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Notes to Accounts of Binny Ltd.

Mar 31, 2023

Provisions, contingent liabilities and contingent assets

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the
amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance sheet date. Provisions are discounted to their present values, where the time value of money is
material.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent assets are neither
recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed.

2.10 Cash and cash equivalents including Statement of Cash Flows

Cash and cash equ ivalent in the balance sheet comprise cash at banks and cash on hand wh ich are subject to an insignificant
risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and balances with banks, as
defined above as they are considered an integral part of the company''s cash management process.

2.11 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

(a) Financial assets

(i) Initial recognition and measurement

At initial recognition, financial asset is measured at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

(ii) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) at amortized cost; or

b) at fair value through other comprehensive income; or

c) at fair value through profit or loss.

The classification depends on the entity''s business model for managing the financial assets and the contractual
terms of the cash flows.

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortized cost. Interest income from these financial
assets is included in finance income using the effective interest rate method (EIR).

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash
flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and
interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying
amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and
foreign exchange gains and losses which are recognized in Statement of Profit and Loss. When the financial
asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to
Statement of Profit and Loss and recognized in other gains/ (losses). Interest income from these financial assets
is included in other income using the effective interest rate method.

Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortized cost or FVOCI are
measured at fair value through profit or loss. Interest income from these financial assets is included in other
income.

Equity instruments: All equity investments within the scope of Ind AS 109 are measured at fair value. Equity
instruments included within the FVTPL category are measured at fair value with all changes recognized in
the statement of profit and loss. The Company has currently exercised the irrevocable option to classify its
investment in Mutual Funds as Fair Value through Profit and Loss (FVTPL).

(iii) Impairment of financial assets

In accordance with Ind AS 109, Financial Instruments, the Company applies expected credit loss (ECL) model
for measurement and recognition of impairment loss on financial assets that are measured at amortized cost.

For recognition of impairment loss on financial assets and risk exposure, the Company determines that whether
there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased
sign ificantly, lifetime ECL is used. If in subsequent years, credit qual ity of the instrument improves such that there
is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing
impairment loss allowance based on 1 2 month ECL.

Life time ECLs are the expected credit losses resulting from all possible default events over the expected life of
a financial instrument. The 1 2 month ECL is a portion of the lifetime ECL which results from default events that
are possible within 12 months after the year end.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e. all shortfalls), discounted at the original EIR.
When estimating the cash flows, an entity is required to consider all contractual terms of the financial instrument
(including prepayment, extension etc.) over the expected life of the financial instrument.

ECL impairment loss allowance/reversal recognized during the year is recognized as income/expense in the
statement of profit and loss. In balance sheet ECL for financial assets measured at amortized cost is presented as
an allowance, i.e. as an integral part of the measurement of those assets in the balance sheet.

(iv) Derecognition of financial assets

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial asset is transferred or

b) the company retains the contractual rights to receive the cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to one or more recipients.

Where the financial asset is transferred then in that case financial asset is derecogn ized only if substantially
all risks and rewards of ownership of the financial asset is transferred. Where the entity has not transferred
substantially all risks and rewards of ownersh ip of the financial asset, the financial asset is not derecognized.

(b) Financial liabilities

(i) Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss
and at amortized cost, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs.

(ii) Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at lair value through protit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Separated embedded
derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognized in the Statement of Profit and Loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost
using the EIR method. Gains and losses are recognized in Statement of Profit and Loss when the liabilities
are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortization is included as finance costs in the Statement of Profit and Loss.

(iii) Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognized in the Statement of Profit and Loss as finance costs.

2.12 Employee Benefits

(a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within
12 months after the end of the year in which the employees render the related service are recognized in respect
of employees'' services up to the end of the year and are measured at the amounts expected to be paid when the
liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(b! Other long-term employee benefit obligations
(ij Defined contribution plan

Provident Fund: Contribution towards provident fund is made to the regu latory authorities, where the Company
has no further obligations. Such benefits are classified as Defined Contribution Schemes as the Company does
not carry any further obligations, apart from the contributions made on a monthly basis which are charged to
the Statement of Profit and Loss.

Employee''s State Insurance Scheme: Contribution towards employees'' state insurance scheme is made to the
regulatory authorities, where the Company has no further obligations. Such benefits are classified as Defined
Contribution Schemes as the Company does not carry any further obligations, apart from the contributions made
on a monthly basis which are charged to the Statement of Profit and Loss.

(ii) Defined benefit plans

Gratuity: The Company provides for gratuity, a defined benefit plan (the ''Gratuity Plan") covering eligible
employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum
payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount
based on the respective employee''s salary. The Company''s I iabi lity is actuarially determined (using the Projected
Unit Credit method) at the end of each year. Actuarial losses/gains are recognized in the other comprehensive
income in the year in which they arise.

Compensated Absences: Accumulated compensated absences, which are expected to be availed or encashed
within 1 2 months from the end of the year are treated as short term employee benefits. The obligation towards
the same is measured at the expected cost of accumulating compensated absences as the additional amount
expected to be paid as a result of the unused entitlement as at the year end.

Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months
from the end of the year end are treated as other long term employee benefits. The Company''s liability is
actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial losses/gains
are recognized in the statement of profit and loss in the year in which they arise. Leaves under defined benefit
plans can be encashed only on discontinuation of service by employee.

2.13 Contributed equity

Equity shares are classified as equity share capital.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.

2.14 Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year. Earnings considered in ascertaining the Company''s
earnings per share is the net profit or loss for the year after deducting interest on preference shares and any attributable
tax thereto for the year. The weighted average number of equity shares outstanding during the year and for all the years
presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have
changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earn ings per share, the net profit or loss for the year attributable to equity shareholders
and the weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential
equ ity shares.

2.15 Borrowing costs

Borrowing costs directly attributable to the acquisition and/or construction of a qualifying asset are capitalized during the
period of time that is necessary to complete and prepare the asset for its intended use or sale. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the
statement of profit or loss as incurred

3 Significant accounting judgments, estimates and assumptions

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabi lities, and the accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future years.

3.1 Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the year end date, that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year, are described below. The Company based its assumptions and estimates on parameters available when the financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.

(a) Defined benefit plans (gratuity benefits and leave encashment)

The cost of the defined benefit plans such as gratuity and leave encashment are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in
the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to
the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed at each year end.

The principal assumptions are the discount and salary growth rate. The discount rate is based upon the market yields
available on government bonds at the accounting date with a term that matches that of liabilities. Salary increase rate
takes into account of inflation, seniority, promotion and other relevant factors on long term basis.


Mar 31, 2021

Nature and Purpose of Reserves Capital reserve

As per sanctioned scheme of arrangement, certain assets and liabilities have been transferred to resulting companies. The reserve denotes the excess of liabilities over assets transferred to the resulting companies. Capital reserve is not available for the distribution to the shareholders.

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve will be utilised in accordance with provisions of the Act.

Revaluation Reserve

It has arised out of revaluation of Land Parcel of the Company. From the Revaluation Reserve, during the demerger, Miscellaneous and P&L Debit balances, in terms of Clause 8.2 of the sanctioned scheme, has been adjusted. Revaluation reserve is not available for distribution to the share holders. During the year revaluation reserve has been reversed to the extent of Rs. 329.68 lakhs. The reason for such reversal is partial sale of assets on which the reserve was created.

Note: Subject to approval of shareholders in forthcoming Extra Ordinary General Meeting scheduled on 9th October 2021, Board of Directors have approved redemption of entire preference shares held by the Company. In view of the proposed redemption of preference shares, interest accrued on preference shares under Ind AS (included in Finance Cost) has been accounted on actual basis instead of Effective Interest Rate. This has resulted in reversal of excess provision to the extent of Rs. 767.27 Lakhs during the quarter ended 31.03.2021.

15.2 Repayment Terms and security disclosures for outstanding long term borrowings

Facility of Rs. 7.97 lakhs from Sundaram finance ltd; balance amount is repayable in 33 equal monthly installments starting from April 2018.

The above loans are secured by way of Vehicles purchased under the HP

(a) Facility of Rs. 4999.73 lakhs from Altico Capital India Ltd through SPR Constructions Pvt Ltd; repayable in 12 quarterly installments from June 2021.

(b) Facility of Rs. 1922.20 lakhs from Piramal Finance Ltd. through SPR Constructions Pvt Ltd; repayable in 16 quarterly installments from Sep 2020.

(c) Facility of Rs. 3100.00 lakhs from SPR Management Services Pvt Ltd; repayable in 18 Monthly installments from Oct 2020.

During the year ended 31 March 2021, the amount outstanding against the facilities mentioned in (a), (b) and (C ) as at 30.06.2020 was converted into ''''Advance received towards JDA revenue share'''' from SPR Construction Pvt. Ltd. Also refer note 17.

~ Facilities mentioned in ( a ), ( b ) and ( c ) are secured by exclusive charge by way of registered mortgage on the land of the Joint Venture Project.

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free except for borrowings and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2021, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2020: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

32 Fair values of financial assets and financial liabilities

The fair value of other current financial assets, cash and cash equivalents, trade receivables investments, trade payables, shortterm borrowings and other financial liabilities approximate the carrying amounts because of the short term nature of these financial instruments.

The amortized cost using effective interest rate (EIR) of non-current financial assets consisting of security and term deposits are not significantly different from the carrying amount.

Financial assets that are neither past due nor impaired include cash and cash equivalents, security deposits, term deposits, and other financial assets.

Non-current borrowing comprises liability portion on liability component of Convertible Preference Shares. The impact of fair value on such portion is not material and therefore not considered for above disclosure. Similarly, carrying values of non-current security deposits and non-current term deposits are not significant and therefore the impact of fair value is not considered for above disclosure.

34 Financial risk management objectives and policies

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk. The Company''s risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes.

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include borrowings and derivative financial instruments.

(i) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no exposure to the risk of changes in market interest rates.

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

The Company''s fixed deposits, interest bearing security deposits and loans are carried at fixed rate. Therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Impact of Covid-19 Pandemic

As the major part of the Financial instruments held by the Company are bearing fixed coupon and are amortised at cost. Accordingly, material volatility is not expected due to Covid-19 Pandemic.

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in a different currency from the Company''s functional currency). The company has no exposure to the risk of changes in foreign exchange rates.

Impact of Covid-19 Pandemic

As the Company do not have foreign currency exposure, we do not forsee foreign currency risk for Financial statements as at 31 March 2021.

(B) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company''s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls. Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks.

Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

The Company''s maximum exposure to credit risk for the components of the balance sheet at 31 March 2021 and 31 March 2020 is the carrying amounts as mentioned in Note 6 to 10 excluding Note 8 - Inventories.

Impact of Covid-19 Pandemic

The company has not witnessed any instances where in it indicates that the counter parties may dafault in discharging their liability. The Company is not in position to measure and access prospective default based on current scenario.

(C) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Impact of Covid-19 Pandemic

We witnessed higher risk averseness of customers than before in bookings. However, Customers have shown huge inclination towards projects which are nearing completion. As a result of proactive measures and well put strategies, the Company was able to achieve 60% of pre-Covid sales. We consider the Covid-19 impact do have impact on our business and to certain level on liquidity but we do not forsee any material impact on liquidity position. The company has put measures in place to tackle liquidity issues if any and are in process of accessing and putting proactive measures in pace to tackle liquidity problem if any.

35 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders. The primary objective of the Company''s capital management is to maximize the shareholder value and to ensure the Company''s ability to continue as a going concern.

The Company has not distributed any dividend to its shareholders. The Company monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of non-current borrowing which represents liability component of Convertible Preference Shares and Secured borrowings . The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

36.3 Re-assessment of Wealth tax for the AYs 1993-94 to 2000-01 and 2005-06 to 2010-11 was done by the Assessing Officer by re-instating the same demand of Rs. 1823.66 lakhs as was done previously with the mention that the demand is modifiable subject to the outcome of Valuation Report. Appeal against Wealth-tax demand of Rs. 717.68 lakhs pertaining to AY 2001-02 to 2004-05 is pending before ITAT, Chennai. The entire Wealth tax demands were provided for in the books and the entire wealth tax demands were paid by the company. The Company has paid a sum of Rs.404.92 lakhs in excess of demands raised by the Department which was shown as ''Wealth tax paid under Protest'' under Note 14 — Other Current Assets.

36.4 Provision was not made in the books of accounts of the company for the following disputes pending before authorities considering that the cases shall favour the company.

(A) The Income-tax demand of Rs. 19.21 lakhs for AY 2008-09 raised by AO was disputed before ITAT and ITAT partly allowed the appeal of the company. However, the Income-tax Department has preferred an appeal before Hon''ble Hiigh Court of Madras.

(B) The Income-tax demand of Rs. 1 1464.23 lakhs for AY 2010-11, raised by AO was disputed before CIT(A). CIT(A) allowed the appeal in favour of the company and AO has passed the ''Giving effect Order'' to the CIT(A) Order. As per the order passed by CIT(A), the tax payable is Rs. 0.59 lakhs. However, the Income-tax department has preferred appeal against the CIT (A) Order.

(C) The Wealth-tax Assessment for AY 2011-12 to 2014-15 was completed by AO demanding a sum of Rs. 574.73 lakhs. On Appleal to the CWT (A), Chennai, he has partially allowed the appeal. The company is yet to receive ''Giving Effect Order'' from the AO for the same.

(D) The Income-tax demand of Rs.82.53 lakhs for AY 2014-15 raised by AO was received during the financial year 2016-17. Against the demand, the company has appealed before CIT (A), Chennai.

(E) The AO has raised a demand of Rs. 710.35 lakhs for the AY 2015-16. On Appeal to CIT(A), Chennai, he has partly allowed the appeal. ''''Giving Effect Order'' is yet to be received.

36.5 The company has entered in to ''Joint Development Agreement'' (JDA) for development of land area of 63.89 acres into a Township. As per JDA the company has received Rs. 25,000 lakhs, as interest free Security Deposit and a sum of Rs. 22,542.29 lakhs has been received from JDA escrow account which are shown under ''Revenue Received in Advance''. Further the company is in the process of reconciliation of this account for any amounts adjustable against the permissible deduction like Marketing fees etc as per the JDA. ''Revenue Received in Advance'' also includes the advance received against sale of land of Rs. 4147.48 lakhs. The JDA Partner has obtained RERA Registration in the previous financial year.

36.6 The remaining land held in Fixed Assets has been converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land includes revaluation addition made during previous years. Some portion of revaluation reserve utilized for write off losses as per the sanctioned scheme of Demerger by the High Court. Hence, the value of Inventory is taken as of the value of Fixed Asset standing as on the date of conversion in to stock-in-trade which is much less than net realizable value.

36.7 Managerial remuneration has been paid as per section 197 of Companies Act, 2013 read with Schedule V of Companies Act, 2013.

36.8 For the amount of Rs. 18335.13 lakhs advanced, which was called back by the company since the shareholders have not approved the same, to a related party, the company has charged interest of Rs.3279.12 lakhs during the financial year. The company is in the process of recovering the advance by acquiring/taking over certain assets of related party subject to approval of Shareholders.

36.9 The company has charged interest of Rs. 900 lakhs on the amount of Rs. 6000.00 lakhs advanced to a related party towards windmill purchase which was cancelled later and the amount was called back. The company is in the process of recovering the advance by acquiring/taking over certain assets of related party subject to approval of Shareholders.

36.10'' The company has advanced Rs. 14000 lakhs towards purchase of 7.07 acres of land to a Related Party. The company is in the process of recovering the advance by acquiring/taking over certain assets of related party subject to approval of Shareholders.

36.11 The Company has not entered into any long term contracts including derivatives and there are no outstanding obligations, and there are no foreseeable losses on these as at the year end.

36.12 The company is liable to spend a sum of Rs. 41.66 lakhs as per Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility for the year ended 31-Mar-21. The company has constitured Corporate Social Responsibility (CSR) Committee in the previous financial year. The company is in the process of identifying projects to be undertaken in this regard.

36.13 Based on the Supreme Court Judgement dated February 28, 2019, the Company was required to reassess the components to be included in the basic salary for the purposes of deduction of Provident Fund. However, the Company believes that there will be no impact and hence has not provided for any additional liability as on March 31, 2021 in the books of accounts.

36.14 There are no amounts to be transferred to Investor Education and Protection Fund as at the year ended March 31, 2021

36.15 Since the company operates under one segment, i.e. real estate, no segment report is applicable to the company.

37 Previous year figures have been regrouped/reclassified to confirm to the figures of current Year.


Mar 31, 2018

1 General Information

Binny Limited (the "Company") is a public limited company domiciled in India and was incorporated on June 30, 1969 under the provisions of the Companies Act, 1956. Its registered and principal office of business is located at No. 1, Cooks Road, Perambur Chennai - 600012. The Company is primarily engaged in the business of real estate development. The shares of the Company are listed in the Bombay Stock Exchange (BSE).

(g) Notes to first-time adoption

(i) Preference shares

Under previous GAAP, redeemable preference shares were classified as part of total equity. Dividends payable on these shares were shown as Contingent Liability.and it was not recognised as finance costs in profit or loss. However, under Ind AS, financial instruments are to be classified as either liability or equity according to the substance of the contractual arrangement and not its legal form. These preference shares do not contain any equity component and hence, have been classified in their entirety as a financial liability under Ind AS. The resultant dividends have been recognised as finance costs in Statement of profit or loss. Consequent to this, Borrowings as of 1 April, 2016 has increased by Rs 19,824.32 lakhs and by Rs 21,389.79 lakhs as on March 31, 2017.

(ii) Advance to group companies carried at amortised cost

Under Indian GAAP, interest-free loans (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly the Company has fair valued a advance given to its group company under Ind AS, since it becomes refundable. Difference between the fair value and transaction value of the loan has been recognized as part of Other equity. Consequently, the amount of advance as on 31 March 2017 has been decreased by Rs 3,605.12 lakhs (1 April 2016: Rs. 4,872.76 lakhs). The profit for the year ended 31 March 2017 has increased by Rs 1,267.65 lakhs and retained earnings as on 1 April 2016 has decreased by Rs 4,872.76 lakhs.

(iii) Fair valuation of Investments

Under previous GAAP, long term investments were measured at cost less dimunition in value which is other than temporary. Under Ind AS, these financial assets have been classified as FVTPL. On the date of transition to Ind AS, these financial assets have been measured at their fair value which is higher than the cost as per previous GAAP, resulting in an increase in carrying amount by Rs 118 lakhs as at March 31, 2016 and Rs 151.61 lakhs as at March 31, 2017. The profit before tax for the year ended March 31, 2017 has increased by Rs 33.61 lakhs on account of this.

(iv) De recognition of financial liabilities

Under previous GAAP, any modifications in the terms of repayment with respect to a financial liability will be accounted prospectively. However, under IND AS, a modification of the terms if considered to be a substantial modification is to be accounted for as an extingushment of the original financial liability and recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognized and the fair value of the fresh liability is recognized in statement profit or loss.

(v) Deferred taxes

Under previous GAAP, deferred taxes were to be accounted on timing differences arising between the accounting profit and tax profit. However, such method has been replaced with balance sheet approach in Ind AS, wherein deferred taxes are to be accounted for the differences arising between the accounting balance sheet and tax balance sheet. Accordingly, deferred taxes has been accounted for such temporary differences.

Note:

Company has given Mohan Breweries & Distelleries Ltd (MBDL) an advance of Rs.18335.13 lakhs for purchase of land. Later the company cancelled the proposed purchase of land and recalled the advance amount paid. MBDL has mentioned that they require 2 years time for Repayment of advance amount on a condition that the property which MBDL propose to sell to company should not be sold or encumbered till the advance is fully settled. The same is considered as Non-current financial asset carried at amortised cost.

* The portion of land held in Fixed Assets as on March 31, 2016 was converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land include addition on account of revaluation made during the previous years.

Some portion of revaluation reserve was utilized for write-off of losses as per the sanctioned scheme of Demerger sanctioned by the High Court. Hence, the value of Inventory for the year ended March 31, 2017 was taken as of the value of Fixed Asset standing as on the date of conversion to stock-in-trade which is much less than net realizable value. Among other securities, mortgage has been created on the JDA area of 63.89 acres of land for the financial assistance received from certain term lenders by the Company and the JDA Partner, M/s.SPR Construction Pvt. Ltd.

Note:

Company has given Mohan Breweries & Distelleries Ltd (MBDL) an advance of Rs.6000 lakhs for purchase of Windmill. Later the company cancelled the proposed purchase of windmill and recalled the advance amount paid. The same is considered as Current financial asset.

(b) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has only one class of equity shares having par value of Rs.5/- per share. Each shareholder is entitled to one vote per share held. Dividend if any declared is payable in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Nature and Purpose of Reserves

Capital reserve

As per sanctioned scheme of arrangement, certain assets and liabilities have been transferred to resulting companies. The reserve denotes the excess of liabilities over assets transferred to the resulting companies. Capital reserve is not available for the distribution to the shareholders.

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve will be utilised in accordance with provisions of the Act.

Revaluation Reserve

It has arised out of revaluation of Land Parcel of the Company. From the Revaluation Reserve, during the demerger, Miscellaneous and P&L Debit balances, in terms of Clause 8.2 of the sanctioned scheme, has been adjusted. Revaluation reserve is not available for distribution to the share holders.

Note: The Company has initiated the process of converting the above CRPS in to 18% Non-Convertible Debentures as per the Scheme of Arrangement which are subject to the Approval of Shareholders, NCLT and Other Authorities. Upon the Scheme becoming effective, this CRPS would be converted in to 18% NCDs effective from 01-10-2014.

2. Repayment Terms and security disclosures for outstanding long term borrowings

(a) Facility of Rs. 53.36 lakhs at the rate of 10.15% p.a. from Sundaram finance Ltd; balance amount is repayable in 29 equal monthly installments starting from April 2018

(b) Facility of Rs. 15.75 lakhs at the rate of 10.50% from Sundaram finance ltd; balance amount is repayable in 21 equal monthly installments starting from April 2018

(c) Facility of Rs. 6.22 lakhs at the rate of 10.50% from Sundaram finance ltd; balance amount is repayable in 17 equal monthly installments starting from April 2018

The above loans are secured by way of Vehicles purchased under the HP

(d) Facility of Rs. 5000 lakhs at the rate of 18% p.a from M/s.Altico Capital India Ltd through and in the name of JDA Partner SPR Construction Pvt Ltd; repayable in 12 quarterly installments from June 2021.

(e) Facility of Rs. 5000 lakhs at the rate of 18% p.a from M/s. Piramal Finance Ltd through and in the name of JDA Partner SPR Construction Pvt Ltd; repayable in 7 quarterly installments from June 2020.

(f) Facility of Rs. 3100 lakhs at the rate of 18% p.a from M/s.JM Financial Credit Solutions Ltd through and in the name of SPR Management Services Pvt Ltd; repayable in 7 quarterly installments from June 2020.

Based on the information available with the Company, there are no outstanding dues and payments made to any supplier of goods and services beyond the specified period under Micro, Small and Medium Enterprises Development Act, 2006 [MSMED Act]. There is no interest payable or paid to any suppliers under the said Act.

* Not due for credit to ''Investor Education and Protection Fund''

3 Earnings per share

Basic earnings per share amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the profit attributable to equity holders (after adjusting for interest on the convertible preference shares) by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free except for borrowings and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2018, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2017: Nil, 1 April 2016: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

4 Fair values of financial assets and financial liabilities

The fair value of other current financial assets, cash and cash equivalents, trade receivables investments, trade payables, shortterm borrowings and other financial liabilities approximate the carrying amounts because of the short term nature of these financial instruments.

The amortized cost using effective interest rate (EIR) of non-current financial assets consisting of security and term deposits are not significantly different from the carrying amount.

Financial assets that are neither past due nor impaired include cash and cash equivalents, security deposits, term deposits, and other financial assets.

Non-current borrowing comprises liability portion on liability component of Convertible Preference Shares. The impact of fair value on such portion is not material and therefore not considered for above disclosure. Similarly, carrying values of non-current security deposits and non-current term deposits are not significant and therefore the impact of fair value is not considered for above disclosure.

5 Fair value hierarchy

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

- Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The carrying amount of cash and cash equivalents, trade receivables, fixed deposits, trade payables, other payables and shortterm borrowings are considered to be the same as their fair values.

6 Financial risk management objectives and policies

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk. The Company''s risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes.

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include borrowings and derivative financial instruments.

(i) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no exposure to the risk of changes in market interest rates.

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

The Company''s fixed deposits, interest bearing security deposits and loans are carried at fixed rate. Therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in a different currency from the Company''s functional currency). The company has no exposure to the risk of changes in foreign exchange rates.

(B) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company''s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls. Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks.

Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

The Company''s maximum exposure to credit risk for the components of the balance sheet at 31 March 2018, 31 March 2017 and 1 April 2016 is the carrying amounts as mentioned in Note 7 to 11 excluding Note 9 - Inventories.

(C) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

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.

7 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders. The primary objective of the Company''s capital management is to maximize the shareholder value and to ensure the Company''s ability to continue as a going concern.

The Company has not distributed any dividend to its shareholders. The Company monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of non-current borrowing which represents liability component of Convertible Preference Shares and Secured borrowings . The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2018, 31 March 2017 and 1 April 2016. However, the company has initiated the process of converting preference share capital in to 18% Non-convertible Debentures as per the Scheme of Arrangement which are subject to the approval of Shareholders, NCLT and other Authorities. Upon the Scheme become effective, this CRPS would be converted in to 18% NCDs effective from 01-Apr-14.

8. Re-assessment of Wealth tax for the AYs 1993-94 to 2000-01 and 2005-06 to 2010-11 was done by the Assessing Officer by re-instating the same demand of Rs. 1823.66 lakhs as was done previously with the mention that the demand is modifiable subject to the outcome of Valuation Report. Appeal against Wealth-tax demand of Rs. 717.68 lakhs pertaining to AY 2001-02 to 2004-05 is pending before ITAT, Chennai. The entire Wealth tax demands were provided for in the books and the entire wealth tax demands were paid by the company. The Company has paid a sum of Rs.404.92 lakhs in excess of demands raised by the Department which was shown as ''Wealth tax paid under Protest'' under Note 17 — Other Current Assets.

9. Provision was not made in the books of accounts of the company for the following disputes pending before authorities considering that the cases shall be in favour the company.

(A) The Income-tax demand of Rs. 19.21 lakhs for AY 2008-09 raised by AO was disputed before ITAT and ITAT partly allowed the appeal of the company. However, the Income-tax Department has preferred an appeal before Hon''ble Hiigh Court of Madras.

(B) The Income-tax demand of Rs. 1 1464.23 lakhs for AY 2010-11, raised by AO was disputed before CIT(A). CIT(A) allowed the appeal in favour of the company and AO has passed the ''Giving effect Order'' to the CIT(A) Order. As per the order passed by CIT(A), the tax payable is Rs. 0.59 lakhs. However, the Income-tax department has preferred appeal against the CIT (A) Order.

(C) During the Financial year 2014-15, the company has received order from the Service tax department demanding penalty of Rs. 34.34 lakhs for the period from October, 2009 to October, 2010. The company has paid the dues before Show Cause Notice is being served on the Company. The Appeal against the Order by the Service Tax Department was declined by Commissioner of Central Excise (Appeals), Chennai. However, on the basis of the merits of the case the company has appealed before Central Excise, Customs and Service Tax Appellate Tribunal, Chennai.

(D) The Wealth-tax Assessment for AY 2011-12 to 2014-15 was completed by AO demanding a sum of Rs. 574.73 lakhs. The company preferred appeal against the order before CWT(A), Chennai.

(E) The Income-tax demand of Rs.82.53 lakhs for AY 2014-15 raised by AO was received during the previous financial year. Against the demand, the company has appealed before CIT (A), Chennai.

(F) The AO has raised a demand of Rs. 710.35 lakhs for the AY 2015-16.. The company has appealed before CIT (A), Chennai, against the demand made.

10. The company has recognized sale of part of Vyasarpadi land for Rs. 2006.00 lakhs and sale of part of Coal Yard Land for Rs. 2550.00 lakhs during the financial year. These lands were held as stock-in-trade in the books of the company.

11. The company has entered in to ''Joint Development Agreement'' (JDA) for development of land area of 63.89 acres into a Township. As per JDA the company has received Rs. 24660.36 lakhs, as interest free Security Deposit which is adjustable against Company''s Revenue Share as per the terms of JDA and a sum of Rs. 3088.26 lakhs has been received from JDA escrow account which are shown under ''Revenue Received in Advance''. ''Revenue Received in Advance'' also includes the advance received against sale of land of Rs. 1900.00 lakhs. The JDA Partner has obtained RERA Registration of the project in the current financial year.

12. The remaining land held in Fixed Assets has been converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land includes revaluation addition made during previous years. Some portion of revaluation reserve utilized for write off losses as per the sanctioned scheme of Demerger by the High Court. Hence, the value of Inventory is taken as of the value of Fixed Asset standing as on the date of conversion in to stock-in-trade which is much less than net realizable value.

13. The Company has availed a Term Loan of Rs.13100 lakhs consisting of Rs.5000 lakhs from M/s.Altico Capital India Ltd., through and in the name of JDA Partner (Borrower), M/s.SPR Construction Pvt. Ltd., Rs.5000. lakhs from M/s.Piramal Finance Ltd., through and in the name of JDA Partner (Borrower), M/s.SPR Construction Pvt. Ltd. and Rs.3100 lakhs from M/s. JM Financial Credit Solutions Ltd., through and in the name of M/s.SPR Management Services Pvt. Ltd. and the same is secured by exclusive charge by way of registered mortgage on the land of the Joint Venture Project and exclusive charge by way of hypothecation of Company''s share of cash flow receivables from the project and the same has been classified in the books as "Loan from SPR Construction Pvt. Ltd." and grouped under ''Secured Loan''.

14. Managerial remuneration has been paid as per section 197 of Companies Act, 2013 read with Schedule V of Companies Act, 2013.

15. The Company has advanced a sum of Rs. 18335.13 lakhs for purchase of 12.43 acres of land from a related party. The shareholders have not approved the resolution for the same. (Only public shareholders excluding promoters have participated in the voting). Pending recovery, the Company has charged interest of Rs. 1871.69 lakhs during the financial year.

16. The company has cancelled the contract for the Windmill purchase and has recalled the advance paid of Rs.6000 lakhs from the related party. Pending recovery, the company has charged interest of Rs.76.43 lakhs during the financial year.

17. The company has advanced Rs. 14000.00 lakhs towards purchase of 7.07 Acres of land to a related party. The company is in the process of completion of registration formalities.

18. The Company has not entered in to any long term contracts including derivatives and there are no outstanding obligations and foreseable losses on these as at the year end.

19. The company is liable to spend a sum of Rs.277.00 lakhs towards Corporate Social Responsibility (CSR) Activities) as per Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility for the year ended 31-Mar-18. The company has constitured Corporate Social Responsibility (CSR) Committee and a policy relating to CSR activities has been formulated. The company is in the process of identifying the projects to be undetaken in this regard.

20. There are no amounts to be transferred to Investor Education and Protection Fund as at the year ended 31-Mar-2018.

21. Since the company operates under one segment, i.e. real estate, segment report is not applicable to the company.

22. Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS as required by Schedule III of the Act.


Mar 31, 2016

1. Foreign Exchange inflow and outflow Nil Nil

2. The company has reviewed the deferred tax assets and liabilities as at the year end. The timing differences relates mainly to depreciation and carry forward losses for the period up to 31-03-2016 resulting in a Net Deferred Tax asset. As a prudent measure, the net deferred tax asset has not been recognized in the accounts.

3. Wealth tax demand of Rs. 2553.77 lakhs made by the Income-tax department relating to AY 1993-94 to AY 2010-11 was disputed before ITAT, Chennai which has set aside the AO''s order and directed the AO to re-assess the same. However, the entire Wealth tax demands were provided for in the books and the entire wealth tax demands were paid by the company. The

Company has paid a sum of Rs.404.92 lakhs in excess of demands raised by the Department which was shown as ''Wealth tax paid under Protest'' under Note 17 - Other Current Assets.

4. Provision was not made in the books of accounts of the company for the following disputes pending before authorities considering that the cases shall favour the company.

a. The Income-tax the demand of Rs. 19.21 lakhs for AY 2008-09 raised by AO was disputed before ITAT and ITAT partly allowed the appeal of the company. The AO has not yet passed ''giving effect order'' for ITAT order. However, the Income-tax Department has preferred an appeal before Hon''ble High Court of Madras.

b. The Income-tax demand of Rs. 11464.23 for AY 2010-11, raised by AO was disputed before CIT(A). CIT(A) allowed the appeal in favour of the company and AO has not yet passed the ''giving effect order'' for the CIT(A) order.

c. During the Financial year 2014-15, the company has received order from the Service tax department demanding penalty of Rs. 34.34 lakhs for the period from October, 2009 to October, 2010., The company has paid the dues before Show Cause Notice is being served on the Company. On the basis of the merits of the case the company has paid Rs. 2.57 lakhs as pre-deposit which is shown under ''Note-17-Other Current Assets'' and has appealed before Commissioner of Central Excise (Appeals), Chennai.

d. The Wealth-tax Assessment for AY 2011-12 to 2014-15 was completed by AO demanding a sum of Rs. 574.73 lakhs. The company preferred appeal against the order before CWT(A), Chennai.

5. The company has entered in to MOU for sale of land held as stock in trade and received Rs. 23265.63 lakhs as advance for sale of land. Upon receipt of the entire sale consideration and transfer of title to the buyers the said amount shall be recognized as income as per the accounting policy of the company. Pending transfer of title the entire amounts was shown under ''Other Long Term Liabilities'' as on 31-Mar-2016.

6. The company has entered in to ''Joint Development Agreement'' (JDA) for development of land in to a Township. As per JDA the company has received Rs. 24400.00 lakhs, as interest free Security Deposit and a sum of Rs. 25.37 lakhs has been received from JDA escrow account which are shown under ''Other Long-term liabilities''. The JDA Partner is in the process of obtaining NOC, Plan Approval etc. to commence the construction.

7. The remaining land held in Fixed Assets has been converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land includes revaluation addition made during previous years. Some portion of revaluation reserve utilized for write off losses as per the sanctioned scheme of Demerger by the High Court. Hence, the value of Inventory is taken as of the value of Fixed Asset standing as on the date of conversion in to stock-in-trade which is much less than net realizable value.

8. In the absence of Profit, only minimum remuneration has been provided to Managing Director as per Section 197 of Companies Act, 2013 read with Schedule V of Companies Act, 2013.

9. The Company has advanced a sum of Rs.18365.13 lakhs for purchase of 12.43 acres of land from a related party. The Shareholders have not approved the resolution for the same. (Only Public Shareholders excluding Promoters have participated in the voting). Hence the company has recalled the advance paid and the same is pending for recovery.

10. The Company has not entered in to any long term contracts including derivatives and there are no outstanding obligations, and there are no foreseeable losses on these as at the year end.

11. The Company is not liable to spend any amount as per Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility for the year ended 31-Mar-2016.

12. There are no amounts to be transferred to Investor Education and Protection Fund as at the year ended 31-Mar-2016.

13. Previous year figures have been regrouped wherever necessary to conform to current year classifications.


Mar 31, 2015

1. The company has reviewed the deferred tax assets and liabilities as at the year end. The timing differences relates mainly to depreciation and carry forward losses for the period up to 31-03-2015 resulting in a Net Deferred Tax asset. As a prudent measure, this net deferred tax asset has not been recognized in the accounts.

2. The company has received wealth tax demand from AY 1993-94 to AY 2003-04 and 2005-06 to 2010-11 of Rs.2553.78 lakhs for which the company has filed appeals with ITAT, Chennai. The entire Wealth tax demands were provided for in the books and the entire wealth tax demands were paid by the company. The Company has paid a sum of Rs.404.92 lakhs in excess of demands raised by the Department which was shown as 'Wealth tax paid under Protest' under Note 17 – Other Current Assets.

3..a. The company has received Income Tax demand for Asst. year 2008 – 09 Rs.19.21 lakhs which is disputed before ITAT, Chennai. The Company has also received Income Tax demand for Asst. Year 2010 – 2011 demanding a sum of Rs.11464.23 Lakhs and company has filed appeals before CIT (A). The Company has also filed a writ before the High Court and the HC has stayed the demand. Considering the company's chance of success in appeal no provision has been made in the accounts.

4.b.. During the year, the company has received order from the Service tax department demanding penalty of Rs. 34.34 lacs for the period from October, 2009 to October, 2010., The company has paid the dues before Show Cause Notice is being served on the Company. On the basis of the merits of the case the company has paid Rs. 2.57 lakhs as pre-deposit which is shown under 'Note-17-Other Current Assets' and has appealed before Commissioner of Central Excise (Appeals), Chennai. Since, it is considered that the case shall be favorable to the Company no provision was made in the books.

5. During the previous year, the company has entered in to MOU for sale of land held as stock in trade. The company has received Rs. 19145.58 lacs as advance for sale of land. The transfer of title, settlement of employees occupying some portion of the land etc are under progress. Upon receipt of the entire sale consideration and transfer of title to the buyers the said amount shall be recognized as income as per the accounting policy of the company. Pending transfer of title the entire amounts were shown as Other Long Term Liabilities as on 31-Mar-2015.

6. The Company has discontinued its Warehousing operations from January, 2015. In order to carry on the real estate activity the land held in Fixed Assets have been converted in to Stock- in-trade effective 01.12.2014 The company has entered in to MOU for development of land held as stock-in-trade for real estate activities. As per MOU the company has received Rs. 6145.57 lakhs, as part of interest free Security Deposit which was shown as Other Long-term liabilities.

7. During the year, the land held in Fixed Assets has been converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land includes revaluation addition made during previous years. Some portion of revaluation reserve was utilized for write off losses as per the sanctioned scheme of Demerger by the High Court. Hence, the value of Inventory is taken as the value of Fixed Asset standing as on the date of conversion in to stock-in-trade which is much less than net realizable value.

ii) Enterprises where Key Management Personnel exercise Influence

- Mohan Breweries & Distilleries Ltd (Related company by Director)

- Binny Mills Ltd. (Related company by Director)

- Mother Mira Industries Limited (Related company by Director)

- Mira Textile & Industries Limited (Related company by Director)

8. The Company has not entered in to any long term contracts including derivatives and there are no outstanding obligations, and there are no foreseeable losses on these as at the year end.

9. The Company is not liable to spend any amount as per Section 135 of the Companies Act, 2013 for the year ended 31-Mar-2015..

10. There are no amounts to be transferred to Investor Education and Protection Fund as at the year ended 31-Mar-2015.

11. Previous year figures have been regrouped wherever necessary to conform to current year classifications.


Mar 31, 2014

1. As per the Sanctioned Scheme of Arrangement by the High Court of Madras dated 22/04/2010 the management has implemented all the terms of the Scheme. SEBI has approved the Relaxation of Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957 of Resulting Companies'' during March, 2013. The Listing / Trading of Resulting Companies'' have been complied with. Upon completion of formalities, the change in Directorship and inter se transfer of shares among the Promoters have been complied with.

2. Long Term Borrowings: Unsecured

The company was receiving the loans from the Promoters individually and through their group companies since 1994, to meet the requirements of rehabilitation schemes submitted to BIFR. As per the Sanctioned Scheme of Arrangement of Hon''ble High Court of Madras the company has recorded a sum of Rs.3800 lakhs as unsecured loan due to promoter group. The Company has settled the entire loan with liquidated damages of Rs.2037.10 lakhs..

3. Binny Engineering Limited (BEL)

During the year the Company has disinvested the shares in BEL and the resultant loss on sale of shares has been accounted for as exceptional item and the Loan & Advances given to BEL was also written off. As at the balance sheet date, there is no subsidiary company.

4. Contingent Liabilities

No provision is considered necessary in respect of the following contingent liabilities as the management is hopeful of getting relief / succeeding in the appeals:

(Rs. In Lakhs) 31-03-2014 31-03-2013

a) Electricity charges on 117.50 117.50 revision of Tariff rates for the period from 1-12-82 to 31-12-87 contested by the company, the recovery of which is stayed by the Hon''ble High Court of Madras

b) Estimated surcharge on 729.69 700.31 belated payment above up to 31/3/2014

c) Claim for back wages in Liability, if any respects of various not ascertainable disputes

d) Income Tax demand for Asst. 19.21 19.21 Year 2008-09 (pending before Chennai ITAT)

e) Income Tax demand for Asst. 11464.23 11464.23 Year 2010 - 2011 (pending before CIT (A), Chennai)

f) Wealth Tax Demand for Asst. NIL 2553.77 year 1993-94 to 2010-11

5. Other Moneys for which the company is contingently liable

a) Claims against the company not acknowledged as Debts 131.32 131.32

6. During the year the company has entered into MOU for sale of land, held as stock in trade and received a sum of Rs.6057.63 lakhs as advance. The transfer of title, settlement of employees occupying some portion of the land, etc are under progress. Upon receipt of sale consideration and transfer of title to the buyers the said amount shall be recoginised as income. Pending transfer of title the entire amounts were shown as Other long term liabilities as on 31st March, 2014.

7. The company reviewed the deferred tax assets and liabilities as at the year end. The timing differences relates mainly to depreciation and carry forward losses for the period up to 31-03-2014 resulting in a Net Deferred Tax asset. As a prudent measure, this net deferred tax asset has not been recognized in the accounts.

8. a. The company has received wealth tax demand from AY 1993-94 to AY 2010-11 of Rs.2553.78 lakhs for which the company has filed appeals with ITAT, Chennai except for the year AY 2004- 05. Out of these demands a sum of Rs.710.09 lakhs was paid by the erstwhile Binny Karnataka Ltd for the assets taken over by them and a sum of Rs.866.44 lakhs was provided for in the books during the year ended 31st March, 2010. For the balance demand of Rs.977.24 lakhs with the wealth tax demands for AY 2011-12 to 2013-14 amounting to Rs.83.82 lakhs (total demand of Rs.1061.06 lakhs) was provided during this year and shown as exceptional item in Note 24. Wealth-tax liability for the Asst year 2014-15 amounting to Rs.27.92 lakhs was included in Rates & Taxes. The entire wealth tax demands were paid to the Department and the Company has paid a sum of Rs. 313.02 lakhs in excess of demands raised by the Department which was shown as ''Wealth-tax paid under Protest'' under ''Note 17 - Other Current Assets''

b. Finance cost includes Rs.197.57 lakhs Interest levied on the above wealth tax demands and Rs. 3.95 lakhs for Income-tax dues by the Income-tax Department and the same was paid by the company.

c. The company has received Income Tax demand for Asst. year 2008 - 09 Rs.19.21 lakhs which is disputed before ITAT, Chennai. The Company has also received Income Tax demand for Asst. Year 2010 - 2011 demanding a sum of Rs.11464.23 Lakhs, additions were made on flimsy grounds, and company has filed appeals before CIT (A). Considering the company''s chance of success in appeal no provision has been made in the accounts. The Company has also filed a writ before the High Court and the HC has stayed the demand.


Mar 31, 2013

1. As per the Sanctioned Scheme of Arrangement by the High Court of Madras dated 22/04/2010 the management has implemented all the terms of the Scheme. SEBI has approved the Relaxation of Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957 of Resulting Companies'' during March, 2013. The Listing / Trading of Resulting Companies'' shares are under process. Upon completion of formalities, the change in Directorship and interse transfer of shares among the Promoters shall be complied with.

2. Revaluation Reserve is as per the Scheme of Arrangement Sanctioned by the High Court of Madras. The outstanding Revaluation Reserve Rs.4906.62 lakhs (P.Y. 4910.50 lakhs) represents the adjusted amount of fixed assets (Land) revalued as per the Sanctioned Scheme effective from 01.01.2010.

As per the MOU entered into with workers during the year 1000 sq.ft. of land (P.Y. 1500 sq. ft) has been transferred / sold to the workers as agreed. The revaluation reserve on these sales of land has now been reduced from the Fixed Assets and Revaluation Reserve account.

3. Long Term Borrowings: Unsecured

The company was receiving the loans from the Promoters individually and through their group companies since 1994, to meet the requirements of rehabilitation schemes submitted to BIFR. As per the Sanctioned Scheme of Arrangement of Hon''ble High Court of Madras the company has recorded a sum of Rs.3998.62 lakhs as unsecured loan due to promoter group. The balance sum of Rs.100.20 lakhs has been received from promoters group are shown separately, for which the confirmation of balance are pending. All the loans are interest free and repayable on demand.

4. Binny Engineering Limited (BEL)

Investment & Advances to subsidiary company - BEL

The investment in subsidiary are considered to be long term in nature. The Management has not provided for diminution in value for the carrying amount as at the balance sheet date.

The company has advanced a sum of Rs.1148.52 lakhs (Previous Year Rs.435.49 lakhs) to Binny Engineering Limited for meeting their liabilities such as interest on PF, ESI contribution, Sales Tax etc. Considering the advances are recoverable in the ordinary course of business, the Management decided to carry these amounts at cost and no provision has been made.

5. Contingent Liabilities

No provision is considered necessary in respect of the following contingent liabilities as the management is hopeful of getting relief / succeeding in the appeals:

31.03.2013 31.03.2012

(Rs. Lacs)

a) Electricity charges on revision of Tariff rates for the period 117.50 117.50 from

1-12-82 to 31-12-87 contested by the company, the recovery of which is stayed by the Hon''ble High Court of Madras

b) Estimated surcharge on belated payment above upto 700.31 672.11 31/03/2013

c) Claim for back wages in respects of various disputes Liability, if any, not ascertainable

d) Income Tax demand for Asst. Year 2008-09 19.21 19.21

e) Wealth Tax Demand for Asst. year 1993-94 to 2010-11 2553.77 2553.77

f) Income Tax demand for Asst. Year 2010 - 2011 11464.23 Nil

6. Other Moneys for which the company is contingently liable

a) Claims against the company not acknowledged as Debts 131.32 156.43

7. Balances in Trade receivable, Trade payable and Loans and Advances are subject to confirmation/ reconciliation. However, in the opinion of the Management, all current assets, debtors and loans/ advances would in the ordinary course of business realize at the value stated.

8. To comply with the Accounting Standard - 22 - Accounting for Taxes on income, the company reviewed the deferred tax assets and liabilities. The timing differences relates mainly to depreciation and carry forward losses for the period up to 31-03-2013 resulting in a Net Deferred Tax asset. As a prudent measure, this net deferred tax asset has not been recognized in the accounts.

9. a. The company has received wealth tax demand for the Asst. Year 2004-05 to 2010 - 2011

Rs.1060.18 lakhs against which the company has filed appeals with CWT (A). A/Y 1993-94 to 2003-04 Rs.1493.59 lakhs against the company has filed appeals with ITAT, Chennai. Against these demands a sum of Rs.648.66 lakhs has been paid under protest. Considering the company''s chance of success in appeal no provision has been made in the accounts.

b. The company has received Income Tax demand for asst. year 2008 - 09 Rs.19.21 lakhs which is disputed before CIT (A). Company also received Income Tax demand for Asst. Year 2010 - 2011 demanding a sum of Rs.11464.23 Lakhs, additions were made on flimsy grounds, and company has filed appeals before CIT (A). Considering the company''s chance of success in appeal no provision has been made in the accounts.

10. Related Party Disclosure (a) List of Related Parties

(i) Parties where control exists Subsidiary

Binny Engineering Limited (BEL)

(ii) Other related Parties with whom transactions have taken place during the year Associates

S.V. Sugar Mills Ltd (SVSM)

The Thirumagal Mills Ltd (TML)

Mohan Breweries & Distilleries Ltd (MBDL) TCP Ltd S V Global Mill Ltd. (SVG)

Binny Mills Ltd (BML)

(iii) Key Management

Personnel M. Ethiraj

E. Shanmugam M. Nandagopal V.R. Venkataachalam Arvind Nandagopal


Mar 31, 2012

Terms of Issue and redemptions of Cumulative Redeemable Preference Shares (CRPS):

Subsequent to the reduction as per the Scheme of Arrangement, the remaining issued CRPS and their respective redemption details are under:

The above CRPS are allotted to the promoters, their nominees and bodies corporate against their unsecured loan brought into the Company to meet out the commitments under the sanctioned scheme of BIFR and other statutory liabilities and also in terms of the Scheme of Arrangement sanctioned by the High Court of Madras

* Redemption due on 30.9.2010, 30.6.2011 & 31.1.2012 have been extended till 30.9.2015, 30.6.2016 & 31.1.2017 respectively Details of shares held by shareholders holding more than 5% of the aggregate shares of the Company:

1. As per the Sanctioned Scheme of Arrangement by the High Court of Madras dated 22/04/20I0 the management has implemented all the terms of the Scheme. The Listing / Trading of Resulting Companies Shares are under process and the Resulting Companiesfjapplications for relaxation of Rule I9 (2) (b) of the Securities Contracts (Regulation) Rules, I957 are presently pending with SEBI. Upon completion of formalities, the change in Directorship and interse transfer of shares among the Promoters shall be complied with.

2. Revaluation Reserve is as per the Scheme of Arrangement Sanctioned by the High Court of Madras. The outstanding Revaluation Reserve Rs.49I0.50 lakhs (PY. 49I6.32 lakhs) represents the adjusted amount of fixed assets (Land) revalued as per the Sanctioned Scheme effective from 0I.0I.20I0.

As per the MOU entered into with workers during the year I500 sq.ft. of land (PY. 6I500 sq. ft) has been transferred / sold to the workers as agreed. The revaluation reserve on these sales of land has now been reduced from the Fixed Assets and Revaluation Reserve account.

3. Long Term Borrowings: Unsecured

The company was receiving the loans from the Promoters individually and through their group companies since I994, to meet the requirements of rehabilitation schemes submitted to BIFR. As per the Sanctioned Scheme of Arrangement the company has recorded a sum of Rs.3892.92 lakhs as unsecured loan due to promoter group. The balance sum of Rs.I00.20 lakhs has been received from promoters group are shown separately, for which the confirmation of balance are pending. All the loans are interest free and repayable on demand.

4. Binny Engineering Limited (BEL)

Investment & Advances to subsidiary company - BEL

The investment in subsidiary are considered to be long term in nature. The Management has not provided for diminution in value for the carrying amount as at the balance sheet date.

The company has advanced a sum of Rs.435.49 lakhs (Previous Year Rs.288.94 lakhs) to Binny Engineering Limited for meeting their liabilities such as interest on PF, ESI contribution, Sales Tax etc. Considering the advances are recoverable in the ordinary course of business, the Management decided to carry these amounts at cost and no provision has been made.

5. Contingent Liabilities

No provision is considered necessary in respect of the following contingent liabilities as the management is hopeful of getting relief / succeeding in the appeals:

6. Balances in Trade receivable, Trade payable and Loans and Advances are subject to confirmation/ reconciliation. However, in the opinion of the Management, all current assets, debtors and loans/ advances would in the ordinary course of business realize at the value stated.

7. a. To comply with the Accounting Standard - 22 - Accounting for Taxes on income, the company reviewed the deferred tax assets and liabilities. The timing differences relates mainly to depreciation and carry forward losses for the period up to 3I-03-20I2 resulting in a Net Deferred Tax asset. As a prudent measure, this net deferred tax asset has not been recognized in the accounts.

b. The company has received wealth tax demand for the Asst. Year 2005-06, 2006-07, 2007-08, 2008 - 09, 2009-I0 & 20I0 - 20II for Rs.977.24 lakhs against which the company has filed appeals with CWT (A). Against these demands a sum of Rs.535.I3 lakhs has been paid under protest. Considering the company's chance of success in appeal no provision has been made in the accounts.

c. The company has received Income Tax demand for asst. year 2008 Q 09 Rs.I9.2I lakhs which is disputed before CIT (A). Considering the company's chance of success in appeal no provision has been made in the accounts.

8. Related Party Disclosure

(a) List of Related Parties

(i) Parties where control exists

Subsidiary

Binny Engineering Limited (BEL)

(ii) Other related Parties with whom transactions have taken place during the year Associates

S.V Sugar Mills Ltd (SVSM)

The Thirumagal Mills Ltd (TML)

Mohan Breweries & Distilleries Ltd (MBDL)

TCP Ltd

S V Global Mill Ltd. (SVG)

Binny Mills Ltd (BML)

(iii) Key Management Personnel

M. Ethurajan

E. Shanmugam

M. Nandagopal

VR. Venkataachalam

Arvind Nandagopal

9. Previous year figures have been regrouped wherever necessary to conform to current year classifications.


Mar 31, 2010

1. BIFR sanctioned a Rehabilitation Scheme to Binny Limited on 22/10/2003. BIFR passed an order on 26/12/06 stating that the company is out of purview of BIFR which order was challenged before Honble High Court of Madras by employees union. The High Court (by order dated 07/08/2008) "made it clear that the company is ceased to be a sick industrial undertaking with effect from 30/09/2005" based on the joint memo filed by company and employees union. During this period the company has demerged into three companies as here under.

2. The Scheme of Arrangement was placed before the shareholders at their EGM held on 10.03.2010. The High Court of Judicature at Madras has approved the Scheme of Arrangement as per Section 391 & 394 along with capital reduction as per Section 101 vide order dated 22.04.2010. The order of the Court was received by the company on 07.05.2010. As per the Court direction the certified copy of the order was filed with ROC on 08.05.2010 which is the effective date of the Sanctioned Scheme of arrangement. As per the sanctioned Scheme of arrangement the Appointed date is 1st January 2010, i.e. date on which the demerger related entries have been given effect in the books of the companies. However the increase in authorized share capital, issue of preference share capital, reduction in preference share capita! have been done at the Board Meeting held on 12.05.2010, pending these formalities the preference share capital pending allotment and Pending Reduction in preference share capital have been accounted for in the Balance Sheet as on 31.03.2010.

3. In terms of above Scheme of arrangement under section 391 to 394 of the Companies Act, 1956 between Binny Limited and two other companies, the Binny Limited (remaining company after demerger) has reorganized and segregated by way of demerger into two separate companies viz. S V Global Mill Ltd (Resulting Company I) and Binny Mills Ltd (Resulting Company 2). All the assets and liabilities are transferred and shares were allotted as per the sanctioned order of Honble High Court of Judicature at Chennai dated 22.04.2010,

As per the said scheme: in consideration of demerger, the shareholders in Binny Ltd shall get in the case of Resulting Company-1, in the ratio of

a. 7 (seven) equity shares in the Resulting Company-I of face value of Rs.5/- each credited as fully paid up for every 7 (seven) equity shares of Rs.5/- each fully paid-up.

b. I (one) 9.75% Cumulative Redeemable Preference Share of face value of Rs.5/- each credited as fully paid up for every 30 (Thirty) 9.75% Cumulative Redeemable Preference Shares of Rs.5/- each fully paid-up.

c. 138 (One hundred and thirty eight) 9% Cumulative Redeemable Preference Share of face value of Rs.5/- each credited as fully paid up for every 3,125 (Three thousand one hundred and twenty five) 9% Cumulative Redeemable Preference Shares of Rs.5/- each fully paid-up

As per the said scheme: in consideration of demerger, the shareholders in Binny Ltd shall get in the case of Resulting Company-2, in the ratio of

a. I (one) equity share in the Resulting Company of face value of Rs. 10/- each credited as fully paid up for every 7 (seven) equity shares of Rs.5/- (Rupees five) each fully paid-up.

b. 15 (Fifteen) 9.75% Cumulative Redeemable Preference Share of face value of Rs.5/- (Rupees five) each credited as fully paid up for every 30 (Thirty) 9.75% Cumulative Redeemable Preference Shares of Rs.5/- (Rupees five) each fully paid-up.

c. 1,631 (One thousand six hundred and thirty one) 9% Cumulative Redeemable Preference Share of face value of Rs.5/- each credited as fully paid up for every 3,125 (Three thousand one hundred and twenty five) 9% Cumulative Redeemable Preference Shares of Rs.5/- each fully paid-up

4. As per the sanctioned Scheme of Arrangement the company has cancelled 6,27,200 Number of 9.75% Cumulative Redeemable Preference Shares and 30,51,20,658 Number of 9% Cumulative Redeemable Preference Shares and issued further fresh 7,13,04,713 9% Cumulative Redeemable I Preference Shares to the existing Preference Shareholders with the same terms and conditions. As per the Scheme of Arrangement the reduction in paid up preference share capital has been issued in the Resulting Companies with the same terms and conditions. The allotment of fresh preference share capital was done on 12.05.2010.

5. In terms of clause 8.2 of the sanctioned Scheme and in accordance with Section 391 and Section 394 of the Companies Act 1956, the Board of Directors carried out:

a) revaluation of B&C Mill compound property in; to Rs.2994300 thousands, (book value Rs. 194 thousands), the difference being accounted as Revaluation Reserve: and

b) writing off of Miscellaneous and P & L Debit balances amounting to Rs.2478627 thousands (as per clause 8.3 of the scheme) which was adjusted against the above Revaluation Reserve:

Based on the above, the final accounts have been revalued and increased to Rs.2994300 thousands as against the Present book value of Rs 194 thousands . The difference amount Rs.2994106 thousands has been transferred to revaluation Reserve account. Against this reserve the entries relating to the amount brought in by promoters, towards expenses and unsecured Loans were adjusted to the extent of Rs.591402 thousands. Expenses recognized at the time of demerger amounting to Rs.384335 thousands and P & L account Debit balances amounting to Rs. 1502890 thousands have also been adjusted against the above revaluation reserve.

6. Appreciation in land value credited to Capita! Reserve during 1981 - 82 on their conversion into stock in trade remaining outstanding as at the date of demerger has been reversed to bring the asset / stock in trade cost. The notional appreciation in the value of land and buildings held as stock in trade taken to credit in P&L a/c in earlier years Rs.78254 thousands has also got reversed.

7. Unsecured Loans

The company was receiving the loans from the Promoters individually and through their group companies since 1994, to meet the requirements of rehabilitation schemes submitted to BIFR. During this period the Unsecured Loans were reconciled and the preference share capital were issued as per the sanctioned Scheme of Arrangement The remaining unsecured loans as on 31.03.2010 is Rs.382261 thousands represents 372241 thousands accounted as per the scheme 5.1.2 and the balance are relating to earlier years.

8. Binny Engineering Limited (BEL)

The investment in Binny Engineering Limited Rs.287481 thousands is shown at cost. The company has advanced a sum of Rs.22136 thousands (Rs.4636 thousands) to Binny Engineering Limited for meeting their liabilities such as interest on PF, ESI contribution etc. Considering the investments are long term in nature and advances and recoverable in the ordinary course of business these amounts are carried at cost.

9. Balances in sundry debtors, sundry creditors and Loans and Advances are subject to confirmation/ reconciliation. How- ever, in the opinion of the Management, all current assets, debtors and loans/ advances would in the ordinary course of business realize at the value stated.

10. Sundry creditors outstanding Rs.78239 thousands as on 31/03/2010 include dues to creditors other than Micro, Small and Medium Enterprise There is no principal or interest due or unpaid thereon to any suppliers of Micro, Small and Medium Enterprises as at year end.

11. The Company has already fully provided for loss on account of impairment of assets as required by AS 28 amounting to Rs.! 76754 thousands (Previous Year 176754 thousands),

12. No provision for income tax is considered necessary for the year in view of brought forward losses.

All the wealth tax pending cases were disposed off by High Court. As per the orders of High Court the AO has completed the Assessments and raised demand of Rs.86644 thousands which was paid by the company and disputed before CWT(A). The dispute is for and upto the Assessment Year 2004 - 05. The company has filed its Wealth Tax Return for later years with Nil taxable wealth as in previous years. The Department has not ralsed any demands till 31.03.2010. As per the sanctioned scheme of demerger some of the assets got transferred to Resulting Company I & Resulting Company 2 as at 31.03.2010. the management is of the view that there are no wealth tax liability as on 31.03.2010.

13. To comply with the Accounting Standard - 22 - Accounting for Taxes on income, the company reviewed the deferred tax assets and liabilities. The timing difference relates mainly to depreciation and carry forward losses for the period up to 31 -03-2010 resulting in a Net Deferred Tax asset. As a prudent measure, this net deferred tax asset has not been recog- nized in the accounts.

14. Related Party Disclosure

(a) List of Related Parties

(i) Parties where control exists Subsidiary

Binny Engineering Limited ii) Other related Parties with whom transactions have taken place during the year

Associates

S.V. Sugar Mills Ltd

The Thirumagal Mills Ltd

Mohan Breweries & Distilleries Ltd

TCP Ltd

S V Global Mill Ltd. .. with effect from 01.01.2010

Binny Mills Ltd

(iii) Key Management Personnel

M. Ethurajan

M.E. Shanmugam

M. Nandagopal

VR. Venkataachalam

Nataraja.1 Nandhagopal

Arvind Nandagopil



Notes relating to segment



(i) Business Segments

The company has considered business segments as the primary segment for disclosure. The business segments are textiles, services and properties. Textile segment comprise of Trading Agencies. Services consist of shipping and container Freight Station activities.

(ii) Geographical Segments

The geographical segments considered for disclosure are India and Rest of the world. All the manufacturing facilities and sales offices are located in India. There are no sales to the rest of the world.

(iii) Segmental Assets includes all operating assets used by respective segment and consists principally of operating cash, debtors, inventories and Fixed Assets net of allowances and provisions. Segmental liabilities include all operating liabilities and consists primarily of creditors and accrued liabilites. Segment assets and liabilities do not include Income Tax assets and liabilities.

15. Previous period figures have been regrouped wherever necessary. The figures in brackets relate to previous period. Cur- rent period figures are for 6 months and hence not comparable with those of the previous accounting year of 18 months. Current period figures consist of 3 months before demerger and 3 months after demerger and hence not strictly compa- rable. All the figures are rounded off to nearest 1000s

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