in respect of its investments made in long term Capital Gains Bonds. The Company has challenged re- opening of assessment by filing a writ petition in the High Court of Bombay. The Writ Petition has been dismissed by the High Court of Bombay. The Company has filed Special Leave Petition (SLP) in the Supreme Court of India, which is pending for admission. Meanwhile, Income Tax Department has began the assessment proceeding, however, no demand of income tax has been received in this matter till date. - -

2 Capital Commitments

Commitments for Capital Expenditure are estimated at 298.31 -

3 other Disclosures

In respect of fraud at two factories reported in the last annual report, following is the position in current year.

a) Out of Rs 17.39 lacs, Rs 15.05 lacs has been recovered/ adjusted upto May 2010. One of the party has challenged the recovery/ adjustments and the matter is subjudice. The criminal complaints against the parties and ex-employees involved in the fraud are pending in the court and for balance amount legal action has been initiated.

b) As reported in the last report the misappropriated amount involved is Rs 44.82 lacs. The proceedings of the Criminal case filed against the ex-employee of the Company have been concluded and the accused was convicted and awarded punishment of 3 years imprisonment and was released, as the accused was in judicial custody for 3 years 4 months. For recovery of aforesaid amount, civil suit proceedings are in progress.

1.2 Research and Developement Expenditure:

Expenses on Research and Developement during the year under various heads amount to Rs236.66 lacs (Previous year Rs 203.55 lacs)

1.3 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

NOTES:

1 business segments

The Company has considered "business segment as the primary reporting segment for disclosure. The products included in each of the reported domestic business segments are as follows:

a. Construction contracts including water supply schemes, pipes supply & laying projects.

b. Others include Railway Sleepers, Air Rifles and Other Miscellaneous items.

Segment revenue relating to each of the above domestic business segments includes income from services provided, wherever applicable. The above business segments have been identified considering:

1. The nature of products & services

2. The differing risks & returns

2 There are no inter segment sales.

3 Since the Company does not have any significant business outside India there are no reportable geographic segments.

1.4 Employee Benefits (Continued)

Accumulated compensated absences (non vesting)

Actuarial valuation of sick leave has been made on 31-03-2012. Provision in respect of this benefit amounts to Rs 13.86 lacs for the financial year ending 31-03-2012. (Previous year Rs 10.18 lacs.)

Gratuity cost, as disclosed above, is included under Employee benefit expenses

VI provident Fund

The Company contributed Rs 40.79 lacs towards Provident Fund during the year ended 31st March 2012. (Previous year Rs 46.24 lacs.)

1.5 Remuneration:

Remuneration paid to Chairman & Managing Director is in excess of the limits specified in Schedule XIII of the Companies Act, 1956 by Rs 69 lacs. The Company has made an application seeking approval from Central Government. Approval is awaited. The approval for the same from the shareholders will be sought in ensuing Annual General Meeting.

1.6 Current Liabilities include Rs 1.99 lacs towards unclaimed amounts of preference shares redeemed and Rs 0.55 lacs towards unclaimed proceeds from sale of fractional shares issued pursuant to the bonus issue made by the Company in the year 2005-06.

1.7 In the opinion of the Board, all assets other than Fixed Assets and Non-Current Investments have a value on realisation in the ordinary course of business at least to the amount at which they are stated.

1.8 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notifications of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

2010-11 2009-10 Rs Lacs Rs. Lacs

1 CONTINGENT LIABILITIES:

a) Guarantees given by the Banks 13649.99 15483.74

b) Claims against the company not acknowledged as debts 120.59 121.03

c) Additional Sales Tax demand excluding Rs. 902.26 Lacs (Previous year Rs. 905.24 Lacs) recoverable from customers for the years 1980-81 to 2009-10 under appeal. 506.32 614.24

d) Demands raised by Excise department excluding interest, if any, leviable thereon. 1877.10 2063.67

e) Additional Service Tax demand excluding those recoverable from customers for the Year 2004-05 under appeal. 3488.18 2150.90

f) During the year the Company has received notice U/S 148 of Income Tax Act,1961 for reopening of assessment for the year ended 31 st March 2004, in respect of its investments made in long term capital gains bonds. No demand of income tax has been received in this matter till date.

2 Expenses on Research & Development during the year included under various heads, amounts to ` 203.55 Lacs (Previous year ` 196.49 Lacs).

3 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

1 BUSINESS SEGMENTS

The Company has considered “business segment” as the primary reporting segment for disclosure. The products included in each of the reported domestic business segments are as follows:

a. Construction contracts including water supply schemes, pipes supply & laying projects

b. Others include Railway Sleepers, Air Rifles and Other Miscellaneous items.

Segment revenue relating to each of the above domestic business segments includes income from services provided, where applicable. The above business segments have been identified considering:

1. The nature of products & service

2. The differing risks & returns

2 There are no inter segment sales.

3 Since the company does not have any significant business outside India there are no reportable geographic segments.

4 Related party disclosures, as required by AS 18

A. Names of Related Parties & Nature of Relationship

i) Ratanchand Investment Pvt. Ltd. : Ultimate Holding Company

ii) IHP Finvest Ltd : Promoter Holding Company (Holding 65.92% in Equity)

iii) Mr.Rajas R. Doshi : Key Management Personnel (Chairman & Managing Director)

iv) Mrs.Jyoti R. Doshi (Director) : Relatives of Key Management Personnel Mr.Aditya R. Doshi

Mr.Mayur R. Doshi (Executive)

v) Mobile Systems India Pvt. Ltd. : Companies in which control exists directly/ indirectly

Raj Jyoti Trading & Investment Pvt. Ltd.

vi) Walchand Hirachand Foundation : Other Related Party Ratanchand Hirachand Foundation (Formed U/s 25 of the Companies Act, 1956)

5 The Company has entered into Joint Ventures for executing various works. The details are as under:

I M/s.Koya & Company Construction Pvt. Ltd.,(JV), Hyderabad

Augmentation & Water Supply to Hyderabad Metropolitan area from River Krishna through SLB (Madhava Reddy Canal) for the PACKAGE-1, Manufacturing, supplying, lowering, testing and commissioning of 2200 diameter MS Pumping Main with in lining and out-coating with Cement Mortar from WTP at Kodandpur to the Clear Water Reservoir at Nasaralapally.

II M/s.Bhoorathnam Construction Co. (P) Ltd.

Augmentation & Water Supply to Hyderabad Metropolitan area from River Krishna through SLB (Madhava Reddy Canal) for PACKAGE-II, Manufacturing, supplying, lowering, testing and commissioning of 2200mm diameter MS Pumping Main with in-lining and out-coating with Cement Mortar from Clear Water Reservoir at Godakondla along Nagarjunasagar - Hyderabad Road from Km 82/2 to Km 59/6.

III M/s. The Indian Hume Pipe Co. Ltd.

Combined water supply scheme to Bellampally and Mandamarry under HUDCO Phase-III consisting of (1) Construction of 9.00 m dia intake well cum pump house 1 No (2) 600mm dia D.I.D/F Connecting main (3) 6 Nos. of 3.00 M dia infiltration wells (4) 600mm dia RCC NP3 class pipes infiltration gallery 250m long (5) Providing 500mm dia PSC field test pressure of 10 KSC main for common sump at Municipal office (6) Providing 500mm dia PSC field test pressure of 12 KSC pumping main from common sump at Municipal office Mandamarry to Junction Point in Bellampally (Package I)

V M/s.KCCPL-IHP-BRC-TAIPPL-KBL

Construction of Pump House, Hydro Mechanical Works and Electro Mechanical works of Guthpa Lift Irrigation Scheme, to Lift 540 cusecs of water from river Godavari at Ummeda (V), Nandipet (M) and to deliver into Nizam Sagar Project Main Canal and D/74 on EPC Turnkey Basis System.

VII M/s. The Indian Hume Pipe Co. Ltd.

Construction and commissioning on turnkey basis including one year maintenance of Soganur Lift Irrigation M I Scheme on right bank of Tungabadra river with 2 stage pumping including construction of storage tank near Chinnakohiliki (V) Yemmiganur (M) Kurnool District.

VIII M/s. The Indian Hume Pipe Co. Ltd. Construction and commissioning on turnkey basis including one year maintenance of Pulchintha Lift Irrigation M I Scheme on right bank of Tungabadra river with 2 stage pumping including construction of storage tank near Pulchintha (V) Nandavaram (M) Kurnool District.

IX M/s.TAIPPL-IHP-KCCPL-BRCPL (JV)

Krishna Drinking Water Supply Project Phase II - Manufacturing, Supplying, Delivering, lowering, laying, jointing, testing and commissioning of 2375mm dia MS pumping main with cement mortar factory inlining and out-coating from CWR at Nasarlapally to CWR at Goddkondla (along Nagarjunasagar-Hyderabad road from 82/2 Km to 59/6 Km including manning and operation for a period of 24 months (Package II).

X M/s.IHP-KCCPL-BRCPL-TAIPPL (JV) Manufacturing, Supplying, delivering, lowering, laying, jointing, testing and commissioning of 2200mm dia MS Gravity main with cement mortar factory inlining and out-coating from MBT at Gungal to TBR at Sahebnagar (along Nagarjunasagar-Hyderabad road from Km 40/2 to 10/2 Km including manning and operation for a period of 24 months (Package IV).

XI M/s.Shradha IHP Joint Venture

Padmalaya Lift Irrigation Scheme: Designing, planning, construction of Dam at Padmalaya-II, Taluka Erandol, Dist. Jalgaon alongwith or appurtenant works & designing, planning and construction of intake well, connecting pipeline, jackwell pumphouse, sumpwell, manufacturing and installation of pumping machinery, necessary electrical accessories, electrical service station including rising main and commissioning it for shree Padmalaya Sinchan Yojana of Taluka Erandole, Dist. Jalgaon on Turnkey basis.

XIII M/s.BRCPL IHP Vishwa Joint Ventures

Manufacturing, supply, lowering, laying, jointing, testing and commissioning of Duplicate South intercepting Sewer Main (Dup-Sis) with 2000 mm dia RCC NP4 class pipes using sulphate resistance, cement from Saroornagar Nalah I & D site to proposed STP at Nagole along river Musi (Dup SIS Main-Package 3)

XIV M/s.IHP BRCPL Vishwa (JV) Manufacturing, supply, lowering, laying, jointing, testing and commissioning of Duplicate South intercepting Sewer Main (Dup-SIS) with 1800 mm dia RCC NP4 class pipes using sulphate resistant cement from Chaderghat bridge to Saroornagar Nalah I & D site along river Musi (Dup SIS Main-Package 2)

XV M/s. The Indian Hume Pipe Co. Ltd.

Manufacturing, supply, lowering, laying, jointing, testing and commissioning of 900mm dia Mild Steel Pumping Main with inlining and out- coating with cement mortar from Town Service Reservoir to Kommadi Junction under Greater Vishakhapatnam Water Supply Improvement Scheme.

XVI M/s. The Indian Hume Pipe Co. Ltd., JV with Ch.V.V.Subba Rao Augmentation of drinking water supply to Gajuwaka Area in Vishakhapatnam under submission on Urban Infrastructure and Governance under Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

XVII NCC-MEIL-IHP (JV)

Construction of Jack well, providing MS Raw Water conduit to earthern bund of Dharmasagar Reservoir by Tunnelling and Jacking, MS/ NBWSC Raw Water Gravity Mains, DI/BWSC Pumping Mains and Railway Crossing arrangements, Additional off take arrangements on Kaktiya Canal, Raw Water Pump House and Clear Water Pump House alongwith Pump sets, Water Treatment Plants at three locations, Raw Water Sumps and Clear Water Sumps, RCC ELSR’s and DI & HDPE distribution lines in Warangal Municipal Corporation.

XVIII IHP-Vishva-MCC (JV) Rehabilitation, strengthening and improvement of Sewerage System in old city area on South of Musi in S11 catchment Zone II by laying mains, sub-mains, laterals and transfer of house service connections including manufacturing, supply of 150mm/200mm/300mm dia SWG pipes and 50mm/400mm/450mm/500mm/600mm/700mm/800mm/900mm/ 1100mm/ 1200mm/1400mm dia RCC NP3 pipes with SR cement including lowering, laying, jointing, testing and commissioning of sewers or turnkey bails under JNNURM Package II.

XIX IHP-MEIL-KCCPL-BRCPL-TAIPPL (JV)

Manufacturing, supplying, lowering, laying, jointing, testing and commissioning of 2200mm dia MS Pumping Main with cement mortar factory inlining and out-coating and other appurtenances from proposed intake well near Old Madhavaram on foreshore of Somasila Reservoir to the proposed sump at Kanumalonipalli (On Kadappa-Rajampet Highway) including Manning & Operation for a period of 24 months (defect liability period) - Package I.

XX IHP-FPL (JV) Survey, Investigation, Designs, Drawings, Estimation, Construction and commissioning on Turnkey basis including maintenance for 15 years (including 2 years liability period) of Pulikanuma LI Scheme on right bank of Tungabhadra river near Satanur (V)Kosigi (M) in Kurnool district with two stage pumping consisting of (a) construction of Approach Channel (b)Jack-well cum Pump house including Manufacture, supply,erection of pumps, motors, panels, soft Starters, capacitors, E.O.T & H.O.T Cranes and all other Electrical Equipment (c)33/11 KV Sub Stations (d)H T Power Lines (e) Pressure Mains (f) Cisterns (g)Reservoir /Storage tank of capacity 1.232 TMC including Head Regulator and Surplus arrangements (h)Approach and Link Canal to join the T.B.P.L.L.C main canal @KM 270.00etc. Complete.

6 Current Liabilities include ` 1.99 Lacs towards unclaimed amounts of preference shares redeemed and Rs. 0.55 Lacs towards unclaimed proceeds from sale of fractional shares issued pursuant to the bonus issue made by the Company in the year 2005-06.

7 Figures for Previous Year have been regrouped, wherever necessary.


Mar 31, 2010

2009-10 2008-09 Rs.Lacs Rs.Lacs

1 CONTINGENT LIABILITIES:

a) Guarantees given by the Banks 15483.74 12687.73

b) Claims against the company not acknowledged as debts 121.03 178.36

c) Additional Sales Tax demand excluding Rs.902.26 lacs (Previous year Rs.905.24 lacs) recoverable from customers for the years 1980-81 to 2009-10 under appeal. 614.74 322.12

d) Demands raised by Excise department excluding interest, if any, leviable thereon. 2063.67 2244.40 e) Additional Service Tax demand excluding those recoverable from customers for the 2150.90 1889.17 Year 2004-05 under appeal.

2 Expenses on Research & Development during the year included under various heads, amounts to Rs.196.49 lacs (Previous year Rs.182.88 lacs).

3 Confirmations have not been received from some of the Debtors, Creditors and Depositors.

4 Related party disclosures, as required by AS 18

A. Names of Related Parties & Nature of Relationship

i) Ratanchand Investment Pvt. Ltd. Ultimate Holding Company

ii) IHP Finvest Ltd Promoter Holding Company (Holding 65.92% in Equity)

iii) Mr.Rajas R. Doshi Key Management Personnel

(Chairman & Managing Director) iv) Mrs. Jyoti R. Doshi (Director) Relatives of Key Management Personnel

Mr. Aditya R. Doshi

Mr. Mayur R. Doshi (Executive) v) Mobile Systems India Pvt. Ltd. Companies in which control exists directly/ indirectly

Raj Jyoti Trading & Investment Pvt. Ltd. vi) Walchand Foundation Other Related Party

Ratanchand Foundation

(Formed U/s 25 of the Companies Act, 1956)

III M/s. The Indian Hume Pipe Co. Ltd.

Combined water supply scheme to Bellampally and Mandamarry under HUDCO Phase-Ill consisting of (1) Construction of 9.00 m dia intake well cum pump house 1 No (2) 600mm dia D.I.D/F Connecting main (3) 6 Nos. of 3.00 M dia infiltration wells (4) 600mm dia RCC NP3 class pipes infiltration gallery 250m long (5) Providing 500mm dia PSC field test pressure of 10 KSC main for common sump at Municipal office (6) Providing 500mm dia PSC field test pressure of 12 KSC pumping main from common sump at Municipal office Mandamarry to Junction Point in Bellampally (Package I)

5 During the financial year 2008-09, the Companys claim U/s 80IA of the Income Tax Act 1961 pertaining to F.Y2002-03 was allowed by the Income Tax Appellate Tribunal Mumbai, as a result the Company had taken credit for tax refund of Rs.398.53 lacs and interest of Rs.122.85 lacs. The Income Tax (IT) dept. preferred an appeal against this order before the Honble High Court, Mumbai. As a matter of abundant caution, the Company had created "General Reserve No.ll" equivalent to Income Tax Refund. The Finance Act 2009 retrospectively amended Section 80IA to withdraw relief under this section. Hence, the Company has made provision during March 2010 quarter of Rs.397.89 lacs towards tax refund which has been shown under Prior Years Adjustment - Provision for Taxation of Earlier Years and interest thereon of Rs.185.16 lacs. Consequently the amount of Rs.400.00 lacs previously apportioned to "General Reserve II" has been transferred to the Profit & Loss A/c.

6 Figures for Previous Year have been regrouped, wherever necessary.

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