Notes to Accounts of Chrome Silicon Ltd.

Mar 31, 2025

*FVTPL- Fair Value through Profit and Loss

*FVTOCI - Fair Value through Other Comprehensive Income

> Assets that are not financial assets (such as receivables from statutory authorities, Deposits recoverable, other advances recoverable, Power Subsidy receivable) as of 31st March 2025 and 31st March 2024 are not included.

> Other liabilities that are not financial liabilities (such as statutory dues payable, advance from customers, Advance Received for land & Other Liabilities) as of 31^st March 2025 and 31^st March 2024 are not included.

> The carrying amount of above financial assets and liabilities are considered to be same as their fair values, due to their short-term nature.

2.2.18 Financial Risk Management:

Risk Management Framework

The Companyâs Board of Directors has the overall responsibility for the establishment and oversight of the Companyâs risk management framework.

The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Companyâs activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Board of Directors monitors the compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

a) Credit risk

Credit risk is the risk that counter party will not meet its obligation under a financial instrument or customer contract leading to a financial loss. The Companyâs is exposed to credit risk mainly from trade receivables and other financial assets.

(i) Trade receivables

Trade receivables are typically unsecured and are derived from revenue earned from customers. Credit risk has been managed by the Companyâs through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Companyâs grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Companyâs uses expected credit loss model to assess the impairment loss or gain. The Companyâs uses a provision matrix and forward-looking information and an assessment of the credit risk over the expected life of the financial asset to compute the expected credit loss allowance for trade receivables. Concentrations of credit risk with respect to trade receivables are limited.

The Companyâs exposure to credit risk arises primarily from its financial assets, including cash and cash equivalents, loans and advances, and other receivables.

Cash and cash equivalents are maintained with banks and financial institutions that have high credit ratings. Accordingly, the credit risk associated with these balances is considered low.

Other financial assets include loans and advances to body corporates, which are subject to higher credit risk due to the nature of counterparties and terms of such advances.

In addition, other current and non-current financial assets primarily comprise:

â¢ Advances paid to suppliers

â¢ Other recoverable advances

â¢ Power subsidy receivables

â¢ Balances with statutory authorities (such as GST input credit and direct tax receivables)

While receivables from statutory authorities are considered recoverable from government agencies, the Company has not obtained external confirmations for advances paid to suppliers, other advances, and power subsidy receivables. This increases the inherent credit risk associated with these balances.

The Company evaluates the recoverability of all such financial assets at each reporting date based on internal assessments, past experience, and other available evidence. Provisions for impairment are recognised only when there is a clear indication of credit loss or significant uncertainty about recoverability, including but not limited to the absence of confirmations or evidence of counterparty risk.

b) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Companyâs income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

c) Interest rate risk:

(i)Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs is exposed to interest rate risk because funds are borrowed at fixed interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate.

The borrowings of the Companies are principally denominated in rupees with a mix of fixed and floating rates of interest. The Companyâs has exposure to interest rate risk, arising principally on changes in base lending rate. The Companyâs uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings

2.2.19 Financial Instruments and Related Disclosures Capital Management

The Company''s financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The funding requirements are met through internal accruals and long-term/short-term borrowings. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern. The capital structure of the Company is based on Managementâs judgment of its strategic day-to-day needs with a focus on proper mix of total equity and debt so as to maintain investor, creditors and market confidence.

The Management and the Board of Directors monitor the return on capital as well as the level of dividends to shareholders. The Company may take appropriate steps in order to maintain, or if necessary, adjust its capital structure.

For the purpose of capital management, capital includes issued equity capital, securities premium and all other resources. Net debt includes all long and short-term borrowings as reduced by cash and cash equivalents. The following table summarises the capital of the Company:

2.2.20 Other Statutory Information

(i) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) The Company has no transactions or balances with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(iv) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(v) There are no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period.

(vi) The Company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017

(vii) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account

(Viii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

These financial statements are approved for issue by the Board of Directors at its meeting held on September 06, 2025

Note No. 2.03b: Reasons for Investments in Equity Instruments designated to be measured at Fair Value through Other Comprehensive Income

The Company has elected an irrevocable option of classifying the non current investments under fair value through other comprehensive income as they are not held primarly for trading.

Note No. 2.03c: Fair valuation of Equity Instruments measured at Fair Value through Other Comprehensive Income: - The company is unable to determine the fair value as on 31.03.2025 of its investments in various unlisted companies due to non availability of financial statements. However, the company has considered the financial statements of preceding year for impairment.

Terms/ rights attached to equity shares

Equity shares have a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends 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. 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.

Mr. MVVS Murthi , holding 25,67,769 equity shares (15.66%), passed away. As of the date of this report, the legal heir(s) or nominee have not yet been confirmed. The shares remain in the name of Late Mr.MVVS Murthi pending legal transmission. The company will update the register of members and shareholding pattern upon completion of the transmission process in accordance with applicable laws.

Nature of reserves:

a) Capital Reserve: Capital reserve represents the subsidy received from the State Government of Andhra Pradesh.

b) Securities premium: Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of Companies Act, 2013.

c) General reserve: The general reserve is created by way of transfer of part of the profits before declaring dividend pursuant to the provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

d) Asset Revaluation Surplus: Revaluation Surplus represents the upward or downward changes in the value of assets in response to major changes in its fair market value.

e) Retained earnings: Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company.

f) Other Comprehensive Income:

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of:

items that will not be reclassified to profit and loss

a. The Company has made an irrevocable election to present the subsequent fair value changes of investments in OCI. This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value including tax effects. The company transfers restated fair value amounts from this reserve to retained earnings when the relevant financial instruments are disposed.

Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

The identification of suppliers as micro, small, or medium enterprises under the MSMED Act, 2006 is based on information and records available with the Company.

The management has not yet completed the process of identifying such enterprises, and accordingly, the required disclosures relating to amounts unpaid as at the year end together with interest paid/payable under the MSMED Act, 2006 have not been furnished.

Note No 2.27 (a): The company has not provided both Employerâ and Employeesâ contribution to Provident fund during the year based on Order no. TS/PTC/ENF/17192/4741 dated 08.05.2015 issued by Regional PF Commissioner-II & Authority under section 7A of EPF & MP Act, treating the establishment as permanently closed after making the assessment up to August 2013.

Note No 2.27 (b): Employee benefit plans:

As per IND AS 19 âEmployees Benefitsâ the disclosure of Employee Benefits as defined in the Accounting Standard are given hereunder:

Defined Benefit Plans:

In view of retrenchment of all work men as memorandum of settlement entered into by the company with the workersâ union and termination of services of most of the employees of the company, the liability towards the gratuity of the Skeleton staff on rolls as at the balance sheet date has been computed at the present value, instead of actuarial valuation using the Projected Unit Credit Method. Accordingly, the various disclosures required under the Accounting standard could not be made.

Note No: 2.31

During the year, the Company elected to apply the short-term lease exemption under Ind AS 116 for leases with a term of 12 months or less. As a result:

ROU assets and lease liabilities for these leases have been derecognized.

Lease payments are now recognized as an expense in the Statement of Profit and Loss.

This change, in line with Ind AS 116, does not impact net profit or retained earnings but shifts lease costs to operating expenses.

Note No .2.32: Additional Regulatory Information

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in any other notes to the Financial Statements.

Note No: 2.37

During the financial year, the Company''s manufacturing facility was temporarily shut down due to significant fluctuations in the market. This shutdown was necessitated by unfavorable market conditions that adversely impacted the demand for the Company''s products.

The duration of the shutdown is currently uncertain. The management is actively monitoring market developments and will determine the timing and manner of resuming operations based on improvements in market conditions.

The financial impact of the shutdown is being evaluated, including its effects on revenue, costs, and overall financial performance. However, based on current assessments, the management is confident about the Company''s ability to continue as a going concern and believes that operations will recommence once the market stabilizes and demand improves.

Note No: 2.38

The Company has provided interest-free advances to certain parties during the financial year. These advances are not to directors or companies in which directors are interested.

However, these interest-free advances are made without charging any interest, which may be viewed as inconsistent with the requirements under Section 185 of the Companies Act, 2013, which regulates loans and advances by the company.

Note No: 2.39

The company could not conduct the impairment test in the carrying cost of cash Generating assets of the Company in terms of Accounting for Impairment of Asset (IND AS 36) of Companies (Indian Accounting Standard) Rules, 2015 due to uncertainty of cash flows from CGA.

Note No: 2.40

Balances lying in the lenders'', sundry creditors, like, suppliers'', service providers'', employees'' and customers'' accounts are subject to confirmation.

Note No: 2.41

In accordance with IND AS - 12: "Income Taxes" issued by Ministry of Corporate Affairs and mandated under Sec 133 of Companies Act, 2013, the Company has not recognised (Deferred Tax Asset) in the books of account as there is no virtual certainty of realisation of the same in future year.

Note No: 2.42

Balances in the Longterm borrowings, Trade payables & Other Liabilities are subject to Confirmation.

Note No: 2.43

The Board of Directors of the Company, at its meeting held on [insert date], approved a Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, involving the merger of Orissa power consortium limited and VBC Renewable Energy private Limited (unlisted entities) with Chrome silicon Limited (the Company). The appointed date of the scheme is 1 st July 2024.

''The Scheme has been filed with the Bombay Stock Exchange (BSE) for necessary approvals. As on the date of approval of these financial statements (30 th May 2025), the Scheme is pending final approval . Accordingly, these financial statements have been prepared on a standalone basis and do not reflect the impact of the proposed amalgamation.Upon receipt of the necessary approvals and the Scheme becoming effective, the Company will give retrospective effect to the merger in accordance with applicable accounting standards (Ind AS 103 - Business Combinations) from the appointed date. The financial statements will then be restated to reflect the merged position. The Company continues to comply with applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013 in relation to the proposed amalgamation.

Note No: 2.44

Previous year figure were regrouped wherever necessary to make them comparable with current year figures.

Mar 31, 2024

1.11 Provisions, contingent assets and contingent liabilities:

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on managementâs assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

Where an inflow of economic benefits is probable, the Company discloses a brief description of the nature of the contingent assets at the end of the reporting period, and, where practicable, an estimate of their financial effect. When the realisation of income is virtually certain, then the related asset is no longer a contingent asset, and is recognised as an asset.

Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

1.12 Revenue recognition:

Revenue is recognised to the extent it is probable that economic benefits would flow to the Company and the revenue can be reliably measured, regardless of when the revenue proceeds is received from customers.

Revenue is measured at the fair value of the consideration received or receivable and net of returns, trade allowances rebates and amounts collected on behalf of third parties and excluding taxes, levies or duties collected on behalf of the government/ other statutory bodies.

a. Sale of products:

Sale of products is recognized, when significant risks and rewards of ownership pass to the dealer / customer, as per terms of contract and it is probable that the economic benefits associated with the transaction will flow to the Company.

b. Dividend income:

Dividends are recognized in profit or loss only when the right to receive payment is established, it is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of dividend can be reliably measured.

c. Unbilled income:

Unbilled income represents the value of services rendered but not yet been invoiced on the reporting date due to contractual terms.

1.13 Expenses:

All expenses are accounted for on accrual basis.

1.14 Employee Benefits include:

(i) Short term employee benefits-

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employeesâ services up to the end of the reporting period 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.

The company recognises a liability and an expense for bonus only when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of obligation can be made.

(ii) Post employment benefits-

The company operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity: and

(b) Defined contribution plans such as provident and pension funds.

Defined Benefit Plans -The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method. Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income.

Defined Contribution Plans- The Company pays provident fund contributions to publicly administered provident funds as per local regulations. It has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future

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1.15 Income Taxes:

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

1.16 Prior period items

In case prior period adjustments are material in nature the Company prepares the restated financial statement as required under Ind AS 8 - âAccounting Policies, Changes in Accounting Estimates and Errorsâ. Immaterial items pertaining to prior periods are shown under respective items in the Statement of Profit and Loss.

1.17 Earnings Per Share:

The basic earnings per share are computed by dividing the net profit/(loss) after tax for the period from continuing operations attributable to equity shareholders by the weighted average number of equity shares outstanding during the year as per IND AS-33.

Diluted earnings per share are computed by dividing the net profit/(loss) after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are determined as at the end of each period presented. Dilutive potential equity shares are determined independently for each period presented.

1.18 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

1.19 Impairment of assets:

of its fair value less costs of disposal and value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

1.20 Non Derivative Financial Instruments:

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

1.20.1 Initial Recognition-

All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added/ deducted to/from the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

1.20.2 Subsequent measurement-

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

â¢ Debt instruments at amortised cost

â¢ Debt instruments at fair value through other comprehensive income (FVTOCI)

â¢ Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)

â¢ Equity instruments measured at fair value through other comprehensive income (FVTOCI)

(i) Debt instruments at amortised cost

A debt instrument is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised 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 amortisation of EIR is included in finance income in the profit or loss. The impairment losses and gain/loss on de-recognition are recognised in the profit or loss.

(ii) Debt instruments at fair value through other comprehensive income

A debt instrument is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments under this category are measured at fair value at each reporting date. Fair value movements are recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the profit & loss. On de-recognition, cumulative gain or loss previously recognised in OCI is reclassified from the equity to P&L. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

(iii) Debt instruments, derivatives and equity instruments at fair value through profit or loss

Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL (residual category).

In addition, the company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as âaccounting mismatchâ). The company has not designated any debt instrument as at FVTPL.

All equity instruments in scope of Ind AS 109 are measured at fair value by the Company. Equity investments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company decides to classify the same either as at FVTOCI or FVTPL. The classification is made on initial recognition and is irrecoverable.

Financial instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

(iv) Equity instruments measured at fair value through other comprehensive income

The Company has made an irrevocable election to present the subsequent fair value changes in âother comprehensive incomeâfor its investments in equity instruments that are not held for trading. Fair value changes on the instrument, impairment losses & reversals and foreign exchange gain or loss are recognized in the OCI. Dividends are recognised in the Profit &Loss. There is no recycling of the amounts from OCI to Profit & Loss, even on sale of investment. However, the company may transfer the cumulative gain or loss within equity.

Financial liabilities are classified in two measurement categories:

â¢ Financial liability measured at amortised cost

â¢ Financial liability measured at fair value through profit or loss

(i) Financial liabilities measured 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. The company has not designated any financial liability as at fair value through profit and loss.

(ii) Financial liability measured at amortised cost

All other financial liabilities are subsequently carried at amortized cost using effective interest rate (EIR) method, thereby resulting in amortisation of transaction costs and interest expenses through Profit & Loss over the life of the instrument. The EIR amortisation is included as finance costs in the statement of profit and loss.

1.20.3 Reclassification of financial assets-

The company reclassifies its financial assets only when there is a change in entityâs business model for managing its financial assets.

1.20.4 Derecognition of financial instruments-

The company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de- recognition under Ind. AS 109. A financial liability (or a part of a financial liability) is derecognized when the obligation specified in the contract is discharged or cancelled or expires.

1.20.5 Impairment of financial assets-

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the following:

a. Trade receivables

b. Financial assets measured at amortized cost (other than trade receivables)

c. Financial assets measured at fair value through other comprehensive income.

In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is measured and recognized as loss allowance.

In case of other assets, the Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.

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 cash shortfalls), discounted at the original effective interest rate.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the Statement of Profit and Loss under the head âOther expensesâ.

1.20.6 Offsetting of financial instruments-

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention either to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

1.20.7 Fair Value of Financial instruments-

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized. For trade and other receivables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Nature of reserves:

a) Capital Reserve: Capital reserve represents the subsidy received from the State Government of Andhra Pradesh,

b) Securities premium: Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of Companies Act, 2013.

c) General reserve: The general reserve is created by way of tranfer of part of the profits before declaring dividend pursuant to the provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

d) Asset Revaluation Surplus: Revaluation Surplus represents the upward or downward changes in the value of assets in response to major changes in its fair market value.

e) Retained earnings: Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company.

f) Other Comprehensive Income:

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of:

items that will not be reclassified to profit and loss

Note No: 2.38

In the opinion of the board of directors of the company the diminition in the value of certain investments is temporary in nature and hence no provision towards diminition in the value of investments is considered necessary.

Note No: 2.39

Note No: 2.40

Balances lying in the lendersâ, sundry creditors, like, suppliersâ, service providersâ, employeesâ and customersâ accounts are subject to confirmation.

Note No: 2.41

In accordance with IND AS -12: âIncome Taxesâ issued by Ministry of Corporate Affairs and mandated under Sec 133 of Companies Act, 2013, the Company has not recognised (Deferred Tax Asset) in the books of account as there is no virtual certainty of realisation of the same in future years.

Note No: 2.42

Previous year figure were regrouped wherever necessary to make them comparable with current year figures.

As per our report of even date annexed

For and on behalf of the Board For PAVULURI & Co.

CHARTERED ACCOUNTANTS Firm Registration Number: 012194S

Sd/- Sd/- Sd/- Sd/- Sd/-

P.V.RAO P.RAJU R.DHARMENDER SHIVANGITIBREWALA CA V N DEEPTHI KONERU

Whole Time Director Director CFO Company Secretary & Partner

DIN: 00149599 DIN: 09701389 Compliance Officer Membership Number: F-228424

Place : HYDERABAD Date : 30-05-2024

Mar 31, 2023

Provisions, contingent assets and contingent liabilities:

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on management''s assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date. Revenue recognition:

a. Sale of products:

b. Dividend income:

c. Unbilled income:

Unbilled income represents the value of services rendered but not yet been invoiced on the reporting date due to contractual terms.

Expenses:

All expenses are accounted for on accrual basis.

Employee Benefits include:

(i) Short term employee benefits-

Liabilities for wages and salaries, including non-monetary benefits that are expected to be

settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period 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.

(ii) Post employment benefits-

The company operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity: and

(b) Defined contribution plans such as provident and pension funds.

Income Taxes:

Prior period items

In case prior period adjustments are material in nature the Company prepares the restated financial statement as required under Ind AS 8 - "Accounting Policies, Changes in Accounting Estimates and

Errors". Immaterial items pertaining to prior periods are shown under respective items in the Statement of Profit and Loss.

Earnings Per Share:

Diluted earnings per share are computed by dividing the net profit/(loss) after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are determined as at the end of each period presented. Dilutive potentialequity shares are determined independently for each period presented.

Cash flow statement:

Impairment of assets:

The company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of its fair value less costs of disposal and value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Non Derivative Financial Instruments:

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

Initial Recognition-

Subsequent measurement-

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

â¢ Debt instruments at amortised cost

â¢ Debt instruments at fair value through other comprehensive income (FVTOCI)

â¢ Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)

â¢ Equity instruments measured at fair value through other comprehensive income (FVTOCI)

(i) Debt instruments at amortised cost

(ii) Debt instruments at fair value through other comprehensive income

(iii) Debt instruments, derivatives and equity instruments at fair value through profit or loss Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL (residual category).

In addition, the company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch''). The company has not designated any debt instrument as at FVTPL.

Financial instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

(iv) Equity instruments measured at fair value through other comprehensive income

The Company has made an irrevocable election to present the subsequent fair value changes in ''other comprehensive income'' for its investments in equity instruments that are not held for trading. Fair value changes on the instrument, impairment losses & reversals and foreign exchange gain or loss are recognized in the OCI. Dividends are recognised in the Profit &Loss. There is no recycling of the amounts from OCI to Profit & Loss, even on sale of investment. However, the company may transfer the cumulative gain or loss within equity.

Financial liabilities are classified in two measurement categories:

â¢ Financial liability measured at amortised cost

â¢ Financial liability measured at fair value through profit or loss

(ii) Financial liability measured at amortised cost

Reclassification of financial assets-

The company reclassifies its financial assets only when there is a change in entity''s business model for managing its financial assets.

Derecognition of financial instruments-

Impairment of financial assets-

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the following:

a. Trade receivables

b. Financial assets measured at amortized cost (other than trade receivables)

c. Financial assets measured at fair value through other comprehensive income.

In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is measured and recognized as loss allowance.

at the original effective interest rate.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the Statement of Profit and Loss under the head ''Other expenses''.

Offsetting of financial instruments-

Fair Value of Financial instruments-

Nature of reserves:

a) Capital Reserve : Capital reserve represents the subsidy received from the State Government of India.

b) Securities premium : Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of Companies Act, 2013.

c) General reserve : The general reserve is created by way of transfer of part of the profits before declaring dividend pursuant to the provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

d) Asset Revaluation Surplus: Revaluation Surplus represents the upward or downward changes in the value of assets in response to major changes in its fair market value.

e) Retained earnings : Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company.

f) Other Comprehensive Income:

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of:

items that will not be reclassified to profit and loss

Defined Benefit Plans:

In view of retrenchment of all work men as memorandum of settlement entered into by the company with the workers'' union and termination of services of most of the employees of the company , the liability towards the gratuity of the Skeleton staff on rolls as at the balance sheet date has been computed at the present value, instead of actuarial valuation using the Projected Unit Credit Method. Accordingly the various disclosures required under the Accounting standard could not be made.

Note No: 2.36

The company operates in only one business Segment of manufacture of Ferro Alloys and there are no geographical segments to be reported.

Note No: 2.37

Related parties in terms of IND AS 24

a) Associates:

Orissa power Consortium Limited.

b) Key Managerial Personnel:

Sri M S P Rama Rao, Chief Executive

Sri M. V. Ananthakrishna, Whole Time Director

Sri R.Dharmender-Chief Finance Officer

c) Others: Enterprises in which key Managerial Personnel or their relatives have substantial interest

VBC Exports Ltd.

Techno Infratech project (India) Pvt. Ltd.

BASIL Infrastructure projects Ltd.

B. Transactions carried with related parties: Rupees in Lakhs

Nature of Transactions Current Year Previous Year

Transactions pertaining to Key Management i) Personnel:

Note No: 2.39

Note No: 2.40

Note No: 2.41

Balances lying in the lenders'', sundry creditors, like, suppliers'', service providers'', employees'' and customers'' accounts are subject to confirmation.

Note No: 2.42

Note No: 2.43

Previous year figure were regrouped wherever necessary to make them comparable with current year figures.

As per our report of even date annexed

For and on behalf of the Board For PAVULURI & Co.

CHARTERED ACCOUNTANTS Firm Regn. Number: 012194S

Sd/- Sd/- Sd/- Sd/- Sd/-

M.V.ANANTHAKRISHNA M. SIDDARTHA R.DHARMENDER SHIVANGI TIBREWALA CA V N DEEPTHI KONERU Whole Time Director Director CFO Company Secretary & Partner

Compliance Officer Membership Number:F-228424 Place : Hyderabad Place : Hyderabad

Date : 30-05-2023 Date : 30-05-2023

Mar 31, 2018

# includes 124.589 Lakhs (P.Y.124.589 Lakhs) shares acquired, the title in respect of which is in the process of transfer.

10 crore equity shares of Konaseema Gas Power Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

*6172670 Equity shares of Orissa Power Consortium Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

Note No. 1. Reasons for Investments in Equity Instruments designated to be measured at Fair Value through Other Comprehensive Income

The Company has elected an irrevocable option of classifying the non current investments under fair value through other comprehensive income as they are not held primarly for trading.

Terms/ rights attached to equity shares

a) Capital Reserve : Capital reserve represents the subsidy received from the State Government of India.

b) Securities premium: Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of Companies Act, 2013.

c) General reserve : The general reserve is created by way of tranfer of part of the profits before declaring dividend pursuant to the provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

d) Retained earnings : Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company

e) Other Comprehensive Income:

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of: items that will not be reclassified to profit and loss

Note No 2: The debit represents storage loss of the raw materials due to the loss of the technical properties and usability of the materials in the production due to passage of time.

Note No 2.1 (a): The company has not provided both Employerâ and Employeesâ contribution to Provident fund during the year based on Order no. TS/PTC/ENF/17192/4741 dated 08.05.2015 issued by Regional PF Commissioner-II & Authority under section 7A of EPF & MP Act, treating the establishment as permanently closed after making the assessment up to August 2013.

Note No 2.2 (b): Employee benefit plans:

As per IND AS 19 âEmployees Benefitsâ the disclosure of Employee Benefits as defined in the Accounting Standard are given hereunder:

Defined Contributions Plans:

A. In view of retrenchment of all work men as memorandum of settlement entered into by the company with the workersâ union and termination of services of most of the employees of the company , the liability towards the gratuity of the Skeleton staff on rolls as at the balance sheet date has been computed at the present value, instead of actuarial valuation using the Projected Unit Credit Method. Accordingly the various disclosures required under the Accounting standard could not be made.

Note No: 2.3

âExceptional itemâ of debit to the statement of profit & loss of Rs 21,34,74,646, represents the fuel surcharge adjustment (FSA) for the years from 2009.10 to 2012.13, provided in the books of account, as the Honâble Supreme Court has dismissed the companyâs appeal against the levy of the same.

Note No: 2.4

(a). The company has filed its objections before the various administrative authorities of CPDCL as per the directions given by Forum for Redressal of Consumer Grievances of CPDCL towards load shortfall charges for the period upto 31.03.2015 totaling to Rs 42,60,26,056. . Pending disposal of its objections by the authorities, no provision has been made towards the same.

(b). The company has received demand for fuel surcharge adjustment (FSA) from Central Power Distribution Company of AP Ltd (CPDCL) pursuant to clause 45B of the Andhra Pradesh Electricity Regulatory Commission (Conduct of Business Amendment) Regulations 2003 (FSA Regulations). The levy has been a subject matter of challenge ever since the DISCOMS made their claim in the year 2010 in respect of the period 2008-09 . The challenge with respect to 2008-09 were initially accepted by a single judge of the Andhra Pradesh High Court and the appeals filed with respect to 2008-09 is currently pending before the Supreme Court and a full bench of the Andhra Pradesh High Court respectively. Pending the resolution of the legal course being pursued by the company of the dispute no provision has been made for the said demand in the books of account totaling to Rs 5,28,19,683.

Note No: 2.5

Due to steep increase in the power tariff, the cost of production of Ferro Silicon has far exceeded the market prices, resulting in non recovery of even variable cost of production. Accordingly the company has closed down its production unit at Rudraram Village, Medak district since June 2013. Further the company has entered into a memorandum of settlement with the workersâ union on 30.06.2014 for their retrenchment. However, the books of account are maintained under âgoing concernâ concept, as the company has initiated effective steps to meet its power requirements by setting-up a 120 MW captive thermal power plant at Sirpur Kagaznagar Mandal, Adilabad District through a separate company, by transferring its power unit by way of demerger.

Note No: 2.6

The company operates in only one business Segment of manufacture of Ferro Alloys and there are no geographical segments to be reported.

Note No: 2.7

Note No: 2.8

According to an internal technical assessment, there is no impairment in the carrying cost of cash Generating assets of the Company in terms of Accounting for Impairment of Asset (IND AS 36) of Companies (Indian Accounting Standard) Rules, 2015.

Note No: 2.9

Balances lying in the lendersâ, sundry creditors, like, suppliersâ, service providersâ, employeesâ and customersâ accounts are subject to confirmation.

Note No: 2.10

In accordance with IND AS - 12: âIncome Taxesâ issued by Ministry of Corporate Affairs and mandated under Sec 133 of Companies Act, 2013, the Company has not recognised in the books of account as there is no virtual certainty of realisation of the same in future years.

Note No: 2.11

Previous year figure were regrouped wherever necessary to make them comparable with current year figures.

Note. 3 Significant accounting estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting 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.

3.1 Property, Plant and Equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an assetâs expected useful life and the expected residual value at the end of its life. The useful lives and residual values of companyâs assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

3.2 Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at armâs length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the company is not yet committed to or significant future investments that will enhance the assetâs performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

3.3 Impairment of Financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates. The company uses judgment in making these assumptions and selecting the inputs to the impairment calculation based on the companyâs past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

3.4 Taxes

Managementâs judgment is required for the calculation of provision for income taxes and deferred tax assets/liabilities.

Estimation of Current tax expense and payable - Significant judgments are involved in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant managementâs judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. The Company reviews at each balance sheet date the carrying amount of deferred tax assets/ liabilities.

The factors used in estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the financial statements.

3.5 Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

3.6 Contingencies:

Managementâs judgment is required for estimating the possible inflow/outflow of resources, if any, in respect of contingencies/claims/litigations against the Company/by the Company as it is not possible to predict the outcome of pending matters with accuracy.

4.1 Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount that, in the opinion of the Board of Directors would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

A) The following methods and assumptions were used to estimate the fair values

The fair value of cash and cash equivalents, trade receivables and payables, financial liabilities and assets approximate their carrying amount largely due to the short-term maturities of these instruments. The management considers that the carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the financial statements approximate their fair values. The fair value of unquoted equity investments designated and recognised through Other Comprehensive Income has been determined by using the net assets method.

B) Fair value hierarchy

The fair value of financial instruments as referred to above note have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identified assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

Level 1: Level 1 hierarchy includes inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs that are observable either directly or indirectly for the asset or liability, other than quoted prices included within level 1.

Level 3: Inputs for the asset or liability which are not based on observable market data (unobservable inputs).

D) Managementâs approach to determine the fair value under Level 3 hierarchy:

Net Asset Value method is the valuation technique used for determination of the fair value of the unquoted equity instruments. Net asset value has been arrived by calculating the total assets of the company and deducting there from all the liabilities including contingent liabilities, if any, as per the latest audited balance sheet of the company available at the measurement date. The Net Asset Value is divided by the total number of outstanding equity shares to arrive at the fair value per share.

4.2 Financial risk management framework

A) The Companyâs Board of Directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Companyâs activities. The Board of Directors monitors the compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

The risk management framework aims at,

i) Improve financial risk awareness and risk transparency

ii) Identify, control and monitor key risks

iii) Identify risk accumulations

iv) Provide management with reliable information on the Companyâs risk situation

v) Improve financial returns

a) Credit risk:

i) Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables), from cash and cash equivalents, deposits with banks. The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis

ii) Financial assets that are neither past due nor impaired

Cash and cash equivalents, deposits with banks, security deposits are neither past due nor impaired.

Cash and cash equivalents, deposits are held with banks which are reputed and credit worthy banking institutions. Hence the expected credit loss is negligible.

iii) Financial assets that are past due but not impaired

Credit risk arising from trade receivables is managed in accordance with the Companyâs established policy, procedures and control relating to customer credit risk management. The average credit period on sales of products is less than 45 days. All trade receivables are reviewed and assessed for default on a quarterly basis. For trade receivables, as a practical expedient, the Company computes credit loss allowance based on a provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. The provision matrix at the end of the reporting period is as follows:

b) Liquidity risk:

i) Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Companyâs objective is to maintain optimum level of liquidity to meet itâs cash and collateral requirements at all times. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit line to meet obligations . As the company has not carried any business during the last five years, due to operational reasons, its liquidity risk is very high.

ii) Maturities of financial liabilities

As the company has not carried any business during the last five years, due to operational reasons, the companyâs entire financial liabilities have matured and have become due as at 01.04.2016

c) Market Risk

i) Interest Rate Risk

Generally the interest rate risk arises from borrowings with variable rates which expose the company to cash flow interest rate risk. The Companyâs debt funds are mostly interest free and unsecured. It pays interest on long term borrowings from two parties which carries fixed rate of interest. Accordingly, the company is maintaining its interest rate risk at zero level.

ii) Commercial risk

The commercial risk is the risk due to the change in market prices of raw materials and finished goods. As the company has not carried any business during the last five years, due to operational reasons, the commercial risk regarding selling price of its products, purchase price of its raw materials can not be quantified.

4.3 Capital management

The companyâs objectives when managing capital is to safeguard their ability to continue as a going concern, maintain healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders value. The company sets the amount of capital required on the basis of annual business and long term operating plans which include capital and other strategic investments. The funding requirements are met through a mixture of equity, internal fund generation and borrowed funds. The company tries to maintain an optimal capital structure to reduce cost of capital and monitors capital on the basis of debt-equity ratio.

5. First time adoption of Ind -AS

5.1 Transition to Ind AS

These are the companyâs first financial statements prepared in accordance with Ind AS. For the purpose of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101 - First Time adoption of Indian Accounting Standard. The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet as at 1 April 2016 (date of transition). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the companyâs financial position, financial performance and cash flows is set out in note 5.2. Exemptions availed on first time adoption of Ind AS in accordance with Ind AS 101 have been set out in note 5.1.1.

5.1.1 Exemptions availed on first time adoption of Ind AS 101

(i) Deemed cost

a. Property, Plant & Equipment

The company may elect to continue with the carrying value for all of its property, plant and equipment as recognised 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 as per paras D5 and D6 of Ind AS 101. Accordingly, the company has opted this exemption for all of its property, plant and equipment.

b. Investments in Associates

The company may elect to continue with the carrying value for all of its investments in associates as recognised 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 as per para D15 of Ind AS 101. Accordingly, the company has opted this exemption for all of its investments in associates.

(ii) Designation of previously recognised financial instruments

"Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as '' fair value through other comprehensive income'' on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

Accordingly, the Company has designated its investments in certain equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS."

(iii) Fair value measurement of financial instruments at initial recognition

"Under Ind AS 109, at initial recognition of financial instruments, an entity shall measure a financial instrument at its fair value i.e the transaction price. Ind AS 101 allows to apply such requirements prospectively to transactions entered into on or after the date of transition to Ind AS.

Accordingly, the company has opted this exemption . Therefore, transactions that occured prior to the date of transition to Ind AS have not been retrospectively restated."

(iv) Estimates

The estimates as at 1st April 2016 and at 31st March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items where application of Indian GAAP did not require estimation:

- Unquoted equity instruments measured at FVTOCI.

- Debt instruments measured at fair value.

- Impairment of financial assets based on expected credit loss model

The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions at 1st April 2016, the date of transition to Ind AS and as of 31st March 2017.

Notes to the reconciliations:

a) Fair value of investments

Under previous GAAP, long-term investments in equity were measured at cost less diminution in value other than temporary in nature. Under Ind AS, these investments have been classified as fair value through other comprehensive income (FVTOCI). On the date of transition to Ind AS, these investments are measured at their fair value which is lower than carrying value as per previous GAAP, resulting in an increase in the carrying amount by Rs 267.14 Lakhs as at 1st April, 2016 and increase by Rs 259.06 Lakhs as at 31st March, 2017. These changes do not affect profit before tax or total profit for the year ended 31st March, 2017 because the investments have been classified as fair value through other comprehensive income.

b) Other income

"The company has adopted cost model to measure its Property, Plant and equipment as at 1st April 2016 (Date of transition). So the revaluation reserve is transferred to retained earnings as on the date of transition. The revaluation reserve credited to profit and loss account on sale of land under previous GAAP has been adjusted in accordance with Ind AS. The profit on sale of investments, which are measured at FVTOCI has been adjusted through OCI."

c) Other comprehensive income

Under the previous GAAP, the Company did not present total comprehensive income and other comprehensive income. Hence, it has reconciled the previous GAAP profit to profit as per Ind AS. Further, the previous GAAP profit is reconciled to other comprehensive income and total comprehensive income as per Ind AS.

d) Other Equity

Adjustments to retained earnings and other comprehensive income has been made in accordance with Ind AS, for the above mentioned items.

Mar 31, 2015

* There are no dues as at the end of the year (as at the end of the previous year also) to Micro, Small and Medium Enterprises as defined under Micro, Small, and Medium Enterprises Development Act, 2006 based on the information available with the Company.

* includes 184.589 lacs(P.Y. 184.589 lacs) shares acquired, the title in respect of which is in the process of transfer.

10 crore equity shares of Konaseema Gas Power Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

*5912670 Equity shares of Orissa Power Consortium Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

* Represents the retrenchment compensation (net of adjustment for gratuity) as per memorandum of settlement entered by the company with the workers' union on 30th June, 2014

1. (a) EMPLOYEE BENEFIT PLANS:

As per Accounting Standard 15 "Employees Benefits" the disclosure of Employee Benefits as defined in the Accounting Standard are given hereunder:

2. Defined Benefit Plans:

A. In view of retrenchment of all work men as memeorandum of settlement enetrered into by the company with the workers' union and termination of services of most of the employees of the company, the liability towards the gratuity of the Skeleton staff on rolls as at the balance sheet date has been computed at the present value, instead of actuarial valuation using the Projected Unit Credit Method. Accordingly the vrious discclosures required under the Accounting standard could not be made.

3. (a): There are no imports of capital goods or components and spare parts during the current year and the previous year.

4.: Details of imported and indigeneous raw materials and spares consumed:

a The company has received demands for fuel surcharge adjustment (FSA) from Central Power Distribution Company of AP ltd (CPDCL) pursuant to clause 45B of the Andhra Pradesh Electricity Regulatory Commission (Conduct of Business Amendment) Regulations 2003 (FSA Regulations). The levy has been a subject matter of challenge ever since the DISCOMS made their claim in the year 2010 in respect of the period 2008-09 onwards. The challenge with respect to 2008-09 and 2009-10 were initially accepted by a single judge of the Andhra Pradesh High Court and the appeals filed with respect to 2008-09 and 2009-10 are currently pending before the Supreme Court and a full bench of the Andhra Pradesh High Court respectively. With respect to the levy for the years 2010-11 to 2012-13 totaling to Rs 19,06,53,769 no stay has been granted against the levy and collection of FSA charges. Pending the resolution of the legal course being pursued by the company of the dispute no provision has been made for the said demand in the books of account.

b The company has filed its objections before the various administrative authorities of TSSPDCL as per the directions given by Forum for Redressal of Consumer Grievances of TSSPDCL towards load shortfall charges for the period upto 31.03.2012 totaling to Rs 15,10,13,776. Further the company received demand towards load shortfall charges for the years 2012-13 & 2013-14 totalling to Rs 27,32,61,984 in January 2015. Pending disposal of its objections by the authorities, no provision towards load shortfall charges totalling to Rs 42,42,75,760 has been made by the company.

Particulars Current Previous Year Year

Contingent liabilities and commitments

a) Unexpired Bank Guarantees and letters of Credit 5,24,29,000 5,24,29,000

b) Unexpired Corporate Guarantees given to Financial Institutions and strategic Investors on behalf of Body Corporates 157,10,00,000 157,10,00.000

c) Disputed Sales Tax Demands for non submission of "C" & "F" Forms 30,55,523 42,53,723

d) Disputed Income Tax demands for the financial years 2008.09 to 2009.10 3,04,56,364 3,04,56,364

An amount of Rs 11,98,200 (previous year Rs 5192568) Paid under protest against item nos (e) & (f) is shown under the head of "Loans and advances"

e) claims against the company not acknoledged as debts

5. Due to steep increase in the power tariff, the cost of production of Ferro Silicon has far exceeded the market prices, resulting in non recovery of even variable cost of production. Accordingly the company has closed down its production unit at Rudraram Village, Medak district since June 2013. Further the company has entered into a memorandum of settlement with the workers' union on 30.06.2014 for their retrenchment. However, the books of account are maintained under "going concern" concept, as the company has initiated effective steps to meet its power requirements by setting- up a 120 MW captive thermal power plant at Sirpur Kagaznagar Mandel, Adilabad District through a separate company, by transferring its power unit by way of demerger.

Consequent to schedule II of the Companies Act 2013 becoming applicable w. e. f. 01.04.2014, depreciation for the year ended 31st March, 2015, has been provided on the basis of the useful life of all the assets as prescribed under Schedule II of the Act. Accordingly the depreciation charge for the year is higher by Rs. 9,16,235/-, when compared to previous year. Further in respect of the assets whose revised useful life has exhausted before 01.04.2014, the carrying amount of the said assets of Rs. 80,91,625/- has been adjusted to the retained earnings.

6. The company operates in only one business Segment of manufacture of Ferro Alloys and there are no geographical segments to be reported.

7. Related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India.

In the opinion of the board of directors of the company the diminition in the value of certain investments is temporary in nature and hence no provision towards diminition in the value of investments is considered necessary.

8. According to an internal technical assessment,there is no impairment in the carrying cost of cash Generating assets of the Company in terms of Accounting for Impairment of Asset (AS 28) of Companies (Accounting Standard) Rules, 2006.

9. Balances lying in some of the lenders', suppliers', customers' accounts are subject to confirmation.

10.Previous year figure were regrouped wherever necessary to make them comparable with current year figures.

Mar 31, 2014

Note No. 1.1 (a) EMPLOYEE BENEFIT PLANS:

As per Accounting Standard 15 "Employees Benefits" the disclosure of Employee Benefits as defined in the Accounting Standard are given hereunder:

Defined Benefit Plans:

A. The employees'' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for compensated absences is recognized in the same manner as gratuity.

Note No. 1.2 (a): There are no imports of capital goods or components and spare parts during the current year and the previous year.

Particulars Current Previous Year Year

Note No: 1.3:

1 Contingent liabilities and commitments

a) Unexpired Bank Guarantees and letters of Credit 5,24,29,000 12,90,32,974

b) The company could not conclude the agreement entered in an earlier year with IFCI to buyback 3 cores of equity shares of Rs 10 each of Konaseema Gas Power Limited (KGPL), which have been subscribed by IFCI on behalf of the company and two other promoter companies of KGPL as part of the undertaking given by them to the financial institutions to meet the cost overrun, if any.

Accordingly during the year another promoter company has since bought back the said equity shares.

c) Unexpired Corporate Guarantees given to Financial Institutions and strategic Investors on behalf of Body Corporates 1,57,10,00,000 1,57,10,00,000

2 a) The company has received demands for fuel surcharge adjustment (FSA) from Central Power Distribution Company of AP ltd (CPDCL) pursuant to clause 45B of the Andhra Pradesh Electricity Regulatory Commission (Conduct of Business Amendment) Regulations 2003 (FSA Regulations)

The levy has been a subject matter of challenge ever since the DISCOMS made their claim in the year 2010 in respect of the period 2008.09 onwards. The challenge with respect to 2008.09 and 2009.10 were initially accepted by a single judge of the Andhra Pradesh High Court and the appeals filed with respect to 2008.09 and 2009.10 are currently pending before the Supreme Court and a full bench of the Andhra Pradesh High Court respectively. With respect to the levy for the years 2010.11 to 2012.13 totaling to Rs 190653769 no stay has been granted against the levy and collection of FSA charges.

Pending the resolution of the legal course being pursued by the company of the dispute no provision has been made for the said demand in the books of account.

(b) Pending disposal of its objections filed before the various administrative authorities of CPDCL as per the directions given by Forum for Redressal of Consumer Grievances of CPDCL towards load shortfall charges for earlier years, totaling to Rs 86699649, no provision has been made by the company for the said demand in the books of account.

c) Disputed Sales Tax Demands for non submission of "C" & "F" Forms 38,09,838 42,53,723

d) Disputed Income Tax demands for the financial years 2008.09 to 2009.10 3,04,56,364 3,47,35,780

An amount of Rs 11,98,200 (previous year Rs 5192568) Paid under protest against item nos (e) &

(f) is shown under the head of "Loans and advances"

e) claims against the company not acknoledged as debts

3. Due to steep increase in the power tariff, by CPDCL, the cost of production of Ferro Silicon has far exceeded the market prices, resulting in non recovery of even variable cost of production. Accordingly the company has closed down its production unit at Rudraram Village, Medak district since June 2013. Further the company is negotiating with the workers union for their retrenchment. However, the books of account are maintained under "going concern" concept, as the company has initiated effective steps to meet its power requirements by setting-up a 120 MW captive thermal power plant at Sirpur Kagaznagar Mandel,

Adilabad District through VBC Power Company Ltd, by transferring its power project division by way of demerger.

4. The company operates in only one business Segment of manufacture of Ferro Alloys and there are no geographical segments to be reported

5A. Related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India.

a) Associates: Konaseema Gas Power Ltd VBC Industries Limited

Orissa power Consortium Limited.

b) Key Managerial Personnel:

Sri M S Lakshmana Rao, Managing Director

c) Relatives of Key Managerial Personnel:

Dr. M V V S Murthi,

Sri M S Rama Rao

d) Others: Enterprises in which key Managerial Personnel or their relatives have substantial interest

VBC Exports Ltd.

Techno Infratech Projects (India) Pvt. Ltd.

BASIL Infrastructure projects Ltd.

Indo-Us Coal Washeries Ltd VBC Power Company Ltd.

B. Transactions carried with related parties:

Nature of Trasactions

i) Transactions pertaining to Associates:

a) Purchases :VBC Industries Ltd - 19,50,956

7 Konaseema Gas Power Limited, Hyderabad is an Associate Company as defined in paragraph 4 of Accounting Standard on "Accounting for Investments in Associates in Consolidated Financial Statements (AS 23)" of Companies (Accounting Standards) Rules, 2006 as the company''s voting power in the said Company exceeds the limits prescribed in the said paragraph. However, the said Accounting Standard is not applicable, as the company is not required to prepare consolidated statements under AS 21

8 According to an internal technical assessment,There is no impairment in the carrying cost of cash Generating assets of the Company in terms of Accounting for Impairment of Asset (AS 28) of Companies (Accounting Standard) Rules, 2006.

9 Previous year figure were regrouped wherever necessary to make them comparable with current year figures

Mar 31, 2013

Note No. 1.1 (a): There are no imports of capital goods or components and spare parts during the current year and the previous year.

Particulars Current Previous Year Year

Note No: 1.2:

1. Contingent liabilities and commitments

a). Unexpired Bank Guarantees and letters of Credit 12,90,32,974 12,90,32,974

b) The company together with two other promoter companies has furnished an undertaking on behalf of Konaseema Gas Power Limited (KGPL) jointly promoted by them to the financial institutions to finance the cost over-run, if any, in respect of the power project executed by the said company. Accordingly, in an earlier year, the company has entered into an agreement with IFCI to buy back 3 crores of equity shares of Rs..10/- each in KGPL, which have been subscribed by them to meet the cost overrun.

c) Unexpired Corporate Guarantees given to Financial Institutions and strategic Investors on behalf of

Body Corporate 157,10,00,000 157,10,00,000

d) Claims made by the Electricity Distribution companies in Andhra Pradesh towards Fuel Surcharge Adjustment (FSA) have been challenged by the company in the Hon''ble High Court of Andhra Pradesh and the Appellate Tribunal of Electricity, New Delhi respectively. Based on legal opinion, the company feels that they have a good case and likely to result in the entire claim / demand being quashed or be substantially reduced. In view of this, no provision has been made in the books for the said claims.

e) Disputed Sales Tax Demands for non submission

of "C" & "F" Forms 42,53,723 42,53,723

f) Disputed Income Tax demands for the financial 3,47,35,780 44,90,463 year 2008-09 to 2009-10

An amount of Rs. 5192568 (previous year Rs. 3994368) Paid under protest against item nos (e) & (f) is shown under the head of "Loans and advances"

g) Demands towards load factor shortfall charges for earlier years, disputed by the company (against which Rs. 300 lakhs - previous year Rs. 200 lakhs paid under protest grouped under

the head of "Loans & Advances") 16,75,44,783 13,93,55,496

2. The company operates in only one business Segment of manufacture of Ferro Alloys and there are no geog raphical segments to be reported

3. A. Related Party Transactions:

Related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India.

i) Associates:

Konaseema Gas Power Ltd

VBC Industries Limited

Orissa power Consortium Limited.

Mar 31, 2012

Exchange differences are credited/ charged to Statement of Profit and Loss.

# includes 184.589 lacs(P.Y. 184.589 lacs) shares acquired, the title in respect of which is in the process of transfer.

10 crore equity shares of Konaseema Gas Power Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

*5912670 Equity shares of Orissa Power Consortium Ltd have been pledged with various financial institutions as a collateral security against the term loans sanctioned to the said company.

Note no. 1.1 (a) EMPLOYEE BENEFIT PLANS:

As per Accounting Standard 15 "Employees Benefits" the disclosure of Employee Benefits as defined in the Accounting Standard are given hereunder:

A. The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for compensated absences is recognized in the same manner as gratuity.

As per the enterprise's accounting policy actuarial gains and losses are recognized immediately during the same year itself.

The above information is certified by the Actuary.

Note No. 1.2 (a): There are no imports of capital goods or components and spare parts during the current year and the previous year.

Note No: 1.3:

Contingent liabilities and commitments

a). Unexpired Bank Guarantees and letters of Credit 12,90,32,974 7,51,48,735

b) The company together with two other promoter companies has furnished an undertaking on behalf of Konaseema Gas Power Limited (KGPL) jointly promoted by them to the financial institutions to finance the cost over-run, if any, in respect of the power project executed by the said company. Accordingly, in an earlier year, the company has entered into an agreement with IFCI to buy back 3 crores of equity shares of Rs.10/- each in KGPL, which have been sub scribed by them to meet the cost over run.

c) Unexpired Corporate Guarantees given to Financial Institutions and strategic Investors on behalf of

Body Corporate 157,10,00,000 157,10,00,000

d) Disputed Sales Tax Demands for non submission of "C" & "F" Forms 42,53,723 28,30,172

e) Disputed Income Tax demands

An amount of Rs.39.94 lakhs (previous year Rs.64.94 lakhs) Paid under protest against item (e)

is shown under the head of "Other Current Assets" 44,90,463 2,12,17,831

f) Demands towards load factor short fall charges for earlier years, disputed by the company (against which 200 lakhs paid under protest grouped under the head of "Short Term Loans & Advances") 13,93,55,496 12,89,88,244

Mar 31, 2011

Unit Current Previous Year Year

1. Estimated amount of contracts Nil Nil remaining to be executed on Capital Account and not provided for lette rs of credit opened

2. Contingent liabilities

a) Unexpired Bank Guarantees and letters of Credit Rs. 7,51,48,735 4,93,96,690

b) The company together with two other promoter companies has furnished an undertaking on behalf of Konaseema Gas Power Limited (KGPL) jointly promoted by them to the finan- cial institutions to finance the cost over-run, if any, in respect of the power project executed by the said company. Accord- ingly, in an earlier year, the company has entered into an agreement with IFCI to buy back 3 crores of equity shares of Rs.10/- each in KGPL, which have been subscribed by them to meet the cost over run.

c) Unexpired Corporate Guarantees given to Financial Institutions and strategic Investors on behalf of Body Corporates Rs. 1,57,10,00,000 57,10,00,000

d) Disputed Sales Tax Demands for non submission of "C" & "F" Forms Rs. 28,30,172 35,36,852

e) Disputed Income Tax demands an amount of Rs.64.94 lakhs (previous Rs. 2,12,17,831 1,06,16,206 year Rs.5.35 lakhs) Paid under protest against item (e) is shown under the head of "Loans and advances"

f) Demands towards load factor shortfall charges for earlier years, disputed by the company Rs. 12,89,88,244 13,50,68,859

3. The company operates in only one business Segment of manufac ture of Ferro Alloys and there are no geographical segments to be reported.

4. Related Party Transactions:

Related parties in terms of AS 18 issued by the Institute of Char tered Acccountants of India.

a) Associates: Konaseema Gas Power Ltd VBC Industries Limited Orissa power Consortium Limited.

b) Key Managerial Personnel: Sri M S Lakshmana Rao, Managing Director

c) Relatives of Key Managerial Personnel:

Dr. M V V S Murthi, Sri M S Rama Rao

d) Others: Enterprises in which key Managerial Personnel or their relatives have substantial interest

VBC Exports Ltd. Techno Infratech project (India) Pvt. Ltd. BASIL Infrastructure projects Ltd. Indo-Us Coal Washeries Ltd

5. According to an internal technical assessment, There is no impairment in the carrying cost of cash Generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.

6. Previous Year's figures have been regrouped and rearranged wherever necessary

7. Paise have been rounded off to the nearest rupee.

Mar 31, 2010

Unit Current Previous Year Year

1. Estimated amount of contracts remaining to be executed on Capital Account and not provided for - Letters of Credit opened Rs. Nil Nil

2. Contingent liabilities a) Unexpired Bank Guarantees and letters of Credit . Rs. 4,93,96,690 5,68,12,825

b) The company together with two other promoter companies has furnished an undertaking on behalf of Konaseema Gas Power Limited (KGPL) jointly promoted by them to the financial institutions to finance the cost over-run, if any, in respect of the power project being executed by the said company.

Accordingly, the company has entered into an agreement with IFCI to buy back 3 Crores of equity shares of Rs. 10 each in KGPL, which have been subscribed by them, during the year, to meet the cost over run.

c) The company together with another promoter company has furnished an undertaking on behalf of Orissa Power Consortium Limited jointly promoted by them to the financial institutions to finance the cost over-run, if any, in respect of the power project being executed by the said company.

3. Disclosures on "Employee Benefits" as per Accounting

Standard 15 - "Employee Benefits" issued by the Institute of Chartered Accountants of India

4. The company operates in only one business segment of manufacture of Ferro Alloys and there are no geographical segments to be reported.

5. Related Party Transactions:

Related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India.

a) Associates: Konaseema Gas Power Ltd. VBC Industries Limited

Orissa power Consortium Limited.

b) Key Managerial Personnel:

Sri. M S Lakshman Rao, Managing Director

c) Relatives of key Managerial Personnel:

Dr. MVVSMurthi Sri M S Rama Rao

d) Others: Enterprises in which Key Managerial Personnel or their relatives have substantial interest:

VBC Exports Ltd.

Techno infratech project (India) pvt. Ltd. BASIL infrastructure projects Ltd. Indo-Us Coal Washeries Ltd.

6. According to an internal technical assessment, there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.

7. Additional information as required under part-ll of Schedule VI to the Companies Act, 1956

8. Previous Years figures have been regrouped and rearranged wherever necessary

9. Paise have been rounded off to the nearest rupee.

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