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Notes to Accounts of JK Cement Ltd.

Mar 31, 2014

1. DISCLOSURE OF COMPANY''S INTEREST IN JOINTVENTURE.

The Ministry of Coal, Government of India, has allotted a Coal block in Maharashtra to the Company together with two other allottees for captive consumption. The allottees have formed a Joint Venture Company i.e. Bander Coal Company Private Ltd.(BCCPL) for the aforesaid purpose. In terms of Joint Venture agreement, the Company has been allotted 375000 Equity Shares of Rs. 10/- each aggregating 37.5% of the Paid-up Equity Share Capital of BCCPL. During the yean the ministry of coal, Govt, of India issued an order for de-allocation of the Coal Block.

2. Board of Directors have proposed dividend of Rs. 3 per equity share of face value of Rs. 10/- each.

3. The Company is engaged only in cementious materials and there are no separate reportable segments as per AS-17.

Rs./Lacs 31 -03-2014 31 -03-2013

4. CONTINGENT LIABILITIES AND COMMITMENTS.

I. A) Contingent Liabilities

i) In respect of claims not acknowledged as debts by the Company 10956.76 6653.00

ii) In respect of disputed demands for which Appeals are pending with Appellate Authorities/Courts - no provision has been considered necessary by the Management

a) Excise duty 1598.51 1452.55

b) Sales tax 4932.37 3834.79

c) Service tax 1085.42 890.17

5. The Ministry of Corporate Affairs, Government of India, vide General Circular no. 2 and 3 dated 8th February 2011 and 21st February 201 I respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to the fulfilment of conditions stipulated in the circular The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information’s relating to the subsidiaries has been included in the Consolidated Financial Statements.

6. Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the year


Mar 31, 2013

1.1 Government Of Rajasthan Has Issued An Entitlement Certificate By Which The Company Is Entitled For Interest Subsidy Under Rajasthan Investment Promotion Scheme,2003.Government Has Released Rs. 9473.41 Lacs As Interest Subsidy For The Period 1st December, 2004 To 31st March, 2013 Including Rs. 84.41 Lacs During The Year Which Has Been Accounted For As Capital Receipt Based On Expert Advice.

2.2 (I) Term Loans Related To Cement Plants At Rajasthan

A) From Banks : Rs. 19003.28 Lacs (Rs. 13522.62 Lacs)

Secured By First Pari-Passu Charge By Way Of Equitable Mortgage Of All The Immovable Assets And Hypothecation Of All The Movable Assets Of The Company Both Present And Future Save And Except Inventories , Book Debts, Cash And Bank Balances And All Assets Pertaining To J.K. Cement Works, Gotan, J.K. Cement Works, Muddapur, Karnataka And Properties Having Exclusive Charge Of Other Lenders.

B) From Canara Bank : Rs. 1566.47 Lacs (Rs. 2424.53 Lacs)

Secured By Equitable Mortgage Of Immovable Properties And Hypothecation Of Movable Assets Pertaining To Undertaking Of J.K. Cement Works, Gotan Except Current Assets And Vehicles.

(ii) Term Loans Related To Cement Plant At Karnataka

From Consortium Of Banks: : Rs. 34151.28 Lacs (Rs. 43042.20 Lacs)

Secured By First Pari-Passu Charge By Way Of Equitable Mortgage Of All The Immovable Assets And Hypothecation Of All Movable Assets , Present And Future (Save And Except Book Debts) Pertaining To J.K. Cement Works, Muddapur, Karnataka Subject To Prior Charges In Favour Of Working Capital Lenders On Inventories And Other Current Assets.

(iii) Term Loans Related To The Properties: Rs. 4194.74 Lacs (Rs. 5585.07 Lacs)

Secured By Exclusive Charge By Way Of Equitable Mortgage Over The Immovable Assets And Hypothecation Of Movable Assets Pertaining To The Specified Properties.

1.4 VAT Loan(Interest Free) From Govt. Of Karnataka: 2879.24 Lacs (Rs. 1491.21 Lacs)

Secured By Second Pari Passu Charge By Way Of Equitable Mortgage Of Land Building And Plant And Machinery Pertaining To J.K. Cement Works, Muddapur, Karnataka And Bank Guarantee. Second Charge On Assets Are Yet To Be Created.

Maturity Profile: Payable After September, 2021 Onwards.

1.5 Unsecured Loans: Rs. 5922.65 Lacs (Rs. 6800.23 Lacs)

8% Unsecured Loan Rs. 507.76 Lacs (Rs. 1839.06 Lacs) Granted By Government Of Rajasthan Payable In Equitable Monthly Instalments Upto July, 2013.

Rs. 396.03 Lacs (Rs. 520.63 Lacs) As At 31st March, 2013 Interest Free Deferred Sales Tax Liability Payable In Quarterly Equitable Instalment In Next 4 Years.

Rs. 489.32 Lacs (Rs.489.32 Lacs) Interest Free Deferred Sales Tax Liability Payable In Quarterly Equitable Instalment In 5 Years From July, 2013 Onwards. The Instalment Amount Is Rs. 24.47 Lacs.

Rs. 4529.54 Lacs (Rs. 3951.22 Lacs) Interest Free Deferred Sales-Tax Liability. The Availment Of Said Scheme Is Still Continued. The Payment After Accumulation Of Said Scheme Will Start W.E.F. July, 2014 Payable In Quarterly Equitable Instalment In Five Years.

2.1 Cash Credit Account: Rs. 18865.43 Lacs (Rs.8282.71 Lacs)

Cash Credit Accounts Are Secured By First Charge On Current Assets Of The Company Namely Inventories, Book Debts, Etc. And Second Charge On Fixed Assets Of The Company Except The Fixed Assets Pertaining To J.K. Cement Works, Gotan And The Assets Having Exclusive Charge Of Other Lenders.

3.1 Based On The Information Available With The Company Regarding The Status Of Suppliers As Defined Under MSMED Act,2006, There Was No Principal Amount Overdue And No Interest Was Payable To The Micro, Small And Medium Enterprises On 31st March, 2013 As Per The Terms Of Contract.

4. Disclosure OF COMPANY''S Interest In Joint VENTURE.

The Ministry Of Coal, Government Of India, Has Allotted A Coal Block In Maharashtra To The Company Together With Two Other Allottees For Captive Consumption. The Allottees Have Formed A Joint Venture Company I.E. Bander Coal Company Private Ltd. (BCCPL) For The Aforesaid Purpose. In Terms Of Joint Venture Agreement, The Company Has Been Allotted 375000 Equity Shares Of Rs. 10/- Each Aggregating 37.5% Of The Paid-Up Equity Share Capital Of BCCPL.

Details Of The Company''s Interest In Its Joint Venture, Having Joint Control, As Per The Requirement Of Accounting Standard(AS)-27 On ''Financial Reporting Of Interests In Joint Ventures'', Are As Under Based On Unaudited Annual Accounts For The Year Ended 31st March, 2013. However, There Would Not Be Material Changes As The Company Is In Process Of Getting Necessary Approvals.

5. Board Of Directors Have Proposed Dividend Of Rs. 6.50 Per Equity Share Of Face Value Of Rs. 10/- Each.

6. The Company Is Engaged Only In Cementious Materials And There Are No Separate Reportable Segments As Per AS-17.

7. The Ministry Of Corporate Affairs, Government Of India, Vide General Circular No. 2 And 3 Dated 8th February, 2011 And 21st February, 2011 Respectively Has Granted A General Exemption From Compliance With Section 212 Of The Companies Act, 1956, Subject To The Fulfilment Of Conditions Stipulated In The Circular. The Company Has Satisfied The Conditions Stipulated In The Circular And Hence Is Entitled To The Exemption. Necessary Informations Relating To The Subsidiaries Has Been Included In The Consolidated Financial Statements.

8. Previous Year Figures Have Been Regrouped And Recasted Wherever Necessary To Conform To The Classification For The Year.


Mar 31, 2012

1.1 Government of Rajasthan has issued an entitlement certificate by which the Company is entitled for interest subsidy under Rajasthan investment Promotion scheme,2003.Government has released Rs 9389.00 lacs as interest subsidy for the period 1st December, 2004 to 31st December, 2011 including Rs 593.88 lacs during the year which has been accounted for as capital Receipt based on expert advice.

2.1 Non Convertible Debentures(Ncds): Rs 40000.00 Lacs( Rs 40000.00 Lacs)

Secured by first mortgage on the Company's flat at Ahmedabad and also against first pari-passu charge on the assets specified below in 3.2(i)(a)

Secured by first pari-passu charge by way of equitable mortgage of all the immovable assets and hypothecation of all the movable assets of the company both present and future save and except inventories , book debts, cash and bank balances and all assets pertaining to J.K. cement Works, Gotan,

2.2 VAT Loan(lnterest free) from Govt. of Karnataka: Rs 1491.21 Lacs (Rs Nil)

secured by second Pari Passu charge by way of equitable mortgage of land building and plant and machinery pertaining to J.K. cement Works, Muddapur, Karnataka and bank guarantee. second charge on assets is yet to be created.

Maturity profile: Payable after 2017 onwards.

2.3 Deffered Sales Tax Liability Rs 6800.23 lacs (Rs 7698.80 lacs) 8% Unsecured loan Rs 1839.06 lacs(Rs 3291.98 lacs) granted by Government of Rajasthan payable in equitable monthly instalments upto July,2013.

Rs 520.63 lacs(Rs 645.24 lacs) Interest free deferred sales tax liability payable in quarterly equitable installment in next 5 years.

Rs 489.32 lacs(Rs 489.32 lacs) Interest free deferred sales tax liability payable in quarterly equitable instalment in 5 years from July,2013 onwards. The instalment amount is Rs 24.47 lacs.

Rs 3951.22 lacs(Rs 3272.26 lacs): Interest free deferred sales-tax liability. The availment of said scheme is still continued. The payment after accumulation of said scheme will start w.e.f. July,2014 in quarterly equitable instalments in 5 years.

3.1 Cash Credit Account: Rs 8282.71 lacs (Rs 5990.46 lacs)

Cash credit accounts are secured by first charge on current assets of the Company namely inventories, book debts, etc. and second charge on fixed assets of the Company except the fixed assets pertaining to J.K. cement Works, Gotan and the assets having exclusive charge of other lenders.(second charge on immovable assets related to J.K. cement Works, Muddapur, Karnataka is yet to be created).

4.1 Based on the information available with the Company regarding the status of suppliers as defined under MsMED Act,2006, there was no principal amount overdue and no interest was payable to the Micro, small and Medium Enterprises on 31st March,2012 as per the terms of contract.

5.1 Some assets discarded during the year where value of the assets are not determined, the adjustment of sale proceeds is made from historical value directly.

5.2 Land, Buildings, Plant & Machinery, Railway Sidings and Rolling Stock had been revalued as on 4th November,2004 by the approved valuers on the basis of assessment about current value of the similar assets. Current values had been determined by cost approach method. Accretion on account of revaluation amounting to Rs 33601.86 Lacs had been credited to Revaluation Reserve. Depreciation on additional value is provided on the basis of life determined by the valuers. An amount of Rs 1229.34 Lacs equivalent to the depreciation for the year on such additional values has been withdrawn from Revaluation Reserve and credited to Profit & Loss Account.

6.1 Unamortised expenses on Mines Development/overburden removal shown as deferred revenue expenditure in earlier years has been charged in Profit and Loss Statement as exceptional item for Rs 781.90 lacs and Rs 5.64 lacs charged to raw material consumption during the year.

7.1 Pursuant to the implementation of sAP ERP system in Oct, 2011 in Gotan, Rajasthan Plant's Inventory valuation method has been changed from annual weighted average to daily moving weighted average for items procured and monthly moving weighted average in case of material in process and finished goods.

8.1 Fixed Deposits with banks includes:

(i) Rs 1451.66 lacs (Rs 3177.96 lacs) with maturity more than 12 months.

(ii) Rs 5857.51 lacs (Rs 7560.28 lacs) tied up against overdraft/other commitments.

b) Defined benefit plan

The Employees Gratuity Fund Scheme managed by a Trust is a defined benefit Plan.

The present value of obligation is determined based on actuarial valuation using the projected unit credit method. The obligation for leave encashment is recognised in the same manner as gratuity.

9 related parties disclosures

(1) (a) Parties where the control/significant influence exists

i) Juggilal Kamlapat Holding ltd

ii) Yadu international ltd

(b) Key Management Personnel & their Relatives

i) shri Yadupati singhania- Managing Director & c.E.O.

ii) Dr. Gaur Hari singhania (Relative)

(c) Enterprises significantly influenced by Key Management Personnel or their Relatives

i) Jaykay Enterprises ltd

ii) J.K. cotton spg. & Wvg. Mills co.ltd.

iii) Jaykaycem (Eastern) ltd

iv) Jaykaycem(central) ltd

(d) subsidiary Companies

i) J.K. cement (Fujairah) FZc ( Holding company of (ii) below)

ii) J.K. cement Works(Fujairah) FZc

(e) Joint Venture

i) Bander coal company (P) ltd

(Related parties relationship is as identified by the Company and relied upon by the Auditors).

10 disclosure of company's interest in joint venture.

The Ministry of coal, Government of India, has allotted a coal block in Maharashtra to the company together with two other allottees for captive consumption. The allottees have formed a Joint Venture company i.e. Bander coal company Private Ltd.(BccPL) for the aforesaid purpose. In terms of Joint Venture agreement, the company has been allotted 375000 Equity shares of Rs 10/- each aggregating 37.5% of the Paid-up Equity share capital of BccPL

11 Board of Directors have proposed dividend of Rs 5 Per equity share of face value of Rs 10/- each.

12 The company is engaged only in cement business and there are no separate reportable segment as per As-17.

13 contingent liabilities and commitments.

RS/ lacs

1. (A) Contingent Liabilities As at As at 31-03-2012 31-03-2011

(i) in respect of claims excluding indeterminate claims 2737.45 3414.16 of employees against the company not acknowledged as debts

(ii) in respect of disputed demands for which Appeals are pending with Appellate Authorities/courts - no provision has been considered necessary by the Management

a) Excise duty 1334.95 1229.67

b) custom duty 176.28 176.28

c) sales tax 4153.10 2277.55

d) service tax 890.17 1085.42

e) income tax - 1679.70

(iii) in respect of interest on "cement Retention Price" 1129.16 1108.78 realised in earlier years

(iv) in respect of corporate Guarantee given in favour of 952.89 952.89 Joint Venture company & others

(B) Commitment

i) capital commitments

Estimated amount of contracts remaining to be 1580.00 695.32 executed on capital accounts and not provided for

ii) Other commitments

in respect of purchase of Raw Materials 347.00 _

14. The Ministry of corporate Affairs, Government of India, vide General circular no. 2 and 3 dated 8th February, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to the fulfilment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary informations relating to the subsidiaries has been included in the consolidated Financial statements.

15. Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the year.


Mar 31, 2011

As at 31st March, 2011 and Abridged Profit & Loss Account for the year ended on that date

Rs. Lacs

31.03.2011 31.03.2010

(1) (A) CONTINGENT LIABILITIES 3414.16 4328.45

(i) In respect of claims excluding indeterminate claims of employees 3414.16 4328.45 against the Company not acknowledged as debts

(ii) In respect of disputed demands for which Appeals are pending with Appellate Authorities/Courts - no provision has been considered necessary by the Management

a) Excise duty 1229.67 172.04

b) Custom duty 176.28 176.28

c) Sales Tax 2277.55 740,16

d) Service Tax 1085.42 1085.42

e) Income Tax 1679.70 -

(iii) In respect of interest on "Cement Retention Price" realised 1108.78 1088.40 in earlier years

(iv) In respect of Corporate Guarantee given in favour of Associate 952.89 - Companies & Others

(B) Estimated amount of contracts remaining to be executed on 695.32 4147.18 capital accounts and not provided for

2. (2) Share Capital includes 74,26,950 Equity Shares of Rs. 10/- each allotted without payment received in cash.

3. (4) Government of Rajasthan has issued an entitlement certificate by which the Company is entitled for interest subsidy under Rajasthan Investment Promotion Scheme, 2003. Government has released Rs. 8795.12 Lacs as interest subsidy for the period 1st December, 2004 to 30th September, 2010 includingRs. 997.53 Lacs during the year which has been accounted for as Capital Receipt based on expert advice.

4. (5) Land, Buildings, Plant & Machinery, Railway Sidings and Rolling Stock had been revalued as on 04.11.2004 by the approved valuers on the basis of assessment about current value of the similar assets. Current values had been determined by cost approach method. Accretion on account of revaluation amounting toRs. 33601.86 Lacs had been credited to Revaluation Reserve. Depreciation on additional value is provided on the basis of life determined by the valuers. An amount of Rs. 1239.75 Lacs equivalent to the depreciation for the year on such additional values has been withdrawn from Revaluation Reserve and credited to Profit & Loss Account.

5. (6) Pursuant to the implementation of SAP ERP system in March,2011 in Mudhol, Karnataka Plants Inventory valuation method has been changed from annual weighted average method to daily moving weighted average for items procured and monthly moving weighted average in case of material in process and finished goods.

6. (8) Disclosures pursuant to clause 32 of the Listing Agreement.

B) Investment by loanee in the shares of the Company : NIL

D) Disclosure of Companys Interest in Joint Venture.

The Ministry of Coal, Government of India, has allotted a Coal block in Maharashtra to the Company together with two other allottees for captive consumption. The allottees have formed a Joint Venture Company i.e. Bander Coal Company Private Ltd.(BCCPL) for the aforesaid purpose. In terms of Joint Venture agreement, the Company has been allotted 375000 Equity Shares of Rs. 10/- each aggregating 37.5% of the Paid-up Equity Share Capital of BCCPL. Details of the Companys interest in its Joint Venture, having Joint Control, as per the requirement of Accounting Standard(AS)-27 on "Financial Reporting of Interests in Joint Ventures", are as under based on Annual Accounts for the year ended 31.03.2010. Accounts for financial year 2010-11 have not yet been received, however, there would not be material changes as the Company is in process of getting necessary approvals.

E) The Company is engaged only in cement business and there are no separate reportable segments as per AS-17.

F) Employees Benefits:

Disclosure in term of AS-15 are as under:- a) Defined contribution plan

b) Defined benefit plan

The Employees Gratuity Fund Scheme managed by a Trust is a defined benefit Plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method. The obligation for leave encashment is recognised in the same manner as gratuity.

7. (10) Based on the information available with the Company regarding the status of suppliers as defined under MSMED Act,2006, there was no principal amount overdue and no interest was payable to the Micro, Small and Medium Enterprises on 31st March,2011 as per the terms of Contract.

8, Market value of quoted investment as on 31.03.2011 was nil. (As on 31.03.2010 was 15.19 Lacs).

9. (12) Important performance ratios

(i) Sales/Total Assets Ratio =0.89

(ii) Operating Profit/Capital Employed Ratio= 27.38%

(iii) Return on Networth =6% (iv) Net Profit/Sales Ratio= 3%

10. (15) Previous year figures have been regrouped and recasted wherever necessary to conform to the classification of the year.

11. Serial nos in brackets are serial nos of Notes on Account.


Mar 31, 2010

Rs./ lacs 31.03.2010 31.03.2009 1) (1) (A) Contingent Liabilities (i) In respect of claims excluding indeterminate claims of employees 4328.45 5319.04 against the Company not acknowledged as debts (ii) In respect of disputed demands for which Appeals are pending with Appellate Authorities/Courts - no provision has been considered necessary by the Management a) Excise duty 172.04 - b) Custom duty 176.28 - c) Sales-tax 740.16 1949.26 d) Service tax 1085.42 1024.96 (iii) In respect of interest on "Cement Retention Price" realised in earlieryears 1088.40 1068.02

(B) Estimated amount of contracts remaining to be executed on capital 4147.18 190.68 accounts and not provided for

2) (2) Share Capital includes 74,26,950 equity shares of Rs. 10/- each allotted without payment received in cash.

3) (4) Jaykaycem Ltd (the amalgamating Company) engaged in setting-up of Greenfield Grey Cement Plant and Captive Power Plant at Muddapur, District Bagalkot, in State of Karnataka, has been amalgamated with the Company. The Scheme of amalgamation (the Scheme) was sanctioned by the Honble High Court of Judicature at Allahabad vide its order dated 20th August,2009 which became effective on 24th August,2009.

In accordance with the said Scheme and as per the approval of the Hon’ble High Court:

a) The assets, liabilities, rights and obligations of erstwhile Jaykaycem Ltd. have been transferred to and vested with the Company with effect from Ist April, 2008 (Appointed date) and have been recorded during the current year at their respective book values as appearing in the books of amalgamating Company under the pooling of interest method of accounting for amalgamations (AS-14) issued by The Institute of Chartered Accountants of India.

b) The amalgamating Company was wholly owned subsidiary of the Company, therefore, no consideration was payable nor any Shares were issued. Reserves have been preserved as they appeared in the financial statements of amalgamating Company.

c) The amalgamating Company had not prepared Profit & Loss Account till effective date as their project was under construction.

4) (5) Government of Rajasthan has issued an entitlement certificate by which the Company is entitled for interest subsidy under Rajasthan Investment Promotion Scheme, 2003 for 7 years from 30th Nov, 2004. In terms of the scheme, Commercial Tax Department has determined Rs. 7797.59 lacs as interest subsidy for the period 1st Dec, 2004 to 31st Dec, 2009. The subsidy amounting to Rs. 7797.59 lacs has also been released by Government upto 31st March, 2010 (Rs. 1117.16 lacs during the year lunder the aforesaid scheme has been accounted for as Capital Receipt based on expert advice.

5) (6) Land, Buildings, Plant & Machinery, Railway Sidings and Rolling Stock had been revalued as on 04.11.2004 by the approved valuers on the basis of assessment about current value of the similar assets. Current values had been determined by cost approach method. Accretion on account of revaluation amounting to Rs. 33601.86 lacs had been credited to revaluation reserve. Depreciation on additional value is provided on the basis of life determined by the valuers. An amount of Rs. 1250.11 lacs equivalent to the depreciation for the year on such additional values has been withdrawn from Revaluation Reserve and credited to Profit & Loss Account.

6) (7) Pursuant to the implementation of SAP ERP system, during the year in some Grey Cement Plants and Power Plants,.therefore, inventory valuation method has been changed from annual weighted average method to daily moving weighted average for items procured and monthly moving weighted average in case of material in process and finished goods.

(C) Related Parties Disclosures

(1) (a) Parties where the control/significant influence exists i) Juggilal Kamlapat Holding Ltd i) Yadu International Ltd

(b) Key Management Personnel & their Relatives:

i) Shri Yadupati Singhania- Managing Director & C.E.O.

i) Dr. Gaur Hari Singhania (Relative]

(c) Enterprises significantly influenced by Key Management Personnel or their Relatives.

i) J.K. Synthetics Ltd

ii) J.K. Cotton Spg. & Wvg. Mills Co. Ltd.

(d) Wholly Owned Subsidiary Companies.

J.K. Cement (Fujairah) FZC

(e) Fellow Subsidiary

J.K. Cement Works (Fujairah) FZC

(f) Joint Venture

Bander Coal Company (P) Ltd

(Related parties relationship is as identified by the Company and relied upon by the Auditors).

(2) Following are the transactions with related parties as defined under Accounting Standard-18 on Related party disclosures issued by the Institute of Chartered Accountants of India.

(E) The Company is engaged only in cement business and there are no separate reportable segments as per AS-17

(F) Employees Benefits

Disclosure in term of AS-15 are as under:-

a) Defined contribution plan

Contribution to defined contribution plan recognised as expenses for the year 2009-10 are as under:

b) Defined benefit plan

The Employees Gratuity Fund Scheme managed by a Trust is a defined benefit Plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method. The obligation for leave encashment is recognised in the same manner as gratuity.

Defined benefit plans/compensated absences-As per actuarial valuation:

9) (11) Based on the information available with the Company regarding the status of suppliers as defined under MSMED Act,2006, there was no principle amount overdue and no interest was payable to the Micro, Small and Medium Enterprises on 31st March, 2010 as per the terms of Contract.

10) Market value of quoted investment as on 31.03.2010 was Rs. 15.19 lacs (As on 31.03.2009 was nil).

11) Quantitative Information

12) Important performance ratios

(i) Sales/Total Assets Ratio = 0.68

(ii) Operating Profit/Capital Employed Ratio= 0.43

(iii) Return on Networth = 21%

(iv) Net Profit/Sales Ratio= 12.37%

13) (16) Previous year figures have been regrouped and recast wherever necessary to conform to the classification of the year. The figures for the current year includes figures of Jaykaycem Ltd which is amalgamated with the Company with effect from 1st April,2008 and are therefore, to that extent not comparable with those of previous year.

14) Serial nos in brackets are serial nos of Notes on Account.

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