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Notes to Accounts of Jindal Worldwide Ltd.

Mar 31, 2023

SEGMENT INFORMATION a Basis for segmentation

The Companyâs senior management examines the Companyâs performance on the basis of single segment namely Textiles. Hence, the Company has only one operating segment under Ind AS 108 - Operating Segments i.e. Textiles. Therefore, there is no separate disclosure made for disaggregared revenue based on business segment.

b Geographical Information

The geographical information have been identified based on revenue within India (sales to customers with in India) and revenue outside India (sales to customers located outside India). The following table presents geographical information regarding the Companyâs revenue:

a) Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in armâs length transactions. Outstanding balances at the year-end are unsecured and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. During the year the Company has not recorded any impairment of receivables relating to amounts owed by related parties (previous year: '' Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

b) Loan to Wholly Owned subsidiary

Loan to Wholly Owned subsidiary has been given to meet out its working capital requirement from time to time basis , on such terms and conditions as may be mutually agreed upon between the Company and wholly owned subsidiary Company.

41 FAIR VALUES

The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Majority of the financial instruments of the Company are short term in nature which includes trade receivables, cash and cash equivalents, other bank balances, loans, other financial assets, borrowings, trade and other payables. Hence, the management has assessed that the carrying amounts of its financial instruments are reasonable approximations of its respective fair values.

42 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Companyâs principle financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations. The Companyâs principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTOCI investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Companyâs risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Companyâs activities.

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, trade and other receivables and trade and other payables.

The sensitivity analyses in the following sections relate to the position as at March 31,2023 and March 31,2022.

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant.

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31,2023 and March 31,2022.

The Companyâs exposure to changes in interest rates relates primarily to the Companyâs outstanding floating rate debt. Most of the borrowing of the Company are at floating rate of interest.

(c) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Companyâs exposure to the risk of changes in foreign exchange rates relates primarily to the Companyâs operating activities (when revenue or expense is denominated in a foreign currency). To mitigate the foreign currency risk, the Company enters into foreign exchange forward contracts. These foreign exchange forward contracts, carried at fair value, may have varying maturities varying depending upon the primary host contract requirements and risk management strategy of the Company.

The most significant foreign currencies the Company is exposed to is the USD and EURO. The following tables sets forth information relating to foreign currency forward contracts and unhedged foreign currency exposureas at March 31,2023 and March 31,2022.

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions.

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security.

i) Trade Receivables

Customer credit risk is managed on the basis of the Companyâs established policy, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally on 30 days to 90 days credit term. Credit limits are established for all customers based on internal rating criteria. Outstanding customer receivables are regularly monitored.

For trade receivables, Expected Credit Loss (ECL) is provided as per simplified approach. The Company has applied the practical expedient as per Ind AS 109 ''Financial Instrumentsâ to measure the loss allowance at lifetime ECL. The Company determines the ECL on trade receivables by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.

ii) Other Financial Instruments and Cash Deposits

Credit risk from balances with banks and financial institutions is managed by the Companyâs finance department in accordance with the Companyâs policy. Investments in equity instruments and of surplus funds are made only with approved counterparties who meets the minimum threshold requirements under the counterparty risk assessment process. Based on its on-going assessment of counterparty risk, the Company adjusts its exposure to various counterparties.

(e) Liquidity Risk

Liquidity risk is defiined as the risk that the Company will not be able to settle or meet its obligation on time or at a reasonable price. Processes and policies related to such risks are overseen by senior management. The Company regularly monitors the rolling forecasts and actual cashflows, to ensure it has sufficient funds to meet the operational needs.

The table below summarizes the maturity profile of the Companyâs financial liabilities based on contractual undiscounted payments.

(ii) Under Income Tax Act, for Assessment year 2017-2018 , a demand of '' 75.39 Lacs has been raised. Rectification application u/s 154 has been filed against the same on July 16, 2019. For Assessment year 2018-2019 ,a demand of '' 40.84 Lacs has been raised. The Appeal has been filed with CIT (A) - NFAC and the same is pending.

44 CAPITAL MANAGEMENT

The Companyâs capital management objective are to ensure Companyâs ability to continue as a going concern as well to create value for shareholders by facilitating the meeting of long term and short term goals of the Company. The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term and short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company. Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current earmarked balances) and current investments. The table below summarises the capital, net debt and net debt to equity ratio of the Company.

In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2023 and March 31,2022.

45 In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company has spent a sum of '' 202.13 Lacs (previous year '' 103.70 Lacs) towards CSR activities during the year ended March 31, 2023.

46 RECENT ACCOUNTING PRONOUNCEMENTS Standards issued but not yet effective

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023 dated March 31,2023 to amend the following Ind AS which are effective from April 1,2023.

a) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.

The amendments are effective for annual reporting periods beginning on or after April 1,2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments are not expected to have a material impact on the Companyâs financial statements.

b) Disclosure of Accounting Policies - Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ''significantâ accounting policies with a requirement to disclose their ''materialâ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

c) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.

The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deductible and taxable temporary differences associated with leases and decommissioning obligations. Consequential amendments have been made in Ind AS 101. The amendments to Ind AS 12 are applicable for annual periods beginning on or after April 1,2023. The Company is currently assessing the impact of the amendments.

(ii) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(iii) The Company does not have any transactions with companies struck off.

(iv) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

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

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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

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

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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(viii) The Company does not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(viii) The Company has Fund-based and Non-fund-based limits of Working Capital from Banks and Financial institutions. For the said facility, the submissions made by the Company to its lead bankers based on closure of books of accounts at the year end, the quarterly returns or statements comprising stock statements, book debt statements, credit monitoring arrangement reports, statements on ageing analysis of the debtors/other receivables, and other stipulated financial information filed by the Company with such banks or financial institutions are in agreement with the unaudited books of account of the Company of the respective quarters and no material discrepancies have been observed.

48 The Previous year figures have been re-grouped wherever necessary in order to make the figures comparable to the current year.

Mar 31, 2022

CAPITAL MANAGEMENT

(a) The Companyâs capital management objective are to ensure Company''s ability to continue as a going concern as well to create value for shareholders by facilitating the meeting of long term and short term goals of the Company. The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term and short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company. Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current earmarked balances) and current investments. The table below summarises the capital, net debt and net debt to equity ratio of the Company.

I n order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31^st March, 2022 and 31^st March, 2021.

The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk. Company''s principal financial liabilities comprises, loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liability is to finance Company''s operation. Company''s principal financial asset include loan to subsidiaries, investments, trade and other receivables, security deposits and cash and cash equivalent, that directly derive from its business.

(a) Credit Risk

Credit Risk in case of the Company arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables.

Credit Risk Management

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits etc. the Companyâs maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at 31^st March, 2022, as summarised below:

The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls. The Companyâs policy is to deal only with creditworthy counterparties only.

(b) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest risk, currency risk and other price risk. Financial instruments affected by market risk include borrowings, deposits, Investments, trade and other receivables, trade and other payables and derivative financial instruments.

(d) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have any long term borrowings with floating interest rate and carrying short term borrowings with floating interest rate. The Company''s investment in fixed deposit deposit carries fixed interest rate.

(e) Foreign Currency Risk

The Company is exposed to foreign exchange risk mainly through its sales to overseas customers and purchases from overseas suppliers in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies, including use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk, where the economic condition match the Company''s policy.

41 CONTINGENT LIABILITIES NOT PROVIDED FOR

Amount (?) in Lakhs

Particulars

As at

31^st March, 2022

As at

31^st March, 2021

(i) Corporate Guarantee given to banks on behalf of Other Bodies Corporate

23,346.00

26,227.00

*In pursuance to disclosure required under Section 186(4) of the Companies Act, 2013, the above corporate guarntee was given to banks in order to secure the borrowings as availed by Other Body Corporates.

(ii) Under Income Tax Act, for Assessment year 2017-2018, a demand of '' 75.39 Lakhs has been raised. Rectification application u/s 154 has been filed against the same on 16^th July , 2019. For Assessment year 2018-2019, a demand of '' 40.84 Lakhs has been raised. The Appeal has been filed with CIT (A) - NFAC and the same is pending.

42 In accordance with the provisions of Section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company has spent a sum of '' 103.70 Lakhs (previous year '' 99.71 Lakhs) towards CSR activities during the year ended 31^st March, 2022.

Amount (?) in Lakhs
Particulars	For the year ended 31^st March, 2022	For the year ended 31^st March, 2021
a) Amount required to be spent by the Company during the year	102.40	94.97
b) Amount approved by the Board of Directors of Company to be spent during the year	102.40	94.97

c) Amount spent during the year ending on 31^st March, 2022		Amount (?) in Lakhs
	In cash	Yet to be paid in cash	Total
i) Construction/acquisition of any asset	0.00	0.00	0.00
ii) On purposes other than (i) above	103.70	0.00	103.70
d) Amount spent during the year ending on 31^st March, 2021
		Amount (?) in Lakhs
	In cash	Yet to be paid in cash	Total
i) Construction/acquisition of any asset	0.00	0.00	0.00
ii) On purposes other than (i) above	99.71	0.00	99.71

e) Nature of CSR Activities : Education & Literacy, Animal Welfare, Health Education, gender equality, social welfare, livelihood enhancement projects, Hunger Eradication, Promoting Heath Care, Disaster Management.

43 RECENT ACCOUNTING PRONOUNCEMENTS Standards issued but not yet effective

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On 23^rd March, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from 1^st April, 2022, as below:

a) Ind AS 103 - Reference to Conceptual Framework

The amendments specifiy that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

b) Ind AS 16 - Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the Company is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss. The Company does not expect the amendment to have any significant impact in its financial statements.

c) Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the ''cost of fulfillingâ a contract comprises the ''costs that relate directly to the contractâ. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant impact in its financial statements.

d) ''Ind AS 109 - Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ''10 percentâ test of Ind AS 109 in assessing whether to derecognise a financial liability. The Company does not expect the amendment to have any significant impact in its financial statements.

e) Ind AS 116 - Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to have any significant impact in its financial statements.

47 SEGMENT INFORMATION

a) Basis for segmentation

b) Geographical Information

d) Terms and conditions of transactions with related parties

e) Loan to Wholly Owned subsidiary

Loan to Wholly Owned subsidiary has been given to meet out its working capital requirement from time to time basis, on such terms and conditions as may be mutually agreed upon between the Company and wholly owned subsidiary Company.

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

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

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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

50 The Previous year figures have been re-grouped wherever necessary in order to make the figures comparable to the current year.

Mar 31, 2018

1 Corporate information:

Jindal Worldwide Limited (âthe Companyâ) is a public Company, domiciled in India under the provision of the Companies Act, 1956. The Company is engaged in business of manufacturing & dealing in Denim and other Textile activities.

2 Basis of preparation:

The Financial Statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.

For all periods up to and including the year ended 31^st March, 2017, the Company prepared its Financial Statements in accordance accounting standards notified under the Section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These Financial Statements for the year ended 31^st March, 2018 are the first the Company has prepared in accordance with Ind AS. (Refer Note 4.1 for information on how the Company has adopted Ind AS.)

The Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP. Reconciliations and descriptions of the effect of the transition has been summarized in note 4.3 and 4.4.

The Financial Statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

The Financial Statements are presented in Indian rupees (INR) and all values are are presented in full, except otherwise indicated.

3 Explanatory notes to first time adoption of Ind AS:

These Financial Statements of Jindal Worldwide Limited (''the Company'') for the year ended 31^st March, 2018 have been prepared in accordance with Ind AS. This is Company''s first set of standalone Financial Statements prepared in accordance with Ind AS for period upto and included the year ended 31^st March, 2017, the Company prepared its financials statements in accordance with Accounting Standards as notified under Section 133 of the Companies Act 2013, read with paragraph 7 of Companies (Accounts) Rules 2014 (Indian GAAP), accordingly the Company has prepared its first of financials statement that comply Ind AS. For the purposes of transition to Ind AS, the Company has followed the guidance prescribed under Ind AS 101- First Time adoption of Indian Accounting Standard, with 1^st April, 2016 as the transition date.

The transition to Ind AS has resulted in the changes in the presentation of the Financial Statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies in note 3 have been applied in preparing the Financial Statements for the year ended on 31^st March, 2018. This note explains the princilpal adjustments made by the Company in restating its IGAAP Financial Statements including balance sheet as at 1^st April, 2016 and financials statements as at and for the period ended 31^st March, 2017. Further, exemption on first time adoption of Ind AS availed in accordance with Ind AS have been set out in note 4.1.

3.1 Ind AS optional exemption and exceptions availed:

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following Ind AS 101 exemptions from the transition date i.e. 1^st April, 2016 :

(a) The Company has elected to avail exemption under Ind AS 101 to use Indian GAAP carrying value as deemed cost at the date of transition for all items of property, plant and equipment, intangible assets and investment properties as per the statement of financial position prepared in accordance with Indian GAAP.

(b) The Company has elected to avail exemption under Ind AS 101 to use Indian GAAP carrying values as deemed cost at the date of transition for investments in subsidiaries as per the statement of financial position prepared in accordance with Indian GAAP.

Ind AS mandatory exemptions:

(c) Ind AS 101 permits cumulative translation gains and losses to be reset to zero at the transition date. This provide relief in determining cumulative currency translation differences in accordance with Ind AS 21 from the date, the branch was formed. The Company elected to reset all cumulative translation gains and losses to zero by transferring it to opening retained earnings at its transition date.

(d) Estimates

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

Impairment of financial assets based on the risk exposure and application of expected credit loss model

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

(e) Ind AS 109: Designation of previously recognized financial instruments

Financial assets and financial liabilities are classified as fair value through profit and loss or fair value through other comprehensive income based on facts and circumstances as at the date of transition to Ind AS. Financial assets and liabilities are recognized at fair value as at the date of transition to Ind AS and not from the date of initial recognition.

(f) The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.

Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

(g) At the date of transition to Ind AS, determining whether there has been a significant increase in credit risk since the initial recognition of a financial instrument would require undue cost or effort, the Company has recognised a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognised.

3.2 Significant accounting estimates and assumptions

The preparation of the Companyâs Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the Financial Statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Impairment of non-financial assets

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

Depreciation

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates.

Taxes

Deferred tax assets are recognised for unused tax credits to the extent that it is probable that taxable profit will be available against which the credits can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

Fair value measurement of financial instruments

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

Notes to standalone financials statements for the year ended 31st March, 2018

3.4 Notes to reconciliation between Indian GAAP and Ind AS

a) Fair value measurement of revenues

Under Indian GAAP, revenues have been stated at its invoice values.

Under Ind AS, the revenues are required to be measured at fair values and therefore, expenses connected with revenues have been adjusted against revenues.

b) Unamortized expenses

Under Indian GAAP, certain preliminary expenses were amortized over a period of time.

Under Ind AS, all such expenses were adjusted and Statement of Profit and Loss for the year to which they pertain.

c) Unamortized expenses

Under Indian GAAP, subsidy in the nature of promoter''s contribution was recognized as capital reserve.

Under Ind AS, such subsidy is amortized to statement of profit and loss.

(b) Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of ''5 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all ''liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

(d) Shares reserved for issue under option

The Company has not reserved any shares for issuance under options.

(e) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

The Company has neither issued any bonus shares, shares for consideration other than cash nor has there been any buyback of shares in the current year and preceding five years of 31^st March, 2018.

Details of security and repayment thereof

5.1 i) Term loans from Bank (Other than Car loans) are secured by Mortgage of Land and Building, Pledge of Plant & Machinery, Hypothecation of Movable Fixed Assets and personal guarantee of Directors.

ii) Car loans are secured by hypothication respective motor car against which the finance is availed.

Terms of working capital facility from banks A Cash credit facilities from bank

Cash credit facility from various bank is secured by first pari passu charge on all movable fixed assets, stock, book debts and other current assets of the Company and the personal guarantee of directors.

B Working capital demand loans from banks

Working capital demand loans facility from various bank is secured by first pari passu charge on all movable fixed assets, stock, book debts and other current assets of the Company and the personal guarantee of directors.

6 EARNINGS PER SHARE (EPS):

Basic EPS amounts are calculated by dividing the profit for the year attributable on equity holders of the Company by the weighted average number of equity shares outstanding during the year.

7 CAPITAL MANAGEMENT:

The carrying amounts of trade payables and other payables, working capital borrowing current loan and cash & cash equivalents are considered to be the same as fair value, due to shor term in nature

8 The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk. Company''s principal financial liabilities comprises, loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liability is to finance Company''s operation. Company''s principal financial asset include loan to subsidiaries, investments, trade and other receivables, security deposits and cash and cash equivalent, that directly derive from its business.

(a) Credit Risk

Credit Risk in case of the Company arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables. Credit Risk Management

to customers, placing deposits etc. the Companyâs maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at 31^st March, 2018, as summarised below:

(b) Liquidity Risk

(c) Market Risk

Market risk is the risk that the fair vlaue of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest risk, currency risk and other price risk. Financial instruments affected by market risk include borrowings, deposits, Investments, trade and other receivables, trade and other payables and derivative financial instruments.

(d) Interest Rate Risk

Interest Rate Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have any long term borrowings with floating interest rate and carrying short term borrowings with floating interest rate. The Company''s investment in fixed deposit deposit carries fixed interest rate.

10 The Company had an unfortunate incident of fire in one of its unit at its factory premises on 25^th September, 2017. The expected amount of loss/damage due to occurrence of fire is still to be known as the investigation for the same is in process. Hence loss due to fire to Building and Machinery, will be accounted for at the time of final assessment of Loss. The Loss of Stock amounting to ''6,23,97,929/- has been accounted and disclosed in the books of accounts. The Stock and the Assets were completely insured by the Company.

11 RECENT ACCOUNTING PRONOUNCEMENTS:

Standards issued but not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company''s Financial Statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. The Ministry of Corporate Affairs (âMCA'') has issued certain amendments to Ind AS through (Indian Accounting Standards) Amendment Rules, 2018. These amendments maintain convergence with IFRS by incorporating amendments issued by International Accounting Standards Board (IASB) into Ind AS and has amended the following standards:

1. Ind AS 115-Revenue from Contract with Customers

2. Ind AS 21-The effect of changes in foreign exchanges rates

3. Ind AS 40-Investment Property

4. Ind AS 12-Income Taxes

5. Ind AS 28-Investment in Associates and Joint Ventures

6. Ind AS 112-Disclosure of Interest in Other Entities

12 In accordance with the provisions of Section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company was to spend a sum of Rs. 82,10,127/- (Previous Year Rs. 55,29,962/-) towards CSR activities during the year ended 31^st March, 2018. The CSR Committee has examined various suitable proposals for deployment of funds towards CSR activities and spent a total sum of Rs. 1,35,000/- during current year and Rs. 82,61,000/- during previous year through various trusts and direct social activities.

Mar 31, 2017

25.2 NOTES ON ACCOUNTS:

1. The Company has not received the required information from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/ payable as required under the said Act have not been made.

2. Claim against Company not acknowledged as debts NIL (NIL)

3. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

4. In the opinion of the Board, the current assets, Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount considered necessary.

5. Amount of Sundry Creditors for Goods has been shown net off advance given to the Parties.

6. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate items imported under the said Licenses & other penalties under the above referred schemes. As on 31^st March, 2017, Company is not in default under the scheme.

7. Since the Company operates in a single segment i.e. "Textiles" Accounting Standard (As)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

8. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

Jindal Shirting Pvt. Ltd. (formerly known as Balaji Realty Pvt. Ltd.)

b. Associates

Jindal Synthetics Ltd and Kashyap Tele-Medicines Ltd.

c. Key Managerial Personnel

Dr. Yamunadutt Agrawal , Mr. Amit Agrawal, CA Hirva Shah , CS Kiran Geryani, CS Ankita Parmar (resignation w.e.f. 23^rd June, 2017)

d. Relative of Key Managerial Personnel

Shivani Jain, Yash Agrawal, Jitendra Agrawal, and Rajesh Jain

e. Enterprises over which Key Managerial Personnel /Relatives of Key Managerial Personnel are able to exercise significant influence :

Jindal Creations Ltd.

Note :

9. Related Party relationship is identified by the management and relied upon by auditors.

10. There are no provisions for doubtful debts or no amounts have been written off in respect of debts due to or from related parties.

11. TAXES ON INCOME

Income tax expense comprises current tax and deferred tax charge or credit. The current tax is determined as the amount of tax payable in respect of the estimated taxable income of the period. The deferred tax charge or credit is recognized using prevailing enacted or substantively enacted tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax asset are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets are reviewed at each Balance Sheet date based on the developments during the period.

MAT Credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in the guidance note issued by The Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each Balance Sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period

12. The Balance Sheet and Statement of Profit and Loss of three divisions of the Company - Jindal Denims Inc., Jindal Fabric Inc. and Jindal Spinning Inc. are audited and signed by M/s. B. A. Bedawala & Co. The figures of respective Financials have been regrouped / reclassified for the inclusion in the Balance Sheet and Statement of Profit and Loss wherever necessary.

13. Previous Year''s figures have been regrouped /reclassified wherever necessary correspond with the figures for the year under review. Figures of Previous Year have been shown in brackets in Note - 25.

Mar 31, 2016

1 - NOTES ON ACCOUNTS:

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

2. Claim against company not acknowledged as debts - NIL (NIL)

3. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

5. Contingent liabilities as on 31^st March, 2016 are as follows :

Corporate Guarantee given to banks on behalf of Bodies Corporate Rs.1940.66 Lakhs (Rs. 2175.40 Lakhs)

7. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate items imported under the said Licenses & other penalties under the above referred schemes. As on 31^st March, 2016, Company is not in default under the scheme.

8. Since the Company operates in a single segment i.e. "Textiles" Accounting Standard (AS)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

9. Part of the Land is yet to be registered in the name of Company, pending certain legal formalities.

10. During the previous Financial Year, parts of Plant and Machinery, Building and Stock were destroyed due to accidental fire amounting to Rs.13,84,00,000/-.

During the current Financial Year, the insurance claim have been received and the loss has been booked accordingly and disclosed as an extraordinary item in the Balance Sheet.

Note :

11. Related Party relationship is identified by the management and relied upon by auditors.

12. There are no provisions for doubtful debts or no amounts have been written off in respect of debts due to or from related parties.

13. TAXES ON INCOME

MAT Credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in the guidance note issued by The Institute of Chartered Accountants of India, the said asset is created by way of a credit to the Profit and Loss Account and shown as MAT Credit Entitlement. The Company reviews the same at each Balance Sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

14. The Balance Sheet and Statement of Profit and Loss of three divisions of the Company - Jindal Denims Inc., Jindal Fabric Inc. and Jindal Spinning Inc. are audited and signed by M/s. B. A. Bedawala & Co. The figures of respective Financials have been regrouped / reclassified for the inclusion in the Balance Sheet and Statement of Profit and Loss wherever necessary.

15. Government Grants are recognized where there is reasonable assurance that the Company has complied with the conditions attached to them and that the grant will be received . Central Grants are recognized in the statement of Profit and Loss by reducing the financial expense. For the current Financial Year, provision which was made in the previous Financial Year for State Interest subsidy for the project of Jindal Spinning Unit has been written off as it has not been received till the end of this year resulting to increase in financial expense by the said amount. The subsidy amount is subject to approval from the State Government and will be recognized and accounted in the books of accounts on Receipt basis as and when received.

16. Previous Year''s figures have been regrouped /reclassified wherever necessary correspond with the figures for the year under review. Figures of Previous Year have been shown in brackets in Note - 27.

Mar 31, 2015

1. Term loans from Bank (Other than Car loans) are secured by Mortgage of Land and Building, Pledge of Plant & Machinery, Hypothecation of Movable Fixed Assets and personal guarantee of Directors.

2. Car Loans are secured by Hypothecation respective motor car against which the finance is availed.

3. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

4. Claim against company not acknowledged as debts - NIL (NIL).

5. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

6. In the opinion of the Board, the current assets, Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

7. Contingent liabilities as on 31.03.2015 are as follows :

i) The Dy. Commissioner of Income Tax, Ahmedabad had raised a demand of Rs. 19,67,090 while completing the assessment for the A.Y. 2012-13. The company has filed an appeal before the Commissioner of Income Tax (Appeals) against the order.

ii) Corporate Guarantee given to banks on behalf of Bodies Corporate Rs. 2175.40 Lacs (Rs. 2456.86 Lacs )

8. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate items imported under the said Licenses & other penalties under the above referred schemes. As on 31st March, 2015, Company is not in default under the scheme.

9. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (As)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

10. Part of the Land is yet to be registered in the name of company, pending certain legal formalities.

11. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

Balaji Realty Pvt. Ltd.

b. Associates

Amitara Overseas Ltd, Jindal Synthetics Ltd and Kashyap Tele-Medicines Ltd.

c. Key Managerial Personnel

Dr. Yamunadutt Agrawal, Jitendra Agrawal,

Mr. Amit Agrawal and Rajesh Jain

d. Relative of Key Managerial Personnel

Shivani Jain and Yash Agrawal

e. Enterprises over which Key Managerial Personnel are able to exercise significant influence Amitara Green Hi-tech Textiles Park Pvt. Ltd., Jilco Securities Limited, Jindal Creations Ltd., Jindal Denifine Line Pvt. Ltd., Jindal (I) Polytex Pvt. Ltd., Gayatri Weavers Pvt Ltd and Yash Weavers Pvt. Ltd.

12. The Balance Sheet and Statement of Profit and Loss of three divisions of the Company - Jindal Denims Inc., Jindal Fabric Inc. & Jindal Spinning Inc. as on 31.03.2015 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet and Statement of Profit and Loss wherever necessary.

13. Previous Year's figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.

Mar 31, 2013

1. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

2. Claim against company not acknowledged as debts - NIL (NIL).

3. The balance of creditors'' Loans and Advances and Debtors are subject to confirmation and necessary adjustment'' if any'' will be made on its reconciliation.

4. In the opinion of the Board'' the current assets'' Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

5. Contingent liabilities as on 31.03.2013 are as follows :

(Rs.in Lacs)

Sales Tax NIL (41.62)

Income Tax NIL (50.86)

Corporate Guarantee given to banks on behalf of Bodies Corporate 2519.41/- (3577.00)

6. None of the employees received remuneration of Rs. 6000000/- per annum or Rs. 500000/- per month during the part of the year and hence'' reporting of information as per section 217(2A) of the Companies Act 1956'' read with the companies (Particulars of Employees) Rules 1975'' does not arise.

7. In order to obtain Import Licenses under Advance License schemes of the Government of India'' Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate Rawmaterial for Made-ups imported under the said Licenses & other penalties under the above referred schemes. As on 31st March'' 2013'' Company is not in default under the scheme.

8. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (As)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

9. Part of the Land is yet to be registered in the name of company'' pending certain legal formalities.

10. The management of the company has decided to show investments of Kashyap Telemedicines Ltd. at cost price of Rs. 1 per share whereas the market price of share as on 31.03.13 is Rs. 0.42 per share

11. RELATED PARTY DISCLOSURES

As per Accounting Standard 18'' the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

1. Balaji Realty Pvt. Ltd.

b. Associates

1. Amitara Overseas Ltd

2. Jindal Synthetics Ltd

c. Key Managerial Personnel

1. Jitendra Agrawal

2. Rajesh Jain

d. Relative of Key Managerial Personnel

1. Shivani Jain

2. Yash Agrawal

12. The Balance Sheet & Profit & Loss A/c of three divisions of the Company - Jindal Denims Inc.'' Jindal Fabric Inc. & Jindal Spinning Inc. as on 31.03.2013 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet wherever necessary.

13. Previous Year''s figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.

Mar 31, 2012

1. There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial suppliers on account of principal and /or interest as at the closed of the year. This disclosure by the Company is based on the information available with the Company regarding the status of the suppliers as defined under the interest on delayed payments of small scale and ancillary industrial undertaking Act 1993.

2. Claim against company not acknowledged as debts - NIL (NIL).

3. The balance of creditors, Loans and Advances and Debtors are subject to confirmation and necessary adjustment, if any, will be made on its reconciliation.

4. In the opinion of the Board, the current assets, Loans and Advance are approximately of the value stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount considered necessary.

5. Contingent liabilities as on 31.03.2012 are as follows :

Sales Tax Rs. 4162217/- ( 4162217)

Income Tax Rs. 5085578/- ( 5085578)

Corporate Guarantee given to banks on behalf of Bodies Corporate Rs. 357700000/- (357700000)

6. None of the employees received remuneration of Rs. 6000000/- per annum or Rs. 500000/- per month during the part of the year and hence, reporting of information as per section 217(2A) of the Companies Act 1956, read with the companies (Particulars of Employees) Rules 1975, does not arise.

7. In order to obtain Import Licenses under Advance License schemes of the Government of India, Company has given an undertaking to fulfill certain quantified export obligations. Non fulfillment of such obligations entails Govt. to confiscate Rawmaterial for Made-ups imported under the said Licenses & other penalties under the above referred schemes. As on 31st March, 2012, Company is not in default under the scheme.

8. Since the company operates in a single segment i.e. "Textiles" Accounting Standard (AS)-17 Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable.

9. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place:

a. Subsidiary Company

1. Balaji Realty Pvt. Ltd.

b. Associates

1. Amitara Overseas Ltd

2. Jindal Synthetics Ltd

c. Key Managerial Personnel

1. Jitendra Agrawal

2. Rajesh Jain

d. Relative of Key Managerial Personnel

1. Shivani Jain

2. Yash Agrawal

Note :

1. Related Party relationship is as identified by the management and relied upon by auditors.

2. There are no provisions for doubtful debts or no amounts have been written off in respect of debts due to or from related parties.

10. The Balance Sheet & Profit & Loss A/c of two divisions of the Company - Jindal Denims Inc. & Jindal Fabric Inc. as on 31.03.2012 are audited & signed by M/s. B. A. Bedawala & Co. The figures of respective Balance Sheet have been regrouped / reclassified for the inclusion in the Balance Sheet wherever necessary.

11. Previous Year's figures have been regrouped/reclassified wherever necessary correspond with the figures for the year under review.

Notes 1 to 26 form integral part of accounts

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