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Notes to Accounts of Kajaria Ceramics Ltd.

Mar 31, 2015

Note No:1

CONTINGENT LIABILITIES (Rs. in crore)

Particulars As at As at 31.03.2015 31.03.2014

(excluding matters separately dealt with in other notes):

a) In respect of Bills discounted With the Company's Bankers 8.29 3.79

b) Counter guarantees issued in respect of guarantees issued by company's bankers 1.12 0.05

c) Guarantees issued on behalf of subsidiaries 223.23 145.75

d) In respect of Excise Duty, VAT, Service Tax, Entry Tax & Custom Duty Demands pending before 0.92 9.46 various authorities and in dispute

e) In respect of pending income tax demands 0.18 0.72

f) In respect of Consumer Cases 2.02 2.52

Note No:2

As per policy of the Company for Directors and other senior employees, the Company has, during the year, paid a sum of Rs. 0.5 Crores on account of insurance premium under the employer employee policy obtained on the life of key directors and the same lies debited under the head 'Insurance Charges'. The policy may be assigned in the name of the insured in future. In such an event of assignment of the policy, the same shall be treated as perquisite in the hands of the key personnel.

Note No:3

Balances of certain debtors, creditors, loans and advances are subject to confirmation.

Note No:4

In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

Note No:5

A demand of Rs. 5.74 Crores for entry tax relating to earlier years was outstanding as on 31st March, 2014 and Rs. 2.87 Crores, paid against the same was shown under current assets, since the Company was contesting the demand raised by the department. In the current year, the Rajasthan state government announced an amnesty scheme offering waiver of interest and penalty. The Company decided to settle the demand under the scheme by paying a further Rs. 2.87 Crores. Accordingly, the total amount of Rs. 5.74 crores has been charged to the statement of profit and loss and shown under the head 'exceptional items'.

Note No:6

To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs. 21.12 Crores (previous year 13.53 Crores) has been included in the value of inventories as on 31.03.2015 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

Note No:7

GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS:

The Company has a defined benefit gratuity plan. Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme where annual contributions are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Company makes provision of such gratuity asset/liability in the books of accounts on the basis of actuarial valuation as per the Projected unit credit method. Plan assets also include investments and bank balances used to deposit premiums until due to the insurance company.

Note No:8

Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year. a) Current Year Charge:

Income Tax provision of Rs. 72.00 Crores has been made on regular income.

Note No:9

RELATED PARTY DISCLOSURES

In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, alongwith description of relationship as identified, are given below:- A. Relationships

I. Key Management Personnel

Name Designation

Mr. Ashok Kumar Kajaria Chairman & Managing Director

Mr. Chetan Kajaria Joint Managing Director

Mr. Rishi Kajaria Joint Managing Director

Mr. Dev Datt Rishi Director Technical

Mr. Basant Kumar Sinha Director Technical

II. Relatives of Key Smt. Versha Devi Kajaria Management Personnel

III. Subsidiaries & Step Soriso Ceramic Pvt Ltd Subsidiaries: Jaxx Vitrified Pvt Ltd

Cosa Ceramics Pvt Ltd

Vennar Ceramics Limited

Taurus Tiles Pvt Ltd

Kajaria Ceramics Kazakhstan LLP

Kajaria Bathwares Pvt. Ltd

Kajaria Sanitaryware Pvt. Ltd

IV. Enterprises over Dua Engineering Works Pvt Ltd which key management personnel or their relatives are able to exercise significant influence Malti Devi Kajaria Foundation

Note No:10

SEGMENTAL REPORTING

The business activity of the company falls within one broad business segment viz "Ceramic/ Vitrified Tiles" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

Note No:11

Depreciation and Amortization on tangible and intangible fixed assets: the Company was hitherto charging depreciation on Straight Line Method at the rates provided in Schedule XIV of the Companies Act, 1956. In the current year, the Company has reassessed the useful life of assets, and adopted the useful life as provided in Schedule II of the Companies Act, 2013 except in the following cases:

Particulars Depreciation

Continuous process plant & machinery Useful life of 18 years taken on the basis of technical evaluation

Software Useful life of 6 years taken on the basis of internal evaluation

Fit-out and other assets at sales outlets Useful life of 5 years taken on the basis of internal evaluation

Consequent to change of useful life as above, an amount of Rs. 0.66 crores (net of deferred tax Rs. 0.34 crores) representing WDV of those assets whose useful life had already expired as on 1st April, 2014 has been adjusted against the general reserve.

Had there been no change, depreciation charge for the year would have been higher by Rs. 0.32 crores and profit for the year would have been lower by Rs. 0.32 crores.

Note No:12

As per Section 135 of the Companies Act, 2013, Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company was required to spend Rs. 2.92 crores for CSR activities. The company has incurred CSR expenditure of Rs. 1.09 crore during the current financial year and is in process of identifying the projects/activities for the benefit of the Public in general and in the neighborhood of the manufacturing facilities in the best possible manner into various projects for future.

Note No:13

The company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2014

As At As at 31.03.2014 31.03.2013 Rs. in Rs. in million million

1. CONTINGENT LIABILITIES

(excluding matters separately dealt with in other notes):

a) In respect of Bills discounted With the Company''s Bankers 37.86 7372

b) Counter guarantees issued in respect of guarantees issued by company''s bankers 0.50 Nil

c) Guarantees issued on behalf of subsidiaries 1457.50 299.00

d) In respect of Excise Duty, Sales Tax, Service Tax, Custom Duty Demands pending before various authorities and in dispute 94.56 57.11

e) In respect of pending income tax demands 7.22 -

f) In respect of Consumer Cases 25.21 16.00

g) In respect of disputed Electricity Demand pending with appellate authorities. - 9.41

2. As per policy of the Company for Directors and other senior employees, the Company has, during the year, paid a sum of Rs.5 million on account of insurance premium under the employer employee policy obtained on the life of key directors and the same lies debited under the head ''Insurance Charges''. The policy may be assigned in the name of the insured in future. In such an event of assignment of the policy, the same shall be treated as perquisite in the hands of the key personnel.

3. Balances of certain debtors, creditors, loans and advances are subject to confirmation.

4. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

5. The Company was setting up a ceramic tile unit in Ethiopia and accordingly, had incorporated a subsidiary, Kajaria Ceramics Addis Plc. in Ethiopia. The Company had invested an amount of Rs.30.3 million in the subsidiary by way of Equity and Advances. Due to adverse change in the business environment, the Company had abandoned the project and created a provision of Rs.30.3 million towards the loss of investment in the subsidiary in the previous year. Pursuant to resolution passed in the meeting of board of directors in the current year, the amount has been written off. Necessary formalities for obtaining regulatory permission from RBI are underway. Since full provision was created in the previous year, the write off has no impact on current year profits.

6. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs.124.43 million (previous year Rs.135.34 million) has been included in the value of inventories as on 31.03.2014 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

7. Gratuity And Other Post-Employment Benefit Plans:

The Company has a defined benefit gratuity plan. Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme where annual contributions are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Company makes provision of such gratuity asset/liability in the books of accounts on the basis of actuarial valuation as per the Projected unit credit method. Plan assets also include investments and bank balances used to deposit premiums until due to the insurance company.

The following tables summarize the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognized in the balance sheet for the plan:

8. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of 546.70 million has been made on regular income.

II. Relatives of Key Management Personnel

Smt. Versha Devi Kajaria

III. Subsidiary Companies Soriso Ceramic Pvt. Ltd.

Jaxx Vitrified Pvt. Ltd.

Cosa Ceramics Pvt. Ltd.

Vennar Ceramics Limited

Kajaria Sanitary ware Pvt. Ltd.

IV. Enterprises over which key management personnel or their relatives are able to exercise significant influence

Kajaria Infrastructure Ltd.

Dua Engineering Works Pvt. Ltd.

Malti Devi Kajaria Charitable Trust

9. Segmental Reporting:

The business activity of the Company falls within one broad business segment viz "Ceramic Tiles" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

10. Share Warrants:

The Company had, in its EOGM dated 6th November, 2013 approved the issuance of 3885420 warrants to M/s. West Bridge Crossover Fund LLC and as per terms of issue, 25% of the total consideration, amounting to Rs.250 million has been received during the year. Each warrant is convertible into one equity share of Rs.2/- each at a premium of Rs.255.372433 per share as per SEBI (ICDR) regulations, 2009 for Preferential issues, within one year from the date of allotment, i.e., 11th November, 2013.

11. The Company has reclassified previous year figures to conform to this year''s classification


Mar 31, 2013

1. Term loans from Banks are secured by 1st charge on immovable and movable assets (present and future) of the Company situated at Sikandrabad Industrial Area (U P) and Village Gailpur (Rajasthan) (subject to prior charges on movables in favour of banks) ranking pari- pasu with the charges created in favour of participating Banks and further guaranteed by the Managing Director of the Company.

2. Loan from others parties are secured against respective assets financed.

3. The term loans are repayable generally over a period of three to five years after a moratorium period of one to two years in installments as per the terms of the respective agreements.

4. As per policy of the Company for Directors and other senior employees, the Company has, during the year, paid a sum of Rs.50 lacs on account of insurance premium under the employer employee policy obtained on the life of key directors and the same lies debited under the head ''Insurance Charges''. The policy may be assigned in the name of the insured in future. In such an event of assignment of the policy, the same shall be treated as perquisite in the hands of the key personnel.

5. Balances of certain debtors, creditors, loans and advances are subject to confirmation.

6. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

7. The Company had planned to put up a ceramic tile unit in Ethiopia and accordingly incorporated a subsidiary, Kajaria Ceramics Addis Plc. The Company had invested an amount of Rs.30.3 Million in the subsidiary by way of Equity and Advances. Due to adverse change in the business environment, the Company has decided to abandon the project and take steps for dissolution of the subsidiary.

Accordingly, a provision of Rs.30.3 Million has been made towards the loss of investment in the subsidiary.

8. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs.135.34 Million (previous year 91.72 Million) has been included in the value of inventories as on 31.03.2013 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

9. Gratuity And Other Post-Employment Benefit Plans:

The Company has a defined benefit gratuity plan. Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme where annual contributions are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Company makes provision of such gratuity asset/ liability in the books of accounts on the basis of actuarial valuation as per the Projected unit credit method. Plan assets also include investments and bank balances used to deposit premiums until due to the insurance company.

The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the plan:

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.

On consideration of materiality, the entire liability has been classified as a ''noncurrent liability''.

10. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of Rs.451.40 Million has been made on regular income.

b) Deferred Tax

The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year. The movement of provision for deferred tax is given below:

11. Related Party Disclosures:

In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, alongwith description of relationship as identified, are given below:-

II. Associates/Enterprises over which key management personnel or their relatives are able to exercise significant influence

Kajaria Infrastructure Ltd

Kajaria Exports Ltd

Dua Engineering Works Pvt Ltd

MaLti Devi Kajaria Charitable Trust

III. Subsidiary Companies : Soriso Ceramic Pvt Ltd

Jaxx itriftfed Pvt Ltd

Vennar eramics imitled Cosa Ceramics Pvt Ltd

Kajaria Ceramics Addis Plc

12. Segmental Reporting:

The business activity of the company falls within one broad business segment viz "Ceramic Tiles" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

13. Earnings per share (EPS) - The numerators and denominators used to calculate Basic and Diluted Earning per share:

14. Previous year figures have been regrouped / recast wherever necessary.


Mar 31, 2012

1. Term loans from Financial Institutions & Banks are secured by 1st charge on immovable and movable assets (present and future) of the Company situated at Sikandrabad Industrial Area (U P) and village Gailpur (Rajasthan) (subject to prior charges on movables in favour of Banks) ranking pari-passu with the charges created in favour of participating Financial Institutions and Banks and further guaranteed by the Managing Director of the Company.

2. Loan from others parties are secured against respective assets financed.

3. There has been no continuing default on the Balance Sheet date in repayment of loan and interest.

4. The term loans are repayable generally over a period of three to five years after a moratarium period of one to two years in installments as per the terms of the respective agreements.

1. Contingent Liabilities

(Rs in million)

As at As at 31.03.2012 31.03.2011

(excluding matters separately dealt with in other notes):

a. In respect of Bills discounted with the Company's Bankers 21.13 34.23

b. Counter guarantees issued in respect of guarantees issued by company's bankers 0.50 8.76

c. Guarantees issued on behalf of limited companies 90.00 50.00

d. In respect of Excise Duty, Sales Tax, Service Tax, Custom Duty Demands pending before various authorities and in dispute 64.48 60.12

e. In respect of disputed Electricity Demand pending with Appellate Authorities and other consumer cases. 16.67 4.68

# The details of amounts outstanding to Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 are as per available information with the Company.

2. As per policy of the Company for Directors and other senior employees, the Company has, during the year, paid a sum of Rs 50 lacs on account of insurance premium under the employer employee policy obtained on the life of key directors and the same lies debited under the head 'Insurance Charges'. The policy may be assigned in the name of the insured in future. In such an event of assignment of the policy, the same shall be treated as perquisite in the hands of the key personnel.

3. Balances of certain debtors, creditors, loans and advances are subject to confirmation.

4. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

5. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs 91-72 million (previous year Rs 56.55 million) has been included in the value of inventories as on 31st March 2012 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

6. Gratuity and Other Post-Employment Benefit Plans:

The Company has a defined benefit gratuity plan. Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme where annual contributions are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Company makes provision of such gratuity asset/liability in the books of accounts on the basis of actuarial valuation as per the Projected unit credit method. Plan assets also include investments and bank balances used to deposit premiums until due to the insurance Company.

The following tables summarize the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the Balance Sheet for the plan:

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.

On consideration of materiality, the entire liability has been classified as a 'non current liability'.

7. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year, a) Current Year Charge:

Income Tax provision of Rs 320 million has been made on regular income.

II. Associates/Enterprises over which key management personnel are able to exercise significant influence:

Kajaria Infrastructure Ltd Kajaria Exports Ltd Dua Engineering Works Pvt Ltd Malti Devi Kajaria Charitable Trust

III. Subsidiary Companies Soriso Ceramic Pvt Ltd Jaxx Vitrified Pvt Ltd Kajaria Ceramics Addis Pic

8. Segmental Reporting:

The business activity of the Company falls within one broad business segment viz "Ceramic Tiles" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

9. Previous year figures have been regrouped / recast wherever necessary.


Mar 31, 2011

(Rs. in million)

As at As at 31.03.2011 31.03.2010

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of advances) 3.96 136.41

2. Letters of Credit opened in favour of inland/overseas suppliers (Net) 1623.52 942.42

3. Contingent Liabilities not provided for (excluding matters separately dealt with in the notes):

a) In respect of Bills discounted With the Companys Bankers 34.23 72.48

b) Counter guarantees issued in respect of guarantees issued by Companys bankers 8.76 29.69

c) Guarantees issued on behalf of limited Companies 50.00 50.00

d) In respect of Excise Duty, Sales Tax, Service Tax, Custom Duty demands pending before various authorities and in dispute 60.12 57.88

e) Export Obligation under EPCG scheme -- 2.69

f) In respect of disputed Electricity demand pending with Appellate Authorities and other consumer cases. 4.68 4.54

4. As per policy of the Company for Directors and other senior employees the Company has, during the year, paid a sum of Rs.50 lacs on account of insurance premium under the employer employee policy obtained on the life of key Directors and the same lies debited under the head Insurance Charges. The policy may be assigned in the name of the insured in future. In such an event of assignment of the policy, the same shall be treated as perquisite in the hands of the key personnel.

5. Balances of certain debtors, creditors, loans and advances are subject to confirmation.

6. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

7. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs.56.55 million (previous year Rs.75.11 million) has been included in the value of inventories as on 31.03.2011 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

8. a) Reference is invited to note no. 18 on the accounts of the Company for the financial year ended 31.3.2010. A sum of Rs.103.37 million has been debited to the Profit & Loss Account under the head Sales Tax of Earlier Years, representing sales tax paid as a result of withdrawal of exemption by sales tax department in respect of three expansions undertaken by the Company. After getting no favourable outcome, the Company, based on legal opinion, has withdrawn the claims filed in earlier years and accordingly the amount paid has been written off in the Profit & Loss Account.

b) Since the liability relates to earlier years, an equivalent amount has been withdrawn from General Reserve and credited to Profit & Loss Account.

9. Gratuity And Other Post-Employment Benefit Plans:

The Company has a defined benefit gratuity plan. Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme where annual contributions are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Company makes provision of such gratuity asset/liability in the books of accounts on the basis of actuarial valuation as per the Projected unit credit method. Plan assets also include investments and bank balances used to deposit premiums until due to the insurance Company.

The following tables summarize the components of net benefit expense recognised in the Profit and Loss Account and the funded status and amounts recognised in the Balance Sheet for the plan:

10. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year. a) Current Year Charge:

Income Tax provision of Rs.218.40 million has been made on regular income.

11. Related Party Disclosures:

In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, alongwith description of relationship as identified, are given below:- A. Relationships

I. Key Management Personnel:

Name Designation

Sh. Ashok Kajaria Chairman & Managing Director

Sh. Chetan Kajaria Joint Managing Director

Sh. Rishi Kajaria Joint Managing Director

Sh. B.K. Sinha Director Technical

II. Relatives of Key Management Personnel: Smt. Versha Devi Kajaria Sh. A.K. Kajaria (HUF)

III. Associates/Enterprises over which key management personnel are able to exercise significant influence:

Kajaria Plus Pvt Ltd Kajaria Vision Pvt Ltd Dua Engineering Works Pvt Ltd

IV. Subsidiary Company Soriso Ceramic Pvt Ltd

12. Segmental Reporting:

The business activity of the Company falls within one broad business segment viz "Ceramic Tiles" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

13. Previous year figures have been regrouped / recast wherever necessary.

 
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