Notes to Accounts of Triton Valves Ltd.

Mar 31, 2023

Fair value of investment property

The fair value of residential building as at March 31,2023 and March 31,2022 has been arrived at, on the basis of valuation carried out as on the respective dates by M/s R.K.Makhija & Co., independent valuer not related to the Company. M/s R.K. Makhija & Co., are registered with the authority which governs the valuers in India, as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017 and they have appropriate qualifications and recent experience in the valuation of properties in the relevant locations. The residential building is in Bengaluru, India, the fair value of which was derived using the market comparable approach, based on recent market prices without any significant adjustments being made to the market observable data.

The fair value of building as at March 31, 2023 and March 31, 2022 has been arrived at, on the basis of valuation carried out as on the respective dates by M/s H.T.Vasudev, independent valuer not related to the Company. M/s H.T.Vasudev are registered with the authority which governs the valuers in India, as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017 and they have appropriate qualifications and recent experience in the valuation of properties in the relevant locations. The building is in Mysuru, India, the fair value of which was derived using the market comparable approach, based on recent market prices without any significant adjustments being made to the market observable data.

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

The transfer of unpaid dividend of ''1.15 lakhs pertaining to FY 2013-14 was due on August 03, 2021, whereas the Company has transferred the amount to investor education and protection fund on September 20, 2021 resulting 46 days delay.

d) Terms/ rights attached to equity shares

i. The Company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity share is entitled to one vote per share.

ii. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders. The Company declares and pays dividend in Indian Rupees. The dividend proposed by Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting. The Board of Directors of the Compnay have not recommended dividend for the financial year ended March 31,2023.

g) Preferential allotment of equity shares

In the earlier years, the Board of Directors and the Shareholders approved issuance of 10,000 convertible warrants (of face value of ''10 each) on preferential basis to Mr. Aditya M. Gokarn in accordance with Section 42 and 62(1)(c) of the Companies Act, 2013 read with Chapter V of SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2018. Consequently, the Company allotted 10,000 convertible warrants of ''10 each at an issue price of ''775 per share. As per the terms of the offer, Mr Gokarn, the warrant holder, had to exercise the option to convert the said warrants into equity @ 1:1 within a period of 18 months from the date of allotment of warrants, i.e. March 13, 2020. Pursuant to the approval of the BSE dated November 11,2021, all the warrants then held by Mr Gokarn have been converted into equity shares of '' 10 each and the Company''s paid up capital increased to 1,040,027 equity shares of ''10 each.

b) By way of

(i) Second pari-passu charge by way of hypothecation on the stocks in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing and any other goods and movable assets.

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

c) Further secured by personal guarantee of the Managing Director for entire loan.

The above loan is expected to be repaid after three years.

iii. The Company has not defaulted in the repayment of loans / interest to banks and has not been declared as a willful defaulter by any bank as of the date of approval of these financial statements.

iv. The Company has used the borrowings from banks for the specific purpose for which it was taken.

v. Returns or statements of current assets filed by the Company with banks on quarterly basis, as required, are in agreement with unaudiated books of accounts.

a) The above cash credit / working capital demand loans from banks are secured:

a) By way of First pari-passu charge by way of hypothecation on the whole of the Company moveable properties, including its movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future.

b) By way of

(i) Second pari-passu charge by way of hypothecation on the stocks in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing and any other goods and movable assets.

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

c) Further secured by personal guarantee of the Managing Director for the entire amount.

The Company believes that the above is at the disaggregation that depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected.

32 Financial Instruments A) Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company monitors the return on capital as well as the level of dividends on its equity shares. The Company''s objective when managing capital is to maintain an optimal structure so as to maximize shareholder value. Increase in current borrowing during the year ended March 31,2023, was towards the increase in working capital, occasioned by the increase in the business activities.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Fair value hierarchy

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

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

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

There have been no transfers among Level 1, Level 2 and Level 3 during the year.

C) Financial risk management

The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management policies.

The Company''s financial risk management is supported by the finance department

- protect the Company''s financial results and position from financial risks

- maintain market risks within acceptable parameters, while optimising returns; and

- protect the Company''s financial investments, while maximising returns."

i) Management of credit risk

Credit risk is the risk of financial loss to the Company arising from counter party failure to meet its contractual obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after necessary approvals for credit.

Trade receivables

The Company assess the customers credit quality by taking into account their financial position, past experience and other factors. The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.

Five customers accounted for more than 10% of the revenue for the year ended March 31, 2023, however top customer accounted for more than 10% of the receivables as at March 31,2023 .Five customers accounted for more than 10% of the revenue for the year ended March 31,2022, however two of the customers accounted for more than 10% of the receivables as at March 31, 2022.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk through credit limits with banks.

The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31,2023 and March 31, 2022.

ii) Management of liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Company''s credit rating and impair investor confidence. The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management.

iii) Management of market risk

The Company''s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

• interest rate risk

• commodity price risk

• currency risk

For a 5% weakening of the INR against the relevant currency, there would be equivalent amount of impact on the profit / (loss) as mentioned in the above table.

33 Employee benefits

Defined contribution plans - provident fund and employee state insurance

The Company makes Provident Fund and Employee state insurance scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised the following contributions in the Statement of profit and loss :

Defined benefit plan - gratuity

In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity plan). The Gratuity plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee''s last drawn eligible salary and the years of employment with the Company. The Company provides the gratuity benefit through annual contributions to a fund managed by the Insurer included as part of ''Contribution to provident and other funds in Note 27 Employee benefits expense. Under this plan, the settlement obligation remains with the Company.

Description of risk exposures

Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time. Thus, the Company is exposed to various risks in providing the above gratuity benefit which are as follows:

a) Interest Rate Risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

b) Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

c) Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.

d) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

e) Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non-availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

Significant actuarial assumptions for the determination of the defined obligation are discount rate, salary escalation and attrition rate. The sensitivity analysis below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

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.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method under which If an employee''s service in later years will lead to a materially higher level of benefit than in earlier years, these benefits are attributed on a straight-line basis.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years, except that base rates have changed.

There has been no change in the process used by the Company to manage its risks from prior periods.

The expected rate of return on plan assets is based on the average long term rate of return expected on investments of the fund during the estimated term of obligation.

The estimate of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Asset Liability Matching Strategies

The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance Company, as part of the policy rules, makes payment of all gratuity liability occurring during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the significant fall in interest rates, which should result in a increase in liability without corresponding increase in the asset).

35	Contingent liabilities and commitments a) Contingent liabilities		('' in Lakhs)
	Particulars	March 31,2023	March 31, 2022
a) Claims against the Company not acknowledged as debt		-	-
b) Guarantees excluding financial guarantees
i. Bank guarantee		71.00	71.00
ii. Standby letter of credit outstanding / Letter of credit		60.00	2,001.70
b) Commitments			('' in Lakhs)
	Particulars	March 31,2023	March 31, 2022
- Capital commitments		-	-

36 Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labor and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020 and has invited suggestions from stake holders which are under active consideration by the Ministry. The Company is in the process of assessing its impact on provident fund contributions and Gratuity. The Company will complete its evaluation once the subject rules are notified and will give appropriate impact in the financial statements in the period in which the Code becomes effective and the related rules are published.

Note:

a) The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel.

b) The non-executive directors do not receive gratuity entitlements from the Company.

c) There are oustanding guarantees provided by the Managing Director against borrowings of the Company.

d) Related party relationship is as identified by the Company on the basis of information available with the Company.

e) No amount is/has been written off or written back during the year in respect of debts due from or to related party.

f) The above transactions are compiled from the date these parties became related which are accounted in the natural head of accounts.

41 Other regulatory information

(i) The Company do not have any Benami property and no proceedings has been initiated or pending against the Company for holding Benami property.

(ii) As per Management''s analysis, the Company does not have any transactions / balances with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(iii) There are no charges or satisfaction yet to be registered with the ROC beyond the statutory period.

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

(v) 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 or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vi) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

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

(ix) No schemes of arrangements have been applied or approved by the Competent Authority in terms of section 230 to 237 of the Companies Act, 2013.

(x) The title deeds of all immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in-progress are held in the name of the Company as at the balance sheet date.

42 Previous period''s figures have been regrouped / rearranged where necessary to conform to current period''s classification.

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Mar 31, 2018

1. Corporate information

Triton Valves Limited ("the Company") was incorporated on September 10, 1975 as a Limited Company with its registered office at Bangalore. The Company is engaged in the business of manufacturing of valves and cores for automobile tubes and supplies to tyre, tube and original equipment manufacturers. The Company had a technical collaboration with M/s. Pingeot Bardin S.A. of France for the first five years. The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products since the year 1992.

Fair value of investment property

The fair value of investment property as at March 31, 2018, March 31, 2017 and April 1, 2016 has been arrived at, on the basis of valuation carried out as on the respective dates by M/s. R.K Makhija & Co., independent valuer not related to the company. M/s. R.K Makhija & Co., are registered with the authority which governs the valuers in India, and they have appropriate qualifications and recent experience in the valuation of properties in the relevant locations. The residential unit in in Bangalore, India, the fair value of which was derived using the market comparable approach, based on recent market prices without any significant adjustments being made to the market observable data.

d) Terms/ rights attached to equity shares

i. The company has only one class of equity shares having a par value of Rs 10/- per share. Each holder of equity share is entitled to one vote per share.

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

iii. The dividend for the year ended March 31, 2018, declared by the Board of Directors is Rs. 15/- per equity share, subject to the approval of the shareholders in the ensuing Annual General Meeting. This would result in a cash outflow of Rs. 148.50 lakhs including dividend tax during the Financial year ended 2018-19.

i. Term loans from banks:

a) Term loan-I from HDFC Bank carrying interest rate @ 10.55% p.a. to 10.75% p.a (for March 31, 2018, March 31, 2017 and April 01, 2016), repayable in 48 equated monthly installments beginning from September, 2016.

b) Term loan-II from HDFC Bank carrying interest rate @ 10.55% p.a. to 10.75% p.a (for March 31, 2018, March 31, 2017 and April 01, 2016), repayable in 59 equated monthly installments beginning from March 2017.

c) Term loan from Yes Bank carrying interest rate @ 9.10% p.a., repayable in 60 equated monthly installments.

d) Term loan from Kotak Bank carrying interest rate @ 12 p.a. to 12.15%, repayable in 50 equated monthly installments beginning from June, 2013. Entire loan repaid by July 2017.

by way of First pari passu charge, on hypothecation of all the plant and machinery at the Company''s existing plant at Belavadi Industrial Area and Hebbal Industrial Estate, Mysore, Company''s Registered Office and Company Flat at Bangalore,

e) by way of First pari passu charge, on Equitable mortgage of land and buildings at Belavadi Industrial Area and Hebbal Industrial area, Mysore, Company''s Registered Office and Company Flat at Bangalore,

f) by way of Second paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary,

g) further secured by personal guarantee of the Managing Director for entire loan.

ii. Loan from Director : It carries an Interest @ 10.5% to 9.10% (for March 31, 2018, March 31, 2017 and April 01, 2016)

(i) Cash credit from banks:

a) It carries interest rate @ 8.5% - 10.60 % p.a (for March 31, 2018, March 31, 2017 and April 01, 2016), are repayable on demand Cash credit form bank is secured

b) by way of first paripassu charge, on hypothecation of company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

c) by way of second paripassu charge, on hypothecation of all the plant and machinery at the company''s existing plant at Belavadi Industrial Area, Hebbal Industrial Area, Mysore and Company''s registered Office and Company Flat at Bangalore,

d) by way of second paripassu charge, on equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal Industrial area, Mysore, Company''s registered Office and Company Flat at Bangalore,

e) further secured by personal guarantee of the Managing Director for the entire loan amount.

i) Post implementation of Goods & Service Tax (GST) with effect from July 1, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods include excise duty which is now subsumed in the GST. Revenue from operations for the current financial year ended March 31, 2018 includes excise duty up to June 30, 2017. Accordingly, revenue from operations for the current year and the previous year are not comparable.

2. Leases

Operating lease arrangements

The Company has certain operating leases for office facilities (cancellable leases) with lease term between 1 and 5 years. Such leases are generally with the option of renewal against increased rent and premature termination of agreement. Rental expenses of Rs. 17.35 lakhs (previous year: Rs.12.82 Lakhs) in respect of obligation under operating leases have been recognised in the statement of profit and loss. The Company does not have any non-cancellable leases as at March 31,2018, hence the disclosure of the non-cancellable leases is not provided.

3. Disclosures required under Section 22 of Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the company, there are no Micro, Small and Medium enterprises to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2018. Further, no interest during the year has been paid or payable under the terms of the MSMED Act 2006.

Notes:

i) The above information has been determined to the extent such parties have been identified on the basis of information provided by the company, which has been relied upon by the auditors

ii) There are no amounts written-off/written back or provided for during the year in respect of debts due from/to related parties.

4. Financial instruments

A) Capital management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company monitors the return on capital as well as the level of dividends on its equity shares. The Company''s objective when managing capital is to maintain an optimal structure so as to maximize shareholder value.

The management assessed that fair value of cash and short-term deposits, trade receivables, trade payables and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

C) Financial risk management

The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management policies.

"The Company''s financial risk management is supported by the finance department

- protect the Company''s financial results and position from financial risks

- maintain market risks within acceptable parameters, while optimising returns; and

- protect the Company''s financial investments, while maximising returns."

i) Management of credit risk

Credit risk is the risk of financial loss to the Company arising from counter party failure to meet its contractual obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after necessary approvals for credit.

"Trade receivables

The Company assess the customers credit quality by taking into account their financial position, past experience and other factors. The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment."

ii) Management of liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Company''s credit rating and impair investor confidence. The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management.

D) Fair value hierarchy

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

5. Employee benefits

(a) Defined contribution plan

The Company''s contribution to Provident Fund aggregating Rs. 113.66 lakhs (March 31, 2017: Rs. 106.26 lakhs) has been recognised in the Statement of Profit and Loss under the head Employee benefits expense.

(b) Defined benefit plans:

Gratuity

The Gratuity scheme is a final salary defined benefit plan, that provides for a lumpsum payment at the time of separation; based on scheme rules the benefits are calculated on the basis of last drawn salary and the period of service at the time of separation and paid as lumpsum. There is a vesting period of 5 years.

These plans typically expose the company to actuarial risks such as:

(i) Investment risk: The fund is managed by LIC, fund manager. So, the details of composition of plan assets managed by the fund manager is not available with the company. However, the fall in plan assets will increase the defined benefit obligation.

(ii) Interest rates risk: the defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(iii) Salary inflation risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, increase in salary will increase the defined benefit obligation.

(iv) Demographic risks: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. As the increase in life expectancy of the plan participants will increase the plan''s liability.

In respect of the plan, the most recent actuarial valuation of plan assets and the present value of the defined benefit obligation were carried as at March 31,2018, March 31,2017 and April 1,2016 by M/s. Armstrong International Employee Benefits Solution, Mr. Srinivasan Nagasubramanian, Fellow of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

Sensitivity analysis:

Significant actuarial assumptions for the determination of the defined obligation are discount rate, salary escalation and attrition rate. The sensitivity analysis below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

-If the discount rate increases (decreases) by 1%, the defined benefit obligation would be decreased by Rs. 442.21 lakhs (increased by Rs. 492.95 lakhs) as at March 31, 2018

-If the expected salary escalation increases (decrease) by 1%, the defined benefit obligation would be increases by Rs. 490.72 lakhs (decreases by Rs. 443.27 lakhs) as at March 31, 2018

-If the attrition rate increases (decreases) by 1%, the defined benefit obligation would be decreased by Rs.463.27 lakhs (increases by Rs.469.40 lakhs) as at March 31, 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.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method under which If an employee''s service in later years will lead to a materially higher level of benefit than in earlier years, these benefits are attributed on a straight-line basis.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years, except that base rates have changed

There has been no change in the process used by the Company to manage its risks from prior periods.

6. First-time adoption of Ind AS

The accounting policies set out in Note 2 have been applied in preparing the financial statements for the year ended March 31, 2018 and the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of opening Ind AS balance sheet at April 1, 2016 (transition date). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act ("Previous GAAP") and an explanation of how the transition from previous GAAP to Ind AS has affected the company''s financial position, financial performance and cash flows is presented in the form of reconciliations below.

A Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A1 Ind AS optional exemptions

(a) Deemed cost for property, plant and equipment and intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for decommissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40. Accordingly, the company has elected to measure all of its property, plant and equipment, investment property and intangible assets at their Previous GAAP carrying value.

A2 Ind AS mandatory exceptions

(a) Estimates

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

(b) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Accordingly, classification and measurement of the financial assets has been based on the facts and circumstances that exist at the date of transition to Ind AS.

Notes:

1 Under Ind AS, Investments are fair valued at each reporting date with changes in fair value recognized in the statement of profit and loss. Under Previous GAAP, they are measured at lower of cost or net realisable value. Consequently, increase in fair value of such investments in equity instruments has resulted in a gain.

2 Under Ind AS, liability for dividend is recognized in the period in which the obligation to pay is established. Under previous GAAP, a liability is recognized in the period to which the dividend relates, even though the dividend may be approved by the shareholders subsequent to the reporting date. Consequently, dividend payable under Ind AS is lower and retained earning is higher.

3 Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability/asset which is recognised in other comprehensive income whereas in Previous GAAP, actuarial gains and losses were recognised in the statement profit and loss. Consequently, the tax effect ofthe same has also been recognised in other comprehensive income under Ind AS instead of statement of profit and loss.

7. This being the first year of presentation of financial statements under Ind AS , the balance for the prior periods has been regrouped/ reclassified to confirm with the current year groupings / classifications.

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Mar 31, 2017

1. Terms/ rights attached to Equity Shares

2. The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share.

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

4. Indian Rupee Term Loans from Banks (secured) consist of ;

5.Term Loan-I from HDFC Bank carrying interest rate @ 10.55% p.a. and repayable in 48 equated monthly installments beginning from September, 2016.

6. Term Loan-II from HDFC Bank carrying interest rate @ 10.55% p.a. and repayable in 59 equated monthly installments beginning from March 2017.

7. Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR minus 2.65% p.a. and repayable in 50 equated monthly installments beginning from June, 2013.

8. Indian Rupee Term Loan and Foreign Currency Term Loans are secured:

9. by way of First pari passu charge, on hypothecation of all the plant and machinery at the Company''s existing plant at Belavadi Industrial Area and Hebbal Industrial Estate, Mysore, Company''s Registered Office and Company Flat at Bangalore,

10. by way of First pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal Industrial area, Mysore, Company''s Registered Office and Company Flat at Bangalore,

11. by way of Second Paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, and

12. further secured by personal guarantee of the Managing Director.

13. Loan from Directors carries an Interest @ 10.50% and the Loan is repayable after March 31, 2018.

Cash credit from banks carry interest rate @ 9.80% - 10.60 % p.a. and are repayable on demand

14. Cash credit from banks are secured:

15. by way of first paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

16. by way of second paripassu charge, on hypothecation of all the plant and machinery at the company''s existing plant at Belavadi Industrial Area, Hebbal Industrial Area, Mysore and Company''s registered office and Company flat at Bangalore,

17. by way of second paripassu charge, on equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal Industrial area, Mysore, Company''s registered office and Company flat at Bangalore.

18. further secured by personal guarantee of the Managing Director.

19. Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Based on the information available with the company, there are no Micro, Small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at March 31, 2017. Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

20. The actuarial value of Gratuity liability As at March 31, 2017 is Rs.4,50,53,709/- (March 31, 2016, Rs.3,68,66,912/-) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India.

Gratuity Report under AS-15 (Revised 2005) for year ended March 31, 2017

The following tables sets out the funded status of the gratuity plans and the amounts recognized in the Company''s financial statements as at March 31,2016

21. The actuarial value of Leave Encashment liability As at March 31, 2017 is Rs.64,97,225/-(March 31, 2016, Rs.51,23,265/-) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India

22. Derivative Instruments

23. During the year, the company has entered into some formal hedging policy to hedge its exposure in foreign currency and interest rate (if any). However, the outstanding derivative instruments as on March 31, 2017 is NIL (March 31, 2016 _ NIL)

24. Unhedged foreign currency exposures:

25. The Board of Directors recommended 150% dividend. (Rs.15/- per Equity Share).

26. Previous year figures have been regrouped/rearranged wherever necessary to make comparable with the current period.

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Mar 31, 2016

Cash credit from banks carry interest rate @ 10.50% - 10.75 % p.a. and are repayable on Demand

(i) Cash credit from banks are secured:

(a) by way of first Paripassu charge, on hypothecation of Company’s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

(b) by way of Second paripassu charge, on hypothecation of all the plant and machinery at the company’s existing plant at Belavadi Industrial Area, Hebbal Industrial Area, Mysore and Company’s registered Office and Company Flat at Bangalore,

(c) by way of Second paripassu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal Industrial Area, Mysore, Company’s registered Office and Company Flat at Bangalore.

(d) further secured by personal guarantee of the Managing Director.

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Mar 31, 2014

1. Company Overview

Triton Valves Limited (the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years.The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

2. Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Based on the information available with the company, there are no Micro, Small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

3. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

4. The actuarial value of Gratuity liability As at 31st March 2014 is Rs. 27,568,754/- (31st March 2013, Rs. 21,215, 068) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India

Gratuity Report under AS-15 (Revised 2005) for year ended 31st Mar 2014

The following tables sets out the funded status of the gratuity plans and the amounts recognized in the Company''s financial statements as at 31st March, 2014

Excess of Actual over estimated return on plan assets NIL

(Actual rate of return - Estimated rate of return as ARD falls on 31st March)

5. Rs.17,85,06,563/- of Excise duty paid includes Rs.31,94,879/- (Rs.35,48,795) being provision made for duty payable on the unsold stock of finished goods.

6 Related Party Transactions:

Information given in accordance with the requirements of Accounting Standard 18 on related party disclosures issued by the Institute of Chartered Accountants of India

7 Derivative Instruments

a) During the year, the company has not entered into any formal hedging policy to hedge its exposure in foreign currency and interest rate (if any). Hence, the outstanding derivative instruments as on March 31, 2014 is NIL (March 31, 2013 - Nil)

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Mar 31, 2013

1. Company Overview

Triton Valves Limited (''the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years. The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

(a) Terms/ rights attached to equity shares

I. The Company has only one class of equity shares having a par value of Rs. 10/- per share.

Each holder of equity share is entitled to one vote per share.

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

i. Indian Rupee Term Loans from Banks (secured) consist of:

Term Loan from HDFC Bank carrying interest rate @ 12% p.a. and repayable in 66 equated monthly instalments beginning from September29, 2011.

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR minus 2.65 p.a. and repayable in 50 equated monthly instalments beginning from June, 2013.

ii. Foreign currency Term Loans from Banks (secured) consist of:

FCNRTerm Loan from HDFC Bank carrying interest rate @ 9.5% p.a.and repayable in 16 equated quarterly instalments beginning from September, 2011.

ECB Term Loan from Standard Chartered Bank carrying interest rate @ 9.75% p.a. and repayable in 48 equated monthly instalments beginning from November, 2011.

iii. Indian Rupee Term Loan and Foreign Currency Term Loans are secured:

(a) By way of First pari passu charge, on hypothecation of all the plant and machinery at the Company''s existing plant at Belavadi Industrial Area and Hebbal Industrial Estate, Mysore, Company''s Registered Office and Company Flat at Bangalore,

(b) By way of First pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area and Hebbal IndustriaArea, Mysore, Company''s Registered Office and Company Flat at Bangalore,

(c) By way of Second Paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, and

(d) Further secured by personal guarantee of the Managing Director.

Cash credit from banks carry interest rate @ 11.5% - 14% p.a. and are repayable on Demand

(I) Cash credit from banks are secured:

(a) By way of first Paripassu charge, on hypothecation of Company''s entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

(b) By way of Second paripassu charge, on hypothecation of all the plant and machinery at the company''s existing plant at Belavadi Industrial Area, Hebbal Industrial Area, Mysore and Company''s registered Office and Company Flat at Bangalore,

(c) By way of Second paripassu charge, on Equitable mortgage of Land and Building at Belavadi IndustrialArea and Hebbal IndusatrialArea, Mysore, Company''s registered Office and Company Flat at Bangalore.

(d) Further secured by personal guarantee of the Managing Director.

2. CONTINGENT LIABILITIES

a) Letters of Credit outstanding 93,100,777 112,773,048

b) Estimated amount of contracts remaining to 907,688 30,741,138 be executed on capital accounts and not provided for

c) In respect of Income-tax Matters 2,327,115 -

d) Bank guarantee 100,000 -

3. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

4. The actuarial value of Gratuity liability As at 31st March 2013 is Rs. 21,215,068/- (Rs.20,563,878) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India Gratuity Report under AS-15 (Revised 2005) for year ended 31st March 2013

The following tables sets out the funded status of the gratuity plans and the amounts recognized in the Company''s financial statements as at 31 March, 2013

5. The actuarial value of Leave Encashment liability As at 31st March 2013 is Rs. 2,952,582/- ( nil ) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India Group Leave Encashment Report under AS-15 (Revised 2005) for year ended 31st March 2013

The following tables sets out the funded status of the Leave encashment plans and the amounts recognized in the Company''s financial statements as at 31st March, 2013

6. Rs.18,09,84,669/- of Excise duty paid includes Rs.35,48,795/- (Rs.28,89,991) being provision made for duty payable on the unsold stock of finished goods.

7. Related Party Transactions:

Information given in accordance with the requirements of Accounting Standard 18 on related party disclosures issued by the Institute of Chartered Accountants of India

8. The previous year''s figures are regrouped and rearranged wherever necessary.

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Mar 31, 2012

1. Company overview

Triton Valves Limited ('the Company) was incorporated on 10th September 1975 as a Limited Company with its Registered office at Bangalore. The Company is engaged in the business of Manufacturing of valves and cores for the automobile tubes and supplies to tyre and tube manufacturers. The Company had a technical collaboration with M/s Pingeot Bardin S.A. of France for the first five years. The manufacturing facility was set up in the Belavadi Industrial Estate at Mysore. The Company is a market leader for its products from the Year 1992.

(a) Terms/ Rights attached to Equity Shares

i. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.

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

i. Indian Rupee Term Loans from Banks (secured) consist of ;

"Term Loan from HDFC Bank carrying interest rate @ 12% p.a. and repayable in 66 equated monthly instalments beginning from September 29, 2011."

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR - 3.5% p.a. and repayable in 45 equated monthly instalments beginning from July 2, 2009.

Term Loan from Kotak Mahindra Bank carrying interest rate @ PLR - 3.5% p.a. and repayable in 39 equated monthly instalments beginning from January 2, 2010.

ii. Foreign currency Term Loans from Banks (Secured) consist of;

FCNRTerm Loan from HDFC Bank carrying interest rate @ 9.5% p.a.and repayable in 60 equated monthly instalments beginning from February 12, 2008.

ECB Term Loan from Standard Chartered Bank carrying interest rate @ 9.75% p.a. and repayable in 60 equated monthly instalments beginning from November 4, 2011.

iii. Indian Rupee Term Loan and Foreign Currency Term Loans are secured:

(a) by way of First pari passu charge, on hypothecation of all the plant and machinery at the Company's existing plant at Belavadi Industrial Area, Mysore and Registered Office, at Bangalore.

(b) by way of First pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area, Mysore and Company's Registered Office, at Bangalore.

(c) by way of Second Paripassu charge, on hypothecation of Company's entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, and

(d) further secured by personal guarantee of the Executive Director.

In the current Financial year, the Company has opted for Life Insurance Corporation of India's group leave encashment scheme; accordingly contributed Rs.2,897,277 towards the liability as at 31 March 2012 as per the actuarial valuation provided by Life Insurance Corporation of India . Excess provision of Rs.295,200 has been reversed during the year. Hence no provision has been made for current year.

Cash credit from banks carry interest rate @ 11.5% - 14% p.a.

(i) Cash credit from banks are secured:

(a) by way of first Pari passu charge, on hypothecation of Company's entire current assets including stocks of raw material, semi finished goods and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future,

(b) by way of Second pari passu charge, on hypothecation of all the plant and machinery at the Company's existing plant at Belavadi Industrial Area, Mysore and the Registered Office at Bangalore,

(c) by way of Second pari passu charge, on Equitable mortgage of Land and Building at Belavadi Industrial Area, Mysore and the Registered Office at Bangalore and

(d) further secured by personal guarantee of the Executive Director.

(ii)The above Loans are received from Managing Director and Executive Director of the Company at the interest rate of 10.5% p.a.

* Customer deposits are repayable within 6-9 months from the reporting date upon completion of supply contracts.

(Amount in Rupees) As at As at 31 March, 2012 31 March, 2011

2. Contingent Liabilities :

a) Letters of Credit outstanding 112,773,048 29,866,705

b) Estimated amount of contracts remaining to be executed on capital accounts and not provided for 30,741,138 91,178,366

3. "Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act):

Based on the information available with the company, there are no Micro, Small and Medium enterprises, to which the company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006".

4. Confirmation letters of balances to Sundry Debtors &

Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

5. The actuarial value of Gratuity liability As at 31st March 2012 is Rs. 20,563,878/- (Rs.20,602,252) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India

6. Rs.14,92,74,665/- of Excise duty paid includes Rs. 28,89,991/- (Rs.38,79,848) being provision made for duty payable on the unsold stock of finished goods.

7. The previous year's figures are regrouped and rearranged wherever necessary.

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Mar 31, 2010

31.03.2010 31.03.2009 RS. RS.

1. Contingent Liabilities

a. Letters of Credit outstanding 19,002,604 1,897,310

b. Bank Guarantee - 60,166

c. Demand raised by Income Tax Dept. for Asst. Year 2006-07 & 2007-08 not acknowledegd as debt. 3,171,800 1,303,103

No provision in the accounts is made since the Company has filed an appeal against the order with the Commissioner of Income Tax (Appeal - III). The Company has deposited Rs.1,327,557 being 50 % of the demand

2. Disclosure as per the provisions of Micro, Small and Medium Enterprises Development Act, 2006: Amount due to Small Scale Industries for more than 30 days, but within the agreed terms:

1) Western Extrusion Industries Rs. 5,960,102/-

3. Interest amounting to Rs. 497,008/- (Rs. 6,081,781) paid on Term Loans during the year has been proportionately capitalised on the additions to Fixed assets which have been acquired out of Loan funds

4. Stock of Raw Materials includes materials in transit worth Rs.Nil (3,261,949) and with subcontractors for processing worth Rs. 16,942,144 (Rs.22,265,085)

5. Confirmation letters of balances to Sundry Debtors & Creditors have been sent by the Company and some confirmatory Letters have been received and reconciled.

6. Fixed Deposit of Rs.4,625,027 (Rs.4,305,998) with HDFC Bank Limited is against the Margin on Letters of credit.

7. Miscellaneous Expenses include Net Loss on sale of fixed assets Rs.54,077 (Rs.437,612).

8. Remuneration to Auditors: For Audit Rs.110,300 (Rs.100,000) for Tax Audit Rs. 16,545 (Rs. 15,000), Other services Nil (15,000) & Towards Expenses: Rs.17,626 (Rs.29,217).

9. Administration Expenses include Rent: Rs.346,466 (Rs.310,772), Rates & Taxes: Rs.627,832 (Rs.816,038) Postage a Telephone: Rs.974,541 (Rs.931,176) Printing a Stationery:Rs.1,257,117 (Rs. 1,209,424), Watch a Ward: Rs.1,524,351 (Rs.1,612,387), Travelling Expenses: Rs.2,912,359 (Rs.2,631,690), Foreign Travel: Rs.774,255 (Rs.187,733). Vehicle Maintenance: Rs.407,132 (Rs..484,184), Light a water: Rs.128,110 (Rs.134,484).

10. The actuarial value of Gratuity liability as on 31st March 2010 is Rs.17,044,999 (Rs.16,017,382) as per the workings under AS15 (Revised) issued by the Institute of Chartered Accountants of India.

11. Rs.803,337,956 of Excise duty paid includes Rs.1,027,326 (Rs.834,196) being provision made for duty payable on the unsold stock of finished goods.

12 Related Party Transactions:

Information given in accordance with the requirments of Accounting Standard 18 on related Party disclosures issued by the Institute of Chartered Accountants of India.

(A) M/s Suvardhan Speciality Tooling Division, Mysore. Partnership Firm.

(B) Key management personnel: Mrs. Anuradha M. Gokarn, Mr. Aditya M. Gokarn.

13. Previous years figures have been regrouped to conform with that of Current years presentation.