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Notes to Accounts of Transformers & Rectifiers (India) Ltd.

Mar 31, 2023

(a) The Company has investment of '' 409.80 lakhs in 1,90,500 equity shares of its wholly owned subsidiary and deemed equity of '' 45.13 Lakhs, Savas Engineering Private Limited (SEPL). The Company also has outstanding balance of loan given of ''1,199.56 lakhs as on March 31,2023. The remaining maturity period as on March 31, 2023 of loan of '' 470.06 lakhs is till July 2028 and loan of '' 729.50 lakhs is till March 2024. SEPL has been regular in repayment of loan and interest thereon during the year. The company has carried out impairment testing on its investment and loans based on book values of net assets as at 31^st March 2023 of SEPL and accordingly, additional impairement of ''72 lakhs (previous year '' Nil ) has been provided.

(b) TARIL Switchgear Private Limited (Earlier known as a T & R Switchgear Private Limited)

The Company has entered into a Joint Venture Agreement on October 5 2016 with Jiangsu Jingke Smart Electric Company Limited (JV partner incorporated under the laws of Peoples Republic of China). As per agreement, the company acquired 60% equity shares in the special purpose entity incorporated namely TARIL Switchgear Private Limited (formely known as T&R Jingke Electrical Equipments Private Limited). Till March 31, 2022, the Company accounted for investment in TARIL Switchgear Private Limited as joint venture.The company has reassessed such investment and considered such investment as investment in subsidiary due to control over board of the special purpose entity from the current financial year.On account of negative net worth of said special purpose entity, the company has made full impairment provision against its investment in equity shares.

(c) The amount of '' 31.62 Lakhs (P.Y. '' 31.62 Lakhs) shown as deemed equity investments denotes the fair value of financial

guarantee given for Transpares Limited without any consideration.

6(e) The amount of '' 8.89 Lakhs (PY. '' 8.89 Lakhs) shown as deemed equity investments denotes the fair value of financial guarantee given for TARIL Infrastructure Limited without any consideration.

25(a) Secured Loans comprise of cash credit & short term loans from banks which are secured by hypothecation of current assets of the Company on pari passu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of Moraiya plant. The facilities are further secured by collateral charge on pari passu basis on immovable properties situated at Changodar, Moraiya and Odhav at Ahmedabad and Commercial office at Gurugram. It is further secured by pledge of 2,11,00,000 equity shares of Re. 1 each held by a director and personal guarantee of some of the directors.

25(b) The Company has availed borrowings from Bank against security of current assets. The Quarterly Returns or the Current Assets Statements filed by the company with the Bank are in the agreement with the books of accounts.

			('' in Lakhs)
43	Contingent Liabilities and Commitments	As at 31^st March 2023	As at 31^st March 2022
(a)	Contingent Liabilities not provided for in respect of : (i) Pending Litigations** (a) Excise duty, Service tax, Custom duty matters	1,612.01	1,545.56
	(b) Claims against the Company/ Disputed Demands not acknowledged as debts	450.00	450.00
(b)	Commitments: (i) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Advances)	416.27	376.54

* The Company''s pending litigations comprise of claims against the Company and proceedings pending with Tax/ Statutory/ Government Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company is confident of receiving adjudications in its favour in respect of all its pending litigations. Expected timing of outflow is not ascertainable at this stage, the matters being under dispute/ contingent.

The Company has not considered those disputed demands/claims as contingent liabilities, for which, the outflow of resources has been considered as remote.

44 Employee Benefit Plans

In accordance with the stipulations of the Indian Accounting Standard 19 âEmployee Benefitsâ, the disclosures of employee benefits as defined in the Indian Accounting Standard are given below:

(a) Defined Contribution Plan

The Company has recognized an amount of '' 149.73 Lakhs (P.Y. '' 121.88 Lakhs) as expenses under the defined contribution plan in the Statement of Profit and Loss.

(b) Defined Benefit Plan Gratuity

General description and benefits of the plan

Under the gratuity plan, the eligible employees are entitled to post retirement benefit at the rate of 15 days salary for each completed year of service. Vesting period is 5 years and the payment is at actual on superannuation, resignation, termination, disablement or on death. The liability for gratuity as above is recognized on the basis of actuarial valuation.

The Company makes contribution to Life Insurance Corporation (LIC) for gratuity benefits according to the Payment of Gratuity Act, 1972.

The Company recognizes the liability towards the gratuity at each Balance Sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at 31^st March 2023 by an actuary. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Scheme is funded through LIC,Canara Bank and India First.

Major Risks to the Plan

(i) Actuarial Risk

It is the risk that benefits will come more than expected. This can arise due to one of the following reasons:

Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected

Actual Mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of Cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

The actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

(ii) Investment Risk

Investment performance is below expectations there would be an increase in the figure of Obligations.

(iii) Liquidity Risk

Employees with long duration and high salaries resign earlier than expected or in short span of time there may be liquidity concern for the Gratuity fund.

(iv) Legislative Risk

Changes benefit formula mentioned in Gratuity Act, especially an increase in upper limit could very significantly increase the amount of Obligation.

(v) Market Risk

Discount rates are to be based on the yield on Government bonds with tenures matching the expected payments of Gratuity Liability. Discount rate will have to be reduced if yields drop and this would result in an increase in Obligation.

The following table sets out the status of the gratuity and the amounts recognized in the Company financial

ststermtsasst 31^st March 2023.

The principal assumptions used for the purposes of the actuarial valuations were as follows:

(e) The company provides service type warranty to its customers, such type of warranty are considered as distinct service. The company uses expected value method in measuring the performance obligation. The revenue from contracts with customers for the year includes service type warranty of '' 525.76 lakhs (Previous Year '' 399.72 lakhs), which has been deducted from the transaction price.

(f) The revenue from contracts with customers for the year includes variable consideration relating to price variation of '' 9,356.44 lakhs (Previous Year '' 10,766.07 lakhs), which has been considered in the transaction price. There were no significant financing component in the contracts with customers or in revenues recognised from these contracts.

(g) Performance obligations Sale of Transformers

The performance obligation is satisfied upon delivery of the equipment and payment is generally due within 1 to 3 months from delivery.

The performance obligation to deliver the transformer with a manufacturing lead time of 4 to 8 months has a single payment option. The customer can pay the transaction price upon delivery of the transformer within the credit period, as mentioned in the contract with respective customers.

Services Income

The performance obligation is satisfied at the point in time and payment is generally due upon completion of installation and acceptance by the customers.

48 Operating Segment

The Companyâs operations fall under single segment namely âTransformersâ, taking into account the risks and returns, the organization structure and the internal reporting systems.

All non current assets are located in the companyâs country of domicile.

One customer contributed 10% or more to the companyâs revenue for FY 2022-23 amounting to '' 33,902.94 lakhs and Three customers contributed 10% or more to the company''s revenue for FY 2021-22 amounting to '' 56,447.82 lakhs.

49 Related Party Disclosures

(a) List of Related Parties

Name of related Parties 1. Subsidiaries

Transweld Mechanical Engineering Works Limited

Transpares Limited

TARIL Infrastructure Limited

Savas Engineering Company Private Limited

TARIL Switchgear Private Limited (Earlier known as a T&R Switchger Private Limited) (w.e.f. April 1,2022) (Previous year considered as Joint Venture)

51 The company has sought balance confirmations from trade receivables and trade payables, wherever such balance confirmations are received by the Company, the same are reconciled and appropriate adjustments if required, are made in the books of account.

52 The Company has long-term contracts as at 31^st March 2023 for which there are no material foreseeable losses. The company did not have any derivative contracts as at 31^st March 2023.

53 Financial Instruments Disclosure Capital Management

For the purpose of the Company''s Capital Management, Capital includes issued Equity Capital and all Other Reserves attributable to the Equity shareholders of the Company. The Primary objective of the Company''s Capital Management is to maximise the shareholders'' value. The Company''s Capital Management objectives are to maintain equity including all reserves to protect economic viability and to finance any growth opportunities that may be available in future so as to maximise shareholder''s value. The Company is monitoring Capital using debt equity ratio as its base, which is total debt divided by total equity.

(ii) Fair Value Measurement:

This note provides information about how the Company determines fair values of various financial assets.

Fair value of the Companyâs financial assets that are measured at fair value on a recurring basis

Some of the Group''s financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined.

Valuation technique and key input: NAV declared by respective Asset Management Companies.

Fair Value of financial assets and liabilities that are not measured at fair value (but fair value disclosures are required)

Management considers that the carrying amounts of financial assets and financial liabilities recognized in the financial statements approximate their fair values.

(iii) Financial Risk Management Objectives

While ensuring liquidity is sufficient to meet Company''s operational requirements, the Company''s Board of Directors also monitors and manages key financial risks relating to the operations of the Company by analysing exposures by degree and magnitude of risks. These risks include market risk (including currency risk and price risk), credit risk and liquidity risk. Market Risk

Market risk is the risk of uncertainty arising from possible market price movements and their impact on the future performance of a business. The major components of market risk are commodity price risk, foreign currency risk and interest rate risk.

The primary commodity price risk that the Company is exposed to include the price variations in the price of Copper and Cold Rolled Grain Oriented Steel (CRGO). The mentioned components form a major part of manufacturing of Transformers. The prices of these commodities lead to increase/ decrease in the cost of Transformers.

Sensitivity to risk

A 5% strengthening of the INR against key currencies to which the Company is exposed would have led to approximately an additional ''126.01 Lakhs gain in the Statement of Profit and Loss. A 5% weakening of the INR against these currencies would have led to an equal but opposite effect of '' 126.01 Lakhs.

Interest Rate Risk

It 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 Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs debt obligations with floating interest rates.

Price Risk

The Company has deployed its surplus funds into units of mutual fund. The Company is exposed to NAV (net asset value) price risks arising from investments in these funds. The value of these investments is impacted by movements in liquidity and credit quality of underlying securities.

NAV price sensitivity analysis

The Sensitivity analyses below have been determined based on the exposure to NAV price risks at the end of the reporting period. If NAV prices had been 1% higher/lower :

Profit for the year ended 31^st March 2023 would increase/decrease by '' 25 lakhs (Previous Year '' 0.17 Lakhs). Liquidity Risk

The Company manages liquidity risk by maintaining sufficient cash and cash equivalents and availability of funding through an adequate amount of committed credit facilities to meet the obligations when due. Management monitors rolling forecasts of liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows considering level of liquid assets necessary to meet obligations by matching the maturity profiles of financial assets & liabilities and monitoring balance sheet liquidity ratios.

The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The information included in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company may be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Credit Risk

The Companyâs customer profile include Government Companies and Industries. Accordingly, the Companyâs customer credit risk is moderate. The Company has a detailed review mechanism of overdue customer receivables at various levels within organization to ensure proper attention and focus for realization.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The Company applies Simplified approach for providing the expected credit losses on Trade Receivables as per the accounting policy of the company.

54 Relationship with Struck off Companies

The Company has not carried out any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956. There is no outstanding balance as at 31^st March 2023 in case of said struck off company.

55 Compliance with number of layers of companies:

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

56 Compliance with approved Scheme(s) of Arrangements

The Company has not applied for any Scheme of Arrangements under Sections 230 to 237 of the Companies Act, 2013.

57 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.

58 Utilisation of Borrowed funds and share premium

Details of Funds advanced or loaned or invested by Company

The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) 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

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

59 Details of funds received by Company

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

(i) 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

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

60 Undisclosed Income

During the year under consideration, no tax assessment under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961) has been initiated/ongoing by the Income Tax Department.

63 The Company has assessed internal and external information upto the date of approval of these audited financial results while reviewing the recoverability of assets, adequacy of financial resources, performance of contractual obligations, ability to service the debt & liabilities, etc. Based on such assessment, the company expects to fully recover the carrying amounts of the assets and comfortably discharge its debts & obligations. Hence, the management does not envisage any material impact on the Audited standalone financial results of the company for the quarter and year ended March 31, 2023.

64 Figures of corresponding previous year have been regrouped /rearranged wherever necessary, to make them comparable.

65 The Standalone Financial Statements were approved for issue by the Board of Directors on 4 ^th May 2023.

Mar 31, 2018

1 Corporate Information

Transformers and Rectifiers (India) Ltd. (âTRILâ or âthe Companyâ) is a public limited company domiciled and incorporated in India having its registered office at Survey No. 427 P/3-4 and 431 P/1-2 Sarkhej-Bavla Highway, Village: Moraiya, Taluka: Sanand. The Companyâs shares are listed and traded on the National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange of India Ltd. (BSE). The company is a manufacturer of Power, Furnace and Rectifier Transformers.

2 Application of New Indian Accounting Standards

All the Indian Accounting Standards issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the financial statements are authorized have been considered in preparing these financial statements.

Recent accounting pronouncements

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On 28^th March 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21 , Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from 1^st April 2018. This amendment has no effect on the financial statements of the Company.

Ind AS 115 - Revenue from Contract with Customers: On 28^th March 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers. The effect on the Financial statements on adoption of Ind AS 115 is being evaluated by the Company.

3 Basis of Preparation

(a) Statement of Compliance

In accordance with the notification dated 16^th February 2015, issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as âInd ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) with effect from 1^st April 201 7.

The Financial Statements have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 201 5 (as amended). These are the Companyâs first Ind AS Standalone Financial Statements. The date of transition to Ind AS is 1^st April 2016. The mandatory exceptions and optional exemptions availed by the Company on First time adoption have been detailed in the Note 6.

Previous period figures in the Financial Statements have been restated in compliance to Ind AS.

Up to the year ended 31^st March 2017, the Company had prepared the Standalone Financial Statements under the historical cost convention on accrual basis in accordance with the Generally Accepted Accounting Principles (âPrevious GAAPâ) applicable in India and the applicable Accounting Standards as prescribed under the provisions of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014.

In accordance with Ind AS 101- âFirst Time adoption of Indian Accounting Standardsâ (Ind AS 101 ), the Company has presented a reconciliation of Shareholdersâ equity under Previous GAAP and Ind AS as at 31^st March 2017 and 1^st April 2016 and of the Profit after tax as per Previous GAAP and Total Comprehensive Income under Ind AS for the year ended 31^st March 2017.

(b) Basis of Measurement

The Financial Statements have been prepared on the historical cost convention on accrual basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below: Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle. Accordingly, all assets and liabilities have been classified as current or non-current as per the Companyâs operating cycle and other criteria set out in Ind AS 1 â âPresentation of Financial Statementsâ and Schedule III to the Companies Act, 201 3.

The Standalone Financial Statements have been presented in Indian Rupees (INR), which is also the functional currency. All values are rounded off to the nearest two decimal lakhs, unless otherwise indicated.

Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions.

The Company categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement which are described as follows:

(i) Level 1: Quoted Prices (unadjusted) in active markets for identical assets or liabilities

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

(iii) Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Companyâs assumptions about pricing by market participants.

Investments in Subsidiaries and Joint ventures

The Company records the investments in subsidiaries and joint ventures at cost less impairment loss, if any.

When the Company issues financial guarantees on behalf of subsidiaries, initially it measures the financial guarantees at their fair values and subsequently measures at the higher of:

(i) the amount of loss allowance determined in accordance with impairment requirements of Ind AS 109 âFinancial Instrumentsâ; and

(ii) the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of Ind AS 1 8 âRevenueâ.

The Company records the initial fair value of financial guarantee as deemed investment with a corresponding liability recorded as deferred revenue under financial guarantee obligation. Such deemed investment is added to the carrying amount of investment in subsidiaries. Deferred revenue is recognized in the Statement of Profit and Loss over the remaining period of financial guarantee issued as other income.

On disposal of investment in subsidiary and joint venture, the difference between net disposal proceeds and the carrying amounts (including corresponding value of dilution in deemed investment) are recognized in the Statement of Profit and Loss.

8(a) The Company has elected to continue with the carrying value of its investments in subsidiaries and joint ventures, measured as per the Previous GAAP and used that carrying value on the transition date 1^st April 2016 in terms of Para D15 (b) (ii) of Ind AS 101 âFirst - time Adoption of Indian Accounting Standardsâ.

8(b) The Net Worth of Savas Engineering Pvt. Ltd. is Rs. 400.45 Lakhs as per the audited financial statements as at 31^st March 2018. In the opinion of the management the investments in subsidiary is long term and strategic in nature. The subsidiary has obtained the valuation report from independent Government Approved Valuer as at 31^st March 2018 for itâs immoveable properties, the value of which is in excess of the investment in Subsidiary and therefore no impairment has been considered. 8(c) Vortech Pvt. Ltd.

The Company has entered into a Joint Venture Agreement dated 9^th August 2016 with Mr. Gopal Sanasy, technocrat based in Canada for the purpose of manufacturing and supply of Transformer oil regeneration and purification plants and providing services related to regeneration/ maintenance of transformers and other oils. As per the Agreement the Company acquired 76% shares in the special purpose entity incorporated named Vortech Pvt. Ltd. Subsequently by virtue of MOU dated 22^nd March 2018 the Joint Venture was terminated and the Company will acquire the remaining 24% shares of Vortech Pvt. Ltd. making it 100% Subsidiary of the Company.

8(d) T&R Jingke Electrical Equipments Pvt. Ltd.

The Company has entered into a Joint Venture Agreement on 5^th October 2016 with Jiangsu Jingke Smart Electric Company Ltd. (A company incorporated under the laws of Peopleâs Republic of China). As per agreement, the company has acquired 60% shares in the special purpose entity incorporated named T&R Jingke Electrical Equipments Pvt. Ltd. The venture has been made for the purpose of marketing and manufacturing of GIS/ HGIS/ TGIS systems and products of 220kv and below and distribution products of 40.5kv and below in India.

8(e) The amount of Rs. 14.70 Lakhs (Previous Years: 31^st March 2017 - Rs. 9.07 Lakhs and 1^st April 2016 - Rs. 3.45 Lakhs) shown as deemed equity investments denotes the fair value of fees towards financial guarantee given for Transpares Ltd. without any consideration.

8(f) The amount of Rs. 8.89 Lakhs (Previous Years: 31^st March 2017 - Rs. 6.26 Lakhs and 1^st April 2016 - Rs. 3.64 Lakhs) shown as deemed equity investments denotes the fair value of fees towards financial guarantee given for TARIL Infrastructure Ltd. without any consideration.

8(g) The amount of Rs. 16.96 Lakhs (Previous Years: 31^st March 2017 - Rs. 11.33 Lakhs and 1^st April 2016 - Rs. 5.71 Lakhs) shown as deemed equity investments denotes the fair value of fees towards financial guarantee given for Savas Engineering Company Pvt. Ltd. without any consideration.

12(a) Write down of inventories to net realizable value amounted to Rs. 8.10 lakhs (31^st March 2017 - Rs. 3.57). These were recognized as an expense during the year and included in consumption of stores and spare parts in Statement of Profit and Loss.

Note:

The shareholders in the 23^rd Annual General Meeting held on 30^th August 2017 approved the subdivision of equity shares from Face Value of Rs. 10 to Rs. 1 each without altering the aggregate amount of such capital and shall rank pari passu in all respects with the existing fully paid up equity share and accordingly company has made allotment of shares on 30^th September 201 7.

20(c) Details of Shares allotted as fully paid up by way of Bonus Shares, shares issued for consideration other than Cash (During Last 5 Years immediately Preceding Reporting date)

During the year 2013-14 Company has allotted 332,800 Equity Shares of Rs. 10/- each fully paid up to equity share holders in the ratio of 1:9.

20(d) Right, Preferences and restrictions attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 1 (31^st March 2017 and 1^st April 2016 - Rs. 10/-) per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity share holders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

21(b) Securities Premium Reserve is used to record the premium on issue of equity shares. The reserve is utilized in accordance with the provision of the Companies Act, 201 3.

21(c) The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve is not reclassified subsequently to the Statement of Profit and Loss.

25(a) Secured Loans comprise of cash credit & short term loans from banks which are secured by hypothecation of current assets of the Company on pari passu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of Moraiya plant and also collateral legal mortgage on pari passu basis on immovable properties situated at Changodar, Dhank and Ahmedabad. It is further secured by pledge of 21,100,000 equity shares of Rs. 1 each held by a director and personal guarantee of some of the directors.

27(a) This represents the Fair Value of fee towards financial guarantee issued on behalf of Subsidiaries, recognized as a financial guarantee obligation with corresponding debit to Investment in Subsidiaries.

The Companyâs pending litigations comprise of claims against the Company and Proceedings pending with Tax/ Statutory/ Government Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. Future Cash Outflows in respect of the above are determined only on receipt of judgements/ decisions pending with various forums/ authorities.

(b) Commitments

(b) (i) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for Rs. 1,633.94 Lakhs (Previous years 31^st March 2017 - Rs. 322.71 Lakhs, 1^st April 2016 - Rs. 130.45 Lakhs).

4. Employee Benefit Plans

In accordance with the stipulations of the Indian Accounting Standard 19 âEmployee Benefitsâ, the disclosures of employee benefits as defined in the Indian Accounting Standard are given below:

(a) Defined Contribution Plan

The Company has recognized an amount of Rs. 113.05 Lakhs (Previous years Rs. 101.77 Lakhs) as expenses under the defined contribution plan in the Statement of Profit and Loss.

(b) Defined Benefit Plan Gratuity

General description and benefits of the plan

15 days salary for each completed year of service. Vesting period is 5 years and the payment is at actual on superannuation, resignation, termination, disablement or on death. The liability for gratuity as above is recognized on the basis of actuarial valuation.

The Company makes contribution to Life Insurance Corporation (LIC) for gratuity benefits according to the Payment of Gratuity Act, 1972.

The Company recognizes the liability towards the gratuity at each Balance Sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at 31^st March 2018 by an actuary. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Scheme is funded through LIC.

Major Risks to the Plan

(i) Actuarial Risk

It is the risk that benefits will come more than expected. This can arise due to one of the following reasons:

Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

If actual Mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of Cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

If the actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

(ii) Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. this can result in wide fluctuations in the net liability or funded status if there are significant changes in the discount rate during the inter-valuation period.

(iii) Liquidity Risk

Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If some of such employees resign/retire from the company there can be strain on the cashflow.

(iv) Legislative Risk

It is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the regulation. The government may amend the payment of Gratuity Act thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.

(v) Market Risk

It is a collective term for risks that are related to changes and fluctuations of the financial markets. One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in defined benefit obligation of the plan benefits & vice versa. this assumption depends on the yields on the corporate bonds and hence the valuation of liability is exposed to fluctuations in the yields at the valuation date.

The following table sets out the status of the gratuity and the amounts recognized in the Companyâs financial statements as at 31^st March 2018.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

5. Leases Operating Leases

The Company has obtained certain premises for its business operations (including furniture and fittings, therein as applicable) under operating leases or leaves and license agreements. These are generally not non-cancellable and range between 11 months to 5 years under leave and licenses or longer for other lease and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms.

6. Operating Segment

The Companyâs operations fall under single segment namely âTransformersâ, taking into account the risks and returns, the organization structure and the internal reporting systems.

All assets are located in the companyâs country of domicile.

Segment revenue from âTransformersâ represents revenue generated from external customers which is attributable to the companyâs country of domicile i.e. India and external customers outside India as under:

Companyâs significant revenues (more than 60%) are derived from major 8 entities. The total revenue from such entities amounted to Rs. 41,826 Lakhs in 2017-18 and Rs. 56,876 lakhs in 2016-17.

No single customer contributed 10% or more to the companyâs revenue for 2017-18 and 2016-17.

7. In accordance with the Indian Accounting Standard (Ind AS-36) on âImpairment of Assetsâ the Company during the year carried out an exercise of identifying the assets that may have been impaired in respect of cash generating unit in accordance with the said Indian Accounting Standard. Based on the exercise, no impairment loss is required as at 31^st March 2018.

8. Eligibility of Corporate Social Responsibility

Based on the average net profits of the Company after computation of Net Profit as per Section 198 of the Companies Act, 2013 for the preceding three financial years, the Company is not required to spend any amount on CSR activities during the financial year 2017-18 (Previous Year: Nil).

9. The value of realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

10. Balances of trade receivables and trade payables are subject to confirmation, reconciliation and consequential adjustment, if any.

11. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

12. Financial Instruments Disclosure (a) Capital Management

The companyâs objective when managing capital is to:

- Safeguard its ability to continue as a going concern so that the Company is able to provide maximum return to stakeholders and benefits for other stakeholders.

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

The Companyâs Board of Directors reviews the capital structure on a regular basis. As part of this review, the Board considers the cost of capital, risk associated with each class of capital requirements and maintenance of adequate liquidity.

Disclosures

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.

The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 4(l), (m), (n) and (o).

(ii) Fair Value of financial assets and liabilities that are not measured at fair value (but fair value disclosures are required)

Management considers that the carrying amounts of financial assets and financial liabilities recognized in the financial statements approximate their fair values.

(iii) Financial Risk Management Objectives

While ensuring liquidity is sufficient to meet Companyâs operational requirements, the Companyâs Board of Directors also monitors and manages key financial risks relating to the operations of the Company by analyzing exposures by degree and magnitude of risks. These risks include market risk (including currency risk and price risk), credit risk and liquidity risk.

Market Risk

The primary commodity price risk that the company is exposed to include the price variations in the price of Copper and Cold Rolled Grain Oriented Steel (CRGO). The mentioned components form a major part of manufacturing of Transformers. The prices of these commodities lead to increase/ decrease in the cost of Transformers.

Foreign Currency Risk Management

The Company undertakes transactions denominated in different foreign currencies and consequently exposed to exchange rate fluctuations. Exchange rate exposures are managed within approved policy parameters.

Sensitivity to risk

A 5% strengthening of the INR against key currencies to which the Company is exposed would have led to approximately an additional '' 40.37 lakhs gain in the Statement of Profit and Loss. A 5% weakening of the INR against these currencies would have led to an equal but opposite effect of Rs. 40.37 Lakhs Interest Rate Risk

The Companyâs interest rate risk arises from the Borrowings with fixed rates. The Companyâs fixed rates borrowings are carried at amortized cost.

Liquidity Risk

The Company manages liquidity risk by maintaining sufficient cash and cash equivalents including bank deposits and availability of funding through an adequate amount of committed credit facilities to meet the obligations when due. Management monitors rolling forecasts of liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows considering level of liquid assets necessary to meet obligations by matching the maturity profiles of financial assets & liabilities and monitoring balance sheet liquidity ratios.

The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The information included in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Credit Risk

The following are the contractual maturities of financial assets, based on contractual cash flows:

13. The Standalone Financial Statements were approved by the Board of Directors on 29^th May, 201 8.

Mar 31, 2016

Notes :

1. Secured by Hypothecation of specific fixed assets purchased under Term Loan arrangement. It carries interest rate from 10.25% to 11.30% p.a. Vehicle Loans are repayable in Equated Monthly Installments of Rs. 26.82 Lacs (Previous year Rs. 26.82 Lacs).

2. Secured by charge on fixed assets purchase out of Term Loan and charge on office building located at Gurgaon and also 2nd charge of fixed assets and current assets excluding fixed assets of Moraiya plant and in addition to above secured by personal guarantee of some of the directors. It carries interest rate of 11% p.a.

The loans are repayable in Equated Quarterly Installments of Rs. 219.00 Lacs (Previous year Rs. 219.00 Lacs).

3. Secured by mortgage of Industrial Property located at Moraiya Plant, Pledge of 100,000 Equity shares held by the promoters of the Company and Personal guarantee of some of the directors. It carries interest rate of 11.60% p.a.

The loan is repayable in Equated Quarterly Installments of Rs. 234.25 Lacs (Previous year : Nil).

4. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for Rs. 130.45 Lacs (Previous year Rs. 158.87 Lacs).

5. Tax assessment of the Company under Income Tax Act 1961, has been completed up to financial year 2012-13 and the VAT assessment up to financial year 2011-12.

6. The Company has an investment of Rs. 409.80 Lacs in its subsidiary company âSavas Engineering Private Limited.â by way of equity. The Company has also given an interest bearing loan of Rs. 647.61 Lacs to the said wholly owned subsidiary company. As per the Audited financial statements for the year ended on 31^st March 2015, its net worth is Rs. 184.23 lacs. In the opinion of the management the aforesaid investment in equity and loan is long term and strategic in nature. The Company has obtained an independent valuation report from Government Approved Valuer as at 1^st March 2016 for the wholly owned subsidiary companyâs land and office & factory buildings, which value is in excess of the cost of investment and loan given and hence there is no diminution in value of investment and therefore no provision is considered necessary for the current financial year and loan amount is considered good and recoverable.

7. Trade receivables outstanding for more than 6 months include receivables of Rs. 1,254.82 Lacs, which are overdue from a customer whose gas based power plant project is in an advanced stage of completion. The commissioning of the said plant is divided into Phase-I and Phase-II, which is dependent on the supplies of natural gas. Companyâs Overdue receivables of Rs. 1,254.82 Lacs pertains to Phase-II. The project has now got all the clearances and financial closure has happened in the current year. The customer has won the bid and obtained the requisite gas allocation from the Government of India (GOI). The Phase-I commissioning work will start and the Customer will make payments out of Phase-I revenues. The customer has confirmed the outstanding balance as on 31^st March, 2016, and based on the frequent discussions with the customer, the management of the Company is hopeful of recovering the outstanding amount and hence said amount is considered good and recoverable.

8. Disclosures regarding Derivative Instruments

(a) The Company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

(b) The information on derivative instruments as on 31^st March, 2016 is as follows :

9. Details of Loan Given, Investments made and Guarantees given covered u/s 186(4) of the Companies Act, 2013

Loans give and Investments made are given under the respective heads.

Corporate Guarantees given by the Company in respect of loans as at 31^st March, 2016 under Section 186 of the Companies Act, 2013 is as under :

10. Previous yearâs figures have been regrouped / reclassified wherever necessary to correspond with the current yearâs classification / disclosure.

Mar 31, 2015

1. SHARE CAPITAL

(iv) Rights of Equity Shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent liabilities in respect of As at As at 31st Mar 2015 31st Mar 2014

Disputed demand of Central Excise/Income Tax Department 482.64 800.49

3. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for Rs. 158.87 Lacs (Previous year Rs. 539.27 Lacs).

4. Tax assessment of the Company under Income Tax Act 1961, has been completed up to financial year 2011-12 and the VAT assessment up to financial year 2010-11.

5. "During the year, the Company has purchased 6,350 nos. Equity shares of Rs.10 each of its associate Company viz M/s. Savas Engineering Company Pvt. Ltd. for an amount of Rs. 12.70 Lacs as a result, M/s. Savas Engineering Company Pvt. Ltd has become a wholly owned subsidiary of the Company.

The Company has an investment of Rs. 409.80 Lacs in its subsidiary company "M/s. Savas Engineering Company Pvt. Ltd." by way of equity. The Company has also given an interest bearing loan of Rs. 647.61 Lacs to the said wholly owned subsidiary company. As per the Audited financial statements for the year ended on 31st March, 2015, its net worth is Rs. 145.31 Lacs. In the opinion of the management the aforesaid investment in equity and loan is long term and strategic in nature. The Company has obtained an independent valuation report from Government Approved Valuer as at 1st March, 2015 for the wholly owned subsidiary company's land and office & factory buildings, which value is in excess of the cost of investment and loan given and hence there is no diminution in value of investment and therefore no provision is considered necessary for the current financial year and loan amount is considered good and recoverable."

6. Trade receivables outstanding for more than 6 months include receivables of Rs. 1,254.82 Lacs, which are overdue from a customer whose gas based power plant project is in an advanced stage of completion. The commissioning of the said plant is dependent on the supplies of natural gas. Though the customer is confident of obtaining the requisite gas allocation from the Government of India (GOI), there are uncertainties in respect of timing of getting the gas allocation from the GOI. The customer has confirmed the outstanding balance as on 31st March, 2015, and based on the frequent discussions with the customer, the management of the Company is hopeful of recovering the outstanding amount and hence said amount is considered good and recoverable.

7. Disclosures regarding Derivative Instruments

(a) The Company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

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

Mar 31, 2014

1. Contingent liabilities in respect of As at As at 31st Mar 2014 31st Mar 2013

Disputed demand of Central Excise/Income Tax Department 800.49 247.22

2. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for Rs. 539-27 Lacs (Previous year Rs. 860.75 Lacs).

3. Tax assessment of the Company under Income Tax Act, 1961 has been completed up to financial year 2010-11 and the VAT assessment upto financial year 2009-10.

4. The Company has an investment of Rs. 41.50 Lacs in its associate company "Savas Engineering Company Private Limited." (50%) by way of equity. The Company has also given an interest bearing loan of Rs. 1,003.21 Lacs to the said Associate Company. As per the Audited financial statements for the year ended on 31st March 2014 , its net worth is Rs. 60.65 lacs. In the opinion of the management the aforesaid investment in equity and loan is long term and strategic in nature. The Company had obtained an independent valuation report for the associate company''s plot, factory building and machinery by Government Approved Valuer, which value is in excess of the cost of investment and loan given and hence there is no diminution in value of investment and therefore no provision is considered necessary for the current financial year and loan amount is considered good and recoverable.

5. Trade receivables outstanding for more than 6 months include receivables of Rs.1,254.82 Lacs, which are overdue from a customer whose gas based power plant project is in advanced stage of completion. The commissioning of the said plant is dependent on the supplies of natural gas. Though the customer is confident of obtaining the requisite gas allocation from the Government of India (GOI), there are uncertainties in respect of timing of getting the gas allocation from the GOI. The customer has confirmed the outstanding balance as on 31st March 2014, and based on the frequent discussions with the customer, the management of the Company is hopeful of recovering the outstanding amount and hence said amount is considered good and recoverable.

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

Mar 31, 2012

1. Contingent liabilities in respect of

(Rs in Lacs)

As at 31st Mar 2012 As at 31st Mar 2011

Disputed demand of Central Excise/Income Tax Department 305.61 417.08

2. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) for tangible assets and not provided for Rs 845.10 Lacs [Previous year Rs 28.90 Lacs].

3. Tax assessment of the Company under Income Tax Act, 1961 has been completed upto financial year 2008-09 and the VAT assessment upto financial year 2008-09.

31. Consequent to inadequacy of profits for the year, under section 349 of the Companies Act, 1956, the remuneration paid to Chairman cum Wholetime Director has resulted in an excess by Rs 77.23 Lacs, for the which steps being taken by Company to obtain Central Government approval.

4. Disclosures regarding Derivative Instruments

(a) The Company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

(b) The information on derivative instruments as on 31st March, 2012 is as follows:

Defined contribution Plans:

During the year, Rs 74.72 Lacs (Previous year Rs 62.57 Lacs) recognised as an expense and included in the note 24 of profit & loss statement under the head "Contribution to Provident and other funds".

5. segment Reporting

(A) Primary segment:

In accordance with the requirements of AS - 17 on Segment Reporting, the Company has determined its business segment as "Electric Transformer". Since all of the Company's business is from "Electric Transformer", there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statement as of and for the year ended 31st March, 2012.

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

Mar 31, 2011

1. Contingent Liabilities in respect of :

(Rs in Lacs)

Particulars As At As At

31st Mar 2011 31st Mar 2010

a) Disputed demand of Central Excise Department/Income Tax Department 417.08 653.68

b) Guarantee given by bankers on behalf of Company 21,078.42 13,042.85

c) Corporate Guarantees of Rs. 2889.00 Lacs given by Company for loan taken by a subsidiary / Associate Company 1,156,20 443.90

d) Performance Guarantees given by Company 33.47 111.05

e) Bills discounted with Banks 3,296.35 3,135.90

f) Import duty benefit towards duty free import of raw materials made in respect of which export obligations are yet to be discharged. 16.12 7.94

g) Claims against Company not acknowledged as debts Amount not Amount not ascertained ascertained

2. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for Rs. 28.90 Lacs (Previous year Rs. 25.00 Lacs).

3. Cenvat duty shown as a deduction from the Gross Sales and Service Income represents the amount of cenvat duty collected on sales & service income. Cenvat duty expensed represents the difference between excise duty element in the amounts of closing stocks & opening stocks and excise duty paid which is not recoverable from sales.

4. Tax assessment of the company under Income Tax Act 1961, has been completed up to Financial Year 2007-08 and the sales tax assessment up to Financial Year 2006-07.

5. Disclosures regarding Derivative Instruments :

(A) The company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

(B) The information on derivative instruments as on 31st March, 2011 is as follows:

(B) Defined Contribution Plans :

During the year, Rs. 62.57 Lacs (Previous year Rs. 53.25 Lacs) recognised as an expense and included in the Schedule 15 of Profit and Loss Account under the head "Contribution to Provident and Other funds".

6. Segment Reporting

(A) Primary Segment:

In accordance with the requirements of Accounting Standard-17 on Segment Reporting, the Company has determined its business segment as "Electric Transformer". Since all of the Companys business is from "Electric Transformer", there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statement as of and for the year ended 31st March, 2011.

7. Previous years figures have been regrouped wherever necessary.

Mar 31, 2010

1. Contingent Liabilities in respect of :

(Rupees in Lacs)

Particulars As At As At 31st Mar 2010 31st Mar 2009

a) Disputed demand of Central Excise Department/ Income Tax Department 653.68 292.47

b) Guarantee given by bankers on behalf of Company 13,042.85 11,712.96

c) Corporate Guarantees of Rs. 1281.00 Lacs given by Company for loan taken by a subsidiary company 443.90 452.87

d) Performance Guarantees given by Company 111.05 72.87

e) Bills Discounted with Banks 3,135.90 675.91

f) Import duty benefit towards duty free import of raw materials made in respect of which export obligations are yet to be discharged. 7.94 105.83

g) Claims against Company not acknowledged as debts Amount not Amount not ascertained ascertained

2. Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for is Rs. 25.00 Lacs (Previous year Rs. 1,348.51 Lacs).

3. The Funds raised through Initial Public Offering have been utilized as under :

4. The stock of raw materials amounting to Rs. 724.95 Lacs (Previous year Rs. 963.46 Lacs) was with the job workers for further processing at the close of the year. Out of which confirmations have been received for Rs. 667.57 Lacs (Previous year Rs. 910.84 Lacs).

5. Cenvat duty shown as a deduction from the Gross Sales and Service Income represents the amount of cenvat duty collected on sales & service income. Cenvat duty expensed represents the difference between excise duty element in the amounts of closing stocks & opening stocks and excise duty paid which is not recoverable from sales.

Note : The information has been given in respect of only those suppliers who have intimated the Company that they are registered as Micro and Small Enterprises.

6. Tax assessment of the Company under Income Ta x Act, 1961, has been completed up to Financial Year 2005-06 and the sales tax assessment up to Financial Year 2005-06.

7. Disclosures regarding Derivative Instruments :

(A) The company uses forward exchange contracts to hedge its exposure in foreign currency.There are no contracts entered into for the purpose of speculation.

(B) The information on derivative instruments as on 31st March, 2010 is as follows:

B) Defined Contribution Plans :

During the year, Rs. 53.25 Lacs (Previous year Rs. 39.27 Lacs) recognised as an expense and included in the Schedule 15 of Profit and Loss Account under the head "Contribution to Provident and other funds".

8. Segment Reporting

(A) Primary Segment :

In accordance with the requirements of Accounting Standard-17 on Segment Reporting, the Company has determined its business segment as ÃElectric TransformerÃ. Since all of the CompanyÃs business is from ÃElectric TransformerÃ, there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are reflected in the financial statement as of and for the year ended 31st March, 2010.

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