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Notes to Accounts of Lux Industries Ltd.

Mar 31, 2023

(i) Terms / rights attached to Equity shares:

The Company has equity shares with a par value of H2/- per share. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing general meeting. In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of aft preferential amounts, in proportion to their shareholding.

NOTE: 31 - Particulars of Contingent Liabilities and Commitments I. Contingent Liabilities		(Rs.in Crores)
Particulars	As at	As at
	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as liabilities in respect of:
Sales Tax Matters	0.62	0.62
Customs and Excise matters	3.79	3.56
Service tax matters	1.36	1.36
Provident Fund matters	9.73	9.73
Goods & Services Tax	8.40	-
Guarantee Given	28.74	22.86

The Company is contesting the demand and the management including its legal advisors believes that its position will likely be upheld in the appellate process.

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

II. Commitments:

a. Estimated amount of contracts to be executed on capital account (Net of Advances) H 8.56 Crores (Previous year H18.91 Crores). The company has other commitments, for purchase/ sales orders which are issued after considering requirements per operating cycle for purchase/ sale of goods and services, in normal course of business.

b. The company did not have any long term commitments/ contracts including derivative contracts for which there will be any material foreseeable losses.

NOTE: 33 - Segment Reporting

In accordance with Ind AS 108 âOperating Segments", segment information has been given in the consolidated financial statements of the company, and therefore, no separate disclosure on segment information is given in these financial statements.

NOTE: 34 - Corporate Social Responsibility

The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

As per Section 135 of the Companies Act, 2013, a CSR committee had been formed by the Company. The funds are utilized on the activities which are specified in Schedule VII of the Act. The utilization is done by way of contribution towards various activities.

2. Defined benefits plan: a. Gratuity and leave encashment:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

The Company also has a defined benefit leave encashment plan wherein every employee on confirmation is entitled to get leave encashment benefit which is payable on departure or on completion of 3 years of service at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

NOTE: 36 - Distribution of Dividend

i) The Board of Directors has recommended dividend of 250% (H 5/- per equity share of H 2/- each) for the financial year ended March 31, 2023 which is subject to approval of the shareholders in the Annual General Meeting.

ii) The Company has paid Interim dividend for the year ended 31.03.2023 H NIL per share (31.03.2022 :- H 12 per share) Note: The dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013.

NOTE: 39 - Fair value measurement

The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in forced or liquidation sale.

The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc.

NOTE: 40 - Financial risk management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board. The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as credit risk, liquidity risk and market risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company''s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

1. Credit Risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a

significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i. Actual or expected significant adverse changes in business,

ii. Actual or expected significant changes in the operating results of the counterparty,

iii. Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv. Significant increase in credit risk on other financial instruments of the same counterparty,

v. Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

The Company''s exposure to trade receivables on the reporting date, net of expected loss provisions, stood at H 793.48 Crores (PY - H 636.28 Crores) and advance to suppliers stood at H 26.73 Crores (PY - H 9.19 Crores)

2. Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The management continuously monitors the Company''s liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

3. Market Risk

risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

A. Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Any weakening of the functional currency may impact the Company''s cost of imports and cost of borrowings and consequently may increase the cost of financing the Company''s capital expenditures. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to import of raw materials and spare parts, capital expenditure, export of finished goods. The currency in which these transactions are primarily denominated is USD.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s exposure to foreign currency changes for all currencies other than US Dollars is not material.

B. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates are limited as the borrowings by the Company carry fixed interest rates. However, the Company still constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

NOTE: 41 - Capital Management

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and other long-term/short-term borrowings.

NOTE: 44 - Quarterly Statement to Bank

The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities, and the same are in agreement with the books of accounts.

NOTE: 45 - Other Statutory Information

i. The Company do not have any Benami Property, where any proceedings has been initiated or pending against the Company for holding any Benami property.

ii. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iii. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

iv. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies):

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company(Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

v. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party(Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vi. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,1961.

vii. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

viii. The Company has compiled with the number of layers prescribed under clause(87) of section 2 of the Act read with the Companies(Restriction on Number of Layers) Rules, 2017.

ix. There are no events or transactions after the reporting period which is required to be disclosed under Ind AS 10.

x. The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India.

NOTE: 46

Balances of some parties (including of Trade receivables and Trade payables) and loans and advances are subject to reconciliation/ confirmations from the respective parties. The management does not expect any material differences affecting the financial statement for the year.

NOTE: 47

Previous year figures have been recast/ regrouped whenever necessary to conform to the current year''s presentation.

Mar 31, 2022

* During the Financial Year 2021-22, Company has allotted 48,18,681 equity shares pursuant to the Scheme of Amalgamation of J M Hosiery & Co. Limited & Ebell Fashions Private Limited with Lux Industries Limited sanctioned by Honâble NCLT, Kolkata, vide its order dated March 25, 2021, Consequent to this allotment the total number of equity shares of the Company stand increased to 3,00,71,681.

(i) Terms / rights attached to Equity shares:

The Company has equity shares with a par value of H2/- per share. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing general meeting. In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

a) The above credit facilities from banks are secured against hypothecation of entire stocks, book debts and other current assets, both present and future of Company. It is additionally secured by personal guarantee of the KMP and relatives of KMP It is additionally secured by 1st pari-passu charge on entire movable fixed assets of the company except those specifically charged to term lenders.

The Company is contesting the demand and the management including its legal advisors believes that its position will likely be upheld in the appellate process.

The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Companyâs financial position and results of operations.

II. Commitments:

a. Estimated amount of contracts to be executed on capital account (Net of Advances) H 18.91 Crores (Previous year H 9.03 Crores). The company has other commitments, for purchase/ sales orders which are issued after considering requirements per operating cycle for purchase/ sale of goods and services, in normal course of business.

b. The company did not have any long term commitments/ contracts including derivative contracts for which there will be any material foreseeable losses.

SEGMENT REPORTING

In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated financial statements of the company, and therefore, no separate disclosure on segment information is given in these financial statements.

NOTE: 35CORPORATE SOCIAL RESPONSIBILITY

The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

Defined benefits plan: a. Gratuity and leave encashment:

The Company also has a defined benefit leave encashment plan, wherein every employee on confirmation is entitled to get leave encashment benefit, which is payable on departure or on completion of 3 years of service at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

FAIR VALUE MEASUREMENT

The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a

current transaction between willing parties, other than in forced or liquidation sale.

The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation

techniques used to measure fair value of financial instruments are:

Â¦ Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

Â¦ Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Â¦ Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc.

NOTE: 41FINANCIAL RISK MANAGEMENT

The Companyâs financial risk management is an integral part of how to plan and execute its business strategies. The Companyâs financial risk management policy is set by the Managing Board. The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as credit risk, liquidity risk and market risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Companyâs risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

1. Credit Risk

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i. Actual or expected significant adverse changes in business,

ii. Actual or expected significant changes in the operating results of the counterparty,

iii. Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligations,

iv. Significant increase in credit risk on other financial instruments of the same counterparty,

v. Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. The Companyâs exposure to trade receivables on the reporting date, net of expected loss provisions, stood at H 636.28 Crores (PY - H 453.77 Crores) and advance to suppliers stood at H 9.19 Crores (PY - H 14.91 Crores)

2. Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The management continuously monitors the Companyâs liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

3. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

A. Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Any weakening of the functional currency may impact the Companyâs cost of imports and cost of borrowings and consequently may increase the cost of financing the Companyâs capital expenditures. The Companyâs exposure to the risk of changes in foreign exchange rates relates primarily to import of raw materials and spare parts, capital expenditure, export of finished goods. The currency in which these transactions are primarily denominated is USD.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables held constant. The impact on the Companyâs profit before tax is due to changes in the fair value of monetary assets and liabilities. The Companyâs exposure to foreign currency changes for all currencies other than US Dollars is not material.

FINANCIAL RISK MANAGEMENT B. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates are limited as the borrowings by the Company carry fixed interest rates. However, the Company still constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

NOTE: 42CAPITAL MANAGEMENT

The Companyâs capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Companyâs policy is aimed at combination of short-term and long-term borrowings so as to maintain an optimum capital structure to reduce the cost of capital and maximize shareholders value and provide benefitsto other stakeholders.

The Company has assessed and considered the impact of this pandemic on the carrying amount of inventories, receivables and other assets and the management estimates that the Companyâs liquidity position is comfortable and there is no material uncertainty in meeting its liability for the foreseeable future. However, the situation is still evolving and the eventual outcome of impact of the global pandemic may be different from those estimated as on date of approval of these financial statements.

NOTE: 47OTHER STATUTORY INFORMATION

i. The Company do not have any Benami Property, where any proceedings has been initiated or pending against the Company

for holding any Benami property.

ii. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iii. The Company have not traded or invested in Crypto Currency or Virtual Currency during the financial year.

iv. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies):

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company(Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party(Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vii. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

viii. The Company has compiled with the number of layers prescribed under clause(87) of section 2 of the Act read with the Companies(Restriction on Number of Layers) Rules,2017.

ix. There are no events or transactions after the reporting period which is required to be disclosed under Ind AS 10.

x. The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India.

NOTE: 49

Previous year figures have been recast/ regrouped whenever necessary to conform to the current Yearâs presentation.

Mar 31, 2021

SEGMENT REPORTING

In accordance with Ind AS 108 "Operating Segmentsâ, segment information has been given in the consolidated financial statements of the Company, and therefore, no separate disclosure on segment information is given in these financial statements.

NOTE: 35CORPORATE SOCIAL RESPONSIBILITY

The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

Defined benefits plan: a. Gratuity and leave encashment:

FAIR VALUE MEASUREMENT

The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc.

Financial risk management

1. Credit Risk

i. Actual or expected significant adverse changes in business,

ii. Actual or expected significant changes in the operating results of the counterparty,

iii. Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv. Significant increase in credit risk on other financial instruments of the same counterparty,

v. Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

FINANCIAL RISK MANAGEMENT

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. The Company''s exposure to trade receivables on the reporting date, net of expected loss provisions, stood at H453.77 Crores (PY - H437.39 Crores) and advance to suppliers stood at H14.91 Crores (PY - H10.45 Crores)

Market Risk

A. Currency risk

Foreign currency sensitivity

''. Interest rate risk

. Equity price risk

Equity price risk is related to change in market reference price of investments in equity securities held by the Company. The Company is holding investments in unquoted equity instruments, which may be susceptible to market price risk arising from uncertainties about future values of the securities. The reports on the equity portfolio are submitted to the Company''s senior management on a regular basis. The senior management reviews and approves all equity instrument decisions.

CAPITAL MANAGEMENT

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

As part of reorganization, the Board of Directors of Lux Industries Limited (Company or Lux), J M Hosiery & Co. Limited (JMHL) and Ebell Fashions Private Limited (Ebell) have in their respective board meetings held on June 26, 2018 approved the proposal for the amalgamation of JMHL & Ebell with the Company, subject to all the necessary statutory / regulatory approvals.

Hon''ble NCLT, Kolkata bench vide its order dated March 25, 2021 has sanctioned the Scheme with Appointed date April 1, 2020. The Effective date of the Scheme is May 01, 2021.

Pursuant to the Scheme 48,18,681 equity shares were allotted by the Company on May 08, 2021 to the shareholders of the JMHL & Ebell.

The merger has been accounted under the âpooling of interests'' method in accordance with Appendix C of Ind AS 103 âBusiness Combinations'' and comparatives have been restated for merger from the beginning of the preceding year i.e. April 1, 2019. The difference, between the book value of the assets of JMHL and Ebell and the aggregate of: (a) the book value of liabilities of JMHL and Ebell vested in the Lux pursuant to the Scheme; (b) the book value of the reserves of JMHL and Ebell vested in Lux pursuant to the Scheme; (c) Elimination of intercompany adjustments and (d) Equity Share Capital issued to the shareholders of the JMHL & Ebell is recorded as capital reserve.

Upon the Scheme become effective and with effect from the appointed date, the authorised share capital of J M Hosiery & Co. Limited (JMHL) and Ebell Fashions Private Limited (Ebell) shall stand transferred to and be merged/ amalgamated with the authorised share capital of the Company. Consequently, authorised share capital of the Company enhanced to H72.75 Crores (8,37,50,000 equity shares of H2/- each and 56,00,000 preference shares of H100/- each).

NOTE: 45

The operations of the company were impacted in the month of March 2020 due to temporary shutdown of the plants following nationwide lockdown announced by the Government of India due to the COVID- 19 outbreak. The management is monitoring the situation closely and has started its plant/operations in a phased manner from the end of April 2020. The Company has assessed and considered the impact of this Pandemic on the carrying amount of inventories, receivables and other assets and the management estimates that the Company''s liquidity position is comfortable and there is no material uncertainty in meeting the liability for the foreseeable future. However, the situation is still evolving and the eventual outcome of impact of the global pandemic may be different from those estimated as on date of approval of these financial statements.

NOTE: 46

NOTE: 47

Previous year figures have been recast/ regrouped whenever necessary to conform to the current year''s presentation.

Mar 31, 2018

1. REPORTING ENTITY

Lux Industries Limited (âthe Companyâ) is a public company domiciled and headquartered in India, having its registered office situated at 39, Kali Krishna Tagore Street, Kolkata. The Company has its shares listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is primarily engaged in the manufacturing and sales of knitwears. The Company has operations in India and caters to both domestic and international markets. The Company also has a wholly-owned subsidiary in India in the name of Artimas Fashions Private Limited. The Manufacturing units of the Company are located in Kolkata (West Bengal), Tirupur, in the state of Tamil Nadu and Ludhiana in the state of Punjab.

2. BASIS OF PREPARATION OF STANDALONE FINANCIAL STATEMENTS

(a) Statement of compliance

These Standalone financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013 (âActâ) and other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of India (âSEBIâ), as applicable.

The Standalone financial statements for the year ended March 31, 2016 were prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2016, notified under Section 133 of the Act and other relevant provisions of the Act.

As these are the Companyâs first Standalone financial statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101 first-time Adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has affected the previously reported financial position, financial performance and cash flows of the Company is provided in Note 45. The Standalone financial statements are authorised for issue by the Board of Directors of the Company at their meeting held on May 17, 2018. The details of the Companyâs accounting policies are included in Note 3.

(b) Functional and presentation currency

These Standalone financial statements are presented in Indian Rupees (H), which is also the Companyâs functional currency. All amounts have been rounded off to the nearest lakhs, unless otherwise indicated.

(c) Basis of measurement

The Standalone financial statements have been prepared on historical cost convention on the accrual basis, except for the following items:

(i) Certain financial assets and financial liabilities measured at fair value;

(ii) Assets held for sale-measured at the lower of its carrying amount and fair value less costs to sell; and

(iii) Employeeâs defined benefit plan as per actuarial valuation.

Fair value is the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using another valuation technique. In determining the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

(d) Use of estimates and judgments

The preparation of the Companyâs Standalone financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and underlying assumptions are reviewed on an ongoing basis. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these Standalone financial statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. The changes in the estimates are reflected in the Standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the Standalone financial statements.

CRITICAL ACCOUNTING ESTIMATES AND KEY SOURCES OF ESTIMATION UNCERTAINTY: KEY ASSUMPTIONS

(i) Useful lives of Property, plant and equipment

The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/ component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate. In case of a revision, the unamortized depreciable amount is charged over the remaining useful life of the assets. See note 3(d) and 4 for details.

(ii) Fair value measurement of financial instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability. The transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit and loss are immediately recognized in the statement of profit and loss. See note 3(r) and 41 for details.

(iii) Defined benefit plan

The cost of the defined benefit plan includes gratuity and the present value of the gratuity obligation are determined using actuarial valuations using Projected unit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. See note 3(g) and 36 for details.

(iv) Recognition of current tax and deferred tax

Current taxes are recognized at tax rates (and tax laws) enacted or substantively enacted by the reporting date and the amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any related to income taxes. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which they can be used. See note 3(k) and 30 for details.

(v) Recognition and measurement of provisions and contingencies

The certain key assumptions about the likelihood and magnitude of an outflow of resources. Provision is towards known contractual obligation, litigation cases and pending assessments in respect of taxes, duties and other levies in respect of which management believes that there are present obligations and the settlement of such obligations are expected to result in outflow of resources, to the extent provided for. See note 3(h) and 32 for details.

(e) Measurement of fair values

A number of the Companyâs accounting policies and disclosures require the measurement of fair values, for financial assets and financial liabilities. The Company has an established control framework with respect to the measurement of fair values. The management has overall responsibility for overseeing all significant fair value measurements and it regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc. When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in Note 42.

The Company is contesting the demand and the management including its legal advisors believes that its position will likely be upheld in the appellate process. The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Companyâs financial position and results of operations.

II. commitments:

a. Estimated amount of contracts to be executed on capital account (Net of Advances) H NIL (Previous year RS.0.95 lacs). The company has other commitments, for purchase/ sales orders which are issued after considering requirements per operating cycle for purchase/ sale of goods and services, in normal course of business.

b. The company did not have any long term commitments/ contracts including derivative contracts for which there will be any material foreseeable losses.

NOTE 3: RELATED PARTY DISCLOSURE (IND AS 24)

A. List of related parties where control exists:

Artimas Fashions Private Limited - Wholly owned subsidiary

B. List of entities controlled by the Directors/ their relatives:

Biswanath Hosiery Mills Ltd.

J M Hosiery & Co. Ltd.

Rotex Intertrade Pvt. Ltd.

Chitragupta Sale & Services Pvt. Ltd.

Hollyfield Traders Pvt. Ltd.

Ebell Fashions Pvt. Ltd.

Jaytee Exports P.G.Infometic Pvt. Ltd

c. Other related parties with whom transactions have taken place during the year

NOTE 4: SEGMENT REPORTING

In accordance with Ind AS 108 âOperating Segmentsâ, segment information has been given in the Consolidated financial statements of the Company, and therefore, no separate disclosure on segment information is given in these financial statements.

NOTE 5: CORPORATE SOCIAL RESPONSIBILITY

The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

NOTE 6: EMPLOYEE BENEFITS

1. Defined contribution plan:

a. provident fund:

In accordance with Indian law, eligible employees of Lux Industries Limited are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employeesâ salary (currently 12% of employeesâ salary).

2. Defined benefits plan: a. Gratuity:

(a) The following tableâs summarizes the components of the net benefit expenses recognized in the profit and loss account and amounts recognized in the balance sheet for respective plans

The Provision for Gratuity is charged to the Statement of Profit and Loss and same is shown in Note No. 26 of the Notes to Accounts.

NOTE 7

Disclosures pursuant to Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of the Companies Act, 2013

NOTE 8

Based on the information available with the Company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is RS.122.12 lakhs (2016-17: RS.27.01 lakhs; 2015-16: RS.91.05 lakhs) and no interest during the year has been paid or is payable under the terms of MSMED Act, 2006.

The above information has been compiled in respect of parties to the extent to which they could be identified as Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 on the basis of information available with the Company. This has been relied upon by the auditors of the Company.

NOTE 9

Event Occurring After the Balance Sheet Date

The Board of Directors has recommended equity dividend of RS.2 per share (PY RS.1.40 per Share) for the financial year 2017-18. The company has declared dividend to the shareholders after the balance sheet date but before the financial statements approved for issue, therefore dividend has not been recognized as a liability at the balance sheet date.

NOTE 10

Accounting classification and fair values

The fair values of financial assets and liabilities, together with the carrying amounts shown in the Standalone Balance Sheet as at March 31, 2018 are as follows:

NOTE 11

Fair value measurement

The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

- Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

- Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

- Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc.

The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets that are not measured at fair value on a recurring basis (but fair value disclosure are required):

Notes:

i. The management assesses that carrying amount of trade receivables, cash and cash equivalents, other bank balances, short term borrowings, trade payables, other financial assets and liabilities approximate their fair value largely due to short term maturities of these instruments.

ii. Certain financial assets, term loans and preference share capital are stated at amortized cost which is approximately equal to their fair value.

iii. Investments are stated at fair value using observable inputs for Level 3.

NOTE 12

Financial risk management

1. credit Risk

i. Actual or expected significant adverse changes in business,

ii. Actual or expected significant changes in the operating results of the counterparty,

iii. Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligations,

iv. Significant increase in credit risk on other financial instruments of the same counterparty,

v. Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery such as a debtor failing to engage in a repayment plan with the Company Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. The Companyâs exposure to trade receivables on the reporting date, net of expected loss provisions, stood at RS.38,909.47 Lakhs (2017 -RS.27,475.86 Lakhs, 2016 - RS.25,464.14 Lakhs).

2. Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The management continuously monitors the Companyâs liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

3. Market Risk

a. Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Any weakening of the functional currency may impact the Companyâs cost of imports and cost of borrowings and consequently may increase the cost of financing the Companyâs capital expenditures. The Companyâs exposure to the risk of changes in foreign exchange rates relates primarily to import of raw materials and spare parts, capital expenditure, export of finished goods. The currency in which these transactions are primarily denominated is USD. Refer Note 37 for details of exposure to foreign currency as on the reporting date.

Foreign currency sensitivity

b. Interest rate risk

c. Equity price risk

Equity price risk is related to change in market reference price of investments in equity securities held by the Company. The Company is holding investments in unquoted equity instruments, which may be susceptible to market price risk arising from uncertainties about future values of the securities. The reports on the equity portfolio are submitted to the Companyâs senior management on a regular basis. The senior management reviews and approves all equity instrument decisions.

NOTE 13

Capital Management

The Companyâs capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

NOTE 14

Explanation to transition to Ind AS

A. Mandatory exceptions

The Company has applied the following exceptions to the retrospective application of Ind AS as mandatorily required under Ind AS 101 âFirst Time Adoption of Indian Accounting Standardsâ.

(a) Estimates

On assessment of estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise such estimates under Ind AS, as there is no objective evidence of an error in those estimates.

(b) Classification and measurement of financial assets

The classification of financial assets to be measured at amortized cost or fair value is made on the basis of facts and circumstances that existed on the date of transition to Ind AS.

B. Optional exemptions

Ind AS 101 âFirst time Adoption of Indian Accounting Standardsâ permits Companies adopting Ind AS for the first time to take certain exemptions from the full retrospective application of Ind AS during the transition. The Company has accordingly on transition to Ind AS availed the following key exemptions:

(a) Property, plant and equipment

As permitted by Ind AS 101, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant and equipment. There is no decommissioning liabilities to be incurred by the Company relating to property, plant and equipment.

(b) Designation of previously recognized financial instruments

Ind AS 101 permits an entity to designate particular equity investments (other than equity investments in subsidiaries, associates and joint arrangements) as at fair value through other comprehensive income (FVOCI) based on facts and circumstances at the date of transition to Ind AS (rather than at initial recognition). Other equity investments are classified at fair value through profit or loss (FVTPL).

The Company has opted to avail this exemption to designate certain equity investments as FVTPL on the date of transition i.e. April 1, 2016 on the basis of facts and circumstances existed at the date of transition to Ind AS.

(c) Fair value measurement of financial assets or liabilities at initial recognition

The Company has applied the requirements of Ind AS 109, âFinancial Instruments: Recognition and Measurementâ, wherever applicable.â

c. Transition to Ind AS - Reconciliations

The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 âFirst Time Adoption of Indian Accounting Standardsâ.

i) Reconciliation of total equity as at April 1, 2016 and March 31, 2017

ii) Reconciliation of total comprehensive income for the year ended March 31, 2017

There were no significant reconciliation items between cash flows prepared under previous GAAP and those prepared under Ind AS.

*Previous GAAP figures have been reclassified/regrouped wherever necessary to confirm with the financial statements prepared under Ind AS.

Notes to reconciliation of equity and total comprehensive income

(a) Capitalization of government grants

Unlike in previous GAAP, EPCG benefits received in the form of savings in customs duty payable on import of capital goods has been treated as government grants and accordingly capitalized as required under Ind AS 20 in 2016-17. This increased the Property, Plant and Equipment by RS.191.59 lacs in 2016-17.

A deferred income to that extent was created and classified under Other Current Liabilities. The same is deferred and recognized in the statement of profit and loss over a period being linked to fulfilment of associated export obligation. Accordingly, deferred revenue impact in other non-operating income in 2016-17 was to the extent of RS.64.59 lacs.

However, for transitional impact on April 1, 2016, optional exemption permitted by Ind AS 101 has been availed and accordingly, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant and equipment. Refer Note 45B(a).

(b) Fair valuation of investments

In accordance with Ind AS, financial assets representing investment in equity shares of entities other than subsidiaries have been fair valued. The Company has designated certain investments classified as fair value through other comprehensive income as permitted by Ind AS 109. Under the previous GAAP, the application of the relevant accounting standard resulted in all these investments being carried at cost.

The resulting fair value changes of these investments designated as at FVOCI have been adjusted in retained earnings as on the date of transition. This increased the retained earnings by RS.66.06 lakhs as at April 1, 2016. However, there has been no change in the fair value of the investments as at March 31, 2017.

(c) Amortization of security deposits & corresponding prepaid expenses

Unlike in previous GAAP, Ind AS requires the financial asset to be measured at amortized costs if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Pursuant to the above, security deposits has been measured at amortized cost. The impact arising from the change is summarized as follows:

- Decrease in value of security deposit on transition, being the impact of discounting, RS.23.78 lacs as at April 1, 2016.

- Corresponding impact on retained earnings resulting in decrease by RS.2.34 lacs as at April 1, 2016, transferring to prepaid expenses RS.14.33 lacs.

- Notional interest income due to unwinding of discount on security deposit for the year ended March 31, 2017 - RS.1.14 lakhs.

- Notional rental expense due to amortization of prepaid expenses for the year ended March 31, 2017 - RS.1.54 lacs.

(d) Redeemable preference shares

Under previous GAAP, redeemable preference share were classified as part of share capital. Dividend paid on these preference shares were adjusted against retained earnings and not recognized as finance costs in profit and loss account. However under Ind AS, financial instruments are classified as a liability or equity according to the substance of the contractual arrangement and not its legal form. These preference share do not contain any equity component and hence, have been classified in their entirety as financial liability under Ind AS. The resultant dividend have been recognized as finance cost in profit and loss.

- Preference share capital as per previous GAAP included in share capital - RS.5,600 lakhs, now treated as long term borrowings under Ind AS.

- Increase in borrowings on transition, being the amortized value of the preference share capital - RS.4,608.06 lakhs.

- Increase in retained earnings on transition, being impact of discounting - RS.991.94 lakhs.

- Notional interest cost due to amortization of preference share capital treated as borrowings - RS.471.81 lacs.

- Dividend payable on preference shares, recognized as finance cost in profit or loss - RS.14 lakhs.

(e) Borrowings at amortized cost

Based on Ind AS 109, financial liabilities in the form of borrowings including transaction costs have been accounted at amortized cost using the effective interest rate method.

(f) Represents deferred tax impact of Ind AS adjustments. Also refer note 29.

(g) Proposed dividend

Under previous GAAP, proposed dividends including DDT are recognized as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognized as a liability when approved by shareholders in a general meeting. In case of the Company, the liability relating to proposed dividend (including dividend distribution tax) has been derecognized against retained earnings as at April 1, 2016 with a corresponding impact on short term provisions, amounting to RS.77.64 lakhs.

Subsequently, during the year ended March 31, 2017, the dividend of the previous year has been paid. Hence the same has been adjusted with retained earnings.

(h) Cash discounts

Under the previous GAAP, the cash discount offered to customers by the Company on early payment, forms part of other expenses. Under Ind AS, revenue has to be shown net of cash discount. Accordingly, RS.1,359.36 Lakh is reduced from revenue and other expenses for the year ended March 31, 2017. There is no impact on total equity due to the corresponding adjustment.

(i) Actuarial gains and loss

Under Ind AS, all actuarial gains and losses are recognized in Other Comprehensive Income. Under the previous GAAP the Company recognized actuarial gains and losses in profit or loss. However, this has no impact on the total equity as on March 31, 2017.

(j) Retained earnings

Changes in retained earnings have been on account of the following:

NOTE 15

NOTE 16

Previous year figures have been recast/ regrouped whenever necessary to conform to the current Yearâs presentation.

The accompanying notes are an integral part of the Financial Statements.

Mar 31, 2017

d) Rights, Preference and Restrictions attached to Equity and Preference Shares

The Company has equity shares with a par value of Rs,2/- per share & Pref. share with a Par value of Rs,100/-per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder, are in proportion to its share of the paid up equity capital of the Company. The Company declares and pays dividends in Indian rupees. The holders of preference shares are entitled to a dividend of 0.25%.

Preference shares carry a preferential right as to dividend over equity share holders. The preference share holders shall not carry any voting rights. Such preference shares shall be redeemed at a premium of Rs,100/-per share within twenty years from the date of allotment. In the event of liquidation, preference shareholders have a preferential right over equity shareholders to be repaid to the extent of capital paid up and dividend arrear on such shares.

(ii) Commitments:

(a) Estimated amount of contracts to be executed on capital account (Net of Advances) Rs,0.95 lakhs (Previous year Rs,800 lakhs)

(b) The company has other commitments, for purchase/sales orders which are issued after considering requirements per operating cycle for purchase/sale of goods and services, in normal course of business.

(c) The company did not have any long term commitments/contracts including derivative contracts for which there will be any material foreseeable losses.

30. Related Party Disclosures

As required by Accounting Standard (AS-18) on âRelated Party Disclosuresâ issued by the Institute of Chartered Accountants of India, are as below:-

a) Key Managerial Personnel:

1. Shri Ashok Kumar Todi, Executive Chairman (Whole Time Director)

2. Shri Pradip Kumar Todi, Managing Director

3. Smt. Prabha Todi, Executive Director

b) Relatives of Key Managerial Personnel:

1. Shri Saket Todi

2. Shri Udit Todi

3. Miss Priyanka Todi

c) Executive officers

Ajay Kumar Patodia, Chief Financial Officer

d) Company Secretary

Pankaj Kedia, Company Secretary (till 14.02.17)

Smita Mishra, Company Secretary (appointed effective 14.02.17)

e) Entities controlled by Director/Relatives:

Biswnath Hosiery Mills Ltd.

J M Hosiery & Co. Ltd.

Rotex Intertrade Pvt. Ltd.

Chitragupta Sale & Services Pvt. Ltd.

HoilyField Traders Pvt. Ltd.

Ebell Fashions Pvt. Ltd.

Jaytee Exports RG.Infometic Pvt. Ltd.

1. Segment Reporting

The Company has only one business segment viz. manufacturing and sales of knitwear, which is treated as the primary segment by the Company. As stated in Note no. 1, the Company believes that its business activity falls in a single business and geographical segment and having no reportable segments. However, to provide full information to the stakeholders, the management of the company has provided additional information in respect of Geographical Segment as per below:

2. Based on the information available with the company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is Rs,27.01 lakhs ( Previous Year Rs,0.91 lakhs) and no interest during the year has been paid or is payable under the terms of MSMED Act, 2006.

3. The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

(b) No contribution has been made to any related party as per Accounting Standard (AS) 18,Related party disclosures.

4. Gratuity benefit plans:

The Company has a defined Gratuity Benefit Plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

(a) The following table summarizes the components of the net benefit expenses recognized in the profit and loss account and amounts recognized in the balance sheet for respective plans.

The Provision for Gratuity is charged to the Statement of Profit and Loss and same is shown in Note No. 24 of the Notes to Accounts.

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors.

5. The Company has recognized the following amount as an expenses and included âContribution to provident and other Fundsâ:-

For the purpose of this clause, the term âSpecified Bank Notesâ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O .3407(E), dated November 8, 2016. Simply, it is defined as Bank Notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees.

The disclosure with respect to âPermitted Receiptsâ, âAmount Deposited in Banksâ and âClosing Cash in Hand as on 30.12.2016â is understood to be applicable in case of SBNs only.

6. EVENT OCCURRING AFTER THE BALANCE SHEET DATE

The Board of Directors has recommended equity dividend of Rs,1.40 per share ( RY Rs,1.40 per Share) for the financial year 2016-17.The company has declared dividend to the shareholders after the balance sheet date but before the financial statements approved for issue, therefore dividend has not been recognized as a liability at the balance sheet date.

7. Balances of some parties (including of Trade receivables and Trade payables) and loans and advances are subject to reconciliation/ confirmations from the respective parties. The management does not expect any material differences affecting the financial statement for the year.

8. Previous year figures have been recast/ regrouped whenever necessary to conform to the current Yearâs presentation.

Mar 31, 2016

d) Rights, Preference and Restrictions attached to Equity and Preference Shares

The Company has equity shares with a par value of Rs, 10/- per share & preference shares with a par value of Rs, 100/- per share. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividend in Indian Rupees. The holders of preference shares are entitled to a dividend of 0.25%.

The Board of Directors, in its meeting held on March 12, 2016 declared an interim dividend of Rs, 6 per equity share. Further the Board of Directors, in its meeting held on May 25, 2016 has proposed a final dividend of Rs, 1 per equity share for the financial year ended March 31, 2016. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting. The total Equity dividend appropriation for the year ended March 31, 2016 amounted to Rs, 425.50 lacs , including Corporate Dividend Tax of Rs, 71.97 lacs. .

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

Preference Shares carry a preferential right as to dividend over equity shareholders. The preference shareholders shall not carry any voting rights. Such preference shares shall be redeemed at a premium of Rs, 100/- per share within twenty years from the date of allotment. In the event of liquidation, preference shareholders have a preferential right over equity shareholders to be repaid to the extent of capital paid up and dividend arrear on such shares.

1. The Central Government , in consultation with the National Advisory Committee on Accounting Standards, has amended the Companies ( Accounting Standards) Rules, 2006 (" Principal rules") through a notification issued by the Ministry of Corporate Affairs dated March 30, 2016. The Companies (Accounting Standards) Rules, 2016 is effective from March 30, 2016. According to the amended rules, the above mentioned proposed dividend will not be recorded as a liability as at March 31, 2016 (Refer to para 8.5 of AS-4 Contingencies and Events Occurring after Balance Sheet date). The company believes that the Rule 3(2) of the principal rules has not been withdrawn or replaced and accordingly, the Companies (Accounting Standards) Rules, 2016 will apply for the accounting period commencing on or after March 30, 2016. Therefore the Company has recorded as liability for proposed dividends (including corporate dividend tax) as at March 31, 2016.

Note: On the basis of legal opinion, the company expects to defend itself against the claim and believes that the claim will not sustain.

2. Related Party Disclosures as required by Accounting Standard (AS-18) on âRelated Party Disclosures" issued by the Institute of Chartered Accountants of India, are as below :

a) Key Managerial Personnel

1. Shri Ashok Kumar Todi, Executive Chairman (Whole Time Director)

2. Shri Pradip Kumar Todi, Managing Director

b) Relatives of Key Managerial Personnel

1. Shri Saket Todi

2. Shri Udit Todi

3. Miss Priyanka Todi

c) Executive Officer

Ajay Kumar Patodia, Chief Financial Officer

d) Company Secretary

Pankaj Kedia, Company Secretary

e) Entities controlled by Director/Relatives

Biswanath Hosiery Mills Ltd.

J.M. Hosiery & Co. Ltd.

Rotex Intertrade Pvt. Ltd.

Chitragupta Sales & Services Pvt. Ltd.

Hollyfield Traders Pvt. Ltd.

Ebell Fashions Pvt. Ltd.

Jaytee Exports P.G. Infometic Pvt. Ltd.

33. Based on the information available with the company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is Rs, 0.91 lacs ( Previous Year Rs, 0.55 lacs) and no interest during the year has been paid or is payable under the terms of MSMED Act, 2006.

The above information has been complied in respect of parties to the extent to which they could be identified as Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 on the basis of information available with the Company. This has been relied upon by the auditors.

3. Gratuity benefit plans

(a) The following table summarizes the components of the net benefit expenses recognized in the profit and loss account and amounts recognized in the balance sheet for respective plans.

Note: It was informed that such loan was utilized for working capital requirements.

b) Investment by the Company in the shares of the another company.

The Company has not made any investments in the shares of the another company during the year.

4. Balances of some parties (including Trade receivables and Trade payables) and loans and advances are subject to reconciliation/ confirmations from the respective parties. The management does not expect any material differences affecting the financial statement for the year.

5. Previous year figures have been recast/ regrouped whenever necessary to conform to the current year presentation.

Other Directorships includes Directorships held in both, Public as well as Private Companies.

In accordance with Regulation 26 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Memberships / Chairmanships of only the Audit Committees and Stakeholdersâ Relationship Committees of all Public Limited Companies (including Lux Industries Limited) have been considered.

Mar 31, 2015

1. Rights, Preference and Restrictions attached to Equity and Preference shares

The Company has equity shares with a par value of Rs.10/- per share .. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directs is subject to the approval of the shareholders in the ensuing general meeting.

2. In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

3. The company has issued Non Convertible Redeemable Preference Shares by converting unsecured loan of promoters group as per terms of sanction of financial assistance by the State Bank of India. The holders of these shares are entitled to a dividend of 0.25%.

4. Preference shares carry a preferential right as to dividend over equity share holders. The preference share holders shall not carry any voting rights. Such preference shares shall be redeemed at a premium within twenty years from the date of allotments. In the event of liquidation , preference shareholders have a preferential right over equity share holders to be repaid to the extent of capital paidup and dividend arrear on such shares.

5. Depreciation on Tangible assets for the year is Rs. 474.50 lacs. Surplus arising on account of change in method of Depreciation has been creditted in the books of account amounting Rs.904.68/-. Depreciation charge for the year has been disclosed net of this credit .

6. Miscellaneous Expenses includes expenditure related to Corporate Social responsibility as per section 135 of the Companies Act, 2013 read with Schedule VII thereof amounting Rs.65.39 lakhs.

7. Particulars of Contingent Liabilities and Commitments

Particulars 2014-15 2013-14

1. Contingent Liabilities not provided for in respect of:

(i) Guarantee given:

(a) to W.B. Sales Tax Department 2.50 2.50 by the company's banker for which counter guarantees have been given by the company

(b) to Commissioner of Customs, Kolkata 1.40 1.40

(c) to Commissioner of Customs, Kolkata 4.85 4.85

(d) to Sales Tax Department, Roorkee 0.15 0.15

(e) to Sales Tax Department, Ahmedabad 0.20 0.20

(f) to Sales Tax Department, Indore 0.15 0.15

(g) to Commissioner of Customs, Kolkata 0.38 0.38

(h) to Commissioner of Customs, Kolkata 0.61 0.61

(i) to Commissioner of Customs, Kolkata 0.12 0.12

(j) to WBSEB, Kolkata 1.41 1.41

(ii) Sales Tax Penalty for F.Y. 2004-05 under appeal with Assistant Commissioner, 122.96 122.96 Pollachi*

(iii) Sales tax penalty for F.Y 2003-04 under appeal with Kolkata High Court 30.84 30.84

(iv) Sales tax penalty for F.Y 2004-05 under appeal with Kolkata High Court 19.17 19.17

(v) Sales tax & penalty for F.Y 2009-10 under appeal with Assistant Commissioner 117.00 117.00 of Commercial Taxes Avinashi

(vi) Sales tax & penalty for F.Y 2010-11 under appeal with Assistant Commissioner 5.17 5.17 of Commercial Taxes Avinashi

(vii) Sales tax & penalty for F.Y 2011-12 under appeal with Assistant 3.26 3.26 Commissioner of Commercial Taxes Avinashi

(viii) Excise Duty & penalty for F.Y 2011-12 under appeal with Customs, Excise 100.51 100.51 & service Tax Appellate Tribunal

(ix) Sales Tax (VAT) for the F.Y 2009-10 under appeal with senior joint - 19.06 commissioner, sales tax, Kolkata north circle

(x) Central sales tax for the F.Y 2009-10 under appeal with senior joint - 7.21 commissioner, sales tax, Kolkata north circle

(xi) Sales Tax (VAT) for the F.Y 2010-11 under appeal with senior joint - 1.87 commissioner, sales tax, Kolkata north circle

(xii) Central sales tax for the F.Y 2010-11 under appeal with senior joint - 12.18 commissioner, sales tax,Kolkata north circle

(xiii) Service tax & penalty for F.Y 2007-08 to 2011-12 under appeal with 136.22 136.22 Customs,Excise & service Tax Appellate Tribunal

(xiv) Excise Duty & penalty for F.Y 2012-13 under appeal with Customs, Excise 47.79 - & service Tax Appellate Tribunal

* The Company has been advised by competent legal professional that the said demand and Penalty is likely to be reversed, accordingly no provision has been made in the accounts.

2. Capital and Other Commitments 2014-15 2013-14

a. Estimated amount of contracts 9.79 2,878.54 remaining to be executed on Capital account and not provided for (Net of Advances)

b. The company has a export sales NIL 87.66 commitment towards use of EPCG License for which export sales to be achieved within eight years

8. Segment Reporting:

(a) The Company has only one business segment viz. manufacturing and sale of knitwear, which is treated as the primary segment by the company.

(b) The company has two geographical segments viz. Sales within India and Sales outside India. These are treated as secondary segments of the company.

(c) Secondary Segment Information (Geographical Segments)

9. Related Party Disclosures as required by Accounting Standard (AS-18) on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are as below:-

a) Key Managerial Personnel:

1. Shri Ashok Kumar Todi, Executive Chairman (Whole Time Director) 2. Shri Pradip Kumar Todi, Managing Director

b) Relatives of Key Managerial Personnel:

1. Shri Saket Todi 2. Shri Udit Todi 3. Miss Priyanka Todi

c) Associates controlled by Director/Relatives:

Biswnath Hosiery Mills Ltd. Todi Hosiery. Ltd. Rotex Intertrade Pvt. Ltd. Chitragupta Sale & Services Pvt. Ltd. Holly Field Traders Pvt. Ltd. Ebell Fashions Pvt. Ltd. Jaytee Exports PG. Infometic Pvt. Ltd.

10. Gratuity benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

Mar 31, 2013

1. The Company has only one class of equity shares with a par value of ' 10/- per share. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

2. Cash Credit loan is secured against hypothecation of entire stocks, book debts and other current assets , both present and future of Company. The Cash Credit loan are repayable on demand. It is additionally secured by personal guarantee of the directors.

3. PARTICULARS OF CONTINGENT LIABILITIES AND COMMITMENTS $in Lacs)

Particulars 2012-13 2011-12

1. Contingent Liabilities not provided for in respect of:

i. Guarantee given:

a. to W.B. Sales Tax Department by the company's banker for which counter guarantees 2.5 2.5

have been given by the company

b. to Commissioner of Customs, Kolkata 1.4 1.4

c. to Commissioner of Customs, Kolkata 4.85 4.85

d. to Sales Tax Department, Roorkee 0.15 0.15

e. to Sales Tax Department, Ahmedabad 0.2 0.2

f. to Sales Tax Department, Indore 0.15 0.15

g. to Commissioner of Customs, Kolkata 0.38 0.38

h. to Commissioner of Customs, Kolkata 0.61 0.61

i. to Commissioner of Customs, Kolkata 0.12 0.12

j. to WBSEB, Kolkata 1.41 1.41

ii. Sales Tax Penalty for F.Y. 2004-05 122.96 122.96 under appeal with Assistant Commissioner, Pollachi*

iii. Sales tax demand for F.Y 2003-04 Nil 20.87 under appeal with Kolkata High Court

iv. Sales tax penalty for F.Y 2003-04 30.84 30.84 under appeal with Kolkata High Court

v. Sales tax penalty for F.Y 2004-05 19.17 19.17 under appeal with Kolkata High Court

*The Company has been advised by competent legal professional that the said demand and Penalty is likely to be reversed, accordingly no provision has been made in the accounts.

4. Commitments

Estimated amount of contracts remaining to be executed on Capital account and 3,000 36 not provided for

5. SEGMENT REPORTING

a. The Company has only one business segment viz. manufacturing and sale of knitwear, which is treated as the primary segment by the company.

b. The company has two geographical segments viz. Sales within India and Sales outside India. These are treated as secondary segments of the company.

c. Secondary Segment Information (Geographical Segments)

6. Related Party Disclosures as required by Accounting Standard (AS-18) on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are as below:-

a. Key managerial Personnel:

1. Shri Ashok Kumar Todi, Executive Chairman (Whole Time Director) 2. Shri Pradip Kumar Todi, Managing Director

b. Associates controlled by Director/Relatives:

Biswnath Hosiery Mills Ltd. Todi Hosiery. Ltd. Rotex Intertrade Pvt. Ltd. Chitragupta Sale & Services Pvt. Ltd. Holly Field Traders Pvt. Ltd. Ebel Polymers Pvt. Ltd. Jaytee Exports Pvt. Ltd. P.G.Infometic Pvt. Ltd.

7. GRATUITY BENEFIT PLANS

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

8. The following table's summaries the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for respective plans.

9. PREVIOUS YEAR FIGURES HAVE BEEN RECAST/ RESTATED WHENEVER REQUIRED

Mar 31, 2012

1. The Company has only one class of equity shares with a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company ,the holders of equity share are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

2. The Company has received unsecured loan from directors of the Company to fulfill the requirement of the stipulation imposed by the Company's Banker for sanction of working loan facilities. The loan is not covered in the definition of deposit as per sub rule (b) (xi) of rule 2 of the Companies (Acceptance of Deposits) Rules, 1975. The Loan from directors are takes at nil rate of interest.

3. Cash Credit loan is secured against hypthecation of entire stocks, book debts and other current assets , both present and future of Company. The Cash Credit loan are repayable on demand. It is additionaly secured by personal gurrantee of the directors.

4. Particulars Contingent Liabilities and Commitments

Particulars 2012 2011

1. Contingent Liabilities not provided for in respect of:

(i) Guarantee given:

(a) to W.B. Sales Tax Department by the company's banker for

which counter guarantees have been given by the company 2.50 2.50

(b) to Commissioner of Customs, Kolkata 1.40 1.40

(c) to Commissioner of Customs, Kolkata 4.85 4.85

(d) to Sales Tax Department, Roorkee 0.15 0.15

(e) to Sales Tax Department, Ahmedabad 0.20 0.20

(f) to Sales Tax Department, Indore 0.15 0.15

(g) to Commissioner of Customs, Kolkata 0.38 0.38

(h) to Commissioner of Customs, Kolkata 0.61 0.61

(i) to Commissioner of Customs, Kolkata 0.12 0.12

(j) to WBSEB, Kolkata 1.41 1.41

(ii) Sales Tax Penalty for F.Y. 2004-05 under appeal with Assistant Commissioner, Pollachi* 122.96 122.96

(iii) Sales Tax demand for F.Y. 2003-04 under appeal with Kolkata High Court* 20.87 20.87

(iv) Sales Tax Penalty for F.Y. 2003-04 under appeal with Kolkata High Court* Â 30.84

(v) Sales Tax Penalty for F.Y. 2004-05 under appeal with Kolkata High Court* Â 19.17

(vi) Claim not acknowledge as debt Â Â

5. Commitments

Estimated amount of contracts remaining to be executed on

Capital account and not provided for 36.00 30.00

* The Company has been advised by competent legal professional that the said demand and penalty is likely to be reversed, accordingly no provision has been made in the accounts.

6. Segment Reporting:

(a) The Company has only one business segment viz. manufacturing and sale of knitwear, which is treated as the primary segment by the company.

(b) The company has two geographical segments viz. Sales within India and Sales outside India. These are treated as secondary segments of the company.

(c) Secondary Segment Information (Geographical Segments)

7. Related Party Disclosures as required by Accounting Standard (AS-18) on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are as below:-

a) Keymanagerial Personnel:

1. Mr. Ashok Kumar Todi, Executive Chairman (Whole Time Director) 2. Mr. Pradip Kumar Todi, Managing Director

b) Associates controlled by Director/Relatives:

Biswnath Hosiery Mills Ltd. Todi Hosiery Pvt. Ltd. Rotex Intertrade Pvt. Ltd. Chitragupta Sale & Services Pvt. Ltd. Holly Field Traders Pvt. Ltd. Ebel Polymers Pvt. Ltd. Jaytee Exports P G. Infometic Pvt. Ltd.

8. Gratuity benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

9 The following table's summaries the components of the net benefit expenses recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for respective plans.

10. During the previous year pursuant to imposition of excise duty on readymade garments and made up article under chapter 61- 63 of the central excise tariff, the company had accounted for excise duty paid on input goods, capital goods and service tax on inputs amounting to Rs 47.96 lacs as expense under respective accounting heads.

11. However, as per Cenvat credit rules the company is eligible for cenvat credit of excise duty paid on inputs, capital goods and service tax paid on input services.

12. During the current financial year, based on the decision of the management and the interpretations of the relevant provisions of the act, the company has claimed an amount of Rs 47.96 Lacs as credit of excise duty paid on inputs, capital goods and service tax paid on inputs crediting prior period income account. This is keeping with the provision of AS -5" net profit or loss for the period, prior period items".

13. The revised Schedule VI as notified under the Companies Act 1956 has become applicable for the company for presentation of its financial statements for the year ending March 31,2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements. Previous year figures have been re-grouped, re-arranged and re-casted wherever considered necessary.

Mar 31, 2011

1. (a) Cash Credit facilities with Allahabad Bank are secured by

hypothecation over entire stock, book debts and other Current Assets of the Company, both present and future and by way of collateral security over the entire Movable & Immovable properties of the Company both present & future. It is additionally secured by personal guarantee of the Directors.

(b) Term loan is secured by hypothecation over the machineries/ equipment acquired out of the facility and collateral security over the entire movable and immovable properties of the Company both present and future. It is additionally secured by personal guarantee of the directors.

(c) The Company has received unsecured loan from directors of the Company to fulfill the requirement of the stipulation imposed by the Company's Banker for sanction of working loan facilities. The loan is not covered in t he definition of deposit as per sub rule (b) (xi) of rule 2 of the Companies (Acceptance of Deposits) Rules, 1975. The Loan from directors are takes at nil rate of interest.

(d) Term loan instalments failling due for payment within one year aggregate to Rs. 47 lacs.( previous year Rs. 47 Lacs)

2. The Government of India has imposed Excise duty in the current year's budget @ 10% on ready made garments and made up articles falling under chapter 61 to 63 of Central Excise Tariff when they bear or are sold under a brand name , on which duty is to be paid on a tariff value equal to 45% of the retail sale price As per Cenvat Credit Rules , the Company may be eligible for credit of Excise duty paid on inputs goods, capital goods and service tax paid on input services amounting to Rs 47.96 Lacs for the period upto 31.03.2011. However in view of the legal opinion received by the management , regarding the inadmissibility of such credit , the amount paid has been recognized as expenses under respective accounting heads. This is in keeping with the concept of prudence which requires that no contingent assets should be recognized in books of accounts. This has resulted in the profit for the year being lower by Rs 47.96 Lacs

3. Fixed Deposit amounting to Rs. 5,091,395.00 (Previous Year Rs. 3,320,637.00) and accrued interest on such fixed deposit Rs. 893,673.59 (Previous Year Rs. 518,581.59) is pledged with the bankers of the company.

4. Debtors and creditors, including advances, are subject to confirmation and reconciliation, if any.

5. Segment Reporting:

(a) The Company operating operation comprises of only one primary segment viz. manufacturing and sale of Knitwear's. Company's sales are affected in the domestic and export market, there are two secondary segments as geographical segments viz. Domestic and export.

6. Related Party Disclosures as required by Accounting Standard (AS-18) on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, are as below:-

b)Associates controlled by Director/Relatives

a) Key managerial Personnel Biswnath Hosiery Mills Ltd. 1. Shri Ashok Kumar Todi, Todi Hosiery Pvt. Ltd. Executive Chairman (Whole Time Director) Rotex Intertrade Pvt Ltd. Chitragupta Sale & Services Pvt. Ltd.

2 Shri Pradip Kumar Todi, Holly Field Traders Pvt. Ltd. Managing Director Ebel Polymers Pvt. Ltd. Jay tee Exports P G. Infometic Pvt. Ltd. Shakuntala Devi Todi Charitable Trust

7. (a) Selling Expenses includes discounts amounting to Rs.24,488,650.00 (Previous year Rs. 4,19,09,033.38)

(b) Commission paid represents commission paid to selling agents. The companies do not have any sole selling agent.

(c) In view of the prevailing Income Tax laws no tax deducted at source is required to be deducted on dividend paid / proposed during the year.

8. Salary consists of Bonus amounting to Rs.27, 50,381.00 (Previous Year Rs. 11,35,984.00).

9. The Company follows Accounting Standard (AS-22) "Accounting for taxes on Income", issued by the Institute of Chartered Accountants of India". The Company has significant timing differences between accounting and tax records which suggest accounting for deferred tax assets which are as below:

10. Based on the information / documents available with the Company, details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006 are as below:

11. Gratuity benefit plans:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

The following table's summaries the components of the net benefit expenses recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for respective plans.

12. Disclosures required by Accounting Standard (AS -29) - "Provisions, Contingent Liabilities and Contingent Assets" are as below:

13. The year end foreign currency exposure that have not been hedged by a derivative instrument or otherwise are given below:

14. Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Part II of the schedule VI of the Companies Act, 1956, (as complied & certified by the management, not verifiable by auditor in absence of detailed records).

15. Other information required to be furnished, as per clause 4 of Schedule VI, Part II may be read as NIL.

16. Previous year figures have been re-grouped, re-arranged and re-casted wherever considered necessary. As per out report of even date attached.

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