Notes to Accounts of Samrat Pharmachem Ltd.

Mar 31, 2024

c) Terms/rights attached to equity shares:

The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. The final dividend proposed by the board of directors is subject to the approval of the shareholders. In the event of liquidation, the equity shareholders are eligible to receive the assets of the company, in proportion to their shareholding.

1 The amounts due to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the Company.

For disclosure pertaining to Micro and Small Enterprises refer note no.32

2 For Trade Payables ageing schedule refer note no.41

29.3 Corporate Social Responsibility (CSR)

Amount of CSR spent by Company during the year is for purposes other than construction / acquisition of any asset. Gross amount of CSR required to be spent by the Company for the year aggregates to Rs. 35.65 lakhs (Previous year Rs. 24.65 lakhs)

	Note :There is no dilution to basic EPS as there are no outstanding dilutive potential equity shares.
31. Contingent Liabilities & Commitments Particulars A. Contingent liabilities in respect of Claims against the company not acknowledged as debt		As at March 31, 2024 2023
a)	Income tax assessment dues for AY 2011-12 under appeal pending before first appellate authority	- -
b) Income tax assessment dues for AY 2011-12 under appeal pending before first appellate authority (Interest Income) B. Commitments Commitment for capital contracts remaining to be executed 32. Dues to Micro and Small Enterprises		7.16 7.16
The details of amounts outstanding to Micro and Small enterprises based on information available with the Company is as under: As at March 31, 2024 2023 i) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year: - Principal amount due to micro and small enterprises (Not overdue) - - - Principal amount due to micro and small enterprises (Overdue) - - - Interest due on overdue - -
ii)	The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year.
iii)	The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under Micro, Small and Medium Enterprises Development Act, 2006.	- -
iv)	The amount of interest accrued and remaining unpaid at the end of each accounting year.	- -
v)	The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under Section 23 of Micro, Small and Medium Enterprises Development Act, 2006.

33. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at March 31, 2024 and March 31, 2023.

34. The Company did not have any long term contracts including derivative contracts for which any provision is required for the foreseeable losses.

35. Segment reporting

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is the Chief Executive Officer and Managing Director.

Since the company has only one primary product line and its operations are restricted to only one geographical area, the financial statements itself may be considered to be the segment results as per the disclosure requirements of Ind AS-108

(Currency : Indian Rupees in lakhs)

38 Details of loans given, investments made and guarantee given covered u/s 186 (4) of the Companies Act, 2013

The Company has not provided loan, investments and guarantee to parties covered u/s 186(4) of the Companies Act 2013

39 Capital Management

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the

The Company determines the amount of capital required on the basis of annual operating plans and other strategic investment plans. The funding requirements if any will be met through bank borrowings and equity if the need arise.

42.B Fair value hierarchy of financial instruments

Since financial assts and financial liabilities of the Company are not measured at fair value As at March 31, 2024 and As at March 31, 2023 disclosure of fair value hierarchy i.e. Level-1, Level-2 and Level-3 for each financial instrument category is not applicable.

42.C Financial Risk Management 42.C.1 Market Risk:

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

42.C.1.1 Foreign currency exchange rate risk:

(a) The fluctuation in foreign currency exchange rates may have potential impact on the Statement of Profit and Loss and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the respective entities.

The risks primarily relate to fluctuations in U.S. dollar, Euro, and GBP against the functional currency of the Company.

The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 1%.

42.C.1.2 Interest rate risk:

(a) Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company’s cash flows, income as well as costs.

The Company’s exposure to changes in interest rates relates primarily to a) the loans given by the Company to employees and b) short term borrowings in the form of cash credit and over draft faciltiies. The loans given by the Company in local currency is at a fixed rate and short term borrowings are also at fixed rate.

42.C.2 Credit Risk :

(a) Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

Financial instruments that are subject to concentrations of credit risk, principally consist of trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.

(b) Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs. 3057.25 lakhs As at March 31, 2024, Rs. 1976.34 lakhs As at March 31, 2023, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, and other financial assets excluding equity investments.

(c) Financial assets that are either past due or impaired

None of the Company’s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables, other loans or receivables and other financial assets that are neither impaired nor past due, there were no indications as at March 31, 2024, that defaults in payment obligations will occur.

(d) Client credit period and client concentration risk:

Trade receivables are non-interest bearing and the average credit period is 60 days. The Company’s exposure to customers is diversified and no customer contributes to more than 10% of revenue.

42.C.3 Liquidity Risk :

(a) Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company’s principal sources of liquidity are cash and cash equivalents, loans and advances given to subsidiaries and fellow subsidiaries and the cash flow that is generated from operations. The Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to meet its current requirements.

42.C.4 Derivative financial instruments and risk management :

(a) The Company enters into derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counter party for these contracts is generally banks and financial institutions.

Derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

(b) The Company does not have any outstanding / open foreign exchange forward contract as at 31-Mar-2024 and 31-Mar-2023

47.B Explanation for change in ratios exceeding 25% compared to previous year

a. Debt-Equity Ratio - The Company avails only short term borrowings in the form of cash credit and overdraft facility. The decrease in ratio is due to lower utilisation of cash credit limit as at the current period compared to previous year.

b. Return on Equity Ratio - The main reason for reduction in return on equity is reduction in profits compared to previous year.

c. Trade Receivables turnover ratio - The main reason for change is reduction in turnover and increase in trade receivables compared to previous year.

d. Trade payables turnover ratio - The main reason for change is increase in trade payables compared to previous year.

e. Net profit ratio - Reduction in net profit ratio is attributable to increase in the basic raw-material prices without commensurate increase in sales price due to market forces

f. Return on Capital employed - Return on capital employed is reduced due to reduction in profit in the current year.

g. Return on investment - During the current year increase is due to unrealised faie value gain on non current investments i.e. equity securities.

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Mar 31, 2023

2.08 Provision for Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

2.09 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year adjusted for the effects of all dilutive potential equity shares.

2.10 Foreign Currency Transactions

i) Transactions denominated in foreign currencies are recorded at exchange rate prevailing on the date of transaction for Sales and Custom rates for Purchases as on date of the transaction.

ii) Monetary items denominated in foreign currencies at the year end are restated at year end rates

iii) Non-monetary foreign currency items are carried at cost.

iv) Any income or expense on account of exchange difference either on settlement or on translation is recognized as revenue except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such asset.

2.11 Inventories

Inventories of finished goods, raw materials, and work in progress are carried at lower of cost or net realisable value. The cost of inventories of items that are not ordinarily interchangeable are assigned by specific identification of their individual costs. Other inventory items are recorded using first-in-first-out cost formula. The inventories include the relevant duties, taxes, and cess other than those subsequently recoverable by the enterprise from the taxing authorities that were incurred to bring the inventory to their present location and conditions.

2.12 Cash Flow Statement

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

2.13 Revenue Recognition

Sales turnover for the year includes sales value of goods and other recoveries such as Octroi, Transportation Charges etc, but excludes Excise duty and GST. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

Export incentives are recognized when it is probable to receive such benefits.

Revenue from sale of scrap and licences are recognized as and when they are sold.

Interest income from financial assets is recognized on accrual basis.

2.14 Retirement Benefits

The Company’s contribution to Provident Fund and ESIC is accounted on accrual basis and charged to Profit and Loss Account. The Company accounts for liability for Gratuity of employees on the basis of Actuarial Valuation/Management Estimates. Gratuity is payable to Employees after Retirement or Resignation of Employees; whereas there is no defined policy enabling the employees to avail encashment of leave.

2.15 Impairment of Assets

An asset is treated as impaired when the carrying cost of the Asset exceeds its recoverable value. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The Impairment loss recognized in prior accounting periods is increased / reversed where there has been change in the estimate of recoverable amount. The recoverable value is the higher of the net selling price and value in use.

2.16 Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 3 months from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

2.17 Financial Assets and Financial Liabilities

Financial assets (other than trade receivables) and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit and loss which are measured initially at fair value.

Trade receivables are recognized at their transaction price as the same do not contain significant financing component.

For the purpose of subsequent measurement financial assets and financial liabilities are classified and measured based on the entity’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset and the financial liability.

49. Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian

Accounting Standards) Rules as issued from time to time. On March 31, 2023, the Ministry of Corporate Affairs (MCA) has notified

Companies (Indian Accounting Standards) Amendment Rules, 2023. This notification has resulted into amendments in the following

existing accounting standards which are applicable to company from April 1, 2023.

i. Ind AS 101 - First-time Adoption of Indian Accounting Standards

ii. Ind AS 102 - Share-based Payment

iii. Ind AS 103 - Business Combinations

iv. Ind AS 107 - Financial Instruments Disclosures

v. Ind AS 109 - Financial Instruments

vi. Ind AS 115 - Revenue from Contracts with Customers

vii. Ind AS 1 - Presentation of Financial Statements

viii. Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

ix. Ind AS 12 - Income Taxes

x. Ind AS 34 - Interim Financial Reporting

The Company is in the process of evaluating the impact of the application of above standards on the Company’s financial statements.

50. Other Statutory Information:

a) The Company had not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

b) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

c) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

d) The Company did not have any transactions with struck off companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

e) The Company did not have any charges or satisfaction which were yet to be registered with ROC beyond the statutory period.

f) The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities (Intermediaries), with the understanding that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g) The Company has not received any funds from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalfofthe Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

h) The Company did not have any transaction which had not been recorded in the books of account that had 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 T ax Act, 1961).

i) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

j) 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.

51. Figures for the previous years have been regrouped/rearranged wherever considered necessary to conform to the figures presented in the In terms of our report attached.

For Shah & Savla LLP For and on behalf of the Board of Directors of

Chartered Accountants Samrat Pharmachem Limited

FRN: 109364W / W100143 CIN: L24230GJ1992PLC017820

Mulesh M Savla Lalit Mehta Rajesh Mehta Megh Mehta

Partner Managing Director Executive Director & CFO Executive Director

Membership No. - 038404 DIN: 00216681 DIN: 00216731 DIN: 07287394

Mahendra Pipalia Samir Kothary Renu Dharod

Director Director Director

DIN: 00216959 DIN: 00216603 DIN: 07063088

Mumbai Nishant Kankaria

May 30, 2023 Company Secretary

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Mar 31, 2015

Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule III to the Companies Act 2013

NIL Equity Shares (NIL Previous year) are held by None, the holding company.

1. CONTINGENT LIABILITIES AND COMMITMENTS

Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the Companies Act 2013

31 March 2015

Particulars

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt a. Income tax assessment dues for AY 2011 -12 under appeal 3,580,450

pending before first appellate authority

b. Contract labour claim 150,000

(2) Guarantees -

(3) Other money for which the company is contingently liable

LC issued by Company's bankers 31,195,255

Sub Total (A) 34,925,705

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for -

(2) Uncalled liability on shares and other investments partly paid -

(3) Other commitments (specify nature) -

Sub Total (B) -

Total Contingent Liabilities and Commitments (A B) 34,925,705

Particulars 31 March 2014

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt a. Income tax assessment dues for AY 3,580,450 2011 -12 under appeal

pending before first appellate authority

b. Contract labour claim -

(2) Guarantees -

(3) Other money for which the company is contingently liable

LC issued by Company's bankers 7,211,976

Sub Total (A) 10,792,426

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for -

(2) Uncalled liability on shares and other investments partly paid -

(3) Other commitments (specify nature) -

Sub Total (B) -

Total Contingent Liabilities and Commitments (A B) 10,792,426

2 Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the Companies Act 2013

Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested.

Not Applicable

3 Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act 2013

If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

4. The excise duty and sales tax, shown as deduction from turnover, are total tax on sale of goods for the year.

5. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer's Contribution) Rs. 489012

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. NIL.

6. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

7. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

8. Disclosures required under Accounting Standard-19 on "Leases".

Finance Lease - Assets Given on Lease

The Company has not given any of its assets on lease.

9. The Company has a process w hereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts has been made in the books of account.

10. The Company has a system of reviewing its pending litigations and proceedings, if any, and provide for where Provisions are required and disclose the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial statements and the contingent liabilities are disclosed in Note 17.

11. The previous year's figures have been regrouped / rearranged / re classified wherever considered necessary to correspond with the figures of current year.

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Mar 31, 2014

Note 1 : DEFERRED TAX ASSET (NET)

The Company has accounted for taxes on income in accordance with AS-22 - Accounting for Taxes on Income issued by the Ministry of Corporate Affairs. Consequently, the net incremental deferred tax (liability) / asset is charged / credited to Profit and Loss Account. The year end position of taxes on income is as under:

Note 2 : CONTINGENT LIABILITIES AND COMMITMENTS

Particulars 31 March 2014 31 March 2013

Rs. Rs. Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt (Income tax 3,580,450 - assessment dues for AY 2011-12 under appeal pending before first appellate authority)

(2) Guarantees - -

(3) Other money for which the company is contingently liable LC issued by Company''s bankers 7,211,976 44,240,257

Sub Total (A) 10,792,426 44,240,257

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for - 500,000

(2) Uncalled liability on shares and other investments partly paid - -

(3) Other commitments (specify nature) - -

Sub Total (B) 500,000

Total Contingent Liabilities and Commitments (A B) 10,792,426 44,740,257

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Mar 31, 2013

1. Assets leased by the Company in its capacity as lessee, where the Company has substantially all the risks and rewards of ownership are classified as finance lease. Such a lease is capitalized at the inception of the lease at lower of the fair value or the present value of the minimum lease payments and a liability is recognized for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of profit and loss on a straight-line basis.

2. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

3. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. Related Party Disclosures, as required by AS-18 are given below: A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

Managing Director

Remuneration Rs. 1500000

Executive Director

Remuneration Rs. 1440000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

6. The excise duty and sales tax, shown as deduction from turnover, are total tax on sale of goods for the year.

7. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans: Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer''s Contribution) Rs. 398820

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. NIL.

8. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

9. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

10. The previous year''s figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

11. Notes 1 to 25 form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2010

1. QUANTITATIVE INFORMATION IN RESPECT OF GOODS MANUFACTURED BY THE COMPANY

(i) Licenced Capacity, Installed Capacity & Production

(As Certified by the Management)

2. CONTINGENT LIABILITIES

a) In respect of Letters of Credit issued by the Companys Bankers : Rs. 76,794,162 (Previous year Rs. 72,274,619)

3. FOREIGN EXCHANGE FLUCTUATION

Gain on account of foreign exchange fluctuation accounted during the year is Rs. 11,355,471 (Previous year loss of Rs. 9,654,761).

4. REMUNERATION paid u/s 198 of the Companies Act, 1956 to Managing Director and Executive Director are in accordance with the approval of the Central Government and or within the limits laid down under Schedule XIII to the Companies Act, 1956 & included in the Profit & Loss Account, as Directors Remuneration.

5. The company has taken Group Gratuity for its employees from Life Insurance Corporation of India.

6. Previous periods figures have been re-arranged, re-grouped and re-classified where necessary.