Enter the first few characters of Company and click 'Go'

Notes to Accounts of IFB Industries Ltd.

Mar 31, 2022

1. The Company''s investment properties consist of lands in India and includes an amount of Rs. 7 lacs (31 March 2021: Rs. 7 lacs) being assets given on an lease.

2. As at 31 March 2022 and 31 March 2021 the fair values of the properties are Rs. 715 lacs and Rs. 645 lacs respectively. These fair values are based on valuations performed by NagChowdhury Associates, an accredited independent registered valuer. NagChowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) has been adopted and the valuation is in accordance with that recommended by the International Valuation Standards. The fair value measurement can be categorised into level 3 category. There has been no change in the valuation technique as compared to 31 March, 2021.

3. The Company has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements. All the title deeds of the investment properties are held in the name of the Company.

Transfer of financial assets

The Company discounted certain trade receivables with an aggregate carrying amount of Rs. 351 lacs (31 March 2021: Nil) to a bank for cash proceeds of Rs. 348 lacs (31 March 2021: Nil). If the trade receivables are not paid at maturity, the bank has the right to request the Company to pay the unsettled balance. As the Company has not transferred the significant risks and rewards relating to these trade receivables, it continues to recognise the full carrying value of the receivables and has recognised the cash received on the transfer as secured borrowings.

At the end of the reporting period, there were no trade receivables that have been transferred but have not been derecognised and the corresponding associated liability.

Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Scheme of Amalgamation

Pursuant to the Scheme of Amalgamation (Refer note 44) the Authorised Equity Share Capital of Trishan Metals Private Limited of Rs. 2,400 lacs has been added in the Authorised Equity Share Capital of IFB Industries Limited. The enhanced Authorised Equity Share Capital of IFB Industries Limited stands at Rs. 8,900 lacs, divided into 8,90,00,000 equity shares of Rs. 10 each.

(a) For sanction of term loan amounting to Rs. 650 lacs by Federal Bank Ltd. (Balance as at 31 March, 2022 is Rs. 128 lacs), the following securites have been created:

1. Primary Security:- First charge on the plant & machineries located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

2. Collateral Security :-Equitable mortgage of Factory land and building along with the properties & Fixed assets ( present & future) located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

The said loan was restructured in September 2020 and thereafter equal quarterly instalments of Rs. 43 lacs is payable for 10 quarters. The entire loan will be discharged by December, 2022.

(b) For sanction of credit facilities amounting to Rs. 2,000 lacs (including Capex Letter of Credit amounting to Rs. 1,500 lacs as its sublimit) and Rs. 3,000 lacs by ICICI Bank Ltd. (Balance as at 31 March, 2022 is Rs. 3,500 lacs), following securities have been created:

- Exclusive charge over the movable properties including movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Company''s stamping and motor business''s factories, premises and godowns or wherever else the same may be or be held by any party to the

order or disposition of the Company or in the course of transit or in high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substitution or addition in such manner that the security cover of 1.25 times is maintained. For the limit utilised the Term Loan is repayable in 20 quarterly instalments starting from 19 May, 2022.

(c) For sanction of credit facilities amounting to Rs. 6,000 lacs and Rs. 1,000 lacs by DBS Bank India Ltd. (Balance as at 31 March, 2022 is Rs. 3,139 lacs), following securities have been created:

- Hypothecation by way of first and exclusive floating charge over all present and future moveable plant and machinery, equipment, appliances, furniture, vehicles, machinery, spares and stores, tools and accessories and other moveables whether or not installed and whether lying loose or in cases or which are now lying or stored in or about and may hereafter from time to time during the currency of this deed be brought into or upon or be stored in or about all the Company''s factories, premises, warehouses and godowns or wherever else the same may be or be held by any party to the order or disposition of the Company or in the courses of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substitution or addition (all pertaining to Company''s units located at Kolkata and Bangalore) stored or to be stored at the Company''s Godowns or premises or wherever else the same may be except asset charged specifically for debt availed, if any for purchase of conventional press line subject to NOC being sought from DBS. The Term Loan was prepaid partially in 2020-21 and the balance as at 31 March 2021 is repayable in 14 equal quarterly instalments starting from June, 2021.

(d) For sanction of external commercial borrowings amounting to USD 200 lacs by Standard Chartered Bank, London, following securities have been created:

- Hypothecation by way of first and exclusive charge over all present and future moveable properties of the Company''s manufacturing unit of air conditioners in Goa and on the existing plant and machinery of washing machine division at Goa (Verna) plant (except exclusive charge to term lenders), including without limitations its moveable plant and machinery, furniture and fittings, equipments, computers, hardware, computer software, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Company''s premises, warehouses, stockyards and godowns or those of the Company''s agents, affiliates, associates or representatives or at various worksites or at any upcountry place or places wherever else the same maybe or be held by any party including, without limitation, the following plot no. N-7, Phase IV, Survey No. 261/10, Verna Industrial Estate, Verna, Goa - 403722. The external commercial borrowings is standing at USD 135 lacs as at 31 March, 2022. The loan is repayable in 13 equal quarterly instalments starting from 1 October, 2021.

a. Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the management''s best estimate of the future outflow of economic benefit that will be required under the Company''s obligation for warranties.

b. Provision for warranty is expected to be utilised over a period of 1 to 5 years.

c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processess and discount rates.

d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specific warranties, claims and claim history.

a) Unrecognised deferred tax assets on tax losses and unabsorbed depreciation : At the reporting date, tax losses amounting to Rs. 1,276 lacs and unabsorbed depreciation amounting to Rs. 8,866 lacs are available for offset against future profits. A deferred tax asset amounting to Rs. 447 lacs on tax losses and Rs. 3,099 lacs on unabsorbed depreciation has been recognised.

Tax losses are due to expire in assessment year 2031-32. Unabsorbed depreciation can be carried forward indefinitely.

b) Consequent to approval of the Scheme of Amalgamation (Refer note 44), deferred tax assets have been recognised on carry forward tax losses and unabsorbed depreciation pertaining to erstwhile Trishan Metals Private Limited amounting to Rs. 426 lacs. The same has been recognised by reducing the carrying amount of any goodwill related to that acquisition.

(a) The Company has used the borrowings from banks for the specific purpose for which they were taken at the balance sheet date.

(b) The Company has borrowings from banks on the basis of security of current assets and the final quaterly statements of current assets filed by the Company with the banks are materially in agreement with the books of accounts and there is no discrepancy that has been identified.

(d) The Company has not received any fund from any other persons or entities (Funding Party) with the understanding that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party or shall provide guarantee, security or the like to or on behalf of the Funding Party.

(e) Charge and hypothecation details are as follows:

(i) Credit facilities utilised as at 31 March, 2022

(A) For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank (Utilised as at 31 March, 2022 Rs. 6,203 lacs), following securities have been created

(i) First pari passu charge on the entire current assets, both present and future.

(ii) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).

(iii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

(B) Hypothecation details of cash credit facility by Federal Bank Limited (Utilised as at 31 March, 2022 Rs. 68 lacs) as at 31 March, 2022:

Working capital facilities has been sanctioned by The Federal Bank Limited to the extent Rs. 2,500 lacs. These can be used inter-changeably between fund based and non-fund based. Following securities has been created:

1. Primary security :- Hypothecation of all current assets including entire stocks and book debts (both present and future) relating to plant situated at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

2. Collateral security :- Equitable mortgage of factory land & building along with the Fixed assets (present & future) located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal .

(ii) Credit facilities unutilised as at 31 March 2022

March, 2022), following securities have been created:

(i) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).

(ii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

(D) For sanction of credit facilities amounting to Rs.5,000 lacs by ICICI Bank Ltd. (Unutilised as at 31 March,

2022), following securities have been created:

- First and pari passu charge on all the current assets of the Company - the whole of the Company''s stocks of raw materials, good-in-process, semi-finished and finished goods, consumable stores and spares and such other moveables, including book debts, bills whether documentary or clean, both present and future, whether in the possession or under the control of the Company or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Company''s factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the Company or in course of transit or on high seas or on order or delivery.

- Hypothecation by way of first and pari passu charge on the receivables of the Company - all amounts owing to and received and / or receivable by, the Company and / or any person on its behalf, all book debts, all cash flows and receivables and proceeds arising from / in connection with business and all rights, titles, interest, benefits, claims and demand whatsoever of the Company into or in respect of all the aforesaid assets, including but not limited to the Company''s cash-in-hand, both present and future. This facility remains unutilised as at 31 March, 2022.

(E) For sanction of credit facilities amounting to Rs. 5,000 lacs by HDFC Bank Ltd (Unutilised as at 31 March,

2022), following securities have been created:

- First pari passu charge by way of hypothecation on all the stock in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing and other goods, movable assets or merchandise whatsoever now.

- First pari passu charge by way of hypothecation on all the book debts, amounts outstanding, monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due.

- Exclusive charge on the sum of Rs. 2,000 lacs deposited by the Company with the Bank at its branch.

32. Defined benefit plan - Gratuity

The Company operates a defined benefit plan for gratuity for its employees. It is administered through approved trust in accordance with its trust deeds and rules. The concerned trust is managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically or directly through insurance company. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any significant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defined benefit plan is determined by an independent professionally qualified actuary using the projected unit credit method.

Risk management

The risks commonly affecting the gratuity liability and the financial results are expected to be:

1. Interest rate risk - The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defined benefit obligations will tend to increase.

2. Salary inflation risk - Higher the expected increase in salary, higher the defined benefit obligation.

3. Demographic risk - This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

- The Company is primarily engaged in business of fine blanked components, home appliances, motors and steel. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated". These segments have been reported in the manner consistent with the internal reporting to divisional CEO''s, who are the chief operating decision makers.

- The geographical information considered for disclosure are revenue within India and revenue outside India.

- The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

34. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable short term operating lease amounted to Rs. 391 Lacs (31 March 2021: Rs. 298 lacs).

In applying Ind AS 116 - "Leases", the Company has applied a single discount rate to a portfolio of leases with reasonably similar characteristics. The leases with remaining lease term of less than 12 months are considered as "short term leases".

38. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprise Development Act, 2006'' (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company. Payable to micro and small enterprises as at 31 March 2022: Rs. 14,374 lacs (31 March 2021: Rs. 10,141 lacs).

Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

39. Financial instruments and related disclosures i) Capital management

The Company''s capital management policy is focused on business growth and creating value for shareholders. The Company determines the amount of capital required on the basis of annual business plans and the funding needs are met through internal accruals and bank borrowings.

(iii) Financial risk management objectives

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company''s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

a) Liquidity risks

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquid risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

b) Market risks

The Company does not trade in equities. Treasury activities, focused on managing investments in debt instruments, are centralised and administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within the acceptable risk parameters after due evaluation.

The Company''s investments are predominantly held in debt mutual funds. Such investments are susceptible to market risks that arise mainly from changes in interest rate which may impact the return and value of such investments. Mark to market movements in respect of these investments are measured at fair value through Profit and Loss.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The Company has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates. Hence interest rate fluctuations on borrowings does not affect the Company significantly.

iii) Foreign currency sensitivity

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the loss before tax would change by Rs. 311 lacs for the year ended 31 March 2022 (31 March 2021: Rs 308 lacs).

d) Credit risk

Credit risk arise from the possibility that the counter party may not be able to settle their obligations. Financial instruments that are subject to such risk primarily consists of investments, trade receivables, bank deposits, loans, derivative instruments and other financial assets.

Bank deposits are primarily held with highly rated and different banks.

The Company''s customer base is large and diverse limiting the risk arising out of credit concentration. Further the credit is extended in business interest in accordance with guidelines issued centrally and business-specific credit policies that are consistent with such guidelines. Exceptions are managed and approved by appropriate authorities after due consideration of the counter parties credentials and financial capacity, trade practices and prevailing business and economic conditions.

The Company''s historical experience of collecting receivables and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognised where considered appropriate by the management.

Goodwill as stated above is carried at cost and annually tested for impairment in line with applicable Accounting Standards. Impairment testing for goodwill has been carried out considering their recoverable amounts which, inter-alia, includes estimation of their value-in-use based on management projections. These projections have been made for a period of five years and consider various factors, such as market scenario, growth trends, growth and margin projections and terminal growth rates specific to the business. For such projections, discount rate of 15% and long-term growth rate of 5% have been considered. Discount rate has been determined considering the Weighted Average Cost of Capital (WACC) of market benchmarks. Based on the above assessment, no impairment has been recognised during the year.

41. The Company has disaggregated revenues from contract with customers for the year by the type of goods and services. The Company believe that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Refer note 21 for revenue disaggregation.

Reasons where the change in the ratios is more than 25% as compared to preceeding years:

a) Earnings before depreciation, interest and tax (EBDITA) has reduced due to increase in material cost, promotion cost, and offices expenses that have increased considerably. EBDITA being the numerator for the debt equity ratio, hence the fall in the ratio.

b) The ratios have been impacted due to fall in profits for the year for reasons stated in (a) above. Further depreciation and amortisation and finance cost have also increased.

c) Working capital for the period has reduced due to increase in trade payable whereas sales and service income has increased, hence the ratio has increased.

d) Capital employed has not changed significantly, however earnings before interest and tax has reduced for reasons stated above.

44. Business Combination Note:

(a) During the year, the Hon''ble National Company Law Tribunal (NCLT), Kolkata Bench vide its order dated 27 January, 2022 has approved the ''Scheme of Amalgamation'' of wholly owned subsidiary of IFB Industries Limited (IFBIL) namely Trishan Metals Private Limited (TMPL) (Transferor Company) with IFBIL (Transferee Company) with appointed date 1 April, 2021. IFBIL filed the certified copy of the said order along with the requisite form with the Registrar of Companies, Kolkata on 19 February, 2022 (effective date).

No voting interest were acquired in the above transaction.

(b) Since it was an amalgamation of a wholly owned subsidiary, no consideration was required to be transferred upon amalgamation. The ''Scheme of Amalgamation'' has accordingly been given effect in the financial statements of the Company from the appointed date. Accordingly the figures presented in the financial statements are after giving effect to the said Scheme. The ''Scheme of Amalgamation'' being a common control transaction, as per the requirement of Appendix C of Ind AS 103 on Business Combinations, the pooling of interest method has been applied and the comparative figures have been restated for the accounting impact of the Scheme. The effects of the ''Scheme of Amalgamation'' has been accounted for in the books of accounts of the Company in accordance with the Scheme and is in accordance with the Indian Accounting Standards.

(c) Acquisition related cost amounting to Rs. 8 lacs (31 March, 2021 Rs 6 lacs) has been included in note no. 29 under ''Office expenses''.

45. Impact of COVID-19 (pandemic)

The spread of COVID-19 has impacted businesses around the globe. The Company''s operations and financial statements for the year ended 31 March 2022 have been impacted by COVID-19 pandemic. On the basis of the assessment done by the management the carrying amounts of assets are recoverable.

46. As per the E-Waste (Management) Rules, 2016, as amended, companies dealing in certain categories of products as specified in Schedule-I therein are required to undertake Extended Producer Responsibility (EPR) for its end-of-life products. The obligation for a financial year is measured based on sales made in the preceding 9th/10th year and the Company has met its obligations for the current year. In accordance with Appendix B of Ind AS 37, ''Provisions, Contingent Liabilities and Contingent Assets'', the Company will have an e-waste obligation for future years, only if it participates in the market in those years.

47. No proceedings have been initiated or is pending against the company for holding any benami property under the ''Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

48. The Company has not been declared a wilful defaulter by any banks.

49. The Company has not identified any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

50. The Company has complied with the number of layers prescribed under (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

51. All transactions have been recorded in the books of accounts and there are no unrecorded income that have been disclosed during the year in the tax assessments under the Income Tax Act, 1961. Moreover there are no unrecorded income and related assets pertaining to previous years.

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

53. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification.

54. The standalone financial statements were approved by the Board of Directors on 28 May 2022.

Mar 31, 2019

1. The Companyâs investment properties consist of lands in India and it includes an amount of Rs. 7 lacs (31 March 2018: Rs. 7 lacs) being assets given on an operating lease.

2. As at 31 March 2019 and 31 March 2018 the fair values of the properties are Rs. 530 lacs and Rs. 500 lacs respectively. These valuations are based on valuations performed by Nag Chowdhury Associates, an accredited independent valuer. Nag Chowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) in accordance with that recommended by Indian Institute of Surveyors has been applied. The fair value measurement can be categorised into level 3 category.

4. Information regarding income and expenditure of investment property:

5. The cost of inventories recognised as an expense during the year was Rs. 1,74,890 lacs (31 March 2018: Rs. 1,44,130 lacs).

6. The cost of inventories recognised as an expense includes Rs. 428 lacs (31 March 2018 : Rs. 349 lacs) in respect of writedowns of inventory to its net realisable value. Further a sum of Rs. 219 lacs (31 March 2018: Rs. 306 lacs) is in respect of reversal of such write-downs. The write downs have been reduced primarily as a result of increased sales price or subsequent disposals.

7. Carrying amount of inventories carried at fair value Rs. 1,433 Lacs (31 March 2018: Rs. 898 lacs).

Transfer of financial assets

The Company discounted certain trade receivable with an aggregate carrying amount of Rs. 4,472 lacs (31 March 2018: Rs. 1,940 lacs) to a bank for cash proceeds of Rs. 4,439 lacs (31 March 2018: Rs. 1,916 lacs). If the trade receivable are not paid at maturity, the bank has the right to request the Company to pay the unsettled balance. As the Company has not transferred the significant risks and rewards relating to these trade receivable, it continues to recognise the full carrying amount of the receivables and has recognised the cash received on the transfer as a secured borrowings.

At the end of the reporting period, the carrying amount of the trade receivable that has been transferred but have not been derecognised and the carrying amount of the associated liability is as under:

Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Companyâs residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

First and exclusive floating charge over all present and future movable property, plant and equipment of the Companyâs engineering division located at Kolkata and Bangalore stored or to be stored at the Companyâs godown or premises or wherever else the same may be. The Term Loan is repayable in 16 quarterly installments from the end of the 15th month from the date of first disbursement i.e. 09 March 2016.

a. Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the managementâs best estimate of the future outflow of economic benefit that will be required under the Companyâs obligation for warranties.

b. Provision for warranty is expected to be utilised over a period of 1 to 5 years.

c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processess and discount rates.

d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specific warranties, claims and claim history.

Hypothecation details for current borrowings existing as at 31 March 2019

For sanction of credit facilities amounting to Rs. 3,500 lacs by DBS Bank Ltd., following securities have been created:

(i) Hypothecation by way of first pari passu and floating charge over goods being finished goods, semi-finished goods, stocks of raw-materials, work-in-process located at various factories/ warehouses/ godowns of the company and whether in transit or lying at any other place and hypothecation by way of first pari passu and floating charge over the companyâs present and future book debts, outstanding monies receivables, claims, bills, contracts, engagements, securities, investments, rights and assets.

(ii) Hypothecation by way of exclusive charge over all present and future movable fixed assets of the engineering division of the Company including without limitation its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc. stored or to be stored at Companyâs godowns or premises situated at 14, Taratolla Road, Kolkata and 16/17, Visveswaraiah Industrial Estate, Whitefield Road, Bangalore - 560048 (Engineering Division) or wherever else the same may be.

Hypothecation details for credit facilities

For sanction of capex letter of credit amounting to Rs 2,000 lacs by Standard Chartered Bank (undrawn as at 31 March, 2019), following securities have been created:

First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders) of the company including without limitations its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc stored or to be stored at the companyâs godown or premises situated at Plot no L-1, Verna Electronic City, Verna Industrial Estate, Goa - 403722 or wherever else the same may be.

For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank, following securities have been created:

(i) First pari passu charge on all current assets, both present and future.

(ii) First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders).

(iii) Second charge on the leasehold land and building of Goa (Verna) unit on all that piece and parcel of non-agricultural land bearing at No. L1 situated within the village panchayat of Nagoa, Verna Plateau, Verna Industrial Estate, Taluka Salcete, District South Goa and registration sub district ILHAS in the state of Goa containing by admeasuring 48,695 square meters or thereabout.

8. Defined benefit plan - Gratuity

The Company operates a defined benefit plan for gratuity for its employees. It is administered through approved trust in accordances with its trust deeds and rules. The concerned trusts are managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any significant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defined benefit plan is determined by an independent professionally qualified actuary using the projected unit credit method.

Risk management

The risks commonly affecting the gratuity liability and the financial results are expected to be:

1. Interest rate risk - The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defined benefit obligations will tend to increase.

2. Salary Inflation risk - Higher the expected increase in salary will increase the defined benefit obligation.

3. Demographic risk - This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is importantly not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

IX. Sensitivity analysis

The sensitivity results below determine their individual impact on the planâs year end defined benefit obligations. In reality, the plan is subject to multiple external experience items which may move the defined benefit obligations in similar or opposite directions, while the plansâs sensitivity to such changes can vary over time.

NOTES :

- The Company is primarily engaged in business of fine blanked components and home appliances. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as âUnallocatedâ. Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as âUnallocatedâ. These segments have been reported in the manner consistent with the internal reporting to the Board of Directors, who are the chief operating decision makers.

- The geographical information considered for disclosure are revenue within India and revenue outside India.

- The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

9. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable operating lease amounted to Rs. 3,127 Lacs (31 March 2018: Rs. 2,352 lacs).

It is not practicable for the Company to estimate the closure of these cases and the consequential timings of cash flows, if any, in respect of the above.

¹ The Honâble Delhi High Court by its order dated 10 September 2015 set aside the order of Policy Relaxation Committee (PRC) with liberty to the petitioner to file a representation before the PRC. The respondents were directed to pass a reasoned order after giving the opportunity of hearing. The matter was heard by PRC and PRC by its order dated 13 October 2015 rejected the prayer of petitioner. Being aggrieved by PRCâs order the company filed writ application before Division Bench of Delhi High Court. After prolonged hearing the bench by its order dated 03 April 2017 allowed the writ petition and set aside the order of PRC and directed PRC inter-alia to reconsider its order dated 13 October 2015 in the light of observation made by the Division Bench. Subsequently the PRC in its meeting held on 05 September 2017 allowed most of the prayers of the Company and decided inter alia that Regional Authorities (RA) shall ensure that other requirement as per Free Trade Agreements (FTA)/ Hand Book of Procedures (HBP) are complied with. During the year the Company has obtained the necessary Export Obligation Discharge Certificates for 11 nos of above advance licenses from Additional Director General of Foreign Trade, Government of India, Ministry of Commerce & Industry.

10. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the âMicro, Small and Medium Enterprise Development Act, 2006â (âthe Actâ). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company. Payable to micro and small enterprises as at 31 March 2019 : Rs 3,833 lacs (31 March 2018 : 4,728 lacs).

11. Financial instruments and related disclosures

i) Capital management

The Companyâs capital management policy is focused on business growth and creating value for shareholders. The Company determines the amount of capital required on the basis of annual business plans and the funding needs are met through internal accruals and bank borrowings.

Investments exclude investment in subsidiaries of Rs. 3,360 lacs (31 March 2018: 3,360 lacs) which are shown at cost in balance sheet as per Ind AS 27 - âSeparate Financial Statementsâ.

iii) Financial risk management objectives

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Companyâs risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

a) Liquidity risks

The Company has obtained fund and non-fund based working capital lines from banks. Furthermore, the Company has sufficient quantities of finished goods and stock-in-trade which are liquid and readily saleable. Hence the risk that the Company may not be able to settle its financial liabilities as they become due does not exist.

The following tables shows a maturity analysis of the anticipated cash flows for the Companyâs derivative and non-derivative financial liabilities.

b) Market risks

The Companyâs investments are predominantly held in debt mutual funds. Such investments are susceptible to market risks that arise mainly from changes in interest rate which may impact the return and value of such investments. Mark to market movements in respect of these investments are measured at fair value through Statement of Profit and Loss.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The company has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates and as such these loans are not that material taking into account the Companyâs asset base. Hence interest rate fluctuations on borrowings does not affect the Company significantly.

c) Foreign currency risk

The Company undertakes transactions denominated in foreign currency (mainly US Dollar, Euro, GBP, RMB and AED) which are subject to the risk of exchange rate fluctuations.

iii) Foreign currency sensitivity

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the profit before tax would change by Rs. 129 lacs for the year ended 31 March 2019 (31 March 2018: Rs 109 lacs).

d) Credit risk

Bank deposits are primarily held with highly rated and different banks.

The Companyâs customer base is large and diverse limiting the risk arising out of credit concentration. Further the credit is extended in business interest in accordance with guidelines issued centrally and business-specific credit policies that are consistent with such guidelines. Exceptions are managed and approved by appropriate authorities after due consideration of the counter parties credentials and financial capacity, trade practices and prevailing business and economic conditions.

The Companyâs historical experience of collecting receivable and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognised where considered appropriate by the management.

Other than financial assets mentioned above, none of the Companyâs financial assets are either impaired or past due, and there were no indications that defaults in payment would occur.

e) Fair value hierarchy

The fair value of trade receivables, current loans, other current financial assets, current borrowings, trade payables and other current financial liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature.

12. Business Combinations

a) The Company entered into business transfer agreement with Ramsons Garments Finishing Equipment Private Limited, Ramsons Udhyog Private Limited and its Promoters at a consideration of Rs. 3,500 lacs to acquire the entire âIndustrial Laundry Equipmentâ business from above two companies. The Company has taken control of the business w.e.f. 18 October, 2018 (acquisition date).

No voting interest were acquired in the above transaction.

Ramsons has been a pioneer in the design and manufacture of Commercial Laundry Equipment. This acquisition is in the same field of business and will help in consolidation and growth of âIndustrial Landry Equipmentâ business of the Company.

b) The acquisition-date fair value of the total consideration transferred was Rs. 3,456 lacs and the interest on present valuation of the same amounted to Rs. 44 lacs. The sum of Rs. 3,500 lacs was paid in cash (online transfer). Out of the above consideration an amount of Rs. 150 lacs was subsequently paid after the year end.

(e) An amount of Rs. 1,317 lacs and a loss of Rs. 233 lacs pertaining to the âIndustrial Laundry Equipmentâ manufacture business from the acquisition date till 31 March, 2019 is included in the Revenue from operations and Profit before tax of the Company.

(f) Acquisition related cost amounting to Rs. 42 lacs has been included in in note no. 30 under âOffice expensesâ.

13. Exceptional item represents gain of Rs. 1,935 lacs towards Compulsory Acquisition of 1578.63 square metres of factory land etc. situated at 16/17, Visveswariah Industrial Estate, Whitefield Road, Bangalore - 560048 by Bangalore Metro Rail Corporation Limited for a consideration of Rs. 1956 lacs. Out of the gain Rs. 26 lacs is towards building and the balance amount of Rs. 1,909 lacs is towards freehold land.

14. The company has adopted new standard on revenue recognition, Ind AS 115 âRevenue from Contract with Customerâ and has also appropriately evaluated its revenue recognition policy with effect from 1 April 2018. The Company has used âModified Retrospective Approachâ for transition to Ind AS 115 and thus the previous period/year numbers are not restated. The adoption of the standard did not have any material impact on the financial statements.

The Company has disaggregated revenues from contract with customers for the year ended 31 March 2019 by the type of goods and services. The Company believe that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Refer note 21 for revenue disaggregation.

The Company recognized revenue of Rs. 4,875 lacs (31 March 2018 : Rs. 4,096 lacs) arising from contract liability balances comprising of income earned in advance on annual maintenance contracts and extended warranty services and advance from customers at the beginning of the year.

Invoicing in excess of revenues from sale of services are classified as âIncome earned in advance on annual maintenance contracts and extended warranty servicesâ and Invoicing in excess of revenues from sale of goods are classified as âAdvance from customersâ in note no 17.

15. The standalone financial statements were approved by the Board of Directors on 29 May 2019.

Mar 31, 2018

1. The Company''s investment properties consist of lands in India and it includes an amount of Rs. 7 lacs (31 March 2017: Rs. 7 lacs and 01 April 2016: Rs. 7 lacs) being assets given on an operating lease.

2. As at 31 March 2018, 31 March 2017 and 01 April 2016 the fair values of the properties are Rs. 500 lacs, Rs. 458 lacs and Rs. 422 lacs respectively. These valuations are based on valuations performed by NagChowdhury Associates, an accredited independent valuer. NagChowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) in accordance with that recommended by Indian Institute of Surveyors has been applied. The fair value measurement can be categorized into level 3 category.

3. The company has no restrictions on the reliability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

4. Information regarding income and expenditure of investment property:

The cost of inventories recognized as an expense during the year was Rs. 1,44,130 lacs (31 March 2017: Rs. 1,22,588 lacs).

The cost of inventories recognized as an expense includes Rs. 349 lacs (31 March 2017 : Rs. 424 lacs) in respect of write-downs of inventory to its net realizable value. Further a sum of Rs. 306 lacs (31 March 2017: Rs. 84 lacs) is in respect of reversal of such write-downs. The write downs have been reduced primarily as a result of increased sales price or subsequent disposals.

Carrying amount of inventories carried at fair value Rs. 898 Lacs (31 March 2017: 1,245 lacs, 01 April 2016: Rs. 761 lacs)

The company discounted certain trade receivable with an aggregate carrying amount of Rs. 1,940 lacs (31 March 2017: Rs. 2,713 lacs) to a bank for cash proceeds of Rs. 1,916 lacs (31 March 2017: Rs. 2,669 lacs). If the trade receivable are not paid at maturity, the bank has the right to request the company to pay the unsettled balance. As the company has not transferred the significant risks and rewards relating to these trade receivable, it continues to recognize the full carrying amount of the receivables and has recognized the cash received on the transfer as a secured borrowings.

voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

For sanction of term loan amounting to Rs 3,000 lacs by DBS Bank Ltd, following securities have been created :

First and exclusive floating charge over all present and future movable property, plant and equipment of the Company''s engineering division located at Kolkata and Bangalore stored or to be stored at the Company''s go down or premises or wherever else the same may be.

b. Provision for warranty is expected to be utilized over a period of 1 to 5 years.

c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processes and discount rates.

d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specific warranties, claims and claim history.

Hypothecation details for current borrowings existing as at 31 March 2018

For sanction of credit facilities amounting to Rs. 3,500 lacs by DBS Bank Ltd., following securities have been created:

(i) Hypothecation by way of first pari passu and floating charge over goods being finished goods, semi-finished goods, stocks of raw-materials, work-in-process located at various factories/ warehouses/ god owns of the company and whether in transit or lying at any other place and hypothecation by way of first pari passu and floating charge over the company''s present and future book debts, outstanding monies receivables, claims, bills, contracts, engagements, securities, investments, rights and assets.

(ii) Hypothecation by way of exclusive charge over all present and future movable fixed assets of the engineering division of the Company including without limitation its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc. stored or to be stored at Company''s godowns or premises situated at 14, Taratolla Road, Kolkata and 16/17, Visveswaraiah Industrial Estate, Whitefield Road, Bangalore - 560048 (Engineering Division) or wherever else the same may be.

Hypothecation details for credit facilities

For sanction of capex letter of credit amounting to Rs 2,000 lacs by Standard Chartered Bank, following securities have been created:

First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders) of the company including without limitations its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc stored or to be stored at the company''s godown or premises situated at Plot no L-1, Verna Electronic City, Verna Industrial Estate, Goa - 403722 or wherever else the same may be.

For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank, following securities have been created:

(i) First pari passu charge on all current assets, both present and future.

(ii) First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders).

33. Defined benefit plan - Gratuity

The Company operates a defined benefit plan for gratuity for its employees. It is administered through approved trust in accordanceâs with its trust deeds and rules. The concerned trusts are managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any significant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defined benefit plan is determined by an independent professionally qualified actuary using the projected unit credit method.

Risk management

The risks commonly affecting the gratuity liability and the financial results are expected to be:

1. Interest rate risk - The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defined benefit obligations will tend to increase.

2. Salary Inflation risk - Higher the expected increase in salary will increase the defined benefit obligation.

3. Demographic risk - This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is importanty not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

NOTES :

- The Company is primarily engaged in business of fine blanked components and home appliances. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallowable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated". These segments have been reported in the manner consistent with the internal reporting to the Board of Directors, who are the chief operating decision makers.

- The geographical information considered for disclosure are revenue within India and revenue outside India.

- The company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

35. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable operating lease amounted to Rs. 2,352 Lacs (31 March 2017: Rs. 1,777 lacs).

It is not practicable for the Company to estimate the closure of these cases and the consequential timings of cash flows, if any, in respect of the above.

¹ The Hon''ble Delhi High Court by its order dated 10 September 2015 set aside the order of Policy Relaxation Committee (PRC) with liberty to the petitioner to file a representation before the PRC. The respondents were directed to pass a reasoned order after giving the opportunity of hearing. The matter was heard by PRC and PRC by its order dated 13 October 2015 rejected the prayer of petitioner. Being aggrieved by PRC''s order the company filed writ application before Division Bench of Delhi High Court. After prolonged hearing the bench by its order dated 03 April 2017 allowed the writ petition and set aside the order of PRC and directed PRC inter-alia to reconsider its order dated 13 October 2015 in the light of observation made by the Division Bench. Keeping in mind the direction of Hon''ble Delhi High Court and taking into consideration the genuine hardship expressed in the revised representation by the Company, the PRC in its meeting held on 05 September 2017 allowed most of the prayers of the Company and decided inter alia that Regional Authorities (RA) shall ensure that other requirement as per Free Trade Agreements (FTA)/ Hand Book of Procedures (HBP) are complied with. The Company is now dealing with RA to obtain discharge certificates.

38. Related party disclosures

(A) The Company has the following related parties

Investor Company :	IFB Automotive Private Limited
Subsidiary Companies :	- Trishan Metals Private Limited (TMPL) (w.e.f. 11 July 2016) - Global Automotive and Appliances Pte Limited (GAAL) (w.e.f. 13 July 2017) - Thai Automotive and Appliances Limited (TAAL) - subsidiary of GAAL
Key Management Personnel	Mr. Bijon Nag, Executive Chairman
(KMP) :	Mr. Bikram Nag, Joint Executive Chairman and Managing Director
	Mr. Sudam Maitra, Deputy Managing Director
	Mr. Prabir Chatterjee, Director and Chief Financial Officer
	Mr. G. Ray Chowdhury, Company Secretary
	Mr. A K Nag, President
	Mr. Sujan Kumar Ghosh Dastidar, President, Legal
	Mr. Susanta Das, Head of Personnel and Administration
	Mr. Uma Shankar Ghosh Dastidar, Head - Taxation
	Mr. Rahul Choudhary, Vice President, Corporate affairs and banking (resigned w.e.f. 01 December 2017)
	Mr. Rajat Paul, Assistant Vice President, IT
	Mr. Diptanil Saha, General Manager (GM), Corporate affairs
	Mr. Soumitra Goswami, GM, Accounts and Finance
	Mr. Jayanta Chanda , GM, Finance
	Mr. Ashok Hazra, Assistant General Manager, Internal Audit
	Mr. Rajshankar Ray, Chief Executive Officer (CEO), Home Appliances Division
	Mr. A.S. Negi, National Service Head , Home Appliances Division
	Mr. B.M. Shetye, Vice President, Sustainability, Home Appliances Division
	Mr. Pawan Koul, Head of Goa Factory
	Mr. Sukhdev Nag, National Sales Head
	Mr. T.R. Ramesh, Business Head, Home Appliances Division, Central
	Mr. Ranjan Mohan Mathur, Business Head, Home Appliances Division - North and National Head, IFB Points
	Mr. Abhi it Gangopadhyay, Business Head, East
	Mr. Partha Sen, CEO, Engineering Division
	Mr. K.R.K. Prasad, CEO, Bangalore Engineering Factory.
	Mr. Arup Das, Head Marketing , Engineering Division
	Mr. R. Anand, Head, Motor Division

Other related parties - IFB Agro Industries Limited

- Travel Systems Limited

- IFB Global Limited

- IFB Appliances Limited

- Anjali foundation

Employee trusts where - Indian Fine Blank Limited Employees Gratuity Fund (IFBLEGF)

there is significant influence - IFBL Senior Management Superannuation Fund (IFBLSMSF)

(Employee trusts) - IFBL Employees'' (Category-I) Superannuation Scheme (IFBLESS-Cat-I)

- IFBL Employees (Category Two) Group Superannuation Scheme (IFBLEGSS-Cat two)

39. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprise Development Act, 2006'' (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company. Payable to micro and small enterprises as at 31 March 2018: Rs 666 lacs (31 March 2017: Rs 475 lacs, 31 March 2016: Rs 283 lacs).

40. Financial instruments and related disclosures i) Capital management

Investments exclude investment in subsidiaries of Rs. 3,360 lacs (31 March 2017: 1,200 lacs, 01 April 2016: Nil) which are shown at cost in balance sheet as per Ind AS 27 - ''Separate Financial Statements''.

iii) Financial risk management objectives

a) Liquidity risks

The company has obtained fund and non-fund based working capital lines from banks. Furthermore, the Company has sufficient quantities of finished goods and stock-in-trade which are liquid and readily saleable. Hence the risk that the company may not be able to settle its financial liabilities as they become due does not exist.

The following tables shows a maturity analysis of the anticipated cash flows for the company''s derivative and no derivative financial liabilities.

b) Market risks

The Company does not trade in equities. Treasury activities, focused on managing investments in debt instruments, are centralized and administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within the acceptable risk parameters after due evaluation.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The company has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates and as such these loans are not that material taking into account the Company''s asset base. Hence interest rate fluctuations on borrowings does not affect the Company significantly.

c) Foreign currency risk

The Company undertakes transactions denominated in foreign currency (mainly US Dollar, Euro, RMB and THB) which are subject to the risk of exchange rate fluctuations.

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the profit before tax would change by Rs 109 lacs for the year ended 31 March 2018 (31 March 2017: Rs 79 lacs).

d) Credit risk

Bank deposits are primarily held with highly rated and different banks.

The Company''s historical experience of collecting receivable and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognized where considered appropriate by the management.

Other than financial assets mentioned above, none of the Company''s financial assets are either impaired or past due, and there were no indications that defaults in payment would occur.

e) Fair value hierarchy

There were no transfers between Level 1 and Level 2 during the year ended 31 March 2018 and 31 March 2017.

41. First-time adoption of Ind AS

i) Ind AS 101 - First-time adoption of Indian Accounting Standards provides a suitable starting point for accounting in accordance with Ind AS and is required to be mandatorily followed by first-time adopters. The Company has prepared the opening balance sheet as per Ind AS as of 01 April 2016 (the transition date) by:

a) recognizing all assets and liabilities whose recognition is required by Ind AS,

b) not recognizing items of assets or liabilities which are not permitted by Ind AS,

c) reclassifying items from previous GAAP to Ind AS as required under Ind AS, and

d) applying Ind AS in measurement of recognized assets and liabilities.

iii) Ind AS 101 mandates certain exceptions and allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions in the financial statements:

a) Property, plant and equipment and intangible assets were carried in the Balance sheet prepared in accordance with previous GAAP as at 31 March 2016. Under Ind AS, the Company has elected to regard such carrying values as deemed cost at the date of transition.

iv) In addition to the above, the principal adjustments made by the Company in restating its previous GAAP financial statements, including the balance sheet as at 01 April 2016 and the financial statements as at and for the year ended 31 March 2017 are detailed below:

a) Under previous GAAP, current investments were stated at lower of cost and fair value. Under Ind AS, these financial assets have been classified as FVTPL on the date of transition and fair value changes after the date of transition has been recognized in statement of profit and loss.

b) Under previous GAAP, the premium or discount arising at the inception of forward exchange contracts entered into, to hedge existing assets/ liabilities were amortized as expense or income over the life of the contracts. Exchange

difference on such contracts were recognized in the statement of profit and loss in the reporting period in which the exchange rates changed. Any profit or loss arising on cancellation or renewal of such a forward exchange contract were recognized as income or as an expense for the period. Under Ind AS, such derivative financial instruments are recognized at fair value through profit or loss and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gains / losses is recognized in the statement of profit and loss.

c) Under previous GAAP, discounting of provisions was not permitted and provisions were measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date without considering the effect of discounting. Under Ind AS, provisions are measured at discount amounts, if the effect of time value of money is material. The Company has discounted the provision for warranty to present value at reporting dates. Consequently, the unwinding of discount has been recognized as a finance cost.

d) Under previous GAAP, actuarial gains and losses related to the defined benefit schemes for gratuity were recognized in statement of profit and loss. Under Ind AS, actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the defined benefit liability are recognized in other comprehensive income instead of profit and loss. Consequently, the tax effect of the same has also been recognized in other comprehensive income instead of statement of profit and loss.

e) Under previous GAAP, all the lands were presented as fixed assets. Under Ind AS, the Company has reclassified lands given on operating lease and the lands held for a currently undetermined future use as investment property. Such reclassification has resulted in decrease in the value of property, plant and equipment by Rs. 11 lacs as at 01 April 2016 and 31 March 2017 and a corresponding increase in the value under Investment property as at respective dates.

f) Under previous GAAP, leasehold lands were presented as fixed assets and depreciated over the period of lease. Under Ind AS, such properties have been classified as Prepaid Lease rent (refer note 9 ''Other assets'') and have been amortized over the period of the lease. This has resulted in decrease in net book value of property, plant and equipment by Rs. 18 lacs as at 01 April 2016 and by Rs. 14 lacs as at 31 March 2017 and a corresponding increase in other assets by Rs. 18 lacs as at 01 April 2016 and by Rs. 14 lacs as at 31 March 2017.

Such reclassification has resulted in decrease in depreciation and amortization expense by Rs. 4 lacs for the year ended 31 March 2017 and a corresponding increase in other expenses by Rs. 4 lacs but does not affect profit before tax and profit for the year ended 31 March 2017.

g) Under previous GAAP, grants received from the Government authorities with reference to investments under investment subsidy schemes and no repayment were ordinarily expected in respect thereof were treated as capital reserve. Under Ind AS, grants received from Government authorities are required to be recognized in the statement of profit and loss over the life of the asset. Accordingly, capital reserve amounting to Rs 25 lacs received as a part of investment subsidy in earlier years was recognized as retained earnings. However, there was no change in the equity as at 01 April 2016 and 31 March 2017.

2. The standalone financial statements were approved by the Board of Directors on 29 May 2018.

Mar 31, 2017

1. Dues to Micro, Small and Medium Enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006'' (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2017 has been made in the financial statements based on information received and available with the Company. A sum of Rs. 475 lacs is payable to Micro and Small Enterprises as at 31 March 2017 (31 March 2016 Rs. 283 lacs). Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

2. Employee benefits

(a) Gratuity and leave encashment

The Company operates a defined benefit scheme for gratuity for which a separate fund is maintained and other long-term benefit plan like leave encashment which is managed through an insurance company. Annual actuarial valuations are carried out by independent actuaries using the Projected Unit Credit Method.

It is not practicable for the Company to estimate the closure of these cases and the consequential timings of cash flows, if any, in respect of the above.

(#) The Company obtained a bank guarantee of Rs. 16 lacs in connection with the execution of a civil contract awarded by the State Health Department, Government (Govt.) of West Bengal. Following a dispute, the State Health Department, Govt. of West Bengal invoked the said Bank Guarantees whereupon the Company challenged such invocation by way of a writ petition before the Hon''ble Calcutta High Court. The Hon''ble Calcutta High Court allowed an interim order of injunction dated 22 May 2003 restraining the State Health Department not to give any effect to the invocation of the guarantee till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon''ble Calcutta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31 March 2017 and 31 March 2016.

(*) The Hon''ble Delhi High Court by its order dated 10 September 2015 set aside the order of Policy Relaxation Committee (PRC) with liberty to the petitioner to file a representation before the PRC. The respondents were directed to pass a reasoned order after giving the opportunity of hearing. The matter was heard by PRC and PRC by its order dated 13 October 2015 rejected the prayer of petitioner. Being aggrieved by PRC''s order the company filed writ application before Division Bench of Delhi High Court. After prolonged hearing the bench by its order dated 03 April 2017 allowed the writ petition and set aside the order of PRC and directed PRC interalia to reconsider its order dated 13 October 2015 in the light of observation made by the Division Bench.

3. Segment reporting- Information pursuant to Primary Business segment

The Company is primarily engaged in business of home appliances and engineering components. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated".

There is no geographical segment identified by the Company.

4. Related party transactions

The Company has the following related parties in accordance with Accounting Standard 18 "Related Party Disclosures".

Investor Company : IFB Automotive Private Limited

Subsidiary Company : Trishan Metals Private Limited (w.e.f. 11 July 2016)

Companies that have a IFB Agro Industries Limited, Travel Systems Limited, Thai Automotive and

member(s) of KMP in Appliances Limited, Global Automotive and Appliances Limited, IFB Global

common : Limited

Company over which a KMP IFB Appliances Limited is able to exercise significant influence :

Enterprise over which a Anjali foundation

relative of KMP is able to exercise significant influence :

Key Management Personnel Mr. Bijon Nag, Executive Chairman

^{(KMP) :} Mr. Bikram Nag, Joint Executive Chairman and Managing Director

Mr. Sudam Maitra, Deputy Managing Director Mr. Prabir Chatterjee, Director and CFO Mr. A K Nag, President

Mr. Rahul Choudhary, Vice President, Corporate affairs and banking

Mr. Rajshankar Ray, CEO, Home Appliances Division

Mr. A.S. Negi, National Service Head , Home Appliances Division

Mr. Jayanta Chanda , Service Accounts Head, Home Appliance Division

Mr. Partha Sen, CEO, Engineering Division

Mr. K.R.Krishna Prasad, CEO, Bangalore Engineering Factory.

Mr. B.M. Shetye, Vice President, Sustainability, Home Appliances Division

Mr. G. Ray Chowdhury, Company Secretary

Mr. Susanta Das, Head of Personnel and Administration

Mr. Uma Shankar Ghosh Dastidar, Head - Taxation

Mr. Arup Das, Head Marketing , Engineering Division

Mr. Diptanil Saha, GM, Corporate Affairs

Mr. Sukhdev Nag, Business Head, Home Appliances Division, South

Mr. T.R. Ramesh, Business Head, Home Appliances Division, East

Mr. Ranjan Mohan Mathur, , Business Head, Home Appliances Division, North

Mr. Soumitra Goswami, GM, Accounts and Finance

Mr. Ashok Hazra, AGM - Internal Audit

Mr. R. Anand, Head, Motor Division

The above figures does not include cash balance held in foreign currency.

5. Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current year''s classification.

For and on behalf of the Board of Directors of IFB Industries Limited

Joint Executive Chairman and Managing Director Bikram Nag

Director Dr. Rathindra Nath Mitra

Director and Chief Financial Officer Prabir Chatterjee

Company Secretary G. Ray Chowdhury

Kolkata 26 May 2017

Mar 31, 2016

1. Estate, Taluka Salcete, District South Goa and registration sub district ILHAS in the state of Goa containing by admeasuring 48,695 square meters or thereabout.

(&) For sanction of capex letter of credit amounting to Rs 1,000 lacs by Standard Chartered Bank, following charge have been created:

First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders) of the company including without limitations its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables, etc. stored or to be stored at the company''s godown or premises situated at Plot no L-1, Verna Electronic City, Verna Industrial Estate, Goa - 403 722 or wherever else the same may be.

(A) For sanction of working capital facility amounting to Rs. 9,000 lacs by Standard Chartered Bank, following charge have been created:

(i) First charge on all current assets, both present and future.

(ii) First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders).

(iii) Second charge on the leasehold land and building of Goa (Verna) unit on all that piece and parcel of non-agricultural land bearing at No. L1 situated within the village panchayat of Nagoa, Verna Plateau, Verna Industrial Estate, Taluka Salcete, District South Goa and registration sub district lLHAS in the state of Goa containing by admeasuring 48,695 square meters or thereabout.

(*) For sanction of credit facilities amounting to Rs. 3,500 lacs by DBS Bank Ltd., following charge have been created :

(i) Hypothecation by way of first pari passu and floating charge over goods being finished goods, semi-finished goods, stocks of raw-materials, work-in-process located at various factories / warehouses / godowns of the company and whether in transit or lying at any other place and hypothecation by way of first pari passu and floating charge over the company''s present and future book debts, outstanding monies receivables, claims, bills, contracts, engagements, securities, investments, rights and assets.

(ii) Hypothecation by way of exclusive charge over all present and future movable fixed assets of the engineering division of the Company including without limitation its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc. stored or to be stored at Company''s godowns or premises situated at 14, Taratolla Road, Kolkata and 16/17, Visveswaraiah Industrial Estate, Whitefield Road, Bangalore - 560048 (Engineering Division) or wherever else the same may be.

2. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable operating lease amounted to Rs. 1,305 Lacs (31 March 2015 : Rs. 898 Lacs).

3. Changes in Accounting Policy and Accounting Estimates

Pursuant to the notification of Schedule II to the Companies Act, 2013, with effect from 1 April 2014, the Company had changed the policy of providing depreciation of buildings from written down value (WDV) method to straight line method (SLM) thereby resulting in a surplus of Rs. 844 Lacs for the year ended 31 March 2015.

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013 and its subsequent amendment by Ministry of Corporate Affairs, the Company charged off the carrying value of assets net of residual value, where the remaining useful life of the asset was determined to be nil as on 1 April 2014 to the Statement of Profit and Loss. Thereby for such assets, the Company has charged an amount of Rs. 1,196 Lacs as depreciation in the Statement of Profit and Loss for the year ended 31 March 2015.

As a result of change in estimated useful life as prescribed in Schedule II of the Companies Act, 2013, the depreciation charge for the year ended 31 March 2015 is higher by Rs. 1,496 Lacs.

4. Dues to Micro and Small Enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006'' (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2016 has been made in the financial statements based on information received and available with the Company. A sum of Rs. 283 lacs is payable to Micro and Small Enterprises as at 31 March 2016 (31 March 2015 : Rs. 398 lacs). Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

5. Employee benefits

(a) Gratuity and leave encashment

The employees'' gratuity fund scheme, determined as post-employment benefit, is managed through Insurance Companies under a defined benefit plan. The present value of obligation is determined based on an actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for unfunded leave encashment determined as other long-term benefit plan is recognized in the same manner as gratuity.

(b) Provident Fund, Superannuation Fund and other defined contribution schemes:

The company contributed Rs. 944 Lacs (31 March 2015 : Rs. 785 Lacs) to defined contribution scheme (Provident Fund, superannuation fund and others) during the year ended 31 March 2016.

6. Disclosure requirement for Derivatives Instruments

The Company uses foreign currency hedges to manage its risks associated with foreign currency fluctuations relating to certain existing foreign currency payables. The Company does not use derivative contracts for trading or speculative purposes.

7. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification.

Mar 31, 2015

1. Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

(i) Exclusive charge on moveable fixed assets financed by the bank.

(ii) First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders).

(iii) First and exclusive charge on the leasehold land and building of Goa (Verna) unit on all that piece and parcel of non- agricultural land bearing at No. LI situated within the village Panchayat of Nagoa, Verna Plateau, Verna Industrial Estate,

Taluka Salcete, District South Goa and registration sub district ILHAS in the state of Goa containing by admeasuring 48695 square meters or thereabout and bounded as follows: On or towards the north: proposed 30 meters wide road, on or towards the south : open space reserved for gardening, on or towards the east: proposed road of 25 meters wide, on or towards the west: proposed road of 20 meters wide together with all buildings and structures standing thereon or to be erected hereafter and the plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

(*) For sanction of working capital facility amounting to Rs. 9,000 lacs by Standard Chartered Bank, following securities have been created:

(i) First charge on all current assets, both present and future.

(ii) First charge on existing movable fixed assets of Goa (Verna) plant (except exclusive charge to term lenders).

(iii) Second charge on the leasehold land and building of Goa (Verna) unit on all that piece and parcel of non-agricultural land bearing at No. LI situated within the village Panchayat of Nagoa, Verna Plateau, Verna Industrial Estate, Taluka Salcete, District South Goa and registration sub district lLHAS in the state of Goa containing by admeasuring 48695 square meters or thereabout and bounded as follows: On or towards the north: proposed 30 meters wide road, on or towards the south: open space reserved for gardening, on or towards the east: proposed road of 25 meters wide, on or towards the west: proposed road of 20 meters wide together with all buildings and structures standing thereon or to be erected hereafter and the plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

(*) For sanction of working capital facility amounting to Rs. 3,500 lacs by DBS Bank Ltd., following securities have been created:

(i) Hypothecation by way of first pari passu and floating charge over goods being finished goods, semi-finished goods, stocks of raw-materials, work-in-process located at various factories / warehouses godowns of the company and whether in transit or lying at any other place and hypothecation by way of first pari passu and floating charge over the company's present and future book debts, outstanding monies receivables, claims, bills, contracts, engagements, securities, investments, rights and assets.

(ii) Hypothecation by way of exclusive charge over all present and future movable fixed assets of the engineering division of the Company including without limitation its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables etc. stored or to be stored at Company's godowns or premises situated at 14, Taratolla Road, Kolkata and 16/17, Visveswaraiah Industrial Estate, Whitefield Road, Bangalore - 560048 (Engineering Division) or wherever else the same may be.

2. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable operating lease amounted to Rs. 898 Lacs (31 March 2014 : Rs. 772 Lacs).

3. Changes in Accounting Policy and accounting estimates

Pursuant to the notification of Schedule II to the Companies Act, 2013, with effect from 1 April 2014, the Company has changed the policy of providing depreciation of buildings from written down value (WDV) melhod to straight line method (SLM) thereby resulting in a surplus of Rs. 844 Lacs for the year ended 31 March 2015.

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013 and its subsequent amendment by Ministry of Corporate Affairs, the Company has an option to charge off the carrying value of assets net of residual value, where the remaining useful life of the asset was determined to be nil as on 1 April 2014 either to the opening balance of retained earnings or to the Statement of Profit and Loss. Thereby for such assets, the Company has charged an amount of Rs. 1,196 Lacs as depreciation in the Statement of Profit and Loss. If the same is adjusted against the opening balance of retained earnings then the profit before tax for the year would be Rs. 7,123 Lacs and profit after tax would be Rs. 5,763 Lacs.

As a result of all the above stated changes the depreciation charge for the year ended 31 March 2015 is higher by Rs. 1,496 Lacs.

4. Dues to Micro and Small Enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the 'Micro, Small and Medium Enterprises Development Act, 2006' ('the Act'). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2015 has been made in the financial statements based on information received and available with the Company. Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

5. Employee benefits

(a) Gratuity and leave encashment

The employee's gratuity fund scheme, determined as post-employment benefit, is managed through Insurance Companies under a defined benefit plan. The present value of obligation is determined based on an actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for unfunded leave encashment determined as other long-term benefit plan is recognized in the same manner as gratuity.

I. Percentage of each category of plan assets to the fair value of plan assets as at 31 March 2015

The plan assets of the fund has been invested 100% (previous year 100%) with the schemes of insurance companies.

II. Provident Fund, Superannuation Fund and other defined contribution schemes:

The company contributed Rs. 785 Lacs (31 March 2014 : Rs. 642 Lacs) to defined contribution scheme (Provident Fund, superannuation fund and others) during the year ended 31 March 2015.

6 Contingent Liabilities : Rs. Lacs

31 March 2015 31 March 2014

i) Disputed sales tax matters, excise matters, income tax matters and 1,653 1,564 other matters contested in appeals. (These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)

ii) Other claims against the Company not acknowledged as debts (#) 16 39

iii) Custom duty and interest obligation for advance licenses (*) 681 -

(#) The Company obtained a bank guarantee of Rs. 16 lacs in connection with the execution of a civil contract awarded by the State Health Department, Government (Govt.) of West Bengal. Following a dispute, the State Health Department, Govt. of West Bengal invoked the said Bank Guarantees whereupon the Company challenged such invocation by way of a writ petition before the Hon'ble Calcutta High Court. The Hon'ble High Court allowed an interim order of injunction dated 22 May 2003 restraining the State Health Department not to give any effect to the invocation of the guarantee till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon'ble Calcutta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31 March 2015 and 31 March 2014.

(*) Pursuant to direction from Directorate General of Foreign Trade (DGFT) dated 24 February 2010, the period for fulfilment of export obligations against 11 advance licenses was extended by 5 years with effect from 29 September 2009 which is remaining outstanding as at 31 March 2015. The Company has filed an application on 9 September 2014 before the 'Policy Interpretation Committee', DGFT to clarify the ambiguity regarding the date of fulfilment of export obligation. Simultaneously the Company has also applied before the 'Policy Relaxation Committee', DGFT, on 31 July 2014 for clubbing of the referred advance licenses. The Company expects a favourable order from DGFT.

7. Related party transactions

The Company has the following related parties in accordance with Accounting Standard 18 "Related Party Disclosures".

Investor Company : IFB Automotive Private Limited.

Key Management Personnel (KMP) : Mr. Bijon Nag, Executive Chairman

Mr. Bikram Nag, joint Executive Chairman and Managing Director

Mr. Sudam Maitra, Deputy Managing Director

Mr. Prabir Chatterjee, Director and CFO

Mr. Gautam Dasgupta, Mentor

Mr. A K Nag, President

Mr. Rajshankar Ray, CEO, Home Appliances Division

Mr. A.S. Negl, National Service Head, Home Appliances Division

Mr. Jayanta Chanda, Service Accounts Head, Home Appliance Division

Mr. Govindaraj Collegal, Head, Goafactory

Mr. Partha Sen, CEO, Kolkata Engineering Factory

Mr. K.R.Krishna Prasad, CEO, Bangalore Engineering Factory

Mr. B.M. Shetye, Vice President, R&D, Home Appliances Division

Mr. G. Ray Chowdhury, Company Secretary

Mr. Susanta Das, Head of Personnel and Administration

Mr. Uma Shankar Ghosh Dastidar, Head - Taxation

Mr. Arup Das, Head Marketing, Engineering Division

Mr. Diptanil Saha, GM, Corporate Affairs

Mr. Sukhdev Nag, Regional Manager, Home Appliances Division, South

Mr.T.R. Ramesh, Regional Manager, Home Appliances Division, East

Mr. Ranjan Mohan Mathur, Regional Manager, North

Mr. Soumitra Goswami, DGM, Accounts and Finance

Mr. Ashok Hazra, AGM - Accounts, Bangalore Engineering Factory

Mr. R. Anand, Head, Motor Division

Companies that have a member(s) IFB Agro Industries Limited, of KMP in common : Travel Systems Limited, Thai Automotive and Appliances Limited, Global Automotive and Appliances Limited, IFB Global Limited.

Company over which a KMP is able IFB Appliances Limited. to exercise significant Influence :

8. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification.

Mar 31, 2013

1. Leases

The Company is obligated under cancellable leases for residential, ofce premises, warehouses, etc. Total rental expense under cancellable operating lease amounted to Rs. 740 Lacs (31 March 2012: Rs. 635 Lacs).

2. Dues to Micro, Small and Medium Enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an ofce memorandum dated August 26, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated afer fling of the Memorandum in accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006'' (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2013 has been made in the fnancial statements based on information received and available with the Company. Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

3. Employee benefts

(a) Gratuity and leave encashment

The employee''s gratuity fund scheme, determined as post-employment beneft, is managed through Insurance Companies under a defned beneft plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit separately to build up the fnal obligation. The obligation for unfunded leave encashment determined as other long term beneft plan is recognized in the same manner as gratuity.

The following tables sets out the status of the gratuity plans and leave encashment under AS 15 - Employee benefts

4. Commitments and contingent liabilities:

Rs. Lacs 31 March 2013 31 March 2012

i) Outstanding capital commitments for tangible assets 3,037 2,258

ii) Outstanding capital commitments for intangible assets 893 17

iii) Disputed sales tax maters, excise maters, income tax maters and other 1,445 689 maters contested in appeals

(These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)

iv) Other claims against the Company not acknowledged as debts (#) 116 76

v) Corporate guarantee to bank on behalf of associate company - 100

(#) The Company obtained a bank guarantee of Rs. 16 lacs in connection with execution of a civil contract awarded by State Health Department, Government (Govt.) of West Bengal. Following a dispute, the State Health Department, Govt. of West Bengal invoked the said Bank Guarantees whereupon the Company challenged such invocation by way of a writ petition before the Hon''ble Calcuta High Court. The Hon''ble High Court allowed an interim order of injunction dated 22 May 2003 restraining the respondent not to give any efect to the invocation of the guarantee till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon''ble Calcuta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31 March 2013 and 31 March 2012.

5. Related party transactions

The Company has the following related parties in accordance with Accounting Standard 18 "Related Party Disclosures" notifed under Section 211 (3C) of the Companies Act, 1956. Investor Company: IFB Automotive Private Limited

Associate Company: IFB Agro Industries Limited, Travel Systems Limited, Thai Automotive and

Appliances Limited, Global Automotive and Appliances Limited, IFB Appliances Limited

Key Management Personnel: Mr. Bion Nag, Executive Chairman

Mr. Bikram Nag, Joint Executive Chairman and Managing Director

Mr. Prabir Chaterjee, Additional Director and CFO

Mr. Dipak Mitra, President - Legal

Mr. A. K. Nag, Sr. Vice President, Corporate Afairs

Mr. Gautam Dasgupta, Mentor

Mr. Rajshankar Ray, CEO, Home Appliances

Mr. A.S. Negi, National Service Head, Home Appliances

Mr. Partha Sen, CEO, Kolkata Engineering Factory

Mr. K.R.Krishna Prasad, CEO, Bangalore Engineering Factory

Mr. B.M. Shetye, Vice President, R & D, Home Appliances

Mr. Dipak Sen, Vice President, Corporate Afairs & Strategies

Mr. G. Ray Chowdhury Company Secretary

Mr. Susanta Das, Head of Personnel and Administration

Mr. Uma Shankar Ghosh Dastidar, Head - Taxation

Mr. Sukhdev Nag, Product Head, Microwave Ovens, Dishwasher

Mr. Arup Das, Head Marketing , Engineering

Mr. Diptanil Saha, DGM, Corporate Afairs

Mr. T.R. Ramesh, Regional Manager, East

Mr. Ranjan Mohan Mathur, Regional Manager, North

Mr. Jayanta Chanda, Finance Head, Goa Factory

Mr. Soumitra Goswami, DGM, Accounts and Finance

Mr. Ashok Hazra, AGM - Accounts, Bangalore Engineering

Mr. Ritesh Agarwal, Deputy Company Secretary & Head Banking

6. Disclosure requirement for Derivatives Instruments

The Company uses foreign currency hedges to manage its risks associated with foreign currency fuctuations relating to certain existing foreign currency payables. The Company does not use derivative contracts for trading or speculative purposes.

7. The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing legislation under Section 92-92F and Specifed Domestic Transactions'' (SDT) under Section 92BA of the Income Tax Act 1961. Since the law requires existence of such information and documentation to be contemporaneous in nature, the Company is in the process of updating the documentation for the international transactions and specifed domestic transaction entered into with the associated enterprises during the fnancial year. The management is of the opinion that its international transactions with associated enterprises are at arm''s length so that the aforesaid legislation will not have any impact on the fnancial statements, particularly on the amount of tax expense and that of provision for taxation to be recognised.

8. Previous year''s fgures have been regrouped/ reclassifed wherever necessary to correspond with the current year''s classifcation.

Mar 31, 2012

A. Rights, preferences and restrictions attached to equity shares

The company has only class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share other than the partly paid shares which have been forfeited.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company.

The distribution will be in proportion to the number of equity shares held by the shareholders.

b. Shares issued under Employees Stock Purchase Scheme

During the year the Company has issued 61,900 (31 March 2011: 701,850) fully paid equity shares of Rs. 10 each to its employees under IFB Industries Limited - Employees Stock Purchase Scheme 2008 at premium of Rs. 5 per share.

Provision for warranty

The Company warrants that their products will perform in all material respects in accordance with the Company's standard specifications in effect at the time of delivery of the products to the customers for the warranty period. Accordingly based on specific warranties, claims and claim history the Company provides for warranty claims. The movements in the provision for warranty cost is as follows :

Note : (a) R and D denotes Research and Development

(b) For sanction of import letter of credit amounting to Rs 3,000 lacs for import of capital goods by Standard Chartered Bank, following securities have been created :

(i) First charge on all present and future movable fixed assets of the Company situated at Goa Plant (except exclusive charge to term lenders).

(ii) Exclusive charge on plant & machinery financed by the Bank including movable plant & machinery, furniture & fittings, equipments, computer hardware & software, machinery spares tools, accessories and other movables.

(iii) First and exclusive charge over company's immovable property i.e.., non-agricultural land bearing at No. LI SIT within the village panchayat of Nago, Verna Plateau, Verna Industrial Estate, Taluka Salcete, District South Goa (Goa) admeasuring 48695 square meters together with all buildings and structures thereon or to be thereon and all plant and machinery installed thereon or to be thereon.

(c) For sanction of import letter of credit amounting to Rs 3,000 lacs for raw materials and other trade related goods by Standard Chartered Bank, following securities have been created:

(i) First charge on all current assets, both present and future.

(ii) Second charge on existing movable fixed assets of Goa unit (except exclusive charge to term lenders) and company's immovable properties i.e., non-agricultural land bearing at No. LI SIT within the village panchayat of Nago, Verna Plateau, Verna Industrial Estate, Taluka Salcete, District South Goa (Goa) admeasuring 48695 square meters together with all buildings and structures thereon or to be thereon and all plant and machinery installed thereon or to be thereon.

(*) Includes semi finished process components and semi finished tools amounting to Rs. 533 lacs (31 March, 2011 : Rs. 672 Lacs) and semi finished motors amounting to Rs. 69 lacs (31 March, 2011: Rs. 119 Lacs).

The company has entered into a mutual compromise settlement in respect of one of the past claims on the company, pertaining to a business discontinued since year 1999-2000. As per the terms of settlement, the company has paid a sum of Rs. 150 lacs (31 March 2011: Nil).

This amount has been recognized as an exceptional item for the year.

1. Impairment

The Company has reviewed potential generation of economic benefits from its cash generating units and concluded that there are no further impairments during the year.

2. Dues to Micro, Small and Medium Enterprises

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. Employee Benefits

(a) Gratuity and Leave Encashment

The employee's gratuity fund scheme, determined as post employment benefit, is managed through Insurance Companies under a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for unfunded leave encashment determined as other long term benefit plan is recognized in the same manner as gratuity.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

VI. Percentage of each category of plan assets to the fair value of plan assets as at March 31,2012

The plan assets of the trust has been invested 100% (previous year 100%) with the schemes of insurance companies

(b) Provident Fund and Superannuation Fund:

In addition to the above benefits, employee of the company receives benefits from provident fund and superannuation fund, a defined contribution plan. The employee and employer each make monthly contribution to Government's Provident Fund equal to 12% of the covered employee's eligible salary. The company contributed Rs. 467 lacs (Previous year Rs. 352 lacs) to defined contribution scheme during the year ended March 31, 2012.

4. Commitments and contingencies : Rs.' lacs

March 31,2012 March 31, 2011

i) Outstanding capital commitments for tangible assets 2,258 1,276

ii) Outstanding capital commitments for intangible assets 17 18

iii) Disputed sales tax matters, excise duties, income tax contested in 689 484 appeals (These disputes mostly relate to arbitrary disallowances of

claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)

iv) Indemnity bonds executed in favour of excise and customs 150 100

v) Guarantees given by the bankers on behalf of the Company 118 61

vi) Letter of credits 226 538

vii) Corporate Guarantee for Advance licenses 603 1,498

viii) Claims against the Company not acknowledged as debts (#)(@) 76 470

ix) Corporate Guarantee to bank on behalf of Associate Company 100 100

(#) The Company obtained a bank guarantee of Rs. 16 lacs in connection with execution of a civil contract awarded by State Health Department, Government (Govt.) of West Bengal. Following a dispute the Health Department, Govt. of West Bengal invoked the said Bank Guarantees whereupon the Company challenged such invocation by way of a writ petition before the Hon'ble Calcutta High Court. The Hon'ble High Court was pleased to allow interim order of injunction dated May 22, 2003 restraining the respondent not to give any effect to the invocation of guarantees till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon'ble Calcutta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31st March 2012 and 31st March 2011.

(@) As at 31st March 2011, claims against the company not acknowledged as debts included a claim relating to material rejection amounting to Rs. 454 lacs. During the year the company has entered into a mutual compromise settlement wherein the Company has settled and paid an amount of Rs. 150 lacs as settlement amount. The same has been recognized as an exceptional item for the year ended 31st March 2012.

(figures for the previous year, March 31, 2011, have been shown below each item)

Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallowable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallowable corporate assets and liabilities and are grouped as "Unallocated".

5. Disclosure requirement for Derivatives Instruments

The Company uses foreign currency hedges to manage its risks associated with foreign currency fluctuations relating to certain existing foreign currency payables. The Company does not use derivative contracts for trading or speculative purposes.

6. The Revised Schedule-VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification.

Mar 31, 2011

1. Share Capital

During the year the Company has issued 701,850 (previous year 891,599) fully paid equity shares of Rs. 10 each to its employees under IFB Industries Limited - Employees Stock Purchase Scheme 2008 of which 701,850 (previous year 812,199) shares were issued at premium of Rs 5 per share.

2. Impairment

The Company has reviewed potential generation of economic benefits from its cash generating units and concluded that there is no further impairments during the year.

3. Dues to Micro, Small and Medium Enterprises

There are no Micro, Small and Medium Enterprises, to whom the Companies owes dues, which are outstanding for more than 45 days as at March 31, 2011 except for the details mentioned below. 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.

4. Employee Benefits

(a) Gratuity and Leave Encashment

The employee's gratuity fund scheme, determined as post employment benefit, is managed through Insurance Companies under a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for unfunded leave encashment determined as other long term benefit plan is recognized in the same manner as gratuity.

VI. Percentage of each category of plan assets to their fair value of plan assets as at March 31,2011

The plan assets of the trust has been invested 100% (previous year 100%) with the schemes of insurance companies.

(b) Provident Fund and Superannuation Fund :

In addition to the above benefits, employee of the company receives benefits from provident fund and superannuation fund, a defined contribution plan. The employee and employer each make monthly contribution to Government's Provident Fund equal to 12% of the covered employee's eligible salary. The company contributed Rs. 35,220 thousand (Previous year Rs. 32,134 thousand) to defined contribution scheme during the year ended March 31, 2011.

5. Commitments and contingencies:

March 31,2011 March 31, 2010 (Rs.'000) (Rs.'000)

i) Outstanding capital commitments 129,366 302,479

ii) Disputed sales tax matters, excise duties contested in appeals 48,421 46,608

(These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)

iii) Indemnity bonds executed in favour of excise and customs 10,000

iv) Guarantees given by the bankers on behalf of the CompanyO(#) 6,780 21,019

v) Letter of credits 53,772

vi) Corporate Guarantee for Advance licenses 149,844 149,844

vii) Claims against the Company not acknowledged as debts (#)(@) 47,004 45,958

viii) Corporate Guarantee to bank on behalf of Associate Company 10,000

6 At 31st March 2010, bank guarantees includes four bank guarantees of Rs 13,734 thousand in favour of DGFT in respect of EPCG licenses. Such Bank guarantees were invoked by the beneficiaries and the company has disputed the claim by way of writ petition filed before the Calcutta High Court. The Hon'ble High Court had earlier granted an order of status quo on September 18, 2003 and since extended from time to time. In the meantime, the said guarantees expired on September 30, 2003.Thereafter the Hon'ble High Court by an Order dated May 11, 2010 directed the company to renew the said guarantees The said order dated May 11, 2010 was modified by a further order dated May 19, 2010 directing the company to deposit the aggregate amount of guarantees in the form of fixed deposits in favour of The Registrar/Calcutta High Court, original Side to secure possible claim of DGFT in place of old bank guarantees. The company has made the fixed deposit pursuant to the said order amounting to Rs 13,800 thousands which have been lodged by the Company's banker Standard Chartered Bank with the DGFT.

At 31st March 2010, the Company had an outstanding provision of Rs 81,880 thousands for customs duty payable to DGFT due to non- fulfillment of export obligations under Advance License and EPCG Schemes. Pursuant to direction from the DGFT dated 24th February 2010 the period for fulfillment of export obligations against 11 Advance Licenses was extended by 5 years with effect from 29th September 2009. Moreover vide direction from DGFT dated 23rd February 2011, the Company got an extension for fulfillment of export obligations under 5 EPCG Licenses for a period of 12 years from 30th January 2009 to 29th January 2021. Consequent to such directions from DGFT, the Company has written back the provision of Rs 81,880 thousand and recognized the same as Other Income for the year ended 31st March 2011.

(#) At 31st March 2010, Guarantees given by the bankers on behalf of the Company included a bank guarantee of Rs 1,563 thousand obtained in connection with execution of a civil contract awarded by State Health Department, Govt, of West Bengal. Following a dispute the Health Department, Govt, of West Bengal invoked the said Bank Guarantees whereupon, the Company challenged such invocation by way of a writ petition before the Hon'ble Calcutta High Court. The Hon'ble High Court was pleased to allow interim order of injunction dated May 22, 2003 restraining the respondent not to give any effect to the invocation of guarantees till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon'ble Calcutta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31st March 2011.

(@) Includes claim relating to material rejection amounting to Rs. 45,441 thousands (Previous year Rs. 45,958 thousand). The management is of the opinion that the claim is not tenable.

7. Previous year's figures have been regrouped and rearranged wherever necessary.

Mar 31, 2010

1. Share Capital

During the year the Company has issued 5,000,000 fully paid equity shares of Rs. 10 each at par on preferential basis to the promoters of the Company as per the order dated September 11, 2009 of the Board for Financial Reconstruction (BIFR) under Sick Industrial Companies (Special Provision) Act 1985, as amended (SICA). The Company has also issued 891,599 fully paid equity shares of Rs.10 each to its employees under IFB Industries Limited - Employees Stock Purchase Scheme 2008 of which 812,199 shares were issued at premium of Rs. 5 per share.

The Company has redeemed 16,000,000 5% cumulative redeemable preference shares of Rs. 10 each out of profits of the Company and consequently a sum of Rs. 160,000 thousand equal to the nominal amount of shares redeemed, has been transferred to Capital Redemption Reserve Account.

2. Impairment

The Company has reviewed potential generation of economic benefits from its cash generating units and concluded that there is no further impairments during the year.

3. Dues to Micro, Small and Medium Enterprises

There are no Micro, Small and Medium Enterprises, to whom the Companies owes dues, which are outstanding for more than 45 days as at March 31, 2010 except for the details mentioned below. 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.

4. Employee Benefits

(a) Gratuity and Leave Encashment

The employees gratuity fund scheme, determined as post employment benefit, is managed through Insurance Companies under a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for unfunded leave encashment determined as other long term benefit plan is recognized in the same manner as gratuity.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

VI. Percentage of each category of plan assets to their fair value of plan assets as at March 31, 2010

The gratuity fund administered and managed by Aviva Life Insurance has invested 35% (previous year 64%) in Government of India Securities, 32% (previous year 22%) in Equities, 20% (previous year 9%) in Corporate Bonds and balance 13% (previous year 5%) in Money market investment.

The Company has not received any break-up of the compositions of investment by category with respect to Gratuity fund administered and managed by Life Insurance Corporation of India and hence disclosure required for compositions of investment for plan assets under Accounting Standard 15 on Employee Benefits have not been given to that extent.

(b) Provident Fund and Superannuation Fund :

In addition to the above benefits, employee of the company receives benefits from provident fund and superannuation fund, a defined contribution plan. The employee and employer each make monthly contribution to Governments Provident Fund equal to 12% of the covered employees eligible salary. The company contributed Rs. 32,134 thousand (Previous year Rs. 27,705 thousand) to defined contribution scheme during the year ended March 31, 2010.

5. Related party transactions

The Company has the following related parties in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

Associate Companies:

IFB Agro Industries Limited, Travel Systems Private Limited CPL Projects Limited

Investor Company: IFB Automotive Private Limited

Key Management Personnel:

Mr. Bijon Nag, Executive Chairman

Mr. Bikram Nag, Joint Executive Chairman and Managing Director

Mr. Gautam Dasgupta, President & CEO

Mr. Dipak Mitra, President- Legal

Mr. A K Nag, Sr. Vice President, Corporate Affairs

Mr. S Bhattacharya, Chief Financial Officer

Mr. Indroneel Goho, Vice President - Finance

Mr. B.M. Shetye, Vice President

Mr. P Chatterjee, Vice President - Finance

Mr. Siddhartha Chatterjee, Unit Head Engineering

Mr. G. Ray Chowdhury, Company Secretary

Mr. Rajshankar Ray, Vice president- Sales

Mr. A.S. Negi, Vice President

Mr. B.D. Jung, President R&D

Mr. T.R. Ramesh, Regional Manager West

Mr. Sukhdev Nag, Regional Accountant South

Mr. Jayanta Chanda, Finance Head, Goa Factory

Mr. Ranjan Mohan Mathur, Regional Manager North

Mr. Arup Das, Senior Manager

6. Previous years figures have been regrouped and rearranged wherever necessary.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article