Notes to Accounts of Mazagon Dock Shipbuilders Ltd.

Mar 31, 2025

r) Provision, contingent liabilities and contingent assets:

A provision is recognised if as a result of a past event the
Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that
an outflow of economic benefits will be required to
settle the obligation Contingent Liabilities are not
recognised but are disclosed in the notes. Contingent
Assets are not recognised but disclosed in the Financial
Statements when economic inflow is probable.

12 Inventories (Contd....)

Note:

(i) Inventory costing 7 873 lakhs (Previous year: 7 11,219 lakhs) is held with other vendors.

(ii) Inventory costing 7 71 Lakhs (Previous year: 7 70 Lakhs) is held at customer’s store.

(iii) As on 31st March, 2025, Inventory held on behalf of Navy is 7 3,027 lakhs (Previous year - 7 4,403 lakhs) which is
excluded from above inventory.

midl nas avaiiea casn credit facility (sanction limit or 3500 Lakhs) from consortium DanKs (sbi, icici, union Bank or inaia,
Bank of Baroda and Axis Bank) at the interest rate 9%, 8.80%, 9.35%, 8.85%, & 9.35% per annum respectively. MDL has also
availed Cash Credit facility from HDFC Bank for which interest rate will De mutually agreed from time to time. Credit facility is
secured Dy hypothecation of current assets including inventory and receivables of the Company.

Terms of Repayment: Running account repayable on demand subject to annual review/ renewal.

Cash credit facility availed as on 31.03.2025 is Nil.

37.1 Letters seeking confirmation of balances in the accounts of sundry creditors were sent to vendors. But confirmation
letters from all vendors are not received. On the basis of replies received from certain vendors, adjustments wherever
necessary have been made in the accounts. Consequent adjustments thereof, if any, will be given effect to in the books
of account in the year of completion of the reconciliation process.

37.2 Balances due to / from Indian Navy (Debtors) included in current assets / current liabilities/advances are subject to
reconciliation and confirmation. Consequent adjustments thereof,if any, will be given effect to in the books of account
in the year of completion of the reconciliation process.

38 Normal Operating Cycle

The classification of current and non-current balances of assets and liabilities are made in accordance with the normal
operating cycle defined as follows -

The Normal Operating Cycle in respect of different business activities is defined as under-

a) In case of Ship / Submarine Building and Ship / Submarine repair and refit activities, normal operating cycle is
considered as the time period from the effective date of the Contract / Letter of Intent (LOI) to the date of expiry
of guarantee period.

b) In case of other business activities, normal operating cycle will be the time period from the effective date of the
contract/order to the date of expiry of guarantee period.

Note 39 - Employee Benefits as per Ind AS 19 (Contd..)

39.2 Actuarial valuation of liability towards Gratuity

Defined Benefit Plans Gratuity - as per actuarial valuation

The Ind AS-19 Employee Benefits stipulates that the rate used to discount post-employment benefit obligation (both
funded & non-funded) shall be determined by reference to market yields at the end of reporting period on Government
Bonds. The currency and term of the Government Bonds shall be consistent with the currency and estimated term of
the post-employment benefit obligation.

In the computation of gratuity liability, Projected Unit Credit Method is used. ^ in lakhs

Defined Benefit Plan Provident Fund as per actuarial valuation

In accordance with Indian law, all eligible employees of the Company in India are entitled to receive benefits under the
Provident Fund plan in which both the employee and employer (at a determined rate) contribute monthly to a Trust set
up by the Company to manage the investments and distribute the amounts entitled to employees. This plan is a defined
benefit plan as the Company is obligated to provide its members a rate of return which should, at the minimum, meet
the interest rate declared by Government administered provident fund. The contributions made by Company and the
shortfall of interest, if any are recognised as an expense in the statement of profit and loss under employee benefit
expenses. In accordance with an actuarial valuation of provident fund liabilities on the basis of guidance issued by
Actuarial Society of India and based on the assumptions as mentioned below, there is no deficiency in the Guaranteed
interest cost as the present value of the expected future earnings of the fund is greater than the expected amount to
be credited to the individual members based on the expected guaranteed rate of interest of Government administered
provident fund.

43 Russian (USSR) deferred State Credit

An intergovernmental agreement between Russian Federation and Government of India was reached for reconstructing
of Russian Deferred State Credit in Rouble in connection with procurement of equipment for certain ships built and
delivered by the Company to India Navy in earlier years. The deferred payment liability (non-interest bearing) of 4 16,320
Lakhs, payable over 45 years from 1992-93, in equal annual installments of P 214 Lakhs was converted from Rouble to
units of Special Drawings Rights (SDR) and stated in Rupees. The amount payable within a year of 4 474 Lakhs (Previous
year - 4 474 Lakhs). The balance loan amount has been reinstated at the present rate of SDR as on 31st March 2025.
These payments are reimbursable by Indian Navy. Accordingly, 4 5,880 Lakhs (amortised costs of 4 2,259 Lakhs) held at
foreign supplier deferred credit as on 31.03.2025

44 Pursuant to notification S.O. 2437(E) dated 4th September, 2015, following information on the exemption granted
under section 129 of the Companies Act, 2013 has not been disclosed in the financial statements.

i) Goods purchased under broad heads

ii) Value of import on CIF basis

iii) Expenditure on foreign currency

iv) Total value of imported raw material

v) Earning in foreign currency

45 Related Party Disclosure

As MDL is a Government entity under the control of Ministry of Defence (MoD), the Company has availed exemption
from detailed disclosures required under Ind AS 24 wrt related party transactions with Government and Government
related entities

i) Key Managerial Personnel

a) Functional Directors & Company Secretary ^ in lakhs

as per statement ui profit ariu Loss Account.

**Shri. Sanjeev Singhal holds Additional Charge of Chairman and Managing Director from 01.02.2023 to 28.02.2025

***Shri. Biju George holds Additional Charge of Chairman and Managing Director from 01.03.2025 to 20.04.2025

Besides the remuneration indicated above, the Chairman and Managing Director and four Functional Directors are allowed to
use Company’s Car for private purposes upto 1000 kms per month, for which charges were collected at the rates prescribed
by Government of India.

Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under
Companies, Act, 2013) either severally or jointly with any other person are Nil (Previous Year: Nil)

ii) Other Related Parties

Apart from transaction reported above, the company has transactions with other government related entities which
includes but not limited to the following;

a) Ministry of Defence H in lakhs

48 Fair Value Measurement (Contd..)

Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of input used in determining fair value, the company has classified the financial
instruments in three levels prescribed under the Ind AS.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

a) Credit Risk

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

i) Trade Receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and
control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally
carrying no credit terms. Outstanding customer receivables are regularly monitored. Trade receivables are primarily
from Navy (being department of Govt. of India), hence the credit risk is considered low. Further the Company
receives advance against orders which also mitigates the credit risk.

ii) Financial Instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Management in accordance with
the company’s investment policy. Investment of surplus funds are made only in accordance with the Department
of Public Enterprises(DPE) guidelines on investemtnt of surplus funds, with the approved banks and within credit
limits assigned to each bank. The limits applicable to single bank and public / private sectors as per the DPE
guidelines minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential
failure to repay the principal and interest.

49 Financial risk management (Contd..)

b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial
liabilities that are settled by delivering cash or another financial asset.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability
of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the
nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet
its obligation.

The Company’s liquidity management policy involves projecting cash flows and considering the level of liquid
assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory
requirements, if any.

c) Market Risk

i) Foreign currency risk and sensitivity

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 Company is exposed to foreign currency risk since it imports components from foriegn vendors. Foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a
currency that is not the company’s functional currency (?). In most of the Contracts, the gains / losses from forex
exchange fluctuations are passed on / borne by the customer of the Company. Therefore, the foreign exchange
risk and sensitivity of the Company is Nil.

ii) Foreign Currency Risk Exposure

The company’s exposure to foreign currency risk at the end of the reporting period expressed in INR (foreign
currency amount multiplied by closing rate), are as follows:

? in inl^hc:

50 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the Company. The primary objectives of the Company’s capital
management are to

- maximise the shareholder value while providing stable capital structure that facilitate considered risk taking and
pursuit of business growth

- safeguard the company’s ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders

- maintain an optimal capital structure to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares.

51 Expenditure on Corporate Social Responsibilities (CSR) Activities

The various heads under which the CSR expenditure was incurred during the period is detailed as follows:

52 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any
party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in
other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

53 In FY 2016-17, the provision of 7 16,838 Lakhs was created for Liquidated Damages (LD) for fifth submarine and the
same was adjusted in retained earnings in the Reinstated Financials prepared from 01/04/2015. In FY 2024-25, the
company received confirmation from customer regarding levy of LD of 7 2,605 Lakhs for delay of fifth submarine against
provision of 7 16,838 Lakhs. In view of , considering the finalisation of LD during the year company has accounted for
7 2,605 Lakhs as Liquidated Damages (LD) for fifth submarine and adjusted the debtors to that extent . Further, the
provision created in earlier year is now reversed and shown as other operating income as per company’s accounting
policy.

54 Borrowings from Banks or Financial Institutions on the basis of security of current assets is disclosed as under

7 in lakhs

60 The company has incurred an expenditure of 7 3,572 Lakhs, in accordance with the approval granted by the Board at
its meeting held on 26.07.2023, towards the development of concept and design for tendering/acquiring of a future
contract. Since the contract has not yet been finalised, no revenue has been recognised during the year and the entire
amount has been charged to Statement of Profit & Loss.

61 The project cost as estimated on 31.03.2025 for certain ongoing projects is likely to exceed the contractual revenue from
these contracts, therefore difference between Estimated project cost and Contractual revenue needs to be provided as
expected loss on onerous contracts. The expected loss arising from such contracts is required to be recognized in the
current financial statements. The total estimated loss is proportionately adjusted through revenue, based on Percentage
completion Method as on 31st March, 2025 and the balance loss, is recognised by creating a provision for expected loss
on onerous contracts. The total estimated loss is 7 53,217 Lakhs, of which 7 1,079 Lakhs is adjusted through revenue,
and provision is made for balance loss of 7 52,138 Lakhs.

62 In certain cases/yards, project related inventory has remained non-moving for several years post project completion.
Accordingly, a provision has been made for inventory pertaining to completed projects/yards to ensure accurate
valuation. An additional provision amounting to 7 7,918 Lakhs has been accounted for in the books (Previous Year:
7 114 Lakhs). This provision will be reversed, if the inventory items are subsequently put to productive use.

63 The Board has approved the settlement of the arbitration award issued by the Permanent Machinery of Arbitration
(PMA), Department of Public Enterprises (DPE), Government of India (GOI) in the arbitration case of Mazagon Dock
Shipbuilders Limited (MDL) v/s Dredging Corporation of India (DCIL), which was decided in favor of MDL. MDL has
accepted the settlement proposal of DCIL and signed the settlement agreement. The settlement amount has been
finalized at 7 1,516 Lakhs against the provision for doubtful debts of 7 2,751 Lakhs (including interest). Consequently,
the balance outstanding of 7 1,235 Lakhs has been charged as bad debts, to Statement of Profit & Loss. The recovery
of 7 303 Lakhs is shown as reversal of provision and balance provision is carried forward as balance recovery is pending
from DCIL.

64 Subsequent to the reporting date 31.03.2025, the Government of India (being Promoter of MDL) approved and initiated
on 03.04.2025 an Offer for Sale (OFS) of 1,14,10,366 Equity Shares of the company, (representing 2.83 % of the total
paid up equity share capital of the Company) from 4th April, 2025 till 07th April, 2025 with an option to further sell
up to 80,67,600 Equity Shares (representing 2 % of total paid up equity share capital) and additionally, up to 50,000
Equity Shares of the Company were offered to the eligible employees of the Company, in accordance with the SEBI OFS
Guidelines.

Promoter has sold 1,45,63,465 Equity Shares representing 3.61% of the equity share capital of the Company, subsequent
to reporting date.

As the OFS pertains to a sale of existing equity shares held by the promoters and does not involve issuance of new shares or
any proceeds to the company. Hence, there is no impact on financial statements of the company as at 31st March, 2025.
In accordance with IND AS 10 - Events after the Reporting Period, this event is considered a non-adjusting event.

65 In the preparation of these Ind AS Financial Statements, figures for the previous year have been regrouped / reclassified,
wherever considered necessary to conform to current year presentation.

As per our report of even date For and on behalf of the Board of Directors

Sd/-

C. R. Sagdeo & Co. Capt. Jagmohan (Retd.)

Chartered Accountants Chairman and Managing Director

Firm Registration No. 108959W DIN - 08630668

Sd/- Sd/-

CA Sachin V. Luthra Ruchir Agrawal

Partner Director (Finance)

Membership No. 109127 DIN - 10166533

Sd/-

29^th May, 2025 Madhavi Kulkarni

Place - Mumbai Company Secretary

---

Mar 31, 2024

r) Provision, contingent liabilities and contingent assets:

A provision is recognised if as a result of a past event the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are not recognised but disclosed in the Financial Statements when economic inflow is probable.

34 Business Segment Reporting

a) The Company is engaged in the production of defence equipment and was exempted from ‘Segment Reporting’ vide notification S.O. 802(E) dtd. 23rd February, 2018 by amending notification no G.S.R. 463(E) dated 5th June, 2015. In view of the above, no disclosure is made separately by the Company on operating segments under Ind AS 108.

b) For management purposes, the Company is organized into two major segments - Shipbuilding (New Construction and Ship Repairs) and Submarine.

c) There are no geographical segments within the business segments.

36.1 Letters seeking confirmation of balances in the accounts of sundry creditors were sent to vendors. But confirmation letters from all vendors are not received. On the basis of replies received from certain vendors, adjustments wherever necessary have been made in the accounts.

36.2 Balances due to/from Indian Navy (Debtors) included in current assets/current liabilities/advances are subject to reconciliation and confirmation. Consequent adjustments thereof,if any, will be given effect to in the books of account in the year of completion of the reconciliation process.

37 Normal Operating Cycle

The classification of current and non-current balances of assets and liabilities are made in accordance with the normal operating cycle defined as follows -

The Normal Operating Cycle in respect of different business activities is defined as under-

a) In case of Ship/Submarine building and Ship/Submarine repair and refit activities, normal operating cycle is considered as the time period from the effective date of the Contract/Letter of Intent (LOI) to the date of expiry of guarantee period.

b) In case of other business activities, normal operating cycle will be the time period from the effective date of the contract/order to the date of expiry of guarantee period.

42 Russian (USSR) deferred State Credit

An intergovernmental agreement between Russian Federation and Government of India was reached for reconstructing of Russian Deferred State Credit in Rouble in connection with procurement of equipment for certain Ships built and delivered by the company to India Navy in earlier years. The deferred payment liability (non-interest bearing) of 7 9,628 Lakhs, payable over 45 years from 1992-93, in equal annual installments of 7 214 Lakhs was converted from Rouble to units of Special Drawings Rights (SDR) and stated in Rupees. The amount payable within a year of 7 474 lakhs (Previous year - 7 474 lakhs) includes yearly installment of 7 214 lakhs (Previous year - 7 214 lakhs) and 7 260 lakhs (Previous year - 7 260 lakhs) towards exchange variation fluctuation. The balance loan amount has been reinstated at the present rate of SDR as on 31st March 2024. These payments are reimbursable by Indian Navy. Accordingly, 7 6,165 lakhs (amortised costs of 7 2,236 lakhs) held at foreign supplier deferred credit as on 31st March 2024.

43 Pursuant to notification S.O. 2437(E) dated 4th September, 2015, following information on the exemption granted under section 129 of the Companies Act, 2013 has not been disclosed in the Financial Statements.

i) Goods purchased under broad heads

ii) Value of import on CIF basis

iii) Expenditure on foreign currency

iv) Total value of imported raw material

v) Earning in foreign currency

47 Fair Value Measurement (Contd..)

Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value

(b) measured at amortised cost and for which fair values are disclosed in the Financial Statements.

To provide an indication about the reliability of input used in determining fair value, the company has classified the financial instruments in three levels prescribed under the Ind AS.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

48 Financial risk management

a) Credit Risk

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

i) Trade Receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally carrying no credit terms. Outstanding customer receivables are regularly monitored. Trade receivables are primarily from Navy (being department of Government of India), hence the credit risk is considered low. Further the Company receives advance against orders which also mitigates the credit risk.

ii) Financial Instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Management in accordance with the company’s investment policy. Investment of surplus funds are made only in accordance with the Department of Public Enterprises (DPE) guidelines on investement of surplus funds, with the approved banks and within credit limits assigned to each bank. The limits applicable to single bank and public/private sectors as per the DPE guidelines minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to repay the principal and interest.

b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

48 Financial risk management (Contd..)

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet its obligation. The Company’s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements, if any.

c) Market Risk

i) Foreign currency risk and sensitivity

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 Company is exposed to foreign currency risk since it imports components from foriegn vendors. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company’s functional currency (?). In most of the Contracts, the gains/losses from forex exchange fluctuations are passed on/borne by the customer of the Company. Therefore, the foreign exchange risk and sensitivity of the Company is Nil.

ii) Foreign Currency Risk Exposure

The company’s exposure to foreign currency risk at the end of the reporting period expressed in INR (foreign currency amount multiplied by closing rate), are as follows:

49 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objectives of the Company’s capital management are to

- maximise the shareholder value while providing stable capital structure that facilitate considered risk taking and pursuit of business growth

- safeguard the company’s ability to continue as a going concern, so that they can continue to provide returns for Shareholders and benefits for other stakeholders

- maintain an optimal capital structure to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares.

51 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

52 In FY 2016-17, the provision of 7 35,719 Lakhs was created for Liquidated Damages (LD) for second Submarine and the same was adjusted in retained earnings in the Reinstated Financials prepared from 01/04/2015. In FY 2023-24, the company received confirmation from customer regarding levy of LD of 7 5,260 Lakhs for delay of third & fourth Submarine against provision of 7 35,719 Lakhs. In view of , considering the finalisation of LD during the year company has accounted for 7 2,161 Lakhs as Liquidated Damages (LD) for third Submarine and adjusted the debtors to that extent & made provision towards LD for 7 3,099 for fourth submarine. Further, the provision created in earlier year is now reversed and shown as other operating income as per company’s accounting policy.

56 National Institute For R&D in Defence Ship Building (NIRDESH) was established on 20th November, 2010 as a society with objective of conducting research in defence Shipbuilding and related areas. Currently, the Members of NIRDESH include four PSU shipbuilding companies (MDL, GRSE, GSL & HSL) and co-opted Members of Indian Navy, Coast Guard and DRDO. The society is headed by CMD, MDL and Director (Shipbuilding) MDL is designated as Director (NIRDESH). The total capital contribution paid by MDL is 7 1,780.74 Lakhs and 2,098.76 Lakhs is contribution payable to NIRDESH as on 31-03-2024, which is reflected under head Trade Payable. The total amount of 7 3,878.50 Lakhs has already been charged to expenditure in earlier years. NIRDESH has not carried out any research activity in FY 2022-23 and FY 202324, as per Object of the Society.

57 Company is executing construction of Frigates for Ministry of Defence (MoD). The deliveries under this project are delayed due to Covid-19 pandemic, shortage of industrial oxygen etc. Therefore, company has approached MoD for revising the delivery dates for all the Frigates of the project. The company has received approval from MoD for partial extension of delivery dates. Management still anticipates that there will be probable delay in delivery of Frigates and the company will be liable for late delivery(LD) charges. Hence, as per accounting policy consistently followed by the company, LD for said delay of 7 91,552 Lakhs (PY 16,104 Lakhs) is reduced from revenue for FY 2023-24.

58 Company has entered into a new lease with Mumbai Port Authority (MbPA) for land admeasuring 14.55 Acres and building (Workshop land and Clarke Basin), adjacent to the company’s land. This lease agreement is for a duration of 29 years commencing from April 1, 2024. The total amount paid for said new lease is 7 34,141 lakhs in FY 2023-24 to MbPA. The amount paid to MbPA is recorded as advance for land in the company’s books of accounts in FY 2023-24 and the same will be accounted as Right to Use Asset (RoU) after execution of Lease agreement in FY 2024-25.

59 In the preparation of these Ind AS Financial Statements, figures for the previous year have been regrouped/reclassified, wherever considered necessary to conform to current year presentation.

As per our report of even date For and on behalf of the Board of Directors

Sd/- Sd/-

C. R. Sagdeo & Co. Sanjeev Singhal

Chartered Accountants Chairman and Managing Director (Additional Charge) & Director (Finance)

Firm Registration No. 108959W DIN - 07642358

Sd/- Sd/-

Sachin V. Luthra Biju George

Partner Director (Shipbuilding)

Membership No. 109127 DIN - 09343562

Sd/-

29^th May, 2024 Madhavi Kulkarni

Place - Mumbai Company Secretary

---

Mar 31, 2023

36.4 Actuarial valuation of liability towards Provident Fund

Defined Benefit Plan Provident Fund as per actuarial valuation

In accordance with Indian law, all eligible employees of the Company in India are entitled to receive benefits under the provident fund plan in which both the employee and employer (at a determined rate) contribute monthly to a Trust set up by the Company to manage the investments and distribute the amounts entitled to employees. This plan is a defined benefit plan as the Company is obligated to provide its members a rate of return which should, at the minimum, meet the interest rate declared by Government administered provident fund. The contributions made by Company and the shortfall of interest, if any are recognised as an expense in the statement of profit and loss under employee benefit expenses. in accordance with an actuarial valuation of provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the assumptions as mentioned below, there is no deficiency in the interest cost as the present value of the expected future earnings of the fund is greater than the expected amount to be credited to the individual members based on the expected guaranteed rate of interest of Government administered provident fund.

An intergovernmental agreement between Russian Federation and Government of India was reached for reconstructing of Russian Deferred State Credit in Rouble in connection with procurement of equipment for certain ships built and delivered by the company to India Navy in earlier years. The deferred payment liability (non-interest bearing) of H 9,628 Lakhs, payable over 45 years from 1992-93, in equal annual installments of H 214 Lakhs was converted from Rouble to units of Special Drawings Rights (SDR) and stated in Rupees. The amount payable within a year of H 474 lakhs (Previous year - H 458 lakhs) includes yearly installment of H214 lakhs (Previous year - H 214 lakhs) and H 260 lakhs (Previous year -H 244 lakhs) towards exchange variation fluctuation. The balance loan amount has been reinstated at the present rate of SDR as on 31st March 2023. These payments are reimbursable by Indian Navy. Accordingly, H 6,640 lakhs (amortised costs of H 2,276 lakhs) held at foreign supplier deferred credit as on 31st March 2023.

Valuation technique used to determine fair value

Specific valuation technique used to value financial instruments include:

The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of input used in determining fair value, the company has classified the financial instruments in three levels prescribed under the Ind AS.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

a) Credit Risk

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

i) Trade Receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally carrying no credit terms. Outstanding customer receivables are regularly monitored. Trade receivables are primarily from Navy (being department of Govt. of India), hence the credit risk is considered low. Further the Company receives advance against orders which also mitigates the credit risk.

ii) Financial Instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Management in accordance with the company''s investment policy. Investment of surplus funds are made only in accordance with the Department of Public Enterprises(DPE) guidelines on investemtnt of surplus funds, with the approved banks and within credit limits assigned to each bank. The limits applicable to single bank and public / private sectors as per the DPE guidelines minimise the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to repay the principal and interest.

b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet its obligation.

The Company''s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements, if any.

c) Market Risk

i) Foreign currency risk and sensitivity

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 Company is exposed to foreign currency risk since it imports components from foreign vendors. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional currency (H). In most of the Contracts, the gains / losses from forex exchange fluctuations are passed on / borne by the customer of the Company. Therefore, the foreign exchange risk and sensitivity of the Company is Nil.

Note 47 - Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objectives of the Company''s capital management are to

- maximise the shareholder value while providing stable capital structure that facilitate considered risk taking and pursuit of business growth

- safeguard the company''s ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders

- maintain an optimal capital structure to reduce the cost of capital."

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

The delays in the completion of the projects due to covid pandemic situation is taken up with the customer for revising the delivery schedule. The total expenses incurred amounting to H Nil (Previous year H 1397 lakhs) towards employee benefits, H Nil (Previous year H Nil) towards depreciation, and H Nil (Previous year - H Nil ) towards sub contract for the lockdown period are disclosed as exceptional item in the statement of Profit and loss for FY 2022-23. The Company doesn''t foresee any change in the orders under execution due pandemic.

Note 50

MDL maintains independent PF Trust for employees. In FY 2022-23, MDSL employee PF trust has recognised capital loss of H Nil (Previous year H 1545 lakhs) against the investment made in previous years. As per the terms & condition provided under employee PF scheme 1952, employer shall be liable to bear the loss of the trust. Consequently, provision of H Nil (Previous year H 1545 lakhs ) is recognised in accounts of FY 2022-23.

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 52

In FY 2016-17, the provision of Rs. 20797 Lakhs was created for Liquidated Damages (LD) for second submarine and the same was adjusted in retained earnings in the Reinstated Financials prepared from 01/04/2015. In FY 2022-23, the company received confirmation from customer regarding levy of LD of Rs. 3354 Lakhs for delay of second submarine against provision of Rs 20797 Lakhs. In view of , considering the finalisation of LD during the year company has accounted for Rs. 3354 Lakhs as Liquidated Damages (LD) and adjusted the debtors to that extent. Further, the provision created in earlier year is now reversed and shown as other operating income as per company''s accounting policy.

In the preparation of these Ind AS Financial Statements, figures for the previous year have been regrouped / reclassified, wherever considered necessary to conform to current year presentation.

---

Mar 31, 2022

(i) Depreciation of ? 1143 lakhs pertaining to lockdown period due to Covid - 19 pandemic is regrouped under Covid expenses, (previous year: ? 239 lakhs)

(ii) Residential Building at Vashi: Registration formalities are pending in respect of flats at Vashi purchased from CIDCO amounting to ? 14 lakhs (previous year: ? 14 lakhs)

(iii) Government of Kerala has assigned "Free of Cost" 40.52 acres of land and handed over the same to the Company in September 2010 for setting up National Institute of Warship/Submarine design and indigenisation centre. A society titled "National Institute for Research and Design in Defence Shipbuilding" (NIRDESH) has been formed in 2010-11 by Government of India, Ministry of Defence, having representation from all the shipyards including the Company under the control of Ministry of Defence, Department of Defence Production. As per the order of Government of Kerala dated 24.04.2015, the ownership of land shall be retained by the Company and only possession will be handed over to NIRDESH for undertaking future infrastructure development.

(iv) Depreciation has been charged on single shift basis during the period except for wet basin on which depreciation has been charged on double shift basis.

(v) No provision for impairment of assets has been considered necessary during the period as required under Indian Accounting Standard - 36.

(vi) As envisaged under the Schedule II to the Companies Act 2013, the Company has charged the depreciation on its existing tangible assets on straight line basis over the balance life of the assets keeping a residual value of five percent, except for computers, data processing units and loose tools where no residual value is retained.

(vii) Lease agreements have not been executed in the cases of:-

1. Certain Land at Mumbai taken from Mumbai Port Trust (MbPT) Mumbai. However MDL continues to occupy the land and is paying rent according to the terms and conditions of the contract. The lease period is assumed to be 29 years from the date of expiry of the leases.

2. The company is in possession of approx. 10 acre land belonging to CIDCO which ONGC ceded to MDL during the year 1984 for the cost of ? 20 lakhs. MDL is having permanently tenancy rights to co-terminus with the leasehold right of ONGC with the CIDCO land in their possession.

(viii) Some of the leases for plots taken on leasehold basis from MbPT have expired and are under renewal. MbPT has proposed the renewal of expired leases of four plots for a period of 30 years by an upfront payment of around ? 27214 lakhs plus applicable taxes towards the lease premium and ? 4183 lakhs plus applicable taxes towards the arrears of rent for the period from Fiscal 2006 onwards. This proposal of lease renewal also provides the option of annual payment of lease rent for a period of 10 years amounting to approximately 1944 lakhs per annum plus applicable taxes. MDL has contested MbPT proposal and has recognised estimated reasonable lease rent in financial statements.

(ix) Building as at 31st March 2021 includes ? 146.60 Lakh (original cost) (previous year: ? 146.60 Lakh) being one third share of the Company in Delhi Shipyard House. The building is jointly held by Mazagon Dock Shipyard Limited, Garden Reach Shipbuilders and Engineers Limited and Goa Shipyard Limited.

(xi) Due to re-allocation of funds from Indian Navy, the asset funded by Indian Navy is increased by amount of ?2282 lakhs.

1. The Company is engaged in the production of defence equipment and was exempted from ''Segment Reporting'' vide notification S.O. 802(E) dtd. 23rd February, 2018 by amending notification no G.S.R. 463(E) dated 5th June, 2015. In view of the above, no disclosure is made separately by the Company on operating segments under Ind AS 108.

2. Company has delivered Ship and Submarine in October, 2021 and November,2021. The total sale value of the ship & Submarine is H 6,24,332 lakhs and H 3,43,844 lakhs respectively of which amount of H 1,42,367 lakhs and H 21,025 lakhs respectively is recognised in the contract revenue for the year ended 31st March, 2022. Differential sale on account of Submarines sold in earlier years is H 14,158 lakhs. Sale Value of H 3,275 lakhs pertaining to Shipbuilding activity is included in Contract Revenue for the year ended 31st March, 2022. Balance amount pertains to accretion to Work in Progress inventory.

3. Revenue from operations includes revenue from Export of goods/services is H 326 Lakhs that is 0.06% of Revenue from operation.

a) The Company is engaged in the production of defence equipment and was exempted from ''Segment Reporting'' vide notification S.O. 802(E) dtd. 23rd February, 2018 by amending notification no G.S.R. 463(E) dated 5th June, 2015. In view of the above, no disclosure is made separately by the Company on operating segments under Ind AS 108.

b) For management purposes, the Company is organized into two major segments - Shipbuilding (New Construction and Ship Repairs) and Submarine.

c) There are no geographical segments within the business segments.

Note 33 - Contingent Liabilities and Commitments:

33.1 Amounts for which Company may be contingently liable:

H in lakhs
Sr no.	Particulars	March 31,2022	March 31,2021
(i)	Estimated amount of contracts remaining to be executed on capital account.*	3,003	6,062
(ii)	b) Estimated amount of liquidated damages on contracts under execution.**	1,04,485	83,431
(iii)	Position of non-fund based limits utilized for:
	(a) Letters of credit	33,680	1,03,426
	(b) Guarantees and counter guarantees	1,955	1,120
(iv)	Indemnity Bonds issued by the Company to customers for various contracts.	50,48,406	50,49,137
(v)	Bonus to eligible employees as per Payment of Bonus Act for the year 2014-15.	467	467

*Considering the nature of business and to avoid excessive details, Other Commitments related to purchase of Inventory, Services, Employee contracts etc. made in the normal course of business are not disclosed.

**Company has received an extension in delivery of Project Destroyer. During FY 2021-22, Company has delivered one ship of Project Destroyer within the revised contractual delivery date. Company is confident to deliver the balance ships of the Project Destroyer with in revised delivery schedule. The sanction for extension of delivery dates of Project Frigate is under approval with customer. The total financial implication is H1045 cr in the event of not considering deferment of deliveries by customer.

33.2 Claims against the Company pending under litigation not acknowledged as debts in respect of claims made by:

H in lakhs
Sr no.	Particulars	March 31,2022	March 31,2021
(i)	Suppliers and sub-contractors	4162	1297
(ii)	Others	2369	2384
(iii)	Interest on (i) and (ii) above	2408	734
		8,938	4,415
33.3 Amounts paid / payable by Company and reimbursable by Customers in the matters under dispute pending at various Assessment / Appellate Authorities relating to: H in lakhs
Sr no.	Particulars	March 31,2022	March 31,2021
(i)	Sales Tax *	1,17,616	1,16,617
(ii)	Excise Duty
	(a) On Vendors	210	204
	(b) On MDL	32	31
		242	235
		1,17,858	1,16,852
* Against the above claim, part payments of H 684 lakhs (Previous year - H 684 lakhs) have been made under protest.

33.4 Appeals against disputed tax demands pending before Adjudicating / Appellate Authorities not provided for in matters relating to: H in lakhs
Sr no.	Particulars	March 31,2022	March 31,2021
(i)	Excise Duty	15	15
(ii)	Service Tax (including interest and penalties)	4426	4,331
(iii)	Income Tax	2055	-
		6,496	4,346
33.5 Appeals pending against disputed demands pending before Adjudicating / Appellate authorities
			H in lakhs
Particulars		March 31,2022	March 31,2021
Custom Duty		8	8

Note 34 -

34.1 Letters seeking confirmation of balances in the accounts of sundry creditors were sent to vendors. On the basis of replies received from certain vendors, adjustments wherever necessary have been made in the accounts.

34.2 Balances due to / from Indian Navy included in current assets / current liabilities are subject to reconciliation and confirmation. Consequent adjustments thereof,if any, will be given effect to in the books of account in the year of completion of the reconciliation process.

Note 35 - Normal Operating Cycle

1. The classification of current and non-current balances of assets and liabilities are made in accordance with the normal operating cycle defined as follows -

The Normal Operating Cycle in respect of different business activities is defined as under-

a) In case of ship / submarine building and ship/submarine repair and refit activities, normal operating cycle is considered as the time period from the effective date of the Contract/Letter of Intent (LOI) to the date of expiry of guarantee period.

b) In case of other business activities, normal operating cycle will be the time period from the effective date of the contract/ order to the date of expiry of guarantee period.

36.4 Actuarial valuation of liability towards Provident Fund

Defined Benefit Plan Provident Fund as per actuarial valuation

In the Financial Year 2020-21, the Company has changed its accounting policy regarding classification of Provident Fund contribution from Defined Contribution Plan to Defined Benefit Plan. This change in accounting policy was applied and observed that the net assets available for the benefits are in excess in comparison to the present value of retirement benefits. Hence, there is no impact on accounts of the company during the current year.

In accordance with Indian law, all eligible employees of the Company in India are entitled to receive benefits under the provident fund plan in which both the employee and employer (at a determined rate) contribute monthly to a Trust set up by the Company to manage the investments and distribute the amounts entitled to employees. This plan is a defined benefit plan as the Company is obligated to provide its members a rate of return which should, at the minimum, meet the interest rate declared by Government administered provident fund. The contributions made by Company and the shortfall of interest, if any are recognised as an expense in the statement of profit and loss under employee benefit expenses. in accordance with an actuarial valuation of provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the assumptions as mentioned below, there is no deficiency in the interest cost as the present value of the expected future earnings of the fund is greater than the expected amount to be credited to the individual members based on the expected guaranteed rate of interest of Government administered provident fund.

Note 40 - Russian (USSR) deferred State Credit

An intergovernmental agreement between Russian Federation and Government of India was reached for reconstructing of Russian Deferred State Credit in Rouble in connection with procurement of equipment for certain ships built and delivered by the company to India Navy in earlier years. The deferred payment liability (non-interest bearing) of H 9628 Lakhs, payable over 45 years from 1992-93, in equal annual installments of H 214 Lakhs was converted from Rouble to units of Special Drawings Rights (SDR) and stated in Rupees. The amount payable within a year of H 458 lakhs (Previous year - H 391 lakhs) includes yearly installment of H214 (Previous year - H 214 lakhs) and H 244 lakhs (Previous year - H 177 lakhs) towards exchange variation fluctuation. The balance loan amount has been reinstated at the present rate of SDR as on 31st March 2022. These payments are reimbursable by Indian Navy. Accordingly, H 5803 lakhs (amortised costs of H 2232 lakhs) held at foreign supplier deferred credit as on 31st March 2022.

Valuation technique used to determine fair value

Specific valuation technique used to value financial instruments include:

The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of input used in determining fair value, the company has classified the financial instruments in three levels prescribed under the Ind AS.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

Note 46 - Financial risk management

a) Credit Risk

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

i) Trade Receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally carrying no credit terms. Outstanding customer receivables are regularly monitored. Trade receivables are primarily from Navy (being department of Govt. of India), hence the credit risk is considered low. Further the Company receives advance against orders which also mitigates the credit risk.

ii) Financial Instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Management in accordance with the company''s investment policy. Investment of surplus funds are made only in accordance with the Department of Public Enterprises(DPE) guidelines on investemtnt of surplus funds, with the approved banks and within credit limits assigned to each bank. The limits applicable to single bank and public / private sectors as per the DPE guidelines minimise the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to repay the principal and interest.

b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet its obligation.

The Company''s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements, if any.

c) Market Risk

i) Foreign currency risk and sensitivity

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 Company is exposed to foreign currency risk since it imports components from foriegn vendors. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional currency (''). In most of the Contracts, the gains / losses from forex exchange fluctuations are passed on / borne by the customer of the Company. Therefore, the foreign exchange risk and sensitivity of the Company is Nil.

Note 47 - Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objectives of the Company''s capital management are to

- maximise the shareholder value while providing stable capital structure that facilitate considered risk taking and pursuit of business growth

- safeguard the company''s ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders

- maintain an optimal capital structure to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

Note 49

The delays in the completion of the projects due to pandemic situation is taken up with the customer for revising the delivery schedule. The total expenses incurred amounting to H 1397 lakhs (Previous year H 10995 lakhs) towards employee benefits, H Nil (Previous year H 1143 lakhs) towards depreciation, and H Nil (Previous year - 476 lakhs ) towards sub contract for the lockdown period are disclosed as exceptional item in the statement of Profit and loss for FY 2021-22. The Company doesn''t foresee any change in the orders under execution due pandemic.

Note 50

MDL maintains independent PF Trust for employees. In FY 2021-22, MDSL employee PF trust has recognised capital loss of H 1545 lakhs against the investment made in previous years. As per the terms & condition provided under employee PF scheme 1952, employer shall be liable to bear the loss of the trust. Consequently, provision of H 1545 lakhs (Previous year H 1982 lakhs) is recognised in accounts of FY 2021-22.

Note 51

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 55

In the preparation of these Ind AS Financial Statements, figures for the previous year have been regrouped / reclassified, wherever considered necessary to conform to current year presentation.