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Notes to Accounts of Kilburn Engineering Ltd.

Mar 31, 2015

1. Corporate Information

Kilburn Engineering Limited is in the business of process design, engineering, manufacturing, project management, installation and commissioning of equipment and systems for various process plants across the world.

2. Additional information to the financial statements

Rs. In Lacs

Particulars As at As at 31st March, 31st March, 2015 2014

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

Contingent liabilities

(a) Letters of Credit and Bank Guarantees outstanding 3,712.57 2,441.17 as at the year end. FDR of Rs. 629.08 lacs (previous year Rs. 439.43 lacs) pledged with banks against the LC's and Bank Guarantees.

(b) Demand Notice from DGFT for non-fulfilling of eport 137.00 137.00 obligations. The Company expects no liability on this account.

(c) The Company is a party to litigation - - by certain ex-employees in respect of claim for Superannuation fund dues/ retrenchment compensation arising around the year 2000-01. The Company has provided for the probable obligation. This is expected to materialize on resolution of the dispute.

(d) The Company had received an order 30.75 30.75 from Deputy Commissioner of Sales Tax, Mumbai for the year 2008-09. The Company has filed an appeal with the Joint Commissioner of Sales Tax after payment of Rs. 1.50 lacs.

(e) The Company had received a Demand Notice 111.98 111.98 from the Maharashtra State VAT Authority for the assessment year 2005-06. The Company has filed an appeal against the said order.

(f) The Company had received a Demand Notice 639.73 730.73 from the Central Sales Tax Authorities for the assessment year 2005-06. The Company has filed an appeal against the said order & has paid an amount of Rs. 242.30 lacs during current year & made a provision of Rs. 91 lacs in books. In respect of (e) & (f) above, the total demand of Rs. 842 lacs is on account of non-production of "C" Forms which were lost and certain errors in assessment.

(g) Last year the Company had received Demand 35.39 35.39 Notice from the Income Tax Authorities disallowing certain expenses and selling commission expense for the assessment year 2011-12.

(h) Other claims not acknowledged as debts. 0.80 0.80

3. Disclosures under Accounting Standards Note 26.1

In accordance with requirements of Accounting Standard 7, Company has recognized unbilled revenue during the year in respect of high value, long delivery orders which are delivered in parts over the execution period. The Unbilled revenue is calculated based on percentage of completion of individual contracts.

4. Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 79.29 lacs (Year ended 31 March, 2014 Rs. 70.49 Lacs) for Provident Fund contributions and Rs. 33.43 lacs (Year ended 31 March, 2014 Rs. 34.51 lacs) for Superannuation Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

5. Based on the guiding principles given in the Accounting Standard on 'Segment Reporting' (AS-17) issued by the Institute of Chartered Accountants of India, the primary segment of the Company is business segment which comprises of Engineering Segment. As the Company operates in a single primary business segment, no segment information thereof is given.

6. Operating Leases :

Lease payments recognized in the Statement of Profit and Loss : Rs. 25.94 lacs (Previous Year Rs. 28.10 lacs).

7. The total amount incurred on Research and Development activities during the year amount to Rs. 59.57 lacs (Previous Year Rs. 65.99 lacs)

8. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

Rs'' In Lacs

Note Particulars As at As at 31st March 31st March 2014 2013

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

Contingent liabilities

(a) Letters of Credit outstanding as at 2,441.17 377.55 the year end FDR of Rs.439.43 lacs (previous year Rs.356.88 lacs) pledged with banks against the LCs and Bank Guarantees.

(b) Demand Notice from DGFT for non-fulfilling of 137.00 137.00 export obligations. The Company expects no liability on this account

(c) The Company is a party to litigation by certain - - ex employees in respect of claim for Superannuation fund dues/ retrenchment compensation arising around the year 2000-01. The Company has provided for the probable obligation. This is expected to materialize on resolution of the dispute.

(d) During the year, the Company has received an 30.75 30.75 order from Deputy Commissioner of Sales Tax, Mumbai for the year 2008-09. The Company has filed an appeal with the Joint Commissioner of Sales Tax after payment of Rs.1.5 lacs.

(e) During the year, the Company has received a 111.98 - Demand Notice from the Maharashtra State VAT Authority for the Assessment Year 2005-06. The Company has filed an appeal against the said order.

(f) During the year, the Company has received 730.73 - a Demand Notice from the Central Sales Tax Authorities for the Assessment Year 2005-06. The Company has filed an appeal against the said order.

In respect of (e) & (f) above, the total demand of Rs. 842 lacs is on account of non-production of "C" Forms which were lost and certain errors in assessment.

(g) During the year, the Company has received Demand 35.39 - Notice from the Income Tax Authorities disallowing certain expenses and Selling Commission expense for the Assessment Year 2011-12. The Company has preferred an appeal against the said order.

(h) Other claims not acknowledged as debts 0.80 0.80

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

2.1 The Company holds investment in equity shares of Mcnally Bharat Engineering Company Limited (Book Value Rs.1,993.45 lacs) as strategic investment on a long term basis. The Company is of the view that the diminution in value of Rs.1,409.95 lacs (Previous Year Rs.1,409.11 lacs) in these investments is temporary. Notwithstanding this, out of abundant caution, a provision of Rs.400 lacs (Previous Year Rs.200 lacs) including Rs.200 lacs (Previous Year Rs.200 lacs) during the year is made in the books.

Note 3 Disclosures under Accounting Standards

Note 3.1

In accordance with requirements of Accounting Standard 7 notified by the Companies Accounting Standard Rules, 2006, the Company has recognized unbilled revenue during the year in respect of high value, long delivery orders which are delivered in parts over the execution period. The Unbilled revenue is calculated based on percentage of completion of individual contracts.

Note 3.2

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 70.49 lacs (Year ended 31st March, 2013 Rs.8.37 Lacs) for Provident Fund contributions and Rs.34.51 lacs (Year ended 31st March, 2013 Rs.34.88 lacs) for Superannuation Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

The following table sets out the funded status of the Gratuity benefit and the amount recognized in the financial statements:

The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

100% of Plan Assets are invested in Group Gratuity Scheme offered by LIC of India, an insurance Company.

3.3 Based on the guiding principles given in the Accounting Standard on ''Segment Reporting'' (AS-17) issued by the Institute of Chartered Accountants of India, the primary segment of the Company is business segment which comprises of Engineering Segment. As the Company operates in a single primary business segment, no segment information thereof is given.

Segment information for secondary segment reporting (by geographical segments).

The Company has a customer base within and outside India.

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax.

Consequent to closure of Baroda Factory in year 2003, provision was made for additional retrenchment compensation in respect of 97employees amounting to Rs.45.80 lacs. Out of 97 employees, 50 had preferred an appeal before the labour court in Baroda. A settlement was arrived with the above workers before the labour court during the year and an amount of Rs.18.50 lacs was paid.

3.4 Operating Leases :

Lease payments recognized in the Statement of Profit and Loss : Rs 28.10 lacs (Previous Year Rs.33.31 lacs)

Note 4

The total amount incurred on Research and Development activities during the year amount to Rs.65.99 lacs (Previous Year Rs.72,79 lacs).

Note 5

There has been a undue delay in getting allotment of the land in Asansol. In the interim period the Company has developed several reliable subcontractors in Eastern India to handle the Company''s manufacturing and site works. In view of this the Company is not at present pursuing the allotment of land by Asansol Durgapur Development Authority.

Note 6

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1 Corporate Information

Kilburn Engineering Limited is in the business of process design, engineering, manufacturing, project management, installation and commissioning of equipment and systems for various process plants across the world.

As at As at 31st March, 31st March, 2013 2012

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

Contingent liabilities

(a) Letters of Credit outstanding as at the year end 377.55 380.07 FDR of Rs. 356.88 lacs (previous year Rs. 448.12 lacs) pledged with banks against the LCs and Bank Guarantees.

(b) Demand Notice from DGFT for non-fulflling of export obligations. The Company 137.00 137.00 expects no liability on this account

(c) The Company is a party to litigation by - - certain ex- employees in respect of claim for Superannuation fund dues/ retrenchment compensation arising around the year 2000-01. The Company has provided for the probable obligation. This is expected to materialize on resolution of the dispute.

(d) During the year, the Company has received an order from Deputy Commissioner 30.75 - of Sales Tax, Mumbai for the year 2008-09 raising demand for Rs. 30.75 lacs. The Company is in the process of fling appeal against the said order.

(e) The Company had received demand notice u/s - 148.65 143(3) for the Assessment year 2009-10 from Income Tax Authorities. The Company has filed appeal before CIT (A) after depositing Rs. 30 lacs under protest and expects the outcome of the appeal to be in its favour. CIT appeals order was received subsequently

(f) Other claims not acknowledged as debts 0.80 0.80

2.2 The Company holds investment in equity shares of Mcnally Bharat Engineering Company Limited (Book Value Rs. 1,993.45 lacs) as strategic investment on a long term basis. The Company is of the view that the diminution in value of Rs. 1,409.11 lacs (Previous Year Rs. 1,248.91 lacs) in these investments is temporary. Notwithstanding this, out of abundant caution, a provision of Rs. 200 lacs is made in the books during the year.

2.3 Exceptional Item:

Exceptional Items represent relocation related expenses, including rent, incurred by the Company in view of its shifting of manufacturing operations to Saravali which has been completed in the previous year.

Note 3 Disclosures under Accounting Standards

Note 3.1

In accordance with requirements of Accounting Standard 7 notifed by the Companies Accounting Standard Rules, 2006, the Company has recognized unbilled revenue during the year in respect of high value, long delivery orders which are delivered in parts over the execution period. The Unbilled revenue is calculated based on percentage of completion of individual contracts.

Note 3.2

Employee beneft plans

Defned contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defned contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specifed percentage of the payroll costs to fund the benefts. The Company recognised Rs. 68.37 lacs (Year ended 31st March, 2012 Rs. 62.88 Lacs) for Provident Fund contributions and Rs. 34.88 lacs (Year ended 31st March, 2012 Rs. 36.54 lacs) for Superannuation Fund contributions in the Statement of Proft and Loss. The contributions payable to these plans by the Company are at rates specifed in the rules of the schemes.

3.3 Based on the guiding principles given in the Accounting Standard on ''Segment Reporting'' (AS-17) issued by the Institute of Chartered Accountants of India, the primary segment of the Company is business segment which comprises of Engineering Segment. As the Company operates in a single primary business segment, no segment information thereof is given.

3.4 Operating Leases :

Lease payments recognized in the Statement of Proft and Loss : Rs. 33.31 lacs (Previous Year Rs. 68.74 lacs)

Note 4

The total amount incurred on Research and Development activities during the year amount to Rs. 72.79 lacs (Previous Year Rs. 46.60 lacs).

Note 5

Pursuant to an application dated 18th February 2008, the Company had received an allotment letter dated 21st May 2008 for 20 acres of land from Asansol Durgapur Development Authority (ADDA). The Company was informed that ADDA is in the process of acquiring the land.

Note 6

Previous year''s fgures have been regrouped / reclassifed wherever necessary to correspond with the current year''s classifcation / disclosure.


Mar 31, 2012

1. Corporate Information

Kilburn Engineering Limited is in the business of process design, engineering, manufacturing, project management and installation of equipment and systems for various process plants across the world.

Note 2 Reserves and Surplus

Details of terms of repayment and security provided :

Secured during the year by pledge of 850,000 shares of Mcnally Bharat Engineering Company Limited and further secured by cross default arrangement on securities offered by Group Companies; in the previous year, the loan was unsecured.

Terms of Repayment: Payable in eight equal installments of Rs. 125 Lacs on quarterly basis, commencing from June, 2012 to March, 2014.

Rate of Interest : 475 basis points below the Long Term Borrowing Monthly Rate (LTBMR)of IL&FS . During the year, the rate varied from 14% p.a. to 15.25% p.a. (Previous year 14% p.a.)

Note 3 Short-term borrowings

Notes:

Details of security:

1. Equitable Mortgage created by way of Deposit of Title Deed on the Company's immovable property situated at Plot No.6, MIDC Industrial Area, Kalyan Bhiwandi Road, Saravali, Thane 421 311.

2. Hypothecation of present and future stocks of raw materials, semi-fi nished goods, finished goods and book debts by way of first charge and also by hypothecation of movable plant and machinery by way of first charge.

Note 4 Other non-Current Assets

Notes:

Balances with banks held as margin money include Rs. 20.25 lacs (previous year Rs. 154.87 lacs) having original maturity of more than 12 months and Rs. 20.25 lacs (previous year Rs. 154.87 lacs) having residual maturity of more than 12 months.

Note 5 Additional information to the financial statements

(Rs. In Lacs)

Note Particulars As at As at 31st March, 31st March, 2012 2011

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

(i) Contingent liabilities

(a) Guarantees and Letters of Credit issued by Banks against which 2,121.94 2,986.05 FDR of Rs. 448.12 lacs (previous year Rs. 428.71 lacs) pledged with banks

(b) Demand Notice from DGFT for non- 137.00 137.00 fulfilling of export obligations. The Company expects no liability on this account

(c) The Company is a party to litigation by certain ex-employees in respect of claim for Superannuation fund dues/ retrenchment compensation arising around the year 2000- 01. The Company has provided for the probable obligation. This is expected to materialize on resolution of the dispute.

(d) Other claims not acknowledged as debts 0.80 0.80

(e) During the year the Company has received 148.65 - demand notice u/s 143(3) for the Assessment year 2009-10 from Income Tax Authorities.The Company has filed appeal before CIT (A) after depositing Rs. 30 lacs under protest and expects the outcome of the appeal to be in its favour. (ii) Commitments Estimated amount of contracts remaining to be executed on capital - 951.17 account and not provided for Tangible Assets.

5.2 No provision for diminution of Rs. 1248.91 lacs has been made for Investment in equity shares of Mcnally Bharat Engineering Company Limited (Book value Rs. 1,993.45 lacs), as the company is holding this as a strategic Investment on a long term basis and is of the view that the diminution is temporary.

Note 6 Disclosures under Accounting Standards

Note 6.1

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 62.88 lacs (Year ended 31st March, 2011 Rs. 42.83 Lacs) for Provident Fund contributions and Rs. 36.54 lacs (Year ended 31st March, 2011 Rs. 55.44 lacs) for Superannuation Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

6.2 Based on the guiding principles given in the Accounting Standard on 'Segment Reporting' (AS-17) issued by the Institute of Chartered Accountants of India, the primary segment of the Company is business segment which comprises of Engineering Segment. As the Company operates in a single primary business segment, no segment information thereof is given.

Segment information for secondary segment reporting (by geographical segments).

6.3 Operating Leases :

(i) Significant Leasing Agreements :

a) The Company had taken a factory shed and appurtenant land on Leave and License basis for the purpose of manufacturing, fabrication, storage of plants and machinery and other allied and permissible commercial activities.

b) The tenure of the agreement was for a period of 3 years commencing from 7th May, 2008

c) The agreement was non-cancellable for a period of 2 years.

(ii) Lease payments recognized in the Statement of Profit and Loss : Rs. 68.74 lacs (Previous Year Rs. 206.06 lacs)

(iii) Total of future minimum lease payments under the non-cancellable period of the lease : Not later than 1 year : Nil (Previous Year Rs. 11 lacs)

Note 7

The total amount incurred on Research and Development activities during the year amount to Rs. 46.60 lacs (Previous Year 39.43 lacs).

Note 8

Pursuant to an application dated 18th February 2008, the company had received an allotment letter dated 21st May 2008 for 20 acres of land from Asansol Durgapur Development Authority (ADDA). The company was informed that ADDA is in the process of acquiring the land.

Note 9

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classifi cation/disclosure.


Mar 31, 2010

1. Estimated amount of Contracts remaining to be executed on capital account Rs. 1,620 Lac (Previous Year Rs. 1,117 Lac).

2. Contingent liabilities:

a) Guarantees and Letters of Credit issued by Banks Rs. 2,821.29 Lac (Previous Year Rs. 1,885.97 Lac) against which FDR of Rs. 392.77 Lac (Previous Year Rs. 356.38 Lac) pledged with Banks.

b) Demand notice from DGFT for non-fulfilling of export obligations Rs. 137 Lac (Previous Year Rs. 137 Lac). The Company expects no liability on this account.

c) The Company is a party to litigation by certain ex-employees in respect of claim for superannuation fund dues / retrenchment compensation arising around the year 2000-2001. The Company has

in prior years provided for the probable obligation (included under Provision for Contingencies). Based on legal opinions obtained, no additional liability is expected and the matters are subjudice.

d) Other claims not acknowledged as debts Rs. 0.80 Lac (Previous Year Rs. 0.80 Lac)

3. The Company entered in to an MOU in November 2007, for sale of property at Bhandup for an aggregate consideration of Rs. 11,500 Lac. During the year 2008 - 09, the Company executed the conveyance deed and accounted for the balance profit of Rs. 7,391.72 Lac (net of tax of Rs. 830 Lac and after adjustment of Minimum Alternate Tax of Rs. 190 Lac). Rs. 5,650 Lac was received till 31st March 2009 and the balance of Rs. 5,850 Lac was received in the current year.

4. Pursuant to the termination of the agreement entered into with Conwood Pre-fab Ltd. for the purchase of 8 acres of land, the Company has received back the advance of Rs. 800 Lac paid to them. Further, the Company has on November 17, 2009 entered into a Deed of Assignment with Chemetall - Rai India Ltd. for transfer of lease hold rights in the land located at Plot No.6, MIDC Saravali, Bhiwandi - Kalyan Road, Dist. Thane, admeasuring 30,960 sq. mtrs. at a total consideration of Rs. 867 Lac exclusive of stamp duty, registration fees, site development expenses, MIDC charges, etc. The Company has commenced the implementation of a state-of-the-art manufacturing facility at this location which is expected to be completed by the end of 2010 - 2011.

5. The Company had received an allotment letter dated 21st May 2008 for 20 acres of land from Asansol - Durgapur Development Authority. No further development has taken place in this regard as yet.

6. Secured Loans: Banks

The credit facilities are secured by:

I. Hypothecation of present and future stocks of raw materials, semi finished goods, finished goods and book debts by way of first charge and also by hypothecation of movable plant and machinery by way of first charge.

II. English mortgage of all the Companys immovable properties both present and future on pari- passu second charge basis. The immovable property of the Company situated at Bhandup which was mortgaged to the Banks has been disposed off. The Company is in the process of securing the facilities by way of equilable mortgage of the Companys immovable property acquired at Plot No.6, MIDC Saravali, Bhiwandi - Kalyan Road, Dist. Thane.

7. Unsecured Loans:

The amount of Rs. 30.85 Lac (Previous Year Rs. 30.85 Lac) represents liability on account of Purchase of machinery from NBFCs on lease / Hire Purchase basis. The amount is payable over a period of six years in accordance with the BIFR Scheme, without interest.

Note :

The remuneration for the FY 2009-10 has been paid as per the revised Basic Salary of Rs. 3,50,000/- p.m which was approved by the Board of Directors of the Company at their meeting held on January 8, 2010 and which is within the Basic Salary Grade of Rs. 2,50,000 to Rs. 4,50,000 p.m. as approved by the Central Government vide letter no. SRN/A 40311862-CL.VII dated December 12, 2008 and amendment dated May 6, 2009.

8. In accordance with the Accounting Standard on Accounting for Taxes on Income, Deferred Tax Asset / Liability has been recognized in the Accounts as of the year end as under:

9. Research & Development:

The total amount incurred on Research & Development activities during the year amount to Rs. 36.45 Lac (Previous Year Rs. 29.40 Lac).

10. Employee Benefits:

a) Defined Contribution Plan:

The Company has recognised, in the profit and loss account for the year ended 31st March, 2010, following amounts as expenses under defined contribution plan under the head Contribution to Provident and Other Funds in Schedule 15 - Operating Expenses.

b) Defined Benefit Plans:

As per Actuarial valuations as on 31st March, 2010 and in accordance with the revised Accounting Standard 15 on Employee Benefits issued by The Institute of Chartered Accountants of India; Particulars of Gratuity benefit are provided below.

Since the balance in the fund is higher than the Defined benefit obligation as at 31st March 2010, no provision has been made in the books.

Notes

1 Discount rate / return on plan assets taken at 8% p.a considering the benchmark rate available on Government Securities for the tenure of payment.

2 The estimate of future salary increases considered at 5% p.a taking into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

3 100% of Plan Assets are invested in group gratuity scheme offered by LIC of India.

11. The amount of Net Exchange Loss / (Gain) of (Rs. 37.51 Lac) (Previous Year Rs. 172.66 Lac) is included in Sales.

12. Segment information for primary segment reporting (by business segments):

Based on the guiding principles given in the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the primary segment of the Company is business segment which comprises of Engineering Segment. As the Company operates in a single primary business segment, no segment information thereof is given.

13. Micro Enterprises and Small Enterprises:

The information as required to be disclosed under the Act and provided in Schedule 11 has been determined to the extent such parties have been identified on the basis of information available with the Company. No interest has been paid or accrued in the books. Considering the volume and payment cycle such amount is not considered to be significant.

14. Disclosures under AS-19 in respect of operating leases:

i) Significant Leasing Agreements :

a) The Company has taken a factory shed and appurtanent land on Leave and Licence basis for the purpose of manufacturing, fabrication, storage of plants and machinery and other allied and permissible commercial activities.

b) The tenure of the agreement is for a period of 3 years commencing from 7th May 200,8.

c) The agreement is non cancellable for a period of 2 years.

ii) Lease payments recognised in the Profit and Loss Account : Rs. 179.55 Lac (Previous year 171.48 Lac)

iii) Total of future minimum lease payments under the non-cancellable period of the lease :

a) Not later than 1 year : Rs. 132.00 Lac (Previous year Rs. 132.00 Lac)

b) Later than 1 year and not later than 5 years: Rs. 11.00 Lac (Previous year NIL)

15. Pursuant to the Buyback offer made by the Company during the previous year, 2,40,032 equity shares were bought back for an aggregate amount of Rs. 63.54 Lac by utilizing Share premium account to the extent of Rs. 39.53 Lac. Capital Redemption Reserve of Rs. 24.01 Lac has been created being the nominal value of shares bought back. All the Bought back shares have been extinguished and the Buyback has closed on January 29, 2010.

16. Comparative financial information is presented in accordance with the Corresponding Figure financial reporting framework set out in Auditing and Assurance Standard on Comparatives. Accordingly, amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements, and are to be read in relation to the amounts and other disclosures relating to the current year. Figures of the previous year have been regrouped / reclassified wherever necessary to correspond with the figures of the current financial year. Figures have been rounded off to the nearest Rs. In Lac as per approval from Department of Company Affairs obtained u/s 211 of the Companies Act, 1956.