Notes to Accounts of Indian Toners & Developers Ltd.

Mar 31, 2025

xii) Contingent Liabilities & Contingent assets

The Company recognizes a provision when there is a present obligation as a result of a past event that
probably requires an outflow of resources and a reliable estimate can be made of the amount of the
obligation. Contingent liabilities are disclosed in respect of possible obligations that may arise from past
events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company. Contingent Assets are neither recognized nor
disclosed in the financial statements. However, contingent assets are assessed continually and if it is
virtually certain that an inflow of economic benefits will arise, the assets and related income are recognized
in the period in which the change occurs.

xiii) Cash & Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known
amount of cash that are subject to an insignificant risk of change in value and having original maturities
of less than three months or less from the date of purchase, to be cash equivalents. Cash and cash
equivalents consist of cash in hand and balance with banks including margin money .

Others bank balance:-which include balances and deposit with banks that are restricted for withdrwal
and usage.

xiv) Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised
as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of
time to get ready for its intended use. All other borrowing costs are charged to Profit and Loss account.

xv) Income Tax

Tax expense for the period, comprising current tax and deferred tax, are included in the determination of
the net profit or loss for the period.

Current Tax

Current tax expenses is based on the provisions of Income Tax Act, 1961 and judicial interpretations
thereof as at the Balance Sheet date and takes into consideration various deductions and exemptions to
which the Company is entitled to as well as the reliance placed by the Company on the legal advices
received by it. Current tax assets and current tax liabilities are offset when there is a legally enforceable
right to set off the recognized amounts and there is an intention to settle the asset and the liability on a
net basis.Current Tax and deferred tax are recognised in Profit and Loss , Except when they related to
items that are recognised in OCI or directly in equity in which case, the current deferred tax also recognised
i equity respectively.

Deferred Tax

Deferred tax charge or credit reflects the tax effects of timing differences between accounting income
and taxable income for the current year and reversal of timing differences for earlier years. The deferred
tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax
rates that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets
are recognized only to the extent there is reasonable certainty that the assets can be realized in future;
however, where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are
recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed
at each Balance Sheet date and are written-down or written-up to reflect the amount that is reasonably/
virtually certain (as the case may be) to be realized. Deferred tax assets and deferred tax liabilities are
offsets when there is a legally enforceable right to set off assets against liabilities representing current
tax and where the deferred tax assets and the deferred tax liabilities relate to taxes on income levied by
the same governing tax laws.

xvi) Leases

a) The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing
arrangements, if the contract conveys the right to control the use of an identified asset.

b) The contract conveys the right to control the use of an identified asset, if it involves the use of an
identified asset and the Company has substantially all of the economic benefits from use of the
asset and has right to direct the use of the identified asset. The cost of the right-of-use asset shall
comprise of the amount of the initial measurement of the lease liability adjusted for any lease
payments made at or before the commencement date plus any initial direct costs incurred. The
right-of-use assets is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability.
The right-of-use assets is depreciated using the straight-line method from the commencement date
over the period of lease term.

c) The Company measures the lease liability at the present value of the lease payments that are not
paid at the commencement date of the lease. The lease payments are discounted using the
incremental borrowing rate of the company.

d) For short-term and low value leases, the Company recognises the lease payments as an operating
expense on a straight-line basis over the lease term.

xvii) Earning Per Share

Basic Earning Per Share is calculated by dividing the net profit for the period attributable to equity
shareholders by weighted average number of equity shares outstanding during the period.For the purpose
of calculating diluted earnings per share, net profit after tax during the year and the weighted average
number of shares outstanding during the year are adjusted for the effect of all dilutive potential equity
shares.

xviii) Fair value measurement

The Company measures financial instruments, such as,derivatives at fair value at each balance sheet
date.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value measurement
is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the company. The company uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorized within the fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a whole:

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

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization
(based on the lowest level input that is signifi cant to the fair value measurement as a whole) at the end
of each reporting period. The Company determines the policies and procedures for both recurring fair
value measurement, such as derivative instruments and unquoted financial assets measured at fair
value, and for non-recurring measurement, such as assets held for distribution in discontinued operations.

xix) Cash Flow Statement

Cash Flow are reported using the indirect method, whereby profit before tax is adjusted for the effects of
transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flow from regular revenue generating, financing and investing activities of the company are
segregated.

xx) Key accounting estimates and judgements

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

B) Defined Benefit Plan
Gratuity

The company has a defined benefit gratuity plan. Every employee who has rendered continuous service of 5
years or more is entitled to gratuity at 15 day salary (15/26 * last drawn basis salary plus dearness allowances)
for each completed year for five years or more subject to maximum of rupees 20 lakhs on superannuation,
resignation Termination disablement ,or on death. The gratuity plan is a funded plan administered by a separate
Fund that is legally separated from the entity and the Company makes contributions to the insurer (LIC). The
Company does not fully fund the liability and maintains a target level of funding to be maintained over period of
time based on estimations of expected gratuity payments.

Leave encashment

The company has a policy to pay leave encashment. Every employee is entiltled to claim leave encashment
after his/her retirement/termination which is calculated based upon no. of leaves taken. The company pays
leave encashment on normal retirement for a maximum of 54 days or actual accumulation whichever is less.

* The discount rate is generally based upon the market yield on government bonds at the accounting date
relevant to currency of benefit payments for a term for a term that matches the liabilities.

** Under the PUC (Projected Unit Credit) method a projected accured benefit calculated at the beginning of
the period and again at the end of the period for each benefit that will accure for all active member of the plan.
The projected accrued benefit is based on the plan accrual formula and upon service as at the age at which
the employee is assumed to leave active service.

II) Sensitivity analysis

Reasonable possible change at the reporting date to one of the relevant actuarial assumption, holding
other assumption constant, would have effected the defined benefit obligation by the amount shown
below.

III) Risk exposure

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such
company is exposed to various risks as follow -

A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase
rate assumption in future valuations will also increase the liability.

B) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on
assets lower than the discount rate assumed at the last valuation date can impact the liability.

C) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.

D) Mortality & disability - Actual death & disability cases proving lower or higher than assumed in the
valuation can impact the liabilities.

E) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawal rates at subsequent valuations can impact Plan’s liability.

34 Disclosure as per Ind AS 21 ‘The Effects of Changes in Foreign Exchange Rates’

The amount of exchange differences (net) credited to the Statement of Profit & Loss is Rs 2.69 Lakhs (31
March 2024: Rs 21.99 Lakhs).

35 a) The Comapnay has taken cash credit and Non Fund credit facilities from a Bank against hypothecation of

Company’s entire current assets (present and future) including raw material. Consumables, stock in
process, finished goods and receivable by way of first charges .

b) The loan is additionally secured against cash collateral of Rs 50 lakhs.

c) Fixed deposit of Rs 57.89 lakhs pledged against overdraft facility availed by bank.

36 Disclosures as per Ind AS -24 ‘Related Party Disclosures’

I a) Related Parties over which the KMP has a significant influence

Jain Tube Co.Ltd.

Shrilon India LLP

b) Key Management Personnel :

Mr. Sushil Jain (CEO)

Mr. Akshat Jain ( Managing Director)

Mr. Satendra Paroothi (Whole time Director)

Mrs. Manisha Chamaria (Independent Director)

Ms. Neena Jain (Independent Director)- up to 30/09/2024
Mr. Sanjay Gupta (Independent Director)

Mr. Arun Kumar Garg (Independent Director)- wef 23/05/2024
Mr. Vishnu Pershad Mathur (Independent Director)- wef 04/11/2024
Mr. Vishesh Chaturvedi (Company Secretary)

Mr. N.K. Maheshwari (CFO)

c) Relative of KMP

Smt. Nandita Jain (Wife of Sushil Jain, CMD)

Ms. Ashima N.Mathur (Daughter of Sushil Jain)

Sushil Jain HUF ( Karta Sushil Jain)

The carrying amount of short term borrowings, trade payables, trade receivables, cash & cash equivalents
and other financial assets and liabilities are considered to be the same at their Fair values, due to their short
term nature.

There are no transfers between Level 1, Level 2 and Level 3 during the years ended 31st March 2025 and 31st
March 2024.

b) Fair Value hierarchy

All financial assets and liabilities for which fair value is measured in the financial statements are categorised
within the fair value hierarchy, described as follows: -

i) Level 1 - Quoted prices in active markets.

ii) Level 2 - Inputs other than quoted prices included within Level 1 that are observable, either directly or
indirectly.

ii) Level 3 - Inputs that are not based on observable market data.

B) Financial Risk management
Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the company’s
risk management framework.

The Company through three layers of defence namely policies and procedures, review mechanism and
assurance aims to maintain a disciplined and constructive control environment in which all employees understand
their roles and obligations. The Audit committee of the Board with top management oversee the formulation
and implementation of the risk management policies. The risk are identified at business unit level and mitigation
plan are identified, deliberated and reviewed at appropriate forums.

The Company has exposure to the following risks arising from financial instruments:

- credit risk (see(i);

- liquidity risk (see(ii); and

- market risk (see(iii).
i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers,
Loan and investments.

a) The carrying amount of financial assets represents the maximum credit risk as on reporting date
Trade receivables and other financial assets

The Company has established a credit policy under which new customer is analysed individually for
creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The
Company’s review includes external ratings, if they are available, financial statements, credit agency information,
industry information and business intelligence. Sale limits are established for each customer and reviewed
annually. Any sales exceeding those limits require approval from the appropriate authority as per policy.

In monitoring customer credit risk, customers are grouped according to their credit characteristics, including
whether they are an individual or a legal entity, whether thay are institutional, dealers or end-user customer,
their geographic location, industry, trade history with the Company and existence of previous financial difficulties.

b) Provision for Expected credit loss:

(i) Financial assets for which loss allowance is measured using 12 month expected credit losses.

With regard to all financial assets with contractual cash flows, other than trade receivables, management
belives these to be high quality assets with negligible credit risk. The management believes that the parties
from which these financial assets are recoverable, have strong capacity to meet the obligations and where the
risk of default is negligible and accordingly no provision for excepted loss has been provided on these financial
assets.

(ii) Financial assets for which loss allowance is measured using life time expected credit losses

The Company provides loss allowance on trade receivables using life time expected credit loss and as per
simplified approach.

Based on internal assessment which is driven by the historical experience/ current facts available in relation to
default and delays in collection thereof, the credit risk for trade receivables is considered low. The Company
estimates its allowance for trade receivable using lifetime expected credit loss.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage
to the Company’s reputation.

The Company’s treasury department is responsible for managing the short-term and long-term liquidity
requirements. Short term liquidity situation is reviewed daily by the treasury deparment. Longer term liquidity
position is reviewed on a regular basis by the Company’s Board of Directors and appropriate decisions are
taken according to the situation.

iii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Company’s income or the value of its holding of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return.

The company operates internationally and portion of the business is transacted in several currencies and
consequently the company is exposed to foreign exchange risk through its Sale and Purchase from overseas
suppliers in various foreign currencies.

The company evaluate exchange rate exposure arising from foreign currency transaction and the company
follow established risk management policies.

Exposure to currency risk

The summary quantitative data about the Company’s exposure to currency risk as reported to the management
of the Company is as follows:

Sensitivity analysis

A reasonable possible strengthening/ weakening of the USD or INR against all other currencies at year end
would have affected the measurement of financial instruments denominated in a foreign currency and affected
equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in
particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rate. In order to optimize the Company’s position with regards to
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.

45 OTHER STATUTORY INFORMATION :

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

(ii) The Company do not have any transactions with companies struck off.

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

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

(v) The Company have not advanced or loaned or invested funds(either borrowed funds or share premium
or any other sources or kind of fund) to any other person(s) or entity(ies), including foreign entities
Intermediaries) with the understanding (whether recorded in writing or otherwises) 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.

(vi) 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.

(vii) The Company have no such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has complied 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) Title Deeds of all Immovable properties are held in the name of the company.

(x) The company does not have any investment property.

(xi) During the year the company has not revalued its property, plant and Equipment (including right -of-Use
Assets).

(xii) During the year the company has not revalued its intangible assets.

(xiii) During the year the company has not granted any Loan or advance in the nature of loans to promoters,
directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or
jointly with any other person that are:(a) repayable on demand or(b) without specifying any terms or
period of repayment.

(xiv) The company does not have Intangible assets under development

(xv) During the year any Scheme of Arrangements has not been approved by the Competent Authority in
terms of sections 230 to 237 of the Companies Act, 2013.

(xvi) The company has not declared willfull defaulter by RBI.

(xvii) The company has borrowings from banks or financial insititutions on the basis of security of current
assets.

46 During the Half Yearly Ended Sep 30,2024,the company concluded the buyback of 458268 equity shares of
face value Rs 10/- representing up to 4.22% of the total number of Equity Shares of the company at a price of
Rs 450/- per Equity Share (including premium of Rs 440/- per Equity Share ) payable in cash for an aggregate
amount of up to Rs 2062.21 Lakhs (excluding filling fees payable to the SEBI, advisor fees,stock exchange
fees,for usage of their platform for Buyback,transaction costs viz, brokerage,applicable taxes inter alia including
Buyback tax,securities transaction tax,GST,stamp duty,public announcement publication expenses,printing
and dispatch expenses and other incidental and related expenses etc.)(“Buyback Size”).The settlement of all
valid bids was completed by Indian Clearing Corporation Limited and the National Securities Clearing Corporation
(collectively referred to as the “Clearing Corporation”) on Sep 19,2024.The Shares bought back were
extinguished electronically on September 30,2024.Post buyback Paid up Share Capital of the Company reduced
to Rs 1039.17 Lacs divided into 10391732 Equity Shares of Rs 10/- each. Capital Redemption Reserve (included
in Reserve & Surplus) of Rs 45.83 Lakhs (representing the nominal value of the equity shares bought back)
has been created as an apportionment from retained earnings.

48 Previous year figures have been re-grouped / re-classified wherever necessary to correspond with the current
years classification disclosure.

As per our Report of even date attached

FOR B.K SHROFF & COMPANY For and on Behalf of the Board

CHARTERED ACCOUNTANTS
FRN: 302166E

(KAVITA NANGIA) (SUSHIL JAIN)

Partner Chairman & CEO

Membership No. : 090378 DIN.00323952

Place: New Delhi (V. CHATURVEDI) (N.K.MAHESHWARI)

Dated: 14th May, 2025 Company Secretary Chief Financial Officer

---

Mar 31, 2018

1. The Company held only one class of equity shares, having a par value of Rs 10 per share.Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2. Share Capital Suspense Account (Scheme of Amalgamation)

In accordance with scheme of Amalgamation the company had to issue / allot 79,31,634 new equity shares having face value of Rs 10/- each to the equity shareholders of transferor companies and accordingly 28,28,924 equity shares held by transferor companies will be cancelled in terms of Scheme

Hence 51,02,710 equity shares (net of cancellation) of Rs 10/- were issued in the Previous Year

3. Disclosure as per Ind AS 12 ‘Income Tax’

Deferred Tax Asset (DTA) and Deferred Tax Liability (DTL) are recognised as per Ind AS 12. DTA/DTL is recognised and carried forward to the extent capable of reversal.

4. Disclosure as per Ind AS 16 ‘Property, Plants & Equipments’

The construction work is in progress in Administrative Block of the company coming up at Sitarganj and Rampur Plant. Hence, expenses pertaining to this project incurred during the year have been treated as part of Capital Work in Progress (including intangible assets under development) and the same are to be capitalised on commencement of commercial production.

5. Disclosure as per Ind AS 17 ‘Leases’

I Assets taken on Operating Lease

a) The Company has taken office space on operating lease. The lease payments are payable by the company on a monthly or quarterly basis.

b) Future minimum lease rentals payable under non- cancellable lease agreements are as under:-

c) Lease payment recognised in the Statement of Profit & Loss for the year 2017-18 is Rs 74.03 Lakhs & Rs 73.10 Lakhs in the year 2016-17

6. Disclosure as per Ind AS 19 ‘ Employee Benefit’

A) Defined Contribution Plan

During the year company has recongised the following amounts in the statement of profit and loss.

B) Defined Benefit Plan Gratuity

The company has a defined benefit gratuity plan. Every employee who has rendered continuous service of 5 years or more is entitled to gratuity at 15 day salary (15/26 * last drawn basis salary plus dearness allowances) for each completed year for five years or more subject to maximum of rupees 20 lakhs on superannuation, resignation, termination, disablement, or on death.

Leave encashment

The company has a policy to pay leave encashment. Every employee is entitled to claim leave encashment after his/her retirement/termination which is calculated based upon no. of leaves taken. The company pays leave encashment on normal retirement for a maximum of 54 days or actual accumulation whichever is less.

* The discount rate assumed is 7.73% which is determined by reference to market yield at the balance sheet date on government bonds.

** The expected rate of return on plan assets is determine considering several applicable factor mainly the composition of plan assets held, assessed risk of assets management and historical return from plan assets.

*** The estimates of future salary increase considered in actuarial valuation, taking account of inflation, seniority promotion business plan, HR policy and other relevent factors on long term basis.

II) Sensitivity analysis

Reasonable possible change at the reporting date to one of the relevant actuarial assumption, holding other assumption constant, would have effected the defined benefit obligation by the amount shown below.

IV) Risk exposure

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is exposed to various risks as follow -

a) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate assumption in future valuations will also increase the liability.

b) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.

c) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.

d) Mortality & disability - Actual death & disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan’s liability.

7. Disclosure as per Ind AS 21 ‘The Effects of Changes in Foreign Exchange Rates’

The amount of exchange differences (net) debited to the Statement of Profit & Loss is 5.09 Lakhs (31 March 2017: Rs 24.55 Lakhs).

8. Disclosure as per Ind AS 33 ‘Earning Per Share’

Earnings per share (EPS) - EPS is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share are as stated below:

The carrying amount of short term borrowings, trade payables, trade receivables, cash & cash equivalents and other financial assets and liabilities are considered to be the same at their Fair values, due to their short term nature. There are no transfers between Level 1, Level 2 and Level 3 during the years ended 31st March 2018 and 31st March 2017 & 1st April 2016.

9. Disclosure as per Ind AS 107 ‘Financial instrument disclosure’

A) Capital Management Risk management

For the purpose of Company’s Capital Management , Capital includes issued equity share capital.

‘Net Debt’ (total borrowings net of cash and cash equivalents and other bank balances) divided by ‘Total Equity’ (as shown in the standalone Balance sheet, inluding non-controlling interest).

B) Financial Risk management Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the company’s risk management framework.

The Company through three layers of defence namely policies and procedures, review mechanism and assurance aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit committee of the Board with top management oversee the formulation and implementation of the risk management policies. The risk are identified at business unit level and mitigation plan are identified, deliberated and reviewed at appropriate forums.

The Company has exposure to the following risks arising from financial instruments:

- credit risk (see(i);

- liquidity risk (see(ii); and

- market risk (see(iii).

i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and investments.

a) The carrying amount of financial assets represents the maximum credit risk as on reporting date Trade receivables and other financial assets

The Company has established a credit policy under which new customer is analysed individually for creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The Company’s review includes external ratings, if they are available, financial statements, credit agency information, industry information and business intelligence. Sale limits are established for each customer and reviewed annually. Any sales exceeding those limits require approval from the appropriate authority as per policy.

In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an individual or a legal entity, whether thay are institutional, dealers or end-user customer, their geographic location, industry, trade history with the Company and existence of previous financial difficulties.

b) Provision for Expected credit loss:

(i) Financial assets for which loss allowance is measured using 12 month expected credit losses.

With regard to all financial assets with contractual cash flows, other than trade receivables, management belives these to be high quality assets with negligible credit risk. The management believes that the parties from which these financial assets are recoverable, have strong capacity to meet the obligations and where the risk of default is negligible and accordingly no provision for excepted loss has been provided on these financial assets.

(ii) Financial assets for which loss allowance is measured using life time expected credit losses

The Company provides loss allowance on trade receivables using life time expected credit loss and as per simplified approach.

Based on internal assessment which is driven by the historical experience/ current facts available in relation to default and delays in collection thereof, the credit risk for trade receivables is considered low. The Company estimates its allowance for trade receivable using lifetime expected credit loss.

ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage to the Company’s reputation.

The Company’s treasury department is responsible for managing the short-term and long-term liquidity requirements. Short term liquidity situation is reviewed daily by the treasury deparment. Longer term liquidity position is reviewed on a regular basis by the Company’s Board of Directors and appropriate decisions are taken according to the situation.

iii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company’s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

a) Currency risk

The company operates internationally and portion of the business is transacted in several currencies and consequently the company is exposed to foreign exchange risk through its Sale and Purchase from overseas suppliers in various foreign currencies.

The company evaluate exchange rate exposure arising from foreign currency transaction and the company follow established risk management policies.

Sensitivity analysis

A reasonable possible strengthening/ weakening of the USD or INR against all other currencies at year end would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. In order to optimize the Company’s position with regards to 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.

Exposure to interest rate risk

The Company doesn’t have any borrowings. Hence the the Company is not exposed to Interest rate risk.

10. Disclosure as per Ind AS 108 ‘Operating Segment’

There is no separate reportable segment as the company is predominantly engaged in only one segment i.e. Toners’ therefore, Indian Accounting standard-108 to Operating Segment issued by the Institute of Chartered Accountants of India, is not applicable to it.

11. First time adoption of Ind AS

The company has adopted Ind AS notified by Ministry of Corporate Affairs for the year ended 31/03/2018. For the purpose of transition to Ind AS, the company has followed the Ind AS - 101 “ First Time Adoption of Ind AS “ from 01/04/2016 as the transition date.

Exemptions availed and mandatory exceptions

Ind AS 101 First-time Adoption of Indian Accounting Standards allows first-time adopters certain exemptions from retrospective application of certain requirements under Ind AS. Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A) Ind AS optional exemptions

A.1 Fair valuation as deemed cost for certain items of Property, plant and equipment Ind AS 101 permits an entity to elect to measure an item of property, plant and equipment at the date of transition to Ind AS at its fair value and use that fair value as its deemed cost at that date.

Accordingly, the company has elected to use the fair value of certain items of property, plant and equipment designate the same as deemed cost on the date of transition except Land at Sitarganj & Rampur which was revalued at the time of transition . Fair value has been determined, by obtaining an external third party valuation, with reference to the depreciated replacement cost of similar assets, a level 3 valuation technique. For the remaining assets, the company has applied Ind AS retrospectively, from the date of their acquisition.

A.2 Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVTPL on the basis of the facts and circumstances at the date of transition to Ind AS. The company has elected to apply this exemption for its equity investment.

B) Ind AS mandatory exceptions

B.1 Accounting 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. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

i) Investment in equity instruments carried at FVTOCI;

ii) Investment in debt instruments and compound instruments carried at FVTPL/FVTOCI;

iii) Impairment of financial assets based on expected credit loss model

B.2 De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de- recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively ,provided that the information needed to apply Ind As 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

B.3 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable. Accordingly, the company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable

The transition to Ind AS has resulted in changes in the presentation of the financial statements disclosure in the notes to accounts & accounting policies. The transition from previous GAAP to Ind AS has affected the financials.

12. Reconciliation of cash flows for the year ended March 31,2017

The transition from estwhile Indian GAAP to Ind AS has not made any material impact on the statement of cash flows.

Note 1: Fair Valuation of Investments

Under the previous GAAP, investments in equity instruments and other instruments were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes with respect to investments in equity instruments have been recognised in FVTPL as at the date of transition and subsequently in the statement of profit and loss for the year ended 31 March 2017. On account of this an amount of Rs 673.77 Lakhs has been adjusted for the year 2017.

Note 2: Deferred Taxes

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity. On account of this the adjustment of Rs283.16 Lakhs has been adjusted for the Year 2017 & Rs 59.83 Lakhs as on 01.04.2016

Note 3: Proposed Dividend

Under the previous GAAP, dividend proposed by the Board of Directors after the Balance Sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting.

Note 4: Re-measurements of post employment benefit obligations

Under Ind AS, re-measurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these re-measurements were forming part of the profit or loss for the year. On account of this Rs 11.16 Lakhs has been adjusted net of tax for the year 2017.

Note 5: Other Equity

Retained Earnings has been adjusted to consider Fair Value of Mutual Funds, Revaluation of Land at Fair Value, Lease Rent Equalization Reserve & Deferred Expense on Security Deposit has been adjusted net of Tax as Ind AS transition adjustments. The effect of above transition let to increase in Other Equity by Rs 889.19 Lakhs in the year 2017 & Rs 438.19 Lakhs as on 01.04.2016

Note 6: Other Comprehensive Income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss as ‘other comprehensive income’ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP

Note 7: Trade discount and Volume rebate

Under Previous GAAP, Trade discounts and volume rebates received are not encompassed within the definition of revenue, since they represent a reduction of cost. Under Ind AS, Trade discount and volume rebate cover in definition of Revenue so it is deducted from sales.

Note 8: Excise duty

Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty of Rs 55.54 Lakhs. There is no impact on the total equity and profit

Note 9: Fair Valuation as deemed cost for certain items of Property, Plant and Equipment

Ind AS 101 permits an entity to elect to measure an item of property, plant and equipment at the date of transition to Ind AS at its fair value and use that fair value as its deemed cost at that date. Accordingly, the Company has elected to use the fair value of certain items of property, plant and equipment on the date of transition and designate the same as deemed cost on the date of transition except Land of Sitarganj & Rampur, which was revalued at the time of transition to Ind AS. Fair value has been determined, by obtaining an external third party valuation,with reference to the depreciated replacement cost of similar assets, a level 3 valuation technique. The Land has been increased by Rs 530.72 Lakhs as on 01.04.2016.

Note 10: Financial Assets & Financial Liabilities measured at amortised cost

Under Ind AS 109- financial instruments, security deposits are required to be valued at fair value and difference between cost and fair value is to be amortised over the period of security as rental expenses and consequently interest income to be booked effective interest method in statement of Profit & loss.

Note 11: Regrouping of MAT under Deferred Tax

MAT entitlement credit being of the nature of Deferred Tax Asset, on transition to Ind AS. MAT credit entitlement of Rs 664.91 Lakhs for the year ended 2017 respectively has been regrouped under Deferred Tax Liability(net).

Note 12: Leases

Lease payments under an operating lease is recognised as an expense on a straight-line basis over the lease term. The shortage of lease rentals paid over the amount accrued in respect thereof amounting to Rs 25.45 Lakhs is considered as lease rental Liability.

13 Note no. 13 Disclosure of Corporate social responsibility (CSR)

As per section 135 of Companies Act the company is required to spend in every financial year , at least 2% of the average net profits of the company made during the three immediately preceding financial year in accordance with its CSR policy. A. Gross amount required to be spent by the Company during the year 2017-18 - Rs. 33.22 Lakhs (Year 2016-17 - Rs. 42.36 Lakhs)

14. The Board of Directors have recommended a dividend of Rs 1.50/- per share of face value of Rs 10/- each subject to the approval of the members of the company at its Annual General Meeting.

15. Disclosure as per Ind AS 103 ‘Business Combination’

The effect of the merger has been taken during the year 2016-17.

Honorable NCLT passed the order and apporved the scheme of amalgamation of ITDL and its subsidaries namely ITDL Imagetec Limited and other four groups companies. The scheme became effective on 25th August 2017 as (The said date) order of hon’ble National company Law Tribunal (NCLT) at Allhabad and Delhi dated 09th May, 2017 and 26th July, 2017 respectively were filed with registrar of company on the said dates the scheme has been given effect from 1st April, 2016 being the appointed date as per the scheme of amalgamations and accordingly all assets and liablities of transferors companies become the assets and liablites of Indian Toners and Developers Limited (Transferee Company).

In accordance with Ind AS 103-Business combination, The Financial Statements of the company for the previous financial year 2016-17 have been restated with effect from 1st April, 2016 (being the earliest period presented)

16. (i) Previous year figures have been re-grouped/re-classified wherever necessary to correspond with the current years classification disclosure.

(ii) Previous year figures were audited by another firm of Chartered Accountant & which have been relied upon by the current auditors.

17. The financials statements has been approved by the Board on 17th May, 2018.

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Mar 31, 2017

1 During the current year and in the previous year, there have been no movements in the number of the equity shares outstanding.

2 The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share, In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

3. (a) Trade Payables includes Rs. Nil (Previous Year Rs. Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME)

(b) No interest is paid/payable during the year to any enterprises registered under MSME.

(c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplies under MSME.

4 a) Estimated benefits aggregating to Rs.119.46Lakhs(Previous Year Rs.161.18Lakhs) against exports effected during the year has been taken into account for the year as incentive in respect of duty free imports of Raw Material under Advance License Scheme and corresponding amount has been added to the cost of Materials.

b) Service Tax amounting toRs.5.99Lakhs(Previous Year Rs19.36Lakhs) have been treated as recoverable and are subject to claim yet to be filed with Department.

5 Amount of Exchange difference debited to the Statement of Profit & Loss Account amounted to Rs29.23Lakhs(previous year Rs.29.62Lakhs) and credited to the statement of Profit & Loss Account amounted toRs.10.78Lakhs (Previous Year Rs.38.24Lakhs)

6. R & D expenses included under various heads Rs. 55.23Lakhs Including Raw Material Consumption Rs. 2.19Lakhs& Depreciation Rs. 22.79Lakhs (Previous year R & D expenses amounting to Rs.55.41Lakhs includesRaw Material Consumption Rs.2.98Lakhs& Depreciation of Rs.19.13Lakhs) respectively.

7. The Company has calculated the various benefits provided to employees as under:

(A) Defined Contribution Plans Provident Fund

During the year the Company has recognized the following amounts in the Statement of profit & loss:

During the year the Company has recognized the following amounts in the Statement of profit & loss:

8. Corporate Social Responsibility

As per the requirements of Section 135 of Companies Act, 2013 company is liable to spend 2% of its average net profits of three preceding years as an Expense on Corporate Social Responsibility. Average Net profits (calculated as per the provisions of Sec. 198 of Companies Act 2013) of Last three years is Rs.616.04Lakhs and 2% of which is Rs. 12.32Lakhs and this whole amount was donated to Prime Minister National Relief Fund as a CSR initiative.

9. Scheme of Amalgamation :

Earlier, the company has filed petition to Honorable High Courts for amalgamation of its subsidiary, namely, ITDL Imagetec Limited and other four company w.e.f.1st April,2016.As per new Rule 3 of companies(Transfer of Pending Proceedings) Rules,2016,effective from 15th December,2016,the company has filed 2nd motion application with the National Company Law Tribunal (NCLT),at Allahabad . Pending the final outcome of the said motion application, no effect of the said scheme for amalgamation has been given in these results. Further, the subsidiary, ITDL Imagetec Limited and four other group companies have filed 2nd petition with (NCLT), Principal Bench, at New Delhi which has been accepted and NCLT has passed the order with the instruction to serve the notice to ROC,RD ,Income Tax Department and official Liquidator.

10. Previous year’s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

Notes :

(1) The Cash Flow Statement has been prepared under the Indirect Method as set out in Accounting Standard

- 3 "Cash Flow Statements" as notified by the Central Government of India.

(2) Previous period''s figures have been regrouped / rearranged wherever considered necessary to confirm to make them comp ratable.

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Mar 31, 2016

1 During the current year and in the previous year, there have been no movements in the number of the equity shares outstanding.

2. The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

3. a) Trade payable includes (i) Rs. Nil (Previous Year Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year to enterprises registered under MSME.

c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under MSME.

4. a) Accounting Standard as to Segment Reporting AS -17 is not applicable to the Company as it is engaged in the business

of Toners which is the single reportable segment.

5. a) Estimated benefits aggregating to Rs. 161.18 lacs (Previous Year Rs. 94.74 lacs) against exports effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports ofRaw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials.

b) Service Tax amounting to Rs.19.36 lacs (Previous Year Rs. 6.45 lacs) have been treated as recoverable and are subject to claim yet to be filed with Department.

6. Amount of Exchange difference debited to the statement of Prolit & Loss Account amounted to Rs. 29.62 lacs (previous year Rs. 22.49 lacs) and credited to the statement of Profit & Loss Account amounted to Rs. 38.24 lacs (PreviousYear Rs. 27.95 lacs)

7. R & D expenses included under various heads Rs. 55.41 Lacs Including Raw Material Consumption Rs. 2.98 Lacs & Depreciation Rs. 19.13 Lacs (Previous year Rs.57.68 Lacs Raw Material Consumption Rs.3.92 Lacs & Depreciation of Rs.20.34 Lacs) respectively

The discount rate assumed is 8% (PreviousYear8%) which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority promotion and other relevant factors, such as supply and demand in the employment market, reconciliation of opening and closing balances of the present value of the declined benefit obligation is as under:

8. Related Party Disclosure (Pursuant to Accounting Standard - 18)

(a) Wholly and Subsidiary Companies - ITDL Imagetec Limited

(b) Key Management Personnel - Shri Sushil Jain (CMD)

(c) Relative of Key Management - Shri Akshat Jain, (son of Sh. Sushil Jain) Personnel President

(d) Enterprises over which Key - JainTube Company Limited Management Personnel and/or - Shrilon India Ltd.

their relative who are able to exercise - AlankarSecurities Private Limited

significant influence - Mahavir Phototech Private Limited

- Triveni Securities Private Limited

i) Figures in the bracket are for the previous year.

ii) In addition to above during the year Company entered into an agreement of High Seas Sale with Subsidiary company (ITDL Imagistic Ltd.), total Sales on High seas basis is Rs.35.75 Lacs(previous Year Rs-Nil ) .Local Sale & Purchase Rs.12.62 Lacs (Previous year Rs.43.45Lacs) & Rs.1.45 Lacs (Previous Year Rs.29.41 Lacs) respectively from subsidiary company. Also the company has sold Licenses under Focus scheme to subsidiary company of amounting Rs.30.81 Lacs (Previous Year Rs. Nil Lacs)

9. Corporate Social Responsibility

As per the requirements of Section 135 of Companies Act, 2013 company is liable to spend 2% of its average net profits of three preceding years as an Expense on Corporate Social Responsibility. Average Net profits (calculated as per the provisions of Sec. 198 of Companies Act 2013) of Last three years is Rs.488.25 Lacs and 2% of which is Rs. 9.77 Lacs and this whole amount was donated to Prime Minister National Relief Fund as a CSR initiative.

10. Previous year''s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

11. Scheme of Amalgamation :

The Board in its meeting held on 23rd March, 2016 passed a resolution for the scheme of Arrangement for Amalgamation of ITDL Imagetec Limited (its Subsidiary) ABC commercial Co. Ltd., Alankar Securities (P) Ltd, Triveni Securities (P) Ltd and Mahavir Phototech (P) Ltd with the company with effect from 1st April, 2016. Pursuant to the said resolution, the company has filed an application for Amalgamation. The Scheme is subject to approval by the members of the respective Companies and also of the respect Hon''ble High Courts. As the scheme is effective from 01.04.2016 hence, there is no effect of such scheme on the financial statements for 2015-16.

Notes :

(12) The Cash Flow Statement has been prepared under the Indirect Method as set out in Accounting Standard - 3 "Cash Flow Statements" as notified by the Central Government of India.

(13) Previous period''s figures have been regrouped / rearranged wherever considered necessary to confirm to make them comp ratable.

remuneration for the FY 2014-15 relates to 8 months, hence not comparable with current financial year.

ii) The median remuneration of employees of the Company during the financial year was Rs.1.95 Lacs.

iii) In the financial year, there was an increase of 21.43% in the median remuneration of employees;

iv) There were 92 permanent employees on the rolls of the Company as on March 31, 2016;

v) Relationship between average increase in remuneration and company performance:-The Profit before Tax for the financial year ended March 31, 2016 increased by 16.86% whereas the increase in median remuneration was 21.43%. The average increase in median remuneration was in line with the performance of the Company

vi) Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company:

The total remuneration of Key Managerial Personnel increased by 15.43% from Rs.132.31 Lacs in 2014-15 to Rs.152.73 Lacs in 2015-16 whereas the Profit before Tax increased by 16.86% to Rs.723.92 Lacs in 2015-16 (Rs. 619.49 in 2014-15).

vii) a) Variations in the market capitalization of the Company : The market capitalization as on March 31,

2016 was Rs.111.45 Crores (Rs.72.41 Crores as on March 31, 2015).

b) Price Earnings ratio of the Company was 7.31 as at March 31, 2016 and was 5.79 as at March 31, 2015.

Chairman & Managing Director

14. Stakeholder’s Relationship Committee Terms of Reference

The Board constituted a Shareholders / Investors Grievance Committee on 31.05.2002 which was renamed as Stakeholders’ Relationship Committee with effect from 21.05.2014 to comply with the provisions of Section 178 of Companies Act, 2013 to look into redressal of Shareholders/ Investors'' grievances like Transfer and Transmission of Shares, non-receipt of Balance Sheet and dematerialization of shares and matters relating to share certificates, deletion of name, splitting & consolidation of shares and also to delegate any of its responsibilities, oversee the performance of the Registrar and Share Transfer Agents as well as recommend suggestions to improve the Investors'' Services.

During the year 2015-2016, only one meeting of the committee was held on 31.3.2016.

During the Year 2015-2016, one complaint was received from Shareholders/Investors which were replied suitably to their satisfaction. There was no complaint pending as at 31.03.2016.

All valid share transfers received during the year 2015-2016 have been acted upon by the Company There were no transfers pending as on 31st March, 2016.

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Mar 31, 2015

1 GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as 'the Company') is a manufacturer of Toners only. The Company's manufacturing facilities are located at Rampur (Uttar Pradesh).

2 During the current year and in the previous year, there have been no movements in the number of the equity shares outstanding.

3 The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

4 Contingent liabilities not As at 31st As at 31st provided for in respect of: March 2015 March 2014

a) Letters of credit established 509.64 581.58 in favour of the suppliers

b) Guarantee issued by SBI on 0.65 0.65 behalf of Company

c) Export obligation against 380.22 49.23 advance licenses

5 a) Trade payable includes (i) Rs. Nil (Previous Year Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year to enterprises registered undedr MSME.

c) The above information's have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under MSME.

6 a) Accounting Standard as to Segment Reporting AS -17 is not applicable to the Company as it is

engaged in the business of Toners which is the single reportable segment.

7 a) Estimated benefits aggregating to Rs. 94.74 lacs (Previous Year Rs. 91.19 lacs) against exports effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials.

b) Service Tax amounting to Rs. 6.45 lacs (Previous Year Rs. 12.95 lacs) have been treated as recoverable and are subject to claim yet to be filed with Department.

8 Amount of Exchange difference debited to the statement of Profit & Loss Account amounted to Rs. 22.49 lacs (previous year Rs. 319 lacs) and credited to the statement of P & L a/c amounted to Rs. 27.95 lacs (Previous Year Rs. 317.29 lacs)

9 R & D expenses included under various heads Rs.57.68 lacs [Including Raw Material Consumption Rs. 3.92 lacs& Depreciation Rs. 20.34 lacs] (Previous year Rs.48.58 lacsRaw Material Consumption Rs.3.41 lacs & Depreciation Rs. 19.41 lacs) respectively.

10 The Company has calculated the various benefits provided to employees as under:

A) Defined Contribution Plans

Provident Fund

11 Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. Nil (PY. 31.45 Lacs). Maximum amount of loan/interest during the year Rs.NIL (P.Y. Rs. 700.00 Lacs)

12 Corporate Social Responsibility

As per the requirements of Section 135 of Companies Act, 2013 company is liable to spend 2% of its average net profits of three preceeding years as an Expense on Corporate Social Responsibility. Average Net profits (calculated as per the provisions of Sec. 198 of Companies Act 2013) of Last three years is Rs. 464.59 Lacs and 2% of which is Rs. 9.29 Lacs and this whole amount was donated to Prime minister national relief fund as a CSR initiative.

13 Pursuant to Companies Act, 2013 ("the act"), being effective from 1st April, 2014, the Company has revised depreciation rates on fixed assets as per the useful life specified in part "C" of Schedule II of the Act. As a result of the change, the depreciation charges is higher by Rs. 30.05 lacs for the year ended 31st March, 2015. Further based on transitional provision provided in note 7 (b) of the said Schedule, an amount of Rs. 46.68 lacs (net of deferred tax assets) where useful life has become nil in terms of the said schedule, has been debited to the opening balance of the surplus/(deficit).

14 The Financial Statements for the year ending 31st March, 2015 are prepared as per the requirement of Schedule III of Company Act, 2013 - Previous Year figure have been regrouped & rearranged wherever necessary to make them comparable with those of the current year.

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Mar 31, 2014

1.1. During the current year and in the previous year, their have been no movements in the number of the equity shares outstanding.

2. 2. The Company has only one class of equity shares, having a par value of Rs 10 per share.Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2.3 Details of shareheld by shareholders holding more than 5% of the aggregate shares in the company :

30. Balances in accounts of Sundry Debtors, Advances, Security deposits of dealers and creditors are subject to confirmations for the respective parties (Net of advances).

31. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

32. a) Accounting Standard as to Segment Reporting AS -17 is not applicable to the Company as it is

engaged in the business of Toners which is the single reportable segment.

33. a) Estimated benefits aggregating to Rs. 91.19 lacs (Previous Year Rs. 73.05 lacs) against export effected

during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 12.95 lacs (Previous Year Rs. 2.48 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

34. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs.319.00 lacs (previous year Rs. 30.42 lacs) and credited to P & L a/c amounted to Rs. 317.29 lacs (Previous Year Rs. 71.36 lacs)

35. R & D expenses included under various heads Rs.48.58 lacs [Including Raw Material Consumption Rs. 3.41 lacs & Depreciation Rs. 19.41 lacs] (Previous year Rs.60.47 lacs Raw Material Consumption Rs. 1.99 lacs & Depreciation Rs. 18.98 lacs) respectively.

36. The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans

Provident Fund

41. Related Party Disclosure (Pursuant to Accounting Standard - 18)

(a) Wholly and Subsidiary Company - ITDL Imagetec Limited

(b) Key Management Personnel - Shri Sushil Jain (Chairman & Managing Director)

(c) Relative of Key Management - Shri Akshat Jain, (son of Sh. Sushil Jain)

President

(d) Enterprises over which Key - Jain Tube Company Limited Management Personnel and/or - Shrilon India Ltd. relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited

- Triveni Securities Private Limited

Note :- i) Figures in the bracket are for the previous year.

ii) In addition to above during the year Company entered into an agreement of High Seas Sale/purchase with Subsidiarycompany (ITDL Imagetec Ltd..total sale and purchase madeon High seas basis is Rs. Nil (previous Year Rs-Nil ) and Rs. 80.54 Lacs (Previous Year Rs. Nil ). Local Sale & Purchase Rs. 14.28Lacs(Previous year Rs. 14.49Lacs) &Rs. 17.96 (Previous Year 1.3Lacs) respectively from subsidiary company. Also the company has sold Licenses under Focus scheme from the holding company of Rs20.67Lacs (Previous Year Rs. 20.54 Lacs)

42. Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. 31.45Lacs (P.Y. 95.87Lacs). Maximum amount of loan/interest during the year Rs. 700.00Lacs (P.Y. Rs. 1327.89Lacs)

43. Previous year''s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

44. The financial statements for the year ended 31st March 2014 are prepared under Schedule VI of Companies Act, 1956.

(2) Previous Years figures have been regrouped / rearranged wherever considered necessary to confirm to make tham comparatable with those of Current Year''s figures.

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Mar 31, 2013

GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as ''the Company'') is a manufacturer of Toners only.The Company''s manufacturing facilities are located at Rampur (Uttar Pradesh).

1. Balances in accounts of Sundry Debtors, Advances, Security deposits of dealers and creditors are subject to confirmations for the respective parties.

2. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information''s have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

3. a) Estimated benefits aggregating to Rs. 73.05 lacs (Previous Year Rs. 65.17 lacs) against export effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 2.48 lacs (Previous Year Rs. 13.20 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

4. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs. 30.42 lacs (previous year Rs. 62.37 lacs) and credited to P & L a/c amounted to Rs. 71.36 lacs (Previous Year Rs. 114.80 lacs)

5. Lease:

Vehicles taken on lease:

The total future minimum lease payable at the Balance Sheet date is as under:

Foraperiod not later than one year Rs.12.8lacs

For a period later than one year and not later than five yearsRs.5.64 lacs

For a period later than five yearsRs. NIL

Total lease expenses debited to Statement of profit & loss is Rs1.88 lacs Previous year 2.93lacs

6. R&D expenses included under various heads Rs.60.47lacs [Including Raw Material Consumption Rs. 1.99lacs& Depreciation Rs. 18.98lacs] (Previous year Rs.67.18 lacsRaw Material Consumption Rs.5.26 lacs& Depreciation Rs25.54lacs) respectively.

7. The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans

Provident Fund

The discount rate assumed is 9% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market, Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

8. Related Party Disclosure (Pursuant to Accounting Standard -18)

(a) Wholly and Subsidiary Comapnies - (i) ITDL USA, Inc. (ii) ITDL Imagetec Limited

(b) Key Management Personnel - ShriSushilJain(CMD)

(c) Relative of Key Management - Shri Akshat Jain, (son of Sh.Sushil Jain)

Sr. Vice President (Corporate Affairs)

(d) Enterprises over which Key - JainBhawan Management Personnel and/or - Shriton India Ltd. relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited

Triveni Securities Private Limited Jain Tube Company Limited

9. Loans to subsidiary company, namely, ITDL Imagetec Ltd. Include accrued interest Rs. 95.87lacs (P.Y. 143.51lacs) .Maximum amount of loan/interest during the year Rs.1300,00lacs (P.Y. Rs. 1961.38 lacs)

10. Previous year''s figures have been regrouped / rearranged whenever necessary to make them comparable with those of the current year.

11 The financial statements for the year ended 31st March 2012 had been prepared as per the then appli- cable Schedule VI to theCompanies Act 1956. Consequent to the notification under the Companies Act 1956., the financial statements for the year ended 31a March 2013 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s classification.

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Mar 31, 2012

GENERAL INFORMATION

Indian Toners & Developers Limited (hereinafter referred to as the Company') is a manufacturer of Toners only.The Company's manufacturing facilities are located at Rampur (Uttar Pradesh).

1 .During the current year and in the previous year, their have been no movements in the number of the equity shares outstanding.

2.The Company has only one class of equity shares, having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim divident. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proporation of the shareholdings.

3. Balances in accounts of Sundry Debtors, Advances, Security deposits from dealers are subject to confirmations for the respective parties.

4. a) Trade payable includes (i) Rs. Nil (Previous Year Nil due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b) No interest is paid/payable during the year no any enterprises registered undedr MSME.

c) The above information's have been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of supplied under MSME.

5. a) Estimated benefits aggregating to Rs. 65.16 lacs (Previous Year Rs. 67.30 lacs) against export effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material under Advance Licence Scheme and corresponding amount has been added to the cost of Materials,

b) Service Tax amounting to Rs. 13.20 lacs (Previous Year Rs. 27.39 lacs) have been treated as recoverable and is subject to claim yet to be filed with Department.

6. Amount of Exchange difference debited to Profit & Loss Account amounted to Rs. 62.37 lacs (previous year Rs. 25.24 lacs) and credited to P & L a/c amounted to Rs. 114.80 lacs (Previous Year Rs. 24.85 lacs)

7. R & D expenses included under various heads Rs. 67.18 lacs* [including Raw Material Consumption Rs. 5.26 lacs & Depreciation Rs. 25.24 lacs] (Previous year Rs. 28.14 lacs, Raw Material Consumption Rs. 1.16 lacs & Depreciation Rs. 16.89 lacs) respectively.

The discount rate assumed is 8% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market, Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

Note

i) Figures in the bracket are for the previous year.

ii) In addition to above during the year, from a Subsidiary company, goods worth-Rs. 54.01 lacs (Pervious Rs. 36.50 lacs) & Rs. 29.95 lacs( Previous Year Rs.35.70 lacs) have been purchased & sold respectively on high seas basis and also sold licences under focus scheme of Rs. 17.32 lacs during the year.(Previous Year Rs. 26.39 lacs)

8 Lease:

Vehicle taken on lease :

The total future minimum lease payable at the Balance Sheet date is as under For a period of not later than one year Rs. 12.28 lacs

For a period later than one year and not later than five years Rs. 19.44 lacs For a period later than five years Rs. Nil

Total lease expenses debited to Statement of profit & loss is Rs. 2.93 lacs Previous Year 3.56 lacs 43. Though the net worth of ITDL (USA) has eroded, no provision has been made as the company has plans to revive the Company's operations and the investment is strategic and long term in nature, hence, no provision against the same was considered to be made. -

9. Loans to subsidiary company, namely ITDL Imagetec Ltd., include accrued interest amounting to Rs.143.51 lacs during the year (Previous Year 158.91 lacs). Maximum amount of loan / interest during the year Rs. 1961.38 lacs (Previous year Rs.1961.38 lacs)

9.1 Previous year's figures have been regrouped/re arranged whenever necessary to make them comparable with those of the current year.

9.2. The Financial Statements for the year ended 31st March 2012 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this vear's classification.

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Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

Current Year Rs. Previous Year Rs.

a) Letters of credit 30455564 54976564 established in favour

of the suppliers of import of materials

b) Corporate Guarantee on behalf of Subsidiary Co. - Effective Guarantee as on 31.03.2010-Rs.86752658 270000000 270000000

(Previous year Rs. (103622345)

c) Guarantees issued by NIL 1343509 State Bank of India on behalf of Company

d) Sale Tax / Trade Taxes demands

against which appeals have been preferred. 10149607 9627721

e) Minimum Consumption Guarantee Charges payable by U. P. State Government to U. P. Power Corporation claimed from the Company, against which the company has filed case in the Lucknow Bench of

Honble High Court of Allahabad. NIL 2843492

i) Value of Perquisites have been evaluated as per Income TaxAct 1961

ii) The above sums do not include contribution to gratuity fund and provision for leave encashment as the same is on global basis.

iii) The remuneration paid to CMD is as per the approval of Central Government.

2 a) Estimated benefits aggregating to Rs. 6923531 (Previous Year Rs. 49598Ci4) against exports effected during the year has been taken into account for the year as incentive accounting in respect of duty free imports of Raw Material & Packing Materials under Advance Licence Scheme and corresponding amount has been added to the cost of Materials. b) Service Tax amounting to Rs. 4053756 (Previous Year Rs. 4471119) have been treated as recoverable is subject to claim yet to be filed with Department. The same has been grouped in Advances Recoverable.

3. Suppliers covered under the Micro, Small and Medium Enterprises Development Act 2006, have not fur- nished the information regarding filing of necessary memorandum with appointed authority. In view of this information required under Section 22 of the said Act is not given.

4. Amount of Exchange difference (net) debited to Profit & Loss Account amounted to Rs. 43,94,930 (previous year Rs. 8027913) and credited to P & LA/c. amounted to Rs. 22,86,759 (Previous Year Rs. 898229)

5. R&D expenses included under various heads Rs. 5358835 [Including Raw Material Consumption Rs. 327706 & Depreciation Rs.1792535] (Previous year Rs. 4242297 Raw Material Consumption Rs. 251153 & Depreciation Rs. 1780774) respectively.

6 The Company has calculated the various benefits provided to employees as under: A) Defined Contribution Plans Provident Fund

b) Leave Encashment

The discount rate assumed is 8% which is determined by reference to market yield at the Balance Sheet date on government bonds. The estimates of future salary increases, considered in actuarial valuation, take account of infliation, seniority promotion and other relevant factors, such as supply and demand in the employment market. Reconciliation of opening and closing balances of the present value of the defined benefit obligation is as under:

7. Loans to subsidiary company, namely, ITDL Imagetec Ltd. include accrued interest amounting to Rs. 9746669/- (Previous Year 6709926) maximum amount of loan / interest during the year Rs. 171273576/- (PreviousyearRs. 157125059)

8. Electricity Exp. Rs. 2407177 are relating to Previous Year but determined during the year, has been charged for the year

9. Related Party Disclosure (Pursuant to Accounting Standard -18)

(a) Wholly and Subsidiary Companies - i) ITDL USA. Inc.,

(ii) ITDL Imagetec Limited

(b) Key Management Personnel - Shri Sushil Jain (CMD)

(c) Relative of Key Management Personnel - ShriAkshat Jain, (son of Sh. Sushil Jain) Sr. Vice President (Corporate Affairs)

(d) Enterprises over which Key - JainBhawan Management Personnel / - Shrilon India Ltd.

Relative are able to exercise - Alankar Securities Private Limited significant influence - Mahavir Phototech Private Limited Triveni Securities Private Limited Jain Tube Company Limited.

Note :-

i) Figures in the bracket are for the previous year.

ii) During the year, from a Subsidiary, goods worth Rs. 4054000 & Rs. 1264411 have been purchased & sold respectively on high seas basis.

10. Previous years figures have been regrouped / re arranged whenever necessary to make them comparable with those of the current year.

11 Balance Sheet, Abstract and Companys General Business Profile As per Schedule VI, Part (IV) of The Companies Act, 1956.