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Notes to Accounts of Disa India Ltd.

Mar 31, 2017

Note 1. Disclosures under Accounting Standards

2.Disclosure Pursuant to AS-15 (Revised) a) Defined Contribution Plans

The Company makes Provident Fund , Employees state Insurance and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes , the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.12.9 Million (March 31, 2016:Rs.10.6 Million) for Provident Fund contributions and Rs. 6 Million (March 31, 2016: Rs.5.6 Million ) for Superannuation Fund contributions and Rs. 0.1 Million (March 31, 2016: Rs.0.2 Million) for Employees State insurance scheme contribution in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

3 Business segment is identified as the primary segment and after considering all relevant factors. The company is engaged in manufacture of machinery and machinery parts and is considered to constitute a single segment in the context of AS-17 on "Segment Reporting" referred to in the Companies Act, 2013.

The geographic segments individually contributing 10 percent or more of the Company''s revenues and segment assets are shown separately:

Note: Future cash outflow in respect of the above is determinable only on occurrence of uncertain future events


Mar 31, 2016

iv) Details of rights, preferences and restrictions in respect of equity shares :

The Company has one class of Shares referred to as Equity Shares with par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the share holders.

The Equity Shareholders are entitled to receive dividend proposed by the Board of Directors which is subject to the approval of the shareholders in the ensuing Annual General meeting, except in case of Interim Dividend.

Notes forming part of the financial statements for year ended March 31, 2016

1. During the previous year , pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014 , the Company has revised the estimated useful life of some of its assets to align the useful life with those specified in Schedule II. Further, assets individually costing Rs 10,000 or less that were depreciated fully in the year of purchase are now depreciated based on the useful life considered by the Company for the respective category of assets. The details of previously applied useful life and current useful life are as follows:

2. Previous financial year is for a period of 15 months commencing from 1st Jan 2014 and ended 31st March 2015 and are not directly comparable with the current year number. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2015

1. Notes :

i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year :

There is no change in the number of shares and amount of share capital at the beginning and at the end of the year.

ii) Details of rights, preferences and restrictions in respect of equity shares :

The Company has one class of Shares referred to as Equity Shares with par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the share holders.

The Equity Shareholders are entitled to receive dividend proposed by the Board of Directors which is subject to the approval of the shareholders in the ensuing Annual General meeting, except in case of Interim Dividend.

iii) Details of shares held by holding company, the ultimate holding company, their subsidiaries and associates 818,902 (PY-818,902) Equity Shares are held by Disa Holding AG, Switzerland (54.22%) (PY-54.22%) 313,751 (PY-313,751) Equity Shares are held by Disa Holding AS, Denmark (20.78%) (PY-20.78%) . Disa Holding AG is a fully owned subsidiary of Disa Holding AS.

iv) Shareholders other than the companies mentioned in Note (iii) above holding more than 5% of total share capital 90,000 (PY - 94,476) Equity Shares are held by IDFC Premier Equity Fund (5.96%) (PY- 6.26%)

As at As at Particulars 31st March, 31st December, 2015 2013 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities and Commitments

(i) Claims against company not acknowledged as debt - Service Tax 14 11

* CST /VAT 123 47

* Excise Duty 5 1

(ii) In addition to the above, the Company received a demand notice for Rs. 1,084 Lakhs towards non submission of Form C from customers for the year 2013-14 including interest and penalty. The Company have submitted subsiquent to year end C Forms except for Rs. 155 Lakhs, which would be done in due course. The Company does not except any liabilities on this amount.

Note : a) Outflow, if any, arising out of the said claim including interest would depend on the outcome of the decision of the appelette authority and the company's reight for future appeal before the judiciary.

(iii) Estimated amount of contracts remaining to be executed on capital 35 3 account and not provided for tangible assets

Note 3. Disclosures under Accounting Standards

3.1 Disclosure Pursuant to AS-15 (Revised)

a) Defined Contribution Plans

The Company makes Provident Fund , Employees state Insurance and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes , the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 126 Lakhs ( December 31, 2013: Rs.105 Lakhs) for Provident Fund contributions and Rs. 66 Lakhs (December 31, 2013: Rs.46 Lakhs ) for Superannuation Fund contributions and Rs. 3 Lakhs ( December 31, 2013: Rs. 4 Lakhs) for Employees State insurance scheme contibution in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

4. Note :

i) The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

ii) The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

iii) LIC with whom the scheme has been funded has advised that the portfolio of the scheme as at 31st March 2014, the latest date for which such information has been compiled by them.

iv) Estimate of amount of contribution in the immediate next year is Rs 40.00 Lakhs (December 31, 2013: Rs 40 Lakhs)

5. The financial year of the company has been changed from 31st December to 31st March, consequently the current financial year is for a period of 15 months commencing January 1, 2014 and ended March 31, 2015 and accordingly not directly comparable with previous year number. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Dec 31, 2013

1. Disclosure Pursuant to AS-15 (Revised)

a) Defined Contribution Plans

The Company makes Provident Fund, Employees State Insurance and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.i05 Lakhs ( PY-Rs.87 Lakhs ) for provident fund contributions and Rs.46 Lakhs ( PY-Rs.39 Lakhs ) for superannuation fund contributions and Rs. 4 Lakhs ( PY- Rs.5 Lakhs) for employees state insurance scheme contribution in the statement of profit and loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.


Dec 31, 2012

Rights, preferences and restrictions in respect of equity shares :

The Company has one class of Shares referred to as Equity Shares with par value of Rs 10/- , each holder of Equity shares has one vote per share.

The Equity Shareholders are entitled to receive dividend proposed by the Board of Directors which is subject to the approval of the shareholders in the enusing Annual General meeting , except in case of Interim Dividend.

I Disclosure Pursuant to AS-15 (Revised)

1. Defined Contribution Plans

An Amount of Rs. 130.77 lakhs (previous year Rs.113.45 lakhs) is recognised as an expense and included in "Employee benefit expense " (Note 19 in the Profit and Loss Account)

II (a) During the year ended 31 December 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company, for preparation and presentation of its Financial Statements. Accordingly, the Company has reclassified / regrouped/ amended the previous year figures in accordance with the requirements applicable in the current year.

(b) Prior to 1st January 2012, the cost of inventories was determined on weighted average basis. Consequent to the shift to a new ERP platform , the Company has changed the determination of inventory to the first-in first-out method . The impact of, and the adjustments resulting from, such change has no material effect on the financial statements for the current period.

(c) Figures in brackets indicate previous year''s figures.


Dec 31, 2011

Not Available


Dec 31, 2009

SI. Description For the year Previous Year No. Rs.000 Rs.000

I CONTINGENT LIABILITIES:

a) i) Guarantees given by Bank 40,419 83,290

ii) LC issued by Bank - 739

iii) Corporate Guarantees given 272 -

b) Estimated amount of contracts remaining to be executed on capital account and not provided for - 5,600

c) Claims against company not acknowledged as debt— Income tax 1,910 -

— Service tax 196 -

— Others 492 -

I Disclosure Pursuant to AS-15 (Revised)

1. Defined Contribution Plans

An amount of Rs.82.80 lakhs (previous year Rs.87.58 lakhs) is recognised as an expense and included in "Manufacturing and Other Expenses" (Schedule 12 (f)) in the Profit and Loss Account.

II Amount of borrowing costs capitalised during the year - Nil ( 2008- Nil)

III Previous years figures have been re-grouped/reclassified wherever necessary. Figures in brackets indicate previous years figures.

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