Notes to Accounts of Elpro International Ltd.

Mar 31, 2023

Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if as a result of a past event, the Company has a present obligation (legal or constructive) that
can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are recognized at the best estimate of the expenditure required to settle the present obligation at the balance
sheet date. If the effect of 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.

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but
probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably.
Contingent liabilities do not warrant provisions but are disclosed unless the possibility of outflow of resources is remote.
Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable. However,
when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is
appropriate.

k. Onerous contracts

A contract is considered to be onerous when the expected economic benefits to be derived by the

Company from the contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision
for an onerous contract is measured at the present value of the lower of the expected cost of terminating the contract
and the expected net cost of continuing with the contract.

Before such a provision is made, the Company recognises any impairment loss on the assets associated with that
contract.

l. Revenue

Revenue from sale of goods is recognised upon transfer of control of promised products to customer in an amount that
reflects the consideration which the Company expects to receive in exchange for those products.

i) Rental income is recognised on straight line basis.

ii) Revenue from wind mill power project is recognised on the basis of actual power sold as per the terms of the power
purchase agreements entered into with the respective parties.

iii) Revenue from real estate projects:

In arrangements for sale of units the Company has applied the guidance in Ind AS 115, Revenue from contract with
customer, by applying the revenue recognition criteria for each distinct performance obligation. The arrangements
with customers generally meet the criteria for considering sale of units as distinct performance obligations. For
sale of units, the Company recognises revenue when its performance obligations are satisfied and customer
obtains control of the asset. Contract assets are recognised when there is excess of revenue earned over billings
on contracts. Contract assets are classified as unbilled receivables (only act of invoicing is pending) when there is
unconditional right to receive cash, and only passage of time is required, as per contractual terms. Contract Liabilities
are recognised when there is billing in excess of revenue and advance received from customers.

iv) Recognition of Dividend income

Dividend is recognized as revenue when the right to receive payment has been established.

v) Recognition of interest expense or income

For all interest bearing financial assets measured at amortized cost, interest income is recorded using the effective
interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of
the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset.

m. Leases

The Company enters into contract as a lessee for assets taken on lease. The Company at the inception of a contract
assesses whether the contract contains a lease by conveying the right to control the use of an identified asset for a period

of time in exchange for consideration. A Right-of-use asset is recognised representing its right to use the underlying
asset for the lease term at the lease commencement date except in case of short term leases with a term of twelve
months or less and low value leases which are accounted as an operating expense on a straight line basis over the
lease term.

The cost of the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date less any lease incentives received,
plus any initial direct costs incurred. The Right-of-use assets is subsequently measured at cost less any accumulated
depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability.

The Right-of-use assets is depreciated using the straight-line method from the commencement date over the shorter
of lease term or useful life of right-of-use asset. Right-of-use assets are tested for impairment whenever there is any
indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the Statement of
Profit and Loss.

n. Business combinations

Business combinations (other than common control business combinations) on or after April 1, 2016.

As part of its transition to Ind AS, the Group has elected to apply the relevant Ind AS, viz. Ind AS 103, Business
Combinations, to only those business combinations that occurred on or after April 1,2016. In accordance with Ind AS
103, the Group accounts for these business combinations using the acquisition method when control is transferred to
the Group. The consideration transferred for the business combination is generally measured at fair value as at the date
the control is acquired (acquisition date), as are the net identifiable assets acquired. Any goodwill that arises is tested
annually for impairment Any gain on a bargain purchase is recognised in OCI and accumulated in equity as capital
reserve if there exists clear evidence of the underlying reasons for classifying the business combination as resulting in a
bargain purchase; otherwise the gain is recognised directly in equity as capital reserve. Transaction costs are expensed
as incurred, except to the extent related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships with the
acquiree. Such amounts are generally recognised in profit or loss.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured subsequently
and settlement is accounted for within equity. Other contingent consideration is remeasured at fair value at each reporting
date and changes in the fair value of the contingent consideration are recognised in profit or loss.

If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s
employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement awards is included in
measuring the consideration transferred in the business combination. The determination of the amount to be included in
consideration transferred is based on the market-based measure of the replacement awards compared with the market-
based measure of the acquiree’ s awards and the extent to which the replacement awards relate to pre-combination
service

If a business combination is achieved in stages, any previously held equity interest in the acquire is re-measured at its
acquisition date fair value and any resulting gain or loss is recognised in profit or loss or OCI, as appropriate.

In case of business combinations involving entities under common control, the above policy does not apply. Business
combination of entities under common control are accounted using “pooling of interests” method and figures for previous
period are restated as if the business combination had occurred at the beginning of the preceding period irrespective of
actual date of combination.

Business combinations prior to April 1, 2016

In respect of such business combinations, goodwill represents the amount recognised under the Group’s previous
accounting framework under Indian GAAP adjusted for the reclassification of certain intangibles.

o. Income tax

Income tax comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a
business combination or to an item recognised directly in equity or in other comprehensive income.

i. Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment
to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of
the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is
measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.

ii. Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised
in respect of carried forward tax losses and tax credits.

Deferred tax is not recognised for:

-temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss at the time of the transaction;

-temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the
Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future; and

-taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be used. The existence of unused tax losses is strong evidence that future taxable profit may not be
available. Therefore, in case of a history of recent losses, the Company recognises a deferred tax asset only to the extent
that it has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will
be available against which such deferred tax asset can be realised. Deferred tax assets - unrecognised or recognised,
are reviewed at each reporting date and are recognised/ reduced to the extent that it is probable/ no longer probable
respectively that the related tax benefit will be realised.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
is settled, based on the laws that have been enacted or substantively enacted by the reporting date.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised
simultaneously.

p. Borrowing cost

Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to
the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds.
Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period
of time to get ready for their intended use are capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they are incurred.

q. Basis for segmentation

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker (CODM). Chief operating decision maker’s function is to allocate the resources of the entity and access
the performance of the operating segment of the Group.

The Board of Directors (CODM) assesses the financial performance and position of the Group and makes strategic
decisions and is identified as being the chief operating decision maker for the Group. Refer note 46 for segment information
presented:

r. Earnings per share (EPS)

Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS
is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the
period except where the results would be anti-dilutive.

s. Exceptional items:

On Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities
of the company is such that its disclosure improves the understanding of the performance of the company. Such income
or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the financial
statements.

t. Current vs Non-Current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset
is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents. The Company has identified twelve months as its operating cycle.

u. Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest Lakhs as per the
requirement of Schedule III of the Act.

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Mar 31, 2018

BACKGROUND

Elpro International Limited (“Elpro” or the “Company”) is engaged in the business of manufacturing of Other Electrical Equipments like Lighting arresters, Varistors, Surge arrestor & also engaged in Real Estate development services. The Company has manufacturing plant located at Chinchwad, Pune, Maharashtra.

1. BASIS OF PREPARATION

A. Statement of compliance

The financial statements have been prepared in compliance with Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) notified under Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, Companies (Indian Accounting Standards) Amendment Rules, 2016 and other relevant provisions of the Act..

These financial statements for the year ended March 31, 2018 are the first that the Company has prepared under Ind AS. For all periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India immediately before adopting Ind AS. The financial statements for the year ended March 31, 2017 and the opening Balance Sheet as at April 1, 2016 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Company’s Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are provided in note 54.

The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at April 1, 2016 being the ‘date of transition to Ind AS’. All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and the time between acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

The financial statements of the Company for the year ended March 31, 2018 were approved for issue in accordance with the resolution of the Board of Directors on May 29, 2018.

B. Standards issued but not yet effective

The Ministry of Corporate Affairs (MCA), on March 28, 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018. The new standard is effective for accounting periods beginning on or after April 1, 2018, thus aligning the Ind AS 115 applicability date with the IFRS applicability date i.e. January 1, 2018.

Ind AS 115 replaces existing revenue recognition standards Ind AS 11, Construction Contracts and Ind AS 18, Revenue and revised guidance note of the Institute of Chartered Accountants of India (ICAI) on Accounting for Real Estate Transactions for Ind AS entities issued in 2016.

The Company is in the process of evaluating the impact of the New Revenue Standard on the present and future arrangements and shall determine the appropriate transition option once the said evaluation has been completed.

Also Appendix B to Ind AS 21, foreign currency transactions and advance consideration was notified along with the same notification which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The Group is in the process of evaluating the effect of these on the consolidated financial statement.

C. Functional and presentation currency

These financial statements are presented in Indian Rupees (INR), which is also the Company’s functional currency. All amounts have been rounded-off to the nearest lakhs, unless otherwise indicated.

D. Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items:

Items Measurement basis

Certain financial assets and liabilities Fair value

Net defined benefit (asset)/ liability Fair value of plan assets less present value of defined benefit obligations

E. Use of estimates and judgments

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting Estimates are recognised prospectively.

Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year ending March 31, 2018 is included in the following notes:

- Note 39 - Recognition of deferred tax assets: Availability of future taxable profit against which tax losses carried forward can be used;

- Note 40 - Measurement of defined benefit obligations: Key actuarial assumptions;

- Note 42 - Financial instruments;

- Note 46 - Recognition and measurement of provisions and contingencies: Key assumptions about the likelihood and magnitude of an outflow of resources;

- Notes 3 to 6 - Estimates of useful lives and residual value of Property, Plant and Equipment, Investment property and Intangible assets.

F. Measurement of fair values

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The Company has an established control framework with respect to the measurement of fair values.

This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.

Significant valuation issues are reported to the Company’s audit committee.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

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

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

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

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred

Further information about the assumptions made in measuring fair values is included in Note 42 - Financial instruments

- Fair values and risk management

The Company has availed the deemed cost exemption in relation to the property plant and equipment as on the date of transition (April 1, 2016) and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

The Group has availed the deemed cost exemption in relation to the investment property as on the date of transition (April 1, 2016) and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

The Company has availed the deemed cost exemption in relation to the investment property under construction as on the date of transition (April 1, 2016) and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

*Service Concession Arrangement

The company has one windmill in the state of Karnataka. It has entered into an agreement with Bangalore Electricity Supply Company Limited (BESCOM) for 20 years further extendable on mutual consent for 10 years to sell 100% electricity generated at an agreed rate. The arrangement is treated as a whole life arrangement under Ind AS 11 as the arrangement covers substantially the entire useful life of the windmill and the price is regulated by the grantor.

As per Ind AS 101 option, the company has availed the exemption to use its previous GAAP carrying amount of windmill as the carrying amount for intangible asset as on the date of transition.

The Company has availed the deemed cost exemption in relation to the intangibles as on the date of transition (April 1, 2016) and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

Joint Development Arrangement

The Company has entered into a Joint Development Agreement (JDA) with Elpro Estates Limited (the Developer) (formerly known as Trump Properties Limited), which is a subsidiary of the Company. The Company has granted development rights to the Developer for construction of a commercial mall consisting of commercial area, basement area and Multi Level Car Parking (MLCP). Pursuant to the JDA agreement, the Company has assigned and transferred to the developer 3,26,827.50 sq. ft. carpet area (3,50,000 sq. ft. salable area) in the commercial area of the said mall (except Customer area, mentioned below) together with proportionate right in the common area of the commercial building along with the basement parking area (except Customer parking space) as a consideration for constructing the Customer area of the commercial premise.

The Company has agreed to sell to a customer a commercial premise in the said commercial building admeasuring approximately 1,30,435 sq. ft. (1,50,000 sq. ft. saleable area) (For further details refer Note XX on Ind AS 101)

Details of Securities and Terms of Repayment:

(a) Term Loans from Banks Indusind Bank Limited - LRD

Loan of INR 26 crores has been availed during the F.Y. 2016-17 which is secured by assignment of lease rental receivables of 1st floor to 5th floor of building “Elpro Metropolis” at village Chinchwadgaon, Taluka Haveli, Pune - 411 033, comprising of premises with 76 car parking, owned by the company.

Collateral Security: Exclusive mortgage of all floors (1st floor to 5th floor) of building “Elpro Metropolis” at village Chinchwadgaon, Taluka Haveli, Pune - 411033, comprising of premises with 76 car parking, owned by the company. The Loan is repayable in 120 monthly installment starting from the month of October, 2016 and the last installment is due on August, 2025. Rate of Interest - 10% p.a. ROI is linked to 1 year MCLR.

Kotak Mahindra Bank Limited - LRD

Loan of INR 30.00 crores has been availed during the F.Y. 2017-18 which is secured by assignment of lease rental receivables from the licensees of the property owned by the company being mortgaged to the bank (by way of hypothecation or assignment) arising out of lease rentals.

Collateral Security: Mortgage of immovable properties being land, building and industrial plot at “One Elpro Park” on land bearing part of CTS No. 4270 situated at village Chinchwadgaon, Taluka Haveli, Pune - 411033, owned by the company. The Loan is repayable in 108 monthly installment starting from the month of October, 2017 and the last installment is due on September, 2026. Rate of Interest: 6M MCRL 0.20% spread.

State Bank of India - LRD

Initial loan amount was INR 17.39 crores secured by first charge on future receivables (from lease, licence, amenities, facilities fees etc.) of the company from various clients.

Collateral Security: Equitable mortgage of land & building on survey no. 181 (part), 182 (part), 184 and 185 part of CTS no. 4270, Chinchwad Road, Near Railway Station, Pune - 411 033. (Total land area - 2,99,674.18 Sq.ft). The loan is repayable in 84 monthly installment of INR 30.70 lakhs starting from the month of April, 2011 and the last installment is due on March, 2018 floating interest at 0.25% above State Bank Advance rate (Benchmark PLR). Entire loan has been repaid during the F.Y. 2016-17.

State Bank of India - LRD

Initial Loan Amount was INR 14.00 crores secured by first charge on future receivables (License fees, amenities charges, rent etc.) of the company from various clients.

Collateral Security: Extension of equitable mortgage of land & building on part of survey no. 185, part of CTS no. 4270, Chinchwad Road, Near Railway Station, Pune - 411 033 (Total land area - 2,99,674.18 Sq.ft.). The Loan is repayable in 96 monthly installments of INR 24.00 lakhs starting from the month of October, 2013 the last installment is due on October, 2021. Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR). Entire loan has been repaid during the F.Y. 2016-17.

(b) Term Loans from other parties ICICI Bank Limited - Vehicle loan

Loan of INR 10.70 lakhs has been availed during the F.Y. 2017-18 Secured by hypothecation of car purchased the loan is payable with EMI of INR 0.22 lakhs - Repayable in 60 monthly installments starting from March 15, 2018 last installment due on February 15, 2023.

Kotak Mahindra Prime Limited - Vehicle loan

Initial loan Amount was INR 10.00 lakhs secured by hypothecation of car purchased the loan is payable with EMI of INR 0.21 lakhs repayable in 60 monthly installments starting from June 28, 2011 last installment due on June 10, 2016. Loan has been repaid during the financial year. The same has been shown under current maturities of long-term borrowings.

**(b) Cumulative Redeemable Preference Shares

The Company has issued 12% cumulative redeemable preference shares of face value of INR 10/- with a premium of INR 190/- per preference share. The preference shares are to be redeemed at a compounded return on the subscription amount at the rate of 10% per annum. The preference shares are issued for a maximum period of 15 years subject to an early redemption option for the issuer company. No dividend has been paid on the shares in the past as the company was in losses. (For further information, refer Note 50 on Ind AS 101).

Bank of India Cash Credit Limit

Secured by Hypothecation of Stocks and Book Debts & Collateral Hypothecation of Plant and Machinery excluding Machinery of 100% EOU unit. Equitable Mortgage of Land and Building at Chinchwad, Pune (Portion of Factory shed & Open land). The limit of INR 200 lakhs for Cash Credit is repayable on demand and has Floating interest at 3.75 % above bank rate. The cash credit has been repaid during the current year.

The inter-corporate deposit from related parties are unsecured and carry interest in the range of 10% to 15%. The deposits are repayable on demand. The inter-corporate deposits from others are unsecured and carry interest in the range of 12% p.a. to 15% p.a. The tenure of the deposits range from 90 to 365 days.

* The Company has done a share split of its equity shares from INR 2/- per share to INR 1/- per share on September 28, 2017. Accordingly the number of shares and EPS for previous year ending March 31, 2017 has been restated.

Deferred tax:

The Company has carried forward losses and unabsorbed depreciation under the Tax Laws. As a matter of prudence the Company has recognized deferred tax assets only to the extent of deferred tax liabilities.

The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over which deferred income tax assets will be recovered. Any changes in future taxable income would impact the recoverability of deferred tax assets.

Note 2

EMPLOYEE BENEFITS

i) The Company has its own provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan. However, in the absence of guidance note from the Actuarial Society of India, the Company’s actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

ii) Movement in net defined benefit (asset) / liability

The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit (asset) / liability and its components.

iv) Sensitivity analysis

Discount Rate, Salary Escalation Rate and Withdrawal Rate are significant actuarial assumptions. The change in the Present Value of Defined Benefit Obligation for a change of 100 Basis Points from the assumed assumption is given below:

Note 3

OPERATING LEASES

AS A LESSOR

i) The Company’s significant leasing arrangements are in respect of operating leases for premises. These leasing arrangements, which are non-cancellable range between 11 months and 39 years generally and are usually renewable by mutual consent on mutually agreeable terms.

ii) Other disclosures in respect of Building’s given on operating lease

Note 4

FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the carrying amount is a reasonable approximation of fair value. The Company’s secured loan from banks has been contracted at floating rates of interest, which are reset at short intervals. Accordingly, the carrying value of such longterm debt approximates fair value.

B. Measurement of fair values

Valuation techniques and significant unobservable inputs

The following table shows the valuation techniques used in measuring Level 2 fair values for financial instruments measured at fair value in the statement of financial position as well as the significant unobservable inputs used.

i) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

A. Credit risk;

B. Liquidity risk; and

C. Market risk Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework.

The Company’s 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 Company’s 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.

A. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers, loans and advances to related parties and investments at amortised cost. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables, loans and advances and investments.

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The company operates primarily into three streams of business namely sale of residential flats, leasing business and manufacturing business of electrical Equipments

Summary of the Company’s exposure to credit risk by age of the outstanding from various customers is as follows:

Expected credit loss assessment for customers as at March 31,2018; March 31,2017 and April 1,2016

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue. Further, management believes that the unimpaired amounts that are past due by more than 365 days are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks and financial institutions of INR 291.77 lakhs and INR 135.28 lakhs and INR 498.99 lakhs as at March 31, 2018 and March 31, 2017 and April 1, 2016 respectively. The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

Loans and advances to related parties

The Company does not expect any losses from non-performance by these counter-parties as these are subsidiaries, associates and entities held under common control.

The movement in the allowance for impairment in respect of loans and advances during the year was as follows.

B. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

The Company has obtained fund based working capital lines from banks. Furthermore, the Company has access to funds from redeemable preference shares issued to related parties. The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

As of March 31, 2018, the Company had working capital of INR (11,975.43) lakhs including cash and cash equivalents of INR 291.77 lakhs and short term borrowings of INR 14,393.64 lakhs. As of March 31, 2017, the Company had working capital of INR (10,560.24) lakhs including cash and cash equivalents of INR 135.28 lakhs and short term borrowings of INR 12,568.56.64 lakhs. As of April 1, 2016, the Company had working capital of INR (11,496.83) lakhs including cash and cash equivalents of INR 498.99 lakhs and short term borrowings of INR 13,797.23 lakhs.

Exposure to liquidity risk

The table below analyses the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non derivative financial liabilities

C. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates, foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short term and long-term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company’s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss account, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar against the respective functional currencies of the company.

Exposure to currency risk

The summary quantitative data about the Company’s exposure to currency risk as reported to the management of the Company is as follows:

Sensitivity analysis

A 10% strengthening / weakening of the respective foreign currencies with respect to functional currency of Company would result in increase or decrease in profit or loss as shown in table below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The following analysis has been worked out based on the exposures as of the date of statements of financial position.

ii) 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. The Company’s exposure to market risk for changes in interest rates primarily relates to borrowings from financial institutions.

Exposure to interest rate risk

The profile for variable interest-bearing financial instruments of the Company’s is as follows.

Interest rate sensitivity - fixed rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss, therefore, a change in interest rates at the reporting date would not affect profit or loss for any of these fixed interest bearing financial instruments.

Interest rate sensitivity - variable rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / decreased profit or loss by amounts shown below. This analyses assumes that all other variables, in particular, foreign currency exchange rates, remain constant. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the year.

Note 5 CAPITAL MANAGEMENT

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. It sets the amount of capital required on the basis of annual business and longterm operating plans which include capital and other strategic investments.

The funding requirements are met through a mixture of equity, preference shares and other borrowings. The Group’s policy is to use short-term and long-term borrowings to meet anticipated funding requirements.

The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.

The Company’s adjusted net debt to equity ratio at each balance sheet date was as follows:

Note 6 SEGMENT INFORMATION

In accordance with the Ind AS 108, ‘Operating Segments’, the Segment Information for the year ended March 31, 2018 is given as follows:

A brief description of the segments is as under:

Note 7

RELATED PARTY RELATIONSHIPS, TRANSACTIONS AND BALANCES

The table provides the information about the company’s structure including the details of the subsidiaries and the holding company. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year.

Subsidiaries

Elpro Estates Limited

Associate companies

Dabri Properties & Trading Company Limited PNB MetLife India Insurance Company Limited

Key Managerial Personnel:

Mr. Surbhit Dabriwala Mr. Deepak Kumar Mr. Narayan T. Atal Mr. Ashok Kumar Jain Ms. Kalpana Unadkat Mr. Sunil Khandelwal Mr. Sambhaw Kumar Jain Ms. Binal Khosla

Note 8

There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2018. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note 9 CORPORATE SOCIAL RESPONSIBILITY

As mandated by section 135 of the Companies Act, 2013, the company has constituted as CSR Committee. Since the average net profit of the company is in negative, there is no expenditure on CSR activities during the year.

Note 10

There are no dues payable to the Investor Education and Protection Fund as at March 31, 2018.

Note 11

EVENTS OCCURRING AFTER THE REPORTING PERIOD

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note 12 FIRST-TIME ADOPTION OF IND AS

These are Company’s first financial statements prepared in accordance with Ind AS. The accounting policies set out in Note 2 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (the Company’s 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).

A. Exemptions and exceptions availed A.1 Ind AS mandatory exceptions

A.1.1 Estimates

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

A.1.2 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticabl.

A.2 Ind AS optional exemptions

A.2.1 Deemed cost - Property plant and equipment, intangible assets and investment properties

Ind AS 101 permits a first-time adopter to continue with the carrying value for all of its property, plant and equipment and investment property''(including investment property under construction) 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 after making necessary adjustments for de-commissioning liabilities. 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, investment property (including investment property under construction) and intangible assets at their previous GAAP carrying value.

A.2.2 Service concession accounting

Ind AS 101 permits a first-time adopter to use the previous carrying amounts of those financial and intangible assets (however previously classified) as their carrying amounts as at date of transition, if it is impracticable for an operator to apply this Appendix retrospectively at the date of transition to Ind AS’s.

Accordingly, the Company has elected to measure intangible asset at their previous GAAP carrying value.

A.2.3 Deemed cost - Investments in subsidiaries and associates

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its Investments in subsidiaries and 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.

Accordingly, the Company has elected to measure all of its Investments in subsidiaries and associates at their previous GAAP carrying value.

B. Reconciliations between previous GAAP and Ind AS

For the purposes of reporting as set out in Note 2, we have transitioned our basis of accounting from Indian generally accepted accounting principles (“IGAAP”) to Ind AS. The accounting policies set out in note 2 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 March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (the “transition date”).

In preparing our opening Ind AS balance sheet, we have adjusted amounts reported in financial statements prepared in accordance with IGAAP. An explanation of how the transition from IGAAP to Ind AS has affected our financial performance, cash flows and financial position is set out in the following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made under IGAAP except where required by Ind AS.

Cash flow reconciliation:

There is no significant impact on cash flow from operating, investing and financing activities for the year ended March 31, 2017 on transition to Ind AS.

1. Security Deposit:

Under Indian GAAP, interest free security free lease security deposits received (that are refundable in cash) are recorded at their transaction value. Under Ind AS, all financial instruments are required to be measured at their fair value on initial recognition. Accordingly, security deposits have been fair valued under Ind AS.

Difference between transaction value and fair value has been recognised as prepaid rent. Prepaid rent income is amortised over the lease term and notional interest expense is recognised on unwinding of security deposits.

2. Actuarial Gain and Loss:

Under the previous GAAP, the actuarial gains and losses were forming part of the profit or loss for the year. 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.

3. Joint Development Arrangement

The Company has entered into a Joint Development Agreement (JDA) with Elpro Estates Limited (the Developer) (formerly known as Trump Properties Limited), which is a subsidiary of the Company. The Company has granted development rights to the Developer for construction of a commercial mall consisting of commercial area, basement area and Multi Level Car Parking (MLCP) for which the Company has assigned and transferred to the Developer 3,26,827.50 sq. ft. carpet area (3,50,000 sq. ft. saleable area) in the commercial area of the said mall (except Customer area) together with proportionate right in the common area of the commercial building along with the basement parking area (except Customer parking space) as a consideration for constructing the Customer area of the commercial premise.

The accounting treatment followed for JDA is as under:

- The Company has reclassified the cost of land from property, plant and equipments to inventory.

- The Company has recognised inventory to the extent of cost incurred for Customer area, derecognised prorata land inventory and recognised the resultant gain on JDA in retained earnings.

- The Company has recognised revenue based on Percentage of Completion (POC) for the area sold to the Customer.

- The Company has recognised Cost of Goods Sold (COGS) and derecognized inventory to the extent of cost incurred for Customer area and derecognized land inventory to the extent of POC applied on cost of land.

4. Service Concession Arrangement

The company has a windmill in the state of Karnataka. It has entered into an agreement with Bangalore Electricity Supply Company Limited (BESCOM) for 20 years further extendable on mutual consent for 10 years to sell 100% electricity generated at an agreed rate. Under the previous GAAP, the windmill was shown under property, plant and equipment. However as per Ind AS 11, the arrangement is treated as a whole life arrangement as the arrangement covers substentially the entire useful life of the windmill and the price is regulated by the grantor. The company has used the exemption under Ind AS 101, to use its previous GAAP carrying amount of windmill as the carrying amount for intangible asset as on the date of transition and has accounted it as an intangible asset as the demand risk is borne by the company.

5. Cumulative Redeemable Preference Shares

The Company has issued 12% cumulative redeemable preference shares of face value of INR 10 with a premium of INR 190 per preference share which are to be redeemed at a compounded return on the subscription amount at the rate of 10% per annum. The preference shares are issued for a maximum period of 15 years subject to an early redemption option for the issuer company. Under Indian GAAP, the preference shares were considered a part of equity. However, under Ind AS, the cumulative redeemable preference shares are considered a liability and are measured at amortised cost with dividend and premium on redemption recognised using EIR (Effective interest rate method).

6. Straight Lining of Lease Rentals

Under the previous GAAP, lease rentals were recognised as an expense as per terms of the lease agreement. However under Ind AS, the lease payment are recognised as an expense on a straight line basis over the lease term where the payments are not structured to increase in line with general inflation to compensate lessor for expected inflationary cost increase.

7. Fair Valuation of Investments

In accordance with Ind AS, financial assets representing investment in equity shares of entities other than subsidiaries and associates as well as debt securities have been fair valued. The resulting fair value changes of these investments have been recognised in retained earnings as at the date of transition and subsequently in the profit or loss for the year ended March 31, 2017.

Investments in subsidiaries and associates are valued at cost as per Ind AS 27.

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Mar 31, 2017

Note:-

1 The Company has two class of shares i.e Equity Share and Preference Shares have a par value of '' 2/- each & '' 10/- each respectively. Each Equity shareholder are eligible for one vote per share.

2. Additional Information to Secured / Unsecured Long Term Borrowings:

The Long Term Portion of Term Loans are shown under Long Term Borrowings and the current maturities of the long term borrowing are shown under the current liabilities as per the disclosure requirements of the Revised Shedule VI

3. Details of Securities and Terms of Repayment :

A. Term Loans from Banks

1) Indusind Bank Ltd - Rental Discounting

Loan of '' 26.00 Cr.has been availed during the FY-2016-17 which is secured by assignment of lease rental receivables of 1st floor to 5th floor of building “Elpro Metropolis” at village chinchwadgaon, Taluka Haveli, Pune-411033, comprising of premises with 76 car parking, owned by the company. Collateral Security: Exclusive mortgage of all floors (1st floor to 5th floor) of building “Elpro Metropolis” at village chinchwadgaon, Taluka Haveli, Pune-411033, comprising of premises with 76 car parking, owned by the company. The Loan is repayable in 120 monthly installment starting from the month of October,2016 and the last installment is due on August,2025. Rate of Interest-10% p.a. at ROI is linked to 1 year MCLR.

2) State Bank of India - Rental Discounting

Initial Loan Amount was ''17.39 Cr.Secured by first charge on Future receivables (from Lease,Licence, Amenities ,Facilities fees etc.) of the company from various clients Collateral Security: Equitable mortgage of land & building on survey no. 181 (part), 182 (part), 184 and 185 part of CTS no. 4270, Chinchwad Road, near Railway station, Pune -411 033.(Total Land area - 299674.18 Sq.ft.). The Loan is repayable in 84 monthly installment of ''30.70 Lacs starting from the month of April,2011 and the last installment is due on March,2018 Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR). Entire loan has been repaid during the financial year.

3) State Bank of India - Rental Discounting

Initial Loan Amount was ''14.00 Cr Secured by first charge on Future receivables (Licence fees, Amenities Charges, Rent etc) of the company from various clients . Collateral Security: Extension of Equitable mortgage of land & building on part of survey no. 185, part of CTS no. 4270, Chinchwad Road, near Railway station, Pune -411 033.(Total Land area - 299674.18 Sq.ft.). The Loan is repayable in 96 monthly installments of '' 24.00 Lacs starting from the month of October,2013 the last installment is due on October,2021 Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR). Entire loan has been repaid during the financial year.

B. Term Loans from other parties

1) Kotak Mahindra Prime Limited - Car Loan for Toyota Innova

Initial loan Amount was ''10.00 Lacs Secured by hypothecation of Car purchased the Loan is Payable with EMI of '' 21755/- Repayable in 60 monthly installments starting from 28/06/11 last installment due on 10/06/2016. Loan has been repaid during the financial year.

Notes:-

- Corresponding figures in bracket pertains to previous year.

- Segment assets include all operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under “unallocated”.

- The Real Estate segment includes Real Estate Services & Development of Housing Residential Project

- Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. “Others” represents income generated from windmill.

4. CORPORATE SOCIAL RESONSIBILITY

As mandated by section 135 of the Companies Act, 2013, the company has constituted as CSR Committee. Since the average net profit of the company is in negative, there is no expenditure on CSR activities during the year.

5. OPERATING LEASES

i) The Company’s significant leasing arrangements are in respect of operating leases for premises (sheds land and offices etc.). These leasing arrangements, which are non—cancelable range between 11 months and 39 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognized as Rent in Schedule XV.

iv) There are no dues payable to the Investor Education and Protection Fund as at March 31, 2017.

6. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Company’s actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

7. The following table sets forth the funded status of the plan assets and the amounts relating to Gratuity and Leave encashment recognized in the Company’s Financial as at March 31, 2017.

8. Previous year’s figures have been shown in brackets and have been regrouped wherever necessary to conform to current year’s classification.

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Mar 31, 2016

1. Details of Securities and Terms of Repayment :

A. Term Loans from Banks

1) State Bank of India - Rental Discounting

Initial Loan Amount was ''Rs.17.39 Cr. Secured by first charge on Future receivables (from Lease, License, Amenities, Facilities fees etc.) of the company from various clients Collateral: Equitable mortgage of land & building on survey no. 181 (part), 182 (part), 184 and 185 part of CTS no. 4270, Chinchwad Road, near Railway station, Pune -411 033.(Total Land area - 299674.18 Sq.ft.). The Loan is repayable in 84 monthly installment of Rs.30.70 Lacs starting from the month of April,2011 and the last installment is due on March,2018 Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR)

2) State Bank of India - Rental Discounting

Initial Loan Amount was ''14.00 Cr Secured by first charge on Future receivables (License fees, Amenities Charges, Rent etc) of the company from various clients . Collateral: Extension of Equitable mortgage of land & building on part of survey no. 185, part of CTS no. 4270, Chinchwad Road, near Railway station, Pune -411 033.(Total Land area - 299674.18 Sq.ft.). The Loan is repayable in 96 monthly installments of Rs.24.00 Lacs starting from the month of 0ctober,2013 the last installment is due on 0ctober,2021 Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR)

B. Term Loans from other parties

3) Kotak Mahindra Prime Limited - Car Loan for Toyota Innova

Initial Loan Amount was Rs.10.00 Lacs Secured by hypothecation of Car purchased the Loan is Payable with EMI of Rs.21755/- Repayable in 60 monthly installments starting from 28/06/11 last installment due on 10/06/2016.

Note:

- Corresponding figures in bracket pertains to previous year.

- Segment assets include all operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under “unallocated”.

- The Real Estate segment includes Real Estate Services income & Development of Housing Residential project.

- Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. “Others” represents income generated from windmill.

4. CORPORATE SOCIAL RESONSIBILITY

As mandated by section 135 of the Companies Act, 2013, the company has constituted as CSR Committee. Since the average net profit of the company is in negative, there is no expenditure on CSR activities during the year.

5. Operating leases

i) The Company''s significant leasing arrangements are in respect of operating leases for premises (sheds land and offices etc.). These leasing arrangements, which are non-cancelable range between 11 months and 39 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognized as Rent in Schedule XV.

6. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Company''s actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

7. Previous year’s figures have been shown in brackets and have been regrouped wherever necessary to conform to current year’s classification.

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Mar 31, 2015

1. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note:

As at March 31, 2015, the Company has carried forward losses and unabsorbed depreciation under the Tax Laws. As a matter of prudence the Company has recognized deferred tax assets only to the extent of deferred tax liabilities as at March 31, 2015.

2. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk.The net unhedged foreign currency exposure as at the year-end amounted to USD 0.45 Lacs (Previous year USD 0.51 lacs).

3. Investments made in PNB MetLife India Insurance Company Limited are long term in nature. In the Opinion of the management the realisable value of these investments is more than the book value as at March 31, 2015.

4. Segment Information

a) Primary Business Information (Business Segments)

These business segments represent primary basis of information set out in the financial statements. In accordance with the Accounting Standard 17, 'Segment Reporting', the Segment Information for the year ended March 31, 2015 is given

Note:

- Corresponding figures in bracket pertains to previous year.

- Segment assets include all operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under "unallocated".

- The Real Estate segment includes Real Estate Services income & Development of Housing Residential project.

- Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. "Others" represents income generated from windmill.

5. Pursuant to the enactment of the Companies Act, 2013, the company has applied estimated useful lives as specified in Schedule II.Accordingly the unamortised carrying value is being depreciated /amortised over the revised/remaining useful lives. The written down valued of Fixed Assets whose lives is being expired as at April 2014 have been adjusted net of tax, in the profit & Loss Account.

6. CORPORATE SOCIAL RESONSIBILITY

As mandated by section 135 of the Companies Act, 2013, the company has constituted as CSR Committee. Since the average net profit of the company is in negative, there is no expenditure on CSR activities during the year.

7. Operating leases

i) The Company's significant leasing arrangements are in respect of operating leases for premises (sheds land and offices etc.). These leasing arrangements, which are non-cancelable range between 11 months and 39 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in Schedule XV.

8. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Company's actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

9. The following table sets forth the funded status of the plan assets and the amounts relating to gratuity and Leave encashment recognized in the Company's Financial as at March 31, 2015.

10. Previous year's figures have been shown in brackets and have been regrouped wherever necessary to conform to current year's classification.

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Mar 31, 2014

1. Share Capital

Notes:

1. The Company has two class of shares i.e Equity Share and Preference Shares have a par value of Rs. 10 per share. Each Equity shareholder are eligible for one vote per share.

2. During previous year the Authorised Share Capital of the Company has been reclassified from 1,00,00,000 Equity share of Rs.10/- each to 60,00,000 Equity Shares of Rs.10/- each and 40,00,000 Cumulative Redeemable Preference Share of Rs.10/- each as per the General Body Resolution passed on 11th February,2013 through Postal Ballot.

3. During previous year Company has issued 40,00,000 Cumulative Redeemable Preference Shares of Rs.10/- each at premium of Rs.190/- per share to the Promoters of the Company. As a result of such Issue the Subscribed and Paid up Capital of The Company has increased from Rs. 461.17 lacs to Rs. 861.17 lacs

Additional Information to Secured / Unsecured Long Term Borrowings:

The Long Term Portion of Term Loans are shown under Long Term Borrowings and the current maturities of the long term borrowing are shown under the current liabilites as per the disclosure requirements of the Revised Shedule VI

Details of Securities and Terms of Repayment :

A. Term Loans from Banks

1) State Bank of India - Rental Discounting

Total Loan Amount is Rs.17.39 Cr.Secured by first charge on Future recievables (Licence fees, Amenities Charges, Rent etc from companies- Mahindra Defense Naval Systems Pvt. Ltd., Tata Johnson Controls Automotive Ltd., Behr India Ltd. , Behr Hella Thormocontrol India Pvt Ltd. , Mather and platt Pumps Ltd. Collateral: Equitable mortgage of land & building on survey no. 181 (part), 182 (part), 184 and 185 part of CTS no. 4270, Chinchwad Road, near Railway station, Pune - 411 033. (Total Land area - 299674.18 Sq.ft.). The Loan is Payable in EMI of Rs.30.70 Lacs each payable monthly Repayment in 84 installments starting April 2011 the last installment is due on March 2018 Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR)

2) State Bank of India - Rental Discounting

Total Loan amount is Rs.14.00 Cr Secured by first charge on Future receivables (Licence fees, Amenities Charges, Rent etc from company - Behr India Ltd. Collateral: Extension of Equitable mortgage of land & building on part of survey no. 185, part of CTS no. 4270, Chinchwad Road, near Railway station Pune - 411 033. (Total Land area - 299674.18 Sq.ft.). The Loan is Payable in EMI of Rs. 24.00 Lacs each payable monthly Repayment in 96 installments starting October 2013 the last installment is due on October 2021. Floating interest at 0.25% above State Bank Advance Rate (Benchmark PLR)

Short Term Borrowings

Note

Working Capital Finance from Banks Bank of India Cash Credit Limit

Secured by Hypothecation of Stocks and Book Debts Collateral Hypothecation of Plant and Machinery excluding Machinery of 100% EOU, Equitable Mortgage of Land and Building at Pune Unit (part area of land). The limit of Rs. 200 Lacs for Cash Credit is repayable on demand and has a Floating interest at 3.75 % OBR

2. COMPANY OVERVIEW -

Elpro International Limited is engaged in the business of manufacturing of Other Electrical equipments like Lighting Arresters, Varistors, Surge Arrestor & also engaged in Real Estate development Service.The Company has manufacturing plant located at Chinchwad, Maharashtra.

2013-14 2012-13 Rs. In Lacs Rs. In Lacs 3. I. Estimated amount of contracts remaining to be executed on capital account and not provided for 318.12 -

II. Contigent liablities not provided for:

a. Income tax mattersin dispute at various stages of appeal - 24.66

b. Excise duty 2.23 9.75

c. Employee related matters Amount not Amount not ascertainable ascertainable

d. Sales tax matters 25.44 18.18

e. Bank guarantees (secured hypothecation of current assets) 22.61 27.17

f. Corporate guarantee to Bank (Secure by mortgage of land) 3,650.00 3,650.00

4. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk.The net unhedged foreign currency exposure as at the year-end amounted to USD 0.51 Lacs (Previous year USD 0.78 lacs).

6.Investments made in PNB MetLife India Insurance Company Limited are long term in nature. In the Opinion of the management the realisable value of these investments is more than the book value as at March 31, 2014.

Note:

* Corresponding figures in bracket pertains to previous year.

* Segment assets include all operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under "unallocated".

* The Real Estate segment includes Lease rental income and Development of Real Estate Projects

* Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. "Others" represents income generated from windmill.

7. Operating leases

i) The Company''s significant leasing arrangements are in respect of operating leases for premises (sheds and office etc.). These leasing arrangements, which are non-cancelable range between 11 months and 8 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in Schedule XV.

8. The Company has its own Provident fund trust covering the employees of Eipro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Company''s actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

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Mar 31, 2013

1. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as k at March 31,2013.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of Information available with the '' Company.

2. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk.The net unhedged foreign currency exposure as at the year-end amounted to USD 0.78 Lacs (Previous year USD 0.72 lacs).

3. Investments made in PNBMetLife India Insurance Company Limited are long term in nature. In the Opinion of the management the realisable value of these investments is more than the book value as at March 31, 2013.

4. Operating leases,

i) The Company''s significant leasing arrangements are in respect of operating leases for premises (sheds and office, etc.). These leasing arrangements, which are non-cancelable range between 11 months and 8 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in Schedule XV.

5. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any Interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on Implementing AS 15 (Revised 2005) Issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Company''s actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

6. The Company has appointed Mr.Suresh Savalia as a Company Secretary of the Company as per section 383A of the Companies Act, 1956.

7. Previous year''s figures have been shown in brackets and have been regrouped wherever necessary to conform to current year''s classification.

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Mar 31, 2012

1. 2011-12 2010-11 Rs.In Lacs Rs.In Lacs

1. i. Estimated amount of contracts remaining to be executed on capital account and not provided for ; — —

ii. Contingent liabilities not provided for:

a. Income tax matters in dispute at various stages of appeal 24.66 24.66

b. Excise duty 9.75 9.75

c. Service tax : 4.75 4.75

d. Employee related matters Amount not Amount not ascertainable ascertainable

e. Sales fax matters 18.18 18.18

f. Other matters 38.30 37.58

g. Bank guarantees (secured by hypothecation of current assets) 16.92 11.48

h. Corporate guarantees 5000.00 5000.00

i. Claims against the company not acknowledged as debts; — —

2. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31,2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

3. Advance against flat bookings include Rs.5498.49 lacs (Previous year Rs.198.49 lacs) received from related parties in respect of . which formal sale agreements are yet to be entered into. The Management confirms that these advances have been received : in the normal course of business. ;

4. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk.

The net unhedged foreign currency exposure as at the year-end amounted to USD 0.72 lacs (Previous year USD 0.57 lacs). I

5. Investments made in Met Life India Insurance Company Limited are long term in nature. In the opinion of the management the ; realisable value of these investments is more than the book value as at March 31, 2012. :

- The Real Estate segment includes Lease rental income and Development of Housing / Commercial Projects.

- Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, secondary surge arresters, . discharge counter. "Others" represents income generated from windmill.

vi) Operating leases -

i) The Company's significant leasing arrangements are in respect of operating leases for premises (sheds and office, etc.).

These leasing arrangements, which are non-cancelable range between 11 months and 8 years generally and are usually ; renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in ;

Note 14.

( ii) Other disclosures in respect of Building assets given on operating lease . .

vii) During the previous year, the Company has recorded contingent liability to the tune of Rs. 200.00 lacs towards claim made : by Siemens Limited in respect to full and final settlement of the claim lodged by Siemens Limited :

viii) There are no dues payable to the Investor Education and Protection Fund as at March 31, 2012.

6. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards :

Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note :

from the Actuarial Society of India, the Company's actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

7. The Company is required to appoint a whole time company secretary as per section 383A of the Companies Act, 1956. The Company is in the process of appointment of company secretary. ,

8. Previous period's figures including those in brackets have been rearranged / regrouped as per the revised Schedule VI of the Companies Act, 1956.

9. Previous year's figures have been shown in brackets and have been regrouped wherever necessary to conform to current ' year's classification.

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Mar 31, 2011

1. No Managerial remuneration debited to the Profit & Loss Account except Directors fees of Rs. 1.32 lacs (Rs.1.34 lacs)

2. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31,2011 This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

3. Advance against flat bookings include Rs. 198.49 lacs (Previous year Rs. 6,399.00 lacs) received from related parties in respect of which formal sale agreements are yet to be entered into. The Management confirms that these advances have been received in the normal course of business.

4. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk. The net unhedged foreign currency exposure as at the year-end amounted to USD 0.57 lacs (Previous year USD .07 lacs).

5. Investments made in Met Life India Insurance Company Limited are long term in nature. In the opinion of the management the realisable value of these investments is more than the book value as at March 31, 2011.

6. Rights Issue

During the Financial Year 2009-2010, the Company submitted Draft Letter of Offer to SEBI and stock exchange on January 14, 2010 with regard to proposed right issue up to maximum of Rs. 13800.00 lacs. The Company received in principle approval from stock exchange and received SEBI observation letter in September 2010. But owing to delay in obtaining regulatory approvals and adverse market conditions, the board of directors has decided to cancel the rights issue in their board meeting held on 8th day of May, 2011. Further it was decided that the share application money received from the promoters and promoters company to be refunded which is lying in share application money account.

Note:

Corresponding figures in bracket pertains to previous year.

Segment assets include all operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under "unallocated".

The Real Estate segment includes Lease rental income and Development of Housing / commercial Projects?

Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. "Others" represents income generated from windmill.

During the previous year the Company had reclassified Varistors from Segment - Others to Electrical Equipment Segment.

7. Operating leases

i) The Companys significant leasing arrangements are in respect of operating leases for premises (sheds and office, etc.). These leasing arrangements, which are non-cancelable range between 11 months and 8 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in Schedule XV.

ii) Other disclosures in respect of Building assets given on operating lease

iii) Other disclosures in respect of assets taken on operating lease.

The Company has entered into Operating Lease arrangements towards use of office facilities. The minimum future payments during non-cancelable period under the foregoing arrangements in the aggregate for each of the following period is as follows:

8. During the previous year, the Company has recorded contingent liability to the tune of Rs. 596.00 lacs towards claim made by Siemens Limited in respect to certain adjustment amount pursuant to a Business Transfer Agreement dated March 10, 2006. On 30th Day of April 2011, both the parties has settled the dispute by entering into consent terms. The settlement terms has been duly recorded in the consent terms and as per the said terms the Company has accepted to pay Rs. 200.00 lacs against full and final settlement of claim lodged by Siemens Limited.

9. During the year 2008-2009, the Company has entered into a Joint development Agreement (JDA) with Elpro Estates Limited (Formerly known as Trump Properties Limited), a Subsidiary Company for the Joint Development of the Commercial project. In terms of the JDA Provisions the Company has transferred the Capital Work-in-Progress and the related liabilities on account of the commercial project to Elpro Estates Limited.

10. There are no dues payable to the Investor Education and Protection Fund as at March 31, 2011.

11. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Companys actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

12. The following table sets forth the funded status of the plan assets and the amounts relating to gratuity and Leave encashment recognized in the Companys Financial as at March 31, 2011.

13. The Company is required to appoint a whole time company secretary as per section 383A of the Companies Act, 1956.The Company is in the process of appointment of company secretary.

14. Previous years figures have been shown in brackets and have been regrouped wherever necessary to conform to current years classification.

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Mar 31, 2010

2009-10 2008-09

Rs. In Lacs Rs. In Lacs

1. i. Estimated amount of contracts remaining to be executed on

capital account and not provided for - -

ii. Contingent liabilities not provided for:

a. Income tax matters in dispute at various stages of appeal 62.35 237.13

b. Excise duty 9.75 9.75

c. Service tax 4.75 4.75



d. Employee related matters Amount not Amount not ascertainable ascertainable.

2. Managerial remuneration debited to the Profit & Loss Account is Rs. Nil lacs (Rs.9.33 lacs) including Directors fees of Rs. 0.34 lacs (Rs.1.11 lacs) and perquisites of Rs. NilLacs (Rs. Nil lacs) but excludes accrual for gratuity and leave encashment as it is determined on the basis of actuarial valuation for the Company as a whole."

(**) "Spare parts and components" referred to in para 4D(c) of Schedule VI to the Companies Act, 1956 have been interpreted to mean the items incorporated in the finished goods for sale and not those issued for repairs and maintenance of plants and machinery.

Notes;

a. The consumption in 9 and 10 above is arrived at as a balancing figure by adding to opening stocks, the purchases made during the year and deducting there from the closing stocks. The figure under Other" disclosed in B(c) above, is a balancing figure in order to agree with the consumption shown in the Profit and Loss Account. Consequently, obsolete raw materials and components written off and excess/ shortage on physical verification are included in consumption.

Licensed capacities disclosed include / represent capacity indicated in the prescribed memoranda filed with Department of Industrial Development (Secretariat of Industrial Approvals) in terms of Notification No.477 (E) dated July 25,1991.

** Installed capacity is dependent on product mix and is as certified by the management and not verified by the auditors as being a technical matter.

*** Production represents production meant for sale and excludes, captive consumption.

1. Included under appropriate classes of goods is the turnover of components, etc. referred to in No.10 (B)

2. Sale quantity includes free samples, replacements etc.

3. Sale figure given above include revenue from manufacturing activity, but excludes revenue generated from providing of services.

3. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31,2010.This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

As at March 31, 2010, the Company has carried forward losses and unabsorbed depreciation under the Tax Laws. As a matter of prudence the Company has recognized deferred tax assets only to the extent of deferred tax liabilities as at March 31, 2010.

4. The Investment in Elpro Packaging Limited has been stated at an estimated realisable amount.

5. Advance against flat bookings include Rs 6,399 lacs (Previous year 8,738.48 lacs) received from related parties in respect of which formal sale agreements are yet to be entered into. The Management confirms that these advances have been received in the normal course of business.

6. Derivative transactions

The Company has not entered into any derivative contracts to hedge its foreign currency risk.

The net unhedged foreign currency exposure as at the year-end amounted to USD 0.07 lacs (Previous year USD 1.55 lacs).

7. Investments made in Met Life India Insurance Company Limited are long term in nature. In the .opinion of the management the realisable value of these investments is more than the book value as at March 31, 2010.

During the previous year, the Company reviewed the provision made in an earlier year for diminution in value of investments in Met Life India Insurance Company Limited. Accordingly, the said provision was written back fully as considered no longer required and disclosed as an exceptional item.

8. Share capital

During the previous year the authorized share capital of the Company was increased from Rs 50,000,000 divided into 5,000,000 equity shares of Rs 10 each to Rs 100,000,000 divided into 10,000,000 equity shares of Rs 10 each.

During the previous year, the Company had issued 1,100,000 convertible equity share warrants on a preferential basis to foreign institutional investors carrying an entitlement to apply for allotment of Equity shares of Rs 10 each at a premium of Rs 601 per share. Each Warrant sjriall be convertible into one Equity Share of Rs. 10/- each apportioned towards the Equity shares and the balance amount paid against each warrant towards the share premium.

During the current year the Company has issued 660,000 (Previous year 395,000) equity shares on conversion of the share warrants into equity, shares and transferred Rs.3.966.60 lacs (Previous year Rs.2,373.95 lacs) to Share Premium Account. The balance 45,000 share warrants issued expired on October 24, 2009 which were cancelled by the Company and the 10% subscription amount received against the issuance of warrants amounting to Rs 27.50 lacs has been forfeited by the Company there upon as per the terms of the warrants. The same has been credited to capital reserves.

The Company has obtained consent from its promoters to convert their unsecured loan / share application money amounting to Rs 12,515.00 lacs to be adjusted against the respective rights entitlements in the proportion of their existing share holding and alsofor unsubscribed portion of right issue, if any. The same has been disclosed as Equity share application money as at March 31,2010.

9. Related party disclosures

(a) Names of related parties and nature of relationship where transactions have taken place during the year.

1. Faridabad Investment Company Ltd. Investing party/promoter company

2. Dabri Properties & Trading Co. Ltd. Associate

3. International Conveyors Limited Promoter Company

4. Mr. Surbhit Dabriwala Promoter Director

5. Mr. R. K. Dabriwala Promoter Director

6 Mrs. Yamini Dabriwala Relative of promoter Director

7. Elpro Estate Limited (Formerly known as Trump Properties Limited) Subsidiary

8. IGE (I) Ltd. Enterprise over which promoter company/promoter exercise significant influence

9. Faridabad Capital Holdings Private Limited Enterprise over which promoter company/promoter exercise significant influence

10. Elpro Packaging Limited Associate (ceases to be an associate with effect from November 24, 2008)

11. RCA Limited Promoter Company

12. Elpro Capital Private Limited Enterprise over which promoter company/promoter exercise significant influence

13. IGE Realty Private Ltd Enterprise over which promoter company/promoter exercise significant influence

14. International Belting Limited Enterprise over which promoter company/promoter exercise significant influence

- Corresponding figures in bracket pertains to, previous year.

- Segment assets jnclude afi operating assets used by the segment and consist primarily of debtors, current assets and fixed assets net of provisions and allowances. Segment liabilities include all operating liabilities and consist principally of creditors and other payables. Items that relate to the enterprise as a whole or at the corporate level not attributable to a particular segment are included under "unallocated".

- The Real Estate segment includes Lease rental income and Development of Housing / commercial ProjectSv

- Electrical equipments segment includes manufacturing and sales of lightning arrester, varistor, Secondary surge arresters, Discharge Counter. "Others" represents income generated from windmill.

- During the previous year the Company had reclassified Varistors from Segment - Others to Electrical Equipment Segment.

10. Operating leases

i) The Companys significant leasing arrangements are in respect of operating leases for premises (sheds and office, etc.). These leasing arrangements, which are non-cancelable range between 11 months and 8 years generally and are usually renewable by mutual consent on mutually agreeable terms. Aggregate lease rentals receivable are recognised as Rent in Schedule XV.

iii) Other disclosures in respect of assets taken on operating lease.

The Company has entered into Operating Lease arrangements towards use of office facilities. The minimum future payments during non-cancelable period under the foregoing arrangements in the aggregate for each of the following period is as follows:

11. During the previous year, the Company had declared voluntary retirement scheme (VRS) for its employees at Chinctiwad factory. The total cost of VRS paid amounted to Rs 275 lacs. The same is amortized till March 31,2010 in accordance . with Accounting Standard 15 on "Employee benefits".

12. During the previous year, the Company has entered into a Joint development Agreement (JDA) with Elpro Estates Limited (Formerly known as Trump Properties Limited), a Subsidiary Company for the Joint Development of the Commercial project. In terms of the JDA Provisions the Company has transferred the Capital Work-in-Progress and the related liabilities on account of the commercial project to Elpro Estates Limited.

13. There are no dues payable to the Investor Education and Protection Fund as at March 31,2010.

14. The Company has its own Provident fund trust covering the employees of Elpro International Limited and as the fund would have to meet any interest shortfall, it is to be construed as a defined benefit plan in terms of recent Accounting Standards Board (ASB) guidance on implementing AS 15 (Revised 2005) issued by the ICAI. However, in the absence of guidance note from the Actuarial Society of India, the Companys actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, the Company has accounted for the same as a defined contribution plan.

15. The following table sets forth the funded status of the plan assets and the amounts relating to gratuity and Leave encashment recognized in the Companys Financial as at March 31,2010.

16. The Company is in the process of appointment of company secretary.

17 Previous years figures have been shown in brackets and have been regrouped wherever necessary to conform to current years classification.