Notes to Accounts of Uni Abex Alloy Products Ltd.

Mar 31, 2018

36 Related party transactions:

in accordance with the requirement of Indian Accounting Standard (ind AS) 24 "Related party Disclosures", names of the related parties, related party relationships, transactions and outstanding balances including commitments where control exists and with whom transactions have taken place during the reported period are as follows:

(a) List of related parties

Relationship Name of the related party

Associates Uni Deritend Limited

chemicals & Ferro Alloys private Limited Neterson Technologies private Limited Anosh Finance & Investment private Limited Neterwala consulting & corporate Services Limited Uni Klinger Limited

Key management personnel (KMp) F. D. Neterwala - chairman

K. K. Tamhaney - Chief Executive Officer J. D. Divekar - Chief Financial Officer M. S. Ashar - company Secretary

The company’s risk management is carried out by a central treasury department of the company under policies approved by the Board of Directors. The Board of Directors provide written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, market risk, credit risk and investment of excess liquidity.

A Credit risk

Credit risk is the risk that a customer or counter party to a financial instrument will fail to perform or pay amounts due to the Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The company''s maximum exposure to credit risk is limited to the carrying amount of financial assets recognized at reporting date.

The Company continuously monitors defaults of customers and other counter parties, identified either individually or by the company, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on customers and other counter parties are obtained and used. The company’s policy is to deal only with creditworthy counter parties.

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single counter party or any company of counter parties having similar characteristics. Trade receivables consist of a large number of customers in various geographical areas. The company has very limited history of customer default, and considers the credit quality of trade receivables that are not past due or impaired to be good.

The credit risk for cash and cash equivalents, mutual funds, bank deposits and loans is considered negligible, since the counter parties are reputable organizations with high quality external credit ratings.

B Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external
regulatory requirements and maintaining debt financing plans.

E Price risk

Exposure from investments in mutual funds:

The company’s exposure to price risk arises from investments in equity shares and mutual funds held by the Company and classified in the balance sheet as fair value through profit or loss. To manage its price risk arising from investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the company.

Sensitivity:

The table below summarizes the impact of increases/decreases of the index on the Company’s profit after tax for the period. The analysis is based on the assumption that the price of the instrument has increased by 2% or decreased by 2% with all other variables held constant.

39 Capital management

The company’ s capital management objectives are:

- to ensure the company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

The Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the company’s various classes of debt. The company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk characteristics of the underlying assets. in order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

40 First time adoption of Ind AS

These financial statements for the year ended 31 March 2018, are the first financial statements prepared by the company in accordance with ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the companies Act 2013, read together with paragraph 7 of the companies (Accounts) Rules, 2014 (''Indian GAAp'' or ''previous GAAp'').

In preparing these financial statements, the Company’s opening Ind AS balance sheet was prepared as at 1 April 2016, the company’s date of transition to ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements, including the balance sheet as at 1 April 2016 and the standalone financial statements as at and for the year ended 31 March 2017.

The Company has applied Ind AS 101 in preparing these first financial statements. The effect of transition to Ind AS on equity, total comprehensive income and reported cash flows are presented in this section and are further explained in the notes accompanying the tables.

A. Exemptions and exceptions availed

Set out below are the applicable ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAp to ind AS.

A.1 Ind AS optional exemptions:

A1.1 Deemed cost for property, plant and equipment, intangible assets and investment properties.

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAp and use that as its deemed cost as at the date of transition. The same exemption is also available on intangible assets and investment properties. Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets and investment properties at their previous GAAp carrying value.

A.2 Ind AS mandatory exceptions:

A2.1 Estimates

An entity’s estimates in accordance with ind AS at the date of transition to ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAp.

A2.2 Classification and measurement of financial assets

The classification and measurement of financial assets will be made considering whether the conditions as per ind AS 109 are met based on facts and circumstances existing at the date of transition.

Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess elements of modified time value of money, i.e., the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. it is impracticable to apply the changes retrospectively if:

a) The effects of the retrospective application are not determinable;

b) The retrospective application requires assumptions about what management’s intent would have been in that period;

c) The retrospective application requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that existed at that time.

A2.3 De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in ind AS 109 retrospectively from a date of the entity’s choice, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.

The company has elected to apply the de-recognition provisions of ind AS 109 prospectively from the date of transition to ind AS.

B.6 There is no impact of Ind AS adoption on the statements of cash flows for the year ended 31 March 2017. Note-1 Proposed dividend

Under previous GAAp, proposed dividend is recognized as liability in the period to which they are proposed irrespective of the approval of shareholders.

Under ind AS, proposed dividend is recognized as liability in the period in which it is approved by the shareholders. Note - 2 Change in timing of revenue recognition

Under previous GAAp, revenue from sale of goods is recognized on dispatch from the factory premises.

Under Ind AS, revenue should be recognized when the entity has transferred to the buyer, the significant risks and rewards of ownership of goods, and significant managerial control.

Note - 3 Finance lease accounting on land leases

Under previous GAAp, leases of land were scoped out of the guidance on leases.

Under Ind AS, in respect of certain long-term land leases, classification between finance lease and operating lease is required. In case of finance leases, where the Company is lessee, the underlying assets and corresponding finance lease obligation determined at the inception of respective arrangements have been recognized on the date of transition with the adjustment of difference, if any, in the opening retained earnings.

Note - 4 Measurement of financial assets at fair value

Under previous GAAp, current investments were stated at lower of cost and fair value.

Under Ind AS, these financial assets have been classified as fair value through profit and loss on the date of transition to ind AS and fair value changes after the date of transition have been recognized in the statement of profit and loss.

Note - 5 Measurement of financial assets and liabilties at amortized cost

Under Previous GAAP, financial assets and financial liabilities were typically carried at the contractual amount receivable or payable.

Under Ind AS, financial instruments carried at amortized cost are initially recognized at fair value, and subsequently measured at amortized cost, at effective interest rate. For certain financial assets and financial liabilities, the fair value thereof at the date of transition to Ind AS has been considered as the new amortized cost of that financial asset and financial liability at the date of transition to Ind AS._

Summary of significant accounting policies and other explanatory information to the financial statements as at and for the year ended 31 March 2018 Note - 6 Prior Period item

Under Previous GAAP, prior period items are included in determination of net profit or loss of the period in which the error pertaining to a prior period is discovered and are separately disclosed in the Statement of profit and loss. Under ind AS, prior period items are adjusted retrospectively by restating the comparative amount for prior period presented in which the error occured or if the error occured before the earliest period presented, by restating the opening reserves.

Note - 7 Remeasurements of post-employment benefit obligations

Under the Previous GAAP, these measurements were forming part of the profit or loss for the year.

Under ind AS, remeasurements i.e. actuarial gains and losses, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of the statement of profit and loss.

Note - 8 Reclassification of moulds to property, plant and equipment

Under the Previous GAAP, mould development costs are expensed out and revenue is recognized in profit and loss account, when accrued.

Under ind AS, development cost incurred meets the recognition criteria of property plant and equipment. Hence the same is capitalized and subsequently depreciated on the basis of useful life of the asset. Further, revenue is recognized over the useful life of mould.

Note - 9 Deferred tax

Under previous GAAp, deferred tax was accounted as per the income statement approach which required creation of deferred tax asset/ liability on timing differences between taxable income and accounting income.

Under ind AS, deferred tax is accounted as per the balance sheet approach which requires creation of deferred tax asset/ liability on temporary differences between the carrying amount of an asset/ liability in the Balance Sheet and its corresponding tax base. The adjustments in equity and net profit, as discussed above, resulted in additional temporary differences on which deferred taxes are calculated.

Note - 10 Investment Property

Under previous GAAp, investment properties were presented as part of property, plant and equipment.

Under ind AS, investment properties are required to be separately presented on the face of the balance sheet. There is no impact on the total equity or profit as a result of this adjustment.

Note - 11 Excise Duty

Under previous GAAp - Revenue from sale of goods was presented net of excise duty.

Under ind AS, Revenue from sale of goods was presented inclusive of excise duty. The excise duty is presented on the face of the statement of profit and loss as a part of expenses.

Note - 12: Retained Earnings

Retained earnings as at 1st April 2016 has been adjusted consequent to the above ind AS transition adjustments.

13 Micro, Small and Medium Enterprises

Based on the information available with the company, there are no dues in respect of micro and small enterprises at the balance sheet date. Further no interest during the years has been paid or is payable in respect thereof. This disclosure has been determined to the extent such parties have been identified on the basis of the information available with the company.

14 Segment information

(a) Business segment

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating Decision Maker (coDM). The coDM regularly monitors and reviews the operating result of the whole Company as one segment of "Alloy and steel castings". Thus, as defined in Ind AS 108 “Operating Segments”, the company’s entire business falls under this one operational segment.

(b) Entity wide disclosures

As per ind AS 108 - Operating Segments, the company is required to disclose revenue from individual external customers when it is 10 per cent or more of entity''s revenue. Revenue of Rs,1,655.62 Lakhs and Rs,2,167.86 Lakhs is derived from external customers during the year ended 31 March 2018 and 31 March 2017 respectively.

15 Authorization of financial statements

The standalone financial statements for the year ended 31 March 2018 (including comparatives) were approved by the Board of Directors on 23 May 2018.

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Mar 31, 2017

a) Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The equity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Long-term Borrowing

(Secured)

Term loans from Axis Bank Ltd.

The above term loans are secured by first exclusive charge over entire movable and immovable fixed assets of the Company at Dharwad project including equitable mortgage of factory land and building.

Additionally the loans are also secured by collateral securities of:

1) First hypothecation charge on entire movable fixed assets of the Company other than vehicles.

2) First charge by way of equitable mortgage on factory land and building at Thane plant.

3) Second charge by way of entire current assets of the company.

The above term loans includes:

a) Foreign currency term loan amounting to Rs.701.17 Lakhs (previous year Rs.756.23 Lakhs) which is repayable in equal monthly installments of € 76,480.67 from August, 2015 to March, 2018.

b) Indian currency term loan amounting to Rs.292.19 Lakhs (previous year Rs.243.83 Lakhs) which is repayable in equal quarterly installments of Rs.26.56 Lakhs from March, 2016 to December, 2019.

c) The amount repayable within one year Rs.809.36 Lakhs (previous year Rs.806.87 Lakhs) in respect of the above loans is reflected as current maturities of long term debt under current liabilities.

2. Short-term Borrowings

(secured)

cash credit and overdraft from banks

The above includes:

a) cash credit from Axis Bank Ltd. amounting to Rs.814.53 Lakhs (previous year Rs.583.75 Lakhs) which is secured by first charge by way of hypothecation of current assets of the company on pari-passu basis with The Zoroastrian co-operative Bank Ltd.

The cash credit is also secured by collateral securities of:

1) First hypothecation charge on entire movable fixed assets of the company.

2) First charge by way of equitable mortgage on factory land and building at Thane and Dharwad.

b) cash credit from The Zoroastrian co-operative Bank Ltd. amounting to Rs.1,193.29 Lakhs (previous year Rs.1,194.41 Lakhs) which is secured by hypothecation of current assets of the company on pari-passu basis with Axis Bank under multiple banking arrangement.

The cash credit is also secured by collateral securities of: second charge on

1) Factory land and building at Thane

2) Other Fixed Assets including plant and Machinery.

c) Overdraft from The Zoroastrian co-operative Bank Ltd. amounting to Nil (previous year ''517.69 Lakhs) which is secured against term deposits.

a) The Company jointly owns 50% of a motor car with Uni Deritend Ltd. in which Company’s share is of gross value of Rs.29.08 Lakhs, accumulated depreciation Rs.24.86 Lakhs and wdv Rs.4.23 Lakhs as on 31^st March, 2017.

b) Leasehold land represents lease hold interest in land at Dharwad conveyed by Karnataka Industrial Area Development Board for a period of 10 years, to be transferred to the lessee (the Company) at the end of such period (or extension thereof) on fulfillment of all lease terms and conditions. Consequently, the leasehold land is not amortized.

3. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.12.37 Lakhs (previous year Rs.22.18 Lakhs).

4. Contingent Liabilities not provided for:

i) product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs.282.30 Lakhs (previous year Rs.259.17 Lakhs).

iii) Sales Tax demands under dispute - Rs.2286.16 Lakhs (previous year Rs.2286.16 Lakhs).

iv) income Tax contingent Rs.0.63 Lakhs (previous year Rs.0.63 Lakhs)

v) Guarantees given on behalf of the company by Bank - Rs.177.15 Lakhs (previous year Rs.93.28 Lakhs).

vi) open Letter of credit Rs.807.97 Lakhs (previous year Rs.616.71 Lakhs).

5. information relating to opening and closing stocks of each class of goods produced and sales in respect of each class of finished goods:

Figures for the previous year are shown in brackets.

6. The net sales for the year 2016-17, as per statement of Profit and Loss, includes sale of scrap of Rs.71.26 Lakhs. (previous year - Rs.183.40 Lakhs).

7. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs.575.59 Lakhs (previous year Rs.539.35 Lakhs).

8. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a. Associates:

i. Uni Deritend Ltd.

ii. chemicals & Ferro Alloys pvt. Ltd.

iii. Neterson Technologies pvt. Ltd.

iv. Anosh Finance & investment pvt. Ltd.

v. Neterwala consulting & corporate services Ltd.

vi. Uni Klinger Ltd.

b. Key Managerial personnel: shri F.D. Neterwala - chairman Shri.K.K.Tamhaney - Chief Executive Officer Shri.J.D.Divekar - Chief Financial Officer shri.M.s. Ashar - company secretary

9. The dominant source and nature of risk and return associated with the products manufactured by the company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on ‘Segment Reporting’ has not been given.

10. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

11. The company has paid under Voluntary Retirement Scheme (VRS) an amount of ''Nil (previous year Rs.36.35 Lakhs) to the unionized category of employees.

The company has also paid Rs.Nil (previous year Rs.14.86 Lakhs) to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional item in the statement of profit and loss account.

12. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of :

Deferred tax asset on unabsorbed depreciation as per income Tax provisions has been recognized as the Company is very confident of recouping the same against the future taxable profits as contemplated in Accounting Standard 22 - ‘Accounting for taxes on income’. Deferred tax asset on other carried forward business loss as per income Tax provisions has not been recognized as there is no virtual certainty of recouping the same against future taxable profits of the eligible future years.

13. Pursuant to notification issued by the Ministry of Corporate Affairs on 29^th December, 2011, foreign exchange fluctuation gain of Rs.80.22 Lakhs (previous year - loss of Rs.170.61 Lakhs) arising due to exchange fluctuation on long term foreign currency loan availed for acquisition of depreciable capital assets, has been capitalized.

14. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year’s presentation.

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Mar 31, 2016

1. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.2 2.18 lacs (Previous year Rs. 8.55 lacs).

2. Contingent Liabilities not provided for:

3. Product Warranties - Amount not ascertainable.

4. Show cause notices received from Excise Authorities under dispute - Rs. 259.17 lacs (Previous year Rs. 363.66 lacs).

5. Sales Tax demands under dispute - Rs.2286.16 lacs (Previous year Rs. 2,287.55 lacs).

6. Income Tax Contingent Rs. 0.63 lacs ( Previous year nil)

7. Guarantees given on behalf of the Company by Bank - Rs. 93.28 lacs (Previous year Rs. 94.21 lacs).

8. Open Letter of Credit Rs. 616.71 lacs (Previous year Rs. 324.67 lacs).

9. The net sales for the year 2015-16, as per statement of Profit and Loss, includes sale of scrap of Rs.183.40 lacs. (Previous year - Rs. 520.46 lacs).

10. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 539.35 lacs (previous year Rs. 449.29 lacs).

11. Related Party Disclosures:

12. List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

13.. Associates:

14. Uni Deritend Ltd.

15. Universal Ferro & Allied Chemicals Ltd.

16. Netel (India) Ltd.

17. Neterson Technologies Pvt. Ltd.

18. Anosh Finance & Investment Pvt. Ltd.

19. Neterwala Consulting & Corporate Services Ltd.

20. Uni Klinger Ltd.

21. Key Managerial Personnel:

Shri F. D. Neterwala - Chairman

Shri. K. K.Tamhaney - Chief Executive Officer Shri. J. D. Divekar - Chief Financial Officer Shri. M. S. Ashar - Company Secretary

22. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on ‘Segment Reporting’ has not been given.

23. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

24. During the year, the Company has paid Voluntary Retirement Scheme (VRS) to the Unionized category of the employees opted for the VRS and a total amount of Rs. 36.35 lacs (Previous year Rs. 594.46 lacs) has been paid to these employees.

The Company has also paid during the year Rs. 14.86 lacs (Previous year Rs. 59.34 lacs) to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional items in the financial statements.

25. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of:

26. Pursuant to notification issued by the Ministry of Corporate Affairs on 29^th December, 2011, Foreign exchange fluctuation Loss of Rs. 170.61 lacs (Previous year Gain of Rs. 365.64 lacs) arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalized. The said loan was availed for acquisition of depreciable capital assets.

27. Remuneration to Executive Director included in employee benefits expenses in earlier year was in excess of limits prescribed under Section 197 read with Section 198 and Schedule V of the Companies Act, 2013 by Rs. 27.70 lacs for which necessary application was made to the Central Government for approval during the year. The application is still pending for approval.

28. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year’s presentation.

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Mar 31, 2015

1. Corporate information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building , Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane and also set up Greenfield project at Dharwad which is operesional from November, 2013 .

a) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. the euqity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting. in the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. the distribution will be in proportion to the number of equity shares held by the shareholders.

The above term loan is secured by first exclusive charge over entire movable and immovable fixed assets of the Company at Dharwad project including equitable mortgage of factory land and building (Created out of this term loan)

The loan is also secured by collateral securites of:

(1) First hypothication charge on entire movable fixed assets other than vehicles of the company.

(2) Extension of equitable mortgage on factory land and building at thane plant.

(3) second charge by way of entire current assets of the company. the term loan is repayable in equal 48 monthly installments of Rs. 62.50 lacs from April, 2014. the above loans included foreign currency term loan amounting to Rs. 1680.12 lacs (previous year Rs. 2047.83 lacs)

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 8.55 lacs (Previous year Rs. 36.79 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs. 363.66 lacs (Previous year Rs. 260.64 lacs).

iii) Sales Tax demands under dispute - Rs. 2287.55 lacs (Previous year Rs. 516.79 lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs. 94.21 lacs (Previous year Rs. 78.35 lacs).

v) Open Letter of Credit Rs. 324.67 lacs (Previous year Rs. 273.34 lacs).

4. information relating to opening and closing stocks of each class of goods produced and sales in respect of each class of finished goods:

5. The net sales for the year 2014-15, as per Statement of Profit and Loss, includes sale of scrap of Rs. 520.46 lacs. (previous year - Rs. 525.19 lacs)

6. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 449.29 lacs (previous year Rs. 431.02 lacs).

7. Related Party Disclosures:

i) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a. Associates:

i. uni Deritend ltd.

ii. universal Ferro & allied chemicals ltd.

iii. Netel (india) ltd.

iv. Neterson Technologies pvt. ltd.

v. anosh Finance & investment pvt. ltd.

vi. Neterwala consulting & corporate services ltd.

vii. uni Klinger ltd.

b. Key Managerial personnel:

shri F.D. Neterwala - chairman

shri M. K. Fondekar - Executive Director (up to 31/12/2014)

Shri K.K.Tamhaney - Chief Executive Officer (From 01/01/2015)

Shri J.D.Divekar - Chief Financial Officer

Shri M. s. ashar - company secretary

8. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on 'Segment Reporting' has not been given.

9. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

10. During the year, the Company has paid Voluntary Retirement Scheme (VRS) to the Unionised category of the employees. out of eighty seven employees covered under the scheme, eighty employees opted for the vrs and a total amount of Rs. 594.46 lacs has been paid to these employees.

The company has also paid compensation of Rs. 59.34 lacs to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional items in the financial statements of profit and loss.

11. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of :

*Deferred tax asset on unabsorbed depreciation as per Income Tax provisions has been recognized during the year, as the Company is very confident of recouping the same against the future taxable profits as contemplated in Accounting standard 22-'Accounting for taxes on income'.

12. interest expense shown in note 25 - 'Finance Cost' is net off Rs. Nil (previous year Rs. 156.23 lacs) being interest costs capitalised in respect of Dharwad project.

13. Pursuant to notification issued by the Ministry of Corporate Affairs on 29th December, 2011, Foreign exchange fluctuation Profit of Rs. 365.64 lacs arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalised. The said loan was availed for acquisition of depreciable capital assets.

14. Pursuant to the implementation of Schedule ii to the Companies Act, 2013, the Company has revised the useful life of its fixed assets. As envisaged under the Schedule, the Company is now charging the depreciation on its existing tangible assets on written down value over the balance of the assets keeping residual value of five percent. The depreciation charge during the year pertaining to the assets whose revise useful life has expired prior to commencement of the financial year has been adjusted against retained earning as per the requirements of schedule ii.

An amount of Rs. 6.52 lacs has been adjusted against the opening surplus which is net of deferred tax of Rs. 2.92 lacs.

Due to the change in the useful life of the asset, the depreciation charged during the year (including adjusted against opening surplus) is higher by Rs. 135.23 lacs.

15. Remuneration to Executive Director included in employee benefit expenses is in excess of the limits prescribed under section 197 read with section 198 and schedule v of the companies act, 2013 by Rs. 27.70 Lacs the Excess remuneration is subject to the approval of central Government for which the company is in the process of making an application.

16. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year's presentation.

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Mar 31, 2014

1. Corporate Information

The company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The company has its registered office at Liberty Building, sir vithaldas Thakersey Marg, Mumbai and its plant at Thane and also set up Greenfield project at Dharwad which is operesional from November, 2013 .

a)Terms / rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The euqity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

in the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 36.79 lacs (Previous year Rs. 1128.47 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs. 260.64 lacs (Previous year Rs. 85.35 lacs).

iii) Sales Tax demands under dispute - Rs. 516.79lacs (Previous year Rs. 454.14 lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs. 78.35 lacs (Previous year Rs. 72.75 lacs).

v) Open Letter of Credit Rs. 273.34 lacs (Previous year Rs. 102.48 lacs).

3. The net sales for the year 2013-14, as per statement of Profit and Loss, includes sale of scrap of Rs. 525.19 lacs. (previous year - Rs. 528.85 lacs)

4. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 431.02 lacs (previous year Rs. 499.64 lacs).

5. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. consequently segmental information as required under Accounting standard No. 17 on ''segment Reporting'' has not been given.

6. in the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

a. Leave entitlement benefits of employees has been treated as Long Term Employee Benefits as per provisions of Accounting Standard 15 (Revised) and the reduction in provision for the year Rs. 1.27 lacs is credited to the statement of profit and loss.(previous Year Rs. 15.10 lacs debited )

7. Subsequent to the Balance Sheet date, the Company offered Voluntary Retirement Scheme to the Unionised category of the employees. Eighty employees opted for the vrs and Rs. 594.47 lacs was paid towards vrs compensation.

8. interest expense shown in note 24 - ''Finance Cost'' is net of Rs. 156.23 lacs (previous year Rs. 121.13) being interest costs capitalised in respect of Dharwad project.

9. Pursuant to notification issued by the Ministry of Corporate Affairs on 29th December, 2011, Foreign exchange fluctuation loss of Rs. 45.77 lacs arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalised. The said loan was availed for acquisition of depreciable capital assets.

10. Remuneration to Executive Director included in employee benefit expenses is in excess of the limits prescribed under section 309 read together with section 198 and 349 of the companies Act, 1956 by Rs. 8.25 lacs. The excess remuneration is subject to the approval of central Government for which the company is in the process of making an application.

11. previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year''s presentation.

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Mar 31, 2013

1. Corporate Information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building, Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 1128.47 lacs (Previous year Rs. 1436.98 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute Rs. 85.35 lacs (Previous year Rs. 48.99 lacs).

iii) Sales Tax demands under dispute Rs. 454.14 lacs (Previous year Rs. 334.62 lacs).

iv) Guarantees given on behalf of the Company by Bank Rs. 72.75 lacs (Previous year Rs. 13.54 lacs).

v) Open Letter of Credit Rs. 102.48 lacs (Previous year Rs. 65.83 lacs).

vi) Income Tax demands under dispute - Rs. Nil (Previous year Rs.16.13 lacs)

4. The net sales for the year 2012-13, as per statement of Profit and Loss, includes sale of scrap of Rs. 528.85 lacs. (previous year Rs. 368.50 lacs)

5. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 499.64 lacs (previous year Rs. 427.37 lacs).

6. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a) Associates:

i. Uni Deritend Ltd.

ii. Universal Ferro & Allied Chemicals Ltd.

iii. Netel (India) Ltd.

iv. Neterson Technologies Pvt. Ltd.

v. Anosh Finance & Investment Pvt. Ltd.

vi. Neterwala Consulting & Corporate Services Ltd.

vii. S D N Company

viii. Uni Klinger Ltd.

7. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on [Segment ReportingHhas not been given.

8. In the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

9. Interest expense shown in note 23 - ''Finance Cost'' is net of Rs. 121.13 lacs (previous year Rs. Nil) being interest costs capitalised in respect of Dharwad project lying in capital work in progress.

10. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year''s presentation.

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Mar 31, 2012

1. Corporate Information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building, Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane.

a) Terms I rights attached to equity shares

The company has only one class of equity shares having a par value of Rs10 per share. Each holder of equity shares is entitled to one vote per share. The equity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs 1436.98 Lacs. (Previous year Rs 5.42 Lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs 48.99 Lacs (Previous year Rs 39.60 Lacs).

iii) Sales tax demands under dispute - Rs 334.62 Lacs (Previous year Rs 282.23 Lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs 13.54 Lacs (Previous year Rs 210.80 Lacs).

v) Open Letter of Credit Rs. 65.83 Lacs (Previous year Rs NIL).

vi) Income Tax demand under dispute - Rs 16.13 Lacs (Previous year Rs 16.13 Lacs)

Figures for the previous year are shown in brackets.

Note:

The net sales for the year 2011-12, as per statement of Profit and Loss, includes sale of scrap of Rs 368.50 Lacs. (Previous year 1 152.77 Lacs)

4. As per the Lease Agreement entered into with KIADB for acquisition of 30 acres of land at Dharwad in the financial year 2009-10, the initial amounts paid as allotment consideration is to be adjusted against the final price of land, which as per the terms of the agreement is to be transferred in the Company's name at the end of the initial lease period of 10 year subject to the fulfillment of certain conditions. Accordingly, Rs 44.25 lacs erroneously amortised in the previous years, treating the initial amounts paid as non refundable lease premium, was written back and shown under - Prior Period adjustment in the financial year 2010-11.

5. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs 427.37 lacs (previous year Rs 372.51 lacs).

6. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or balances are outstanding:

a) Associates:

i Uni Deritend Ltd.

ii Universal Ferro & Allied Chemicals Ltd.

iii Netel (India) Ltd.

iv Neterson Technologies Pvt. Ltd.

v Anosh Finance & Investment Pvt. Ltd.

vi Neterwala Consulting & Corporate Services Ltd.

vii S D N Company

b) Key Managerial Personnel: Shri F.D. Neterwala - Chairman

Shri M.K. Fondekar - Executive Director

7. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on 'Segment Reporting' has not been given.

8. In the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

a. Leave entitlement benefits of employees has been treated as Long Term Employee Benefits as per provisions of Accounting Standard 15 (Revised) and the reduction in provision for the yearRs 16.30 lacs is credited to the statement of Profit and Loss. (Previous Year Rs 4.31 lacs debited )

9. Till the year ended 31st March, 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has accordingly reclassified previous year figures to conform to this year's classification.

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Mar 31, 2011

1. CAPITAL COMMITMENT:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 5.42 lacs (previous year Rs. 85.75 lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

i) Product warranties - amount not ascertainable.

ii) Show cause notices received from excise authorities under dispute – Rs. 39.60 lacs (previous year Rs. 118.07 lacs).

iii) Sales tax demands under dispute – Rs. 282.23 lacs (previous year Rs. 104.12 lacs).

iv) Guarantees given on behalf of the company by Bank – Rs. 210.80 lacs (previous year Rs. 202.45 lacs).

v) Open letter of credit Rs.. Nil (previous year Rs. 31.20 lacs).

vi) Income tax demand under dispute - Rs. 14.44 lacs (previous year Nil)

3. Pursuant to a share purchase agreement dated 24th september 2010 entered into between Uni bex Alloy products ltd., (the company) along with Neterwala Group of companies, Manior petro india ltd. a joint venture company and Manior industries, 9,67,800 equity shares of Manior petro India ltd., were transferred/ sold to Manior industries.

Upon such sale of shares to Manoir industries, the transfer of commercial rights agreement, the Non compete agreement and Joint venture agreement entered into between the company and Manior petro india ltd., stood terminated and the rights and obligations of the respective parties have reverted to status ante i.e. as they were in prior to the execution of said agreements and the commercial rights were earlier transferred to Manoir petro india have regained and reverted back to uni Abex. consequently, 125,000 euros (equi. to Rs. 83.48 lacs) receivable from Manior industries ltd., [as contemplated under transfer of commercial rights agreement] has been considered as compensation paid towards reacquisition of commercial rights by the company and the same (Rs. 83.48 lacs) is treated under intangible asset to be amortised over a period of five years.

4. As per the lease agreement entered into with KiaDB for acquisition of 30 acres of land at Dharwad in earlier year, the initial amounts paid as allotment consideration is to be adjusted against the final price of land, which as per the terms of the agreement is to be transferred in the company’s name at the end of the initial lease period of 10 years subject to the fulfillment of certain conditions. accordingly ` 44.25 lacs erroneously amortised in the previous years, treating the initial amounts paid as non refundable lease premium, has been written back and shown under – prior period adjustment.

Notes:

(i) In terms of endorsement made on 26th september, 1979, the company is permitted to manufacture 50 tones of non-ferrous alloy casting and as per approval granted on 10th april, 1985, the company permitted to Manufacture the centrifugally cast alloy iron casting within the overall licensed capacity.

(ii) Installed capacity has been certified by the chief operating officer of the company and not verified by the auditors, this being a technical matter.

(iii) Production figures have been arrived at on the basis of the sales plus closing stock, less opening stock and accordingly excludes in case of high alloy steel castings, castings produced in excess of ordered quantity/sales reversals expected to be re-melted and classified in the books as work-in-process.

(iv) The Net sales for the year 2010-11, as per profit and loss account, includes sale of scrap of Rs. 152.77 lacs. (p.y – Rs. 469.85 lacs)

5. The excise duty recovered from customers amounting to Rs. 372.51 lacs (previous year Rs. 356.19 lacs) is shown as a deduction from the gross turnover in the profit and loss account. the excise duty on the difference between the opening and closing stock of finished goods has been shown under material cost in the profit and loss account.

6 Auditor's remuneration (exclusive of service tax) - included in Miscellaneous Expenses -

a) Statutory audit fees - Rs. 1.60 Lacs (Previous year ` 1.35 Lacs)

b) Other Services - ` 0.45 Lacs (Previous year ` 0.45 Lacs)

c) Out of pocket expenses - ` 0.17 Lacs (Previous year ` 0.11 Lacs)

7. Related Party Disclosures:

List of related parties with whom transactions have taken place during the year or balances are outstanding: i) associates:

a. Uni Deritend ltd.

b. universal Ferro & allied chemicals ltd.

c. Netel india ltd.

d. Neterson technologies pvt. ltd.

e. anosh Finance & investment ltd.

f. Neterwala consulting & corporate services ltd.

g. Manoir petro india ltd. h. s D N company

ii) Key Managerial personnel: shri F.D. Neterwala - chairman

shri M.K. Fondekar – executive Director

8. The dominant source and nature of risk and return associated with the products manufactured by the company not being significantly different, both product wise and geographically, the company has a single business segment. consequently segmental information as required under accounting standard No. 17 on ‘segment reporting’ has not been given.

9. In the absence of necessary information with the company, relating to registration status of supplier under Micro, small and Medium enterprises Development act, 2006, the information required under the said act could not be compiled and disclosed.

10. Disclosure Pursuant to Accounting Standard – 15 "Employee Benefits"

b. Leave entitlement benefits of employees has been treated as long term employee Benefits as per provisions of accounting standard 15 (revised) and the amount for the year of Rs.. 4.31 lacs (previous year Rs.. 24.24 lacs) is debited to profit and loss account.

11. The Balance sheet abstract and the company‘s general business profile as required by part iv of schedule vi to the companies act, are given in annexure.

12. Prior year figures have been regrouped / reclassified wherever necessary to conform to the current year’s presentation.

Signatures to Schedule "A" to "O", which forms an integral part of the accounts.

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Mar 31, 2010

1. CAPITAL COMMITMENT:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.85.75 Lacs (Previous year Rs. 118.30 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notice received from Excise Authorities under dispute - Rs. 118.07 Lacs (Previous year Rs. 246.93 Lacs).

iii) Sales tax matters under dispute - Rs. 104.12 Lacs (Previous year Rs. 90.62 Lacs).

iv) Guarantees given on behalf of the Company by Bank- Rs. 202.45 Lacs (Previous year Rs. 441.17 Lacs).

v) Open Letter of Credit Rs.31.20 Lacs (Previous year Rs. Nil).

3. a) There to , the Company followed the policy of charging off cost incurred on development of moulds in the year in which such costs were incurred. During the year the companyhas changed this policy and is now capitalizing such moulds not specifically recoverable from customers under fixed assets. As a result of this change, cost of moulds charged to Profit & Loss Account is less by Rs.43.23 lacs, depreciation for the year is higher by Rs.5.12 lacs and profit before tax for the year is higher by Rs.38.11 lacs.

b) Hitherto, the Company followed the policy of capitaising the acquired software under computer equipment category and was charging depreciation on same at the rates prescribed under schedule14 of the Companies Act 1956 for such categories. During the year the Company has changed this policy and is now capitalizing computer software under intangible fixed assets and is amortising the same equally over the period of 60 months in compliance with Accounting Standard 26 - Accounting for Intangible Assets issued by Institute of Chartered Accountants of India. As a result of this change, the depreciation / amortization charged for the year is lower by Rs. 15.37 lacs with a corresponding effect on the Profit for the year and the Reserves and Surplus.

4. The excise duty recovered from customers amounting to Rs. 356.19 Lacs (Previous year Rs. 429.41 Lacs) is shown as a deduction from the gross turnover in the Profit & Loss Account. The excise duty on the difference between on opening and closing stock of finished goods has been shown under material cost in the Profit & Loss Account.

5. Auditors remuneration (exclusive of service tax) - included in Miscellaneous Expenses -

a) Statutory audit fees - Rs. 1.35 Lacs (Previous year Rs. 1.35 Lacs)

b) Other Services - Rs. 0.45 Lacs (Previous year Rs. 0.45 Lacs)

c) Out of pocket expenses - Rs. 0.11 Lacs (Previous year Rs.0.11 Lacs)

6. Related Party Disclosures:

List of related parties with whom transactions have taken place during the year: i) Associates:

a. Uni Deritend Ltd.

b. Universal Ferro & Allied Chemicals Ltd.

c. Dai-ichi Karkaria Ltd.

d. Uni Klinger Ltd.

e. Netel India Ltd.

f. Neterson Technologies Pvt. Ltd.

g. Anosh Finance & Investment Pvt. Ltd.

h. Neterwala Consulting & Corporate Services Ltd.

i. Manoir Petro India Ltd. j. S D N Company

ii) Key Managerial Personnel: Shri F. D. Neterwala - Chairman

Shri M. K. Fondekar- Executive Director w.e.f. 01.07.09 Shri U. M. Gaitonde - President Upto 13.6.09

7. Interest in Joint Venture

The Companys interest as a venturer in jointly controlled entity formed during the year is as given below:

Name of Jointly Controlled Entity Percentage of ownership

interest as at 31st March,10

Manoir Petro India Limited 20 %

(Incorporated in India)

The Companys interest in above joint venture company is reported as Long Term Investment (Schedule E) and is stated at cost.

8. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on Segment Reporting has not been given.

9. In the absence of necessary information with the company, relating to registration status of supplier under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

10. The Balance Sheet abstract and the Companys general business profile as required by Part IV of Schedule VI to the Companies Act, are given in annexure.

11. Prior year figures have been regrouped / reclassified wherever necessary to conform to the current years presentation.

Signatures to Schedule "A" to "O", which forms an integral part of the accounts.