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Notes to Accounts of Nitin Castings Ltd.

Mar 31, 2018

NOTE 1 - Company Overview

General Information of the Company:

NITIN CASTINGS LIMITED, (hereinafter referred to as ''Company'') was formed in India on 3rd December, 1982 and is in the business of manufacturing Alloy Steel Casting in the range of static and centrifugal. The company has manufacturing unit at

i) Plot No. 183/1, Surangi, Silvassa, Dadra and Nagar Haveli-396230.

ii) Plot No. 410, Almeida Road, Panchpakhadi, Thane West, Maharashtra 400601

iii) Plot No. 7, Survey No. 679/1, Village-Karvad, Vapi, District-Valsad, Gujarat - 396195.

Shares of the Company are listed in BSE.

The registered office is located at 202, 2nd Floor, Rahul Mittal Industrial Premises Co-op Soc. Ltd., Sanjay Building No. 3, Sir M.V. Road, Andheri (East), Mumbai - 400 059.

Notes to first time adoption

a) The company has used reasonable and supportable information that is available without undue cost or efforts to determine the credit risk at the date of financial instrument were initially recognised. The company has not undertaken exhaustive search for information for significant increase in credit risk since initial recognition at the date of transition to Ind AS

b) The Company has prepared opening balance sheet as per Ind AS as on 1st April, 2016 (transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising assets and liabilities which are not permitted by Ind AS, by reclassifying items from previous Accounting standards to Ind AS as required by Ind AS and applying Ind AS in measurement of recognised assets and liabilities. Subject to certain exceptions and optional exemptions availed as details below.

c) Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by shareholders in the general meeting. Accordingly, the liability for the proposed dividend (including tax thereon) of Rs. 31.09 Lakhs as at 31st March, 2017 included under short term provisions has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity increased by an equivalent amount.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

Reconciliations Between Previous GAAP and Ind-AS

The following reconciliations provides the effect of transition to Ind-AS from IGAAP in accordance with Ind-AS 101:

A. Equity as at beginning of April 1, 2016

B. Equity as at March 31, 2017

C. Net profit for the year ended March 31, 2017

Notes : 1. Investments

Under Indian GAAP, Investments in equity instruments were classified as long term investments based on the intended holding period and realisability. Long term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. This increased the retained earnings by Rs. 12.17 Lakhs as at 1st April, 2016

2. Loans Given

Under Indian GAAP, Loans given are measured at loan amount. Whereas Under Ind-AS, Loans given are recognised in the books at fair value. Subsequently the loans are measured at amortised cost by using effective interest method. Accordingly, loans have been reduced by INR 35.85 lakhs with a corresponding decrease in other equity.

3. Other Financial Assets

Under Indian GAAP, interest free security free lease security deposits (that are refundable in cash) are recorded at their transaction value. Under Ind AS, financial instruments are required to be measured at their fair value on initial recognition. Accordingly, security deposits have been fair valued under Ind AS. Difference between transaction value and fair value of Rs. 10.12 Lakhs has been recognised as prepaid rent. Prepaid rent increased by Rs. 10.12 Lakhs as at 1st April, 2016. Prepaid rent is amortised over the lease term and notional interest is recognised on unwinding of security deposits.

4. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by INR 12.98 Lakhs with a corresponding decrease in retained earnings.

5. Unsecured Loan

Under Indian GAAP, Unsecured Loans are measured at loan amount. Whereas Under Ind-AS, Unsecured Loans taken by the Company are recognised in the books at fair value. Subsequently the unsecured loans are measured at amortised cost by using effective interest method. Accordingly, borrowings have been reduced by INR 35.85 lakhs with a corresponding increase in other equity.

6. Deferred Tax

Deferred Tax has been recognised on the adjustments made on transition to Ind AS.

Notes : 1. Investments

Under Indian GAAP, Investments in equity instruments were classified as long term investments based on the intended holding period and realisability. Long term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. This increased the retained earnings by Rs. 12.75 Lakhs as at 31st March, 2017.

2. Loans Given

Under Indian GAAP, Loans given are measured at loan amount. Whereas Under Ind-AS, Loans given are recognised in the books at fair value. Subsequently the loans are measured at amortised cost by using effective interest method. Accordingly, loans have been reduced by INR 18.81 lakhs with a corresponding decrease in other equity.

3. Other Financial Assets

Under Indian GAAP, interest free security free lease security deposits (that are refundable in cash) are recorded at their transaction value. Under Ind AS, financial instruments are required to be measured at their fair value on initial recognition. Accordingly, security deposits have been fair valued under Ind AS. Difference between transaction value and fair value of Rs. 7.95 Lakhs has been recognised as prepaid rent. Prepaid rent increased by Rs. 7.95 Lakhs as at 31st March, 2017. Prepaid rent is amortised over the lease term and notional interest is recognised on unwinding of security deposits

4. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by INR 10.06 Lakhs with a corresponding decrease in retained earnings.

5. Unsecured Loan

Under Indian GAAP, Unsecured Loans are measured at loan amount. Whereas Under Ind-AS, Unsecured Loans taken by the Company are recognised in the books at fair value. Subsequently the unsecured loans are measured at amortised cost by using effective interest method. Accordingly, borrowings have been reduced by INR 18.81 lakhs with a corresponding increase in other equity.

6. Deferred Tax

Deferred Tax has been recognised on the adjustments made on transition to Ind AS.

Notes :

1. Excise Duty

Under the Indian GAAP, revenue form sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as a part of expenses. This change has resulted in an increase in total revenue and total expenses for the year ended 31st March, 2017 by Rs. 711.01 Lakhs. There is no impact on the total equity and profit.

2. Finance Income

Under Ind AS interest income is recognised by using effective interest rate method. Accordingly interest income has been recognised on loans and security deposits given and is included in other income.

3. Other comprehensive income (OCI)

Concept of other comprehensive income did not exist under Indian GAAP. Under Ind-AS, all items of income and expenses recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income or expenses that are not recognised in profit or loss but are shown in the statement of profit and loss as ''Other comprehensive income'' includes remeasurement of defined employee benefits plans/ actuary gain/ (loss) on gratuity. The amount related to remeasurement of defined employee benefit plan of INR 10.92 lakhs and with corrosponding decrease in Employee Benefit Expense of equal amount is presented as part of OCI during the financial year 2016-17.

4. Finance Cost

Under Ind AS interest is recognised by using EIR method. Accordingly interest of Rs. 17.04 Lakhs has been recognised on borrowings and included in finance cost.

5. Other Expenses

Prepaid Rent recognised as per Ind AS is amortised over the period of the agreement. Accordingly Rs. 2.16 Lakhs has been recognised as rent during the year 2016-17

6. Deferred Tax

Various Ind-AS transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in relation to the underlying transaction either in retained earnings or a separate component of equity. Effect of timing difference is considered for calculation of deferred tax for the financial year 2016-17.

Right, preferences and restrictions attached to Equity Shares

The company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eleigible for one vote per share held. The dividend proposed by the Board of Directors is subjec to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are elegible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

i) Secured Loan from Banks/financial institutions is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant and personal guarantee of Directors.

ii) Car Loans are secured by hypothecation of motor vehicles and personal guarantee of Directors.

i) Secured Loan from Banks/financial institutions is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant and personal guarantee of Directors.

ii) Car Loans are secured by hypothecation of motor vehicles and personal guarantee of Directors.

2. Defined Benefit Plans

The company operates Defined Benefit Plans that provide Gratuity benefits. The gratuity plan entitles an employee, who has rendered at least 5 years of continuous service, to receive one-half month salary for each year of completed service at the time of retirement/ exit.

Gratuity

a. Movement in net defined benefit (asset) liability

The following table shows as reconciliation from the opening balances to the closing balance for the net defined benefit (asset) liability and its components

Notes:

i. The expected return on plan assets for the year ended 31/03/2018 is as furnished by LIC.

ii. The entire plan assets are managed by LIC. The data on plan assets and experience adjustment has not been furnished by LIC and hence there are no disclosures in this regard.

iii. The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

iv. Discount rate is based on the prevailing market yields of Indian Government Bonds as at the Balance Sheet date for the estimated term of the obligation.

3. In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2018 is Rs. 14.21 Lakhs (previous year Rs.36.53 Lakhs).

5. The company has not received information from the suppliers regarding their status under the micro, small and medium enterprises development act, 2006. Hence, disclosure, if any, relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act have not been made.

6. The company has taken premises on Leave & License. These Leave & License agreements are normally renewable on expiry. Rent expenses in the Profit and Loss Account for the year include Rental Payments towards Premises amounting to Rs. 91.60 Lakhs. (Previous year Rs. 101.54 Lakhs).

7. Pursuant to the approval of scheme of arrangement between Nitin Castings Limited (formerly known as Nitin Alloys Global Ltd) a Rajshila Construction Pvt. Ltd. (formerly known as Nitin Castings Pvt. Ltd.) by Honorable High Court of Mumbai on 13th October 2016 & other relevant statutory approvals, the accounting treatment as laid out in the Scheme and consequential adjustments Is dealt with by the Company in the financial statements.

8. Financial Instruments- Fair Values

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the carrying amount is a reasonable approximation of fair value.

Note :

Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

9. Financial Instruments-Risk Management

Risk management framework

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of market risk on its financial performance.

The Company''s risk management assessment, policies and processes are established to identify and analyze the risks faces by the company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company’s risk assessment and management policies and processes.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk and

- Market risk Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

Trade and other receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country, in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Gives that the macroeconomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue. Further, management believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk. Impairment allowance has been determined based on expected credit loss model (ECL).

Cash and cash equivalents

The Company held cash and cash equivalents and other bank balances with credit worthy banks (31st March, 2018 is Rs. 197.22 Lakhs and 31st March, 2017 is Rs. 140.07 Lakhs). The credit worthiness of such banks is evaluated by the management on an ongoing basis and is considered to be good.

Other financial assets

Other financial assets are neither past due not impaired.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring. As far as possible that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

As of 31st March, 2018 the Company has working capital of Rs. 1,930.48 Lakhs (31st March, 2017 is Rs. 1,746.91 Lakhs, 1st April, 2017 is Rs. 1,575.71 Lakhs). Working capital is calculated as current assets less current liabilities

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as commodity rates, raw material rates, interest rates, foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk sensitive financial instruments, commodity and raw material prices, all foreign currency receivables and payables and all short term and long term debt. The Company is exposed to market risk primarily related to commodity / raw material / metal rate risk, foreign exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities.

(a) Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss account, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity.

(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.

Interest rate sensitivity - fixed rate instruments

The Company does not account for any fixed - rate financial assets or financial liabilities at fair value through profit and loss, and the Company does not have any designated derivatives. Therefore, a change in interest rates at the reporting date would not affect profit and loss for any of these fixed interest bearing financial instruments.

Capital Management

The Company’s policy is to maintain a strong capital bases so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Company funding requirements based on business plans are met through a mixture of equity / free reserves and borrowings.

10. Segment Reporting

As the company operates in only one business the disclosure requirements under Accounting Standard 17 - "Segment Reporting" is not applicable.

11. Information regard to other matter specified in Schedule III of Companies Act, 2013 is either nil or not applicable to the company for the year.

12. These financial statements are the Company''s first Ind AS financial statements and accordingly previous year figures have been regrouped where necessary to conform to current year’s classification.


Mar 31, 2015

1. Partly Paid up Shares - Nil

2. The Company has proposed dividend of Rs. 1.00/- per equity share for the financial year ended 31st March, 2015, amounting to Rs. 16.85 Lacs (inclusive tax of Rs. 2.81 Lacs). The dividend payout is subject to approval of members at the ensuring Annual General Meeting.

3. Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2014

Current Year Previous Year Sr. Particulars (Rs. in Lacs) (Rs. in Lacs)

1. Letter of Guarantee given 38.73 4.14 by the Bankers

2. Letter of Credit issued by the Nil 25.07 Bankers

2 Letter of Credit Acceptances and Nil Nil Endorsements

4. Bills Discounting Nil 36.13 Claims against the Company not acknowledge as debts

Taxes & Duties

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required by AS-22 of the Institute of Chartered Accountants of India.

iv. During the year the Company has paid Rs. 75.00 Lacs as an excise duty to the Government Exchequer Central Excise department regarding MODVAT claim, where the view of Company differs from the Department as such the quantum of excise duty payable in comparison to the amount paid may differ.

Loans from Banks

i. Secured Loan from Indian Overseas Bank is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company''s knowledge and belief sundry creditors as at 31st March, 2014 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act, 1951.

Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.


Mar 31, 2013

A) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subjecttoconfirmations and adjustments,ifany.

b) None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the bestof the company''s knowledge and belief sundry creditorsas at 31st March, 2013 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

c) Directors RemunerationofRs. 35.10 Lacs (Previous year Rs. 33.60 Lacs)

ii) Partly Paid up Shares – Nil d) The Company has not proposed dividend for the year ended March 31, 2013

d) Figures in brackets relates to previous year or losses. The previous year''s figures have been re- grouped, re-arranged, re-costed and re-classified wherever necessary.


Mar 31, 2012

A) Contingent Liabilities

Provisions are made for known liabilities and other liabilities as per the provisioning policy of the Company or where additional risks are identified by the Management, based on such identification. The Company has not recognized any Contingent Liabilities other than those specified below:

Sr. Particulars Current Year Previous Year (Rs.in Lacs) (Rs.in Lacs)

1. Letter of Guarantee given by the Bankers 98.90 171.12

2. Letter of Credit issued by the Bankers 49.42 33.46

Letter of Credit Acceptances and 3 Endorsements 28.67 Nil

4. Bills Discounting 9.65 Nil

Claims against the Company not 5. acknowledge as debts Nil Nil

b) Taxes on Income

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required byAS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

I. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Company's suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company's knowledge and belief sundry creditors as at 31st March, 2012 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

f) Directors Remuneration of Rs. 33.60 Lacs (Previous year Rs. 32.40 Lacs)

Note : Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2010

A) Contingent Liabilities

Company has not recognized any Contingent Liabilities other than those specified below;

Rs. In Lacs

Current Previous Sr. Particulars Year Year

1. Letter of Guarantee given by the Bankers 112.69 218.43

2. Letter of Credit issued by the Bankers Nil 1.98

3. Claims against the Company not acknowledge as debts Nil Nil

b) Taxes on Income

i. Current tax provision has been determined on the basis of relief and deductions available under the Income Tax Act. 1961.

ii. There being deferred tax liability for the year ended 31st March, 2010 the same has been accounted for in the books of accounts as required by AS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

i. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant

ii. Car Loans are secured by hypothecation of motor vehicles purchased here- against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Companys suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the companys knowledge and belief sundry creditors as at 31* March. 2010 does not Include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act. 1951.

f) Figures in brackets relates to previous year. The previous years figures have been regrouped. rearranged and classified wherever necessary.

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