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Notes to Accounts of Donear Industries Ltd.

Mar 31, 2023

Note No 15.1 The Company can utilise these balances towards settlement of unpaid dividend only

Note No 15.2 Margin money deposits amounting to '' 1,239.57 lakhs ( as at 31.03.2022 - '' 1,136.59 lakhs) are lying with bank against

Bank Guarantees and Letter of Credit.

Note No 15.3 There are no amounts due for payment to the investor education & Protection Fund under Section 125 of the Companies Act, 2013 as at the year end (in previous year unpaid dividend of '' 0.28 for the financial year 2012-13 and '' 0.43 for the financial year 2013-14, which has been delayed to transfer to IEPF authority on account of technical issue in reconciliation at the end of Dividend Banker. The same transferred on 09.05.2022 and 28.04.2022 respectively)

(ii) Defined Benefit Plan

(a) Gratuity:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 to 25 days/one month salary last drawn for each completed year of service depending on the date of joining. The same is payable on termination of service, retirement or death, whichever is earlier. The benefit vests after 5 years of continuous service.

(b) Major category of plan assets:

The Company has taken plans from Life Insurance Corporation of India

(c) The following tables set out the funded status of the gratuity and leave encashment plans and the amounts recognised in the Company’s financial statements as at 31 March 2023 and 31 March 2022.

46. Leases

The Company’s leasing arrangements are in respect of office premises / warehouse. These leasing arrangements, which is mostly cancellable, range between 11 months to 3 years and are usually renewable by mutual consent at mutually agreed terms & conditions. The lease payment of '' 833.41 lakhs (Previous Year '' 512.68 lakhs) has been recognised as expenses in the statement of Profit & Loss under the Note No. “Other Expenses”.

48. Capital Management i) Risk Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders. The primary objective of the Company capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio and is measured by net debt divided by capital employed. The Company’s debt is defined as long term and short term borrowings including current maturities of long term borrowings and total equity (as shown in balance sheet) includes issued capital and all other reserves.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk, price risk, investment of surplus liquidity and other business risks effecting business operation. The company’s risk management is carried out by the management as per guidelines and policies approved by the Board of Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and loans given.

Credit Risk Management

For financial assets the Company has an investment policy which allows the Company to invest only with counterparties having credit rating equal to or above AAA and AA. The Company reviews the creditworthiness of these counterparties on an ongoing basis. Another source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit approvals, establishing credit limits and continuous monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. The Company estimates the expected credit loss based on past data, available information on public domain and experience. Expected credit losses of financial assets receivable are estimated based on historical data of the Company. The company has provisioning policy for expected credit losses. There is no credit risk in bank deposits which are demand deposits. The creditors risk is minimum in case of entity to whom loan has been given.

The maximum exposure to credit risk as at 31.03.2023, 31.03.2022 and 01.04.2021 to the carrying value of such trade receivables as shown in note 13 of the financials.

(B) Liquidity Risk

Liquidity risk represents the inability of the Company to meet its financial obligations within stipulated time. To mitigate this risk, the Company maintains sufficient liquidity by way of working capital limits from banks

(C) Market risk Foreign currency risk

The Company significantly operates in domestic market, hence very insignificant portion of export and import took place during the years. Company is mitigating the currency risk by natural and financial hedging.

Interest Rate Risk

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. In order to optimize the Company’s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of the fixed rate and floating rate financial instruments in its total portfolio.

(D) Price risk

The company is exposed to price risk in basic ingrediants of Company’s raw material and is procuring finished components and bought out materials from vendors directly. The Company monitors its price risk and factors the price increase in pricing of the products.

50. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

51. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

52. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

53. The Company has neither traded nor invested in crytpo currency or virtual currency during the year.

54. Fair Value Measurement

The fair value of Financial instrument as of 31.03.2023, 31.03.2022 and 01.04.2021 were as follows-

The fair values of current debtors, cash & bank balances,loan to related party, security deposit to goverment deparment, current creditors and current borrowings and other financial liability are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

55. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of Companies Act, 2013.


Mar 31, 2018

1 Company Overview

Donear Industries Limited (“DIL” or “The Company”) is an existing public limited company incorporated on 01/01/1987 under the provisions of the Indian Companies Act, 1956 and deemed to exist within the purview of the Companies Act, 2013, having its registered office at Donear House, 8th Floor, Plot No. A- 50, Road No. 1, MIDC , Andheri (East), Mumbai- 400093. The Company is manufaturer of fabrics having its own brand name “Donear” and also trading in garments under the brand name of “Dcot”. The Company sell its product through multiple channels including wholesale and retail during the year ended 31st March’ 2018. The equity shares of the Company are listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). The financial statements are presented in Indian Rupee (Rs.).

Notes:

(a) The Company has elected to measure all its property, plant and equipment at the previous GAAP carrying amount i.e. April 1, 2016 as its deemed cost (Gross Block Value) on the date of transition to Ind AS i.e. April 1, 2016.

(b) The Company has availed the deemed cost exemption in relation to the property, plant and equipment, capital work-in-progress and intangibles on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date.

Note No 2.1

The Company can utilise these balances towards settlement of unpaid dividend only Note

No 2.2

Margin money deposits amounting to Rs. 340.46 lakhs ( as at 31.03.2017 - Rs.268.36 lakhs as at 01.04.2016 - Rs. 261.42 lakhs ) are lying with bank against Bank Guarantees and Letter of Credit.

Note No 3.1: Terms / rights attached to equity shares:

(a) The company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. There is no interim dividend proposed by the Board of Directors.

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

Note No 3.2: The Board of Directors have recommended dividend of Rs.0.20 per Share (Previous Year Rs.0.20 per share) to be distributied to equity shareholders for the year ended 31.03.2018 as Final Dividend. The total amount of dividend shall be Rs.125.17 lakhs (including dividend distribution tax Rs.21.38 lakhs), (Previous Year Rs.125.17 lakhs including dividend distribution tax Rs.21.17 lakhs).

Note No 4.1:

The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act,have not been given.

Notes :

(a) The Company is engaged into two main business segments mainly (i) Manufacturing and Dealing in Textiles and (ii) Rental Property which have been identified and reported taking into account the nature of products and services, the differing risks and returns and the organisation structure.

(b) Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

5. EMPLOYEE BENEFIT

As per IND AS 19 “Employee Benefits”, the disclosures of Employee benefits as defined in the said Accounting Standards are given below :

(i) Defined Contribution Plan

Contribution to Defined Contribution Plan includes Providend Fund. The expenses recognised for the year are as under :

(ii) Defined Benefit Plan

(a) Gratuity:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 to 25 days/one month salary last drawn for each completed year of service depending on the date of joining. The same is payable on termination of service, retirement or death, whichever is earlier. The benefit vests after 5 years of continuous service.

(b) Major category of plan assets:

The Company has taken plans from Life Insurance Corporation of India

(c) The following tables set out the funded status of the gratuity and leave encashment plans and the amounts recognised in the Company’s financial statements as at 31 March 2018 and 31 March 2017.

6. DERIVATIVES HEDGED :

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of Current Borrowings. The following are the outstanding Forward Exchange Contracts entered into by the Company.

UNHEDGED:

The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are as under :

7. Capital Management

i) Risk Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders. The primary objective of the Company capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio and is measured by net debt divided by capital employed. The Company’s debt is defined as long term and short term borrowings including current maturities of long term borrowings and total equity (as shown in balance sheet) includes issued capital and all other reserves.

ii) Gearing Ratio

The gearing ratio at end of the reporting period was as follows.

8. Financial Risk Management

The Company’s activities expose it to credit risk, liquidity risk, market risk, price risk and Interest Rate Risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact thereof in the financial statements.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk, price risk, investment of surplus liquidity and other business risks effecting business operation. The company’s risk management is carried out by the management as per guidelines and policies approved by the Board of Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and loans given.

Credit Risk Management

For financial assets the Company has an investment policy which allows the Company to invest only with counterparties having credit rating equal to or above AAA and AA. The Company reviews the creditworthiness of these counterparties on an ongoing basis. Another source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit approvals, establishing credit limits and continuous monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. The Company estimates the expected credit loss based on past data, available information on public domain and experience. Expected credit losses of financial assets receivable are estimated based on historical data of the Company. The company has provisioning policy for expected credit losses. There is no credit risk in bank deposits which are demand deposits. The creditors risk is minimum in case of entity to whom loan has been given.

The maximum exposure to credit risk as at 31.03.2018, 31.03.2017 and 01.04.2016 is the carrying value of such trade receivables as shown in note 13 of the financials.

(B) Liquidity Risk

Liquidity risk represents the inability of the Company to meet its financial obligations within stipulated time. To mitigate this risk, the Company maintains sufficient liquidity by way of working capital limits from banks

(C) Market risk Foreign currency risk

The Company significantly operates in domestic market, hence very insignificant portion of export and import took place during the years. Company is mitigating the currency risk by natural and financial hedging.

Open exposure

The Company’s exposure to foreign currency risk which are unhedged at the end of the reporting period is as follows:

Sensitivity Anaysis-

The Company is mainly exposed to changes in USD and Euro. The sensitivity analysis demonstrate a reasonably possible change in USD and Euro exchange rates, with all other veriables held constant. 5% appreciation/depreciation of USD and Euro with respect to functional currency of the company will have impact of following (decrease)/increase in Profit & vice versa.

Interest Rate Risk

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. In order to optimize the Company’s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of the fixed rate and floating rate financial instruments in its total portfolio.

The exposure of company borrowings to interest rate changes at the end of reporting period are as follows:

(D) Price risk

The company is exposed to price risk in basic ingrediants of Company’s raw material and is procuring finished components and bought out materials from vendors directly. The Company monitors its price risk and factors the price increase in pricing of the products.

9. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

10. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

11. Specified bank notes

(i) The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended 31st March, 2018.

(ii) Following are the details of holding as well as dealings in Specified Bank Notes for the previous year ended 31st March, 2017.

12 Fair Value Measurement

The fair value of Financial instrument as of 31.03.2018, 31.03.2017 and 01.04.2016 were as follows-

The fair values of current debtors, cash & bank balances,loan to related party, security deposit to goverment deparment, current creditors and current borrowings and other financial liability are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

13. FIRST TIME ADOPTION OF IND AS

The Company has adopted Ind AS with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.

Explanation 1 - Exemptions and exceptions availed

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

(I) Ind AS Optional exemptions

Deemed Cost - Property, Plant and Equipment, Capital work-in-progress and Intangible Assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as 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. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment, Capital work-in-progress and intangible assets at their previous GAAP carrying values.

(II) Ind AS mandatory exemptions

(i) Estimates

An entity’s estimates in accordance with Ind AS’ at the date of transition to Ind AS shall be consistant with the estimates made for the same date in accordance with the previous GAAP (after adjustments to reflect any difference in accounting policies) unless there is an objective evidence that those estimates were in error.

(ii) Classification and measurement of financial assets (other than equity instruments)

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exists at the date of transition to Ind AS.

(iii) De-recognition of financial assets and financial liabilities

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

Note No.:

1 Property, Plant and Equipment and Investment Property

Under the previous GAAP, Investment Property, Land & Bulding amounting to Rs. 1301.72 lakhs as on March 17 (1st April 2016 - Rs. 1491.59 lakhs) was grouped under Property Plant and Equipment. Under Ind AS, the same is treated as Investment property under Ind AS 41 at carrying cost under previous GAAP. There is no impact on the total equity and profit.

2 Security Deposits (Received)

Under the previous GAAP, interest free lease & delearship security deposits (that are refundable in cash on completion of the respective term) are recorded at their transaction value. Under Ind AS, all financial liability are required to be recognised at fair value. Accordingly, the company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposits (taken) have been recognised as unearned income. Consequent to this change, the amount of security deposits decreased by Rs. 446.47 lakhs as at 31 March 2017 (1 April 2016 - Rs. 476.79 lakhs). The unearned income increased by Rs. 77.83 lakhs as at 31 March 2017 (1 April 2016 - Rs. 117.11 lakhs) Total equity increased by Rs. 368.65 lakhs as on 31 March 2017 (after set-off notional interest expenses of Rs. 211.26 lakhs and includes fair valuation impact of deposit amounting to Rs. 180.94 lakhs and related rent income of Rs. 39.29 lakhs) {1 April 2016 increased by Rs. 359.68 lakhs (After set-off notional interest expense of Rs. 259.20 lakhs and includes fair valuation impact of deposit amounting to Rs. 529.34 lakhs and related rent income of Rs. 89.54 lakhs)}.

3 Security Deposits (Paid)

Under the previous GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposits have been recognised as prepaid rent. Consequent to this change, the amount of security deposits decreased by Rs. 11.68 lakhs as at 31 March 2017 (1 April 2016 Rs. 8.10 lakhs). The prepaid rent increased by Rs. 11.14 lakhs as at 31 March 2017 (1 April 2016 - Rs. 7.88 lakhs). Total equity decreased by Rs. 0.32 lakhs as on 31 March 2017 (After set-off notional interest income of Rs. 2.46 lakhs) { 1 April 2016 -Rs. 0.22 lakhs as on (After set-off notional interest income of Rs. 1.34 lakhs)}.

4 Mat Credit Entitlement

Under the previous GAAP, Mat Credit Entitlement was the grouped as Long term loans & advances. Under Ind AS, Mat Credit is an element of deferred tax being a tax credit under IND AS 12 (Income Tax). Hence the amount of Mat Credit regrouped with deferred tax liabilities (net) of Rs. 278.00 lakhs as at 31 March 2017 (1 April 2016 - Rs. 357.54 lakhs). There is no impact on the total equity and profit.

5 Trade Receivable

As per Ind AS 109, the company is required to apply expected credit loss model for recognising the allowance for doubtful debts. As a result, the allowance for doubtful debts increased by Rs. 454.66 lakhs as at 31 March 2017 (1 April 2016 - Rs. 182.17 lakhs). Consequently, the total equity as at 31 March 2017 decreased by Rs. 454.66 lakhs (1 April 2016 - Rs. 182.17 lakhs) and profit as at 31.03.2017 decreased by Rs. 272.49 lakhs (1 April 2016 - Rs. 182.17 lakhs)

6 Deferred Tax

Under previous GAAP, deferred taxes were recognised based on Profit & loss approach i.e. tax impact on difference between the accounting income and taxable income. under Ind AS, deferred tax is recognised by following balance sheet approach i.e. tax impact on temporary difference between the carrying value of assets and liabilities in the books and their respective tax base.

7 Revenue from operations

Under the previous GAAP, revenue from sale of products was presented exclusive of various type of discounts. Under Ind AS, revenue from sale of goods is presented net of expenses for scheme and discount. This change has resulted in an decrease in total revenue and total expenses for the year ended 31 March 2017 by Rs. 1887.59 lakhs. There is no impact on the total equity and profit.

8 Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year. As a result of this change, the profit for the year ended 31 March 2017 decrease by Rs. 10.54 lakhs (1 April 2016 Rs. 7.32 lakhs). There is no impact on the total equity.

9 Proposed dividend

Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend (including dividend distrubution tax Rs. 21.17 lakhs) of Rs. 125.17 lakhs as at 31 March 2016 included under provisions has been reversed with corresponding adjustment to retained earnings and same is adjusted in retain earning of next year of corresponding year

14. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of Companies Act, 2013.


Mar 31, 2016

1 The Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current presentation as per the revised schedule III.


Mar 31, 2015

1. Terms / rights attached to equity shares:

(a) The company has only one class of equity shares having a par value of ' 2 per share. Each holder of equity shares is entitled to one vote per share. There is no interim dividend proposed by the Board of Directors.

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

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given.

2. The Company can utilise these balances towards settlement of unpaid dividend only

3. Margin money deposits amounting to ' 1,82,40,832 (Previous Year Rs. 1,63,56,183) are lying with bank against Bank Guarantees and Letter of Credit.

Notes :

(a) The Company is engaged into two main business segments mainly (i) Manufacturing and Dealing in Textiles and (ii) Rental Property which have been identified and reported taking into account the nature of products and services, the differing risks and returns and the organisation structure.

(b) Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

(c) As this being the first year of reportable segment under Accounting Standard 17 on Segmental Reporting, previous year figures are not applicable.

4. RELATED PARTY DISCLOSURES

The disclosures of Related Party as under :

Related Parties

(a) (i) Shri Vishwanath L. Agarwal

(b) (i) Mrs. Bhavardevi Agarwal (Wife of Shri

Vishwanath L. Agarwal and mother of Shri

Rajendra V. Agarwal and Shri Ajay V. Agarwal)

(c) (i) Shri Rajendra V. Agarwal

(ii) Shri Ajay V. Agarwal

(d) (i) Mrs. Uma Agarwal (Wife of Shri Rajendra V. Agarwal)

(ii) Mr. Rahul R. Agarwal (Son of Shri Rajendra V. Agarwal)

(e) (i) Donear Synthetics Limited

(ii) Lav Kush Traders Pvt.Limited

(iii) Laxmi Synthetics

(iv) Rajendra Agarwal (HUF)

(v) Ajay V. Agarwal (HUF)

(vi) Sonia Synthetics Pvt.Limited

(vii) Sonia Synthetics LLP (Converted from Sonia Synthetic P.Ltd.)

(viii) Donear Retail Pvt.Limited

(ix) R. Ajay Kumar Real Estate LLP (Converted from

R.Ajay Kumar Investment Company Pvt. Ltd.)

(x) Rajendra Synthetics Pvt. Limted

(xi) U.N.Reality Pvt. Limited

(xii) V.R.A. Reality Pvt. Limited

(xiii) Neptune Fabs

(xiv) Venus Textiles

(xv) Lotus Fabrics

(xvi) Mercury Industries

(xvii) Donear Fashion Link Pvt. Limited

Nature of Relationship

(a) Individual having control / significant influence

(b) Relative of Individual having control / Significant influence and Key Management Personnel

(c) Key Management Personnel

Key Management Personnel

(d) Relative of Key Management Personnel

Relative of Key Management Personnel

(e) Entities where individual having control / significant influence or key management personnel or their relatives are able to exercise significant influence

5. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

6. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

7. Corporate Information

Donear Industries Limited (the 'Company') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared to other textile industries located at Surat.

8. The Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current presentation as per the revised schedule III.


Mar 31, 2014

1. Contingent Liabilities And Commitments (Amount in Rupees)

Particulars As at 31.03.2014 (a) Contingent Liability not provided for in respect of

(i) Claims against the Company not acknowledged as debt 495,502

(ii) Other money for which the company is contingently liable :

Disputed Income Tax Liability 788,770

Disputed Sales Tax Liability 130,639

Bonds executed under EPCG Schemes to Customs Authorities 132,966,418 133,885,827

(b) Commitments not provided for in respect of

(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) 32,609,318

Total 166,990,647

(Amount in Rupees)

Particulars As at 31.03.2013

(a) Contingent Liability not provided for in respect of

(i) Claims against the Company not acknowledged as debt 495,502

(ii) Other money for which the company is contingently liable :

Disputed Income Tax Liability 21,430,343

Disputed Sales Tax Liability 130,639

Bonds executed under EPCG Schemes to Customs Authorities 193,011,996 214,572,978

(b) Commitments not provided for in respect of

(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) 91,276,999

Total 306,345,479

2. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

3. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

4. Corporate Information

Donear Industries Limited (the ''Company'') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared other textile industry located at surat.

5. The Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2013

1 LEASE

a) Assets given on Lease

The Company''s major leasing arrangements are in respect of office premises given on leave and licence basis. These leasing arrangements, which are cancellable, is for the period of 3 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

b) Assets taken on Lease

The Company''s major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fitting therein, wherever applicable) taken on leave and licence basis. These leasing arrangements, which are cancellable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

2 DERIVATIVES HEDGED :

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain payables and receivables. The following are the outstanding Forward Exchange Contracts entered into by the Company

3 In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

4 The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

5 Corporate Information

Donear Industries Limited (the ''Company'') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared with other textile industry located at surat.


Mar 31, 2012

Note No 1.1 : Terms/rights attached to equity shares :

a) The company has only one class of equity shares having a par value of Rs 2/-. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

b) The amount of per share dividend of Rs 0.20 (Previous Year Rs 0.50) has been proposed to be distributied to equity shareholders for the year ended 31/03/2012. The total amount of dividend shall be Rs 12,087,140/- (including dividend distribution tax Rs 1,687,140/-) (Previous Year Rs 30,217,850/- including dividend distribution tax Rs 4,217,850/-). Also refer Note No.2.1 below for previous year adjustment.

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

Note No 2.1 :

As against the proposed Dividend for the previous year @ Re.0.50 per share, the AGM approved the same for Re.0.20 per share. The excess provision of Re.0.30 per share amounting to Rs 18,130,710/- (including Dividend Distribution Tax ofRs 2,530,710/-) has been reversed and added to the surplus in the current year.

Note No 3.1 : Nature of Securities

Term Loan from State Bank of Hyderabad. Pena Bank and State Bank of India :

Secured by way of first pari passu basis in favour of Banks over all the fixed assets of the Company, both present & future including but not limited to Fixed Assets pertaining to the Capital Expansion project of the Company at Unit Balaji Fabrics, Revenue Block No.194 & 195 Kadodara, Bardoli Road, Village Jolwa , Taluka Palsana, District Surat, Gujarat except Land & Building at Plot No A-49 & A-50 Marol, MIDC Andheri (East) Mumbai and are also personally guaranteed by the directors Shri V. L. Agarwal and Shri R. V. Agarwal for the balance outstanding at the year end.

Term loans from State Bank of Hyderabad, Dena Bank and State Bank of India are further secured by second charge on the current assets of the company.

Note No 4.1: Nature of Securities

Credit facilities from State Bank of Hyderabad and Pena Bank

Secured by way of first charge on pari passu basis on all the current assets of the Company, and also secured by way of second and subsequent charge on pari passu basis on the fixed assets of the company (Present and future) except Land & Building at Plot No A-49 & A-50 Marol, MIDC Andheri (East) Mumbai .The above loans and facilities are guaranteed by the Directors, Shri. V. L. Agarwal and Shri R. V. Agarwal for the balance outstanding at the year end.

Note No 5.1 :

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

Notes :

6.1 Accounting Policy of Fixed Assets & Depreciation / Amortisation

(a) All Fixed Assets are stated at Cost less Accumulated Depreciation.Computer software is capitalised where it is expected to provide future enduring economic benefits Capitalisation costs include licence fees and costs of implementation / system integration services. The costs are capitalised in the year in which the relevant software is implemented for use.

(b) Depreciation is provided on Fixed Assets on Written Down Value Method (WDV) at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956. Software is amortised over a period of 5 years on straight-line method.

6.2 Depreciation for the year of Plant and Machinery is net of Rs Nil (Previous Year Rs 1,187,595/-) being depreciation for earlier year. ,

6.3 Depreciation for the year of Furniture and Fixtures is net of Rs 22,967/- (Previous Year Rs Nil) being depreciation for earlier year.

6.4 Depreciation of Capital Work in progress - Plant & Machinery includes Rs 2,55,968 (Previous Year Rs Nil) being amount written off as these were small expenses incurred for which the project not started / scrapped off.

Note No 7.1: Accounting Policy of Investments

(a) Long Term Investments are stated at cost. Provision for diminution in the value of Long Term Investment is made only if such a decline is other than temporary, in the opinion of the Management.

(b) Short Term Investments are valued at lower of cost and market value compared on a scrip wise basis.

Note No 8.1; Accounting Policy of Pfifor.rcd.Tag

The deferred tax for timing differences between the book profits and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is virtual certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Note No 9.1: Accounting Policy of Inventories Valuation

(a) Inventories are valued at lower of cost or net realizable value.

(b) Cost of Raw Material excluding Dyes and Chemicals, Traded Finished Goods, Stores & Spares, Packing Material and Garments are determined on weighted average cost basis.

(c) Cost of Finished Goods and Work-in-Progress are determined on estimated cost basis.

(d) Cost of Dyes and Chemicals included in the cost of Raw Material are determined on first-in-first-out (FIFO) basis.

10 CONTINGENT LIABILITIES AND COMMITMENTS

(Amount in Rs)

Particulars As at 31.03.2012 As at 31.03.2011

(a) Contingent Liability no provided for in respect of

(i) Disputed Income Tax Liability where

Company is in appeal 21,430,343 22,529,953

(ii) Bank Guarantees executed under EPCG Schemes to Customs Authorities 895,000 895,000

(iii) Bank Guarantees executed in favour of

Government Department 10,973,205 2,062,500

(iv) Bonds executed under EPCG Schemes to Customs Authorities 356,906,005 317,517,730

(v) Bonds executed in favour of the excise department towards concessional custom

duty availed 3,740,229 3,740,229

(vi) Claims against the Company no acknowl- edged as debt 159,780 394,104,562 159,780 346,905,192

(b) Commitments not provided for in respect of

(i) Estimated amount of contracts remaining to be

executed on capital account (net of advances) 36,961,617 39,331,242

Total 431,066,179 386,236,434

Note No 11.1 : Accounting Policy of Employees benefits expense

(a) Short term employee benefits are recognized as an expense at the undiscounted amounts in the Statement of Profit and Loss of the year in which the related service is rendered.

(b) Contribution payable to the Recognised Employees Provident Fund which is Defined Contribution Scheme is charged to Statement of Profit and Loss .

(c) Liabilities in respect of defined benefit plans are determined based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognized immediately in the Statement of Profit and Loss.

12 SEGMENT REPORTING

The Company has one business segment viz. Manufacturing and Dealing in Textiles (Man Made Fabrics) However, since the sales outside India was more than10% of the total sales in the previous year, geographical segment is reported as the secondary segment.

13 EMPLOYEE BENEFIT

The Company has schemes for long term benefits such as Provident Fund and Gratuity. The Company's “Defined Contribution Plan” includes Contribution to Employees Provident Fund and “Defined Benefit Plan” include Gratuity. Related disclosures are given as under:

(b) Assets taken on Lease (Refer Note No. 31.1)

The Company's major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fitting therein, wherever applicable) taken on leave and licence basis. These leasing arrangements, which are cancellable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

14 DERIVATIVES HEDGED :

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain payables and receivables.The following are the outstanding Forward Exchange Contracts entered into by the Company.

15 In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

16 The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

17 Till the year ended 31 March 2011, the company was using pre-revised schedule VI to the companies act 1956. for prepration and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of the financial statments. However, it significantly impacts presentation and disclosures made in the financial statments, particularly presentation of balance sheet.


Mar 31, 2011

(1) Secured Loans :

(a) Term Loan from State Bank of Hyderabad, Dena Bank. State Bank of India and State Bank of Indore :

Secured by way of first pari passu basis in favour of Banks over all the fixed assets of the Company, both present & future including but not limited to Fixed Assets pertaining to the Capital Expansion project of the Company at Unit Balaji Fabrics, Revenue Block No. 194 & 195 Kadodara, Bardoli Road, Village Jolwa , Taluka Palsana, District Surat, Gujarat except Land & Building at Plot No A-49 & A-50 Marol , MIDC Andheri (East) Mumbai and are also personally guaranteed by the directors Shri V. L. Agarwal and Shri R. V. Agarwal.

Term loans from State Bank of Hyderabad, Dena Bank and State Bank of India are further secured by second charge on the current assets of the company.

(b) Cash Credit, Working Capital Demand Loan from State Bank of Hyderabad and Dena Bank Secured by way of first charge on pari passu basis on all the current assets of the Company, and also secured by way of second and subsequent charge on pari passu basis on the fixed assets of the company (Present and future). The above loans and facilities are guaranteed by the Directors, Shri. V. L. Agarwal and Shri R. V. Agarwal.

(2) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

(3) Sales are inclusive of Export Incentives of Rs.21,594,650 (Previous year Rs.19,263,193).

(4) Estimated amount of contracts remaining to be executed on Capital account & not provided for (net of advances) is Rs.39,331,242 (Previous year Rs.33,518,666)

(5) Contingent Liabilities :

2010-2011 2009-2010 Particulars Rs. Rs.

a) Disputed Income Tax Liability where Company is in appeal 22,529,953 NIL

b) Bank Guarantees executed under EPCG Schemes to Customs Authorities 895,000 895,000

c) Bank Guarantees executed towards Electricity Department 2,062,500 2,062,500

d) Bonds executed under EPCG Schemes to Customs Authorities 317,517,730 263,490,145

e) Bonds executed in favour of the excise department towards 3,740,229 3,740,229 concessional custom duty availed

f) Claims against the Company not acknowledged as debt 159,780 159,780

(6) Derivatives :

HEDGED:

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain payables and receivables. The following are the outstanding Forward Exchange Contracts entered into by the Company.

(7) Segment Reporting :

The Company has one business segment viz. Manufacturing and Dealing in Textiles (Man Made Fabrics) However, since the sales outside India was more than 10% of the total sales in the previous year, geographical segment is reported as the secondary segment.

(8) Disclosure for operating leases under Accounting Standard 19 - "Leases":

Assets taken on lease :

The Company's major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fittings therein wherever applicable) taken on leave and license basis. The aggregate lease rentals Rs. 17,346,391/-(Previous Year Rs. 16,886,657/-) are charged as Rent and shown under Schedule 16 of "Administrative, Selling & Other Expenses" These leasing arrangements, which are cancelable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

Assets given on lease :

The Company's major leasing arrangements are in respect of office premises given on leave and license basis. The aggregate lease rentals Rs. 378,000/- (previous year Rs. 760,106/-) are collected as Lease Rent and shown under Schedule "Other Income". These leasing arrangements, which are cancelable, is for the period 3 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

(9) Related Party Disclosures :

The following related parties have been identified by the management and relied upon by the auditors.

(a) Individual having control/Significant influence.

(i) Shri Vishwanath L. Agarwal.

(b) Relatives of individual or entities where relatives of individual or individual himself has control / significant influence.

(i) Mrs.Kesari Devi Jajodia

(ii) Mrs.Bhavardevi Agarwal

(c) Key Management Personnel.

(i) Shri Rajendra V. Agarwal

(ii) Shri Ajay V. Agarwal

(d) Relative of Key Management Personnel

(i) Mrs.Uma Agarwal (Wife of Shri Rajendra V.Agarwal)

(ii) Mrs.Neena Agarwal (Wife of Shri Ajay V.Agarwal)

(iii) Mr.Rahul R. Agarwal ( Son of Shri Rajendra V.Agarwal)

(iv) Miss.Ruchi R. Agarwal (Daughter of Shri Rajendra V.Agarwal)

(v) Mr.Surya A. Agarwal (Son of Shri Ajay V.Agarwal)

(vi) Miss Sonia A. Agarwal (Daughter of Shri Ajay V.Agarwal)

(e) Entities where individual having control/significant influence or key management personnel or their relatives are able to exercise significant influence

(i) Donear Synthetics Ltd.

(ii) Lav Kush Traders Pvt. Ltd.

(iii) Vishwanath L.Agarwal (HUF)

(iv) Rajendra Agarwal (HUF)

(v) Ajay Agarwal (HUF)

(vi) Laxmi Synthetics......[ Proprietory concern of Shri Ajay V. Agarwal ]

(vii) Rajendra Synthetics.....[ Proprietory concern of Ajay Agarwal (HUF) ]

(viii) Sonia Synthetics Pvt. Ltd.

(ix) Ruchi Silk Mills Pvt. Ltd.

(x) R.Ajay Kumar Investment Co. Pvt. Ltd.

(xi) Rajendra Synthetics Pvt. Ltd.

(xii) U.N.Reality Pvt.Ltd.

(xiii) V.R.A. Reality Pvt.Ltd.

(xiv) Neptune Fabs

(xv) Venus Textiles

(xvi) Lotus Fabrics

(xvii) Mercury Industries

(xviii) Donear Fashion Link Pvt. Ltd

(10) In the opinion of the Board, the current assets, loans & advances have a value realization, in the ordinary course of business at least equal to the amount at which they are stated.

(11) Borrowing Cost capitalised during the year Rs.Nil (Previous Year Rs. 7,455,952)

(12) The Balance of Sundry Debtors & Sundry Creditors and Loans & Advances are subject to confirmation and consequential adjustment, if any.

(13) Previous year figures have been regrouped / restated wherever considered necessary to make them comparable with those of the current year.


Mar 31, 2010

(1) Secured Loans :

(a) Term Loan from State Bank of Hyderabad , Dena Bank, State Bank of India and State Bank of Indore Secured by way of first pari passu basis in favour of Banks over all the fixed assets of the Company, both present & future including but not limited to Fixed Assets pertaining to the Capital Expansion project of the Company at Unit Balaji Fabrics, Revenue Block no 194 & 195 Kadodara, Bardoli Road, Village Jolwa, Taluka Palsana, District, Surat Gujarat except Land & Building at Plot No. A-49 & A-50 Marol, MIDC, Andheri (East), Mumbai and are also personally guaranteed by the directors Shri V. L. Agarwal and Shri R. V. Agarwal.

Term loans from State Bank of Hyderabad, Dena Bank and State Bank of India are further secured by second charge on the current assets of the company.

(b) Cash Credit, Working Capital Demand Loan from State Bank of Hyderabad and Dena Bank

Secured by way of first charge on pari passu basis on all the current assets of the Company, and also secured by way of second and subsequent charge on pari passu basis on the fixed assets of the company (Present and future). The above loans and facilities are guaranteed by the Directors, Shri. V. L. Agarwal and Shri R. V. Agarwal.

(2) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

(3) Sales are inclusive of Export Incentives of Rs.19,263,193 (Previous year Rs. 18,531,422)

(4) Estimated amount of contracts remaining to be executed on Capital account & not provided for (net of advances) is Rs.33,518,666 (Previous year Rs.6,814,368)

(5) Contigent Liabilities :

2009-10 2008-09

Particulars Rs. Rs.

a) Disputed Income Tax Liability where

Company is in appeal Nil 16,502,311

b) Disputed Income Tax Liability where

Department is in appeal Nil 16,075,154

c) Bank Guarantees executed under EPCG

Schemes to Customs 895,000 895,000

Authorities

d) Bank Guarantees executed towards electricity Department 2,062,500 1,812,500

e) Bonds executed under EPCG Schemes to Customs Authorities 263,490,145 235,696,894

f) Bonds executed in favour of the excise department towards 3,740,229 3,740,229 concessional custom duty availed

g) Claims against the Company not acknowledged as debt 159,780 159,780

h) Bills Discounted with the Companys Bankers Nil 14,968,118

(7) Disclosure for operating leases under Accounting Standard 19 - "Leases" :

Assets taken on lease :

The Companys major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fittings therein wherever applicable) taken on leave and license basis. The aggregate lease rentals Rs. 16,886,657 (Previous Year Rs. 17,639,697) are charged as Rent and shown under Schedule 16 of "Administrative, Selling & Other Expenses" These leasing arrangements, which are cancelable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

Assets given on lease :

The Companys major leasing arrangements are in respect of office premises given on leave and license basis. The aggregate lease rentals Rs.760,106/- (previous year Rs. 776,436/-) are collected as Lease Rent and shown under Schedule “Other Income”. These leasing arrangements, which are cancelable, is for the period 3 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

(8) Related Party Disclosures :

The following related parties have been identified by the management and relied upon by the auditors.

(a) Individual having control/Significant influence.

(i) Shri Vishwanath L. Agarwal.

(b) Relatives of individual or entities where relatives of individual or individual himself has control / significant influence.

(i) Mrs.Kesari Devi Jajodia

(ii) Mrs.Bhavardevi Agarwal

(c) Key Management Personnel.

(i) Shri Rajendra V. Agarwal

(ii) Shri Ajay V. Agarwal

(d) Relative of Key Management Personnel

(i) Mrs.Uma Agarwal (Wife of Shri Rajendra V.Agarwal)

(ii) Mrs.Neena Agarwal (Wife of Shri Ajay V.Agarwal)

(iii) Mr.Rahul R. Agarwal ( Son of Shri Rajendra V.Agarwal)

(iv) Miss.Ruchi R. Agarwal (Daughter of Shri Rajendra V.Agarwal)

(v) Mr.Surya A. Agarwal (Son of Shri Ajay V.Agarwal)

(vi) Miss Sonia A. Agarwal (Daughter of Shri Ajay V.Agarwal)

(e) Entities where individual having control/signifcant influence or key management personnel or their relatives are able to exercise significant influence

(i) Donear Synthetics Ltd.

(ii) Lav Kush Traders Pvt. Ltd.

(iii) Vishwanath L.Agarwal (HUF)

(iv) Rajendra Agarwal (HUF)

(v) Ajay Agarwal (HUF)

(vi) Laxmi Synthetics.... [ Proprietory concern of Shri Ajay V. Agarwal ]

(vii) Rajendra Synthetics... [ Proprietory concern of Ajay Agarwal (HUF) ]

(viii) Sonia Synthetics Pvt. Ltd.

(ix) Ruchi Silk Mills Pvt. Ltd.

(x) R.Ajay Kumar Investment Co. Pvt. Ltd.

(xi) Rajendra Synthetics Pvt. Ltd.

(xii) U.N.Reality Pvt.Ltd.

(xiii) V.R.A. Reality Pvt.Ltd.

(9) In the opinion of the Board, the current assets, loans & advances have a value realization, in the ordinary course of business at least equal to the amount at which they are stated.

(10) Borrowing Cost capitalised during the year Rs.7,455,952 (Previous Year Rs. 35,232,771)

(11) The balance of Sundry Debtors & Sundry Creditors and Loans & advances are subject to confirmation and consequential adjustment, if any.

(12) Previous year figures have been regrouped /restated wherever considered necessary to make them comparable with those of the current year.

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