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Notes to Accounts of Reliance Defence and Engineering Ltd.

Mar 31, 2016

1 The Company has issued a Bond cum legal undertaking for Rs.64,400 lacs (Previous Year: Rs.44,400 lacs) in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for setting up a SEZ unit for availing exemption from payment of duties, taxes or cess or drawback and concession etc, a General Bond in favour of the President of India for a sum of Rs.1 5,300 lacs (Previous year : Rs.15,300 lacs) as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit, a bond cum legal undertaking for Rs.1350.00 lacs (Previous Year: Rs.1,350.00 lacs) in favour of President of India acting through D.R.I. Ahmedabad, Zonal Unit as security of compliance under Central Excise Act, 1944.

2. The Company has received twenty one show cause notices in its 100% EOU unit from the Office of the Commissioner of Central Excise, Bhavnagar and Directorate of Revenue Intelligence which mainly relates to alleged wrong availment of Cenvat/Customs Duty/Service Tax Credit on inputs/services used for Construction of Dry Dock and Goliath Cranes and non-submission of original evidences/documents and some procedural non-compliances. The Company does not forsee any losses on this account.

3. In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

4 Related Party Disclosures:

a) List of Related parties

1 Subsidiary Companies

E Complex Private Limited

Reliance Marine and Offshore Limited (formerly Pipavav Marine and Offshore Limited)

Reliance Lighter Than Air Systems Private Limited (formerly Pipavav Lighter Than Air Systems Private Limited)

Reliance Technologies and Systems Private Limited (formerly Pipavav Technologies and Systems Private Limited)

Reliance Engineering and Defence Services Limited (formerly Pipavav Engineering and Defence Services Limited) PDOC Pte. Ltd.

2 Associates

Reliance Defence Systems Private Limited (w.e.f. 18.01.2016)

Reliance Infrastructure Limited (w.e.f. 18.01.2016)

SKIL Infrastructure Limited

Conceptia Software Technologies Private Limited

3 Person having control over investing party Mr. Anil D. Ambani (w.e.f. 18.01.2016)

4 Key Managerial Personnel

Mr. Harisimran Singh Malhi (w.e.f. 18.01.2016)

Mr. Sridhar Krishnamurthy (w.e.f. 18.01.2016)

Mr. Ajit Dabholkar

Mr. Nikhil P. Gandhi (up to 18.01.2016)

Mr. Bhavesh P. Gandhi (up to 18.01.2016)

5 Enterprises in which persons mentioned in point 3 and 4 above or their relatives are able to exercise significant influence (Other Related Parties)

Reliance General Insurance Company Limited (w.e.f 18.01.2016)

Reliance Communication Infra Limited (w.e.f 18.01.2016)

Sasan Power Limited (w.e.f 18.01.2016)

SKIL Shipyard Holdings Private Limited

Awaita Properties Private Limited (up to 18.01.2016)

b) Terms and Conditions of transactions with related parties

The transactions with related parties are at arm''s length price and in the ordinary course of business. Outstanding balances at the year end are unsecured and interest have been accounted on market rate except the advances, which is merely reimbursement of expenses. This assessment is undertaken at each financial year through examining the financial position of the related party and the market in which the related party operates.

5. Operating Lease:

The Company has entered in to a non cancellable leasing agreements for Land and Infrastructure Facilities for a period of 30 years which are renewable by mutual consent on mutually agreeable terms. There is an escalation clause in the lease agreement during the lease period in line with expected general inflation. There are no restrictions imposed by lease arrangements and there are no sub leases. There are no contingent rents. Disclosures as required under Ind-AS 17 on "Lease" are given below:

6 Financial Risk Management Objective and Policies: The

Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables and advances from Customers. The main purpose of these financial liabilities is to finance the Company''s operations, projects under implementation and to provide guarantees to support its operations. The Company''s principal financial assets include Investment, loans and advances, trade and other receivables and cash and bank balances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Company''s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial assets 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 Assets affected by market risk include loans and borrowings, deposits and derivative financial instruments.

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 relates primarily to the Company''s long-term debt obligations with floating interest rates.

Foreign 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. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency).

The Company manages its foreign currency risk by hedging transactions that are expected to realise in future.

Commodity Price Risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the on-going purchase or continuous supply of steel plates. Therefore the Company monitors its purchases closely to optimise the price.

Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and advances to suppliers) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade Receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date on an individual basis for major clients.

Financial Instruments and Cash Deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved authorities. Credit limits of all authorities are reviewed by the Management on regular basis.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, Letter of Credit and working capital limits.

7 Capital Management:

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

8 Post Reporting Events:

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation

9 Authorisation of Financial Statements:

The financial statements for the year ended March 31, 2016 were approved by the Board of Directors on May 14, 2016

10 The management and authorities have the power to amend the Financial Statements in accordance with Section 130 and 131 of The Companies Act, 2013.

11 First Time Adoption of Ind-AS:

Pursuant to the Companies (Indian Accounting Standard) Rules, 2015, the Company has voluntarily adopted March 31, 2016 as reporting date for first time adoption of Indian Accounting Standard (Ind-AS) and consequently April 1, 2014 as the transition date for preparation of financial statements. The financial statements for the year ended March 31, 2016, are the first financials, prepared in accordance with Ind-AS. Upto the Financial year ended March 31, 2015, the Company prepared its financial statements in accordance with previous GAAP, including accounting standards notified under the Companies (Accounting Standard) Rule, 2006. For preparing these financial statements, opening balance sheet was prepared as at April 1, 2014 i.e. the date of transition to Ind-AS. The figures for the previous periods and for the year ended March 31, 2015 have been restated, regrouped and reclassified, wherever required to comply with Ind-AS and Schedule III to the Companies Act, 2013 and to make them comparable.

III Notes to the reconciliation

i. Property, Plant and Equipment

The Company has as at the date of transition elected to measure Plant and Equipments under property, plant and equipment at fair value as deemed cost. Consequently, depreciation for the financial year 2014 - 15 has been recomputed on the deemed cost as at transition date.

ii Consequent to the early adoption of Ind-AS, the Company undertook a detailed evaluation of its Non-current assets, trade receivables, other current assets and current liabilities and provisions under Indian GAAP as at the date of transition being April 1, 2014. These assets and liabilities were assessed for future economic benefits expected to flow to the Company or collection or payment expected over the period of time in accordance with Ind-AS principals. Ind- AS requires measurement of provision for bad and doubtful debts to be determined with reference to the expected credit loss model. Such assets and liabilities, based on evaluation, have been measured at the present value discounted at effective interest rate and adjusted to other reserve as at transition date. Accordingly, the Company has made appropriate adjustment on the transition date.

iii Under previous GAAP, the Company has not presented Other Comprehensive Income (OCI) separately. Hence, the Statement of Profit and Loss under previous GAAP has been reconciled with profit and loss statement and total other comprehensive income as per Ind - AS.

iv Previous GAAP required recognition of deferred tax using the income statement approach; however, Ind-AS requires the Company to recognise deferred tax using the balance sheet approach. The effect on account of application of Ind-AS has been duly accounted.

v In the preparation of these Ind-AS Financial Statements, the Company has made several presentation differences between previous GAAP and Ind-AS. These differences have no impact on reported profit or total equity. Accordingly, some assets and liabilities have been reclassified into another line item under Ind-AS at the date of transition. Further, in these Financial Statements, some line items are described differently under Ind-AS compared to previous GAAP, although the assets and liabilities included in these line items are unaffected.


Mar 31, 2015

1.Terms and Rights attached to Equity Shares

The Company has only one class of Equity Share having par value of ' 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the company, the equity share holders will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.

2. Rs. The Company had availed various secured financial facilities from the banks and financial institutions ("the Lenders").

3. The lenders led by IDBI Bank had through Joint Lenders' Forum (JLF) referred the Debt Restructuring Scheme ('Restructuring Scheme') of the Company to Corporate Debt Restructuring Cell ("CDR Cell"). The Restructuring Scheme was subsequently approved by CDR Cell on 18th March 2015 and communicated vide Letter of Approval (LOA) dated 27th March 2015. The Cut Off Date as per Restructuring Scheme is 1st July 2014 ('COD'). The Company and the Lenders who are members of the CDR forum ('CDR Lenders') have executed Master Restructuring Agreement ('MRA') dated March 30, 2015, by virtue of which the credit facilities extended by the CDR Lenders stand restructured and these restructured facilities are gov- erned by the provisions stipulated in the MRA. For all the loans restructured under the terms of MRA, creation/extension of security is under process. The Restructuring scheme has been implemented as at 31st March 2015 with effect from the COD.

4. The key features of the Restructuring Scheme are as follows:

i) Restructuring of Working Capital facilities:

* Overdue portion of the working capital facilities converted into working capital term loan (WCTL).

* Interest moratorium ofi yearfrom the COD on the fund based working capital facilities. During the interest moratorium period, the interest will accrue and will be converted into funded interest term loan (FITL).

* Reduced margin requirements for non-fund based working capital facilities as well as reduction of commission applicable on the same.

* Fresh working capital facilities sanctioned as per projected requirement for 1 year, to be renewed/reassessed on a yearly basis thereafter. The terms for these fresh working capital facilities shall be in line with the other restructured working capital facilities.

ii) Restructuring of Rupee Term Loans (RTL) and Short Term Loans (STL):

* Principal repayment moratorium for 3 years from the COD and thereafter repayment to be made in 28 structured quarterly installments.

* For term loans and short term loans relating to ongoing capex program, interest during construction period to be fi- nanced by the respective lenders up to July, 2016 and 5 months of interest moratorium thereafter, which will also be converted into FITL.

* Forothertermloans,interestmoratoriumfor2yearsfrom theCOD.

* Fresh term loans sanctioned as required for completion of the ongoing capex program. The terms for these fresh term loans shall be in line with the terms applicable for existing term loans for the ongoing capex program.

iii) Working Capital Term Loans (WCTL) - created out of irregular/overdue portion of working capital facilities

* Principal repayment moratorium for 3 years from the COD and thereafter repayment to be made in 28 structured quarterly installments.

* Interest moratorium up to 31st March, 2017.

iv) Funded Interest Term Loan (FITL) - accrued interest during interest moratorium period on the above facilities

* Principal repayment to be made in 28 structured quarterly installments commencing from quarter ending on 30th September, 2017.

* Out of Total FITL facility amounting to an estimated amount of ' 86,212 lacs, an amount aggregating to Rs. 25,000 lacs is proposed to be converted into equity shares before 30th June 2017. The pricing shall be calculated as per SEBI formula and issue will be subject to approval of members of the Company.

v) Interest Rate:

For fund based working capital facilities, RTL, FITL and WCTL: Floating interest rate of IDBI base rate plus 75 bps i.e. currently 11.00% shall be applicable for the initial period of 3 years from the COD and thereafter the interest rate shall be revised to IDBI base rate plus 325 bps i.e. currently 13.50%.

vi) Promoter's contribution of Rs. 16,600 lacs to be infused in the Company as per the CDR norms for restructuring of the credit facilities as stipulated in the MRA and further Rs. 17,648.47 lacs to be brought by promoters towards equity margin towards financing of the ongoing Capex program to maintain stipulated debt-equity ratio for the project.

5. In terms of the Master Restructuring Agreement entered with certain lenders of the Company for Debt Restructuring, each of those Lenders has a right of recompense as per extant guidelines of CDR for the reliefs and sacrifices extended by them. The amount of recompense being depending on various matters cannot be ascertained as on March 31, 2015.

6. Secured Term loans as referred to above and Rs. 7,956.95 lacs included in current maturities of long term debt in note no. 10 are secured/to be secured as under:

i) Rs. 457,004.42 lacs havingfirst pari passu charge by way of mortgage over leasehold rights on 124.1199 hectares of land belong- ing to E-Complex Private Limited and on sub-leasehold rights on 10.5 hectares of land belonging to Gujarat Maritime Board.

ii) Rs. 487,956.61 lacs having first pari passu charge and mortgage on all the immovable properties; hypothecation of all movable properties of the Company and on all the intangible assets of the Company; both present and future.

iii) Rs. 457,004.42 lacs having second pari passu charge by way of hypothecation of all the current assets (including all receivables and inventories); both present and future.

7. Secured Term loans as referred to above and Rs. 7,956.95 lacs included in current maturities of long term debt in note no. 10 are further secured/to be secured as:

i) Corporate Guarantee of SKIL Infrastructure Limited and personal guarantee of some ofthe Directors ofthe Company.

ii) Pledge of 12,27,55,500 equity shares of the Company held by SKIL Infrastructure Limited (SKIL); 2,23,49,494 equity shares of the Company held by Grevek Investments and Finance Pvt Ltd (Grevek) and 1 equity share of the Company held by SKIL Shipyard Holdings Private Limited (SSHPL). Further, SKIL, Grevek and SSHPL are required to pledge their remaining shareholdings in the Company, which are currently pledged in favour of lenders of promoters group, to the CDR Lenders upon release of such charge.

iii) Rs. 457,004.42 lacs by way of Pledge of entire shareholding i.e. 2,17,09,327 equity shares of E-Complex Private Limited held by the Company.

8. Lenders in respect of secured loans aggregating to Rs. 457,004.42 lacs have right to convert entire part of defaulted principal and interest into Equity shares upon occurrence of events of default in the manner provided in the MRA.

9. Secured Rupee Term Loan of Rs. 30,000.00 lacs are repayable in 24 quarterly structured installment starting from June 30, 2019 to March 31, 2025, Rs. 12,500.00 lacs in 28 quarterly structured installment starting from September 30, 2017 to June 30, 2024, Rs. 9,271.32 lacs in 40 quarterly structured installments starting from August 31, 2005 to February 28, 2017 and Rs. 400.00 lacs in 40 quarterly structured installments starting from September 30, 2005 to March 30, 2015.

10. All the Secured Rupee Term Loan carry an interest rate of 11% except loan of Rs. 9,271.32 lacs which carry an interest rate of 13.50%.

11. Secured Foreign Currency Term Loan a referred above including Rs. 425.62 lacs included in Current Maturities of Long Term Debts in note 10 carry an interest rate of 2.57% and repayble in 11 yearly structured installment starting from February 01, 2016 to February 01, 2026.

12. Unsecured Foreign Currency Term Loan :

i) Unsecured Foreign Currency Term Loan as referred above including Rs. 2,098.33 lacs included in Current Maturities of Long Term Debts in note no. 10 is secured by way of Mortgage of Property at Mahal Mira, Pen Taluka, Raigad admeasuring 10,89,3000 sq.feet owned by other Corporates. The above loan is further secured by Corporate Guarantee of SKIL Infrastructure Limited and some of the directors of the Company.

ii) The above unsecured loan cary an interest rate of 6.57% and repayable in 30 monthly structured installments starting from May 31, 2015 to October 31, 2017

13. The maturity profile, period and amount of installments of Term Loans as referred above including current maturities of long term debt of Rs. 10,055.28 Lacs referred to in note no. 10 are as under:

Rs.in Lacs

14. Vehicle Loans referred to above including Rs. 24.56 lacs included in current maturities of long term debts in note no. 10 are secured by the Hypothecation of the specific vehicles financed. The loans are repayable in monthly equated installments (including interest) as per repayment schedule starting from July 01, 2012 to March 15, 2021.

15. Terms and Conditions for Loans from Related Parties:

The above unsecured loans from related parties carry an interest rate of 12.00% and include Rs. 15,750 lacs & Rs. 292.17 lacs repayable after 15 months by way of bullet payments from the date of first disbursement i.e. March 23, 2015 and March 24, 2015 respectively.

16. AS at March 31st, 2015, the Company has overdue of Rs. 5,531-33 lacs (Previous Year: Rs. 4,873.28 lacs) and Rs. 1,982.49 lacs (Previous Year: Rs. 5,679.44 lacs) towards the principal and interest respectively, out of which Rs. 1,097.07 lacs has since been paid.

17. The above working capital loans from banks are secured / to be secured by way of:

i) First pari passu charge by way of hypothecation of all the current assets (including all receivables and inventories); both present and future.

ii) Second pari passu charge by way of mortgage over leasehold rights on 124.1199 hectares of land belonging to E-complex

Private Limited and on sub-leasehold rights on 10.5 hectares of land belonging to Gujarat Maritime Board.

iii) Second pari passu charge and mortgage on all the immovable properties and hypothecation of all movable properties of the Company; both present and future.

18. The above working capital loans from banks are further secured / to be secured by :

i) Corporate Guarantee of SKIL Infrastructure Limited and personal guarantee of some of the Directors of the Company.

ii) Pledge of 12,27,55,500 equity shares of the Company held by SKIL Infrastructure Limited (SKIL); 2,23,49,494 equity shares of the Company held by Grevek Investments and Finance Pvt Ltd (Grevek) and 1 equity share of the Company held by SKIL Shipyard Holdings Private Limited (SSHPL). Further, SKIL, Grevek and SSHPL are required to pledge their remaining share- holdings in the Company, which are currently pledged in favour of lenders of promoters group, to the CDR Lenders upon release of such charge.

iii) Pledge of entire shareholding i.e. 2,17,09,327 equity shares of E-Complex Private Limited held by the Company.

19. As on March 31st, 2015, the Company has overdue of Rs. NIL (Previous Year: Rs. 26,618.91 lacs) and Rs. NIL (Previous Year: Rs. 879.12 lacs) towards the principal and interest respectively

20. The Leasehold Land and Development represents the lease premium and the cost incurred for reclaiming, development and strengthening of the Land.

21. Buildings and Plant & equipments are constructed / installed on leasehold land.

22. In accordance with the Accounting Standard (AS - 28) on "Impairment of Assets", the Management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carried out by the Management, there was no impairment loss on Fixed Assets during the year.

23. Additions in the Plant and Equipments include interest and financial charges of Rs. 5,274.70 lacs (Previous Year Rs. NIL).

24. The amount paid as MAT is allowed to be carried forward for being set off against the future tax liabilities computed in accordance with the provisions of the Act, other than section 115JB, in next ten years. Based on the future projection of the performances, the Company is expected to pay the Income Tax as per provisions, other than under section 115JB, of the Act. Accordingly, as advised in Guidance Note on "Accounting for credit available in respect of Minimum Alternate Tax under the Income Tax Act, 1961" issued by The Institute of Chartered Accountants of India, Rs. Nil (Previous Year: Rs. 587.31 lacs) being the excess of tax payable under section 115JB of the Act over tax payable as per the provisions other than section 115JB of the Act has been considered as MAT credit entitlement and credited to statement of Profit and Loss. The aggregate MAT credit entitlement available to the Company as on March 31st, 2015 is Rs. 3,338.18 lacs (Previous Year:Rs. 3,343.69 lacs) net of reversal of excess provision of Rs. 5.51 lacs (Previous Year: Rs. 0.79 lacs) made in previous years.

25. In accordance with Clause 32 of the Listing Agreement the details of loans and advances in the nature of loan are as under:

i) To E Complex Private Limited, Subsidiary Company, maximum balance during the year was Rs. 6,906.02 lacs (PreviousYear: 6,887.24 lacs)

ii) E Complex Private Limited has not invested in shares of the company.

iii) Loans to employee and reimbursement of expenses are not considered for this clause.

26. As per the communication letter no. SY-12018/1/2007-SBR (VOL-VI) dt.18.11.2013 of Ministry of Shipping relating to the shipbuilding subsidy, the subsidy would be available in respect of Ships that are technically certified as built (as per the contract specifications) and other requisite documents are submitted before 31st January,2014,. The technical survey for this certification is undertaken on or around delivery of the ship.The Shipyard Association of lndia('SAI')hasalreadyrepresentedtothe Ministry of Shipping, Govt, of India ('MoS') for extension of the said date. The Company is of the view that the MoS may extend the said date consideringSAI's representation. The Company believes that the subsidy would befully receivable on ships for which orders were received prior to expiry of the shipbuilding subsidy scheme. As such the Company has not reversed the subsidy receivable aggregating to ' 7,830.04 lacs recognised on the ships which are delivered post March 2014 or yet to be delivered but for which orders were received prior to expiry of the shipbuilding subsidy scheme.

27. Salary, wages and allowances includes remuneration to Executive Vice Chairman of Rs. 385.92 lacs (Previous Year: Rs. 257.28 lacs) which is subject to requisite approvals and procedure.

28. Defined Benefit Plan

The Employees Gratuity Fund Scheme, which is a defined benefit plan, is managed by a trust maintained with Life Insurance Corporation of India (LIC). The Company has made contribution to the above mentioned trust upto the financial year ended 31st March, 2009 and thereafter no contributions have been made. The Employees Leave Encashment Scheme which is a defined benefit plan is unfunded.

The present value of the obligation is determined based on actuarial valuation using Projected Units Credit Method, which recognizes each period of service as giving rise to additional units of employees benefit entitlement and measures each unit separately to buildup the final obligation.

29.

CONTINGENT LIABILITIES AND COMMITMENTS

CONTINGENT LIABILITIES

(No Cash Outflow is expected except as stated otherwise)

Rs.in Lacs

Sr. Particulars 2014-2015 2013-2014 No

a) Guarantees given by Company's Bankers

i) RefundBankGuaranteesgiventocustomers (Netofliabilities 118,058.60 98,396.32 accounted for)

ii) Other Bank Guarantees 42,026.74 27,358.84

(Bank Guarantees are provided under Contractual/ Legal obligations.)

b) Corporate Guarantee 52,885.20 52,677.69

(Given to Banks, Financial Institutions and Body Corporates for credit facilities taken by subsidiary companies)

c) Demands not acknowledged as Debts

i) IncomeTax 187.71 4,190.54

(The Company has Advance Tax/TDS Credit of Rs. 58.81 Lacs (P.Y.

1,557-10 lacs) against the total demand)

ii) ServiceTax,ExciseDutyandSalesTax 5,871.19 2,438.36

(Relates to disallowance of CENVAT Credit and Vat Credit taken by the Company)

iii) Third Party Claims 10,680.66 4,883.98

(Relates to demands raised by vendors, refund receivable from banks and penalties to customers)

d) Letters of Credit opened infavour of suppliers 5,019.79 4,272.03

(Cash Flow is expected on receipt of materials from suppliers)

30. COMMITMENTS

a) Estimated amount of contracts remaining to be executed on Capital 68,342.68 116,062.80 Accounts and not provided for (Net ofAdvances).

(Cash flow is expected on execution of such Capital Contracts on progressive basis)

b) Other Commitments 2,463.74 802.24

(for investment in the Associates and Joint Venture)

31. The Company has issued a Bond cum legal undertaking for Rs. 44,400 lacs (Previous Year: Rs. 44,400 lacs) in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for setting up an SEZ unitfor availing exemption from payment of duties, taxes or cess or drawback and concession etc, a General Bond in favour of the President of India for a sum of Rs.15,300 lacs (Previous Year: Rs. 15,300 lacs) as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit, a bond cum legal undertaking for Rs. 1350.00 lacs (Previous Year: 1,350.00 lacs) in favour of President of India acting through D.R.I. Ahmedabad, Zonal Unit as security of compliance under Central Excise Act 1944.

32. The Company has received Sixteen show cause notices in its 100% EOU unit from the Office of the Commissioner of Central Excise, Bhavnagar and Directorate of Revenue Intelligence which mainly relates to wrong availment of Cenvat/Customs Duty/Service Tax Credit on inputs/services used for Construction of Dry Dock and Goliath Cranes and non-submission of original evidences/documents and some procedural non-compliances. The Company does not forsee any losses on this account.

33. In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

34 Cenvat/Vat recoverable represents the Cenvat/Vat/Central Sales Tax paid on the purchase of goods and services for the project and operations. Management is of the opinion that such amounts are recoverable. Any unrealised amounts will be added back to the cost of the project or charged off to the statement of profit and loss, as the case may be in the year of settlement.

B Segment Identification, Reportable Segments and definition of each segment:

35. Primary / Secondary Segment Reporting Format:

The risk - return profile of the Company's business is determined predominantly by the nature of its products. Accordingly, the business segment constitute the Primary Segments for disclosure of segment information.

36. Reportable Segments:

Segments have been identified based on the organisational structure, internal management reporting system, nature of production process and infrastructure facilities used.

37. Segment Composition:

Ship building and Fabrication includes shipbuilding, block manufacturing, ship and rig repairs, fabrication etc. at its SEZ and EOU units situated at Pipavav, Gujarat.

Trading includes steel trading activities.

38 RELATED PARTY DISCLOSURES

a) List of Related parties

1 Subsidiary Companies

PDOC Pte. Ltd.

E Complex Private Limited Pipavav Marine and Offshore Limited Pipavav LighterThanAirSystems Private Limited PipavavTechnologies and Systems Private Limited (w.e.f. Februaryio, 2015)

Pipavav Engineering and Defence Services Limited (w.e.f. October 01, 2014)

2 Associates

SKIL Infrastructure Limited

Conceptia Software Technologies Private Limited

3 Key Managerial Personnel

Mr. Nikhil P. Gandhi

Mr. Bhavesh P. Gandhi

4 Enterprises in which key managerial personnel or their relatives are able to exercise significant influence (Other Related Party)

SKILShipyard Holdings Private Limited

Awaita Properties Private Limited

Grevek investments and Finance private Limited

39. Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to make them comparable with those of the current year.


Mar 31, 2014

1 CONTINGENT LIABILITIES

(No Cash Outflow is expected except as stated otherwise)

Rs. in Lacs

Sr. Particulars 2013 - 2014 2012 - 2013 No.

(a) Guarantees given by Company''s Bankers

(i) Refund Bank Guarantees given to customers (Net of liabilities accounted for) 98,396.32 114,943.76

(ii) Other Bank Guarantees 27,358.84 28,917.31 (Bank Guarantees are provided under Contractual/Legal obligations.)

(b) Corporate Guarantee 52,677.69 —

(Given to Banks, Financial Institutions and Body Corporates for credit facilities taken by subsidiary companies)

(c) Demands not acknowledged as Debts

(i) Income Tax 4,190.54 1,165.21 (The Company has Advance Tax/TDS Credit of Rs. 1,557.10 Lacs (P.Y. Rs. 321.51 Lacs) against the total demand)

(ii) Service Tax, Excise Duty and Vat 2,438.36 2,327.88 (Relates to disallowance of CENVAT Credit and Vat Credit taken by the Company)

(iii) Third Party Claims 4,883.98 5,148.62 (Relates to demands raised by vendors)

(d) Letters of Credit opened in favour of suppliers 4,272.03 7,189.04 (Cash Flow is expected on receipt of materials from suppliers)

2 COMMITMENTS

(a) Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for (Net of Advances). 116,062.80 27,548.11

(Cash flow is expected on execution of such Capital Contracts on progressive basis)

(b) Other Commitments 802.24 802.24 (for investment in an Associate and Joint Venture)

Note - 3

The Company has issued a Bond cum legal undertaking for Rs. 44,400 Lacs (Previous Year: Rs. 44,400 Lacs) in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for setting up an SEZ unit for availing exemption from payment of duties, taxes or cess or drawback and concession etc, a General Bond in favour of the President of India for a sum of Rs. 15,300 Lacs (Previous Year : Rs. 15,300 Lacs) as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit.

Note - 4

The Company has received Twenty-two show cause notices in its 100% EOU unit from the Office of the Commissioner of Central Excise, Bhavnagar and Directorate of Revenue Intelligence which mainly relates to wrong availment of Cenvat/Customs Duty/Service Tax Credit availed on inputs/services used for Construction of Dry Dock and Goliath Cranes and non-submission of original evidences/documents and some procedural non-compliances. The Company does not forsee any losses on this account.

Note - 5

Cenvat/Vat recoverable represents the Cenvat/Vat/Central Sales Tax paid on the purchase of goods and services for the project and operations. The Company has been legally advised that such amounts are recoverable. Any unrealised amounts will be added back to the cost of the project or charged off to the statement of profit and loss, as the case may be in the year of settlement. The Company has been further advised that the construction of dry dock and revenue from fabrication at its sites are exempted from Service Tax and Excise Duty.

Note - 6

In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

Note - 7

Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to make them comparable with those of the current year.


Mar 31, 2013

1.1 As per the Guidelines for the Shipbuilding Subsidy issued by the Government of India on March 25, 2009, the Company is eligible for subsidy at the rate of 30% of the contract price, in respect of the export order received for vessels for which the contracts with the customers were signed on or before August 14, 2007. Accordingly Government Subsidy ofRs. 5,360.02 Lacs for the year ended March 31, 2013 (Previous YearRs. 12,753.54 Lacs) has been recognised as revenue including in respect of Ships under construction on proportionate completion basis.

1.2 The Company has order for building several panamax sister vessels. The Company has initiated arbitration proceedings as per terms of contract for four panamax vessels & subsequently, the Company has received alleged cancellation notices for these vessels. The Company is of the view that it has a strong case. However, since most of the panamax vessels are sister vessels, the Company can deliver these vessels against orders for balance panamax vessels. Therefore the Company continues to recognise the revenue on these vessels and during the year the Company has recognised revenue ofRs. 17,761.95 Lacs (Previous Year: Rs. 29,047.63 Lacs) on these vessels and subsidy of Rs. 5,328.58 Lacs (Previous Year: Rs. 8,714.29 Lacs).

1.3 In pursuance of the re-negotiation of certain contracts the customer agreed to forgo advances given by them and, accordingly the company has accounted Rs. 6,336.59 Lacs (Previous Year: NIL) as other operating revenue.

Note - 2

CONTINGENT LIABILITIES AND COMMITMENTS

2.1 CONTINGENT LIABILITIES

(No Cash Outflow is expected except stated otherwise)

in lacs

a) Guarantees given by Company''s Bankers

i) Refund Bank Guarantees given to customers 114,943.76 106,819.04 (Net of liabilities accounted for)

ii) Other Bank Guarantees 28,917.31 22,842.57 Bank Guarantees are provided under Contractual/ Legal obligations.)

b) Demands not acknowledged as Debts

i) Income Tax 1,165.21 1,116.81

(The Company has deposited under protest Rs. 321.51 Lacs (Previous YearRs. 321.51 Lacs) out of total demand)

ii) Service Tax, Excise Duty and VAT 2,327.88 71.83

(Relates to disallowance of CENVAT Credit and VAT Credit taken by the Company)

iii) Third Party Claims 5,148.62 220.35

(Relates to demands raised by endors

c) Letters of Credit opened in favour of suppliers 7,189.04 1,308.97

(Cash Flow is expected on receipt of materials from suppliers)

2.2 COMMITMENTS

a) Estimated amount of contracts remaining to be executed on Capital 27,548.11 91,862.47 Accounts and not provided for (Net of Advances).

(Cash flow is expected on execution of such Capital Contracts on progressive basis)

b) Other Commitments (for investment in an Associate and Joint Venture) 802.24 159.24

Note - 3

The Company has issued, a Bond cum legal undertaking for Rs. 44,400 Lacs (Previous Year: Rs. 44,400 Lacs) in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for setting up a SEZ unit for availing exemption from payment of duties, taxes or cess or drawback and concession etc, a General Bond in favour of the President of India for a sum ofRs. 15,300 Lacs (Previous Year: Rs. 15,300 Lacs) as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit.

Note - 4

The Company has received Nineteen show cause notices in its 100% EOU unit from the Office of the Commissioner of Central Excise, Bhavnagar and Directorate of Revenue Intelligence which mainly relates to wrong availment of Cenvat/ Customs Duty/Service Tax Credit availed on inputs/services used for Construction of Dry Dock and Goliath Cranes and non-submission of original evidences/documents and some procedural non-compliances. The company does not forsee any losses on this account.

Note - 5

In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

Note - 6

SEGMENT REPORTING

A. Segment information as per Accounting Standard - 17 on Segment Reporting :

Information provided in respect of revenue items for the year ended March 31, 2013 and in respect of assets / liabilities as at March 31, 2013.

Note - 7

RELATED PARTY DISCLOSURES

a) List of Related parties

1. Subsidiary Company

PDOC Pte. Ltd. (from September 05, 2012)

E Complex Private Limited

Pipavav Marine & Offshore Limited (from February 18, 2013)

2. Associates

SKIL Infrastructure Limited

Conceptia Software Technologies P. Ltd.

3. Key Managerial Personnel Mr. Nikhil P. Gandhi

Mr. Bhavesh P. Gandhi

Mr. Praveen Mohnot (w.e.f. June 01, 2012)

Mr. Jigar Shah (upto May 30, 2012)

4. Enterprises in which key managerial personnel or their relatives are able to exercise significant influence (Other Related Parties)

Grevek Investments and Finance Private Limited Awaita Properties Private Limited

Note - 8

On October 12, 2011 the Income Tax authorities carried out search and seizure operations at the Company premises. The Company has filed revised return u/s 153A of the Income Tax Act, 1961. Given the information provided so far and the investigation carried out at the time of this operation, the Company believes that there will be no material tax liability. The amount of tax liability, if any shall be determined upon completion of the assessment by the Tax Authorities.

Note - 9

Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to make them comparable with those of the current year


Mar 31, 2012

1.1 Reserved Shares

The Convertible Share Warrant Holders have the option to convert their share warrants into 2,05,00,000 Equity Shares (Previous Year 2,52,21,612) of Rs. 10/- each at the terms and conditions as referred in note no. 4.2

1.2 Terms and Rights attached to Equity Shares

The Company has only one class of Equity Share having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.

Note - 2

MONIES RECEIVED AGAINST CONVERTIBLE SHARE WARRANTS

2.1 2,52,21,612 Convertible Share Warrants were issued by the Company in the Financial Year 2010-11 on preferential basis to one of the promoter Company. Subsequently on the due date warrant holder didn't exercise the option against said warrants, accordingly Rs. 6,254.96 Lacs being the amount received against these Convertible Share Warrants has been forfeited by the Company and credited to the Capital Reserve.

2.2 As approved by the Shareholders in the Annual General Meeting held on October 5, 2011, the Company has alloted 1,05,00,000 Convertible Warrants to individual investors and 1,00,00,000 Convertible Warrants to a promoter Group Company @ Rs. 78 each. Each Warrant is convertible into one fully paid-up equity share of the Company of Rs. 10 each at a premium of Rs. 68 per equity share at any time prior to 18 months from the date of allotment of warrants. Against the above warrants the Company has received Rs. 3,997.50 Lacs being 25% of the total consideration as at March 31, 2012, which has been fully utilised for the purpose for which they have been issued.

3.1 Rupee Term loan from Banks and Financial Institutions referred to above and Rs. 28,479.48 Lacs included in current maturities of long term debt in note no. 10 are secured as under:

i) Rs. 101,456.38 Lacs by way of First charge & mortgage on all the immovable properties, both present & future & hypothecation of all movable properties, both present and future.

ii) Rs. 5,500 Lacs by way of subservient charge on Fixed Assets, both present & future.

iii) Rs. 11,672.00 Lacs by way of subservient charge on Fixed Assets and Current Assets.

iv) Rs. 10,000 Lacs by way of first pari-passu charge on entire moveable and immoveable properties, both present & future, second pari-passu charge on Current Assets of the Company.

3.2 Repayment Terms:

i) The above Rupee Term Loans including Rs. 28,479.48 Lacs included in current maturities of Long Term Debts carry an interest rate ranging from 11.00% to 14.25%. Out of the above Rupee Term Loan Rs. 44,018.63 Lacs are repayable in 40 equal quarterly instalments commencing from 1st April 2010 to 1st January 2020, Rs. 20,535 Lacs in 40 quarterly structured instalments commencing from 31 August 2005 to 28th February 2017, Rs. 4,500 Lacs in 40 equal quarterly instalments commencing from 1st October 2009 to 1st July 2019, Rs. 30,777.75 Lacs in 36 equal quarterly instalments commencing from 1st April 2011 to 1st January 2020, Rs. 1,625 Lacs in 32 quarterly equal instalments commencing from 1st October 2010 to 1st July 2018 , Rs. 5,500 Lacs in 4 quarterly equal instalments commencing from 29th September 2012 to 29th June 2013, Rs. 11,672 Lacs in 6 quarterly equal instalments commencing from 1st July 2012 to 1st December 2013 and Rs. 10,000 Lacs in 20 equal half yearly instalments commencing from 20th February 2015 to 31 August 2024.

3.3 All Rupee Term Loans are guaranteed by a promoter group Company and rupee Term Loan of Rs. 1,11,456.38 Lacs are further secured by pledge of 133,999,994 shares of the Company held by the promoters.

3.4 Rupee Term Loans of Rs. 97,850.63 Lacs (Previous Year: Rs. 79,773.49 Lacs ) are also guaranteed by some of the directors in their personal capacities.

3.5 Lenders in respect of secured loans aggregating to Rs. 1,01,456.38 Lacs (Previous Year: Rs. 1,08,237.83 Lacs) have right to convert the loans at their option into fully paid-up equity shares of the Company if the Company is in default for a period more than what is specified in the respective loan agreements.

3.6 Vehicle Loans referred to above are secured by the hypothecation of the specific vehicles financed. The loans are repayable in monthly equal instalments (including interest) as per repayment schedule starting from 1st May, 2010 to 1st April, 2015.

3.7 As on March 31, 2012, the Company has overdue ofRs. 1,437.59 Lacs and Rs. 948.77 Lacs being the loan amount and interest thereon respectively.

4.1 Secured Loans from Banks referred to above includes:

i) Rs. 5,000 Lacs secured by way of first charge on the current assets of the Company and second charge on Fixed Assets of the Company.

ii) Rs. 20,000 Lacs secured by way of subservient charge on fixed assets and current assets of the Company both present and future.

iii) Rs. 20,000 Lacs secured by way of first pari-passu charge on fixed assets both present and future of the Company with existing lenders.

iv) Rs. 32,355.30 Lacs secured by way of first pari-passu charge on entire current assets of the Company, second pari-passu charge on the entire fixed assets of the Company.

v) Rs. 5,482.76 Lacs secured by way of hypothecation of stock and receivables.

vi) Rs. 2,529.88 Lacs secured by way of hypothecation of entire stock of raw materials, stock in process, finished goods, consumables, stores and spares, inward RR's/GR's receivables and all other current assets of the borrower on pari-passu basis with other consortium banks.

4.2 Secured loans of Rs. 42,500.21 Lacs are further guaranteed by a promoter group Company and some of the directors in their personal capacity.

4.3 As on March 31, 2012, the Company has overdue of Rs. 4,561.05 Lacs and Rs. 417.90 Lacs being the loan amount and interest thereon respectively.

4.4 In accordance with the Accounting Standard (AS - 28) on "Impairment of Assets" the Management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carried out by the Management, there was no impairment loss on Fixed Assets during the year.

5.1 Cenvat / VAT recoverable represents the Cenvat/VAT/Central Sales Tax paid on the purchase of goods and services for the project and operations. The Company has been legally advised that such amounts are recoverable. Any unrealized amounts will be added back to the cost of the project or charged off to the statement of Profit and Loss, as the case may be in the year of settlement.

5.2 Presently the Company is liable to pay Minimum Alternate Tax (MAT) under section 115JB of the Income Tax Act, 1961 ("the Act") and the amount paid as MAT is allowed to be carried forward for being set off against the future tax liabilities computed in accordance with the provisions of the Act, other than section 115JB, in next ten years. Based on the future projection of the performances, the Company will be liable to pay the Income Tax as per provisions, other than under section 115JB, of the Act. Accordingly as advised in Guidance Note on "Accounting for credit available in respect of Minimum Alternate Tax under the Income Tax Act, 1961" issued by The Institute of Chartered Accountants of India, Rs. 1,471.30 Lacs (Previous Year: Rs. 1,127.65 Lacs) being the excess of tax payable under section 115JB of the Act over tax payable as per the provisions other than section 115JB of the Act has been considered as MAT credit entitlement and credited to statement of Profit and Loss. The aggregate MAT credit entitlement available to the Company as on March 31, 2012 isRs. 2,091.44 Lacs. (Previous Year: Rs. 1,127.65 Lacs) net of reversal of excess provision of Rs. 507.51 Lacs made in previous year.

6.1 As per the Revised Guidelines for the Shipbuilding Subsidy issued by the Government of India on 25th March 2009, the Company is eligible for subsidy at the rate of 30% of the contract price, in respect of the export order received for vessels for which the contracts with the customers were signed on or before 14th August 2007. Accordingly Government Subsidy of Rs. 12,753.54 Lacs for the year ended March 31, 2012 (Previous Year Rs. 7,494.13 Lacs) has been recognised as revenue including in respect of Ships under construction on proportionate completion basis.

6.2 The Company has order for building several panamax sister vessels. The Company has initiated arbitration proceedings as per terms of contract for four panamax vessels & subsequently, the Company has received alleged cancellation notices for these vessels. The Company is of the view that it has a strong case. However, since most of the panamax vessels are sister vessels, the Company can deliver these vessels against orders for balance panamax vessels. Therefore the Company continues to recognise the revenue on these vessels and during the year the Company has recognised revenue of Rs. 29,047.63 Lacs (Previous Year: Rs. 9,792.32 Lacs) on these vessels and subsidy of Rs. 8,714.29 Lacs (Previous Year: Rs. 2,937.70 Lacs).

6.3 Employee Benefits

As per Accounting Standard 15 "Employee Benefits", the disclosure of employee benefits as defined in the accounting standards are given below:

7.1 CONTINGENT LIABILITIES

(No Cash Outflow is expected except stated otherwise)

Rs. in lacs

2011-2012 2010-2011

a) Guarantees given by Company's Bankers

i) Refund Bank Guarantees given to customers 14,815.31 17,539.84 (Net of liabilities accounted for)

ii) Other Bank Guarantees 22,842.57 9,065.85

(Bank Guarantees are provided under Contractual/ Legal obligations.)

b) Demands not acknowledged as Debts

i) Income Tax 1,116.81 397.32

(The Company has deposited under protest Rs. 321.51 Lacs (Previous Year Rs. 288.67 Lacs) out of total demand)

ii) Service Tax and Excise Duty 71.83 58.45 (Relates to disallowance of CENVAT Credit taken by the Company)

iii) Other Claims 220.35 192.10 (Relates to claims of suppliers and demand raised by vendor for Service Tax etc.)

c) Letters of Credit opened in favour of suppliers 1,308.97 23,388.51 (Cash Flow is expected on receipt of materials from Suppliers)

7.2 COMMITMENTS

a) Estimated amount of contracts remaining to be executed on Capital 91,862.47 3,377.20 Accounts and not provided for (Net of Advances). (Cash flow is expected on execution of such Capital Contracts on progressive basis)

b) Other Commitments 159.24 - (for investment in an Associate)

Note - 8

In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

Note - 9

The Company has issued, a Bond cum legal undertaking for Rs. 44,400 Lacs (Previous Year: Rs. 24,400 Lacs) in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for setting up a SEZ unit for availing exemption from payment of duties, taxes or cess or drawback and concession etc, a General Bond in favour of the President of India for a sum of Rs. 15,300 Lacs (Previous Year : Rs. 15,300 Lacs) as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit.

Note - 10

The Company has received thirteen show cause notices in its 100% EOU unit from the Office of the Commissioner of Central Excise, Bhavnagar and Directorate of Revenue Intelligence which mainly relates to wrong availment of Cenvat/ Customs Duty/Service Tax Credit availed on inputs/services used for Construction of Dry Dock and Goliath Cranes and non-submission of original evidences/documents and some procedural non-compliances. The Company does not for see any losses on this account.

Note - 11

On October 12, 2011 the Income Tax Authorities carried out search and seizure operations at the Company premises. Given the information provided so far and the investigation carried out at the time of this operation, the Company believes that there will be no material tax liability for the year. The amount of tax liability, if any shall be determined upon completion of the process by the Tax Authorities.

Note - 12 Segment Reporting

A. Segment information as per Accounting Standard - 17 on Segment Reporting :

Information provided in respect of revenue items for the year ended March 31, 2012 and in respect of assets / liabilities as at March 31, 2012.

B Segment Identification, Reportable Segments and definition of each segment

I Primary / Secendary Segment Reporting Format:

The risk - return profile of the Company's business is determined predominantly by the nature of its products. Accordingly, the business segment constitute the Primary Segments for disclosure of segment information.

II Reportable Segments:

Segments have been identified and reported taking into account the differing risks and returns, nature of products, the organisational structure and the internal reporting system of the Company.

III Segment Composition:

Shipbuilding and Repairs comprises of Ship-Building and Repair activities carried out by the Company at or from its Shipyard located at Pipavav, Gujarat.

Trading includes steel trading activities carried out by the Company.

Note - 13

Related Party Disclosures

a) List of Related parties

1. Subsidiary Company

E Complex Private Limited

2. Associates

SKIL Infrastructure Limited

Conceptia Software Technologies Pvt. Ltd.

3. Key Managerial Personnel

Mr. Nikhil P. Gandhi

Mr. Bhavesh P. Gandhi

Mr. M. Jitendran (upto September 2011)

Mr. Jigar Shah

4. Enterprises in which key managerial personnel or their relatives are able to exercise significant influence (Other Related Parties)

Awaita Properties Private Limited

Grevek Investments and Finance Private Limited

Note - 14

Disclosure pursuant to Accounting Standard - 7 (AS-7 "Accounting for Construction Contracts") as notified by Companies Accounting Standards Rules, 2006:

Note - 15

Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to make them comparable with those of the current year.

 
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