Accounting Policies of Samtel India Ltd. Company

Mar 31, 2015

I) Basis of Preparation of Financial Statements

The financial statement has been prepared in accordance with the historical cost convention, accounting standards issued vide Companies (Accounting Standard), Rules 2006, as prescribed under section 133 of the Companies Act 2013 read with rule 7 of Companies (Accounts) Rules, 2014 and other relevant provisions of the Companies Act, 2013 and earlier years financial statement were prepared as per relevant provisions of the Companies Act, 1956 (refer General circular 08/2014 dated 04/04/2014 of the Ministry of Corporate Affairs for applicability of relevant provisions/ schedules/ rules of the Companies Act, 1956 for the financial statements prepared for the financial year commenced earlier than 01.04.2014) and the provisions of the Companies Act, 2013 (to the extent applicable).

ii) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities and commitments at the end of the financial statements and results of operations during the reporting period. Although these estimates are based upon the management's best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual result and estimates are recognized in the period in which the results are known/ materialized.

iii) Fixed Assets and Depreciation

a) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any. Costs include costs of acquisitions or constructions, including incidental expenses thereto and other attributable costs of bringing the asset to its working condition for its intended use and are net of available duty/tax credits.

b) Expenditure during construction period

Expenditure related to and incurred during implementation of new/expansion-cum- modernization projects is included under capital work-in-progress and the same is allocated to the respective fixed assets on completion of its construction/erection

c) Intangible Assets

Assets are recognized and disclosed as per Accounting Standard 26 "Intangible Assets".

d) Depreciation and Amortization

Depreciation on fixed assets is provided on straight-line method (SLM) at the rates and in the manner specified in Schedule II of the Companies Act 2013, with effect from 1st April 2014 and before that depreciation is provided on SLM basis at rates specified in schedule XIV to the Companies Act, 1956.

iv) Impairment of Assets

The carrying amount of assets is reviewed for impairment at each balance sheet date wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount for which the asset's carrying amount exceeds its recoverable amount

v) Valuation of Inventories

Stores & spares are valued at cost or under net realizable value. Stock-in- trade is valued at the lower of cost and net realizable value. Cost is arrived at on the weighted average basis. Appropriate share of labour and other overheads are.included in the case of work in progress and finished goods.

vi) Foreign Currency Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction. Monetary items denominated in foreign currency are reported using the closing exchange rates on the date of the balance sheet.

In case of forward foreign exchange contracts, the premium or discount, arising at the inception of such contracts, is as income or expense over the life of the contract and the exchange differences on such contracts, i.e., difference between the exchange rate at the reporting/ settlement date and the exchange rate on the date of inception of contract/ the last reporting, is recognized as income/expense for the period.

vii) Investments

Long term investments are stated at cost unless there is a permanent diminution in the value thereof.

viii) Revenue Recognition

a] Sales are inclusive of excise duty but net of returns, rebates, VAT and sales tax. Products returned/rejected are accounted for in the year of return/rejection.

b) Export sales are accounted for on the basis of the date of bill of lading/airways bill..

c) Export benefits available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

a) Income from services is accounted for at the time of completion of service and billing thereof.

ix) Employee Benefits

Expenses & liabilities in respect of employee benefits are recorded in accordance with Accounting Standard (AS)-15 -Employee Benefits'.

i) The contributions to the provident fund for all employees and the contributions to the superannuation and gratuity funds for managerial staff are charged to revenue. Provision for gratuity (other than for managerial staff), determined on an arithmetical (or actuarial) basis at the end of the year is charged to the revenue.

ii) Provision for leave entitlement, determined on an arithmetical (or actuarial)

basis at the end of the year, is charged to revenue.

Warranty

Provision for warranty is made on the basis of average cost as per past experience.

x) Taxes on Income

Provision for current tax is made considering various allowances and benefits available to the Company under the provisions of the Income Tax Act, 1961.

In accordance with Accounting Standard (AS-22) 'Accounting for Taxes on Income', deferred taxes resulting from timing differences between book and tax profits are accounted for at the tax rate substantively enacted by the Balance Sheet date to the extent the timing differences are expected to be crystallized. Deferred tax assets are recognized and reviewed at each Balance Sheet date to the extent there is reasonable/virtual certainty of realizing such assets against future taxable income.

Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

xi) , Provisions, contingent liabilities, commitments and contingent assets

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability and commitments, unless the probability of outflow of resources embodying economic benefits is remote.

Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities and commitments unless the probability of outflow of resources embodying economic benefits is remote. Contingent assets are neither recognized nor disclosed in the financial statements.

xii) Cash Flow Statements

Cash low statements are reported using the indirect method; where by a profit before tax is adjusted for the effects of the transactions of non-cash nature & any deferrals or accruals of past or future cash receipts or payments. The cash flows from the operating, investing & financing activities of the Company are segregated.

xiii) Earnings per share

The earnings considered in ascertaining the Company's earnings per share (EPS) comprise of the net profit after tax attributable to equity shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period adjusted for events of bonus issue post period end,, bonus elements in right issue to existing shareholders, share split, and reverse share split (consolidation of shares). The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effect of potential dilutive equity shares unless impact is anti-dilutive. ,

---

Mar 31, 2014

I) Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, on a going concern basis and in terms of the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 in compliance with Section 211(3c) of the Companies Act, 1956. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realisation in respect of incomes. Accounting policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles In India.

The Company has prepared its financial statements in accordance with Schedule VI as inserted by Notification- S.O. 447(E), dated 28th February 2011 (As amended by Notification No F.NO. 2/6/2008-CL-V, Dated 30th March''2011). The Schedule does not impact recognition and measurement principle followed for the preparation of financial statements.

However it has necessitated significant changes in the presentation of and disclosures in financial statements. The. Company has reclassified its previous year figures to conform to the classification as per the aforesaid Schedule.

ii) Use of estimates

The. preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities and commitments at the end of the financial statements and results of operations during the reporting period. Although these estimates are based upon the management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual result and estimates are recognized in the period in which the results are known/ materialized.

iii) Fixed Assets and Depreciation

a) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any. Costs include costs of acquisitions or constructions, including incidental expenses thereto and other attributable costs of bringing the asset to its working condition for its intended use and are net of available duty/tax credits.

b) Expenditure during construction period

Expenditure related to and incurred during implementation of new/expansion-cum-modernisation projects is included under capital work-in-progress and the same is allocated to the respective fixed assels on completion of its construction/ereotion

c) Intangible Assets

Assels are recognized and disclosed as per Accounting Standard 26 "intangible Assets".

d) Depreciation and Amortization

Depreciation on fixed assets is provided on straight-line method (SLM) at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

iv) . Impairment of Assets

The carrying amount of assets is reviewed for impairment at each balance sheet date wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount for which the asset''s carrying amount exceeds its recoverable amount.

v) - Valuation of Inventories

* Stores & spares are valued at cost or under net realizable value. Stock-in- trade is valued at the lower of cost and net realizable value. Cost is arrived at on the weighted average basis. Appropriate share of labour and other overheads '' are included In the case of work in progress and finished goods.

vi) Foreign Currency Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction.

Monetary items denominated in foreign currency are reported using the closing exchange rates on the date of the balance sheet.

In case of forward foreign exchange contracts, the premium or discount, arising at the inception of such contracts, is as income or expense over the life of the contract and the exchange differences on such contracts. i,e., difference between the exchange rate at the reporting/ settlement date and the exchange rate on the date of inception of contract/ the last reporting, is recognized as income /expense for the period.

vii) Investments

Long term investments are stated at cost unless there is a permanent diminution in the value thereof.

viii) Revenue Recognition

a) Sales are inclusive of excise duty but net of returns, rebates, VAT and sales tax. Products returned/rejected are accounted for in the year of return/rejection.

b) Export sales are accounted for on the basis of the date of bill of lading/airways bill.

c) Export benefits available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

a) Income from services is accounted for at the time of completion of service and billing thereof.

ix) Employee Benefits

Expenses & liabilities in respect of employee benefits are recorded in accordance with Accounting Standard (AS)-15Employee Benefits''.

i) The contributions to the provident fund for all employees and the contributions to the superannuation and gratuity funds for managerial staff are charged to revenue. Provision for gratuity (other than for managerial staff), determined on an arithmetical (or actuarial) basis at the end of the year is charged to the revenue.

ii) Provision for leave entitlement, determined on an arithmetical (or actuarial) basis at the end of the year, is charged to revenue.

Warranty

Provision for warranty is made on the basis of average cost as per past experience.

x) Taxes on Income

Provision for current tax is made considering various allowances and benefits available to the Company under the provisions of the Income Tax Act, 1961.

In accordance with Accounting Standard (AS-22) ''Accounting for Taxes on Income'', deferred taxes resulting from timing differences between book and tax profits are accounted for at the tax rate substantively enacted by the Balance Sheet date to the extent the timing differences are expected to be crystallized. Deferred tax assets are recognized and reviewed at each Balance Sheet date to the extent there is reasonable/virtual certainty of realizing such assets against future taxable income.

* Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

xi) Provisions, contingent liabilities, commitments and contingent assets

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability and commitments, unless the probability of outflow of resources embodying economic benefits is remote.

Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities and commitments unless the probability of outflow of resources embodying economic benefits is remote. Contingent assets are neither recognized nor disclosed in the financial statements.

xii) Cash Flow Statements

Cash low statements are reported using the indirect method; where by a profit before tax is adjusted for the effects of the transactions of non-cash nature & any deferrals or accruals of past or future cash receipts or payments. The cash flows from the operating, investing & financing activities of the Company are segregated.

xiii) Earnings per share

The earnings considered in ascertaining the Company''s earnings per share (EPS) comprise of the net profit after tax attributable to equity shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period adjusted for events of bonus issue post period end, bonus elements in right issue to existing shareholders, share split, and reverse share split (consolidation of shares). The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effect of potential dilutive equity shares unless impact is anti-dilutive.

---

Mar 31, 2013

I) Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, on a going, concern basis and in terms of the Accounting Standards notified by Companies (Accounting Slandards) Rules, 2006 in compliance with Section 21K3C) of the Companies Act, 1956. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realisation in respect of incomes. Accounting policies not specifically referred lo otherwise are consistent and in consonance with the generally accepted accounting principies in india.

The Company has prepared its financial statements in accordance with Schedule VI as inserted by Notification- S.O. 447(E), dated 28th February 2011 (As amended by Notification No F.NO. 2/6/2008-CL-V, Dated 30th March''2011). The Schedule does not impact recognition and measurement principle followed for the preparation of financial statements. However it has necessitated significant changes in the presentation of and disclosures in financial statements. The Company has reclassified its previous year figures to conform to the classification as per the aforesaid Schedule.

ii) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires managemenl to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities and commitments at the end of the financial statements and results of operations during the reporting period Although these estimates are based upon the management''s best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual result and estimates are recognized in the period in which, the results are known/ materialized.

iii) Fixed Assets and Depreciation

a) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any. Costs include costs of acquisitions or constructions, including incidental expanses thereto and other attributable costs of bringing Llie asset to its working condition for its intended use and are net of available duty/tax credits

b) Expenditure during construction period

Expenditure related to and incurred during implementation of new/expansion-cum-modemisation projects is included under capital work-in-progress and the same is allocated to the respective fixed assets on completion of its construction/erection.

c) Intangible Assets

Assets are recognized and disclosed as per Accounting Standard 26 "intangible Assets"

d) Depreciation and Amortization

Depreciation on fixed assets is provided on straight-line method (SLM) at tne rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

iv) Impairment of Assets

The carrying amount of assets is reviewed for impairment at each balance sheet date wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment ioss is recognized for the amount for which the asset''s carrying amou nt exceeds its recoverable a mou nt

v) Valuation of Inventories

Stores & spares are valued at cost or under net realizable value. Stock-in- trade is valued at the lower of cost and net realizable value. Cost is arrived at on the weighted average basis. Appropriate share of labour and other overheads are included in the case of work in progress and finished goods.

vi) Foreign Currency Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction. ¦ Monetary items denominated in foreign currency are reported using the closing exchange rates on the date of the balance sheet.

In case of forward foreign exchange contracts, the premium or discount, arising at the inception of such contracts, is as income or expense over the life of the contract and the exchange differences on such contracts, i.e., difference between the exchange rate at the reporting/ settlement date and the exchange rate on the date of inception of contract/ Ihe last reporting, is recognized as income /expense for the period. Long term investments are stated at cost unfess there is a permanent diminution in the value thereof. viii} Revenue Recognition

a) Sales are inclusive of excise duty but net of returns, rebates, VAT and sa''es tax, Products returned/rejected are accounted for in the year of return/rejection.

b) Export sales are accounted fcr on the basis of the date of bill of lading/airways bill

c) Export benefits available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

a) Income from services is accounted for at the time of completion of service and billing thereof.

ix} Employee BenefLts

Expenses & liabilities in respect of employee benefits are recorded in accordance with Accounting Standard {ASJ-15 -Employee Benefits''.

i) The contributions to the provident fund for all employees and the contributions to the superannuation and gratuity funds for managerial staff are charged to revenue. Provision for gratuity (other than for managerial staff)f determined on an arithmetical (or actuarial) basis at the end of the year is charged to the revenue.

ii) Provision for leave entitlement, determined on an arithmetical for actuarial) basis at the end of the year, is charged to revenue- Warranty

Provision for warranty is made on the basis of average cost as per past experience.

x) Taxes on Income

Provision for current tax is made considering various allowances and benefits available to the Company under the provisions of the income Tax Act, 1961.

In accordance with Accounting Standard (AS-22) ''Accounting for Taxes on income, deferred taxes resulting from timing differences between book and tax profits are accounted for at the tax rate substantively enacted by the Balance Sheet date to the extent the liming differences are expected to be crystallized. Deferred tax assets are recognized and reviewed at each Balance Sheet date to the extent there is reasonable/virtual certainty of realising such assets against future taxabie Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period

xi) Provisions, contingent liabilities, commitments and contingent assets

Provisions are recognized far present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable thai an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability and commitments, unless the probability of outflow of resources embodying economic benefits is remote.

Possible obligations, whose eKistence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities and commitments unless the probability of outflow of resources embodying economic benefits is remote, Contingent assets are neither recognized nor disclosed in the financial statements.

xii) Cash Flow Statements

Cash low statements are reported using the indirect method; where by a profit before tax is adjusted for the effects of the transactions of non-cash nature & any deferrals or accruals of past or future cash receipts or payments. The cash flows from the operating, investing & financing activities of the Company are segregated.

xjii) Earnings per share

The earnings considered in ascertaining the Company''s earnings per share (EPS) comprise of the net profit after lax attributable to equity shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period adjusted for events of bonus issue post period end. bonus elements in right issue to existing shareholders, share split, and reverse share split (consolidation of shares). The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effect of potential dilutive equity shares unless impact is anti-dilutive.

---

Mar 31, 2011

1. Accounting convention

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable Accounting Standards u/s 211 subsection (3C) of the Companies Act 1956 and other provisions of the Act.

2. Fixed assets

Fixed assets are stated at cost of acquisition / construction less accumulated depreciation. The cost includes all preoperative expenses relating to construction period in the case of new projects and expansion of existing factories.

3. Depreciation

Depreciation on fixed assets is provided on the straight-line method (SLM) at the rates specified in Schedule XIV to the Companies Act, 1956.

4. Investments

Long term investments are stated at cost unless there is a permanent diminution in the value thereof.

5. Inventories

Stores and spares are valued at cost or under net relisable value. Stock-in-trade is valued at the lower of cost and net realizable value. Cost is arrived at on the weighted average basis. Appropriate share of labour and other overheads are included in the case of work in process and finished goods.

6. Foreign currency transactions

Transactions in foreign currency are recorded at the exchange rates prevailing at the date of the transaction.

Monetary items denominated in foreign currency are reported using the closing exchange rates on the date of the balance sheet.

The exchange differences arising on settlement of monetary items or on reporting these items at the rates different from the rates at which these were initially recorded / reported in previous financial statements, are recognised as income / expense in the period in which they arise.

In case of forward exchange contracts, the premium or discount, arising at the inception of such contracts, is amortised as income or expense over the life of the contract and the exchange difference on such contracts, i.e., difference between the exchange rate at the reporting / settlement date and the exchange rate on the date of inception of contract / the last reporting, is recognised as income / expense for the period

7. Revenue recognition

Sales are recognized at the point of dispatch of goods to customers. Sales are net of discounts and rebates.

8. Employee's benefits

i) The contributions to the provident fund for all employees and the contributions to the superannuation and gratuity funds for managerial staff are charged to revenue. Provision for gratuity (other than for managerial staff), determined on an arithmetical basis at the end of the year is charged to the revenue.

ii) Provision for leave entitlement, determined on an arithmetical basis at the end of the year, is charged to revenue.

9. Warranty

Provision for warranty is made on the basis of average cost as per past experience.

10. Taxation

Provision for current taxation is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence & on virtual certainty of future taxable income, on timing differences, being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

11. Impairment of assets

The Company assesses whether there is any indication that any asset may be impaired at the balance sheet date. If any indication exists, the Company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount.

12. Intangible Assets

Assets are recognized and disclosed as per Accounting Standard 26 "Intangible Assets" issued by the Institute of Chartered Accountants of India.

---

Mar 31, 2010

A. Accounting convention

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable Accounting Standards u/s 211 subsection (3C) of the Companies Act 1956 and other provisions of the Act.

B. Fixed assets

Fixed assets are stated at cost of acquisition / construction less accumulated depreciation. The cost includes all preoperative expenses relating to construction period in the case of new projects and expansion of existing factories.

C. Depreciation

Depreciation on fixed assets is provided on the straight-line method (SLM) at the rates specified in Schedule XIV to the Companies Act, 1956.

D. Investments

Long term investments are stated at cost unless there is a permanent diminution in the value thereof.

E. Inventories

Stores and spares are valued at cost or under. Stock-in-trade is valued at the lower of cost and net realizable value. Cost is arrived at on the Weighted average basis. Appropriate share of labour and other overheads are included in the case of work in process and finished goods.

F. Foreign currency transactions

Transactions in foreign currency are recorded at the exchange rates prevailing at the date of the transaction.

Monetary items denominated in foreign currency are reported using the closing exchange rates on the date of the balance sheet.

The exchange differences arising on settlement of monetary items or on reporting these items at the rates different from the rates at which these were initially recorded / reported in previous financial statements, are recognised as income / expense in the period in which they arise.

In case of forward exchange contracts, the premium or discount, arising at the inception of such contracts, is amortised as income or expense over the life of the contract and the exchange difference on such contracts, i.e., difference between the exchange rate at the reporting / settlement date and the exchange rate on the date of inception of contract / the last reporting, is recognised as income / expense for the period.

G. Revenue recognition

Sales are recognized at the point of dispatch of goods to customers. Sales are net of discounts and rebates.

H. Employees benefits

i) The contributions to the provident fund for all employees and the contributions to the superannuation and gratuity funds for managerial staff are charged to revenue. Provision for gratuity (other than for managerial staff), determined on an arithmetical basis at the end of the year is charged to the revenue.

ii) Provision for leave entitlement, determined on an arithmetical basis at the end of the year, is charged to revenue.

1. Warranty

Provision for warranty is made on the basis of average cost as per past experience.

J. Taxation

Provision for current taxation is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence & on virtual certainty of future taxable income, on timing differences, being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

K. Impairment of assets

The Company assesses whether there is any indication that any asset may be impaired at the balance sheet date. If any indication exists, the Company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount.

L. Intangible Assets

Assets are recognized and disclosed as per Accounting Standard 26 "Intangible Assets" issued by the Institute of Chartered Accountants of India.

M. Contingent Liability

Contingent liability, if material, is disclosed by way of notes to the accounts.