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Notes to Accounts of Pee Cee Cosma Sope Ltd.

Mar 31, 2015

1. Terms/Rights Attached to Shares

Equity: The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share and ranks pari passu. The Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

Preference : The Company has only one class of Preference Shares having a par value of Rs. 100 per share. Each holder of Preference Shares is not be entitled to vote at any General Meeting of the members of the Company in relation to any of the matters solely by virtue of Preference Shares. The Preference shares shall be eligible for Dividend at the rate Prescribed by the Board of the Company at the time of issuance. The Preference Shares shall be redeemed as per the terms of the issue.

2. 1466250 Equity Shares out of issued subscribed and paid up share capital were allotted in pursuant to the Scheme of Arrangement as approved by the Hon'ble Allahabad High Court on 5th July 2011 without payment being received in cash.

3. 723125 12% Non Cumulative Compulsorily Redeemable Preference Shares, redeemable at par within a period of 10 years from the date of issue, with a call option available to the company for early redemption, have been issued without payment being received in cash to the share holders of Amalgamating Company in pursuance of Scheme of Arrangement as approved by Hon'ble Allahabad High Court on5thJuly2011.

4. Last year Company has redeemed 253093 &196708 totaling 449801 12% Non Cumulative Compulsorily Redeemable Preference Shares of Rs. 100 each The same is approved by Board of Directors in their meeting held at 29.05.2013 & 11.02.2014 respectively. In respect to above Capital Redemption Reserve of Rs. 44980100/- has been created by debiting Rs. 4498010/- from Preference Share Redemption Reserve and Rs. 40482090/- from surplus in the Statement of Profit and Loss.

5. During the year Company has further redeemed balance 136662 & 136662 totaling 273324 12% Non Cumulative Compulsorily Redeemable Preference Shares of Rs. 100 each The same is approved by Board of Directors in their meeting held at 14.11.2014 &12.02.2015 respectively. In respect to above Capital Redemption Reserve of Rs. 27332400/- has been created by debiting Rs. 5466480/- from Preference Share Redemption Reserve and Rs. 21865920/- from surplus in the Statement of Profit and Loss.

#The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding as at the balance sheet date. As per records of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal & beneficial ownership of shares.

6. Nature of Security of Term Loan & Working Capital Loans: Term Loan & Working capital loan from State Bank of India, are secured by way of hypothecation of stocks of raw material, stores, spares, stock in process, Finished Goods, including Book Debts etc, lying in Unit's works, god owns, offices, and elsewhere in units possession including the goods in transit. Further extension of charge on current assets of the Company to cover the Corporate Term Loan.lt is further collaterally secured by way of equitable mortgage of Factory land & building situated at plotno.51-52 Malanpur Industrial Area , Distt. Bhind.(M.P) measuring 31017.58 sft, Factory Land and Building at Dholpur, Rajasthan. measuring 52155.63 sqmt, Factory Land & Building of P.C. Soap & Chemicals (through its partners) and hypothecation of unencumbered plant & machinery of Malanpur & Dholpur unit and extension of charge on fixed assets of the Company. Further secured by personal guarantee of Sri M.K.Jain, Sri A.K.Jain, Sri P.K.Jain and TPG of PC.Soap & Chemicals (through its partners).

- It includes amount of Rs. 18,88,86000/- which the Appellate Tribunal Central Excise & Service Tax, New Delhi treating it as prima-facie strong case in favour of the company and has stayed payment of demand and penalties as such and the management does not consider necessary to make provision for the said liability.

-The SDO Gohad has raised a demand of Rs. 14,03,603 on the Company as charges for change of land use from agriculture to industrial in respect of its factory land measuring 7.25 acres in Malanpur Industrial Area, Malanpur District Bhind which is disputed by the Company and is still pending at the Court of Collector Bhind(M .P.).

The fair value of plan assets as at 31.03.2015 is more than the present value of obligation as at 31.03.2015, therefore no adjustment have been made in the Balance Sheet. Further the amount of premium of Rs. 11,13,601 paid to LIC is debited to Statement of Profit and Loss.

A. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on accrual basis. The Company does not maintain any fund to pay for leave encashment.

Provision of leave encashment as per actuarial is less than the liability provided in books of accounts, hence the management is of the opinion that provision for leave encashment is to be made on accrual basis.

B. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This is post employment benefit and is in the nature of defined contribution plan.

7. The Company has only one business segment of Manufacturing and accordingly the disclosure requirements as prescribed in the Accounting Standard-17 on segment reporting are not applicable to the company.

8. Inventories, loans & advances , trade receivables and other Current/non current assets are in the opinion of the management do not have a value on realization in the ordinary course of the business, less than the amount at which they are stated in the Balance Sheet.

9. Balance in trade receivables, trade payables, current / non current advances given / received are subject to reconciliation and confirmation from respective Parties. The balance of said trade receivables, trade payables, current / noncurrent advances given / received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined.

10. During the year effective from 1st April 2014, the Company has revised estimated useful life of all of its fixed assets as per the Schedule II of the Companies Act 2013. Based on current estimates, depreciation of Rs 7,72,711.86 (net of deferred tax asset of Rs. 3,81,765.00) on account of assets whose useful life has already been exhausted as on 01.04.2014, has been adjusted with opening balance of Reserves and Surplus. Had there not been any change in the useful life of the fixed assets, depreciation for the year ended 31.03.2015 would have been lower by Rs. 27,40,655 52.

11. Previous year figures have been re-grouped and re-arranged Wherever so required.

12. All notes number1-37 forms an integral part of the financial statements.


Mar 31, 2014

1.1 Terms/ Rights Attached to Shares

Equity: The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share and ranks pari passu. The Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

Preference : The Company has only one class of Preference Shares having a par value of Rs. 100 per share. Each holder of Preference Shares is not be entitled to vote at any General Meeting of the members of the Company in relation to any ofthe matters solely by virtue of Preference Shares. The Preference shares shall be eligible for Dividend at the rate Prescribed by the Board ofthe Company at the time of issuance. The Preference Shares shall be redeemed as perthe terms ofthe issue.

1.2 1466250 Equity Shares out of issued subscribed and paid up share capital were allotted last year in pursuant to the Scheme of Arrangement as approved by the Hon''ble Allahabad High Court on 5th July 2011 without payment being received in cash.

1.3 723125 12% Non Cumulative Compulsorily Redeemable Preference Shares, redeemable at par within a period of 10 years from the date of issue, with a call option available to the company for early redemption, have been issued without payment being received in cash to the share holders of Amalgamating Company in pursuance of Scheme of Arrangement as approved by Hon''ble Allahabad High Court on 5th July 2011

1.4 During the year Company has redeemed 253093 &196708 totalling 449801 12% Non Cumulative Compulsorily Redeemable Preference Shares of Rs. 100 each .The same is approved by Board of Directors in their meeting held at 29.05.2013 & 11.02.2014 respectively. In respect to above Capital Redemption Reserve of Rs. 44980100/- has been created by debiting Rs. 4498010/- from Preference Share Redemption Reserve and Rs. 40482090/-from surplus in the Statement of Profit and Loss.

Nature of Security of Term Loan & Working Capital Loans : Term Loan & Working capital loan from State Bank of India, are secured by way of hypothecation of stocks of raw material, stores, spares, stock in process, Finished Goods, including Book Debts etc, lying in Unit''s works, godowns, offices, and elsewhere in units posession including the goods in transit. Further extension of charge on current assets of the Company to cover the Corporate Term Loan.lt is further collaterally secured byway of equitable mortgage of Factory land & building situated at plot no.51-52 Malanpur Industrial Area , Distt. Bhind.(M.P) measuring 31017.58 sft, Factory Land and Building at Dholpur, Rajasthan,measuring 52155.63 sqmt, Factory Land & Building of P.C. Soap & Chemicals (through its partners) and hypothecation of unencumbered plant & machinery of Malanpur & Dholpur unit and extension of charge on fixed assets of the Company. Further secured by personal guarantee of Sri M.K.Jain, Sri A.K.Jain, Sri P.K.Jain and TPG of P.C.Soap & Chemicals (through its partners).

Year Ended Year Ended March 31, 2014 March 31, 2013

2. Contingent Liability

(a) Claims against the company not acknowledge as debt

1. Excise (including Service Tax)* 19,06,19,663 19,06,19,663

2. Trade Tax&VAT 11,61,639 15,57,047

3. State Levies** 14,03,603 14,03,603

4. Income Tax 69,62,180 93,04,761

5. ESI 1,05,241 0

(b) Guarantees

1. FDR held as security in Sales Tax 31,006 4,25,178

2. NSC Held as Security in Sales Tax 1,000 1,000

*lt includes amount of Rs. 18,88,86000/- which the Appellate Tribunal Central Excise & Service Tax, New Delhi treating it as prima-facie strong case in favour of the company and has stayed payment of demand and penalties as such and the management does not consider necessary to make provision for the said liability.

**The SDO Gohad has raised a demand of Rs.14,03,603.00 on the Company as charges for change of land use from agriculture to industrial in respect of its factory land measuring 7.25 acres in Malanpur Industrial Area, Malanpur District Bhind which is disputed by the Company and is still pending at the Court of Collector Bhind(M.R).

3. Employee Benefits

The details of the Company''s post-retirement benefit plans for gratuity for its employees are given below which is certified by the actuary and relied upon by auditors:

B. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on accrual basis.The Company does not maintain any fund to pay for leave encashment.

Provision of leave encashment as per actuarial is less than the liability provided in books of accounts, hence the management is of the opinion that provision for leave encashment is to be made on accrual basis.

C. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This is post employment benefit and is in the nature of defined contribution plan.

4 Related Party Disclosure:

Details of disclosure as required by "Accounting Standard (AS)-18 on Related Party Disclosures" are as under:-

1. Entities over which Key Managerial Personnel or their relatives exercises significant influence

M/S Pee Cee Reality Builders Private Limited M/S Suraj Bhan Agencies Limited

P.C.Sons HUF Director is Karta

Mahendra Kumar Jain HUF Director is Karta

Mayank Jain HUF Director''s Son is Karta

Ashok Kumar Jain HUF Director is Karta

Pramod Kumar Jain HUF Director is Karta

2. Key Management Personnel Designation

Mr. Ashok Kumar Jain Chairman (Executive)

Mr. Pramod Kumar Jain Managing Director

Mr. Mahendra Kumar Jain Whole Time Director

3. Relatives of Key Management Personnel

Asha Lata Jain Wife Of Director

Maya Jain Wife Of Director

Lajja Jain Wife Of Director

Ankit Jain Son of Director

Ankur Jain Son of Director

Anuj Jain Son of Director

Divya Jain Daughter in Law of Director

Stuti Jain Daughter in Law of Director

Shikha Jain Daughter in Law of Director

Master Pranit Grand Son Of Director

Mayank Jain Son of Director

5. The Company has only one business segment of Manufacturing and accordingly the disclosure requirements as prescribed in the Accounting Standard-17 on segment reporting are not applicable to the company.

6. Inventories, loans & advances , trade receivables and other current/non current assets are in the opinion of the management do not have a value on realization in the ordinary course of the business, less then the amount at which they are stated in the Balance Sheet. The classification of assets and liabilities between current and non current have been made based on management perception as to its recoverability / settlement and other criteria as set out in the revised schedule VI to the Companies Act 1956.

7. Balance in trade receivables, trade payables, current/non current advances given / received are subject to reconciliation and confirmation from respective Parties. The balance of said trade receivables, trade payables, current / non current advances given / received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined.

8. Previous year figures have been re-grouped and re-arranged wherever so required.

9. All notes number 1-36 forms an integral part of the financial statements.


Mar 31, 2013

1. Contingent Liability As At As At 31st March, 2013 31st March, 2012

(a) Claims against the company not acknowledge as debt

1. Excise (including Service Tax)* 19,06,19,663 19,06,19,663

2. Sales Tax & VAT 15,57,047 9,58,140

3. State Levies" 14,03,603 14,03,603

4. Income Tax 93,04,761 52,73,101

(b) Guarantees

1. FDR held as security in Sales Tax 4,25,178 25,178

2. NSC Held as Security in Sales Tax 1,000 1,000

*lt includes amount of Rs. 18,88,86,000/- which the Appellate Tribunal Central Excise & Service Tax, New Delhi treating it as prima-facie strong case in favour of the company and has stayed payment of demand and penalties as such and the management does not consider necessary to make provision for the said liability.

"The SDO Gohad has raised a demand of Rs. 14,03,603.00 on the Company as charges for change of land use from agriculture to industrial in respect of its factory land measuring 7.25 acres in Malanpur Industrial Area, Malanpur District Bhind which is disputed by the Company and is still pending at the Court of Collector Bhind (M.P.).

2 Related Party Disclosure:

Details of disclosure as required by "Accounting Standard (AS) -18 on Related Party Disclosures" are as under:-

1. Entities over which Key Managerial Personnel or their relatives exercises significant influence

M/S Pee Cee Reality Builders Private Limited M/S Suraj Bhan Agencies Limited M/S Ram Shyam Investment & Trading Co Private limited

PC.Sons HUF Director is Karta

M.K.Jain HUF Director is Karta

Mayank Jain HUF Director''s Son is Karta

A.K.Jain HUF Director is Karta

P.K.Jain HUF Director is Karta

2. Key Management Personnel Designation

Mr. A.K.Jain Chairman (Executive)

Mr. P.K.Jain Managing Director

Mr. M.K.Jain Whole Time Director

3. Relatives Of Key Management Personnel

Sanchita Jain Daughter of Director

Hero Devi* Mother of Director

Asha Lata Jain Wife Of Director

Maya Jain Wife Of Director

Lajja Jain Wife Of Director

Ankit Jain Son of Director

Ankur Jain Son of Director

Anuj Jain Son of Director

Divya Jain Daughter in Law of Director

Stuti Jain Daughter in Law of Director

Shikha Jain Daughter in Law of Director

Master Pranit Grand Son Of Director

Mayank Jain Son of Director

* Note: Expired on 19.01.2013

3. The Company has only one business segment of Manufacturing and accordingly the disclosure requirements as prescribed in the Accounting Standard-17 on segment reporting are not applicable to the company.

4. Inventories, loans & advances, trade receivables and other current/non current assets are in the opinion of the management do not have a value on realization in the ordinary course of the business, less then the amount at which they are stated in the Balance Sheet. The classification of assets and liabilities between current and non current have been made based on management perception as to its recoverability / settlement and other criteria as set out in the revised schedule VI to the Companies Act 1956.

5. Balance in trade receivables, trade payables, current / non current advances given / received are subject to reconciliation and confirmation from respective Parties. The balance of said trade receivables, trade payables, current / non current advances given / received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be determined.

6. Previous year figures have been re-grouped and re-arranged wherever so required.

7. All notes number 1 -34 forms an integral part of the financial statements.


Mar 31, 2012

1.1 Terms/Rights Attached to Shares

Equity

The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Shares is entitled to one vote per share and ranks pari passu. The Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

Preference

The Company has only one class of Preference Shares having a par value of Rs. 100 per share. Each holder of Preference Shares is not be entitled to vote at any General Meeting of the members of the Company in relation to any of the matters solely by virtue of Preference Shares. The Preference shares shall be eligible for Dividend at the rate Prescribed by the Board of the Company at the time of issuance. The Preference Shares shall be redeemed as per the terms of the issue. During the year no Preference Share Capital has been issued by the Company, however Preference Share Capital amounting to Rs 723.13 Lacs are pending for allotment as on 31.03.2012.

1.2 In terms of Scheme of Arrangement approved by the Hon'ble High Court of Allahabad, the Authorised Share Capital has been increased by 400000 Preference Shares of Rs. 100 each. Further as per the Scheme of Arrangement, duly approved, 723125 Preference Shares of Rs 100 each was to be issued to the Shareholders of Amalgamating Company. To facilitate the issue of Preference Shares the Authorised Share Capital of the Company has further been divided into 2750000 equity shares of Rs 10 each and 725000 Preference shares of Rs 100 each. The said modification has been approved by the members at the Annual General Meeting held on 30th September 2011.

2. Contingent Liability

(a) Claims against the company not acknowledge as debt

1. Excise (including Service Tax)* 19,06,19,663 2,28,311

2. Sales Tax & VAT 9,58,140 —

3. State Levies** 14,03,603 14,03,603

4. Income Tax 52,73,101 59,591

(b) Guarantees

1. FDR held as security in Sales Tax 25,178 25,178

2. NSC Held as Security in Sales Tax 1,000 —

3. Related Party Disclosure:

Details of disclosure as required by "Accounting Standard (AS) -18 on Related Party Disclosures" are as under:-

1. Entities over which Key Managerial Personnel or their relatives exercises significant influence

M/S Pee Cee Reality Builders Private Limited

M/S Suraj Bhan Agencies Private Limited |

M/S Ram Shyam Investment & Trading Co Private limited

M/S Pee Cee Soap & Chemicals Private Limited*

'(merged with the Company from 01.04.2011 in pursuance of Scheme of Amalgamation as approved by Hon'ble Allahabad High Court on 05.07.2011

4. ACCOUNTING FOR AMALGAMATION

tn terms of Scheme of Arrangement (the Scheme), the Real Estate Business of Pee Cee Soap and Chemicals Pvt. Ltd. have been demerged in to resultant companies no. 1 to 4 namely Shree Riddhi Siddhi Realtech Private Limited, Maya Infracon Private Limited, M2 Reality Private Limited, Pee Cee Reality Builders Private Limited, and Amalgamation of Pee Cee Soap & Chemicals Private Limited (with "Doctor" Brand, Soap Business and other Residual Business) with Pee Cee Cosma Sope Limited

- The Scheme of Arrangement filed by the Company has been approved by the Hon'ble High Court of Allahabad in terms of its order passed on 5,h July 2011,and has sanctioned Scheme of Amalgamation u/s 391 to394ofthe Companies Act, 1956 between the Company "Pee Cee Cosma Sope Ltd" ('the Amalgamated Company') and "Pee Cee Soap & Chemicals Private Limited", ('the Amalgamating Company') and their respective shareholders and creditors with effect from 01 -04-2011 (Appointed date).

Consequent to the above order, the results of the merged undertaking have been accounted for under "Pooling of Interest method" (as detailed in the Accounting Standard 14 -Accounting for Amalgamations) in the financial statements of the Company, accordingly, all assets and liabilities of Amalgamating Company have been recorded in the books of accounts and transferred to and vested in Amalgamated Company at the values appearing in the books of accounts of Amalgamating Company on appointed date.

In terms of Scheme of Arrangement 1446250 no. of equity shares of Rs. 10/- each and 723125 no. of 12% Non Cumulative Compulsorily Redeemable Preference Shares of Rs. 100/- each shall be allotted to the shareholders of Pee Cee soap & Chemicals Pvt. Ltd. The said Equity shares were allotted on 04/08/2012 and pending allotment of 12% Non Cumulative Compulsorily Redeemable Preference Shares as on 31.03,2012. have been shown in "Share Application Money Pending Allotment" in the financial statements (Refer Note 4).

In pursuant to Scheme of Arrangement as approved by the Hon'ble High Court, the shares of Amalgamated Company held as investment in Amalgamating Company, has been transferred to Demerged Company namely Shree Riddhi Siddhi Realtech Private Limited, Maya Infracon Private Limited, M2 Reality Private Limited.

5. SEGMENT REPORTING

The Company has only one business segment of Manufacturing and accordingly the disclosure requirements as prescribed in the "Accounting Standard-17" on segment reporting are not applicable.

6. Inventories, loans & advances, trade receivables and other current/non current assets are in the opinion of the management do not have a value on realization in the ordinary course of the business, less than the amount at which they are stated in the Balance Sheet. The classification of assets and liabilities between current and non current have been made based on management perception as to its recoverability/ settlement and other criteria as set out in the revised schedule VI to the Companies Act 1956.

7. Balance in trade receivables, trade payables, current / non current advances given / received are subject to reconciliation and confirmation from respective Parties. The balance of said trade receivables, trade payables, current / non current advances given / received are taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation can not presently be determined, therefore no provision for any liability that may result of such reconciliation and confirmation has been made in the financial statement.

8. Previous year figures comprises figures of the company only, whereas current year figures comprises figures of amalgamating company also, hence current year figures are not comparable with those of previous year. Previous yearfigures have been re-grouped and re-arranged wherever so required.

9. All notes number 1-37 forms an integral part of the financial statements.


Mar 31, 2010

1.01. Contingent Liabilities Not Provided For:

Current Year Previous Year

(i) Bank Guarantees 20,000 50,20,000

(ii) Service Tax 3,27,631 6,16,645

(Hi) Excise Duty claims for Cenvat 1,95,119 1,95,119 Credit, differential duty etc., (Rs. 1,95,119 deposited under protest)

(iv) Capital Contract Outstanding to be 6,35,658 NIL Executed on capital account and not Provided for

(v) The SDO Gohad has raised a demand of Rs.14,03,603.00 on the Company as charges for change of land use from agriculture to industrial in respect of its factory land measuring 7.25 acres in Malanpur Industrial Area, Malanpur District Bhind which is disputed by the Company and is still pending at the Court of Collector Bhind(M.R).

1.02. In the opinion of the management the current assets, loans and advance" are approximately of the value stated, if realised in the ordinary course of business. Provisions for all known liabilities are adequate and are neither in excess nor in short of the amount reasonably necessary.

1.03. Segment Reporting:

The Company has only one segment of Soaps and Detergents and accordingly the disclosure requirements as prescribed in the "Accounting Standard (AS) -17 on segment reporting" is not applicable.

1.04. A. Related Party Disclosure:

Details of disclosure as required by "Accounting Standard (AS) -18 on Related Party Disclosures" are as under.

Party Relationship

1. Pee Cee Soap and Chemicals Pvt. Ltd. A Company underthe same Management

2. Key Management Personnel

Name of Key Management Personnel Designation

Mr. A.K.Jain Executive Chairman

Mr. P.K.Jain Managing Director

Mr. M.K.Jain Non Executive Director

Mr. Mayank Jain Non Executive Director

1.05 Balance in various accounts included in Sundry Debtors, Creditors and Loan & Advances are subject to confirmation from respective Parties.

1.06 Disclosure pertaining to Micro, Small and medium enterprises (as per information available with the Company)

1.07 Employee Benefit

The details of the Companys post-retirement benefit plans for gratuity for its employees are given below which is certified by the actuary and relied upon by auditors:

The fair value of plan assets as at 31.03.2010 is more than the present value of obligation as at 31.03.2010, therefore no adjustment have been made in the Balance Sheet. Further the amount of premium of Rs. 68387.00 paid to LIC is debited to Profit and Loss Account.

B. Leave Encashment

Provision for leave encashment in respect of unavailed leaves standing to the credit of employees is made on actuarial basis. The Company does not maintain any fund to pay for leave encashment.

Provision of ieave encashment as per actuarial is less than the liability provided in books of accounts, hence the management is of the opinion that provision for leave encashment is to be made on accrual basis.

C. Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This is post employment benefit and is in the nature of defined contribution plan.

1.08. Previous years figures have been re-grouped or re-arranged wherever necessary to make them comparable.

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