Notes to Accounts of Precision Wires India Ltd.

Mar 31, 2025

13. Provisions, Contingent Liabilities and ContingentAssets :

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount of
obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the
Balance Sheet date.

Contingent liabilities are disclosed in the Financial Statements by way of notes to accounts, unless possibility of an outflow of
resources embodying economic benefit is remote.

Contingent assets are neither disclosed nor recognised.

Provisions, Contingent Liabilities and ContingentAssets are reviewed at each Balance Sheet Date.

14. Taxes on Income :

Income Tax Expense Comprises of Current Tax and Deferred Tax.

(i) Current Taxes :

Current Tax is recognised in the Statement of Profit and Loss except to the extent it relates to an item which is recognised
directly in equity or in other comprehensive income. Current tax is the expected tax payable/ receivable on the taxable
income/loss for the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of
previous years, income/ expenses and penalties, ifany, related to income tax are included in current tax expense.

(ii) Deferred Taxes :

Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes.

A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred tax
assets are recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no
longer probable that the related tax benefit will be realised.

15. Revenue Recognition :

(i) Sale of Products :

The Company earns revenue primarily from sale of Products. As per Ind AS 115 Revenues are recognised when the
company satisfies the performance obligation by transferring a product to the customer. A product is transferred when the
customer contains control of that product, which is at the point of transfer of custody to customers where usually the title
is passed, provided that the contract price is fixed or determinable and collectability of the receivable is reasonably
assured.

Revenue is measured at the transaction price of the consideration received or receivable and represents amounts
receivable for goods provided in the normal course of business, net of discounts, taking into account contractually defined
terms of payment and excluding taxes or duties collected on behalf of the government. Any retrospective revision in
prices is accounted for in the year of such revision.

(ii) Interest Income :

Interest income is recognised on time proportion basis.

(iii) Other Income :

(a) Dividend on Investments is accounted when received.

(b) Insurance claim receivable is recognised in the year of the loss, to the extent ascertainable.

(c) Any Other Income is recognised in the Statement of Profit and Loss Account as and when accrued.

(d) In cases where duty paid material are consumed prior to duty free import of material for manufacture of products for
export, the estimated excess cost of such material over that of duty free material, is carried forward and charged to
revenue on consumption of such duty free materials.

16. Expenditure:

Expenditure are generally accounted on accrual basis as they are earned or incurred, except those with significant
uncertainties.

17. Employee Benefits :

Defined Contribution Plans

Contributions to defined contribution schemes such as provident fund, etc. are charged as an expense based on the amount of
contribution required to be made as and when services are rendered by the employees. The above benefits are classified as
Defined Contribution Schemes as the Company has no further defined obligations beyond the monthly contributions.

Defined benefit plans

Defined Benefit plans comprising of gratuity are recognized based on the present value of defined benefit obligation which is
computed using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting
period.

Net interest on the net defined liability is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset and is recognised in the statement of profit and loss.

Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (excluding net interest as
defined above) and the return on plan assets (excluding net interest as defined above), are recognized in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to profit and loss in subsequent periods.

The Company contributes all ascertained liabilities with respect to gratuityto Life Insurance Corporation of India (LIC).

The retirement benefit obligation recognised in the Financial Statements represents the actual deficit or surplus in the
Company''s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic
benefits available in the form of reductions in future contributions to the plans.

In respect of certain employees who are unfunded through the approved trust, the gratuity liability is provided as per the
actuarial valuation.

Gain or loss on account of actuarial valuation is routed through other comprehensive income.

Short-term employee benefits

Short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised,
undiscounted, during the period the employee renders services. These benefits include salary, wages, bonus, performance
incentives etc.

Other long-term employee benefits

Other long-term employee benefit comprises of leave encashment towards un-availed leave and compensated absences;
these are recognized based on the present value of defined obligation which is computed using the projected unit credit
method, with actuarial valuations being carried out at the end of each annual reporting period. These are accounted as current
employee cost. The monetary value of leave encashment benefit is for the Factory Workers and is accounted on the basis of
acturial valuation.

The employees, other than factory workers are not permitted to carry forward their leaves beyond a period of one year and
hence the liability if any arising on such employees would be of short term nature and shall be accounted on actual basis as
and when paid.

18. EarningsPer Share:

Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares
outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average
number of equity shares considered for deriving the basic earnings per share and the weighted average number of equity
shares that could have been issued upon conversion of all dilutive potential equity shares.

19. Leases :

At the commencement date of a lease, the company will recognise a liability to make lease payments (i.e., the lease liability)
and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). It will
separately recognise the interest expense on the lease liability and the depreciation expense on the right-of-use asset. As per
the provisions of Ind AS 116, the company does not recognise the Lease Liability and right to use of underlying assets for the
Leases which are for period of less than 12 months or are for ''lowvalue'' assets.

Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards
incidental to the ownership of an asset to the Company. All other leases are classified as operating leases.

Assets acquired on leases where a significant portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Lease rentals are charged to the Statement of Profit and loss

Operating lease payments are recognized as prepayments and amortized on a straight-line basis over the term of the lease.
Contingent rentals, if any, arising under operating leases are recognized as an expense in the period in which they are
incurred.

20. Foreign Currency Transactions :

The financial statements are presented in Indian Rupees, the functional currency of the Company. Items included in the
financial statements of the Company are recorded using the currency of the primary economic environment in which the
Company operates (the ‘functional currency'').

Foreign currency transactions are translated into the functional currency using exchange rates at the date of the transaction.
Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and
liabilities at the reporting date exchange rates are recognised in the Statement of Profit and Loss.

Premium or discount on Foreign Exchange Forward Contracts are charged to the Profit and LossAccount alongwith gain / loss
on forward cover contract.

21. Derivative Instruments and Hedge Accounting :

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re¬
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.

The Company designates certain derivatives as either:

(a) hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or

(b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash
flow hedge).

The Company documents at the inception of the transaction the relationship between hedging instruments and hedged items,
as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company also
documents the nature of the risk being hedged and how the Company will assess whether the hedging relationship meets the
hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the
hedge ratio).

The full fair value of a hedging derivative is classi fied as a non-current asset or liability when the residual maturity of the
derivative is more than 12 months and as a current asset or liability when the residual maturity of the derivative is less than 12
months.

Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the statement of
profit and loss, together with any changes in the fair value of the hedged item that are attributable to the hedged risk
Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires
or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the
carrying amount of the hedged item arising from the hedged risk is amortised to the statement of pro fit and loss from that date.

22. Cash Flow Statement :

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non¬
cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows. The cash flows are segregated into operating, investing and financing
activities.

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

The Company makes contribution to LIC for gratuity benefits according to the Payment of GratuityAct, 1972.

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

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31,
2025 by an actuary. The present value of the defined benefit obligations and the related current service cost and
past service cost, were measured using the Projected Unit Credit Method, which recognises each period of
service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the
final obligation. Scheme is funded through LIC.

These plans typically expose the Company to actuarial risks such as: Investment risk, Mortality risk,
Concentration risk, Salary risk and Asset Liability Matching risk.

C. NOTES TO ACCOUNTS (Contd.)

(xv) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the
CompaniesAct, 2013.

(xvi) (A) The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

(xvi) (B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)

with the understanding (whether recorded in writing or otherwise) that the company shall:

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

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

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

(xviii) The company has not traded or invested in Crypto currency or Virtual Currency during the year.

12. Figures in brackets pertain to the previous year.

13. Previous year figures have been reclassified / regrouped / reworked, wherever necessary.

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

ShalinS.Divatia MilanM.Mehta DeepakM.Mehta

CharteredAccountant ChairmanandManagingDirector ViceChairman&Whole-Time Director

Membership No. 039755 (DIN : 00003624) (DIN : 00003646)

Partner-S.R. Divatia&Co.,

FirmReg.No.:102646W MohandasPai DeepikaPandey

UDIN:25039755BMLZFX8021 ChiefFinancialOfficer CompanySecretary

Mumbai, 17^h May,2025 Mumbai,17^th May,2025

---

Mar 31, 2024

b. Defined Benefits Plan :

Gratuity :

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

The Company makes contribution to LIC for gratuity benefits according to the Payment of Gratuity Act, 1972.

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

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31, 2024 by an actuary. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Scheme is funded through LIC.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

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

Furthermore, in presenting the above sensitive analysis, the present value of projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the Balance Sheet

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

3. Derivative Instruments and Unhedged Foreign Exposures:

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes. The Company’s activities exposes it to various risk such as market risk, liquidity risk and credit risks. This section explains the risks which the Company is exposed to and how it manages the risks.

A. Market Risk

The Winding Wire business works on focusing on processing margins. The risk of variation in purchase price of the input copper and sales price of Finished Goods, which is linked to the same international pricing benchmarks, is managed by entering into back to back transactions for input copper purchase against sales order booked. The aforesaid method is generally adopted for all sales transaction other than sale to Dealer market which is less than 10% of the Company''s sale in quantity as well as value terms.

B. Foreign Currency Risk

The Company may also have Foreign Currency Exchange Risk on procurement of Capital Equipment(s) for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk. The Company may also have Foreign Currency Exchange Risk on Foreign Currency denominated Borrowings for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk.

C. Liquidity Risk

The Company determines its liquidity requirements in the short, medium and long term. This is done by drawing up cash forecast for short and medium term requirements and strategic financing plans for long term needs.

The Company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalent position. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a regular basis. Besides, it generally has certain undrawn credit facilities which can be accessed as and when required; such credit facilities are reviewed at regular intervals.

Undrawn limit has been calculated based on the available drawing power and sanctioned amount at each reporting date.

D. Credit Risk

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

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forwardlooking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end ofthe reporting period is as follows:

9. The Company has used the Borrowings from Banks for the specific purposes only forwhich it was taken.

10. OtherRegulatorylnformation:

(i) The company holds all the title deeds of immovable property in its name.

(ii) The Company does not have asset classified as Investment Property.

(Hi) During the year, the Company has not revalued its Property, Plant & Equipments (including Right of Use Asset).

(iv) During the year, the Company has not valued its Intangible Assets.

(v) During the year, the Company has not given any loans to the Promoters, Directors, KMPs and the Related Parties either severally or jointly, with any other person.

(vi) Capital Work-in Progress (CWIP)

Note : *The above is inclusive of equipments having Residual Value of Rs. 29.02 Lakhs (P.Y. Rs. 28.20 Lakhs) (net of provision for Obsolescence Rs. 145.45 Lakhs).

(vii) There are no Intangible Assets under development.

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

(ix) The company has availed the Term Loan and Working Capital Loan Facilities from banks which are secured against its stock and book debts. The Company regularly submits the quarterly returns/ statements with the bank. On Comparison of the returns/statement so filed with the banks and the books of accounts of the Company, there are certain minor discrepancies . However the same are not material in terms of value as compared to the nature and size ofthe Company

(x) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

(xi) As per the information available with the Company, it does not have any kind of transaction / relation with Companies struck-off under Section 248 of the Companies Act, 2013 or Section 560 ofthe Companies Act, 1956.

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

(xiii) The Company does not have any Subsidiary Company nor the Company is a Subsidiary of any Company.

(xv) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the Companies Act, 2013.

(xvi) (A) The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall:

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

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

(xvi) (B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the

understanding (whether recorded in writing or otherwise) that the company shall:

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

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

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

(xviii) The company has not traded or invested in Crypto currency orVirtual Currency during the year.

12. Figures in brackets pertain to the previous year.

13. Previous year figures have been reclassified / regrouped / reworked, wherever necessary.

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Mar 31, 2023

c.	NOTES TO ACCOUNTS
			2022-23	2021-22
			Rs. in Lakhs	Rs. in Lakhs
1.	(A)	Contingent Liabilities and Commitments (to the extent not provided for):
	a.	Disputed Wealth Tax Demands (not acknowledged) against which Company has preferred an appeal	3.40	3.40
	b.	Guarantees given by Bank to third parties	3,949.40	2,914.40
1.	(B)	Estimated amount of Contracts remaining to be executed on Capital Account (net of advances paid) and not provided for	1,381.59	917.65
2.	Information pursuant to part II of Schedule III of Companies Act, 2013.
2.	(A)	Value of Imports calculated on CIF Basis.	2022-23	2021-22
		(Including Material in Transit)	Rs. in Lakhs	Rs. in Lakhs
	1.	Raw Materials	23,414.73	16,725.91
	2.	Components & Spares Parts, Packing Material & Repairs to Plant	145.84	84.43
	3.	Capital Goods	1,627.86	70.14
2.	(B)	Value of Raw Materials and Stores & Spares consumed:	Percentage	Rs. in Lakhs
	a.	Raw Materials
		Imported	8	21,720.26
			(7)	(16,682.88)
		Indigenous	92	2,57,742.36
			(93)	(2,30,965.01)
		Total	100	2,79,462.62
			(100)	(2,47,647.89)
	b.	Stores and Spares & Components :
		Imported	13	54.19
			(7)	(25.94)
		Indigenous	87	378.54
			(93)	(322.83)
		Total	100	432.73
			(100)	(348.77)
			2022-23	2021-22
2.	(C)	Expenditure in foreign Currency : (Otherthan Imports, on Accrual basis)	Rs. in Lakhs	Rs. in Lakhs
		Membership Fees	2.04	2.06
		Sales Promotion Expense	-	2.83
		Travelling	3.69	0.90
		Commission on Sales	41.91	15.78
		Professional Fees	-	1.99
		Books & Periodical	0.21	-
		Exhibition Expenses	18.35	14.37
		(Excludes Rs.14.37 Lakhs paid as prepaymentofExhibition Expenses in F.Y. 2021-22)
		[Excludes Advances given for Capital Goods Rs. 168.63 Lakhs (Rs.123.14 Lakhs for FY 2021-22)

2. (D) DIVIDEND ON EQUITY SHARES: Dividend on equity shares declared and paid during the year		2022-23 Rs. in Lakhs	2021-22 Rs. in Lakhs
(i)	Final Dividend of Rs.0.50 ps per Equity Share of Rs.1/- each for FY 2021-22 (2020-21 : Rs.2/- per share of Rs.5/- each)	578.18	462.54
(ii)	First Interim Dividend of Rs.0.30 ps per Equity Share of Rs.1/- each for FY 2022-23 (2021-22 : Rs.1.75 ps per Equity Share of Rs.5/- each)	346.91	404.73
(iii)	Second Interim Dividend of Rs. 0.30 ps per share of Rs.1/- each for FY 2022-23 (2021-22 : Rs.0.45 ps perEquityShareofRs.1/-each) [Post Issue of Bonus Shares in ratio of 1:2 on 11,56,36,230 Equity Shares]	520.36	520.36

b. Defined Benefits Plan :

Gratuity :

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

The Company makes contribution to LIC for gratuity benefits according to the Payment of Gratuity Act, 1972.

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

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

These plans typically expose the Company to actuarial risks such as: Investment risk, Mortality risk, Concentration risk, Salary risk and Asset Liability Matching risk.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

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

Furthermore, in presenting the above sensitive analysis, the present value of projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the Balance Sheet

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

3. Derivative Instruments and Unhedged Foreign Exposures:

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes. The Company’s activities exposes it to various risk such as market risk, liquidity risk and credit risks. This section explains the risks which the Company is exposed to and how it manages the risks.

A. Market Risk

The Winding Wire business works on focusing on processing margins. The risk of variation in purchase price of the input copper and sales price of Finished Goods, which is linked to the same international pricing benchmarks, is managed by entering into back to back transactions for input copper purchase against sales order booked. The aforesaid method is generally adopted for all sales transaction other than sale to Dealer market which is less than 10% of the Company''s sale in quantity as well as value terms.

B. Foreign Currency Risk

The Company may also have Foreign Currency Exchange Risk on procurement of Capital Equipment(s) for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk. The Company may also have Foreign Currency Exchange Risk on Foreign Currency denominated Borrowings for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk.

The Company’s exposure to foreign currency risk at the end of the reporting period expressed in ''Rs. In Lakhs'' Given below

C. Liquidity Risk

The Company determines its liquidity requirements in the short, medium and long term. This is done by drawing up cash forecast for short and medium term requirements and strategic financing plans for long term needs.

The Company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalent position. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a regular basis. Besides, it generally has certain undrawn credit facilities which can be accessed as and when required; such credit facilities are reviewed at regular intervals.

D. Credit Risk

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

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forwardlooking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end ofthe reporting period is as follows:

Note : *The above is inclusive of equipments having Residual Value of Rs.28.20 Lakhs (Rs.37.99 Lakhs) (net of provision for Obsolescence Rs. 79.49 Lakhs).

(vii) There are no Intangible Assets under development.

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

(ix) The company has availed the Term Loan and Working Capital Loan Facilities from banks which are secured against its stock and book debts. The Company regularly submits the quarterly returns/statements with the bank. On Comparison of the returns/statement so filed with the banks and the books of accounts of the Company, there are certain minor discrepancies. However the same are not material in terms ofvalue as compared to the nature and size of the Company.

(x) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

(xi) As per the information available with the Company, it does not have any kind of transaction / relation with Companies struck-off under Section 248 of the Companies Act, 2013 or Section 560 ofthe Companies Act, 1956.

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

(xiii) The Company does not have any Subsidiary Company nor the Company is a Subsidiary of any Company.

(xv) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the Companies Act, 2013.

(xvi) (A) The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall:

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

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

(xvi) (B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the

understanding (whether recorded in writing or otherwise) that the company shall:

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

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

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

(xviii) The company has not traded or invested in Crypto currency orVirtual Currency during the year.

12. Figures in brackets pertain to the previous year.

13. Previous year figures have been reclassified / regrouped / reworked, wherever necessary.

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Mar 31, 2018

A. COMPANY INFORMATION

Precision Wires India Limited (‘the Company’) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (CIN: L31300MH1989PLC054356) having its registered office at Saiman House, J A Raul Street, Off Sayani Road, Prabhadevi, Mumbai - 400 025. The company is listed on the Bombay Stock Exchange Ltd. (BSE) and the National Stock Exchange of India Ltd. (NSE) in India. The company is engaged in manufacturing of Enamelled Round and Rectangular Copper Winding Wires, Continuously Transposed Conductor (CTC) and Paper/Mica/Nomex Insulated Copper Conductors (PICC) which are used by the electrical/electronics industries.

Notes to the Reconciliation

a : Property, Plant and Equipment and Inventory

As per the requirement of Ind AS 16, the spares related to a particular machinery needs to be capitalized alongwith the machinery and depreciated accordingly. Such spares previously were recorded under inventory of Spares. Therefore the depreciation on such spares (capitalised) and also the deferred tax related to such depreciation from the date of their purchase till the date oftransition (01/04/2016) has been adjusted against the retained earnings and the impact for the year ended 31^st March, 2017 has been recognised in''Depreciation ''in the Statement of Profit and Loss.

b : Trade Receivables

Under Previous GAAP, bad debts were written off or reserve for bad debts was created based on the indication of the same. However under Ind AS 109 financial instruments, which includes Trade Receivables, needs to be shown at their fair value after providing for the expected credit losses based on past trends of bad debts incurred by the company.

c : Other Equity

i) Under Previous GAAP, bad debts written off or reserve for bad debts was created based on the indication of the same. However under ind AS 109 financial instruments, which includes Trade Receivables has to be shown at their fairvalue after providing for the expected credit losses based on past trends of bad debts incurred by the company.

ii) The spares related to a particular machinery, under earlier GAAP was treated as inventory of Spares. However, as per the requirement of Ind AS, such inventory or spares are required to be capitalized under the particular plant and machinery and depreciated accordingly. Therefore the depreciation on the spares (capitalized) and also the deferred tax on such deprecation from the date of their purchase till the date of transition has been adjusted against the retained earnings. The impact for the year ended 31st March, 2017 has been recognized in ''Depreciation'' in the Statement of Profit and Loss.

iii) Under previous GAAP proposed dividend and related dividend distribution tax was recognized as a provision in the year to which they relate, irrespective of when they are declared. Under Ind AS, dividends and related dividend distribution tax are recognized as a liability in the year in which it is approved by the share holders in the AGM of the Company.

iv) Under Previous GAAP, Prior period expenses were debited to the statement of profit and loss account in the year in which the expenses were incurred. However under Ind AS 8 the profit and loss statement has to be reinstated for the prior period expenses by restating the profit and loss account of the year to which the expenses (net of tax) pertains to. If the expenses relates to the period before the earliest period presented under Ind AS, the opening balance sheet (reserves) of the earliest period presented to be restated accordingly.

v) Tax effect on account of the above Ind AS adjustments

d : Deferred Tax Liability

Under Previous GAAP, taxes were recognized for the tax effect of timing differences between accounting profit and taxable profit for the year using income statement approach under Ind AS deferred taxes are recognized using the balance sheet for future tax consequences of temporary difference between the carrying value of assets and liabilities and their respective tax basis. The above difference, together with the consequential tax impact of the other Ind AS transitional adjustments lead to temporary differences. Deferred Tax adjustments are recognized in correlation to the underlying transactions either in retained earnings or through other comprehensive income.

e : Revenue from Operations and Excise Duty

According to the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the year under review is reported inclusive of excise duty. Goods and Service Tax (''GST'') has been implemented with effect from 1st July, 2017 which replaces Excise Duty and other indirect taxes. As per Ind AS 18, the revenue is reported net of GST.

f : Employee Benefits and Other Comprehensive Income

Under Previous GAAP, the actuarial gain/(loss) of defined benefit plans had been recognized in Statement of Profit and Loss as an exceptional item. Under Ind AS, the remeasurement gain/(loss) on net defined benefit plans is recognized in Other Comprehensive Incomenetoftax.

g : Other Expenses

i) As per note ''C'' on Trade Receivables

ii) Under Previous GAAP, Prior period expenses were debited to the statement of profit and loss account in the year in which the expenses were incurred. However under Ind AS 8 the profit and loss statement has to be reinstated for the prior period expenses by restating the profit and loss account of the year to which the expenses pertains to. If the expenses relates to the period before the earliest period presented under Ind AS, the opening balance sheet (reserves) of the earliest period presented to be restated accordingly.

1. Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing orfinancing cash flows. The cash flows are segregated into operating, investing and financing activities.

2. (G) Employee benefits :

In accordance with the stipulations ofthe Ind AS19 “Employee Benefits”, the disclosures ofemployee benefits as defined in the Indian Accounting Standard are given below:

a. Defined Contribution Plan :

The Company makes contribution towards Employee Provident Fund. The Company is required to contribute specified percentage of payroll cost.

b. Defined Benefits Plan :

Gratuity :

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

The Company makes contribution to LIC for gratuity benefits according to the Payment of Gratuity Act, 1972.

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

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

These plans typically expose the Company to actuarial risks such as: Investment risk, Mortality risk, Concentration risk, Salary risk and Asset Liability Matching risk.

Investment risk

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Interest Rate Risk

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

Mortality Risk

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Concentration Risk

Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory guidelines.

Asset Liability Matching Risk

The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end ofthe reporting period, while holding all other assumptions constant.

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

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

Maturity Analysis ofthe Benefit Payments: From the Fund

3. Risk:

The Company''s activities exposes it to various risk such as market risk, liquidity risk and credit risks. This section explains the risks which the Company is exposed to and how it manages the risks.

A. Market risk

The Winding Wire business works on focusing on processing margins. The risk of variation in purchase price of the input copper and sales price of Finished Goods, which is linked to the same international pricing benchmarks, is managed by entering into back to back transactions for input copper purchase against sales order booked. The aforesaid method is generally adopted for all sales transaction other than sale to Dealer market.

B. Foreign Currency Risk

The Company may also have Foreign Currency Exchange Risk on procurement of Raw Material and Capital Equipment(s) for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk. The Company may also have Foreign Currency Exchange Risk on Foreign Currency denominated Borrowings for its Businesses. The Company manages this forex risk, using derivatives, wherever required, to mitigate or eliminate the risk.

In respect of the import of the raw materials an equipment, the Company used forward cover contacts to hedge its exposure to the movements in the foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the Company for trading or speculations purposes.

The Company''s exposure to foreign currency risk at the end of the reporting period expressed in ''Rs.'' Given below

C. Liquidity Risk

The Company determines its liquidity requirements in the short, medium and long term. This is done by drawing up cash forecast for short and medium term requirements and strategic financing plans for long term needs.

The Company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalent position. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a regular basis. Besides, it generally has certain undrawn credit facilities which can be accessed as and when required; such credit facilities are reviewed at regular intervals.

D. Credit Risk

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

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end ofthe reporting period is as follows:

4. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under Ind AS 108.

5. Figures in brackets pertain to the previous year.

6. Previous GAAP figures have been reclassified / regrouped to conform to the presentation requirements under Ind AS and the requirements laid down in Division-ll to the Schedule-Ill ofthe CompaniesAct, 2013.

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Mar 31, 2017

1. (D) REMITTANCE IN FOREIGN CURRENCYON ACCOUNT OF DIVIDEND :

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes investment where the amount is also credited to Non-Resident External Account (NRE Ale.). The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below:-

B. Defined Benefit Plan :

The employee’s gratuity fund scheme managed by a Trust is a Defined Benefit Plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

Basis used to determine expected rate of return on assets: The expected return on plan assets is based on market expectation, at the beginning of the period, for returns over the entire life of the related obligation. The Gratuity scheme is invested in a Group Gratuity Cum Life Assurance cash accumulation policy offered by Life Insurance Corporation (LIC) of India.

2. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on

Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors.

b) Unsecured Working capital facilities from Kotak Mahindra Bank Ltd, BNP Paribas, Ratnakar Bank Ltd, Yes Bank Ltd and Societe Generate Bank are guaranteed by Executive Directors.

3. Derivative Instruments and Un hedged Foreign Exposures :

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

B. NOTES TO ACCOUNTS (Contd.)

4. In accordance with ASI 14 (Revised) on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 1,40,13,21,011/- (Rs.1,29,61,04,265/-) has been reduced from sales in Statement of Profit and Loss and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to Rs. [15,26,051/-] Previous Year Rs. [16,21,766/-]) has been accounted in the Statement of Profit and Loss under Note 20 -"Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

5. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

6. Disclosure of Transactions with related parties as required under Accounting Standard AS 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below :

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Mar 31, 2016

B. Defined Benefit Plan :

The employees gratuity fund scheme managed by a Trust is a Defined Benefit Plan .The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

1. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book Debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors,

b) Unsecured Working capital facilities from Kotak Mahindra Bank Ltd, BNP Paribas, Ratnakar Bank Ltd , Yes Bank Ltd and Societe Generale Bank are guaranteed by Executive Directors.

2. Derivative Instruments and Un hedged Foreign Exposures:

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

3. In accordance with ASI 14 (Revised) on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 1,29,61,04,265/- (Rs.1,36,60,58,599/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to [Rs.16,21,766/-] Previous Year (Rs.69,30,532/-) has been accounted in the profit and loss account under Note 21 - "Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

4. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

5. Figures in brackets pertain to the previous year.

6. Previous year''s figures have been regrouped/reworked wherever necessary.

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Mar 31, 2015

Rs. Lakhs Rs. Lakhs 2014-15 2013-14

1. A. Contingent Liabilities:

a. Disputed Wealth Tax Demands (not acknowledged) against which Company has preferred an appeal 3.40 3.40

b. Disputed demands of Central Excise against erstwhile Atlas Wires Limited pending in Appeal 4.55 4.55

c. Disputed demands of Central Excise pending in Appeal 5.00 5.00

d. Guarantees given by Bank to third parties 2,707.88 1,140.94

1. B. Estimated amount of Contracts remaining to be executed on Capital Account (net of advances paid) and not provided for 71.02 127.36

2. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors. The balance amount of the Term Loan is repayable in Three equal quarterly instalments and bears interest @ Bank of Baroda Base Rate 2.50% p.a..

b) Unsecured Working capital facilities from ING Vysya Bank,BNP Paribas, Ratnakar Bank Ltd , Yes Bank Ltd and Societe Generale Bank are guaranteed by Executive Directors..

3. In accordance with ASI 14 (Revised) on 'Disclosure of Revenue from Sales Transactions' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 1,36,60,58,599/- (Rs. 1,35,85,92,422/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to Rs. 69,30,532/- [Rs. 2,26,539/-] has been accounted in the profit and loss account under Note 22 - "Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

4. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

5. Disclosure of Transactions with related parties as required under Accounting Standard AS 18on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below:

a) Key Management personnel and their relatives:

Chairman & Managing Director Managing Director Shri Mahendra R. Mehta Shri Milan M. Mehta

Relative Relative Mrs. S. M. Mehta, Wife Mrs. G. M. Mehta, Wife

Master A. M. Mehta, Son

Miss M. M. Mehta, Daughter

Milan Mahendra Mehta (HUF)

Whole Time Director Shri Deepak M. Mehta

Relative Mrs. S. D. Mehta - Wife

Mr. N. D. Mehta, Son

Mrs. A. N. Mehta, Daughter-in-law

Deepak Mahendra Mehta (HUF)

Shri Mahendra R. Mehta and Mrs. S. M. Mehta are parents of Shri Milan M. Mehta and Shri Deepak M. Mehta Shri Milan M. Mehta and Shri Deepak M. Mehta are brothers.

6. Figures in brackets pertain to the previous year.

7. Previous year's figures have been regrouped/reworked wherever necessary.

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Mar 31, 2014

Rs. Lakhs Rs. Lakhs 2013-14 2012-13

1. A. Contingent Liabilities:

a. Guarantees given by Bank to third parties 1,140.94 615.94

b. Disputed Wealth Tax Demands (not acknowledged) against which Company has preferred an appeal 3.40 3.40

c. Disputed demands of Central Excise against erstwhile Atlas Wires Limited pending in Appeal 4.55 4.55

d. Disputed demands of Central Excise pending in Appeal 5.00 5.00

1. a. Estimated amount of Contracts remaining to be executed on Capital Account (net of advances paid) and not provided for 127.36 40.76

Defined Benefit Plan :

The employees gratuity fund scheme managed by a Trust is a Defined Benefit Plan .The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

2. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors.

b) Unsecured Working capital facilities from ING Vysya Bank, BNP Paribas, HSBC Bank and Societe Generale Bank are guaranteed by Executive Directors.

3. Forward Contracts:

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

4. In accordance with AS 14 (Revised) on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 1,35,85,92,422/- (Rs.1,51,96,57,950/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods & Copper Scrap amounting to Rs. 2,26,539/- (Rs. 29,26,315/-) has been accounted in the profit and loss account under Note 22 - "Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

5. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

6. Disclosure of Transactions with related parties as required under Accounting Standard AS 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below:

7. (a) The Company has amounts due to Micro and Small Enterprises under The Micro Small and Medium Enterprises development Act, 2006 (MSMED ACT) at the Year End. Rs. NIL(Rs.8,103/-)

8. Interest paid to Suppliers/Bank Discounting Charges in relation to purchase of Copper of Rs.1207.33 Lacs (Rs.1564.81 Lacs) is grouped with the cost of Raw Material (Copper).

9. Figures in brackets pertain to the previous year.

10. Previous year''s figures have been regrouped/reworked wherever necessary.

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Mar 31, 2013

1.(A) REMITTANCE IN FOREIGN CURRENCY ON ACCOUNT OF DIVIDEND :

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes investment where the amount is also credited to Non-Resident External Account (NRE A/c.). The exact amout of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below :-

2. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors.

b) Unsecured Working capital facilities from ING Vysya Bank, BNP Paribas, HSBC Bank and Yes Bank are guaranteed by Executive Directors.

3. Forward Contracts :

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

4. In accordance with ASI 14 (Revised) on ''Disclosure of Revenue from Sales Transactions'' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 151,96,57,950/- (Rs.115,27,50,924/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to Rs. [29,26,315/-] (Rs. 53,06,756/-) has been accounted in the profit and loss account under Note 22 - "Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

5. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

6. Disclosure of Transactions with related parties as required under Accounting Standard AS 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below :

7. The Company has amounts due to Micro and Small Enterprises under The Micro Small and Medium Enterprises development Act 2006 (MSMED ACT) at the Year End. Rs. NIL (Rs. 8,103/-).

8. Interest paid to Suppliers/Bank Discounting Charges in relation to purchase of Copper of Rs. 1564.81 Lacs (Rs.1381.56 Lacs) is grouped with the cost of Raw Material (Copper).

9. Earning Per Share (EPS) - EPS is calculated by dividing the profit attributable to the equity shareholders by the average number of equity shares outstanding during the year as stated below.

10. Figures in brackets pertain to the previous year.

11. Previous year''s figures have been regrouped/reworked wherever necessary.

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Mar 31, 2012

Rs. Lakhs Rs. Lakhs 2011-12 2010-11

1. A. Contingent Liabilities :

a. Guarantees given by Bank to third parties 1040.94 834.22

b. Disputed Income Tax Demands (not acknowledged) against which Company / Department has preferred an appeal – 2.70

c. Disputed Wealth Tax Demands (not acknowledged) against which Company / Department has preferred an appeal 3.40 3.40

d. Disputed demands of Central Excise against erstwhile Atlas Wires Limited pending in Appeal 4.55 4.55

e. Disputed demand of Service Tax Credit on Sales Commission against which Company has preferred appeal – 4.07

After the above demands have been raised, CBEC, vide Circular No. 943/04/2011 - CX dated 29.4.2011 has clarified that Cenvat Credit on Service Tax paid on Sales Commission is allowable.

f. Disputed demand of Service Tax distributed by Input Service provider against 1.12 1.12 which Appeal has been filed.

g. Disputed demand of Delhi VAT Department 32.00 –

B. Defined Benefit Plan :

The employees gratuity fund scheme managed by a Trust is a Defined Benefit Plan .The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.The obligation for leave encashment is recognised in the same manner as gratuity.

Basis used to determine expected rate of return on assets: The expected return on plan assets is based on market expectation, at the beginning of the period, for returns over the entire life of the related obligation. The Gratuity scheme is invested in a Group Gratuity Cum Life Assurance cash accumulation policy offered by Life Insurance Corporation (LIC) of India.

In addition to the above, an aggregate sum of Rs. 40,000 /- (Previous Year - Rs. 40,000/-) has been paid /is payable to a partner of the firm of Auditors in his personal capacity for Company Law matters.

2. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land, Factory & Residential Buildings of the Company and in addition, are guaranteed by Executive Directors.

b) Unsecured Working capital facilities from ING Vysya Bank,Barclays Bank,BNP Paribas and Yes Bank are guaranteed by Executive Directors.

3. Forward Contracts :

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

4. In accordance with ASI 14 (Revised) on 'Disclosure of Revenue from Sales Transactions' issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 115,27,50,924/- (Rs.102,54,49,355/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to Rs. 53,06,756/- (Rs. 32,64,978/-) has been accounted in the profit and loss account under Note 21 - "Changes in Inventory of Finished Goods, Work-in-Progress and Stock-In-Trade".

5. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

Shri Mahendra R. Mehta and Mrs. S. M. Mehta are parents of Shri Milan M. Mehta and Shri Deepak M. Mehta Shri Milan M. Mehta and Shri Deepak M. Mehta are brothers.

c) The Company does not have any subsidiary Company.

6. a) The following being Inter Unit Transactions during the year have been excluded in the Profit & Loss Account.

b) The profit arising on transfer of material by one Unit to another and in Stock as at 31st March, 2012 has been excluded from the valuation of relevant closing stock in the accounts of the Company.

7. (a) Amounts Due to Small Scale Industrial Undertakings, outstanding for a period exceeding 30 days are : G.S. Dies Rs. 36,482/- (Rs.14,033/-), Andhra Carbon Products Rs.38,909/- (Rs.38,909/-).

NOTE : The above information has been determined to the extent such parties have been identified on the basis of information available with the Company and has been relied upon by the auditors.

8. Interest paid to Suppliers/Bank Discounting Charges in relation to purchase of Copper of Rs. 1381.56 Lacs (Rs.752.31 Lacs) is grouped with the cost of Raw Material (Copper).

9. Figures in brackets pertain to the previous year.

10. Previous year's figures have been regrouped/reworked wherever necessary.

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Mar 31, 2011

Rs. Lacs Rs. Lacs 2010-11 2009-10

1. A. Contingent Liabilities :

a. Guarantees given by Bank to third parties 834.22 534.22

b. Disputed Income Tax Demands (not acknowledged) against which Company / Department has preferred an appeal 2.70 2.70

c. Disputed Wealth Tax Demands (not acknowledged) against which Company has preferred an appeal 3.40 3.40

d. Disputed demands of Central Excise against erstwhile Atlas Wires Limited pending in Appeal 4.55 4.55

e. Disputed demand of Gujarat Electricity Board pending at Apex Court – 4.22

f. Disputed demand of Service Tax Credit on Sales Commission against which Company has preferred appeals

After the above demands have been raised, CBEC, vide Circular No. 943/04/2011-CX dated 29.4.2011 has clarified that Cenvat Credit on Service Tax paid on Sales Commission is allowable. 4.07 –

g. Disputed demand of Service Tax distributed by Input Service provider 0.58 – against which Appeal is to be made

2. (J) Employee benefits :

B. Defined Benefit Plan :

The employees gratuity fund scheme managed by a Trust is a Defined Benefit Plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Basis used to determine expected rate of return on assets: The expected return on plan assets is based on market expectation, at the beginning of the period, for returns over the entire life of the related obligation. The Gratuity scheme is invested in a Group Gratuity Cum Life Assurance cash accumulation policy offered by Life Insurance Corporation (LIC) of India.

2. (K) Remuneration to Auditors (exluding Service Tax) :

In addition to the above, an aggregate sum of Rs. 40,000 /- (Previous Year - Rs. 40,000/-) has been paid /is payable to a partner of the firm of Auditors in his personal capacity for Company Law matters.

2. (M) (c) The remuneration paid / payable to Shri Mahendra R Mehta - the Chairman & Managing Director, for the year ended 31st March, 2009 exceeded 10% of the Profits of the Company as computed under Section 198 of the Companies Act, 1956, by Rs. 27,01,749/-. However, the same is within the minimum remuneration payable as per Schedule XIII of the Companies Act, 1956. The Company had made an application to the Central Government for the approval of minimum remuneration paid / payable to Shri Mahendra R Mehta and the approval has been received during the year.

3. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge on Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land & Factory Buildings of the Company and in addition, are guaranteed by Executive Directors.

b) Unsecured Working capital facilities from ING Vysya Bank, Barclays Bank, BNP Paribas and Yes Bank are guaranteed by Executive Directors.

4. The Company has partially restarted with effect from 20.06.2010, the Winding Wire Division at Palej, which was closed down earlier during 2008.

5. Forward Contracts :

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

6. In accordance with AS14 (Revised) on Disclosure of Revenue from Sales Transactions issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 102,54,49,355 /-(Rs.6,68,700,415 /-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to Rs. 32,64,978/- ([Rs. 8,44,589]) /- has been accounted in the profit and loss account under Schedule 12 - Material Consumed.

7. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

8. Disclosure of Transactions with related parties as required under Accounting Standard AS 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below :

a) Relationship Key Management personnel and their relatives :

Chairman & Managing Director Managing Director Whole Time Director

Shri Mahendra R. Mehta Shri Milan M. Mehta Shri Deepak M. Mehta

Relatives of key management personnel

Mrs. S. M. Mehta, Wife Mrs. G. M. Mehta, Wife Mrs. S. D. Mehta - Wife

Master A. M. Mehta, Son Mr. N. D. Mehta, Son

Miss M. M. Mehta, Daughter Deepak Mahendra Mehta (HUF)

Milan Mahendra Mehta (HUF)

Shri Mahendra R. Mehta and Mrs. S. M. Mehta are parents of Shri Milan M. Mehta and Shri Deepak M. Mehta Shri Milan M. Mehta and Shri Deepak M. Mehta are brothers.

9. b) The profit arising on transfer of material by one Unit to another and in Stock as at 31st March, 2011 has been excluded from the valuation of relevant closing stock in the accounts of the Company.

10. Income from Investments consists of Dividends from Companies Rs. NIL/- (Rs 62,613/-). & Interest accrued on Rural Electrification Corpn Bond Rs.1,75,000/- (NIL)

11. (a) Amounts due to Small Scale Industrial Undertakings, and outstanding for a period exceeding 30 days are : 1. G.S. Dies

Rs.14,033/- (NIL-), 2. All India Reels Rs.3,09,300/- (NIL), 3. Vikrant Packaging Rs.14,280/- (NIL), 4. Power Equipment Co. Rs. 23,309/- (NIL), 5. Andhra Carbon Products 38,909/- (44,982/-).

12. The Net Loss on Copper Hedging Transaction squared up during the year is Rs. Nil (Previous Year - Rs. 4,88,04,294/-) and the same is included in the cost of Material Consumed (Schedule 12-B to the Profit and Loss Account for the year).

13. Interest paid to Suppliers/Bank Discounting Charges in relation to purchase of Copper of Rs. 752.31 Lacs ( Rs.550.03 Lacs ) is included in the cost of Raw Material (Copper).

15. In respect of Income Tax Assessment for A.Y.2009-10 , an amount of refund Rs. 548.58 Lacs, and interest thereon Rs. 65.83 Lacs were determined on 31.3.2011 and received during April, 2011. The above Interest has been included as Other Income - Schedule 11 in the year under review.

17. Figures in brackets pertain to the previous year.

18. Previous years figures have been regrouped/reworked wherever necessary.

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Mar 31, 2010

Rs. Lacs Rs. Lacs 2009/10 2008/09 1. A. Contingent Liabilities: a. Guarantees given by Bank to third parties 534.22 1113.65 b. Disputed Income Tax Demands (not acknowledged) against which Company / Department has preferred an appeal 2.70 1.09 c. Disputed Wealth Tax Demands (not acknowledged) against which Company has preferred an appeal 3.40 3.40 d. Disputed demands of Central Excise against erstwhile Atlas Wires Limited pending in Appeal 4.55 4.55 e. Disputed demand of Gujarat Electricity Board pending at Apex Court 4.22 4.22

B. Defined Benefit Plan :

The employees gratuity fund scheme managed by a Trust is a Defined Benefit Plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

2. (M) (c) The remuneration paid / payable to Shri Mahendra R. Mehta - the Chairman & Managing Director, for the year ended 31st

March, 2009 exceeded 10% of the Profits of the Company as computed under Section 198 of the Companies Act, 1956, by Rs. 27,01,749/-. However, the same is within the minimum remuneration payable as per Schedule XIII of the Companies Act, 1956. The Company has been advised that since the period of appointment of Shri Mahendra R. Mehta was for Five years up to 30.9.2008, it is necessary to obtain approval of the Central Government for payment of Minimum Remuneration to Shri Mahendra R Mehta. The Company has made an application to the Central Government for the approval of minimum remuneration paid / payable to Shri Mahendra R Mehta and the same is pending.

3. a) Bank borrowings from Bank of Baroda (Term Loan and Working Capital facilities) are secured by a first charge by way of

Hypothecation of Machinery, Stock-in-Trade, Book debts and Equitable Mortgage of Land & Factory Buildings of the Company, in addition to personal guarantees of three Directors.

b) Bank borrowings from BNP Paribas (Working Capital facilities) are secured by a second charge by way of Hypothecation of Stock-in-Trade and Book debts, in addition to personal guarantees of three Directors.

4. The Company has closed down with effect from 01.09.2008, the Winding Wire Division at Palej. The Wire Enamel Division at Palej continues to operate. The estimated net realisable value of the Assets as at the balance sheet date of the above closed down Division at the Palej Unit is not less than its Carrying Cost.

5. Forward Contracts :

In respect of the import of raw materials and equipments, the Company used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign currency rates fluctuations and is not used by the company for trading or speculation purposes.

6. In accordance with ASI14 (Revised) on "Disclosure of Revenue from Sales Transactions issued by Institute of Chartered Accountants of India, excise duty on sales amounting to Rs. 668,700,415 A (Rs.92,55,52,145/-) has been reduced from sales in Profit and Loss account and [Accretion]/Decretion of Excise Duty on Inventory of Finished Goods amounting to [Rs. 8,44,589/-] ([Rs. 92,47,899/-]) has been accounted in the profit and loss account under Schedule 11 - Material Consumed.

7. As the Company operates in the single business segment of Winding Wires made of Copper, there are no reportable segments of business as defined under the Accounting Standard AS 17-Segment Reporting issued by The Institute of Chartered Accountants of India.

8. Income from Investments consists of Dividends from Companies Rs. 62,613/- (Rs. 55,656/-).

9. (a) Amounts due to Small Scale Industrial Undertakings, and outstanding for a period exceeding 30 days are : 1. G.S. Dies Rs. NIL (8,389/-), 2. Xclusive Machineries Pvt. Ltd. Rs. NIL (Rs. 46,000/-), and Andhra Carbon Products Rs. 44,982/- (NIL).

10. The Net Loss on Copper Hedging Transaction squared up during the year is Rs. 4,88,04,294/- (Previous Year -1,63,05,886/-) and the same is included in the cost of Material Consumed (Schedule 11-B to the Profit and Loss Account for the year).

11. Figures in brackets pertain to the previous year.

12. Previous years figures have been regrouped/reworked wherever necessary.