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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Nandan Denim Ltd.

Mar 31, 2025

The EIR amortisation is included in finance
expense in the statement profit or loss.

2.1.9.c.ii Financial liabilities at Fair Value through
Profit or Loss (FVPL)

Financial Liabilities at FVPL are those which
are designated as such on initial recognition,
or which are held for trading. Fair value
gains / losses attributable to changes in own
credit risk is recognised in OCI. These gains
/losses are not subsequently transferred
to Statement of Profit and Loss. All other
changes in fair value of such liabilities are
recognised in Profit or Loss.

2.1.9.d Derivative Financial Instruments

Derivative instruments such as forward foreign
currency contracts, interest rate swaps and option
contracts are used to hedge foreign currency
risks and interest rate risk. Such derivatives are
initially recognised at their fair values on the date
on which a derivative contract is entered into and
are subsequently re-measured at fair value on
each reporting date. Any gains or losses arising
from changes in the fair value of derivatives are
taken directly to Profit or Loss. Derivatives are
carried as financial assets when the fair value is
positive and as financial liabilities when the fair
value is negative.

2.1.10 Off-setting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realize the assets and settle the
liabilities simultaneously.

2.1.11 Earnings per Share

Basic earnings per share is calculated by dividing the
profit or loss for the period attributable to the equity
holders of the Company by the weighted average
number of ordinary shares outstanding during the year.
For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number
of shares outstanding during the period are adjusted
for the effects of all dilutive potential equity shares.
(Refer Note 33)

2.1.12 Intangible Assets

The Company identifies an identifiable non-monetary
asset without physical substance as an intangible
asset. The Company recognises an intangible asset if
it is probable that expected future economic benefits
attributable to the asset will flow to the entity and the
cost of the asset can be measured reliably. An intangible

asset is initially measured at cost unless acquired in a
business combination in which case an intangible asset
is measured at its fair value on the date of acquisition. The
Company identifies research phase and development
phase of an internally generated intangible asset.
Expenditure incurred on research phase is recognised
as an expense in the profit or loss for the period in
which incurred. Expenditure on development phase
are capitalised only when the Company is able to
demonstrate the technical feasibility of completing the
intangible asset, the ability to use the intangible asset
and the development expenditure can be measured
reliably. The Company subsequently measures all
intangible assets at cost less accumulated amortisation
less accumulated impairment. An intangible asset is
amortised on a straight-line basis over its useful life.
Amortisation commences when the asset is in the
location and condition necessary for it to be capable
of operating in the manner intended by management.
Amortisation ceases at the earlier of the date that the
asset is classified as held for sale (or included in a
disposal group that is classified as held for sale) and the
date that the asset is derecognised. The amortisation
charge for each period is recognised in profit or loss
unless the charge is a part of the cost of another asset.
The amortisation period and method are reviewed at
each financial year end. Any change in the period or
method is accounted for as a change in accounting
estimate prospectively. The Company derecognises
an intangible asset on its disposal or when no future
economic benefits are expected from its use or disposal
and any gain or loss on derecognition is recognised in
profit or loss as gain / loss on derecognition of asset.

2.1.13 Income Taxes

Income tax expense represents the sum of tax
currently payable and deferred tax. Tax is recognised
in profit or loss except to the extent that it relates
to items recognised directly in equity or in other
comprehensive income.

2.1.13. a Current Tax

Current tax is determined on income for the year
chargeable to tax in accordance on the basis of
the tax laws enacted or substantively enacted at
the end of the reporting period. Current tax items
are recognised in correlation to the underlying
transaction either in profit or loss or OCI or directly
in equity. The Company has provided for the tax
liability based on the significant judgment that the
taxation authority will accept the tax treatment.

2.1.13. b Deferred Tax

Deferred tax is recognised on temporary
differences between the carrying amounts of
assets and liabilities in the balance sheet and the

corresponding tax bases used in the computation
of taxable profit. Deferred tax liabilities are
recognised for all taxable temporary differences
on gross basis. Deferred tax assets are recognised
for all deductible temporary differences,
unabsorbed losses and tax credits to the extent
that it is probable that future taxable profits will
be available against which those deductible
temporary differences, unabsorbed losses and
tax credits will be utilised. The carrying amount
of deferred tax assets is reviewed at the end of
financial year and reduced to the extent that it is
no longer probable that sufficient taxable profits
will be available to allow all or part of the asset
to be recovered. Deferred tax assets and liabilities
are measured at the tax rates that are expected to
apply in the period in which the liability is expected
to be settled or the asset realised, based on tax
rates and tax laws that have been substantively
enacted by the balance sheet date. Deferred
tax assets and liabilities are offset when there is
a legally enforceable right to set off current tax
assets against current tax liabilities and when they
relate to income taxes levied by the same taxation
authority and the Company intends to settle its
current tax assets and liabilities on a net basis.

2.1.14 Fair Value Measurement

The Company measures financial instruments
at fair value in accordance with the accounting
policies mentioned above. 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:

â¢ In the principal market for asset or liability, or

â¢ In the absence of a principal market, in
the most advantageous market for asset
or liability

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy
that categorizes into three levels, described as
follows, the inputs to valuation techniques used to
measure value. The fair value hierarchy gives the
highest priority to quoted prices in active markets
for identical assets or liabilities (Level 1 inputs) and
the lowest priority to unobservable inputs (Level
3 inputs).

Level 1 âquoted market prices in active markets
for identical assets or liabilities

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

Level 3 â inputs that are unobservable for the
asset or liability

For assets and liabilities that are recognized in the
financial statements at fair value on a recurring
basis, the Company determines whether transfers
have occurred between levels in the hierarchy by
re-assessing categorization at the end of each
reporting period and discloses the same.

2.1.15 Segment Reporting

The Chief Operational Decision Maker (CODM)
monitors the operating results of its business Segments
separately for the purpose of making decisions about
resource allocation and performance assessment.
Segment performance is evaluated based on profit
or loss and is measured consistently with profit or
loss in the financial statements. Operating segments
are reported in a manner consistent with the internal
reporting to the CODM.

Accordingly, the Board of Directors of the Company
is CODM for the purpose of segment reporting. Refer
note 40 for segment information presented.

2.1.16 Cash and cash equivalents:

Cash comprises cash on hand and demand deposits
with banks. Cash equivalents are short-term balances
(with an original maturity of three months or less
from the date of acquisition), which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of the
Company''s cash management.

2.1.17 Statement of Cash flows:

Cash flows from operating activities are reported using
the indirect method, whereby profit / (loss) before tax
is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from operating,
investing and financing activities of the Company are
segregated based on the available information.

Note:2.2

Ministry of Corporate Affairs (âMCAâ) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. For the year ended 31^st March, 2025, MCA has not
notified any new standards or amendments to the existing
standards applicable to the Company.

Note:

1. Pursuant to a resolution passed at the meeting of Shareholder dated 06^th September 2024 , Company has approved
sub-division of 1 (One) Equity Share of face value of ''10/- each into 10 (ten) Equity Shares of face value of ''1/- each.
Accordingly, the issued, subscribed and paid-up share capital of the Company was subdivided from 14,41,47,168 equity
shares of face value of ''10/- each to 1,44,14,71,680 equity shares of face value of ''1/- each. The impact of sub-division
of shares is considered only for the computation of earnings share as per the requirement of earnings share as per the
requirement/ principles of Ind AS 33, as applicable.

02. The Company doesn''t have any holding company

03. During the year ended 31/03/2022 company has issued 9,60,98,112 bonus share in 2:1
Note 13.1 Terms/right attached to Equity Shares:

The company has only one class of shares referred to as Equity shares having face value of ''1/- each (P.Y. ''10 each) Holder
of equity share is entitled to one vote per share.

In the event ofliquidation ofthe Company, the holders of equity shares will be entitled to receive any ofthe remaining assets ofthe
company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution
will be in proportion to the number of equity shares held by the shareholder.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to
the approval of the shareholders in the ensuing Annual General Meeting.

Note 34.2.1 Investment in equity shares quoted on recognised stock exchanges

The fair value of investment in equity shares is based on quoted price.

Note 34.2.2 Investment in unqouted preference shares

The fair value of unquoted preference shares has been determined using Level 3 inputs based on Discounted Cash Flow
method. A one percentage point change in the unobservable inputs used in fair valuation of Level 3 does not have a significant
impact on its value. The movement in unquoted investments is on account of sale of shares during the comparative period
(Refer Note 5).

Note 34.2.3 Transfers between levels of fair value hierarchy

There have been no transfers between levels of fair value heirarchy during the year ended 31^st March, 2025 and during the
comparative period ended 31^st March, 2024.

Note 34.2.4 Valuation Process

The finance department of the company includes a team that performs the valuations of financial assests and liabilities
required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified
assests and liabilities are readily available from the qouted prices in the open market and rates available in secondary market
respectively. The valuation method applied for various Financial assests and liabilities are as follows-

1. Quoted price in the primary market cosidered for the fair valuation of the non-current investment. Gain/ (loss) on fair
valuation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances,
statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their
short-term nature.

Note 34.3 Financial Risk Management

The company is exposed to market risk, credit risk and liquidity risk. The company''s senior management oversees the
management of these risks. The Board of Directors review and agree policies for managing each of these risks, which are
summarised below:

Note 34 (Contd...)

Note 34.3.1 Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate instrument because of

changes in market factors. Market risk comprises three type of risks:

a. Currency Risk

b. Interest Rate Risk

c. Price Risk

The company is exposed to currency risk and price risk. The same are analysed below:

a. Currency Risk

The company is exposed to foreign exchange risk arising from foreign currency borrowing denominated in US dollars
(US$) and foreign currency notes denominated in various foreign currencies. The company also imports certain material
which are denominated in US$ which exposes it to foreign currency risks. If the value of the Indian Rupee depreciates
relative to these foreign currencies, the related costs may increase. The exchange rates between the Indian Rupee and
US$ has changed substantially in recent periods and may continue to fluctuate substantially in the future. In order to
mitigate the foreign Currency exposure risk , as on 31^st March, 2025, the company has entered into derivative contract
of ''Nil Lakhs (31^st March, 2024 ''Nil Lakhs) to hedge exposure to fluctuation risk. The below sensitivity does not include
the impact of foreign currency forward contracts which largly mitigate the risk:

c. Interest Rate Risk

I nterest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because
of changes in market interest rates. 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.

According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the
analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding
for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key
management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Note 34.3.3 Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintains
its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality
credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been
managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of customers to which the Company grants credit terms in the normal course of business.

On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss or gain. The Company
uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix
takes into account available external and internal credit risk factors and the Company''s experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful.
The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional
provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the
provision made for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.

Note 47 - Additional Regualtory Information (Non Ind AS)

The disclosures required by amendment to Division II of Schedule III of the Companies Act, 2013, are given only to the extent

applicable:

(i) Details of Benami Property: The Company does not have any Benami property, where any proceeding has been initiated
or pending against the Company for holding any Benami property.

(ii) Details of Charges: The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period.

(iii) Details of crypto currency or virtual currency : The Company has not traded or invested in Crypto currency or Virtual
Currency during the financial year.

(iv) Utilization of borrowed funds and share premium: The Company has not received any fund from any person(s) or
entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise)
that the Company shall:

Note 47 (Contd...)

(iv)(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

(iv)(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficial

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

(vi) Willful Defaulter: The Company is not declared as willful defaulter by any bank or financial institution (as defined under
the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters
issued by the Reserve Bank of India.

(vii) Compliance with number of layers of Companies: The Company has complied with the number of layers for its holding in
downstream companies prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies
(Restriction on number of Layers) Rules, 2017.

(viii) Valuation of PP&E, Intangible asset and Investment Property : The Company has not revalued any of its Property, Plant
and Equipment (including Right-of-Use Assets) during the year

(ix) Compliance with approved scheme(s) of arrangements : The Company has not entered into any scheme of arrangement
which has an accounting impact on current or previous financial year.

(x) Details in respect of difference in respect of Current Assets as per Books and details as provided in quarterly returns
filed by the company, the details of the same are as under:

(xi) The Company does not have any transctions or relationships with any companies struck off under section 248 of the
Companies Act, 2013.

Note 48

The Income Tax Department had carried out the search at the company''s business premises from July 20,2022 to July
26, 2022. The assessments for the period covered by search are pending for some of the years. The management of the
Company does not expect any material additional liability as a result of the search and hence no provision for the additional
income tax liability has been made by the Company.

As per our report of even date attached herewith.

For, Nahta Jain & Associates For & on behalf of the Board of Directors of

Chartered Accountants NANDAN DENIM LIMITED

(Firm Regd. No. 106801W)

(Gaurav Nahta) Jyotiprasad Chiripal Shaktidan Gadhavi Deepak Chiripal

Partner (Managing Director) (Whole Time Director) (Chief Executive Officer)

(M.No. 116735) (DIN: 00155695) (DIN: 09004587)

Date : 23/05/2025 Suresh Maheshwari Rinku Patel

Place: Ahmedabad (Chief Financial Officer) (Company Secretary)

Mar 31, 2024

Note 9.4

The general credit period in respective on Domestic and Export sale ranges between 30-90 days and by and large company is not charging any interest on late payment.

Note 9.5

Credit risk is managed at the operational segmental level. The credit limit and credit period are fixed for each customer after evaluating the financial position, past performance, business opportunities, credit references etc. The credit limit and the credit period are reviewed regularly at periodical intervals.

Note 9.6

Concentration risk considers significant exposures relating to industry, counterparty, geography, currency etc. The concentration of credit risk is not significant as the customer base is large and diversified.

Note 13.1

Terms/right attached to Equity Shares:

The company has only one class of shares referred to as Equity shares having face value of H 10/-. Each Holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(a) Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of the information collected by the Management and the same has been relied by the auditor.

Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006â is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company and the same has been relied by the Auditor.

Note 35.2 Fair Value Hierarchy

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

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

Level 3 : Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs)

Note 35.2.1 Investment in equity shares quoted on recognised stock exchanges

The fair value of investment in equity shares is based on quoted price.

Note 35.2.2 Investment in unqouted preference shares

The fair value of unquoted preference shares has been determined using Level 3 inputs based on Discounted Cash Flow method. A one percentage point change in the unobservable inputs used in fair valuation of Level 3 does not have a significant impact on its value. The movement in unquoted investments is on account of sale of shares during the comparative period (Refer Note 5).

Note 35.2.3 Transfers between levels of fair value hierarchy

There have been no transfers between levels of fair value heirarchy during the year ended 31^st March, 2024 and during the comparative period ended 31^st March, 2023.

Note 35.2.4 Valuation Process

liabilities are readily available from the qouted prices in the open market and rates available in secondary market respectively.

The valuation method applied for various Financial assests and liabilities are as follows-

1. Quoted price in the primary market cosidered for the fair valuation of the non-current investment. Gain/ (loss) on fair valuation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.

Note 35.3

Financial Risk Management

The company is exposed to market risk, credit risk and liquidity risk. The company''s senior management oversees the management

of these risks. The Board of Directors review and agree policies for managing each of these risks, which are summarised below:

Note 35.3.1 Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate instrument because of changes

in market factors. Market risk comprises three type of risks:

a. Currency Risk

b. Interest Rate Risk

c. Price Risk

The company is exposed to currency risk and price risk. The same are analysed below:

a. Currency Risk

The company is exposed to foreign exchange risk arising from foreign currency borrowing denominated in US dollars (US$) and foreign currency notes denominated in various foreign currencies. The company also imports certain material which are denominated in US$ which exposes it to foreign currency risks. If the value of the Indian Rupee depreciates relative to these foreign currencies, the related costs may increase. The exchange rates between the Indian Rupee and US$ has changed substantially in recent periods and may continue to fluctuate substantially in the future. In order to mitigate the foreign Currency exposure risk , as on 31^st March, 2024, the company has entered into derivative contract of H Nil Lakhs (31^st March, 2023 H Nil Lakhs) to hedge exposure to fluctuation risk. The below sensitivity does not include the impact of foreign currency forward contracts which largly mitigate the risk:

For each of the years ended 31^st March, 2024 and 31^st March 2023, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and U. S. Dollars, has affected company''s incremental operating margins by approximately 0.13% & 3.57% respectively.

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

b. Price Risk

The company''s exposure to price risk arises from investments in equity shares of other companies (Refer Note 5 and 35.1). The company has not undertaken any risk mitigation measures to reduce the price risk. The table below summarises the impact of increases / decreases of share price of the investments and profit for the period. The analysis is based on the assumption that the market price of those investments in equity shares of other companies move by 5% point on either side with all other variables held constant.

c. Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. 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.

According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Note 35.3.2 Liquidity Risk

Liquidity risk is the risk that the company would not be able to meet its financial obligations when they become due. The company is financed primarily by bank loans, loans from directors, and other operating cash flows. The company has undrawn borrowing facilities to the extent of J 6145.15 Lakhs as on 31^st March, 2024 (as on 31^st March,2023 H 314.89 Lakhs).

Note 35.3.3 Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintains its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss or gain. The Company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the Company''s experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision made for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.

The company has assessed that credit risk on other Financial Asset, the same is insignificant based on the empirical data. Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s assessment of credit risk about particular financial institution. None of the Company''s cash equivalents, including term deposits (i.e., certificates of deposit) with banks, were past due or impaired as at each balance sheet date.

Note 37

Capital Management Disclosures

Company''s objective when managing capital is to safeguard the Company''s ability to continue as a going concern in order to provide return to shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Company manages the capital structure and makes the adjustment to it in the light of changes in economic conditions and risk characteristics of the underlying assets. The company monitors capital on the gearing ratio basis.This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (Non-Current borrowing and current borrowings) less cash and cash equivalents. Total capital is calculated as total shareholder''s equity.

Note 39

Details Of Hedged And Unhedged Exposure in Foreign Currency Denominated Monetary Items

a Exposure in foreign currency - Hedged

The Company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

Note 41

Segment Reporting

The Company is considered to be engaged in Textile Industry with all activity revolving around this business and accordingly the company has only one reportable business segment in accordance with the requirement of Ind AS 108- Operating Segment.

Note 45

On periodical basis and as and when required, the Company reviews the carrying amounts of its assets and found that there is no indication that those assets have suffered any impairment loss. Hence, no such impairment loss have been provided in the Financial Year 2023-24 (PY. H Nil Lakhs)

Note: Asset pledge as security includes the Securities hypothecated with the bank for current and non-current borrowing

by the company.

Note 48 - Additional Regualtory Information (Non Ind AS)

The disclosures required by amendment to Division II of Schedule III of the Companies Act, 2013, are given only to the extent applicable:

(i) During the year no proceedings has been initiated or pending against the Company for holding any Benami Property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.

(ii) Company has not carried our any revaluation in respect of Property, Plant & Equipments and intangible Asset, hence during the year there has been no change of 10% or more in the aggregate of the Net Carrying value of Assets on account of revaluation of Assets in respect of Property, Plant & Equipments and intangible assets.

(iii) There are no intangible assets under development in the Company during the current reporting period.

(iv) The borrowing taken by the company from the banks has been used for the specific purpose for which it was taken.

(v) The company has not been declared as willful defaulter by any bank or financial institution or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

(vi) Details in respect of difference in respect of Current Assets as per Books and details as provided in quarterly returns filed by the company, the details of the same are as under:

(viii) During the year under consideration the company has not traded or invested in crypto currency or virtual currency.

(ix) There are no transactions that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 which have not been recorded in the books of account.

(x) The Company does not have any transctions or relationships with any companies struck off under section 248 of the Companies Act, 2013.

Note 49

The Income Tax Department had carried out the search at the company''s business premises from July 20,2022 to July 26, 2022. The assessments for the period covered by search are pending for some of the years. The management of the Company does not expect any material additional liability as a result of the search and hence no provision for the additional income tax liability has been made by the Company.

Mar 31, 2023

Note 9.4

The general credit period in respective on Domestic and Export sale ranges between 30-90 days and by and large company is not charging any interest on late payment.

Note 9.5

Note 9.6

Note 13.1

Terms/right attached to Equity Shares:

The company has only one class of shares referred to as Equity shares having face value of '' 10/-. Each Holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.

The Company declares and pays dividends in Indian Rupees, if any.

Note 35.2 Fair Value Hierarchy

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

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

Level 3 : Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs)

Note 35.2.1 Investment in equity shares quoted on recognised stock exchanges

The fair value of investment in equity shares is based on quoted price.

Note 35.2.2 Investment in unqouted preference shares

The fair value of unquoted preference shares has been determined using Level 3 inputs based on Discounted Cash Flow method. A one percentage point change in the unobservable inputs used in fair valuation of Level 3 does not have a significant impact on its value. The movement in unquoted investments is on account of sale of shares during the comparative period (Refer Note 5).

Note 35.2.3 Transfers between levels of fair value hierarchy

There have been no transfers between levels of fair value heirarchy during the year ended 31^st March, 2023 and during the comparative period ended 31^st March, 2022.

Note 35.2.4 Valuation Process

The finance department of the company includes a team that performs the valuations of financial assests and liabilities required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assests and liabilities are readily available from the qouted prices in the open market and rates available in secondary market respectively. The valuation method applied for various Financial assests and liabilities are as follows-

1. Quoted price in the primary market cosidered for the fair valuation of the non-current investment. Gain/ (loss) on fair valuation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.

Note 35.3

Financial Risk Management

The company is exposed to market risk, credit risk and liquidity risk. The company''s senior management oversees the management of these risks. The Board of Directors review and agree policies for managing each of these risks, which are summarised below:

Note 35.3.1 Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate instrument because of changes in market factors. Market risk comprises three type of risks:

a. Currency Risk

b. Interest Rate Risk

c. Price Risk

The company is exposed to currency risk and price risk. The same are analysed below: a. Currency Risk

The company is exposed to foreign exchange risk arising from foreign currency borrowing denominated in US dollars (US$) and foreign currency notes denominated in various foreign currencies. The company also imports certain material which are denominated in US$ which exposes it to foreign currency risks. If the value of the Indian Rupee depreciates relative to these foreign currencies, the related costs may increase. The exchange rates between the Indian Rupee and US$ has changed substantially in recent periods and may continue to fluctuate substantially in the future. In order to mitigate the foreign Currency exposure risk, as on 31^st March, 2023, the company has entered into derivative contract of '' Nil (31^st March, 2022''1449.55 Lakhs) to hedge exposure to fluctuation risk. The below sensitivity does not include the impact of foreign currency forward contracts which largly mitigate the risk:

For each of the years ended 31^st March, 2023 and 31^st March, 2022, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and U. S. Dollars, has affected company''s incremental operating margins by approximately 3.39% & 0.38% respectively.

c. Interest Rate Risk

I nterest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. 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.

According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Note 35.3.2 Liquidity Risk

Liquidity risk is the risk that the company would not be able to meet its financial obligations when they become due. The company is financed primarily by bank loans, loans from directors, and other operating cash flows. The company has undrawn borrowing facilities to the extent of '' 314.89 Lakhs as on 31^st March, 2023 (as on 31^st March, 2022 '' 1,755.69 Lakhs).

Note 35.3.3 Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintains its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss or gain. The Company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the Company''s experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision made for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.

The company has assessed that credit risk on other Financial assets is insignificant based on the empirical data. Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s assessment of credit risk about particular financial institution. None of the Company''s cash equivalents, including term deposits (i.e., certificates of deposit) with banks, were past due or impaired as at each balance sheet date.

Contingent Liabilities ('' in Lakhs)
Particulars	As at 31/03/2023	As at 31/03/2022
Value Added demands disputed in tribunal by Company/vat Authorities (Against which Company has paid '' 10.24 Lakhs, as at 31/03/2022 ''10.24 Lakhs)	77.43	77.43
Income Tax Demands disputed in appeal by Company/Income Tax Authorities (Against which Company has paid '' 217.25 Lakhs, as at 31/03/2022 ''217.25 Lakhs)	3,606.65	6,101.88
Excise & Customs demands disputed in appeal by Company/Authorities (Against which Company has paid ''41.43 Lakhs, as at 31/03/2022 41.43 Lakhs)	41.43	45.54
Amount not Acknowleged as Debt by the Company	726.36	874.66
Show cause notice received from Various Authorities in respect of Excise & Customs	41.11	41.11
Disputed Tax demand In appeal by Company in respect of ESIC (Against which Company has paid '' 8.68 Lakhs, as at 31/03/2022 ''8.68 Lakhs)	34.72	34.72
Corporate guarantee in favour of Aditya Birla Finance Ltd. to Secure term loan sanctioned to M/s Vraj Integrated Textile Park Ltd	1,462.00	1,462.00
Letter of Credit and Bank Guarantee	1,624.89	3,701.33
Civil Suits filed against the Company by various Individuals	Amount not Quantifiable	Amount not Quantifiable
A Letter received by the Company from Service Tax Department seeking Clarification on Selling Commission	Amount not Quantifiable	Amount not Quantifiable
Civil/Labour Suits filed against Company	Amount not Quantifiable	Amount not Quantifiable
Total	7,614.59	12,338.67
Note 36.1 Commitments ('' in Lakhs)
Particulars	As at 31/03/2023	As at 31/03/2022
Estimated Amount of Contract to be execcuted on Capital Account (Against Which the Company has paid ''62.54 Lakhs (as at 31/03/2022''1,644.09 Lakhs)	542.19	3,126.34
Total	542.19	3,126.34

Note 37

Capital Management Disclosures

Note 39

Details Of Hedged And Unhedged Exposure in Foreign Currency Denominated Monetary Items a Exposure in foreign currency - Hedged

Note 45

Note 48 - Additional Regualtory Information (Non Ind AS)

The disclosures required by amendment to Division II of Schedule III of the Companies Act, 2013, are given

only to the extent applicable:

(iii) There are no intangible assets under development in the Company during the current reporting period.

(iv) The borrowing taken by the company from the banks has been used for the specific purpose for which it was taken.

(v) The company has not been declared as willful defaulter by any bank or financial institutionor other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

(viii) During the year under consideration the company has not traded or invested in crypto currency or virtual currency.

(x) The Company does not have any transctions or relationships with any companies struck off under section 248 of the Companies Act, 2013.

Note 49

The Income Tax Department had carried out the search at the company''s business premises from July 20, 2022 to July 26, 2022. The assessments for the period covered by search are pending. The management of the Company does not expect any material additional liability as a result of the search and hence no provision for the additional income tax liability has been made by the Company.

Mar 31, 2018

Note: 1 1.1 Company Overview

Nandan Denim Limited is a public limited Company incorporated and domiciled in India and its shares are publicly traded on the National Stock Exchange of India Ltd. (âNSEâ) and the BSE Limited (BSE), in India. The registered office of the Company is situated at Survey No. 198/1 & 203/2 Saijpur-Gopalpur, Pirana Road, Piplej. Ahmedabad-382405, Gujarat.

The Company is principally engaged in the manufacture and sale of fabrics including Denim, Yarn and Shirting. The Company has manufacturing facilities located at Piplej and Bareja, Gujarat.

These financial statements presented in Indian Rupee with figures rounded off to nearest rupee except otherwise indicate were approved and adopted by Board of Directors of the Company in their meeting held on 26^th May, 2018.

1.2 Basis of Preparation of Accounts

These individual financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis, except for certain financial instruments which are measured at fair values and the provisions of the Companies Act, 2013 (âthe Actâ) (to the extent notified). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto. By the time these financial statements were approved for issue, there had been three amendments to Companies (Indian Accounting Standards) Rules, 2015 by notifications dated 30^th March, 2016, dated 17^th March, 2017 and dated 28^th March, 2018. The recent amendment to the rules has made Ind AS 115 Revenue from Contracts with Customers and Appendix and Appendix B Foreign Currency Transactions and Advance Consideration applicable from 01^st April, 2018 with consequential amendments to other Ind AS. Refer Note 2.2 for possible impact that application of those amendments will have on the entityâs financial statements in the period of initial application.

The adoption of Ind AS was carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Reconciliations and descriptions of the effect of the transition have been summarised in Note 40.2.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The Company retains the presentation and classification of items in the financial statements from one period to the next.

1.3 Use of Estimates and Judgements

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates, judgements and assumptions. These estimates, judgements and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgements and the use of assumptions in financial statements have been specified in Note 1.4 below. Accounting estimates could change from period to period. Actual results could differ from estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in financial statements in the period in which the changes are made and, if material, their effects are disclosed in these notes to the individual financial statements.

1.4 Critical Accounting Estimates and Judgement used in application of Accounting Policies

a. Income Taxes

Significant judgements are involved in determining the provision for Income Taxes, including amount expected to be paid / recovered for uncertain tax positions. Also refer Note 18 and 30.

b. Property, Plant And Equipment

Property, Plant And Equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an assetâs expected useful life and the expected residual value at the end of its life. The useful life and residual values of the Companyâs assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The life is based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer Note 3)

c. Impairment of Financial Assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation based on empirical evidence available without under cost or effort, existing market conditions as well as forward looking estimates at the end of each reporting period. (Refer Note 10,32.3)

d. Defined Benefit Plan

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligations is determined using actuarial valuation. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. (Refer Note 27, 27.1 and 27.2)

e. Fair Value Measurement of Financial Instruments

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets, where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair values of financial instruments. (Refer Note 32.3)

Note:2.1.1 Standards issued but not yet effective

As on 28^th March, 2018, Ministry of Corporate Affairs vide a notification has issued amendments to Ind AS which are effective from 1^st April, 2018. Given below is an explanation of significant amendments and their possible impact on the assets, liabilities and results:

a. Amendments to Ind AS 101 First-time Adoption of Indian Accounting Standards

There have been consequential amendments to Ind AS 101. As the Company has adopted Ind AS and these being the first Ind AS financial statements, the amendments to Ind AS 101 have no relevance to the Company

b. Amendments to Ind AS 103 Business Combinations

There have been consequential amendments to Ind AS 103. The amendments have no impact on either the assets, liabilities or equity of the Company.

c. Amendments to Ind AS 104 Insurance Contracts

There have been made consequential amendments of Ind AS 104. The amendments have no impact on either the asset, liabilities or equity of the Company.

d. Amendments to Ind AS 107 Financial Instruments: Disclosures

There have been made consequential amendments of Ind AS 107. The amendments have no impact on either the asset, liabilities or equity of the Company.

e. Amendments to Ind AS 109 Financial Instruments

There have been made consequential amendments to Ind AS 109. The amendments have no impact on either the asset, liabilities or equity of the Company.

f. Amendments to Ind AS 112 Disclosure of Interests in Other Entities

These amendment apart from making consequential changes, makes the standard applicable to subsidiaries, associates and joint ventures classified as held for sale or as discontinued operations. Such amendments have no impact on the disclosures by the Company.

g. Issuance of Ind AS 115 Revenue from Contracts with Customers

This is one of the major amendments issued in the notification. The standard replaces Ind AS 18 Revenue. Under Ind AS 18, revenue is measured at fair value when the Company transfers significant risks and rewards to the buyer and there is reasonable certainty of recovering the amount from the customer. However, the standard was contained broad philosophical statements without sufficient guidance. Ind AS 115 provides comprehensive guidance on identification of contract, identification of performance obligations in the contract, determining the transaction price, allocating transaction price to identified performance obligations and recognising revenue when (or as) the entity performs the obligations. Under Ind AS 115, revenue is recognised when the customer obtains control of the asset and measured at the price which the entity expects to be entitled. The Company is in process of evaluating its impact. However, as of date, the standard does not seem to have any significant impact on either asset, liabilities or equity of the company except for a change in thought process and consequently a change in systems.

h. Amendments to Ind AS 1 Presentation of Financial Statements

There have been made consequential amendments to Ind AS 1. The amendments have no impact on presentation of either the asset, liabilities or equity of the Company.

i. Amendments to Ind AS 2 Inventories

The amendments to inventories standard has moved the requirements of cost of inventories of service providers from Ind AS 2 to Ind AS 115. Form 1^st April, 2018, all costs of obtaining and negotiating a contract and cost of inventories of service providers will be governed by the requirements of Ind AS 115. However, such replacement from Ind AS 2 to Ind AS 115 has no impact either on the assets, liabilities or equity of the Company.

j. Amendments to Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

There have been made consequential amendments to Ind AS 8. The amendments have no impact on either the asset, liabilities or equity of the Company.

k. Amendments to Ind AS 12 Income Taxes

Amendments to Ind AS 12 clarifies how should an entity assess the availability of taxable profit when the income tax law restricts the sources of taxable profits against which deductions can be availed. The clarification has no impact as the Company has always been considering the same while assessing the availability of profits.

l. Amendments to Ind AS 16 Property, Plant and Equipment

There have been made consequential amendments to Ind AS 16. The amendments have no impact on either the asset, liabilities or equity of the Company.

m. Amendments to Ind AS 17 Leases

There have been made consequential amendments to Ind AS 17. The amendments have no impact on either the asset, liabilities or equity of the Company.

n. Amendments to Ind AS 21 The Effects of Changes in Foreign Exchange Rates

The amendment introduces Appendix B in Ind AS 21 titled Foreign Currency Transactions and Advance Consideration. The appendix clarifies how to determine the date of the transaction in case of advance consideration whether in part or full. The appendix goes on clarify that receipt / payment of advance and subsequent delivery / receipt of goods or services is a single transaction. The Company is in the process of evaluating the impact of the amendment to Ind AS-21.

o. Amendments to Ind AS 23 Borrowing Costs

There have been made consequential amendments to Ind AS 23. The amendments have no impact on either the asset, liabilities or equity of the Company.

p. Amendments to Ind AS 28 Investments in associates and joint ventures

The amendments provide that if an entity has an investment in associate and if that associate is an investment entity and measures its investments at fair value through profit or loss, the entity may elect to retain the fair value measurement applied by the associate. These amendments have no impact either on the assets, liabilities or equity of the entity

q. Amendments to Ind AS 32 Financial Instruments: Presentation

There have been made consequential amendments to Ind AS 32. The amendments have no impact on either the asset, liabilities or equity of the Company.

r. Amendments to Ind AS 34 Interim financial reporting

There have been made consequential amendments to Ind AS 34. The amendments have no impact on either the asset, liabilities or equity of the Company.

s. Amendments to Ind AS 36 Impairment of Assets

There have been made consequential amendments to Ind AS 36. The amendments have no impact on either the asset, liabilities or equity of the Company.

t. Amendments to Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

There have been made consequential amendments to Ind AS 37. The amendments have no impact on either the asset, liabilities or equity of the Company.

u. Amendments to Ind AS 38 Intangible Assets

There have been made consequential amendments to Ind AS 38. The amendments have no impact on either the asset, liabilities or equity of the Company.

v. Amendments to Ind AS 40 Investment Property

These amendment clarify when can a Company transfer an Investment Property to or from Property, Plant and Equipment as when the property meets or ceases to meet the definition of investment property and the Company has evidence of change in use. These amendments have no impact on either the assets, liabilities or equity of the Company.

In accordance with Ind-AS transitional provisions, the Company opted to consider previous GAAP carrying value of Property, Plant and Equipment as deemed cost on transition date owing to exemption given in Para D7AA of Ind AS 101-First time adoption of Indian Accounting Standards. Refer statement of significant accounting policies Note No.2.1.14a..

Note: 3.1

Terms/right attached to Equity Shares:

The Company has only one class of shares referred to as Equity shares having face value of RS.10/-. Each Holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.

In the Period of five years immediately preceding 31^st March, 2018

The Company has not allotted any equity shares as fully paid up without payment being received in cash or as Bonus shares or Bought back any equity Shares. Further in the period of last five years the Company has not forfeited any amount received on issue of Shares.

(a) There were no overdue amounts/interest payable to Micro, Small and Medium Enterprises Development Act, 2006 as at the Balance Sheet date or any time during the year.

(b) Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of the information collected by the Management.

(i) Leave obligations

The leave obligations cover the groupâs liability for sick and earned leave.

The amount of the provision of RS.35,33,325/- (31^st March, 2017 - RS.12,48,130/-, 1^st April, 2016 - RS.12,14,778/-) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.

Note 4.1

The capitalisation rate used to determine the borrowing costs to be capitalised is the weighted average effective interest rate applicable to the Companyâs general borrowings during the year, which is Nil % in 31^st March, 2018 (31^st March, 2017 8.68%)

Note 4.2

Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil/- (Previous Year RS.104,677,771/-) is capitalized by the Company net of TUFS interest subsidy Rs. Nil. (Previous Year RS.53,906,313/-),

Note: 5.1

Fair Value Hierarchy

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

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

Level 3 : Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs)

Note 5.1.1

Investment in equity shares other than subsidiaries and joint ventures quoted on recognised stock exchanges

The fair value of investment in equity shares other than subsidiaries and joint ventures is based on quoted price.

Note 5.1.2

Investment in unquoted preference shares

The fair value of unquoted preference shares has been determined using Level 3 inputs based on Discounted Cash Flow method. A one percentage point change in the unobservable inputs used in fair valuation of Level 3 does not have a significant impact on its value. The movement in unquoted investments is on account of sale of shares during the comparative period (Refer Note 5).

Note 5.1.3

Transfers between levels of fair value hierarchy

There have been no transfers between levels of fair value hierarchy during the year ended 31^st March, 2017 and during the comparative period ended 31^st March, 2016.

Note 5.1.4

Valuation Process

The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilities are readily available from the quoted prices in the open market and rates available in secondary market respectively. The valuation method applied for various financial assets and liabilities are as follows -

1. Quoted price in the primary market considered for the fair valuation of the non-current investment. Gain / (loss) on fair valuation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature

Note 5.2

Financial Risk Management

The Company is exposed to market risk, credit risk and liquidity risk. The Companyâs senior management oversees the management of these risks. The Board of Directors review and agree policies for managing each of these risks, which are summarised below:

Note 5.2.1

Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market factors. Market risk comprises three type of risks:

a. Currency Risk

b. Price Risk

c. Interest Rate Risk

The Company is exposed to currency risk and price risk. The same are analysed below:

a. Currency Risk

The Company is exposed to foreign exchange risk arising from foreign currency borrowing denominated in US dollars (US$) and foreign currency notes denominated in various foreign currencies. The Company also imports certain material which are denominated in US$ which exposes it to foreign currency risks. If the value of the Indian Rupee depreciates relative to these foreign currencies, the related costs may increase. The exchange rates between the Indian Rupee and US$ has changed substantially in recent periods and may continue to fluctuate substantially in the future. The Company has not undertaken any risks mitigation measures in respect of its foreign currency exposures. The following table analyses the foreign currency risk:

For each of the years ended 31^st March, 2018 and 31^st March, 2017, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and U. S. Dollars, has affected companyâs incremental operating margins by approximately 0.01% & 0.27% respectively.

b. Price Risk

The Companyâs exposure to price risk arises from investments in equity shares of other companies (Refer Note 5 and 32.1). The Company has not undertaken any risk mitigation measures to reduce the price risk. The table below summarises the impact of increases / decreases of share price of the investments and profit for the period. The analysis is based on the assumption that the market price of those investments in equity shares of other companies move by 5% point on either side with all other variables held constant.

c. Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Companyâs 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.

According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in interest rates.

Note 5.2.2 Liquidity Risk

Liquidity risk is the risk that the Company would not be able to meet its financial obligations when they become due. The Company is financed primarily by bank loans, loans from directors, and other operating cash flows. The Company has undrawn borrowing facilities to the extent of ^ 39,47,91,181/-.

The details of the contractual maturities of significant financial liabilities as at 31^st March, 2018 are as under:

Note 5.2.3 Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintain its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss or gain. The Company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the Companyâs experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision made for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.

The allowance for lifetime ECL on customer balances for the year ended 31^st March, 2018 was RS.8,75,63,740/-, for the year ended 31^st March, 2017 was RS.2,40,36,707/- and for the year ended 1^st April, 2016 was RS.1,85,11,696/-.

Note 6

Capital Management Disclosures

Companyâs objective when managing capital is to safeguard the Companyâs ability to continue as a going concern in order to provide return to shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Company manages the capital structure and makes the adjustment to it in the light of changes in economic conditions and risk characteristics of the underlying assets. The Company monitors capital on the gearing ratio basis. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (Non-Current borrowing and current borrowings) less cash and cash equivalents. Total capital is calculated as total shareholderâs equity.

Note 7

Segment Reporting

The Geographical details of Revenue and Non Current Asset are as Under:

Note:8

First-time Adoption of Ind AS

These individual financial statements of Nandan Denim Ltd. for the year ended 31^st March, 2018, have been prepared in accordance with Ind AS. For the purposes of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101, First-time Adoption of Indian Accounting Standard, with 1^st April, 2016 as the transition date and Indian GAAP as the previous GAAP.

The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out in Note 2.1 have been applied in preparing the individual financial statements for the year ended 31^st March, 2018 and the comparative information. An explanation of how the transition from previous GAAP to Ind AS has affected the Companyâs balance sheet and statement of profit and loss, is set out in Notes 40.2. Examptions on the first-time adoption of Ind AS availed in Ind AS 101 have been set out in Note 40.1.

Note 9.1 Exemptions availed on First-time Adoptions of Ind AS and exceptions to retrospective application applied:

Ind AS 101 allows first-time adopters to opt for certain exemptions from and specifies exceptions to the retrospective application of certain requirements under Ind AS. The Company has accordingly applied the following exemptions:

a. Previous GAAP measure as deemed cost of property, plant and equipment and intangible assets

The Company is permitted to continue with the carrying value of property, plant and equipment and intangible assets measured as per previous GAAP as deemed cost under Ind AS. The company has opted for the exemption and accordingly has treated the carrying value of property, plant and equipment as per previous GAAP as deemed cost of property, plant and equipment and intangible assets respectively on transition date. The carrying amount of such property pant and equipment is RS.3,04,77,68,650/- as at 31^st March, 2018, RS.3,93,82,21,625/- as at 31^st March, 2017 and RS.4,79,71,57,953/- as at 1^st April, 2016. The carrying amount of such intangible assets is RS.374/- as at 31^st March, 2018, RS.3,34,813/- as at 31^st March, 2017 and RS.15,44,335/- as at 1^st April, 2016. (Refer Note 3)

b. Previous GAAP measure as deemed cost of investment in subsidiaries, joint ventures and associates

The Company is permitted to continue with the carrying value of its investment in subsidiaries, joint ventures and associates as per previous GAAP as deemed cost of those investment in subsidiaries, joint ventures and associates under Ind AS in separate financial statements. The Company has opted for the exemption and accordingly, has treated the carrying value of investments in subsidiaries, joint ventures and associates measured as per previous GAAP as deemed cost of investment in subsidiaries, joint ventures and associates under Ind AS.

c. Derecognition of finacial assets and financial liabilities

The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after 1^st April, 2016 (the transition date).

d. Classification of financial instruments

The Company has determined the classification of financial instruments based on the facts and circumstances that existed as of the transition date.

e. Impairment of Financial Assets

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind AS whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

f. Determining whether an arrangement contains a lease

The Company has applied Appendix C of Ind AS 17 Leases for determining whether an arrangement contains a lease at the the transition date on the basis of facts and circumstances existing at that date.

Note 9.2 First-time Adoption of Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.

1. Grossing up of EPCG Benefits

The company avails EPCG benefits which are a form of government grant. Under previous GAAP, these were subsumed in the carrying amount of property, plant & equipment (PPE). In accordance with Ind AS 20, government grants have to be presented separately and cannot be subsumed in the carrying amount of PPE. As clarified by ITFG bulleting issued by ICAI, this has resulted in an increase in PPE by RS.34,72,53,992/- as at 31^st March, 2017 and by RS.2,96,79,649/- as at 1^st April, 2016. Such grossing up has resulted in increase in depreciation and decrease in equity for the year ended 31^st March, 2017 by RS.19,78,643/-.

2. Fair value of investments in equity instruments of other entities

The Company recognised investment in equity instruments of other companies at cost less other than temporary diminution under previous GAAP. The same has been measured at fair value. The Company has opted to recognise the changes in fair value of investment in equity shares other than in subsidiaries, joint ventures and associates through profit or loss. Due to this, the investmnts have increased by RS.5,11,533/- as at 31^st March, 2017 and decreased by RS.1,01,721/- as at 1^st April, 2016 with corresponding effect on retained earnings. Further, this has resulted in an increase in other income for the year ended 31^st March, 2017 by RS.6,13,254/-

3. Recognition of Forward Contract gains

The Company recognised derivatives that resulted in loss as per the concept of prudence under previous GAAP. However, Ind AS being neutral requires recognition of gains too. In view of this, Other financial assets have increased by RS.96,31,608/- as at 1^st April, 2016 and an increase in other expenses for the year ended 31^st March, 2017 by RS.96,31,608/-. The corresponding effect has been given in retained earnings.

4. Prior period error

Previous GAAP unlike Ind AS did not require errors to be retrospectively restated. Due to retrospective restatement of errors, trade payables have increased by RS.16,04,768/- as at 31^st March, 2017 and RS.14,52,734/- as at 1^st April, 2016. The combined effect of this has resulted in an increase in other expenses and decrease in total comprehensive income for the year ended 31^st March, 2017 by RS.1,52,014/-. The corresponding effect have given in retained earnings.

5. Separate recognition of EPCG Benefits

As explained in Note 1 to the reconciliation statements, the Company avails EPCG benefits which are government grants. EPCG benefits were subsumed in the carrying amount of PPE under previous GAAP. AS per Ind AS 20, the Company has recognised the EPCG benefits separately. The benefits for which export obligations have not been fulfilled as on transition date were recognised separately as Deferred Government Grant aggregated under Other Current Liabilities. Due to this, Other Current Liabilities have increased by RS.17,10,33,168/-as at 31^st March, 2017 and by RS.2,96,79,649/- as at 1^st April, 2016. Further, this has resulted in an increase in other income and total comprehensive income for the year ended 31^st March, 2017 by RS.17,81,99,467/-. The corresponding effect is given in retained earnings.

6. Remeasurement of Defined benefit plans

Under previous GAAP, the company recognised actuarial gains and losses on defined benefit plans in profit or loss. Ind AS 19 requires the same to be recognised in Other Comprehensive Income. This has resulted in increase in employee benefit expense RS.1,26,21,203/- and other comprehensive income for the year ended 31^st March, 2017 by RS.82,53,005/-.

Note:10

The financial statement are approved for issue by the Audit Committee as at its meeting on 26^th May, 2018 and by the Board of Directors on 26^th May, 2018.

Note:11

The board has recommended dividend of RS.0.80/- per Shares (PY. RS.1.60 per Share) for the financial year ended 31^st March, 2018 which is subject to approval of shareholders in the ensuing Annual General Meeting.

Note:12

Note:13

Previous yearâs figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.

Mar 31, 2016

1. The Company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs, 178,077,894/- (Previous year Rs, Nil/-) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2016 is Rs, 29,679,649/- (Previous Year Rs, Nil).

2. In accordance with Companies (Accounting Standards) Amendment Rules,2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference Loss relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs, 2,735,621/- (P.Y. Rs, 2,057,706/-) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

3. Net Foreign Exchange Gain of Rs, 20,539,778/- (Previous Year Gain of Rs, 16,318,059/-) in respect of Exports included in Other Expenses. Net Foreign exchange loss amounting to Rs, 62,864,646/- (Previous Year Gain of Rs, 70,806,244/-) in respect of various other items is included in Other Expenses.

4. Fuel Cost is net of Fuel Income of Rs, 57,301,537/- (P.Y. Rs, . 36,999,504/-).

5. Employee Cost is net of Labour reimbursement of Rs, 22,178,000/- (P.Y. Rs, 32,700,000/-).

6. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

7. Balances of Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

8. The Company has entered into certain operating lease agreements and an amount of Rs, 12,604,956/- (P.Y. Rs, 7,903,985/-) paid under such agreements has been charged to the statement of Profit & Loss. These lease are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

9. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs, 24,482,414/- (Previous Year Rs, 38,572,591/-) is capitalized by the company net of TUFS interest subsidy Rs, Nil (Previous Year Rs, Nil).

10. During the year, the company has impaired the assets to the tune of Rs, Nil (Previous Year Rs, Nil).

11. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs, 110,523,164/- (Previous year Rs, 113,258,046/-) and Interest Subvention of Rs, 9,919,222/- (Previous Year Rs, Nil).

12. The figures of the previous year have been regrouped and rearranged wherever considered necessary.

Mar 31, 2015

1. In accordance with Companies (Accounting Standards) Amendment Rules,2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference Loss relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs. 20,57,706/- (P.Y Rs. 38,242,594/-) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

2. Net Foreign Exchange Gain of Rs. 16,318,059/- (Previous Year loss of Rs.18,45,440/-) in respect of Exports included in Other Expenses. Net Foreign exchange gain amounting to Rs.70,806,244/- (Previous Year Loss of Rs.11,490,685/-) in respect of various other items is included in Other Expenses. Net Foreign exchange gain amounting to Rs.Nil (Previous Year Gain of Rs.Nil) in respect of Fixed Asset is included in Other Expenses.

3. Donation Expense includes CSR Expense of Rs. 9,000,000/- (Previous Year Rs. Nil).

4. Fuel Cost is net of Fuel Income of Rs.36,999,504/- (P.Y. Rs..30,676,236/-).

5. Employee Cost is net of Labour reimbursement of Rs. 32,700,000/- (P.Y. Rs. 71,700,000/-).

6. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

7. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

8. The Company has entered into certain operating lease agreements and an amount of Rs. 7,903,985/- (P.Y. Rs. 7,396,777/-) paid under such agreements has been charged to the statement of Profit & Loss. These lease are generally not non cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

9. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. 38,572,591/- (Previous Year Rs. 52,540,872/-) is capitalized by the company net of TUFS interest subsidy Rs. Nil (Previous Year Rs. 14,593,616/-).

10. During the year, the company has impaired the assets to the tune of Rs. Nil (Previous year Rs. Nil).

11. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs. 113,258,046/- (Previous year Rs. 83,528,858/-) and Interest Subvention of Rs. Nil (PY Rs. 16,58,995/-)

12. The figures of the previous year have been regrouped and rearranged wherever considered necessary.

Mar 31, 2014

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

Sr.No.Particulars 2013-14 2012-13 Rs. Rs.

a) Income Tax demands disputed in appeal by the Company/ 10,403,441 10,116,480 Income Tax Authorities [Against which the Company has paidamount of Rs.5,182,280/- (Previous Year 2,392,260/-)]

b) Show Cause Notice received from Various 2,466,446 514,545 Authories in respect of Excise & Customs

c) Professional Tax 192,912 192,912

d) Estimated Amount of Contracts remain to be Executed on 616,750,427 691,998,064 Capital Account. Advance paid against such Contract is Rs.3,693,698/- (Previous year Rs.142,993,814/-) which is shown under the head advances.

e) Corporate guarantee in Favour of IDBI Bank Ltd. to secure 197,000,000 197,000,000 Term Loan Sanctioned to M/s Vraj Integrated Textile Parks Ltd.

f) Corporate guarantee in Favour of State Bank of Bikaner and Jaipur. 163,000,000 163,000,000 to secure Term Loan Sanctioned to M/s Vraj Integrated Textile Parls Ltd.

i) Bank Guarantee 24,080,200 14,080,200

j) A letter has been received by the company from Service Tax Department Amount not Amount not seeking Clarification on Selling Commission. Quantifiable Quantifiable

2. The Company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs.Nil (Previous year Rs. Nil/-) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2014 is Rs.Nil (Previous Year Rs. Nil).

3. In accordance with Companies (Accounting Standards) Amendment Rules,2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference Loss relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs. 38,242,594/- (P.Y.Rs.Nil) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

4. Net Foreign Exchange loss of Rs. 18,45,440/- (Previous Year gain of Rs. 8,750,619/-) in respect of Exports included in Other Expenses.Net Foreign exchange loss amounting to Rs.11,490,685/- (Previous Year Loss of Rs. 11,597,210/-) in respect of various other items is included in Other Expenses. Net Foreign exchange gain amounting to Rs Nil (Previous Year Gain of Rs. 65084974/-) in respect of Fixed Asset is included in Other Expenses.

5. Fuel Cost is net of Fuel Income of Rs.30,676,236/- (P.Y. Rs. .30,538,586/-).

6. Employee Cost is net of Labour reimbursement of Rs. 71,700,000/- (P.Y. Rs. 38,289,346/-).

7. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

8. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

9. The Company has entered into certain operating lease agreements and an amount of Rs.7,396,777/- (P.Y. Rs.12,070,457/ -) paid under such agreements has been charged to the statement of Profit & Loss. These lease are generally not non cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

10. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. 52,540,872/- (Previous Year Rs. Nil) is capitalized by the company net of TUFS interest subsidy Rs. 14,593,616/- (Previous Year Rs. Nil).

11. During the year, the company has impaired the assets to the tune of Rs. Nil (Previous year Rs. Nil).

12. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs.83,528,858/ - (Previous year Rs. 98,279,275/-) and Interest Subvention of Rs.1,658,995/- (PY. Rs. Nil)

13. Related Party Disclosures:

A) Key Management Personnel:

Sr.No. Name Designation

1 Shri Vedprakash Chiripal Chairman

2 Shri Brijmohan Chiripal Managing Director

3 Shri Deepak Chiripal CEO

B) List of Relatives of Key Management Personnel with whom transactions have taken place during the year:

Sr. No. Name Nature of Relationship

1 Savtridevi Chiripal Relative of Chairman

2 Pritidevi Chiripal Relative of Managing Director

3 Vinita Agrawal Relative of Chairman

4 Urmiladevi Agrawal Relative of CEO

5 Jayprakash Agrawal Relative of Chairman

6 Jyotiprasad Agrawal Relative of CEO

7 Vedprakash D Chiripal-HUF Relative of Chairman

C) List of Other Related Parties with whom transactions have taken place during the year:

Sr. No. Name Sr. No. Name

1 Shanti Exports Pvt. Ltd. 8 Nova Textiles Pvt. Ltd.

2 Chiripal Industries Ltd. (Formerly Nandan Industries Pvt. Ltd.)

3 Shanti Education Initiatives Ltd. 9 Chiripal Poly Films Ltd.

4 Nandan Chiripal Energy Corporation 10 Chiripal Charitable Trust LLP 5 Chiripal Infrastructure Ltd. 11 Chiripal Lifestyle Ltd.

6 CIL Nova Petrochemicals Ltd. 12 Vishal Fabrics Ltd.

7 Chiripal Exim LLP 13 Devkinandan Corporation LLP

Note: List of transaction, out of the transactions reported in the above table, where the transactions entered in to with single party exceed the 10% of the total related Party transactions of similar nature are as under:

14. The Company is considered to be engaged in Textile Industry with all activity revolving around this business and accordingly has only one reportable business segment. The company has identified geographical segment as its secondary business segment, the details are as follows.

Mar 31, 2013

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

Sr. No. Particulars 2012-13 2011-12 Rs. Rs.

a) Income Tax demands disputed in appeal by the Company/ 10,116,480 6,619,706 Income Tax Authorities [Against which the Company has paid Amount of Rs.2,392,260/- (Previous Year Nil)]

b) Excise Demand disputed in appeal by the company /Excise Department 514,545 514,545

c) Professional Tax 192,912 192,912

d) Estimated Amount of Contracts remain to be Executed on Capital Account. 691,998,064 195,348,153 Advance paid against such Contract is Rs.142,993,814/- (Previous year Rs. 145,689,622/-) which is shown under the head advances.

e) Corporate guarantee in Favour of IDBI Bank Ltd. to secure Term Loan 197,000,000 197,000,000 Sanctioned to M/s Vraj Integrated Textile Park Ltd.

f) Corporate guarantee in Favour of State Bank of Bikaner and Jaipur. to 163,000,000 163,000,000 secure Term Loan Sanctioned to M/s Vraj Integrated Textile Park Ltd.

g) Bank Guarantee 14,080,200 18,030,684 h) A letter has been received by the company from service tax Amount not Amount not Department seeking Clarification on selling Commission. Quantifiable Quantifiable

2. The Company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs.Nil (Previous year Rs. 122,474,103/-) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2013 is Rs.Nil (Previous Year Rs. 15,309,263/-).

3. In accordance with Companies (Accounting Standards) Amendment Rules,2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs. Nil (P.Y.Rs.Nil /-) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

4. Net Foreign Exchange loss of Rs.8,750,619/- (Previous Year gain of Rs. 405,867/-) in respect of Exports included in Other Expenses. Net Foreign exchange loss amounting to Rs.11,597,210/- (Previous Year Loss of Rs. 8,749,821/-) in respect of various other items is included in Other Expenses. Net Foreign exchange gain amounting to Rs 65,084,974/- (Previous Year Loss of Rs. 83,21,010/-) in respect of Fixed Asset is included in Other Expenses.

5. Fuel Cost is net of Fuel Income of Rs.30,538,586/- (P.Y. Rs. .21,596,636/-).

6. Employee Cost is net of Labour reimbursement of Rs.38,289,346/- (P.Y. Rs. 13,452,006/-).

7. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

8. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

9. The Company has entered into certain operating lease agreements and an amount of Rs.12,070,457/- (P.Y. Rs.3,898,817/-) paid under such agreements has been charged to the statement of Profit & Loss. These lease are generally not non cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

10. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is capitalized by the company net of TUFS interest subsidy Rs. Nil (Previous Year Rs. Nil).

11. During the year, the company has impaired the assets to the tune of Rs. Nil (Previous year Rs. Nil).

12. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs.98,279,275/- (Previous year Rs. 91,538,988/-).

13. The Company is considered to be engaged in Textile Industry with all activity revolving around this business and accordingly has only one reportable business segment. The company has identified geographical segment as its secondary business segment, the details are as follows:

14. The figures of the previous year have been regrouped and rearranged wherever considered necessary.

Mar 31, 2012

1. CORPORATE POLICY

Nandan Exim Ltd. is incorporated under the provisions of the Companies Act 1956. Company is one of the Leading Manufacturer of Denim.

The company has only One class of shares referred to as Equity shares having face value of Rs.10/-. Each Holder of One share is entitled to One vote per share.

During the year ended on 31st March 2012, the amount per share dividend recognised as distributions to Equity Share holders was Rs.1/- (31st March 2011: Rs.Nil)

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

The details of shareholders holding more than 5% shares as at 31/03/2012 and 31/03/2011 is set out below.

Security :

@ Term Loans under Consortium finance are secured by first charge on the entire Fixed Assets of the company both present and future, second charge on Book Debts, Stock and other Current Assets of the Company and also further guaranted by personal guarantee of some of the Directors.

@@ Vehicle Loans are secured by Hypothication of Vehicle.

Interest:

Term Loan carries an interest rate which shall be State Bank of India rate or the base rate of the respective rupee lender plus the spread,which ever is higher, payable on monthly basis.

Vehicle Loan carries an interest rate ranging between 10.38% to 12.96% p.a.

Security :

@ Working Capital loans under consortium finance are secured by first charge on Book Debts, Stocks and other Current Assets and second charge on all the Fixed Assets both present and future of the Company and also further guaranted by personal guarantee of some of the Directors.

@@ Buyers Credit arrangement are secured by first charge on the entire Fixed Assets of the company both present and future, second charge on Book Debts, Stock and other Current Assets of the Company and also further guaranted by personal guarantee of some of the Directors.

Terms of Repayment :

Buyers Credit arrangement are available for 180 days.

@ The Company has not received the required information from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been made.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

Sr. No. Particulars 2011-12 2010-11 Rs. Rs.

a) Income Tax demands disputed in appeal by the Company/ 6,619,706 7,300,937 Income Tax Authorities [Against which the Company has paid amount of Rs. Nil (Previous Year Nil)]

b) Excise Demand disputed in appeal by the company /Excise Department 514,545 2,599,778

c) Professional Tax 192,912 Nil

d) Estimated Amount of Contracts remain to be Executed on Capital Account. 195,348,153 175,575,569 Advance paid against such Contract is Rs.145,689,622 (Previous year Rs. 32,046,424) which is shown under the head advances.

e) Corporate guarantee in Favour of IDBI Bank Ltd. to secure Term 197,000,000 241,800,000 Loan Sanctioned to M/s Vraj Integrated Textile Parks Ltd.

f) Corporate guarantee in Favour of State Bank of Bikaner and Jaipur. to 163,000,000 Nil secure Term Loan Sanctioned to M/s Vraj Integrated Textile Parks Ltd.

g) Bank Guarantee 18,030,684 Nil

h) A letter has been received by the company from service tax Department Amount not Amount not seeking Clarification on selling Commission. Quantifiable Quantifiable

3. The Company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs.122,474,103/- (Previous year Rs. 296,693,970/-) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2012 is Rs.15,309,263/- (Previous Year Rs. 37,086,746/-).

4. In accordance with Companies (Accounting Standards) Amendment Rules,2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs. Nil (P.Y.Rs. 1,331,247/-) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

5. Net Foreign Exchange gain of Rs.405,867/- (Previous Year gain of Rs. 12,127,559/-) in respect of Exports included in Other Expenses.Net Foreign exchange Loss amounting to Rs.8,749,821/- (Previous Year Loss of Rs. 560,370/-) in respect of various other items is included in Other Expenses. Net Foreign exchange Loss amounting to Rs.83,21,010/- (Previous Year Loss of Rs. 3,826,395/-) in respect of Fixed Asset is included in Other Expenses.

6. Fuel Cost is net of Fuel Income of Rs.21,596,636/- (P.Y. Rs. 6,617,370/-).

7. Employee Cost is net of Labour reimbursement of Rs.13,452,006/- (P.Y. Rs. 5,255,278/-).

8. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

9. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

10. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (Previous Year Rs. 33,396,772) is capitalized by the company net of TUFS interest subsidy Rs. Nil (Previous Year Rs. 21,165,499).

11. During the year, the company has impaired the assets to the tune of Rs. Nil (Previous year Rs. Nil).

12. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs.91,538,988/ - (Previous year Rs. 98,939,261/-) and Subvention received/receivable on Export Packing Credit amounting to Rs.Nil (Previous Year Rs. 3,298,464/-).

13. The Company is considered to be engaged in Textile Industry with all activity revolving around this business and accordingly has only one reportable business segment. The company has identified geographical segment as its secondary business segment, the details are as follows:

14. Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year. Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised schedule VI notified under the Companies Act, 1956, has become applicable to the company. The Company has reclassified previous year figures to conform to this classification. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statement. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.

Mar 31, 2011

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

Sr Particulars 2010-2011 2009-2010 No Rs. (in Lacs) Rs. (in Lacs)

a) Income Tax demands disputed in appeal by the Company/ Income Tax Authorities 73.01 25.52 [Against which the Company has paid amount of Rs. Nil (Previous Year Nil)]

b) Excise Demand disputed in appeal by the company /Excise Department 26.00 26.00

c) ESI demands disputed in appeal by the Company [Against which the Company has Nil 18.33 paid amount of Rs.Nil (Previous Year Rs.7.82 Lacs)] which is shown under the head advances.

d) Estimated Amount of Contracts remain to be Executed on Capital Account. 1755.76 490.69 Advance paid against such Contract is Rs.320.46 Lacs (Previous year Rs. 236.60 Lacs) which is shown under the head advances.

e) Corporate guarantee in Favour of IDBI Bank Ltd. to secure Term Loan 2418.00 Nil Sanctioned to M/s Vraj Integrated Textile Park Ltd.

f) A letter has been received by the company from service tax Department seeking Amount not Amount not Clarification on selling Commission. Quantifiable Quantifiable

2. The company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs.2966.94 Lacs (P.Y. Rs. 3826.71 Lacs) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2011 is Rs.370.87 Lacs (P.Y. Rs. 481.14 Lacs).

3. Secured loans where repayments are stipulated include Rs.2967.82 Lacs (P.Y. Rs. 2114.24 Lacs) repayable within a period of one year.

4. Unsecured loans where repayments are stipulated include Rs. Nil (P.Y. Rs.757.89) repayable within a period of one year.

5. In accordance with Companies (Accounting Standards) Amendment Rules, 2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs.13.31 Lacs (P.Y.Rs. 425.38 Lacs) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

6. Net Foreign Exchange gain of Rs.12,127,559/- (P.Y. Loss of Rs. 17,215,185/-) in respect of Exports included in Manufacturing and Operating Expense. Net Foreign exchange Loss amounting to Rs.560,370/- (P.Y. Gain of Rs. 3,986,445/-) in respect of various other items is included in Manufacturing and Operating Expense. Net Foreign exchange Loss amounting to Rs.3,826,395/- (P.Y. Rs. Nil) in respect of Fixed Asset is included in Manufacturing and Operating Expense.

7. Fuel Cost is net of Fuel Income of Rs.6,617,370/- (P.Y. Rs.Nil).

8. Employee Cost is net of Labour reimbursement of Rs.5,255,278/- (P.Y. Rs.Nil).

9. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

10. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

11. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. 33,396,772/- (P.Y. Rs. 31,630,142) is capitalized by the company net of TUFS interest subsidy Rs. 21,165,499/- (P.Y. Rs. 10,697,477).

12. During the year, the company has impaired the assets to the tune of Rs. Nil (P.Y. Rs. Nil).

13. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs.98,939,261/- (P.Y. Rs. 82,022,596/-) and Subvention received/receivable on Export Packing Credit amounting to Rs.3,298,464/- (P.Y. Rs. 3,835,084/-).

14. (a) To the extent of available information, at the year end:

Adishwar Electricals, Amit Enterprise, Ashutosh Power Transbelts Ltd., Aakar Trading Co., Devam Enterprise, Darshil Enterprise, Daga Finmark India Limited, Gemini Poly-Plast Industries, Gaurav Trans Engineers Private Ltd., Ghanshyam Tools, Jas Associates, Jasmina Dye-Chem, Jayant Pipe Syndicate, Kusters Calico Machinary Ltd., Krishna Enterprise, Kailas Industries, Ruchi World Wide Ltd., Mahalaxmi Dye Chem, Mangal Singh Bros.Pvt. Ltd., Naman Electricals, Orient Enterprise, P.K. & Sons Trade Link (P) Ltd., P.K.& Sons, Swati Switchgear (I) Pvt Ltd., Welltronix, Asian Electronics Ltd., Ahmedabad Textile Industries Research, Kailash Industries, Patel Engineers, Dharmshil Agencies, The Forum Engineers, Tulip IT Services Ltd., Shree Arbuda Chemical Industries, M.N. Industries, Active Engineering Co., Blue Star Engineering, Shree Mahakali Gas Welding Works, Devikrupa Welding Works, Shanghai Cando m/c & Equipment Co., Jaytex Corporation, K.B.Corporation, New Aarkay Industries, Dharmshil Agencies, Atlas Copco (India) Ltd., Shree Sai Engineers, G.G.electricals, Umiya Enterprise, Chirag Electricals, Monshed Tarpaulins, Bhaskar Industries Ltd, Tulip IT Services Ltd., Dynamic Innovations Pvt. Ltd., Neelam Fibres, Pooja Textiles.

(b) No interest was paid/payable to micro or small enterprise during the year.

(c) The above information has been determined to the extent such parties could be identified on the basis of the information available regarding the status of supplier under the MSME.

Note: List of transaction, out of the transactions reported in the above table, where the transactions entered in to with single party exceed the 10% of the total related Party transactions of similar nature are as under:

15. The Company is considered to be engaged in Textile Industry with all activity revolving around this business and accordingly has only one reportable business segment. The company has identified geographical segment as its secondary business segment.

Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

2009-2010 2008-2009

Rs. (in Lacs) Rs. (in Lacs)

a) Income Tax demands disputed in appeal by the Company/ Income Tax Authorities 25.52 12.37 [Against which the Company has paid amount of Rs. Nil (Previous Year Nil)]

b) Excise Demand disputed in appeal by the company /Excise Department 26.00 0.24

c) ESI demands disputed in appeal by the Company [Against which the Company 18.33 Nil has paid amount of Rs.7.82 Lacs (Previous Year Nil)] which is shown under the head advances.

d) Estimated Amount of Contracts remain to be Executed on Capital Account. Advance paid against such Contract is Rs.236.60 Lacs (Previous year Rs.815.18 Lacs) which is shown under the head advances. 490.69 1947.25

e) Show cause notice for Excise Duty received against which reply has been made Nil 252.97

f) Nil Shares(Previous Year 1032000 Shares) of Nova Pertochemicals Ltd. Pledged with

State Bank of India in respect of Loan taken by Nova Pertochemicals Ltd. Nil 134.16

(at Market Value).

g) A letter has been received by the company from service tax Department seeking Amount not Amount not Clarification on selling Commission. Quantifiable Quanti fiable

2. The company has imported certain capital equipments at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme". The company has pending export obligation to the extent of Rs.3826.71 Lacs (Previous year Rs. 9769.88 Lacs) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st March, 2010 is Rs.481.14 Lacs (Previous Year Rs.1,221.24 Lacs)

3. In accordance with Companies (Accounting Standards) Amendment Rules, 2009 the company has exercised the option of adjusting exchange difference arising on reporting of long term foreign currency monetary item related to acquisition of depreciable capital assets in the cost of the assets to be depreciated over the balance life of the assets.

Exchange difference relating to long-term monetary item, in so far related to acquisition of depreciable capital asset, adjusted to the Fixed Assets and amount of Rs.425.38 Lacs (P.Y.Rs.1239.67 Lacs) arising during the current year are adjusted to the cost of the fixed assets and depreciated over the balance life of the fixed assets.

4. Net Foreign Exchange Loss of Rs.17,215,185/- (Previous Year Loss of Rs. 25,146,926/-) in respect of Exports included in Manufacturing and Operating Expense.Net Foreign exchange Gain amounting to Rs.3,986,445/- (Previous Year loss of Rs. 2,744,051/-) in respect of various other items is included in Manufacturing and Operating Expense.

5. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value on realization at least equal to the amount at which they are stated in Balance sheet. Adequate provisions have been made for all known liabilities except stated otherwise.

6. Balances of some of the Debtors, Creditors, Loans and Advances etc. are subject to confirmation and reconciliation.

7. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs.31,630,142/- (Previous Year Rs.-Nil) is capitalized by the company net of TUFS interest subsidy Rs.10,697,477/- (Previous Year Rs.-Nil).

8. During the year, the company has impaired the assets to the tune of Rs.-Nil (Previous year Rs.-Nil).

9. Maximum amount of debit balance at any time during the period in current account with Naroda Nagrik Sahakari bank Ltd, a non scheduled bank is Rs.-Nil. (Previous Year Rs.3,650/-).

10. Interest and Finance Charges are net of interest subsidy received/receivable under TUFS scheme amounting to Rs.82,022,596/- (Previous year Rs.77,369,161/-) and Subvention received/receivable on Export Packing Credit amounting to Rs.3,835,084/- (Previous Year Rs.658,385/-).

11. (a) To the extent of available information, at the year end the list of MSME Units to whom the amount outstanding due for more than 30 days is as follows:

Aakar Trading Co., Active Engineering Co., Ahmedabad Textile Industries Research,Allwin Industries, Appearel & Leather Technics Pvt. Ltd., Archana Engineering Works, Asian Electronics Ltd., Atlas Copco(India) Ltd., Bhaskar Industries Ltd.,Blue Star Engineering, Chamunda Fabrication, China National Automotive Industries, Chirag Electricals, Daga Finmark India Limited, Devikrupa Welding Works, Dharmashil Agencies, Dynamic Innovations Pvt Ltd., G.G.Electronicals, Gemini Ploy Plast Industries, Ginni Filaments Limited, HCL Info Systems Ltd., Ingersoll Rand India Limited, Jai Speciality Starch, Jaytex Corporation, K.B.Corporation, Kailas Industries, Kusters Calico Machinary Ltd., M.N. Industries, Mahavir Reed Repairing Works,Maloo Building Materials Pvt.Ltd, Monshed Tarpaulins, Nahar Industrial Enterprises Ltd., Nahar International ltd., Neelam Fibers, New Aarkay Industries, Nilkamal Crates& Bins Pvt. Ltd., Patel Engineers, Shanghai Cando M/C & Equipment Co., Shree Sai Engineers, Swati Sweach Gears (I) Pvt.Ltd., Umiya Enterprise, Welltronix

(b) No interest was paid/payable to micro or small enterprise during the year.

(c) The above information has been determined to the extent such parties could be identified on the basis of the information available regarding the status of supplier under the MSME.

12. Related Party Disclosures:

A) Key Management Personnel:

Sl. No. Name Designation

1 Shri Vedprakash D. Chiripal Chairman

2 Shri Brijmohan D. Chiripal Managing Director

3 Shri Deepak J. Chiripal CEO

B) List of Relatives with whom transactions have taken place during the period:

Sl. No. Name

1 Ms. Vanita V. Agrawal

C) List of Other Related Parties with whom transactions have taken place during the period:

Sl. No. Name

1 Nova Petrochemicals Limited

2 Shanti Exports Pvt. Ltd.

3 Chiripal Industries Ltd.

4 Chiripal Enterprise Pvt. Ltd

5 Hexa International Ltd

6 Quality Exim Pvt. Ltd.

7 Chiripal Charitable Trust

8 Chiripal Life Style Ltd.

9 Vishal Fabrics Pvt Ltd.

10 Nandan Chiripal Energy Corporation LLP

13. The figures of the previous year have been regrouped and rearranged wherever considered necessary.

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