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Notes to Accounts of TRF Ltd.

Mar 31, 2015

1. General corporate information

TRF Limited, ("the Company") incorporated in 1962 has its Registered Office at 11 Station Road, Burma Mines, Jamshedpur 831007. The Company is listed on the National Stock Exchange of India Limited, BSE Limited and The Calcutta Stock Exchange Limited. The Company undertakes turnkey projects of material handling for the infrastructure sector such as power and ports and industrial sector such as steel plants, cement, fertilisers and mining. The Company is also engaged in production of such material handling equipments at its manufacturing plant at Jamshedpur.

2. Rights, preferences and restrictions attached to shares i) Equity Shares

The Company has one class of equity shares having a par value of Rs.I0 per share. Each shareholder is entitled for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing annual general meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to the number of equity shares held by the shareholders.

3. Additional information to the Financial Statements

As at As at 31.03. 31.03. 2015 2014 Rs. lac Rs. lac

Contingent Liabilities

a) Sales tax matters in dispute relating to issues of applicability and classification # 22,278.19 20,593.37

In respect of the above sales tax matters in dispute, the Company has deposited Rs. 80.19 lac (31.03.2013: Rs.15.37 lac) against various orders, pending disposal of the appeals. This amount is included under Note 14 - Long term loans and advances.

b) Excise duty and service tax matters 1,415.65 1,006.32 in dispute relating to applicability and classification

In respect of the above excise and service tax matters in dispute, the Company has deposited Rs.40 lac (31.03.2013: Rs.2.50 lac) against various orders, pending disposal of the appeals. This amount is included under Note 14 - Long term loans and advances.

c) Income tax matters in dispute 3,450.48 1,543.90

d) Corporate guarantee given on behalf of subsidiary companies

i) York Transport Equipment (Asia) Pte Limited - USD 18.0 M (31.03.2014:USD 22.5 m) 11,284.34 13,544.96

Loan outstanding against the guarantee 11,045.74 10,792.41

ii) Dutch Lanka Trailer Manufacturers Limited - USD 1.5 m (31.03.2014 : USD 1.5 m) 940.36 903.00

Load outstanding against the guarantee - 185.71

e) Claims against the Company not acknowledged as debt (Primarily of liquidated damages and other claims made by customers) 3,385.76 3,502.48

f) Others 33.42 33.42

Future cash outflows in respect of above matters are determinable only on receipt of judgments/decisionspendingatvariousforums/authorities.

# Includes an amount of Rs. 18,388.57 lac (31.03.2014 Rs. 18,388.57 lac) towards differential tax and penalty charged by the Assessing Officer for the financial year 2005-06 to 2008-09. The Assessing Officer had originally passed the assessment order based on the returns filed by the Company. Subsequently based on an objection raised by the Accountant General's Office during their audit the assessing officer has raised this demand on 28.01.2013 for additional tax of Rs. 5,985.90 lac and penalty of Rs.12,402.67 lac. The additional tax is computed by the assessing office based on the total turnover reported in the annual audited financial statements. The difference in the turnover as per the annual financial statements and the returns is on account of difference in revenue recognised as per Accounting Standard (AS)- 7 Construction Contracts visa a vis bills actually raised on the customers and turnover from turnkey contracts which are executed outside the state of Jharkhand for which state of Jharkhand has no jurisdiction. The returns for those turnkey contracts are filed with the local VAT authorities of the respective states under the respective VAT laws. The assessing officer's contention of suppression in turnover is blatantly incorrect and hence the Company filed appeal with the Joint Commissioner. The Joint Commissioner after hearing the Company has passed orders remanding back the case for reassessment to the assessment officer. Based on the order the assessing officer has initiated reassessment procedures and the Company has filed its reply/documents called by the Assessing Officer. Neither company made any payment nor department has claimed any payment against above impugned demand in respect of appeal order.

4. The Company's application seeking exemption from the provisions of the Employees State Insurance Act, 1948 has been rejected by the Department of Labour, Government of Jharkhand. The Company has filed an appeal with the High Court of Jharkhand at Ranchi against the order. In the absence of any demand from the authorities the amount of liability is not quantifiable.

5. The Company has incurred losses of Rs. 8,735.12 lac during the year ended March 31, 2015 and the accumulated losses as on that date, amounting to Rs 16,940.22 lac has eroded the net worth of the Company. As at the balance sheet date, the current liabilities of the Company exceed the current assets of the Company by Rs. 5,798.88 lac The Company is of the view that all potential future losses which has been booked during the current year will not result in immediate outflow over the next twelve months from the balance sheet date. Further, the Company projects operating profits during the next 12 months from the balance sheet date and is confident that it will be able to generate cash from liquidating the retention money held by the customers for a majority of the contracts which are at an advanced stage. Further, the Company expects to generate cash flows from its certain subsidiaries, by way of dividend. Given the above facts, the Company will be able to sufficiently generate future cash flows to meet the future obligations of the Company in the next twelve months from the balance sheet date. Accordingly, these financial statements have been prepared on a going concern basis and do not include any adjustments relating to the recoverability and classification of recorded assets or to amounts and classification of liabilities that might result if the Company is unable to continue as a going concern.

6. The management has re estimated the useful life of the fixed assets and aligned the useful life with that indicated in Part C of Schedule II to the 2013 Act at the commencement of the year. During the process the Company has also reclassified certain assets the effect of which has been reflected in "Adjustment" column in Note 11. As per the requirements of the transitional provisions, the carrying amount after adjusting the residual value (if any) of assets whose remaining useful life was nil as at the transition date of Rs. 67.76 lac has been recognised in the statement of profit and loss and included as part of depreciation for the current year.

7. No provision has been made for liquidated damages and other claims by certain customers, wherever these have been refuted by the Company and the management expects to settle them without any loss. Pending settlement of these claims, they have been disclosed under contingent liabilities as Claims against the Company not acknowledged as debt. [Refer Note 28.01.(e)].The related sundry debtors balances have been considered in the financial statements as fully recoverable.

8. The Company is offering the retention money to income tax on due basis from the financial year 2005-06 onwards. Out of prudence the Company was providing for the current tax without considering this deferment. The Company's stand of deferring the retention money has been accepted by the tax authorities based on the legal decisions which came subsequently. During the previous year the Company has recomputed the provision for current tax based on the income determined in the final assessment orders for the financial year 2005-06 to 2009-10 and based on the income offered to tax in the tax returns for the financial years 2010-11 to 2012-13. The Company has also provided for the deferred tax on the net amount of retention deferred in the income tax returns.

9. Scrap and off-cuts generated at the contract sites are being accounted on cash basis, since segregation and quantification of such items at the financial year end are not practicable in view of the contracts being in progress.

10. Revision in projected profit/(loss) on contracts arising from change in estimates of cost to completion of contracts are reflected during the course of the work in each accounting year. These have not been disclosed separately in the Financial Statements as the effect cannot be accurately determined.

The Company has identified the business segments as primary segment for the purpose of reporting under Accounting Standards (AS) 17 - Segment Reporting . Revenues and expenses directly attributable to business segments are reported under the respective segments. Expenses which are not directly identifiable to each of the business segments have been allocated on the basis of associated revenues and manpower efforts. All other expenses which are not attributable or allocable to business segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to business segments are disclosed under the respective segments. All other assets and liabilities are included as part of unallocable. The Company has identified the following business segments asprimary segments

(a) Products & Services

(b) Projects & Services

In the Company's operations within India there is no significant difference in the economic conditions prevailing in the various states of India. Revenue from sales to customers outside India is less than 10% in the current and previous year. Hence disclosure on geographical segment are not applicable.

Information on related party transactions as per Accounting Standards (AS) 18 - Related party Disclosures A) List of related parties and relationship

11. Name of the related party Nature of Relationship

TRF Singapore Pte Ltd. Subsidiary Companies the ownership

TRF Holdings Pte Limited of which is held directly by the

Adhithya Automotive Application Pvt Ltd Company

YORK Transport Equipment (Asia) Pte Ltd.

YORK Transport Equipment Pty Ltd.

YORK Sales (Thailand) Co. Ltd

YTE Transport Equipment (SA) (Pty) Limited

Rednet Pte Ltd.

PTYORK Engineering

YTE Special Products Pte Ltd Subsidiary Companies the ownership of which

Qingdao YTE Special Products Co. Ltd. is held through subsidiary (ies)

YORK Transport Equipment (India) Pvt. Ltd.

YORK Transport Equipment (Shanghai) Co. Ltd.

Dutch Lanka Trailer Manufacturers Limited Dutch Lanka Engineering Pvt Ltd Dutch Lanka Trailers LLC Hewitt Robins International Holding Ltd.

Hewitt Robins International Ltd.

Tata Steel Limited Promoter Company holding more than 20%

Key Managerial Personnel

Mr. Sudhir L. Deoras Managing Director

12. Previous year's figures have been regrouped/reclasified where necessary to correspond with the current year's classification/disclosure.


Mar 31, 2014

1. Additional information to the Financial Statements

As at As at 31.03.2014 31.03.2013 Rs. lac Rs. lac 1.01 Contingent Liabilities

a) Sales tax matters in dispute relating to issues of applicability and classification # 20,593.37 20,269.89

In respect of the above sales tax matters in dispute, the Company has deposited Rs.15.37 lac (31.03.2013: Rs.Nil) against various orders, pending disposal of the appeals. This amount is included under Note 14 - Long term loans and advances.

b) Excise duty and service tax matters in dispute relating to applicability and classification 1,006.32 1,004.91

In respect of the above excise and service tax matters in dispute, the Company has deposited Rs.2.50 lac (31.03.2013: Rs.2.50 lac) against various orders, pending disposal of the appeals. This amount is included under Note 14 - Long term loans and advances.

c) Income tax matters in dispute 1,543.90 1021.57

d) Corporate guarantee given on behalf of subsidiary companies

i) York Transport Equipment (Asia) Pte Limited - USD 22.5 m (31.03.2013: USD 22.5 m) 13,544.96 12,260.09

Loan outstanding against the guarantee 10,792.41 9,663.76

ii) Dutch Lanka Trailer Manufacturers Limited - USD 1.5 m (31.03.2013: USD 1.5m) 903.00 817.34

Loan outstanding against the guarantee 185.71 817.34

e) Claims against the Company not acknowledged as debt (Primarily of liquidated damages and other claims made by customers) 3,502.48 4,587.84

f) Others 33.42 33.42

Future cash outflows in respect of above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities.

# Includes an amount of Rs. 18,388.57 lac (31.03.2013 Rs. 18,388.57 lac) towards differential tax and penalty charged by the Assessing Officer for the financial year 2005-06 to 2008-09. The Assessing Officer had originally passed the assessment order based on the returns filed by the Company. Subsequently based on an objection raised by the Accountant General''s Office during their audit the assessing officer has raised this demand on 28.01.2013 for additional tax of Rs. 5,985.90 lac and penalty of Rs.12,402.67 lac. The additional tax is computed by the Assessing Officer based on the total turnover reported in the annual audited financial statements. The difference in the turnover as per the annual financial statements and the returns is on account of difference in revenue recognised as per Accounting Standard (AS) - 7 Construction Contracts vis-a-vis bills actually raised on the customers and turnover from turnkey contracts which are executed outside the state of Jharkhand for which state of Jharkhand has no jurisdiction. The returns for those turnkey contracts are filed with the local VAT authorities of the respective states under the respective VAT laws. The assessing officer''s contention of suppression in turnover is blatantly incorrect and hence the Company filed appeal with the Joint Commissioner. The Joint Commissioner after hearing the Company has passed orders remanding back the case for reassessment to the assessment officer. Based on the order the assessing officer has initiated reassessment procedures and the Company has filed its reply/documents called by the Assessing Officer. Neither company has made any payment nor department has claimed any payment against above impugned demand in respect of appeal order.

1.02 The Company''s application seeking exemption from the provisions of the Employees State Insurance Act, 1948 has been rejected by the Department of Labour, Government of Jharkhand. The Company has filed an appeal with the High Court of Jharkhand at Ranchi against the order. In the absence of any demand from the authorities the amount of liability is not quantifiable.

1.03 No provision has been made for liquidated damages and other claims by certain customers, wherever these have been refuted by the Company and the management expects to settle them without any loss. Pending settlement of these claims, they have been disclosed under contingent liabilities as Claims against the Company not acknowledged as debt. [Refer Note 28.01.(e)]. The related sundry debtors balances have been considered in the financial statements as fully recoverable.

1.04 The Company is offering the retention money to income tax on due basis from the financial year 2005-06 onwards. Out of prudence the Company was providing for the current tax without considering this deferment. The Company''s stand of deferring the retention money has been accepted by the tax authorities based on the legal decisions which came subsequently. Hence during the current year the Company has recomputed the provision for current tax based on the income determined in the final assessment orders for the financial year 2005-06 to 2009-10 and based on the income offered to tax in the tax returns for the financial years 2010-11 to 2012-13. The Company has also provided for the deferred tax on the net amount of retention deferred in the income tax returns.

1.05 Scrap and off-cuts generated at the contract sites are being accounted on cash basis, since segregation and quantification of such items at the end of the financial year are not practicable in view of the contracts being in progress.

1.06 Revision in projected profit/(loss) on contracts arising from change in estimates of cost to completion of contracts are reflected during the course of the work in each accounting year. These have not been disclosed separately in the Financial Statements as the effect cannot be accurately determined.

1.07 Previous year''s figures have been regrouped / reclassified where necessary to correspond with the current year''s classification / disclosure.

1.08 The amortized portion of foreign exchange loss (net) incurred on long term foreign currency monetary items for the current year ended March 31, 2014 is Rs. 798.39 lac (previous year Rs. 526.61 lac). The unamortized portion carried forward as on 31st March, 2014 is Rs. 521.65 lac (31.03.2013 : Rs. 284.75 lac).

1.09 Segment Reporting

The Company has identified the business segments as primary segment for the purpose of reporting under Accounting Standards (AS) 17 - Segment Reporting. Revenues and expenses directly attributable to business segments are reported under the respective segments. Expenses which are not directly identifiable to each of the business segments have been allocated on the basis of associated revenues and manpower efforts. All other expenses which are not attributable or allocable to business segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to business segments are disclosed under the respective segments. All other assets and liabilities are included as part of unallocable. The Company has identified the following business segments as primary segments.

(a) Products & Services

(b) Projects & Services

In the Company''s operations within India there is no significant difference in the economic conditions prevailing in the various states of India. Revenue from sales to customers outside India is less than 10% in the current and previous year. Hence disclosure on geographical segment are not applicable.


Mar 31, 2013

TRF Limited, incorporated in 1962 has its registered office at 11 Station Road, Burma Mines, Jamshedpur 831007. The Company is listed on the National Stock Exchange of India Limited, BSE Limited and The Calcutta Stock Exchange Limited. TRF Limited undertakes turnkey projects of material handling for the infrastructure sector such as power and steel plants, cement, ports, fertilisers and mining. The Company is also engaged in production of such material handling equipments at its plant at Jamshedpur.

(i) During the year ended March 31, 2012, the Company had set up a 100% subsidiary, TRF Holdings Pte Ltd at Singapore. Further during the previous year, the Company through its wholly owned subsidiaries TRF Singapore Pte Ltd. and TRF Holdings Pte. Ltd. have acquired the balance 49% shareholding in its subsidiary Dutch Lanka Trailers Manufacturers Limited (DLT), a Sri Lanka based company and 49% in York Transport Equipment (Asia) Pte Ltd, a Singapore based company for purchase consideration of USD 8.33 million and USD 18 million respectively making them a wholly owned subsidiaries.

(ii) No provision has been made for liquidated damages and other claims by certain customers, wherever these have been refuted by the Company and it expects to settle them without any loss. Pending settlement of these claims, the relative sundry debtors balances have been shown in the accounts as fully recoverable and have been disclosed as contingent liabilities under Claims against the Company not acknowledged as debt. (Refer note 25 (i)(h))

(iii) Scrap and off- cuts at the contract sites are being accounted on cash basis, since segregation and quantification of such items at the financial year end is not practicable in view of the contracts being in progress.

(iv) Revision in projected profit/(loss) on contracts arising from change in estimates of cost to completion of contracts are reflected during the course of the work in each accounting year. These have not been disclosed in the Financial Statement as the effect cannot be accurately determined.

(v) Related party disclosures:

Information relating to related party transactions as per Accounting Standard 18 notified by the Companies (Accounting Standards) Rules, 2006. A) List of related parties and relationship

a) TRF Singapore Pte Ltd.

YORK Transport Equipment (Asia) Pte Ltd.

YORK Transport Equipment Pty Ltd.

YORK Sales (Thailand) Co. Ltd

YTE Transport Equipment (SA) (Pty) Limited

YORK Transport Equipment (Malaysia) Sdn Bhd*

Rednet Pte Ltd.

PT YORK Engineering YTE Special Products Pte Ltd

Qingdao YTE Special Products Co. Ltd. Z''

YORK Transport Equipment India Pvt. Ltd.

YORK Transport Equipment (Shanghai) Co. Ltd.

Dutch Lanka Trailer Manufacturers Limited Dutch Lanka Engineering Pvt Ltd Dutch Lanka Trailers Manufacturers LLC Hewitt Robins International Holding Ltd.

Hewitt Robins International Ltd.

b) TRF Holdings Pte Ltd. (w.e.f 02.02.2012)

c) Adithya Automotive Application Pvt Ltd

d) Tata Steel Limited

e) Key Management Personnel Mr. Sudhir L. Deoras

Note: Related parties have been identified by the management ‘Liquidated during the year

(vi) Provision of Rs.131.30 lakhs (At at 31.03.2012 : Rs 147.00 lakhs) has been made for anticipated warranty costs relating to certain products manufactured and sold by the Company upto March 31, 2013 on the basis of technical and available cost estimates.

(vii) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

1. Additional Information to the Financial Statements

March 31, 2012 March 31, 2011 Rs. in lakhs Rs. in lakhs

(i) CONTINGENT LIABILITIES

(a) Sales tax matters in dispute relating to issues of applicability and classification 57.90 575.52

In respect of the above sales tax matters in dispute, the Company has deposited Nil (previous year Rs.10.54 lakhs) against various orders, pending disposal of the appeals. This amount is included under Note 13 - Long term loans and advances

(b) Excise duty and service tax matters in dispute relating to applicability and classification 159.22 1,114.29 In respect of the above excise and service tax matters in dispute, the Company has deposited Rs.2.50 lakhs (Previous year Rs.2.50 lakhs) against various orders, pending disposal of the appeals. This amount is included under Note 13 - Long term loans and advances.

(c) Income Tax matters in dispute 1,314.91 1,645.79

(d) Corporate guarantee given on behalf of subsidiary company (SGD 9.5 million) 3,864.60 3,398.15

(Outstanding amount against the guarantee ) (966.16) (1,982.25)

(e) Corporate guarantee given on behalf of subsidiary company (USD 18.00 million) 9,220.77 -

(Outstanding amount against the guarantee) (9,220.77) -

(f) Corporate guarantee on behalf of step down subsidiary company (USD 0.765 million) 391.88 -

(Outstanding amount against the guarantee) (391.88) -

(g) Claims against the Company not acknowledged as debt 535.83 461.00

(h) Others 33.42 23.42

Future cash outflows in respect of above matters are determinable only on receipt of judgments/decisions pending at various forums/ authorities

(ii) The Company has agreed to provide contingent support to its wholly owned direct subsidiary (WOS), TRF Singapore Pvt. Ltd and TRF Holdings Pvt. Ltd to meet its liabilities of SGD 2,418,370 (previous year SGD 3,292,000) and USD 51,400 respectively, only in the event of the WOS being unable to generate the required liquidity internally or externally

(iii) Estimated amount of contracts remaining to be executed on capital account and not provided for 477.77 361.99

(iv) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2012 (Note 8 - Trade payables) is as under

(a) The Principal amount remaining unpaid to supplier as at the end of accounting year 274.29 195.39

(b) The Interest due thereon remaining unpaid to suppliers as at the end of the accounting year 10.64 1.53

(c) The amount of interest paid in terms of sec 16, along with the amount of payment made to supplier beyond the appointment day during the year 2011-12 _ _

(d) The amount of interest due and payable for the period of delay in making payment (which have been paid beyond the appointment date during the year but without adding interest specified under this act) 12.95 10.43

(e) The amount of interest accrued during the year and remaining unpaid at the end of the accounting year 23.59 11.96

The above information has been given to the extent such suppliers could be identified on the basis of information available with the Company and the same has been relied upon by the auditors.

(v) Revision in projected profit/(loss) on contracts arising from change in estimates of cost to completion of contracts are reflected during the course of the work in each accounting year. These have not been disclosed in the Financial Statement as the effect cannot be accurately determined.

(vi) During the year ended March 31, 2012, the Company has set up a 100% subsidiary, TRF Holdings Pvt. Ltd at Singapore.

The Company through its wholly owned subsidiaries TRF Singapore Pte Ltd. and TRF Holdings Pvt. Ltd. have acquired the balance 49% shareholding in its subsidiary Dutch Lanka Trailers Manufacturers Limited (DLT), a Sri Lanka Based Company and 49% in York Transport Equipment (Asia) PTE Ltd, a Singapore based company for purchase consideration of USD 8.33 million and USD 18 million respectively making those a wholly owned subsidiary.

(vii) No provision has been made for liquidated damages and other claims by certain customers, wherever these have been refuted by the Company and it expects to settle them without any loss. Pending settlement of these claims, the relative sundry debtors balances have been shown in the accounts as fully recoverable and have been disclosed as contingent liabilities under Claims against the Company not acknowledged as debt. [Refer note 25 (i) (g)].

(viii) Scrap and off- cuts at the contract sites are being accounted on cash basis, since segregation and quantification of such items at the financial year end is not practicable in view of the contracts being in progress.

(ii) (a) The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The company has recognized in the Statement of Profit and Loss an amount of Rs. 505.48 lakhs ( previous year Rs. 451.76 lakhs) under defined contribution plans.

under the group gratuity scheme. Expenses recognized in the period as disclosed above excludes Rs. 10 lakhs (previous year Rs. 9.39 lakhs) contributions made by P& YE division to LIC. Amount recognized in the balance sheet as disclosed above excludes Rs.10 lakhs (previous year Rs. Nil lakhs) pertaining to P & YE division. Disclosures pursuant to AS - 15 have not been made in respect of the Post retirement Gratuity plan of P&YE division as details have not been furnished by LIC to the company and the amounts are not expected to be material. The basis used to determine overall expected rate of return on assets and the effect on major categories of plan assets is as follows:

The major portions of the assets are invested in PSU Bonds and Special Deposits. The long term estimate of the expected rate of return on the fund assets have been arrived at based on the asset allocation and prevailing yield rates on these asset classes. Assumed rate of return on assets is expected to vary from year to year reflecting the returns on matching Government Bonds.

(ix) SEGMENT INFORMATION

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organization and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.

Notes:

Pursuant to the 'Accounting Standard on Segment Reporting' (AS-17) notified by the Companies (Accounting Standard) Rules 2006, the Company has considered 'business segment' as primary segment for disclosure. The Company has identified business segments mentioned below as primary segments :

(i) Products & Services

(ii) Projects & Services

There is no significant difference in the business conditions prevailing in various states of India, where the Company has its operation. Revenue from sales to external customers outside India is less than 10% of the Company's total revenue. Hence, geographical segment disclosures are not considered necessary.

(x) Consequent upon the resignation of the Company Secretary of the Company with effect from December 1, 2011, the company is in the process of appointing a full time Company Secretary under the provision of section 383A of the Companies Act 1956. As a result, these financial statements have not been authenticated by a whole time Company Secretary under section 215 of the Companies Act 1956. In the absence of the Company Secretary, the Controller of Accounts has been appointed as the Compliance Officer.

(xi) The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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