Notes to Accounts of India Gelatine & Chemicals Ltd.

Mar 31, 2025

j) Provisions, Contingent liabilities and Contingent Assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure required
to settle the present obligation at the end of the reporting period. The discount rate used to determine the
present value is a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest
expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made. The Company does
not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility
of an inflow of economic benefits to the entity. Contingent assets are not recognised in financial statements
since this may result in the recognition of income that may never be realised. However, when the realisation
of income is virtually certain, then the related asset is not a contingent asset and is recognised.

k) Revenue recognition

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable
that future economic benefits will flow to the Company and specific criteria have been met for each of the
Company''s activities as described below

Sale of goods

Revenue from sale of goods is recognised when control of the products being sold is transferred to our
customers and there are no longer any unfulfilled obligations. The performance obligations in our contracts
are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer
terms.

Sale of Services

Sale of Service Income is recognised on rendering of related services.

Sales Return

The Company recognises provision for sales return, on the basis of mutual satisfaction which is measured at
the Sales value excluding taxes & duties.

Export Incentives

Export Incentives under various schemes are accounted in the year in which right to receive is irrevocably
established.

Other revenue:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable rate of interest.

Revenue in respect of insurance/other claims, etc., is recognized only when it is reasonably certain that the
ultimate collection will be made.

Dividends are generally recognised in the Statement of Profit and Loss only when the right to receive payment
is established.

l) Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are recognised
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are
measured as the present value of expected future payments to be made in respect of services provided by
employees up to the end of the reporting period using the projected unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund.

Defined Benefit obligations

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plan is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The
defined benefit obligation is calculated annually by actuaries using the projected unit credit method as per
Requirement of Ind AS -19 - Employee Benefit.

The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognised in the period in which they occur, directly in other comprehensive income. They are included
in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund, etc., are charged to the Statement of Profit and Loss as
incurred.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognises termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

m) Foreign Currency Transactions:

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is Company''s functional and
presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction
dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the
Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange
rates and the resultant exchange differences are recognised in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial transactions.

n) Leases

As a Leasee

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.

The Company recognises a Right-of-Use (ROU) asset and a lease liability at the lease commencement date.
The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted
for any lease payment made at or before the commencement date, plus any initial direct cost incurred and an
estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site
on which it is located, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful
lives of ROU assets are determined on the same basis as those of Property, Plant and Equipment. In addition,
the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company''s incremental borrowing rate. Generally, the Company uses its incremental
borrowing rate as the discount rate.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-to-use assets and lease liabilities for short-term lease that
have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease
payments associated with these leases as expenses on a straight-line basis over the lease term.

o) Income taxes

The income tax expense or credit for the period is the tax payable on the current period''s taxable income
based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.

Deferred income tax is provided in full, using the liability method on temporary differences arising between
the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of
the reporting period and are excepted to apply when the related deferred income tax assets is realised or the
deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it
is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax

assets and tax liabilities are off set where the Company has a legally enforceable right to offset and intends
either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also
recognised in other comprehensive income or directly in equity, respectively.

p) Earnings Per Share
Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• weighted average number of equity shares outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity
shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming
the conversion of all dilutive potential equity shares.

q) Impairment of Assets:

The Company assesses at each reporting date whether there is an indication that a non-financial asset may
be impaired based on internal/external factors. An asset is treated as impaired when the carrying cost of
asset exceeds its recoverable Value. An impairment loss is charged to the statement of Profit and Loss in the
year in which an asset is identified as impaired. The impairment loss recognized in earlier accounting period
is reversed if there has been a change in the estimate of recoverable amount. After impairment, depreciation
is provided on the revised carrying amount of the asset over its remaining useful life.

[C] Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,
2025, MCA has notified Ind AS 117 - Insurance Contracts and amendments to Ind As 116 - Leases, relating to sale
and lease back transactions, applicable from April 1,2024. The Company has assessed that there is no impact on
its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating
exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods
beginning on or after April 1,2025. The Company is currently assessing the probable impact of these amendments
on its financial statements.

(b) Defined benefit plan

Details of defined benefit obligation and plan assets in respect of retiring gratuity are given below :

The Company has a defined benefit gratuity plan. Every Employee who has completed five years or more
of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each
completed year of service. Employees at corporate office who has completed twenty five years or more of
service gets a gratuity on death or resignation or retirement at 30 days salary (last drawn salary) for each
completed year of service. The scheme is funded with an insurance company in the form of an qualifying
insurance policy.

41. Financial Instruments - Fair Values & Risk Management

41.1 Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured 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.

All financial instruments are initially recognized and subsequently re-measured at fair value or amortized cost as
described below :

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on the
evaluation, allowances are taken to account for the expected losses of these receivables.

42.2 Financial Risk Management

The company''s Board of Directors has overall responsibility for the establishment and oversight of the company''s
risk management framework. The company''s risk management policies are established to identify and analyse
the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the company''s activities.

42.2.1. Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum
credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company
periodically assesses the financial reliability of customers, taking into account the financial condition, current
economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default
rates and overall credit worthiness of customers, management believes that no impairment allowance is required
in respect of outstanding trade receivables as on 31st March, 2025.

Other Financial Assets

The company has limited credit risk arising from cash and cash equivalents as the balances are maintained with
banks with high credit rating. Hence, these are low risk items.

The company evaluates the recoverability of Other financial assets at each reporting date and the same are
written off when there is no reasonable expectation of recovery. Where recoveries are made, these are recognised
in the Statement of Profit and Loss.

42.2.2 Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at
reasonable price. The company''s 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.
Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash
flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the
reporting date based on contractual undiscounted payments.

42.2.3 Foreign Currency Risk

The company operates Internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the US$ and EUR. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional
currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows.

42.2.4 Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. In order to optimize the company''s position with regards to the interest income
and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest
rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total
portfolio. The Company does not have any borrowings with floating interest rate as on 31st March, 2025.

42.2.5 Commodity Price Risk

Principal Raw Material for company''s products is Crushed Bone and Lime. Company sources its raw material
requirements from domestic markets. Domestic market price generally remains in line with international market
prices. Volatility in bone prices, currency fluctuation of rupee vis a vis other prominent currencies coupled with
demand-supply scenario in the world market affect the effective price of bone and Lime. Company effectively
manages availability of material as well as price volatility through well planned procurement and inventory strategy
and also through appropriate contracts and commitments.

52 Audit Trail

The company has used accounting software for maintaining its books of accout which has a feature of recording
audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions
recorded in the software. Further, there are no instances of audit trail being tampered with. Additionally, the audit
trail of prior year(s) has been preserved by the Company as per the statutory requirements for record retention.

53 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the
approval of the financial statements to determine the necessity for recognition and/or reporting of any of these
events and transactions in the Financial Statements. As of May 22, 2025 there was no subsequent event to be
recognised or reported that are not already disclosed elsewhere in these Financial Statements.

54 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
the rules made thereunder.

55 The Company does not have any transactions with companies struck off.

56 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the
statutory period.

57 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

58 The Company does not have any such trasaction 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).

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

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

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

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

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

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

61 Recent accounting pronouncements

Ministry of Corporate Affairs (“”MCA””) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,
2025, MCA has notified Ind AS 117 Insurance Contracts and amendments to Ind As 116 Leases, relating to sale

and lease back transactions, applicable from April 1,2024. The Company has assessed that there is no significant
impact on its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating
exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods
beginning on or after April 1,2025. The Company is currently assessing the probable impact of these amendments
on its financial statements.

62 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them
comparable with current year''s figures.The management believes that such reclassification does not have any
material impact on the information presented in the financial statements.

63 Events occurring after reporting period

The Company evaluated subsequent events through May 22, 2025, the date the financial statements were available
for issuance, and determined that there were no additional material subsequent events requiring disclosure.

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

For Mahendra N. Shah & Co.

Chartered Accountants Mr. Abhay Kumar Jha

FRN 105775W Executive Director

Din: 09639121

Chirag M. Shah Tanaya T. Daryanani Vishakha H. Purohit

Partner Company Secretary Chief Financial Officer

Mem. No.: 045706 Mem. No. A37181

Place : Mumbai Place : Mumbai

Date : May 22, 2025 Date : May 22, 2025

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Mar 31, 2024

k) Provisions, Contingent liabilities and Contingent Assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to the entity. Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised.

l) Revenue recognition

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Company and specific criteria have been met for each of the Company''s activities as described below

Sale of goods

Revenue from sale of goods is recognised when control of the products being sold is transferred to our customers and there are no longer any unfulfilled obligations. The performance obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

Sale of Services

Sale of Service Income is recognised on rendering of related services.

Sales Return

The Company recognises provision for sales return, on the basis of mutual satisfaction which is measured at the Sales value excluding taxes & duties.

Other operating revenue:

Export Incentives under various schemes are accounted in the year in which right to receive is irrevocably established.

Other revenue:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable rate of interest.

Interest received on delayed payment is accounted on receipt basis.

Revenue in respect of insurance/other claims, etc., is recognized only when it is reasonably certain that the ultimate collection will be made.

Dividends

Dividends are generally recognised in the Statement of Profit and Loss only when the right to receive payment is established.

m) Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund.

Defined Benefit obligations

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method as per Requirement of Ind AS -19 - Employee Benefit.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund, etc., are charged to the Statement of Profit and Loss as incurred.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits at the earlier of the following dates: (a) when the Company can no longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

n) Foreign Currency Transactions:

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is Company''s functional and presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant exchange differences are recognised in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

o) Lessee

As a Lessee

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognises a Right-of-Use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payment made at or before the commencement date, plus any initial direct cost incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful lives of ROU assets are determined on the same basis as those of Property, Plant and Equipment. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company''s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-to-use assets and lease liabilities for short-term lease that have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments associated with these leases as expenses on a straight-line basis over the lease term.

p) Income taxes

The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax assets is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

q) Earnings Per Share Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

r) Cash Flow Statement

The Cash Flow statement is prepared by the “Indirect method” set out in Ind AS-7 on “Cash Flow Statement" and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash Equivalent presented in the cash flow statement consist of cash on hand and demand deposits with banks.

s) Impairment of Assets:

The Company assesses at each reporting date whether there is an indication that a non-financial asset may be impaired based on internal/external factors. An asset is treated as impaired when the carrying cost of asset exceeds its recoverable Value. An impairment loss is charged to the statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in earlier accounting period is reversed if there has been a change in the estimate of recoverable amount. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

t) Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. These material items of income or expense have to be shown separately due to their nature or incidence.

18.1 Nature and purpose of reserves Capital reserve

Capital Reserve will be utilised in accordance with provisions of the Act.

Capital Redemption Reserve

Capital Redemption Reserve represents reserve created during buy back of Equity Shares and it is a nondistributable reserve.

General Reserve

General Reserve has been created by transfer out of profits generated by the Company and is available for distribution to shareholders.

Retained Earnings

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

42. Financial Instruments - Fair Values & Risk Management 42.1. Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured 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.

All financial instruments are initially recognized and subsequently re-measured at fair value or amortized cost as described below :

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

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

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

Level 3 : Input that is significant to the fair value measurement is unobservable.

42.2 Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the company''s risk management framework. The company''s risk management policies are established to identify and analyse the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the company''s activities.

42.2.1. Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default rates and overall credit worthiness of customers, management believes that no impairment allowance is required in respect of outstanding trade receivables as on 31st March, 2024.

42.2.2 Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The Company''s 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. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.

42.2.4 Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio. The Company does not have any borrowings with floating interest rate as on 31st March, 2024.

42.2.5 Commodity Price Risk

Principal Raw Material for company''s products is Crushed Bone and Lime. Company sources its raw material requirements from domestic markets. Domestic market price generally remains in line with international market prices. Volatility in bone prices, currency fluctuation of rupee vis a vis other prominent currencies coupled with demand-supply scenario in the world market affect the effective price of bone and Lime. Company effectively manages availability of material as well as price volatility through well planned procurement and inventory strategy and also through appropriate contracts and commitments.

Sensitivity Analysis

The table below summarises the impact of increase/decrease in prices of Crushed Bone and Lime by '' 1 per kg on profit for the period.

54 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.

55 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. As of 30th April, 2024 there was no subsequent event to be recognised or reported that are not already disclosed elsewhere in these Financial Statements.

56 The Company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

57 The Company does not have any transactions with companies struck off.

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

59 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

60 The Company does not have any such trasaction 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).

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

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

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

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

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

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

63 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.

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

For Mahendra N. Shah & Co.

Chartered Accountants Viren C. Mirani Ashwini Agarwal

FRN 105775W Chairman & Managing Director (DIN: 00362480)

(DIN: 00044901) Vaibhav S. Pittie

Shefali V. Mirani (DIN: 07643342)

Executive Director Malay M.Khimji

Chirag M. Shah (Din: 03107547) (DIN: 00402675)

Partner Tanaya T. Daryanani Bharati A.Mongia

Mem. No.: 045706 Company Secretary (DIN: 01858267)

Place : Ahmedabad Mem. No. A37181 Directors

Date : 30^th April, 2024 Place : Mumbai

Date : 30^th April, 2024 Vishakha H. Purohit

Chief Financial Officer

---

Mar 31, 2023

17.4 The Company has only one class of shares having a par value of '' 10 per share. Each shareholder is entitled to one vote per share.

17.5 In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.

17.6 The Company does not have any holding company or subsidiary company.

18.1 Nature and purpose of reserves Capital reserve

Capital Reserve will be utilised in accordance with provisions of the Act.

Capital Redemption Reserve

Capital Redemption Reserve represents reserve created during buy back of Equity Shares and it is a nondistributable reserve.

General Reserve

General Reserve has been created by transfer out of profits generated by the Company and is available for distribution to shareholders.

Retained Earnings

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

1. The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance as it is determined on actuarial basis for the company as a whole.

2. The above related party transactions have beeen reviewed periodically by the Board of Directors of the Company vis-a-vis the applicable provisions of the Companies Act, 2013, and justification of the rates being charged/terms thereof and approved the same.

39. Operating Segments

The company manufactures and deals in single product, i.e. manufacturing of Ossein & Gelatine and therefore, no separate disclosure as per IND AS 108 “Operating Segments” is given.

40. Disclosures As Required By Indian Accounting Standard (Ind As) 19 “Employee Benefits”

(a) Defined contribution plans

Contribution to defined contribution plans, recognised as expense for the year is as under :

The Group pays provident fund contributions to publicly administered funds as per the local regulations. The Group has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expenses

(b) Defined benefit plan

Details of defined benefit obligation and plan assets in respect of retiring gratuity are given below :

The Company has a defined benefit gratuity plan. Every Employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service. Employees at corporate office who has completed twenty five years or more of service gets a gratuity on death or resignation or retirement at 30 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of an qualifying insurance policy.

41. Financial Instruments - Fair Values & Risk Management 41.1. Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured 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.

All financial instruments are initially recognized and subsequently re-measured at fair value or amortized cost as described below :

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

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

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

Level 3 : Input that is significant to the fair value measurement is unobservable.

41.2 Financial Risk Management

The company''s Board of Directors has overall responsibility for the establishment and oversight of the company''s risk management framework. The company''s risk management policies are established to identify and analyse the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the company''s activities.

41.2.1. Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default rates and overall credit worthiness of customers, management believes that no impairment allowance is required in respect of outstanding trade receivables as on 31st March, 2023.

41.2.2 Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company''s 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. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.

The company operates Internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$ and EUR. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional currency (''). The risk is measured through a forecast of highly probable foreign currency cash flows.

41.2.4 Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio. The Company does not have any borrowings with floating interest rate as on 31st March, 2023.

Principal Raw Material for company''s products is Crushed Bone and Lime. Company sources its raw material requirements from domestic markets. Domestic market price generally remains in line with international market prices. Volatility in bone prices, currency fluctuation of rupee vis a vis other prominent currencies coupled with demand-supply scenario in the world market affect the effective price of bone and Lime. Company effectively manages availability of material as well as price volatility through well planned procurement and inventory strategy and also through appropriate contracts and commitments.

42. Capital Management

For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

The information regarding Micro or Small Enterprises has been determined on the basis of information available with the management.

44. The company has taken office under cancellable operating lease. Such lease is accounted for as “Short Term Lease” as per IND AS 116, Leases. The amount in respect of Short Term Lease is '' 5.85 lakhs (P.Y. '' 5.40 Lakhs).

45. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the balance sheet, if realised in the ordinary course of the business. Provision for depreciation and all known liabilities have been made in accounts.

52 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.

53 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. As of May 22, 2023 there was no subsequent event to be recognised or reported that are not already disclosed elsewhere in these Financial Statements.

54 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

55 The Company does not have any transactions with companies struck off.

58 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

56 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

57 The Company does not have any such trasaction 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).

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

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

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

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

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

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

60 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.

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Mar 31, 2018

I

Notes to Financial Statement for the year ended 31" March, 2018

Note 2

Property, plant and equipment Rs in Lakhs

Particulars	Leasehold Land	Freehold Land	Building	Plant and Equipment	Furniture, Fixtures & Office Equipments	Vehicles	Laboratory Equipment	Total
Brass Amount as on 1* April. 2016	21.00	4.46	1,709.69	9,255.07	234.30	464.14	38.21	11,726.87
Additions	-	-	-	133.36	3.76	104.44	0.69	242.25
Deduction & Adjustment	-	-	-	-	-	105.65	-	105.65
Balance is at 31* Mirth, 2017	21.00	4.46	1,709.69	9,388.43	238.06	462.93	38.90	11,863.47
Additions	-	-	-	127.41	10.98	-	-	138.39
Deduction & Adjustment	-	-	-	-	3.77	55.50	-	59.27
Balance as at 31'' March, 2018	21.00	4.46	1,709.69	9,515.84	245.27	407.43	38.90	11,942.59
Accumulated Depreciation
Balance as at 1" April, 2016	3.52	-	747.82	6,075.54	180.52	180.62	32.17	7,220.19
Deduction & Adjustment	-	-		-	-	72.05	-	72.05
Depreciaton for the period	-	-	37.94	243.13	10.86	47.89	0.78	340.60
Balance as at 31'' March, 2017	3.S2	.	785.76	6,318.67	191.38	156.46	32.95	7,488.74
Deduction & Adjustment	-	-	-	-	3.58	52.73	-	56.31
Depreciaton for the period	-	-	37.78	231.03	11.31	42.58	0.79	323.49
Balance as at 31'' March, 2018	3.S2	-	823.54	6,549.70	199.11	146.31	33.74	7,755.92
Net carrying amount
Balance as at 1" April, 2016	17.48	4.46	961.87	3,179.53	53.78	283.52	6.04	4,506.68
Balance as at 31" March, 2017	17.48	4.46	923.93	3,069.76	46.68	306.47	5.95	4,374.73
Balance as at 31* March, 2018	17.48	4.46	886.15	2,966.14	46.16	261.12	5.16	4,186.67

3. Capital Work in progress

Rs in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Plant and Machinery	29.19	108.57	40.90
Total	29.19	108.57	40.90

4. Intangible Assets

Rs in Lakhs
Particulars	As at 31-03-2018	As at * 31-03-2017	As at 01-04-2016
Technical Know How
Gross Block	309.74	309.74	309.74
Amortization	294.26	294.26	294.26
Net Block	15.48	15.48	15.48

5. Investments (Non-Current)

	As at 31-03-2018		As at 31-03-2017		As at 01-04-2016
	Units	? in Lakhs	Units ;	Tin Lakhs	Units	Rs In Lakhs
Investments measured at
Amortized Cost :
In Shares :
Unquoted, Fully Paid Up :
Shri Vigneswara Cotton Mills Limited	6,000	0.60	6,000	0. 60	6,000	0.60
Ugam Solutions P. Ltd.	-	-	-		10.000	170.00
Total of Investments measured
at Amortized Cost	6,000	0.60	6,000	0.60	16,000	170.60
Investments in Debentures/ Bonds :
Unquoted, Fully Paid Up :
National Highway Authorities of India Bonds	12,362	123.62	12,362	123.62	12,362	123.62
Cholamandalam Invesement
& Finance Co. Ltd NCD	20	100.00	20	100.00	20	100.00
NHAI Bonds	-	-	500	50.00	500	50.00
NHAI Bonds	8,571	85.71	8,571	85.71	8,571	85.71
Total Investments in Debentures/ Bonds		309.33		359.33		359.33
Other Non-Current Investments
National Savings Certificate	-	0.06	-	0.06	-	0,06
Total Non Current Investments		309.99		359.99		529.99

6. Other Financial Assets (Non Current)

? in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Security Deposits	36.26	53,62	36.62
Total	36.26	53.62	- 36.62

7. Other Non Current Assets

? in Lakhs

Particulars	As at 31-03-2018	As at 3T-Q3-2017	As at 01-04-2016
Capital Advances	-	-	22.44
Total	-	-	''22.44

8. Income Tax Asset (Net)

T in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Advance Income Tax (net of Provision for Tax)	97.93	144.99	132.84
Total	97.93	144,99	132.84

9. Inventories

Rs in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Raw materials	212.26	149.16	650.41
Work in progress	817.13	1,279.76	634.33
Stores, Spares & Fuel	274.56	290.35	• 279.72
Loose tools	2.31	2.50	2.54
Finished goods	1,310.63	1,352.55	1,011.41
Total	2,616.89	3,074.32	2,578.41

11. Trade receivables

in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Unsecured, considered good Doubtful	449.42	453.34	391.59
Total	449.42	453.34	391.59

12. Cash and cash equivalents

in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Balances with banks Cash on hand	92.78 2.38	645.50 1.59	3,762.31 1.9$
Total	95.16	647.09	3,764.29

13. Bank balances other than mentioned in cash and cash equivalents

in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Unclaimed Dividend balances with banks	21.91	22.80	24.34
Margin money deposits	186.54	162.08	167.08
Investments in Term deposits	30.00	30.00	100.00
Total	238.45	214.88	291.42

14. Loans

in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Loans & Advances to Employees	3.59	1.58	1.78
Loans and advances to related parties	-	-	210.00
Export Benefits receivables	100.59	8.26	18.76
Advances to Suppliers	88.28	82.16	76.56
Prepaid expenses	4.96	3.85	3.70
Balance with Government Authorities	91.15	141.45	255.68
Other Advances	437.10	1,000,78	490.10
Total	725.67	1,238.08	1,056.58

15. Other Financial Assets (Current)

in Lakhs

Particulars	As at 31-03-2018	Mat 31-03-2017	As at 01-04-2016
Interest receivable	30.92	135.39	118.51
Total	30.92	135.39	118.51

16. Share Capital

	As at 31 -03-2018		As at 31-03-2017		As at 01-04-2016
	Units	Rs in Lakhs	Units	Rs in Lakhs	Units	Rs in Lakhs
Authorised Share Capital : Equity Shares of Rs 10 each Issued & Subscribed: Equity Shares of Rs 10 each Subscribed and Fully Paid Up : Equity Shares of Rs 10 each	1,25,00,000	1,250.00	1,25,00,000	1,250.00	1,25,00.000	1,250.00
	70,92,300	709.23	94,00,000	940.00	94,00,000	940.00
	70,92,300	709.23	94,00,000	940.00	94,00,000	940.00
	70,92,300	709.23	34,00,000	940.00	94,00,000	940,00

16.1 The reconciliation of the no. of shares outstanding is set out below :

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Equity Shares At Beginning of the period Add : Issued during the year	94,00,000	94,00,000	94,00.000
Less : Bought back during the year	23,07,700	-	-
At End of the period	70,92,300	94,00,000	94,00,000

16.2 Details of shareholders holding more than 5% shares in the Company

	As at 31-03-2018		As at 31-03-2017		As at 01 -04-2016
Name of the shareholder
	*o. .	% of	No.	% of	No.	% of
	of Shares	the holding	of Shares	the holding	of Shares	the holding
Olive Finance & Investment Pvt. Ltd.	17,08,099	24.08%	18,63,099	19.82%	18,74,599	19.94%
Viren C. Mirani	12,62,459	17.80%	22,14,263	23.56%	11,07,846	11.79%
Shefali V. Mirani	8,20,113	11.56%	14.38,419	15,30%	7,65,650	8.15%
Divyaprabha C. Mirani	5,49,534	7.75%	5.49,534	5.85%	5.49,534	5.85%
Sunil P. Mirani	-	-	-	-	6,56,140	6.98%
Manorama N. Mirani	-	-		-	5,64,580	6.01%

Terms / rights attached to equity shares

16.3 The Company has only one class of shares having a par value of Rs 10 per share. Each shareholder is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

16.4 In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.

16.5 The company does not have any holding company or subsidiary company.

16.6 The Company has bought back 23,07,700 shares during the year ended March 31, 2018 at buy-back price determined at Rs 117/-per share which was approved by the Board of Directors and shareholders of the Company. Shares bought back during the period of three years immediately preceding the reporting date:

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
Number of equity shares bought back by the Company	23,07,700	-	-

17. Other Equity

Rs in Lakhs

Particulars	As at 31-03-2018	As at 31-03-2017	As at 01-04-2016
CAPITAL RESERVE	630.26	630.26	630.26
SECURITIES PREMIUM RESERVE	1,363.40	1,363,40	1,36340
Add: Utilisation for buy back of shares	(1,363.40)	-	-
Balance at the end of the Year	-	1,363.40	1,363,40
CAPITAL REDEMPTION RESERVE :
Balance as per last year	-	-	-
Add: Transfer from General Reserve	230.77		-
Balance at the end of the Year	230.77	-
GENERAL RESERVE:
Balance as per last year	8,981.89	8,881.89	8,531.89
Add: Appropriations From Current year''s Profit	100.00	100.00	350.00
Less : Utilisation for buy back of shares	1,105.84		-
Less : Transfer to Capital Redemption Reserve	230.77		.
Balance at the end of the Year	7,745.28	8,981.89	M0U*
SURPLUS IN STATEMENT OF PROFIT AND LOSS		-
Balance at the beginning of the Year	487.78	372,33	384.62
Add: Profit after tax for the Year	239.82	316,77	366.46
Adjustment of Sale as per IND AS	-	-	(28.25)
Amount available for Appropriation	727.60	689,60	722.83
Less: Appropriations :			,
Dividend	63.83	84.60	-
Dividend Distribution Tax	12.99	17.22	-
Transferred to General Reserves	100.00	100.00	350.00
Total Appropriation	176.82	201.82	350,00
Balance at the end of the Year	550.78	487.78	372,83
TOTAL	9,157.09	11,463.33	11,248.38

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.

Capital reserve

Capital reserve is utilised in accordance with provision of theAct.

Capital Redemption Reserve

Represent reserve created during Buy-back of Equity Shares and it is a non-distributable reserve.

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Mar 31, 2016

1. Previous year’s figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Surplus of Rs,10,79,966/- (Previous year surplus of 7 2,58,982/-) & surplus of 7 55,983/- (Previous year surplus of Rs,17,229/-) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31" March, 2016, This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

iii) The Bonus Amendment Act 2015 was made effective from 01,04.2014. However jurisdictional

Honorable Gujarat High Court has given stay and the company has therefore not provided liability in respect of Bonus for the A/c. year 2014-15 of 7 5,34,565/- in the books.

5(b) In respect of liability of leave encashment up to 31.03.2016 the company has obtained actuarial valuation and has provided T 42,19,325/- in the books.

6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of T1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income”. However, the company has already paid the entire tax of Rs, 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8(a). During the year the company has received VAT assessment orders for A/c. years 2010-2011 & 2011-2012 and the department has reduced input VAT tax Credit on fuels & other claims of the company of ^ 56,30,382/- which has resulted into lower VAT refund and the same Short Credit is included in Sales Tax expenses for the year.

B(b). General expenses includes Credit of T 67,97,066/- arising on account of effect of difference of Excise Duty on opening and dosing stock of finished goods.

8(c). In rasped of some of the Equipments which were not working efficiently and were also inoperative, the company has obtained technical report from the Govt, approved value and on the basis of the same has applied useful life as worked out by the Value and provided depreciation on the same.

The company does not have any outstanding dilutive potential equity shares, consequently the basic and diluted earnings per share of the company remain the same.

10. Discourse in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists : —

2) Other parties with whom company entered into transitions during the year

i) JointVentures : -

ii) Associates :

1) KhimjiVisram&Sons(Guj)Pvt.Ltd.

2) Olrve Finance & Investment P. Ltd.

3) Khimji Visram & Sons (Partnership Firm)

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Chairman & Managing Director

Relatives of Key Management Personnel:

Mr. Nayan C, Mirani, brother of Mr. Viren C. Mirani

12. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

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Mar 31, 2015

Note 1

1. Previous year's figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Surplus ofRs. 2,58,982A (Previous year deficit of Rs.1,02,91,311/-) & surplus of Rs.17229/- (Previous year surplus of Rs.60472/-) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Ad), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities: Rs.Lacs

j) Bank Guarantees issued 2014-2015 2013-2014

GSPC 1,25,06,593 1,67,38,900

Pollution Control Board - 5,00,000

Dakshin Gujarat Vij Company 1,29,17,308 82,26,900

2,54,83,901 2,54,67,600

5(b) In respect of liability of leave encashment up to 31.03.2015 the company has obtained actuarial valuation and has charged Rs. 45,27,499/- in the books.

6. In respect of appeal filed by the company in income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation ofRs. 1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of Rs. 334.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that impairment Loss which is difference between the carrying amountand recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2010-2011.

10. Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists : —

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures ; —

ii) Associates : -

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Managing Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Vlsram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment P. Ltd.

4) Khimji Visram & Sons {Partnership Firm)

5) Khimji Visram & Sons {Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

8) K.V, Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

Mr, Nayan C. Mirani, brotherof Mr. Viren C. Mirani

---

Mar 31, 2014

Note 1(A)

1. Previous year''s figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Deficit of Rs. 102.91 Lacs (Previous year deficit ofRs. 36.04 Lacs) & surplus ofRs. 0.60 Lacs (Previous year surplus of Rs. 2.27 Lacs) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31" March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities: Rs.lacs

i) Bank Guarantees issued 2013-2014 2012-2013 GSPC Gas Company Ltd. 167.39 139.81 Pollution Control Board 5.00 - Dakshin Gujarat Vij Company Ltd. 82.28 59.09 254.67 198.90 ii) In respect of claims against the Company not acknowledged as debts 2013-2014 2012-2013 Excise Duty 8.15 8.15 Service Tax 15.41 15.41 23.56 23.56

5(b) In respect of liability of leave encashment up to 31.03.2014 the company has obtained actuarial valuation and has charged Rs.11.90 lacs in the books.

6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of Rs. 1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of Rs. 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2009-2010.

10. Disclosure in respect of related parties pursuantto Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists -

2) Other parties with whom company entered into transactions during the year

i) JointVentures -

ii) Associates : —

12. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

---

Mar 31, 2013

1. Previous year''s figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Deficit of Rs. 36.04 lacs (Previous year surplus of Rs. 14.79 lacs) & surplus of Rs. 2.27 lacs (Previous year deficit of Rs. 0.08 lacs) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4(a) In respect of liability of leave encashment up to 31.12.2012 the company has obtained actuarial valuation and has reversed forRs. 3.34 lacs in the books.

5. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation ofRs. 1,253.00 lacs which the company has claimed as exempt has been decided in favour ofthe Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax ofRs. 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order ofthe ITAT.The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

6. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

7. The Sales Tax Assessments of the company are completed up to accounting year 2008-2009.

8. Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists : --

2) Other parties with whom company entered into transactions during the year

i) JointVentures : --

ii) Associates : (a) SCIL Capital India Ltd.

(b) Ugam Solutions Pvt. Ltd

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Managing Director

Enterprises having common Key Management Personnel and/ortheir Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment Pvt. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company (Partnership Firm)

7) S.E. International

8) K.V. Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani

10. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

---

Mar 31, 2012

Note 1(A)

1 Previous year's figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2 Surplus of Rs 14.79 Lacs (Previous year ofRs 1,12.29 Lacs) & deficits of Rs 0.08 Lacs (Previous year surplus ofRs 1.82 Lacs) being the impact of foreign exchange fluctuation has been included in the Turnover and Purchase of Stores, Spares & Machinery respectively.

3 There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4 Operating Lease:

As Lessee : Lease rental of Rs1,22.48 lacs (Previous year ,53.13 Lacs) charged to revenue for right to use leasehold assets like gas based power generating equipments & waste heat recovery equipment. The agreement was executed for a period of 260 weeks which was terminated during the year.

5(b) In respect of liability of leave encashment up to 31.12.2011 the company has obtained actuarial valuation and has provided forRs33.42 Lacs in the books.

6 In respect of appeal filed by the company in Income Tax appellate tribunal regarding the treatment of receipt of Capital Compensation of Rs12,53.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as “Business Income”. However, the company has already paid the entire tax ofRs 3,84.00 lacs in respective year. The company has preferred appeal in Gujarat High Court against the impugned order ofthe ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7 In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8 The Sales Tax Assessments of the company are completed up to accounting year 2007-2008.

9 Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where Control Exists : —

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures : —

ii) Associates : SCIL Capital India Ltd.

3) Key Management Personnel and Enterprises having common Key Management Pers::r,no! or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Managing Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment P. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

8) K.V. Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

Mr. NayanC. Mirani, Brotherof Mr. VirenC. Mirani

10. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

---

Mar 31, 2011

1. Previous year's figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Surplus of Rs. 112.29 Lacs (Previous year deficit of Rs. 96.16 Lacs) & surplus of Rs. 1.82 Lacs (Previous year deficits of Rs. 0.02 Lacs) being the impact of foreign exchange fluctuation has been included in the Turnover and Purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities : Rs. In lacs

i) Bank Guarantees issued

2010-2011 2009-2010

GSPC 161.35 140.07

Pollution Control Board 28.00 14.00

Quippo Infrastructure Equipment Ltd. 34.73 34.73

224.08 188.80

5 (b) In respect of liability of leave encashment up to 31.12.2010 the company has obtained actuarial valuation and has provided for Rs. 9,24,031/- in the books.

6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of Rs. 12.57 crores which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of ? 3.84 crores in respective year. The company is preferring appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of "Accounting Standard 28 - Impairment of Assets' issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2006-2007 and the company has preferred appeal against addition made by the dept by rejecting the input tax credit of fuel.

9. Disclosure in respect of related parties pursuant to Accounting Standard 18; A. List of Related parties :

1) Parties where Control Exists -

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures -

ii) Associates

1) SCIL Capital India Ltd.

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives Key Management Personnel:

1) Mr. Viren C. Mirani - Executive Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment Pvt. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

8) K.V. Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

1) Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani

10. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

---

Mar 31, 2010

1. Previous years figures have been regrouped, re-arranged, re-casted wherever necessary to make them comparable with those of the current year.

2. Surplus of Rs.96.16 Lacs (Previous year deficit of Rs. 69.33 Lacs) & deficit of Rs.0.02 Lacs (Previous year surplus of Rs.1.58) being the impact of foreign exchange fluctuation has been included in the Turnover and Purchase of Stores & Spares, respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities : (Rs. In Lacs)

2009-10 2008-09

i) Bank Guarantees issued

GSPC 140.07 98.88

Pollution Control Board 14.00 7.00

Quippo Infrastructure Equipment Ltd. 34.73 34.73

Custom - 37.90

188.80 178.51

ii) In respect of claims against the Company not acknowledged as debts : (Rs. In Lacs)

2009-10 2008-09

Excise Duty 8.15 8.08

Service Tax 12.71 5.06

20.86 13.14

5. Operating Lease :

As Lessee : Lease rental of Rs.147.35 lacs (Previous year Rs.147.60Lacs) charged to revenue for right to use leasehold assets like Gas based Power Generating Equipments & Waste heat recovery equipment. The agreement is executed for a period of 260 weeks with a renewable clause and also provides for termination by lessee giving a prior notice of 90 days.

6(b) In respect of liability of leave encashment upto 31.03.2010.the company has obtained actuarial valuation and has provided for Rs.8,93,179/- in the books.

7. In respect of Income Tax Assessments of various years additions of Rs.12.57 Crores have been made against which the company has preferred appeals before the appropriate authorities. Practically the entire demand raised has been paid by the Company. Tax of Rs.3.84 Crores paid in respect of the said disputed addition for capital compensation credited to Capital Reserve, has been debited to the same account on matching concept basis. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

8. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

9. The Sales Tax Assessments of the company are completed upto accounting year 2005-2006 and no significant demand is raised on the company.

10. Disclosure in respect of related parties pursuant to Accounting Standard 18; A. List of Related parties :

1) Parties where Control Exists : —

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures : —

ii) Associates

1) SCIL Capital India Ltd.

2) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives: Key Management Personnel :

1) Mr. N.R. Mirani - Managing Director (up to 10.09.2008)

2) Mr. V.C. Mirani - Executive Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment P. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

Relatives of Key Management Personnel:

1) Mr. Nayan C. Mirani, Brother of Mr. V.C. Mirani