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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Sical Logistics Ltd.

Mar 31, 2025

1.15 Provisions and contingencies

Provisions :

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that
is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the
liability. The increase in the provision due to the passage of time is recognised as interest expense.

Provision for onerous contracts:

The provision is recognised if, a contract in which the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received under it. If the effect of the time value of money is material,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the
passage of time is recognised as interest expense.

Contingent liabilities :

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle
the obligation or it cannot be measured with sufficient reliability. The Company does not recognise a contingent liability
but discloses its existence in the financial statements.

Contingent assets :

Contingent assets are neither recognised nor disclosed. However, when realisation of income is virtually certain, related
asset is recognised.

1.16 Inventories

Inventories are valued at the lower of cost and net realisable value.

Cost of raw materials includes cost of purchase and other costs incurred in bringing the inventories to their present
location and condition. Cost is determined on first in, first out basis. Net realisable value is the estimated selling price in
the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

1.17 Finance income and expense

Finance income consists of interest income on funds invested. Interest income is recognized as it accrues in the statement
of profit and loss, using the effective interest method.

Finance expenses consist of interest expense on loans and borrowings. Borrowing costs are recognized in the statement
of profit and loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis.

1.18 Income tax

Income tax comprises current and deferred tax. Income tax expense is recognized in the statement of profit and loss
except to the extent it relates to items directly recognized in equity or in other comprehensive income.

(a) Current income tax: Current income tax for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities based on the taxable income for the period. The tax rates and tax
laws used to compute the current tax amount are those that are enacted or substantively enacted by the reporting
date and applicable for the period. The Company offsets current tax assets and current tax liabilities, where it has a
legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to
realize the asset and liability simultaneously.

(b) Deferred income tax: Deferred income tax is recognized using the balance sheet approach. Deferred income tax
assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base
of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax
arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination
and affects neither accounting nor taxable profits or loss at the time of the transaction.

Deferred income tax asset are recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can
be utilized.

Deferred income tax liabilities are recognized for all taxable temporary differences.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax
asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period
when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.

1.19 Earnings per share (EPS)

Basic EPS is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding during the period.

Diluted EPS is computed by dividing the profit attributable to the equity shareholders (after adjusting for interest on the
convertible preference shares, if any) by the weighted average number of equity shares considered for deriving basic
EPS plus the weighted average number of equity shares that could have been issued upon conversion of all dilutive
potential equity shares into equity shares. Dilutive potential equity shares are deemed converted as of the beginning of
the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period
presented.

The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue
that have changed the number of equity shares outstanding, without a corresponding change in resources.

1.20 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the
requirement of Schedule III, unless otherwise stated.

1.21 Leases

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any
option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment
on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any
options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers
factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination
of the lease and the importance of the underlying asset to Companyâs operations taking into account the location of the
underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure
that the lease term reflects the current economic circumstances. After considering current and future economic conditions,
the Company has concluded that no changes are required to lease period relating to the existing lease contracts.

use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through
the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less
(short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease
payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU
assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted
for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any
lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease
term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or
changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment
testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on
an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset
belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental
borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment
to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a
termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

1.22 Cash flow statement

Cash flows are reported using the indirect method, whereby profit/(loss) before tax is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals of past or future operating cash receipt or payments, and items of
income or expenses associated with investing or financing cash flows. In the cash flow statement, cash and cash
equivalents includes cash in hand, cheques on hand, balances with banks in current accounts and other short- term
highly liquid investments with original maturities of 3 months or less, as applicable.

Note: Fixed deposits with original maturity period of less than 3 months are classified as âCash and cash equivalentsâ and
fixed deposits with original maturity period of greater than 3 months, but with a maturity date of less than 12 months from
balance sheet date are classified as âOther bank balances.â These margin money deposits are given as lien to obtain bank
guarantees. These bank guarantees are issued to customers as collateral for execution of contracts.

* An amount of INR 565 Lakhs has been recovered from the Margin Money held in current account by IndusInd Bank
towards the loan repayment post commencement of CIRP. The Resolution Professional was of the opinion that the said
recovery is in violation of the provisions of the Insolvency and Bankruptcy Code (âCodeâ) as no debits can be made from
the current accounts of the Corporate Debtor without express authorisation of Interim Resolution Professional / Resolution
Professional and all liabilities as at CIRP commencement date has to be claimed by the Financial creditor as per provisions
of the code. Necessary steps are being taken for reversal of the said amounts recovered by IndusInd Bank to the current
account of the Company.

During the year, Pristine Malwa Logistics Park Private Limited (Promoter) sold 24,74,514 equity shares of face value Rs.
10/- each of the company (representing 3.79% of the total issued and paid-up share capital of the company) in accordance
with the comprehensive guidelines on Offer for Sale of shares through the stock exchange mechanism issued by the
Securities and Exchange Board of India and the applicable notices and circulars issued by the stock exchanges, for
achieving the minimum public shareholding requirements. With the sale of 24,74,514 equity shares by the promoter, the
shareholding of the promoter and promoter group in the company has reduced to 90% from 93.79% of the total issued and
paid-up share capital of the Company thereby achieving the minimum public shareholding to 10% as mandated under
Rule 19A (5) of the Securities Contracts (Regulations) Rules, 1957 as amended, read with Regulation 38 of Securities and
Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended.

(iv) The Company has not allotted any fully paid up equity shares by way of bonus shares nor has bought back any class of
equity shares during the period of five years immediately preceding the balance sheet date nor has issued shares for
consideration other than cash except for allotment of shares to the resolution applicant as detailed in note 37.

(v) There are no shares for which calls remain unpaid.

(vi) Capital management policies and procedures

The Companyâs capital management objectives are:

- to safeguard the Companyâs ability to continue as a going concern, and continue to provide optimum returns to the
shareholders and all other stakeholders by building a strong capital base.

- to maintain an optimum capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Company may adjust the return capital to shareholders, issue new
shares, or sell investments / other assets to reduce debt.

For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders plus its borrowings and cash credit facility, if any, less cash and cash equivalents as
presented on the face of the balance sheet. The Company manages the capital structure and makes adjustments to it in
the light of changes in economic conditions and the risk characteristics of the underlying assets. The amounts managed
as capital by the Company for the reporting years are summarized as follows:

**As per the resolution plan the total assigned debt to the successful Resolution Applicant viz. Pristine Malwa Logistics
Park Private Limited is Rs. 17,17,54,92,510 and the consideration paid through bank transfer is Rs. 65,00,00,000, the
same totals to a total consideration of Rs. 17,82,54,92,510 against 6,19,86,626 shares of Rs. 10 each resulting in securities
premium of Rs. 17,20,56,26,250 during the previous year.

Pursuant to the approved resolution plan, the share capital of the erstwhile promoters were completely extinguished and
the shares held by the public shareholders were reduced and reconstituted so as to constitute 5% of the post-paid up
capital of the Company after issue of shares to the successful Resolution Applicant.

(a) Securities premium comprises of the amount of share issue price received over and above the face value of ¹ 10 each.

(b) General reserve represents an appropriation of profits by the Company.

(c) Represents remeasurement of defined benefit liability which comprises of actuarial gains and losses, excluding amounts
included in net interest on the net defined benefit liability.

(d) Retained earnings represents the amounts of accumulated earnings/losses of the Company.

In addition to the above, the surplus cash balance of Rs. 4,101 lakhs is to be paid to the financial creditors along with
the upfront debt payment menioned in point 1 of above table.

[f] The upfront disbursement of the funds to the financial creditors were not made in full as at 31 March 2023 as one of
the lenders viz RBL Bank Ltd has filed an Interim Application before the Honourable NCLT, Chennai Bench for staying
the disbursement process due to disagreement in the manner of settlement. Honourable NCLT, decided in favour of
the Monitoring Committeeâs manner of disbursement which has been further appealed by RBL Bank as at 31 March
2024. Also, as per the approved resolution plan, revised agreement for final settled amount are yet to be signed with
each of the financial creditors and the modification to charges is yet to be completed with Registrar of Companies.
However, the Company has deposited the required amount as per the approved resolution plan in the bank account
that is earmarked and operated by the ex-Committee of Creditors and ex-Resolution Professional for the purpose of
remittance to finacial creditors till 31 March 2024. Further, the Company has also deposited, during the year ended
31st March 2025, a principal amount of Rs. 105 Crores in the bank account earmarked for the purpose of settlement
to the financial creditors as per the approved resolution plan.Interest on borrowings are duly accured under finance
costs in accordance with the approved resolution plan and the interest has been remitted to the financial creditors
during the year amounting to Rs. 27.55 crores as required by the approved resolution plan.

30 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The Provision of
CSR are not applicable since the company has not earned profits.

31 Financial risk management

The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Companyâs operations. The Companyâs principal financial assets include
advances, trade and other receivables, and cash and short-term deposits that derive directly from its operations.

The Companyâs activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Companyâs
primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its
financial performance. The Companyâs exposure to credit risk is influenced mainly by the individual characteristic of each
customer and the concentration of risk from the top few customers.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Companyâs receivables from customers. The maximum exposure
to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to
prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their
financial position, past experience and other factors. Credit risk has always been managed by the Company through credit
approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company
grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected
credit loss model to assess the impairment loss or gain. The expected credit loss model takes into account available
external and internal credit risk factors and the Companyâs historical experience for customers.

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit ratings
assigned by international and domestic credit rating agencies.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate
amount of committed credit facilities to meet obligations when due. The Companyâs corporate treasury department is
responsible for liquidity, funding as well as settlement management. Due to the dynamic nature of the underlying businesses,
treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors
rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. In
addition, processes and policies related to such risks are overseen by senior management.

The table below provides details regarding the contractual maturities of significant financial liabilities:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity
price risk and commodity risk. Financial instruments affected by market risk primarily include borrowings and derivative
financial instruments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily
to the Companyâs long-term debt obligations with floating interest rates.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Companyâs exchange risk arises from its foreign currency revenues and expenses (primarily
in U.S. dollars, and Euros), foreign currency payable (in Euro) and foreign currency receivables (in USD). The following
tables present foreign currency risk:

34 Fair value hierarchy

This explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the
financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company
has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of
each level follows underneath the table:

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

35 Implementation of the approved resolution plan

The Honâble NCLT passed the order approving the resolution plan submitted by the successful resolution applicant, âM/s
Pristine Malwa Logistics Park Private Limitedâ (âRAâ)on December 08, 2022. Pursuant to the above order, M/s Pristine
Malwa Logistics Park Private Limited has infused the prescribed funds of Rs. 6,500 lakhs and Re.1 into the Company and
implemented the resolution plan through the Monitoring Committee constituted with the nominations of the M/s Pristine
Malwa Logistics Park Private Limited, erstwhile RP and financial creditors of the Company on the date of order viz. 08th
December, 2022 and upto the effective date i.e. on January 11,2023.

b) Shares held by promoters at the end of the year and Changes during the year - Refer Note 10

c) Disclosure on CSR - Refer Note -30

(i) The amount of shortfall at the end of the year out of the amount required to be spent by the Company during the
year; -Nil

(ii) The total of previous yearsâ shortfall amounts; -Nil

(iii) The reason for above shortfalls by way of a note;- Nil

(iv) The nature of CSR activities undertaken by the Company- Nil

d) The title deed of the immovable properties held in the name of the Company, refer Note-2.

e) The Company does not have any investment property and hence dislcosures pertaining to the same is not applicable.

f) The Company does not hold any benami properties and therefore are no proceedings that has been initiated or

pending against the Company under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988). - Also, Refer Note-
2

g) The Company does not have any capital work-in-progress and intangibles under development as at the 31 March
2025 and 31 March 2024 and hence, disclosures w.r.to the ageing of such assets are not applicable. - Also, Refer
Note-2

h) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017. - Also, Refer Note - 3.1

i) Details of facilities availed based on current assets and its quarterly statements.

Details of facilities availed based on current assets and its quarterly statements is not applicable as the Company is

under CIRP from 10-Mar-2021. Further, no credit facilities were extended by the Banks / Financial Institutions during
the financial year under review.

j) The Company has not serviced debt on due dates to the banks and financial institutions and consequently the Company
has been classified as wilful defaulter by all the banks and financial institutions. The Corporate insolvency resolution
process was completed consequent to the order of Honâble NCLT Chennai Bench dated 08 December 2022 and by
virture of the order the Company is not wilful defaulter post the approval of the order.

k) The Company has duly registered all the creation and satisfaction of the charges with the Registrar of Companies on
or before the prescribed time limit. However, pursuant to the order, the charges are to be modified in accordance with
the approved resolution plan dues to be paid and such charge is to be in favour of the trustee to be appointed by the
banks and pooling all the assets of the Company.

l) Details of transactions not recorded in books but has been disclosed as income in the tax assessments during the
current year is nil

m) Loans or advances to the related persons that are either repayable on demand or without any specific repayment
terms details - Refer Note-28

n) The Company has neither advanced nor received any funds, guarantees, securities etc., to/ from any entity which
shall be further invested or advanced on behalf of the Ultimate Beneficiaries.

o) - Analytical Ratios, refer note 39

p) The Company has not revalued its Property, Plant and Equipment during the current and previous year, hence the
disclosure as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

q) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013, hence the disclosure w.r.to the same is not applicable.

r) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year and hence
disclosure under the same is not applicable.

A - Current year, B - Previous year
References

i. Total of current assets ii. Loss after tax iii. Loss before tax plus finance cost iv Total of current liabilities v. Average of
trade receivables vi. Average of working capital vii. Average of total equity viii.Loss after exceptional items Finance costs
ix.Total equity x.Lease liabilities and Borrowing xi. Average of inventories xii. Net Credit Purchases during the year xiii.
Average of trade payables xiv. Total equity, total borrowings and total lease liabilities

(a) The negative movement is on account of entire liabilities to financial creditors being classified as current amounting to
Rs. 26,078 lakhs.

(b) The movement is account of decrease in revenue from operations during the year.

(c) The movement is on account of reduction in equity due to losses in current year and marginal increase in the borrowings.

(d) The movement is on account of reduction in equity due to losses in current year.

(e) Movement due to decline in revenue from operations and reduction in equity due to losses during the year.

(f) The movement is account of decrease in revenue from operations during the year resulting in losses during the year.

39 The Company is primarily engaged in providing integrated logistics services which is considered as single business
segment in terms of segment reporting as per AS 108. There being no services rendered outside India there are no
separate geographical segments to be reported on.

40 (a) Corresponding figures for the previous year presented have been regrouped, where necessary, to conform to the

current yearâs classification.

40 (b) The Company uses an accounting software for maintaining its books of accounts which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software.

for SRSV & Associates for and on behalf of the Board of Directors of

Chartered Accountants Sical Logistics Limited

Firm registration number : 015041S

R Subburaman S.Rajappan Sanjay Mawar

Partner Whole time Director Director

Membership No. 020562 DIN:00862481 DIN: 00303822

Place: Chennai Place: Chennai Place: New Delhi

K. Rajavel Vaishali Jain

Chief Financial officer Company Secretary

Place: New Delhi Membership No: A58607

Place: New Delhi

Date: May 28, 2025

Mar 31, 2024

1.15 Provisions and contingencies

Provisions :

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Provision for onerous contracts:

The provision is recognised if, a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent liabilities :

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation or it cannot be measured with sufficient reliability. The Company does not recognise a contingent liability but discloses its existence in the financial statements.

Contingent assets :

Contingent assets are neither recognised nor disclosed. However, when realisation of income is virtually certain, related asset is recognised.

1.16 Inventories

Inventories are valued at the lower of cost and net realisable value.

Cost of raw materials includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on first in, first out basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

1.17 Finance income and expense

Finance income consists of interest income on funds invested. Interest income is recognized as it accrues in the statement of profit and loss, using the effective interest method.

Finance expenses consist of interest expense on loans and borrowings. Borrowing costs are recognized in the statement of profit and loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis.

1.18 Income tax

Income tax comprises current and deferred tax. Income tax expense is recognized in the statement of profit and loss except to the extent it relates to items directly recognized in equity or in other comprehensive income.

(a) Current income tax: Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable income for the period. The tax rates and tax laws used to compute the current tax amount are those that are enacted or substantively enacted by the reporting date and applicable for the period. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to realize the asset and liability simultaneously.

(b) Deferred income tax: Deferred income tax is recognized using the balance sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or loss at the time of the transaction.

Deferred income tax asset are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

Deferred income tax liabilities are recognized for all taxable temporary differences.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

1.19 Earnings per share (EPS)

Basic EPS is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period.

Diluted EPS is computed by dividing the profit attributable to the equity shareholders (after adjusting for interest on the convertible preference shares, if any) by the weighted average number of equity shares considered for deriving basic EPS plus the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares into equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed the number of equity shares outstanding, without a corresponding change in resources.

1.20 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.

1.21 Leases

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Companyâs operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances. After considering current and future economic conditions, the Company has concluded that no changes are required to lease period relating to the existing lease contracts.

use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

1.22 Cash flow statement

Cash flows are reported using the indirect method, whereby profit/(loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future operating cash receipt or payments, and items of income or expenses associated with investing or financing cash flows. In the cash flow statement, cash and cash equivalents includes cash in hand, cheques on hand, balances with banks in current accounts and other short- term highly liquid investments with original maturities of 3 months or less, as applicable.

Note 10 Share capital (contd.)

(i) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

The Company has one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held. The dividend, if any, proposed by the Board of Directors shall be subject to the approval of the Shareholders at the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts if any, in proportion to their shareholding.

As per Rule 19A(5) of Securities Contract (Regulation) Rules 1957, a listed company which was taken over by another company in a resolution plan is permitted to have more than 75% held by the promotors group subject to the conditions that the public holding to be brought up to 10% within a period of 12 months and the promoter groupâs holding to be brought down to a maximum of 75% within a period of 3 years. The Company is in the process of making necessary plans to comply with the requirement within the stipulated time.

(iv) The Company has not allotted any fully paid up equity shares by way of bonus shares nor has bought back any class of equity shares during the period of five years immediately preceding the balance sheet date nor has issued shares for consideration other than cash except for allotment of shares to the resolution applicant as detailed in note 37.

(v) There are no shares for which calls remain unpaid.

(vi) Capital management policies and procedures

The Companyâs capital management objectives are:

â¢ to safeguard the Companyâs ability to continue as a going concern, and continue to provide optimum returns to the shareholders and all other stakeholders by building a strong capital base.

â¢ to maintain an optimum capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Company may adjust the return capital to shareholders, issue new shares, or sell investments / other assets to reduce debt.

For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders plus its borrowings and cash credit facility, if any, less cash and cash equivalents as presented on the face of the balance sheet. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. The amounts managed as capital by the Company for the reporting years are summarized as follows:

The debenture redemption reserve existing as at the beginning of the pervious financial year has been transferred to the retained earnings as the underlying liability towards debentures is replaced by the liability towards financial creditors as determined under the approved resolution plan.

**As per the resolution plan the total assigned debt to the successful Resolution Applicant viz. Pristine Malwa Logistics Park Private Limited is Rs. 17,17,54,92,510 and the consideration paid through bank transfer is Rs. 65,00,00,000, the same totals to a total consideration of Rs. 17,82,54,92,510 against 6,19,86,626 shares of Rs. 10 each resulting in securities premium of Rs. 17,20,56,26,250 during the previous year.

*** Pursuant to the approved resolution plan, the share capital of the erstwhile promoters were completely extinguished and the shares held by the public shareholders were reduced and reconstituted so as to constitute 5% of the post-paid up capital of the Company after issue of shares to the successful Resolution Applicant.

(a) Securities premium comprises of the amount of share issue price received over and above the face value of Rs. 10 each.

(b) General reserve represents an appropriation of profits by the Company.

(c) Represents remeasurement of defined benefit liability which comprises of actuarial gains and losses, excluding amounts included in net interest on the net defined benefit liability.

(d) Retained earnings represents the amounts of accumulated earnings/losses of the Company.

Notes:

[a] The Company has not serviced debt on due dates to the banks and financial institutions and consequently the Company was classified as wilful defaulter by all the banks and financial institutions. The Corporate insolvency resolution process commenced consequent to the order of Honâble NCLT Chennai Bench and IRP/RP was appointed in terms of the orders. All the financial creditors made the claim with IRP/RP. Hence all the loans were classified as current liability in the previous year.

[b] Based on the public announcement made for commencement of CIRP, various creditors filed claims (including interest on delayed payment, penalty etc.) on the Company. These claims were submitted by financial and operational creditors (including past and present employees). As per the resolution order, the claims verified/submitted during this CIRP period were settled in accordance with the provisions of the Code.

[c] Interest on borrowings are provided till the CIRP initiation date i.e. 10th March 2021 for the period ended 31st March 2021 as all liabilities prior to CIRP initiation date are frozen as at CIRP commencement date and has been dealt with in accordance with the approved Resolution Plan.

30 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The Provision of CSR are not applicable since the company has not earned profits.

31 Financial risk management

The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations. The Companyâs principal financial assets include advances, trade and other receivables, and cash and short-term deposits that derive directly from its operations.

The Companyâs activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Companyâs primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Companyâs exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The expected credit loss model takes into account available external and internal credit risk factors and the Companyâs historical experience for customers.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Companyâs corporate treasury department is responsible for liquidity, funding as well as settlement management. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, processes and policies related to such risks are overseen by senior management.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk primarily include borrowings and derivative financial instruments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs long-term debt obligations with floating interest rates.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Companyâs exchange risk arises from its foreign currency revenues and expenses (primarily in U.S. dollars, and Euros), foreign currency payable (in Euro) and foreign currency receivables (in USD). The following tables present foreign currency risk:

34 Fair value hierarchy

This explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

35 Implementation of the approved resolution plan

The Honâble NCLT passed the order approving the resolution plan submitted by the successful resolution applicant, âM/s Pristine Malwa Logistics Park Private Limitedâ (âRAâ)on December 08, 2022. Pursuant to the above order, M/s Pristine Malwa Logistics Park Private Limited has infused the prescribed funds of Rs. 6,500 lakhs and Re.1 into the Company and implemented the resolution plan through the Monitoring Committee constituted with the nominations of the M/s Pristine Malwa Logistics Park Private Limited, erstwhile RP and financial creditors of the Company on the date of order viz. 08th December, 2022 and upto the effective date i.e. on January 11, 2023.

b) Shares held by promoters at the end of the year and Changes during the year - Refer Note 10

c) Disclosure on CSR - Refer Note -30

(i) The amount of shortfall at the end of the year out of the amount required to be spent by the Company during the year; -Nil

(ii) The total of previous yearsâ shortfall amounts; -Nil

(iii) The reason for above shortfalls by way of a note;- Nil

(iv) The nature of CSR activities undertaken by the Company- Nil

d) The title deed of the immovable properties held in the name of the Company, refer Note-2.

e) The Company does not have any investment property and hence dislcosures pertaining to the same is not applicable.

f) The Company does not hold any benami properties and therefore are no proceedings that has been initiated or pending against the Company under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988). - Also, Refer Note-2

g) The Company does not have any capital work-in-progress and intangibles under development as at the 31 March 2024 and 31 March 2023 and hence, disclosures w.r.to the ageing of such assets are not applicable. - Also, Refer Note-2

h) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017. - Also, Refer Note - 3.1

i) Details of facilities availed based on current assets and its quarterly statements.

Details of facilities availed based on current assets and its quarterly statements is not applicable as the Company is under CIRP from 10-Mar-2021. Further, no credit facilities were extended by the Banks / Financial Institutions during the financial year under review.

j) The Company has not serviced debt on due dates to the banks and financial institutions and consequently the Company has been classified as wilful defaulter by all the banks and financial institutions. The Corporate insolvency resolution process was completed consequent to the order of Honâble NCLT Chennai Bench dated 08 December 2022 and by virture of the order the Company is not wilful defaulter post the approval of the order.

k) The Company has duly registered all the creation and satisfaction of the charges with the Registrar of Companies on or before the prescribed time limit. However, pursuant to the order, the charges are to be modified in accordance with the approved resolution plan dues to be paid and such charge is to be in favour of the trustee to be appointed by the banks and pooling all the assets of the Company.

l) Details of transactions not recorded in books but has been disclosed as income in the tax assessments during the current year is nil

m) Loans or advances to the related persons that are either repayable on demand or without any specific repayment terms details - Refer Note-28

n) The Company has neither advanced nor received any funds, guarantees, securities etc., to/ from any entity which shall be further invested or advanced on behalf of the Ultimate Beneficiaries.

o) - Analytical Ratios, refer note 39

p) The Company has not revalued its Property, Plant and Equipment during the current and previous year, hence the disclosure as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

q) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, hence the disclosure w.r.to the same is not applicable.

r) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year and hence disclosure under the same is not applicable.

i. lotal of current assets 11. Loss after tax 111. Loss before tax plus finance cost iv. lotal of current liabilities v. Average of trade receivables vi. Average of working capital vii. Average of total equity viii.Loss after exceptional items Finance costs ix.Total equity x.Lease liabilities and Borrowing xi. Average of inventories xii. Net Credit Purchases during the year xiii. Average of trade payables xiv. Total equity, total borrowings and total lease liabilities

(a) The negative movement is on account of a portion of liabilities to financial creditors being classified as current amounting to Rs. 10,500 lakhs.

(b) The movement is account of additional loan from related party during the current year amounting to Rs. 2,747 lakhs.

(c) Favourable movement on account of reduction in trade payables (operational creditors) during the year due to reduciton in operations towards the year end

(d) Favourable movement on account of creation of certain liabilities and write off/ provision for certain assets as detailed in note 24 during the previous year, however there were no such write-offs in the current year.

(e) Favourable movement in the current year is on account of huge write-offs in the previous year as exceptional items.

39 The Company is primarily engaged in providing integrated logistics services which is considered as single business segment in terms of segment reporting as per AS 108. There being no services rendered outside India there are no separate geographical segments to be reported on.

40 (a) Corresponding figures for the previous year presented have been regrouped, where necessary, to conform to the

current yearâs classification.

40 (b) The Company uses an accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

for SRSV & Associates for and on behalf of the Board of Directors of

Chartered Accountants Sical Logistics Limited

Firm registration number : 015041S

V. Rajeswaran Sanjay Mawar Amit Kumar

Partner Director Director

Membership No. 020881 DIN: 00303822 DIN: 01928813

K. Rajavel Vaishali Jain

Chief Financial officer Company Secretary

Membership No: A58607

Chennai Chennai

Date: 30-May-2024 Date: 30-May-2024

Mar 31, 2023

Provisions and contingencies

Provisions :

Provision for onerous contracts:

Contingent liabilities :

Contingent assets :

Contingent assets are neither recognised nor disclosed. However, when realisation of income is virtually certain, related
asset is recognised.

1.16 Inventories

Inventories are valued at the lower of cost and net realisable value.

1.17 Finance income and expense

Finance income consists of interest income on funds invested. Interest income is recognized as it accrues in the statement
of profit and loss, using the effective interest method.

Finance expenses consist of interest expense on loans and borrowings. Borrowing costs are recognized in the statement
of profit and loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis.

1.18 Income tax

Deferred income tax liabilities are recognized for all taxable temporary differences.

1.19 Earnings per share (EPS)

Basic EPS is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding during the period.

1.20 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the
requirement of Schedule III, unless otherwise stated.

1.21 Leases

The Companyâs lease asset classes primarily consist of leases for building and vehicles. The Company assesses whether
a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the
use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through
the period of the lease and (iii) the Company has the right to direct the use of the asset.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

1.22 Cash flow statement

2 Recent accounting pronouncements and other Latest regulatory updates

Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time.

On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:

Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting
policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual
periods beginning on or after April 1,2023. The Company has evaluated the amendment and the impact of the amendment
is insignificant in the standalone financial statements.

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition
of âaccounting estimatesâ and included amendments to Ind AS 8 to help entities distinguish changes in accounting
policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods
beginning on or after April 1,2023. The Company has evaluated the amendment and there is no impact on its standalone
financial statements.

Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does
not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of
this amendment is annual periods beginning on or after April 1,2023. The Company has evaluated the amendment and
there is no impact on its standalone financial statement.

Mar 31, 2018

(i) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend, if any, proposed by the Board of Directors shall be subject to the approval of the Shareholders at the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts if any, in proportion to their shareholding.

(v) The Company has not allotted any fully paid up equity shares byway of bonus shares nor has bought back any class of equity shares during the period of five years immediately preceding the balance sheet date nor has issued shares for consideration other than cash.

(vi) There are no shares for which calls remain unpaid.

Notes:

(i) Non-convertible debentures issued to IDFC Bank Limited

The Company had raised a sum ofRs. 10,000 Lakhs through issue of 1,000 Nos. secured Listed 11% Non-convertibLe debentures ofRs.10 Lakh each against the security of dredger beLonging to the subsidiary company viz Norsea Offshore India Ltd for the purpose of redeeming the then existing debentures of Kotak Mahindra [earLier ING Vysya Bank Limited], The NCDs are Listed in NSE. The IDBI Trusteeship Services Ltd has been appointed as the debenture trustees. Debentures are redeemabLe on 25 June 2021.

(ii) Canara Bank

The Company has taken a secured term Loan ofRs. 4,000 Lakhs during FY 2013-14,Rs. 1,000 Lakhs in FY 2014-15,Rs. 5,000 Lakhs in FY 2016-17 andRs. 5,000 Lakh during the year against (1) security of pari pasu second charge over current assets and movable fixed assets of the company (2) office building at Kolkata and Mumbai as collateral security with a moratorium period of 12 months. Loan is repayable in 16 equalquarterly installments. The interest rate as on 31 March 2018 is 11.55% (Previous year: 11.55%) which is linked to MCLR.

(iiia) IndusInd Bank (Term loan)

The Company has taken a term loan ofRs. 2,700 lakhs during the FY 2013-14 against security of pari-passu charge on the Ennore Project Assets. Loan is repayable in 84 equal monthly instalments. The interest rate as on 31 March 2018 is 10.85% (Previous year: 10.98%) which is linked to the MCLR.

(iiib) IndusInd Bank (Term loan)

The Company had taken a term loan ofRs. 700 lakhs during FY 2016-17 for general corporate purposes. Loan is repayable in 45 equal monthly instalments. The Company had also availed Rs. 5,209 lakhs of term loan during FY 2016-17. Loan is repayable in 59 step-up monthly instalments including 3 months of moratorium. The interest rate as on 31 March 2018 is 10.85% (Previous year: 10.98%) which is linked to the base rate. The securities offered for these loans are as below(includingterm loan in (iiia)):

a) charge on receivables from Ennore project;

b) pari-passu charge on the Ennore project assets and

c) exclusive charge on the office building located at 11,12,13,14 and 15 Rajgir Chambers, Mumbai.

(iiic) IndusInd Bank (Equipment loan)

The loan is secured by a charge on the assets purchased out of the loan. The interest rate as on 31 March 2018 is 11.00% (Previous year: 11.00%).

(iiid) IndusInd Bank (Term loan)

The Company has availed a term loan ofRs. 1,300 lakhs during the current financial year for general corporate purposes. Loan is repayable in 55 monthly step-up instalments. The interest rate as on 31 March 2018 is 10.56% (Previous year: Nil) which is linked to the MCLR. The securities offered for these loans are same as term loan iiia and iiib.

(iv) Bank of Baroda

The Company had taken term Loan of Rs. 7,500 lakhs during the FY 2014-15 against security of certain Immovable properties (Land) for carrying out CAPEX and other expenditure for work orders awarded from Neyveli Lignite Corporation Limited and Mahanadi Coalfields Limited, with a moratorium period of 12 months. Loan is repayable in step up 16 quarterly instalments. The interest rate as on 31 March 2018 is 11.25% (Previous year: 13.10%) which is linked to the MCLR.

(v) Corporation Bank

The loan is secured by a charge on the assets purchased out of the loan with a moratorium of 2 years and 12 half yearly step-up repayment. The interest rate as on 31 March 2018 is 10% which is linked to the MCLR. (Previous year: Nil).

(vi) Standard Chartered Bank

The Company has availed a term loan ofRs. 10,000 lakhs during the current year towards pre-operative expenses and payments of fees, costs and expenses in relation to specific mining projects. Rs. 4,500 lakhs loan is repayable in 32 monthly step-up installments and Rs. 5,500 lakhs loan is repayable in 48 monthly step-up installments. The securities offered for the credit facilities are as below -

a) first ranking exclusive security interest over the Accounts and/or any other operating account established in relation to the specific mining projects, cash flows and distributions and agreements in relation to the specific mining projects and all monies, securities, instruments and/or cash equivalents deposited or required to be deposited in the Collection Account and/or any other operating account established in relation to the specific mining projects

b) a first ranking security interest over all receivables in relation to the specific mining projects

c) a second ranking security interest over the dredger belonging to the subsidiary company viz Norsea Offshore India Ltd

(vii) South Indian Bank

The Company had taken a term Loan ofRs. 5,000 Lakhs during the FY 2015-16 to meet its capitaL expenditure requirements against (1) security of movabLe fixed assets to be funded out of the Loan amount (2) Land at KiLacherry and Satharai, TamiLnadu, with a moratorium period of 24 months. Loan is repayabLe in 12 equaL quarterLy instaLments. The interest rate as on 31 March 2018 is 11.00% (Previous year: 12.80%) which is Linked to the MCLR.

(viiia)YES Bank (Term loan)

The Company had taken a term Loan ofRs. 13,000 Lakhs during the FY 2015-16 to meet its capitaL expenditure requirements against security of fixed and current assets, with a moratorium period of 6 months. Loan is repayabLe in 18 quarterLy instaLments. The interest rate as on 31 March 2018 is 10.40% (Previous year: 14.50%) which is Linked to the MCLR.

(viiib)YES Bank (Term loan)

The Company has taken a term Loan ofRs. 10,500 Lakhs to meet its capitaL expenditure requirements against security of subservient charge over fixed and current assets. Loan is repayabLe in 10 step-up quarterLy instaLments, incLuding moratorium of 6 months. The interest rate as on 31 March 2018 is 10.40% (Previous year: 11.25%) which is Linked to the MCLR.

(viiic) YES Bank (Equipment loan)

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.75% (Previous year: 10.75%).

(ix) Axis Bank

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 9.52% (Previous year: 9.52%). During the year the Company has obtained a sanctioned credit Limit ofRs. 5,500 Lakhs against the security of the assets purchased out of the Loan for its mining projects. The Loan is repayabLe in 6 years with a moratorium of 1.5 yrs and 18 quarterLy step-up repayment thereafter. The interest rate as on 31 March 2018 is 9.43% (Previous year: NiL).

(x) Kotak Mahindra Bank

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.01% (Previous year: 10.01%).

(xi) DCB Bank Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 9.72% (Previous year: 10.00%) which is Linked to the MCLR.

(xii) SREI Infrastructure Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 9.47% (Previous year: 9.47%).

(xiii) Sundaram Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.34% (Previous year: 10.34%).

(xiv) Tata Motor Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.79% (Previous year: 10.79%).

(xv) Daimler Financial Services India Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.66% (Previous year: 10.66%).

(xvi) Cholamandalam Invst & Finance Co Ltd

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.39% (Previous year: 10.39%).

(xvii) HDB Financial Service Ltd

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 11.00% (Previous year: 11.00%).

(xviii)Reliance Commercial Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 13.50% (Previous year: 13.50%).

(xix) Siemens Financial Services Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 9.60% (Previous year: 9.60%).

(xx) Tata Motor Finance Solutions Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 10.28% (Previous year: 10.28%).

(xxi) Volvo Financial Services India Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2018 is 8.95% (Previous year: 8.95%).

(xxii) Currency swap and interest rate swap

The Company has entered into a currency swap and interest rate swap wherein the Rupee borrowing in converted into foreign currency borrowing i.e. Euro and Company receives the fixed interest in INR and pays a fixed interest in Euro, to obtain a Lower interest rate than wouLd have been possibLe without the swap.

(xxiv) There are no defauLts in the repayment of the principaL Loan and interest amounts with respect to the above Loans.

(xxv) The aggregate amount of Long-term borrowings secured by personaL guarantee of promoters amounts to Rs. 58,346 Lakhs (Previous year:Rs. 47,291 Lakhs)

Note:

(i) Bank of Baroda

Working capitalfacility is secured by composite hypothecation of entire raw materials, stock in process, stores and spares, packing material, finished goods, plant and machinery etc and book debts and trade advances of the company both present and future as well as equitable mortgage of certain immovable properties. The interest rate as on 31 March 2018 is 10.00% (Previous year: 11.90%) which is linked to the MCLR.

(ii) RBL Bank Limited

The Company has availed a short-term revolving loan (âSTLâ) facility amounting to Rs. 2,450 lakhs with a tenure of 4 months. The STL is secured by subservient charge on current assets including stock and book debts of the Company, both present and future. The interest rate as on 31 March 2018 is 12.00% (Previous year: Nil) which is linked to the MCLR.

(iii) DCB Bank Limited

The Company has availed a short-term loan (âSTLâ) facility amounting toRs. 500 lakhs with a tenure of 12 months. The STL is secured by (1) subservient charge on current assets of the Company and (2) securities offered as per note 10.1 (xi). The interest rate as on 31 March 2018 is 9.72% (Previous year: Nil) which is linked to the MCLR.

(iv) There are no defaults in the repayment of the principal loan and interest amounts with respect to the above loans.

(v) The aggregate amount of short-term borrowings secured by personal guarantee of promoters amounts to Rs. 22,824 lakhs (Previous year:Rs. 18,268 lakhs)

Note: According to the information available with the Company, there are no dues payable to Micro and Small Enterprises as defined underthe âThe Micro, Small and Medium Enterprises Development Act, 2006â. The Ministry of Micro, Smalland Medium Enterprises has issued an Office Memorandum dated 26August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurâs Memorandum Number as allocated afterfiling of the Memorandum. Furtherthere are no dues payable to micro and small scale industries (previous year:Rs. Nil).

*Refer note 26 for the amount payable to the related parties.

The estimate of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

1 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The areas for CSR activity is promoting education. The funds were utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

2 Financial risk management

The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations. The Companyâs principal financial assets include advances, trade and other receivables, and cash and short-term deposits that derive directly from its operations.

The Companyâs activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Companyâs primary focus is to foreseethe unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Companyâs exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The expected credit loss model takes into account available external and internal credit risk factors and the Companyâs historical experience for customers.

The following table gives details in respect of percentage of revenues generated from top customer and top five customers:

Three customers accounted for more than 10% of the revenue and trade receivables forthe year ended 31 March 2018. Credit risk exposure

The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2018 was Rs. 854 lakhs.

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit ratings assigned by international and domestic credit rating agencies.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Companyâs corporate treasury department is responsible for liquidity, funding as well as settlement management. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, processes and policies related to such risks are overseen by senior management.

The working capital (current assets minus current liabilities) position of the Company as on 31 March 2018 is Rs. 40,926 lakhs including cash and cash equivalents.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk primarily include borrowings and derivative financial instruments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs long-term debt obligations with floating interest rates.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Companyâs exchange risk arises from its foreign currency revenues and expenses (primarily in U.S. dollars, and Euros), foreign currency payable (in Euro) and foreign currency receivables (in USD). The following tables present foreign currency risk:

3 Interest injoint venture

The Company has a 37.50% interest in PSA Sical Terminal Limited (âPSAâ), a joint venture involved in container-handling operation atTuticorin Port. The Companyâs interest in PSA is accounted for using the equity method in the consolidated financial statements. Summarised financial information of thejoint venture, based on its IndASfinancialstatements are set out below:

3A The Board of Directors at their meeting held on 4 April 2018, approved a Scheme of Arrangement [Demerger] between Sical Logistics Limited, Norsea Offshore India Limited and their respective shareholders and creditors for taking over the dredger business hitherto carried out by Norsea Offshore India Limited whereby the Company proposes to enhance the dredging business with the expertise available in offshore logistics thereby ensuring business continuity and cash neutrality benefits in this area. It is envisaged that the said demerger, if approved, shall be in the larger interest of the shareholders, creditors and employees of the Company and help to achieve effective growth of dredger business.

4 Fair value hierarchy

This explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

4.1 Specific valuation techniques used to value the above financial instruments include:

1) theuseof quotedmarketprices

2) the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves âthe fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curvesâ

As of 31 March 2018, every percentage point increase / decrease in the exchange rate will affect our obligation by approximatelyRs. 62 lakhs.

5 The Company is primarily engaged in providing integrated logistics services which is considered as single business segment in terms of segment reporting as per AS 108. There being no services rendered outside India there are no separate geographical segments to be reported on.

6 Corresponding figures for the previous year presented have been regrouped, where necessary, to conform to the current yearâs classification.

Mar 31, 2017

Notes:

(ia) Non-convertible debentures issued to ING Vysya (now Kotak Mahindra Bank Ltd.)

The Company had raised a sum of Rs, 10,000 Lakhs through issue of 1,000 Nos. secured Listed 12.75% Non-convertible debentures of 10 Lakh each against the security of Dredger belonging to the subsidiary company viz Norsea Offshore India Ltd and assets procured out of funds received through ING Vysya Bank term Loan of Rs,20 Crores. The NCDs were Listed in NSE. The purpose of issue of NCDs were for taking up the existing term Loan and shoring up of Long term net working capital for its ongoing contracts. IDBI Trusteeship Services Ltd was appointed as the debenture trustees. Debentures were redeemable in two installments i.e. 50% in September 2017 and balance 50% in September 2018. However, on account of put option, the Company has pre-closed this NCD during the FY 2016-17 in June 2016.

(ib) Non-convertible debentures issued to IDFC Bank Limited

The Company had raised a sum of''10,000 Lakhs through issue of 1,000 Nos. secured Listed 11% Non-convertible debentures ofRs, 10 Lakh each against the security of dredger belonging to the subsidiary company viz Norsea Offshore India Ltd for the purpose of redeeming the then existing debentures of Kotak Mahindra [earLier ING Vysya Bank Limited], The NCDs are Listed in NSE. The IDBI Trusteeship Services Ltd has been appointed as the debenture trustees. Debentures are redeemable on 25 June 2021.

(ii) Canara Bank

The Company has taken a secured term Loan ofRs,4,000 Lakhs during FY2013-14,Rs, 1,000 Lakhs in FY2014-15 andRs,5,000 Lakhs during the year against security of pari pasu second charge over current assets and movable fixed assets of the company with a moratorium period of 12 months along with Bank of Baroda who has the first charge over the assets. Loan is repayable in 16 equaL quarterly installments. The interest rate as on 31 March 2017 is 11.55% (Previous year: 12.70%) which is Linked to the base rate.

(iiia) IndusInd Bank (Term loan)

The Company has taken a term Loan of Rs, 2,700 Lakhs during the FY 2013-14 against security of pari-passu charge on the Ennore Project Assets. Loan is repayable in 84 equal monthly installments. The interest rate as on 31 March 2017 is 10.98% (Previous year: 11.85%) which is Linked to the base rate.

(iiib) IndusInd Bank (Term loan)

The Company has taken a term Loan of Rs, 700 Lakhs during the current financial year for general corporate purposes. Loan is repayable in 45 equaL monthly installments. The Company has also taken Rs, 5,209 Lakhs of term Loan during the current financial year. Loan is repayable in 59 step-up monthly installments including 3 months of moratorium. The interest rate as on 31 March 2017 is 10.98% (Previous year: NiL) which is Linked to the base rate. The securities offered for these Loans are as below (including term Loan in (iiia)):

a) charge on receivables from Ennore project;

b) pari-passu charge on the Ennore project assets and

c) exclusive charge on the office building Located at 11,12,13,14 and 15 Rajgiri Chambers, Mumbai.

(iiic) IndusInd Bank (Equipment loan)

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is

11.00% (Previous year: NiL).

(iv) Bank of Baroda

The Company had taken term Loan ofRs, 7,500 Lakhs during the FY 2014-15 against security of certain Immovable properties (Land) for carrying out CAPEX and other expenditure for work orders awarded from NeyveLi Lignite Corporation Limited and Mahanadi Coalfields Limited, with a moratorium period of 9 months. Loan is repayable in step up 16 quarterly installments. The interest rate as on 31 March 2017 is 13.10% (Previous year: 12.40%) which is Linked to the base rate.

(v) Karur Vysya Bank

The Company had taken a term Loan ofRs, 2,000 Lakhs during the FY 2013-14 for general corporate purposes against security of exclusive charge in the form of mortgage of certain specific immovable properties situated at Mumbai, Jamnagar, Bhavnagar and KoLkata, with a moratorium period of 12 months. Loan is repayable in 12 equal quarterly installments. The Loan has been pre-closed during the current financial year. The interest rate as on the date of closure is 11.90% (Previous year: 11.90%) which is Linked to the base rate.

(vi) IDBI Bank

The Company had taken a term Loan of Rs, 7,200 Lakhs during the FY 2013-14 for paying off its existing debt and to meet its normal capital expenditure/ other corporate purposes against security of first charge on Ennore project assets and receivables and collateral security of immovable properties. Loan is repayable in 94 equal monthly installments. The Loan has been pre-closed during the current financial year. The interest rate as on the date of closure is 12.40% (Previous year: 12.50%) which is Linked to the base rate.

(vii) ING Vysya (now Kotak Mahindra Bank)

The Company had taken a term Loan ofRs, 2,000 Lakhs during the FY 2012-13 to meet its capital expenditure requirements against security of movable Fixed assets to be funded out of the Loan amount, with a moratorium period of 12 months. Loan is repayable in 12 equal quarterly installments. The Loan has been pre-closed during the current financial year. The interest rate as on the date of closure is 12.65% (Previous year: 12.65%) which is Linked to the base rate.

(viii) The South Indian Bank

The Company had taken a term Loan ofRs, 5,000 Lakhs during the FY 2015-16 to meet its capital expenditure requirements against security of movable Fixed assets to be funded out of the Loan amount, with a moratorium period of 12 months. Loan is repayable in 12 equal quarterly installments. The interest rate as on 31 March 2017 is 12.80% (Previous year: 12.80%) which is Linked to the base rate.

(ixa) YES Bank (Term loan)

The Company had taken a term Loan ofRs,13,000 Lakhs during the FY 2015-16 to meet its capital expenditure requirements against security of fixed and current assets, with a moratorium period of 6 months. Loan is repayable in 18 quarterly installments. The interest rate as on 31 March 2017 is 14% (Previous year: 14.50%) which is Linked to the base rate.

(ixb) YES Bank (Term loan)

The Company has taken a term Loan of Rs, 10,500 Lakhs during the current financial year to meet its capital expenditure requirements against security of subservient charge over fixed and current assets and charge over fixed deposit of Rs, 3,000 Lakhs. Loan is repayable in 12 step-up quarterly installments, including moratorium of 6 months. The interest rate as on 31 March 2017 is 11.25% (Previous year: NiL) which is Linked to the base rate.

(ixc) YES Bank (Equipment loan)

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.75% (Previous year: 10.75%).

(x) Axis Bank

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 9.52% (Previous year: 9.77%).

(xi) Kotak Mahindra Bank

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.01% (Previous year: NiL).

(xii) DCB Bank Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10% (Previous year: NiL).

(xiii) SREI Infrastructure Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 9.47% (Previous year: 10.80%).

(xiv) Sundaram Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.34% (Previous year: 11.19%).

(xv) Tata Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.79% (Previous year: 11.23%).

(xvi) Daimler Financial Services India Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.66% (Previous year: 10.72%).

(xvii) Cholamandalam Invst & Finance Co Ltd

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.39% (Previous year: 11.04%).

(xviii)HDB Financial Service Ltd

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 11% (Previous year: NiL).

(xix) Reliance Commercial Finance Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 13.50% (Previous year: NiL).

(xx) Siemens Financial Services Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 9.60% (Previous year: NiL).

(xxi) Tata Motor Finance Service Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 10.28% (Previous year: NiL).

(xxii) Volvo Financial Services India Private Limited

The Loan is secured by a charge on the assets purchased out of the Loan. The interest rate as on 31 March 2017 is 8.95% (Previous year: NiL).

(xxiii) Currency swap and interest rate swap

The Company has entered into a currency swap and interest rate swap wherein the Rupee borrowing is converted into foreign currency borrowing i.e. Euro and Company receives the fixed interest in INR and pays a fixed interest in Euro, to obtain a Lower interest rate than would have been possible without the swap.

(xxv) There are no defaults in the repayment of the principal Loan and interest amounts with respect to the above Loans.

(xxvi) The aggregate amount of Long-term borrowings secured by personal guarantee of promoters amounts to Rs, 58,346 Lakhs (Previous year: Rs, 47,291 Lakhs)

Note:

(i) Bank of Baroda

Working capital facility is secured by composite hypothecation of entire raw materials, stock in process, stores and spares, packing material, finished goods, plant and machinery etc and book debts and trade advances of the company both present and future as well as equitable mortgage of certain immovable properties. The interest rate as on 31 March 2017 is 11.90% (Previous year: 11.40%) which is linked to the base rate.

(ii) There are no defaults in the repayment of the principal loan and interest amounts with respect to the above loans.

(iii) The aggregate amount of short-term borrowings secured by personal guarantee of promoters amounts to Rs, 18,268 lakhs (Previous year: Rs, 12,673 lakhs)

Note: According to the information available with the Company, there are no dues payable to Micro and Small Enterprises as defined under the "The Micro, Small and Medium Enterprises Development Act, 2006". The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneur''s Memorandum Number as allocated after filling of the Memorandum. Further there are no dues payable to micro and small scale industries (previous year: Rs, Nil).

*Refer note 27 for the amount payable to the related parties.

As of 31 March 2017, every percentage point increase / decrease in salary growth rate will affect our gratuity benefit obligation by approximately Rs,41 lakhs.

As of 31 March 2017, every percentage point increase / decrease in discount rate will affect our gratuity benefit obligation by approximately Rs, 41 lakhs.

Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation by one percentage, keeping all other actuarial assumptions constant.

1 Related parties disclosures

(i) List of related parties:

Name of Company Relationship Holding Company & Group

Coffee Day Enterprises Limited (''CDEL'') Ultimate Holding Company

Coffee Day Global Limited (CDGL¹) Fellow Subsidiary

Tanglin Retail Realty Developments Pvt Ltd (''TRRDPL'') Holding Company

Way2wealth Brokers Private Limited (''W2W'') Fellow Subsidiary

Giri Vidyuth India Limited (''GVIL'') Fellow Subsidiary

Magnasoft Consulting India Pvt Ltd (''MCIPL'') Fellow Subsidiary

Sical Infra Assets Limited (''SIAL'') Indian Subsidiary

Sical Iron Ore Terminals Limited (''SIOT'') Indian Subsidiary

Sical Iron Ore Terminal (Mangalore) Limited (''SIOTML'') Indian Subsidiary

SicalAdams Offshore Limited (''SAOL'') Indian Subsidiary

Norsea Offshore India Limited (NOIL¹) Indian Subsidiary

SicalSaumya Mining Limited (''SSML'') Indian Subsidiary

Sical Mining Limited (''SML'') Indian Subsidiary

Sical Multimodal and Rail Transport Limited (''SMART'') Step down Indian Subsidiary (Through SIAL)

Sical Bangalore Logistics Park Limited (''SBLPL'') Step down Indian Subsidiary (Through SIAL)

Bergen Offshore Logistics Pte Ltd (''Bergen'') Foreign Subsidiary

Norsea Global Offshore Pte Ltd (''Norsea'') Step down Foreign Subsidiary (Through Bergen)

PSASicalTerminals Limited (''PSA'') Joint Venture

SicalSattva Rail Terminals Private Limited (''SSRTPL'') Joint Venture (Through SMART)

(ii) Details of Key Managerial Personnel:

Name of Personnel Designation

MrRamMohan Chairman

Mr Kush Desai Joint Managing Director

Mr Sumith R Kamath Chief Financial Officer

Mr V Radhakrishnan Company Secretary

(iii) Details of the Directors of the Company:

Name of Director Designation

Mr. R. Ram Mohan Chairman

Mr. Kush S Desai Joint Managing Director

Mr.Sunil Deshmukh Director

Mrs. Shweta Shetty Director

Mr. H.R. Srinivasan Independent Director

Mr. H. Rathnakar Hegde Independent Director

Mr. S. Ravinarayanan Independent Director

Mr. SudhirV Kamath Independent Director

2 Corporate Social Responsibility

3 Financial risk management

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include advances, trade and other receivables, and cash and short-term deposits that derive directly from its operations.

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Company''s exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The expected credit loss model takes into account available external and internal credit risk factors and the Company''s historical experience for customers.

Three customers accounted for more than 10% of the revenue and trade receivables for the year ended 31 March 2017. Credit risk exposure

The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2017 was Rs, 1,638 lakhs.

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit ratings assigned by international and domestic credit rating agencies.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, processes and policies related to such risks are overseen by senior management.

The working capital (current assets minus current liabilities) position of the Company as on 31 March 2017 is Rs, 47,458 lakhs including cash and cash equivalents.

The table below provides details regarding the contractual maturities of significant financial liabilities:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk primarily include borrowings and derivative financial instruments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exchange risk arises from its foreign currency revenues and expenses (primarily in U.S. dollars, British pound sterling and euros), foreign currency payable (in Euro) and foreign currency receivables (in USD). The following tables present foreign currency risk:

*For the purposes of this clause, the term âSpecified Bank Notes'' shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8 November 2016.

4 Fair value hierarchy

This explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

5 Specific valuation techniques used to value the above financial instruments include:

1) the use of quoted market prices

2) the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.

As of 31 March 2017, every percentage point increase / decrease in the exchange rate will affect our obligation by approximately Rs, 112 lakhs.

6 The Company is primarily engaged in providing integrated logistics services which is considered as single business segment in terms of segment reporting as per AS 108. There being no services rendered outside India there are no separate geographical segments to be reported on.

7 Corresponding figures for the previous year presented have been regrouped, where necessary, to conform to the current year''s classification.

Mar 31, 2016

1. Working capital facility is secured by composite hypothecation of entire raw materials, stock in process, stores and spares, packing material, finished goods, Plant & Machinery etc and Book debts & Trade Advances of the company both present and future as well as Equitable Mortgage of certain immovable properties.

Note 2.

78749994 nos. of SIOT Shares pledged with IDBI Trusteeship Services Ltd against term loan availed by the subsidiary from YES Bank lead consortium.

Note 3.

During the year, Sical Iron Ore Terminal (Mangalore) Limited converted its unsecured loan of Rs. 250 Lakhs (PY - Rs. 400 Lakhs)into Share Capital

1. Claims against the Company not acknowledged as debts Rs. 12,857.52 Lakh (Previous Year: Rs. 2,746.59 Lakh).

2. In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provided for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs. 3,832.38 Lakh (Previous Year: Rs. 5,409.95 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs. 72,634 Lakh (Previous Year: Rs. 48,571 Lakh). Outstanding loan against such guarantees is Rs 32,907 Lakhs (Previous year: Rs 29,986 Lakhs)

c) Guarantees given by bankers for Performance of Contracts and Others is Rs. 6,295.09 Lakh (Previous Year: Rs. 3,887.58 lakh)

d) Guarantees given by bankers for Performance of Contracts and Others on behalf of subsidiaries is Rs 3,036 Lakh (Previous Year: Rs 3,036 Lakhs)

3. Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

4. Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees'' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee 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.

Mar 31, 2015

1 Claims against the Company not acknowledged as debts Rs. 2,746.59 Lakh (Previous Year: Rs.1042.32 Lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provided for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs. 5,409.95 Lakh (Previous Year: Rs. 5,376.34 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs.48,571 Lakh (Previous Year: Rs. 48,571 Lakh). Outstanding loan against such guarantees is Rs 29,986 Lakhs (Previous year: Rs 31,860 Lakhs)

c) Guarantees given by bankers for Performance of Contracts & Others is Rs.3,887.58 Lakh (Previous Year: Rs. 3,036.00 lakh)

d) Guarantees given by bankers for Performance of Contracts & Others on behalf of subsidiaries is Rs 3,036 Lakh (Previous Year: Rs 2,616 Lakhs)

3 Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

4 Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee 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.

5. Corporate Social Responsibility:

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. As per the CSR policy of the Company, the activities as prescribed under Schedule VII of the Companies Act 2013 were permitted. The Company made a contribution of Rs 10.96 lakhs towards CSR activity to a trust imparting education.

6. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary.

Mar 31, 2014

1 Claims against the Company not acknowledged as debts Rs. 1042.32 Lakh (Previous Year: Rs.1973.60 lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and not provide for:

a) Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs. 5,376.34 Lakh (Previous Year: Rs. 15,335.62 Lakh.)

b) Guarantees given by the Company for loans taken by other bodies corporate (including subsidiary companies to complete their projects) is Rs.48,571 Lakh (Previous Year: Rs. 48,567.00 Lakh).

c) Guarantees given by bankers for Performance of Contracts & others is Rs.6,731.87 Lakh (Previous Year: Rs. 6,757.99 lakh).

3 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs.1.06 Lakh (Previous Year: Rs. 8.08 Lakh).

4 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs.Nil (Previous Year: Rs. Nil Lakhs).

5 The provision for Taxation includes Rs.Nil (Previous Year: Rs. 1.00 Lakh) towards Wealth tax.

6 Letters of confirmation of balances in respect of account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and where not received is being followed up.

7 Sundry Creditors include Rs.Nil (Previous Year: Rs. Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

8 Micro, Small and Medium Enterprises Development Act, 2006

As per the information available with the company, there are no dues payable to creditors covered under this Act.

9. Employee Benefits

Disclosures required under Accounting Standard 15 on Employee Benefits are given below:

Defined Benefit Plan:

Employees'' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of services giving rise to additional unit of employee 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.

10. Related Party disclosure:

I. Related parties where control exists

a. Tanglin Retail Reality Developments Pvt Ltd - Immediate Holding Company

b. Tanglin Developments Ltd - Intermediate Holding Company

c. Coffee Day Resorts Pvt Ltd - Ultimate Holding Company

Subsidiary Companies:

a. Sical Infra Assets Ltd. and its subsidiary - Sical Multimodal and Rail Transport Ltd

b. Bergen Offshore Logistics Pte. Ltd. and its subsidiary Norsea Global Offshore Private Ltd.

c. Sical Iron Ore Terminals Ltd

d. Sical Iron Ore Terminal (Mangalore) Ltd

e. Norsea Offshore India Ltd

f. Sical Adams Offshore Ltd

II Other related parties with whom trade transactions have taken place during the year

Joint Ventures

a. PSA Sical Terminals Ltd

b. Ennore Automotive Logistics Ltd.

Key Management Personnel

R Ram Mohan Managing Director

11. Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary.

Mar 31, 2013

1 Claims against the Company not acknowledged as debts Rs. 1973.60 Lakhs (Previous Year: Rs.906.44 Lakhs).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and Provisions:

a) Sales Tax. Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs. 15335.62 Lakhs (Previous Year: Rs.8714.42 Lakhs).

b) Guarantees given by the Company for loans taken by other bodies corporate (subsidiary companies) to complete their projects is Rs 48567.00 Lakhs (Previous Year: Rs.46862.00 Lakhs).

c) Guarantees given by bankers for Performance of Contracts & others is Rs.6757.99 Lakhs (Previous Year: Rs.3609.48 Lakhs).

3 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

a) Retention money retained as per terms in contracts Rs. 5894.54 Lakhs (Previous Year: Rs.5781.27 Lakhs).

4 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs.8.08 Lakhs (Previous Year: Rs. 9.19 Lakhs).

5 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs.Nil (Previous Year: Rs. 39.43 Lakhs).

6 The provision for Taxation includes Rs.1.00 Lakh (Previous Year: Rs. 1.00 Lakh) towards Wealth tax.

7 Letters of confirmation of balances in personal account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and where not received is being followed up.

8 Sundry Creditors include Rs.Nil (Previous Year: Rs. Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

9 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2013 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

10 Related Party disclosure:

I Related parties where control exists

Subsidiary Companies

a Sical Infra Assets Ltd. and its subsidiaries, Sical Multimodal and Rail Transport Ltd.,Nagpur Sical Gupta Road

Terminal Ltd. & NagpurSical Gupta Logistics Ltd.

b Bergen Offshore Logistics Pte. Ltd. & its subsidiary Norsea Global Offshore Private Ltd.

c Sical Iron Ore Terminals Ltd.

d Sical Iron Ore Terminal (Mangalore) Ltd.

e Norsea Offshore India Ltd.

f Sical Adams Offshore Ltd.

II Other related parties with whom trade transactions have taken place during the year

Joint Ventures

PSA Sical Terminals Ltd

Ennore Automotive Logistics Ltd.

Key Management Personnel

R Ram Mohan Managing Director

11. Segment Information for the year ended 31 March 2013

Information about primary Business Segment

The Company is primarily engaged in providing integrated logistics services which is considered as single business segment in terms of segment reporting as per AS 17. There being no services rendered outside India there are no separate geographical segments to be reported on.

12 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary.

Mar 31, 2012

1 Claims against the Company not acknowledged as debts Rs 906.44 Lakh (Previous Year: Rs 374.86 lakh).

2 In accordance with Accounting Standard-29, the following are considered as Contingent liabilities and Provisions:

a Sales Tax, Service Tax, Customs, Wealth Tax and Income tax demands together with penalties under appeal amounts to Rs 8714.42 Lakh (Previous Year: Rs 8889.86 Lakh.)

b Guarantees given by the Company for loans taken by other bodies corporate (subsidiary companies) to complete their projects is Rs 46862.00.Lakh (Previous Year: Rs 47509.00 Lakh).

c Guarantees given by bankers for Performance of Contracts & others is Rs 3,609.48 Lakh (Previous Year: Rs 2631.70 lakh).

3 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

Retention money retained as per terms in contracts Rs 5781.27 Lakhs (Previous Year: Rs 5690.85lakh).

4 Deposit with Bank in pursuance of Rule 3 A of the Companies (Acceptance of Deposit) Rules, 1975 included under fixed deposits with banks Rs 9.19 Lakh (Previous Year: Rs 67.56 Lakh).

5 Balance with Central Excise Authorities includes unutilised Cenvat Credits of Rs 39.43 Lakhs (Previous Year: Rs 23.83 Lakhs).

6 The provision for Taxation includes Rs 1.00 Lakh (Previous Year: Rs 1.00 Lakh) towards Wealth tax.

7 Letters of confirmation of balances in personal account of suppliers, debtors and principals, loans and advances and in- operative bank accounts have been called for and where not received is being followed up.

8 Sundry Creditors include Rs Nil (Previous Year: Rs Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

9 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defi ned under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2012 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

Defined Benefit Plan:

Employees' Gratuity fund scheme managed by Life Insurance Corporation of India is a defined Benefit plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognises each period of services giving rise to additional unit of employee 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.

As per the transitional provisions specified in the Standard, the difference in the liability as per the existing policy followed by the Company and that arising on adoption of this standard is required to be charged to opening reserves and surplus account. However, there is no significant impact on adoption of the Standard which is required to be adjusted to the opening balance of reserves and surplus.

10 Related Party disclosure

I Related parties where control exists

Subsidiary Companies

a Sical Infra Assets Ltd.and its subsidiaries Sical Distriparks Ltd.,Sical Multimodal and Rail Transport Ltd.,Nagpur

Sical Gupta Road Terminal Ltd. & Nagpur Sical Gupta Logistics Ltd. b Bergen Offshore Logistics Pte. Ltd. & its subsidiary Norsea Global Offshore Private Ltd. c Sical Iron Ore Terminals Ltd.

d Sical Iorn Ore Terminal (Mangalore) Ltd. e Norsea Offshore India Ltd.

II Other related parties with whom trade transactions have taken place during the year Joint Ventures

PSA Sical Terminals Limited Ennore Automotive Logistics Limited

Key Management Personnel

R Ram Mohan Managing Director (From 26 September 2011)

LR Sridhar Managing Director (Up to 26 September 2011)

11 Foreign Currency Convertible Bonds:

The company had raised US$ 75 million during the year 2006-07 by way of issue of Foreign Currency Convertible Bonds, and the amount so raised have been used towards capital expenditure and investments in foreign subsidiaries. The outstanding Foreign currency convertible bonds (FCCB) of face value US$ 36.75 million were redeemed on the due date Viz. 19 April 2011.

12 Previous year's figures have been regrouped and rearranged wherever necessary.

Mar 31, 2010

1 Claims against the Company not acknowledged as debts Rs 467.82 Lakhs (Previous Year: Rs 686.62 Lakhs).

2 Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 1.34 crores (Previous Year: Rs 1.34 crores).

3 In accordance with Accounting Standard-29, the following are considered as Contingent Liabilities and Provisions:

a Sales Tax, Service Tax, Customs, Wealth Tax and Income Tax demands together with penalties under appeal amounts to Rs 4868.12 Lakhs (Previous Year: Rs 2,373.10 Lakhs.)

b Guarantees given by the Company against loans availed by the subsidiary companies for the purpose of executing the projects which are under construction are Rs 47509.00 Lakhs (Previous Year: Rs 6214.00 Lakhs).

c Guarantees given by bankers for Performance of Contracts & others Rs 3925.63 Lakhs (Previous Year: Rs 3878.46 Lakhs).

4 Sundry Debtors, Loans and Advances and Deposits include certain overdue and unconfirmed balances. Some of the accounts are under reconciliation. These include:

a Retention money retained as per terms of contract Rs 7069.22 Lakhs (Previous Year: Rs 6,998.92 Lakhs).

b Rs 2338.68 Lakhs (Previous year: Rs 2,338.68 Lakhs) is due from ONGC, has been referred to an Outside Expert committee formed for the purpose of resolving the pending issues.

c With regard to IMFL division which has been sold during the year 2001-02:

i Rs 172.44 Lakhs (Previous Year: Rs 172.44 Lakhs) receivable from Sales Tax authorities on Sales Tax remitted both by the Company and its customer relating to the sales made in earlier years. A writ has been fi led before the Honble High Court of Madras for recovering the amount remitted in excess.

5 Deposit with Bank in pursuance of Rule 3A of the Companies (Acceptance of Deposit) Rules, 1975 include Rs 52.61 Lakhs (Previous Year: Rs 46.09 Lakhs) under fixed deposits with banks.

6 Balance with the Central Excise Authorities includes unutilised Cenvat Credits of Rs 25.32 Lakhs (Previous Year: Rs 116.70 Lakhs).

7 The provision for Taxation includes Rs 1.00 Lakh (Previous Year: Rs 1.00 Lakh) towards Wealth tax.

8 Letters of confi rmation of balances in personal account of suppliers, debtors and principals, loans and advances and in-operative bank accounts have been called for and wherever not received is being followed up.

9 Sundry Creditors include Rs Nil (Previous Year: Rs Nil Lakh) due to small scale industrial undertakings to the extent such parties have been identified by the Management and relied upon by the auditors. The Company has normally made payments to Small Scale Industrial units in due time and also there being no claim from the parties, interest, if any, on overdue payments is unascertainable and thus not provided for.

10 Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of medium and small enterprises, as defi ned under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable to such medium and small enterprises as at 31 March 2010 has not been made in the financial statements. However, the management is of the view that the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

The Company has obtained exemption for its Provident Fund under Section 17 of the Employees Provident Fund and Miscellaneous Provisions Act, 1952.

Defined Benefit Plan:

Employees Gratuity fund scheme managed by the Life Insurance Corporation of India is a defined benefi t plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognises each period of service giving rise to additional unit of employee 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.

As per the transitional provisions specified in the Standard, the difference in the liability as per the existing policy followed by the Company and that arising on adoption of this standard is required to be charged to opening reserves and surplus account. However, there is no significant impact on adoption of the Standard which is required to be adjusted to the opening balance of reserves and surplus.

11 Foreign Currency Convertible Bonds:

The company had raised USD 75 million during the year 2006-07 by way of issue of Foreign Currency Convertible Bonds, and the amount so raised have been used towards capital expenditure and investments in foreign subsidiaries, the balance unutilized is Rs Nil Lakh. (Rs 2705.04 Lakhs). During the FY 2009-10, the company had bought back 38250 Nos. of FCCBs of face value USD 38.25 million out of the total issued FCCBs

12 Previous years fi gures have been regrouped and rearranged wherever necessary.

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