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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 Voltamp Transformers Ltd.

Mar 31, 2025

e) Terms & Rights attached to each class of shares:

The Company has only one class of equity shares having par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of the liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

38 Leases :(i) As Lessee(a) Operating Leases

The Company has taken various premises under operating lease. The Lease agreements have no sub leases. These Lease are generally cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements. The lease payment recognised in the statement of profit & loss during the year is '' 19.77 lakhs (P.Y. '' 30.53 lakhs).

39 Employee benefits

[A] Defined contribution plans:

The Company makes contributions towards provident fund and superannuation fund to defined contribution retirement benefit plan for qualifying employees. The provident fund contributions are made to Government administered Employees Provident Fund. Both the employees and the Company make monthly contributions to the Provident Fund Plan equal to a specified percentage of the covered employee''s salary. The superannuation fund is administered by the Life Insurance Corporation of India. Under the plan, the Company is required to contribute a specified percentage of the covered employee''s salary to the retirement benefit plan to fund the benefits. The scheme will not covered newly joined employees on or after October 01, 2009.

The Company recognised '' 268.39 lakhs (31.03.2024: '' 264.44 lakhs) for contributions to various funds in the Statement of Profit and Loss.

[B] Defined benefit plan:

The Company''s plan assets in respect of Gratuity are Partly funded through the Group Scheme of Life Insurance Corporation of India and ICICI Prudential Life Insurance Co. Ltd. The scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at March 31, 2025.

Note 1: Discount rate is determined by reference to market yields at the balance sheet date on Government bonds, where the currency and terms of the Government bonds are consistent with the currency and estimated terms for the benefit obligation.

Note 2: The estimate of future salary increases taken into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Note 3: 100% of the plan assets are invested in group gratuity scheme offered by LIC of India and ICICI Prudential Life Insurance Co. Ltd. alongwith bank balance.

41 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediate preceding three financial years on Corporate Social Responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per Act. The funds were primarily allocated to a corpus and utilised through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

42 Operating Segments

The Company has only one operating segment, i.e. manufacturing of electrical transformers.

Note: Revenue contributed by any single customer for more than 10% of the revenue in the year ended March 31, 2025 amounting to '' 32,419.54 lakhs (P.Y.- 0)

43 Disclosure relating to Provision

Provision for warranty

Warranty cost are provided based on a technical estimated of the costs required to be incurred for repairs, replacement, material cost, servicing and past experience in respect of warranty costs. It is expected that this expenditure will be incurred over the contractual warranty period.

45 Contingent Liabilities and Capital Commitments			('' in Lakhs)
	Particulars	As at	As at
	Particulars	March 31, 2025	March 31, 2024
a)	Contingent Liabilities : Bank Guarantee	36,244.70	32,914.00
b)	Claims against the Company not acknowledged as debt	4.52	4.52
c)	No Provision has been made for the following demands raised by the authorities since the Company has reason to believe that it would get relief at the appellate stage : Central Excise Duty	37.57	326.08
	Income Tax (including Tax Deducted at Source)	1,163.13	1,163.13
	Central Goods and Service Tax Act, 2017	â	53.27
		1,200.70	1,542.48
d)	Capital Commitments Estimated amount of contracts remaining to be executed on capital account & not provided for Net of Advances.	7,849.73	3,675.84

(I) Fair value hierarchy

This section 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: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds and Portfolio Management Service ( PMS ) that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV. The Portfolio Management Service ( PMS ) are valued at the fair value provided by the respective fund manager as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year.

The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted analysis.

49 Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

(A) Credit risk

Credit risk is the risk of financial loss to the Company if customers or counter party to a financial instruments fails to meet its contractual obligations and arises principally from the Company''s receivables from customers. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants the credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimates of current losses in respect of trade and other receivables.

Credit risk management

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer and including the default risk of the industry, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a trade receivables failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

For trade receivables, the Company applies the simplified approach permitted by Ind AS 109 Financial Instrument, which requires expected lifetime losses to be recognized from initial recognition of the receivables. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and relevant information that is available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company''s historical experience and informed credit assessment and including forward looking information.

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturities of financial liabilities

The tables herewith analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for:

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

(C) Market Risk

(i) Price Risk

The Company is mainly exposed to the price risk due to its investments in equity market, equity and debt mutual funds, Bond. The price risk arises due to uncertainties about the future market values of these investments. The above instruments risk are arises due to uncertainties about the future market values of these investments.

Management Policy

The Company maintains its portfolio in accordance with the framework set by the Risk Management Policies. Any new investment or divestment must be approved by the Board of Directors, Chief Financial Officer and Risk Management Committee.

(ii) Currency Risk

The Company do not have significant Exposure for Export''s revenue and import of raw material and Property, Plant and Equipment so the Company is not subject to risk that changes in foreign currency value impact.

50 Capital Management Risk management

For the purpose of the Company''s capital management, equity includes equity share capital and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital to optimise returns to the shareholders and makes adjustments to it in light of changes in economic conditions or its business requirements. The Company''s objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders value. The Company funds its operation through internal accruals. The Management and Board of Directors monitor the return on capital as well as the level of dividends to shareholders.

51 Other disclosures

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

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

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

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

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

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

viii) The Company is not declared as willful defaulter by any bank or financial Institution or other lender.

53 Event after reporting Period

Proposed Dividend

The Board of Directors has proposed dividend of (?) 100 per equity share of (?) 10 each recommended by the Board of Directors at its meeting held on May 03, 2025. The same amounts to (?) 10117.12 lakhs (Previous year (?) 9105.41 lakhs) and its subject to approval at the ensuing Annual General Meeting of the Company.

54 The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on May 03, 2025. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

Mar 31, 2024

e) Terms & Rights attached to each class of shares;

36 Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

37 Leases :(i) As Lessee(a) Operating Leases

(b) Finance Leases

(i) The Right -of - use(ROU) asset has been created on account of prepayments made by the company towards lease hold office building.

38 Employee benefits

[A] Defined contribution plans:

The Company recognised '' 264.44 lakhs (31.03.2023: '' 246.40 lakhs) for contributions to various funds in the Statement of Profit and Loss.

[B] Defined benefit plan:

The company''s plan assets in respect of Gratuity are Partly funded through the Group Scheme of Life Insurance Corporation of India and ICICI Prudential Life Insurance Co. Ltd. The scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at March 31, 2024.

Note 2: The estimate of future salary increases taken into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Note 3: 100% of the plan assets are invested in group gratuity scheme offered by LIC of India and ICICI Prudential Life Insurance Co. Ltd. alongwith bank balance.

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at balance sheet date:

40 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediate preceding three financial years on Corporate Social Responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per Act. The funds were Primarily allocated to a corpus and utilised through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

Reason for shortfall.

The CSR Committee of the Company is on lookout for other NGOs/Trusts Undertakings Socially Relevant Projects in vicinity of the Company''s factories/locations, as permissible under schedule VII to the Companies Act, 2013 Natu re of CSR activities

41 Operating Segments

The Company has only one operating segment, i.e. manufacturing of electrical transformers.

Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten percent of the Company total Revenues.

42 Disclosure relating to Provision

Provision for warranty

44 Contingent Liabilities and Capital Commitments		('' in Lakhs)
	As at	As at
Particulars	31^st March, 2024	31^st March, 2023
a) Contingent Liabilities :
Bank Guarantee	32,914.00	29,214.70
b) Claims against the Company not acknowledged as debt	4.25	â
c) No Provision has been made for the following demands raised by the
authorities since the Company has reason to believe that it would
get relief at the appellate stage :
Central Excise Duty	326.08	326.08
Income Tax (including Tax Deducted at Source)	1,163.13	960.94
Central Goods and Service Tax Act, 2017	53.27	â
	1,542.48	1,287.02
d) Capital Commitments
Estimated amount of contracts remaining to be executed on
capital account & not provided for Net of Advances.	3,675.84	370.36

(I) Fair value hierarchy

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year.

The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted analysis.

48 Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

(A) Credit risk

Credit risk management

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

(B) Liquidity risk

Maturities of financial liabilities

The tables herewith analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for:

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

(i) Price Risk

The Company is mainly exposed to the price risk due to its investments in equity market, equity and debt mutual funds, Bond and Portfolio Management Service (PMS). The price risk arises due to uncertainties about the future market values of these investments. The above instruments risk are arises due to uncertainties about the future market values of these investments.

Management Policy

(ii) Currency Risk

The Company has not significant Exposure for Export''s revenue and import of raw material and Property, Plant and Equipment so the Company is not subject to risk that changes in foreign currency value impact.

49 Capital Management

Risk management

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

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

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

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

viii) The Company holds all the title deeds of immovable property in its name.

ix) The Company is not declared as willful defaulter by any bank or financial Institution or other lender.

51 Event after reporting Period

Proposed Dividend

The Board of Directors has proposed dividend of '' 90 per equity share of '' 10 each recommended by the Board of Directors at its meeting held on 2^nd May, 2024. The same amounts to '' 9105.41 lakhs (Previous year '' 6,070.27 lakhs) and its subject to approval at the ensuing Annual General Meeting of the Company.

52 The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on 2^ndMay, 2024. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

Mar 31, 2023

Terms & Rights attached to each class of shares;

Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Leases :(i) As Lessee(a) Operating Leases

37 Employee benefits

[A] Defined contribution plans:

The Company recognised '' 246.40 lakhs (31.03.2022: '' 221.56 lakhs) for contributions to various funds in the Statement of Profit and Loss.

[B] Defined benefit plan:

The company''s plan assets in respect of Gratuity are Partly funded through the Group Scheme of Life Insurance Corporation of India and ICICI Produdential Life Insurance Co. Ltd. The scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at March 31, 2023.

Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend atleast 2% of its average net profit for the immediate preceding three financial years on Corporate Social Responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per Act. The funds were Primarily allocated to a corpus and utilised through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

a) Gross Amount to be spent by the Company during the year is '' 228.84 Lakhs

b) Amount Spent during the year on:

Reason for shortfall.

The CSR Committee of the Company is on look out for other NGOs/Trusts understanding socially relevant projects in vicinit of the Company''s factories / locations as permissible under Schedule VII to the Companies Act, 2013.

Operating Segments

The Company has only one operating segment, i.e. manufacturing of electrical transformers.

Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten percent of the Company total Revenues.

Disclosure relating to Provision

Provision for warranty

Contingent Liabilities and Capital Commitments
			('' in Lakhs)
	Particulars	As at	As at
	Particulars	31^st March, 2023	31^st March, 2022
a)	Contingent Liabilities : Bank Guarantee	29,214.70	27,424.58
b)	No Provision has been made for the following demands raised by the authorities since the Company has reason to believe that it would get relief at the appellate stage : Central Excise Duty	326.08	327.30
	Income Tax	960.94	1,056.68
		1,287.02	1,383.98
c)	Capital Commitments Estimated amount of contracts remaining to be executed on capital account & not provided for Net of Advances.	370.36	266.73

Fair value hierarchy

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year.

The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted analysis.

47 Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

(A) Credit risk

Credit risk is the risk of financial loss to the company if customers or counter party to a financial instruments fails to meet its contractual obligations and arises principally from the company''s receivables from customers. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the company grants the credit terms in the normal course of business. The company establishes an allowance for doubtful debts and impairment that represents its estimates of current losses in respect of trade and other receivables.

Credit risk management

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

when estimating expected credit losses, the Company considers reasonable and relevant information that is available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company''s historical experience and informed credit assessment and including forward looking information.

(B) Liquidity risk

Maturities of financial liabilities

The tables herewith analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for:

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

(i) Price Risk

The company is mainly exposed to the price risk due to its investments in equity instrument, equity and debt mutual funds, Bond and Portfolio management Service (PMS). The price risk arises due to uncertainties about the future market values of these investments. The above instruments risk are arises due to uncertainties about the future market values of these investments.

Management Policy

The company maintains its portfolio in accordance with the framework set by the Risk management Policies. Any new investment or divestment must be approved by the Board of Directors, chief financials officer and Risk Management committee.

(ii) Currency Risk

The company has not significant Exposure for Export''s revenue and import of raw material and Property, Plant and Equipment so the company is not subject to risk that changes in foreign currency value impact.

48 Capital Management

Risk management

For the purpose of the Company''s capital management, equity includes equity share capital and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital to optimise returns to the shareholders and makes adjustments to it in light of changes in economic conditions or its business requirements. The Company''s objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders value. The Company funds its operation through internal accruals. The management and Board of Directors monitor the return on capital as well as the level of dividends to shareholders.

49 Other disclosures

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

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

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

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

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

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

viii) The Company holds all the title deeds of immovable property in its name.

ix) The Company is not declared as willful defaulter by any bank or financial Institution or other lender.

50 Event after reporting Period

Proposed Dividend

The Board of Directors has proposed dividend of '' 40 per equity share of '' 10 each recommended by the Board of Directors at its meeting held 25^th May, 2023. In addition, the Board of Directors has also recommend payment of one time special dividend @ 200% i.e. '' 20 per equity share, to commemorate successful completion of 60 years in transformer business. With that total dividend recommended by Board of Directors is 600%, i.e. '' 60 per equity share of '' 10 each, for the financial year ended March 31, 2023. The same amounts to '' 6,070.27 lakhs and its subject to approval at the ensuing Annual General Meeting of the Company.

51 The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on 25^th May, 2023. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

52 The previous year''s figures have been regrouped / rearranged wherever necessary to make it comparable with the current year.

Mar 31, 2022

Leases :(i) As Lessee(a) Operating Leases

Employee benefits

[A] Defined contribution plans:

The Company recognised '' 221.56 lakhs (31.03.2021: '' 202.30 lakhs) for contributions to various funds in the Statement of Profit and Loss.

[B] Defined benefit plan:

The company''s plan assets in respect of Gratuity are Partly funded through the Group Scheme of Life Insurance Corporation of India. The scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at March 31, 2022.

Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend atleast 2% of its average net profit for the immediate preceding three financial years on Corporate Social Responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per Act. The funds were Primarily allocated to a corpus and utilised during the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

Operating Segments

The Company has only one operating segment, i.e. manufacturing of electrical transformers.

Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten percent of the Company total Revenues.

Disclosure relating to Provision

Provision for warranty

(I) Fair value hierarchy

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year.

The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted analysis.

47 Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

(A) Credit risk

Credit risk management

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

(B) Liquidity risk

Maturities of financial liabilities

The tables herewith analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for:

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

(i) Price Risk

Management Policy

(ii) Currency Risk

48 Capital Management

Risk management

For the purpose of the company''s capital management, equity includes equity share capital and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital to optimise returns to the shareholders and makes adjustments to it in light of changes in economic conditions or its business requirements. The Company''s objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders value. The Company funds its operation through internal accruals. The management and Board of Directors monitor the return on capital as well as the level of dividends to shareholders.

49 Scheme of Arrangement with Kunjal Investments Private Limited

The Hon''ble National Company Law Tribunal, Ahmedabad bench ("NCLT"), vide its order dated August 16, 2021, sanctioned the Scheme of Amalgamation between Kunjal Investments Private Limited (''Transferor Company '') and Voltamp Transformers Limited (''Transferee Company '') and their respective shareholders and creditors under sections 230-232 of the Companies Act, 2013. With effect from the Appointed Date i.e. 01^st June, 2020, all assets, properties, liabilities, rights, benefits and interests therein, reserves and surplus of the transferor Company without any further deed, act, matter or thing have been transferred to transferee Company at carrying values. Further, 43,44,474 Numbers of equity shares of transferee Company held by the transferor Company stands cancelled and the difference between the book value of investments held by the transferor Company in transferee Company and the face value of new equity shares issued by the transferee Company to the shareholders of transferor Company, is adjusted against the reserves of the Transferor Company as recorded in the books of Transferee Company.

As per the Amalgamation Scheme, all costs, charges, taxes including duties, levies and all other expenses, if any , incurred in carrying out and implementing this Scheme and matters incidentals thereto, is borne by KIPL and if there is a deficit or surplus in the total expenses in relation to this scheme compared to the amount of cash and bank balance (including amount refundable from Income Tax department) held by the KIPL on the appointed date, the same shall be reimbursed by or refunded to the promoter of KIPL as the case may be.

The Company had received certified copy of the order on 19^th August, 2021 and the same had been filed with the Registrar of Companies on 20^th August, 2021. Pursuant to above, following assets and liabilities were transfered in the books of Voltamp Transformers Limited as on appointed datei.e 01.06.2020 as mentioned in table (a) below. Further , the Company has given effect of the Scheme in the financial statement and as per requirements of IND AS 103 "Business Combination", the comparatives for the previous year have been restated and the impact of the same is stated in table(b) below:

50 Other disclosures

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

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

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

period.

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

(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall: directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

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

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

51 Event after reporting Period Proposed Dividend

The company has proposed dividend of '' 35 per equity share of '' 10 each recommended by the Board of Directors at its meeting held 25^th May, 2022. The same amounts to '' 3540.99 lakhs and its subject to approval at the ensuing Annual General Meeting of the company.

52 The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on 25^th May, 2022. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

53 The previous year''s figures have been regrouped / rearranged wherever necessary to make it comparable with the current year.

Mar 31, 2018

Note : The Government of India introduced Goods and Service Tax (GST) with effect from 1st July 2017 which partly replaced excise duty. Consequently the revenue from operations for period 01st July 2017 to 31st March 2018 is net of GST. However, the revenue from operations for the period of 1st April 2017 to 30th June 2017 includes excise duty recovered on sales of Rs.1262.93 Lakhs and year ended 31st March 2017 includes excise duty recovered on sales of Rs. 5,687.63 Lakhs.

1. Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity share holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity share holders of the Company by the weighted average number of Equity shares outstanding during the year.

2. Operating Leases

The Company has taken various premises under operating lease. The Lease agreements have no sub leases. These Lease are generally non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements.

3. Employee benefits

[A] Defined contribution plans:

The Company recognised Rs.161.85 lakhs (31.03.2017: Rs.139.45 lakhs) for contributions to various funds in the Statement of Profit and Loss.

[B] Defined benefit plan:

The company''s plan assets in respect of Gratuity are partly funded through the Group Scheme of Life Insurance Corporation of India. The scheme provides for payment to vested employees as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.

Note 2: The estimate of future salary increases taken into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Note 3: 100% of the plan assets are invested in group gratuity scheme offered by LIC of India along with bank balance.

4. Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company meeting the applicability threshold needs to spend atleast 2% of its average net profit for the immediate preceding three financial years on Corporate Social Responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per Act. The funds were Primarily allocated to a corpus and utilised through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

a) Gross Amount to be spent by the Company During the year is Rs.116.06 Lakhs

5. Operating Segments

The Company has only one operating segment, i.e. manufacturing of electrical transformers.

Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten percent of the Company total Revenues.

6. Disclosure relating to Provision for warranty

42 Disclosure related to Micro and Small Enterprises

Note 1: Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by the auditors.

Note 2: There is no interest paid during the year or payable at the end of the year to any of the Micro and Small Enterprises.

(I) Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds and Portfolio Management Service (PMS) that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV. The Portfolio Management Service (PMS) are valued at the fair value provided by the respective fund manager as at the reporting period.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

There are no transfers between levels 1 and 2 during the year.

The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted analysis.

7. Financial Risk Management

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits, controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

(A) Credit risk

The company establishes an allowance for doubtful debts and impairment that represents its estimates of current losses in respect of trade and other receivables.

(i) Credit risk management

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

(B) Liquidity risk

(i) Maturities of financial liabilities

The tables herewith analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for:

(c) Market Risk

(i) Price Risk

Management Policy

The company maintains its portfolio in accordance with the framework set by the Risk management Policies. Any new investment or divestment must be approved by the Board of Directors, Chief Financials Officer and Risk Management Committee

(ii) Currency Risk

The company has not significant Exposure for export''s revenue and import of raw material and property, plant and equipment so the company is not subject to risk that changes in foreign currency value impact.

8. Capital Management Risk management

9. Disclosure as required by Ind AS 101 first time adoption of Indian Accounting Standards Transition to Ind AS

These are the Company''s first Financial Statements prepared in accordance with Ind AS

The accounting standards notified u/s 133 of the Companies Act, 2013 and the Accounting policies set out in note 1.3 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (The Company''s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006(as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

An explanation of how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows is set out in the following tables and notes.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied by the Company in the transition from previous GAAP to Ind AS.

A.1 Ind AS optional exemptions

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its Property, Plant and Equipment (PPE) as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for decommissioning liabilities (if any,). This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets.

Accordingly, the Company as elected to measure all of its PPE and Intangible assets at their previous GAAP carrying value.

A.1.2Designation of previously recognized financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at Fair Value through Other Comprehensive Income (FVOCI) on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in equity investments.

A.2 Ind AS Mandatory Exceptions

A.2.1Estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

- Investment in equity instruments carried at FVOCI;and

- Investment in mutual funds carried at Fair Value through Profit and Loss (FVTPL).

A.2.2De-recognition of financial assets and liabilities

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

A.2.3Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

C. Notes to First time adoption

10 Fair valuation of investments

Under the previous GAAP, investments in equity instruments, bonds, Portfolio Management Services (PMS) and mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments as at FVOCI) have been recognized in retained earnings as at the date of transition and subsequently in the profit and loss for the year ended March 31, 2017. This increased profit by Rs.124.61 lakhs as at March 31, 2017 and other reserve increased by Rs.2,829.31 Lakhs as at April 1, 2016.

Fair value changes with respect to investments in equity instruments designated as at FVOCI have been recognized in FVOCI - Equity investments reserve as at the date of transition and subsequently in the other comprehensive income for the year ended March 31, 2017. This increased other reserves by Rs.15.03 lakhs as at March 31, 2017 (April 1, 2016 - Rs.11.30 lakhs).

11 Retained Earnings

Retained earnings as at April 1, 2016 has been adjusted consequent to the above Ind AS adjustments.

12 Deferred tax

Deferred tax have been recognized on the adjustments made on transition to Ind AS.

13 Reversal of Dividend provided

Under previous GAAP, dividend on equity shares, which was recommended by the Board of Directors after the end of reporting period but before the financial statement were recognised in the financial statements as a libility. Under Ind AS, such dividend are recognised when declared by the members in a general meeting. The effect of this change is an increase in total equity as at 1st April 2016 of Rs.1,522.10 Lakhs, but does not affect profit before tax and total profit for the year ended 31st March 2017.

14 Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit and loss. Under the previous GAAP, these remeasurements were forming part of the profit and loss for the year. As a result of this change, the profit for the year ended March 31, 2017 decreased by Rs.58.93 lakhs . There is no impact on the total equity as at March 31, 2017.

15 Other Comprehensive Income

Under Ind AS, all items of income and expense recognized in a period should be included in Statement of Profit and Loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in Statement of Profit and Loss but are shown in the Statement of Profit and Loss as âOther Comprehensive Incomeâ, includes remeasurement of Employee Benefit obligation and fair valuation of Equity Instruments through OCI and Income tax relating to these items. The concept did not exist under the previous GAAP.

16 Event after reporting Period

There was no significant event after the end of reporting period which require any adjustment or disclosure in the financial statement other than the proposed dividend of Rs.15 per Equity Share of Rs.10 each recommended by the Board of Directors at its meeting held on May 10, 2018. The same amounts to Rs.1,829.51 Lakhs (P.Y. Rs.1,826.51 lakhs) including dividend distribution tax thereon and is subject to approval at the ensuing Annual General Meeting of the company.

17. The standalone financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on May 10, 2018. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

18. The figures as on the transition date and previous year have been re-arranged and regrouped wherever necessary to make them comparable with those of the current year.

Mar 31, 2017

c. The Company has not issued any share by way of bonus or without payment being received in cash in pursuant to any contract during the period of last five years.

d. The Company has not bought back any share during the period of last five years.

e. The Company has only one class of equity share of '' 10 each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Director is subject to the approval of the shareholders at the ensuing Annual General Meeting.

f. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding.

The Board of Directors have proposed a dividend of '' 15 per equity share subject to the approval of members of the Company at the forthcoming Annual General Meeting. In terms of the revised Accounting Standard (AS-4) -''Contingencies and Events occurring after Balance Sheet date'' as notified by the Ministry of Corporate Affairs through amendments to Companies (Accounting Standard) Amendment Rules, 2016, dated March 30, 2016, the Company has not accounted for proposed dividend as liability as at March 31, 2017. The proposed dividend as on March 31, 2016 was for liability in accordance with erstwhile Accounting Standard 4 Contingencies and Events occurring after the Balance Sheet date.

If approved by the members of the Company, the amount of dividend (including dividend distribution tax) shall be Rs. 18,26,50,914.

b. No provision is made in the accounts for the above said contingent liabilities, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeals with respective forums.

c. The Company is in the business of manufacturing of single product namely transformers. Further organization Set up is unified and is not organized segment wise. Therefore, segment wise information as required by AS-1 7 on Segment Reporting is not applicable.

d. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

e. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

f. Balance of trade receivables & loans and advances is subject to confirmation by them.

c. Details as required under Accounting Standard - 15

The Accounting Standard -15 (Revised) "Employee Benefitsâ is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

The company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans:

1) Provident Fund / Employees'' Pension Fund

2) Superannuation Fund

3) Group Life Insurance Cover

During the year, the company has recognized the following amounts in the Statement of Profit & Loss:

The above amounts are included in Contribution to Provident and Superannuation fund under Employee benefits expense in Note No. 21(b) above.

II. Defined Benefit Plans:

1) Contribution to Gratuity Fund 2) Provision for Compensated Absences [CA]

In accordance with Accounting Standard- 15, relevant disclosures are as under:

Category of Plan Assets:

The Company''s Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

Actuarial Assumptions:

In accordance with Accounting Standard- 15, actuarial valuation as at the year end was performed in respect of the aforesaid Defined Benefit Plans based on the following assumptions:

1. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been included in other expenses as per Note No. 23 annexed and forming part of statement of profit and loss.

2. MEDIUM AND SMALL ENTERPRISES

Based on the information available with the company and relied upon by the auditors to the extent enterprise could be identified as Micro and Small, the following disclosure in respect of Medium and Small Enterprises as defined under Micro Small & Medium Enterprises Development Act, 2006 is as under.

b. Nature of provision

Warranties - The Company provides Warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2017 represents the amount of the expected cost based on past experience of meeting such obligations.

3. PRIOR PERIOD COMPARATIVES

The previous year''s figures have been regrouped / reclassified to make them comparable with those of current year.

Notes referred to above, form an integral part of Balance Sheet and statement of Profit & Loss.

Mar 31, 2016

c. The Company has not issued any share by way of bonus or without payment being received in cash in pursuant to any contract during the period of last five years.

d. The Company has not bought back any share during the period of last five years.

e. The Company has only one class of equity share of Rs, 10 each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.

No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeals before the CESTAT.

c. The Board of Directors has proposed dividend of Rs, 12,64,64,000/- to be distributed to equity shareholders at the rate of Rs, 12.50 per equity share.

d. The Company is in the business of manufacturing of single product namely transformers. Further organization set up is unified and is not organized segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

e. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

f. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

g. Balance of trade receivables & loans and advances is subject to confirmation by them.

Category of Plan Assets:

The Companyâs Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

Actuarial Assumptions:

In accordance with Accounting Standard- 15, actuarial valuation as at the yearend was performed in respect of the aforesaid Defined Benefit Plans based on the following assumptions:_

Mar 31, 2015

A. The Board of Directors has proposed dividend of Rs. 10,11,71,200/- to be distributed to equity shareholders at the rate of Rs. 10 per equity share.

B. The Company is in the business of manufacturing of single product namely transformers. Further, organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS- 17 on Segment Reporting is not applicable.

C. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

D. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

E. Balance of trade receivables & loans and advances is subject to confirmation by them.

F. Details as required under Accounting Standard - 15

The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

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

I. Defined Contribution Plans:

1) Provident Fund / Employees'' Pension Fund

2) Superannuation Fund

3) Group Life Insurance Cover

Category of Plan Assets:

The Company''s Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been included in other expenses as per Note No. 22 annexed and forming part of statement of profit and loss.

b. Nature of provision

Warranties - The Company provides Warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2015 represents the amount of the expected cost based on past experience of meeting such obligations.

3. PRIOR PERIOD COMPARATIVES

The previous year''s figures have been regrouped / reclassified to make them comparable with those of current year.

Mar 31, 2014

As at As at Particulars 31-Mar-2014 31-Mar-2013

1. OTHER DETAILS TO BALANCE SHEET

a. Contingent Liabilities and commitments (to the extent not provided for) Contingent Liabilities

Claims against the company not acknowledged as debt in respect of Central Excise Duty * 3,32,41,316 3,03,12,376

Commitments

Capital commitments 1,23,61,280 --

Total 4,56,02,596 3,03,12,376

b. No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeals before the Commissioner (Appeals).

c. The Board of Directors has proposed dividend of Rs. 10,11,71,200/- to be distributed to equity shareholders at the rate of Rs. 10 per equity share.

d. The Company is in the business of manufacturing of single product namely transformers. Further organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

e. In the opinion of the management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

f. In the opinion of the Board, assets, other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

g. Balance of trade receivables & loans and advances is subject to confirmation by them.

2. PROVISIONS

b. Nature of provision

Warranties Â The Company provides warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2014 represents the amount of the expected cost based on past experience of meeting such obligations.

3. PRIOR PERIOD COMPARATIVES

The previous year''s figures have been regrouped / reclassified to make them comparable with those of current year.

Mar 31, 2013

1. MEDIUM AND SMALL ENTERPRISES

Based on the information available with the Company and relied upon by the auditors to the extent enterprise could be identified as Micro and Small, the following disclosure in respect of Medium and Small Enterprises as defined under Micro Small & Medium Enterprises Development Act, 2006 is as under.

2. PRIOR PERIOD COMPARATIVES

The Company has prepared financial statement as per Revised Schedule VI to the Companies Act, 1956 and accordingly, the assets, liabilities income and expenditure of the previous year is regrouped/ reclassified to conform to the current year''s presentation.

Mar 31, 2012

No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner (Appeals).

a. The Board of Directors has proposed a dividend of Rs 10,11,71,200/- to be distributed to equity share holders at the rate of Rs 10/- per equity share.

b. The Company is in the business of manufacturing of single product namely transformers. Further, organization set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

c. In the opinion of the management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance sheet date requiring recognition in terms of AS-28.

d. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known liabilities are adequate and not in excess of amount reasonably necessary. There are no contingent liabilities other than stated.

e. Balance of trade receivables & loans and advances is subject to confirmation by them.

f. Details as required under Accounting Standard 15

The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under the Companies Accounting Standards Rules, 2006. In accordance with the above standard, the obligations of the Company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

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

I. Defined Contribution Plans:

1) Provident Fund / Employees' Pension Fund

2) Superannuation Fund

3) Group Life Insurance Cover

II. Defined Benefit Plans:

1) Contribution to Gratuity Fund

2) Provision for Post Retirement Medical Benefits [PRMB]

3) Provision for Compensated Absences [CA]

In accordance with Accounting Standard- 15, relevant disclosures are as under:

b. Nature of provision

Warranties - The Company provides warranty for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as on March 31, 2012 represents the amount of the expected cost based on past experience of meeting such obligations.

1. PRIOR PERIOD COMPARATIVES

The Company has prepared financial statement as per Revised Schedule VI to the Companies Act, 1956 and accordingly, the assets, liabilities, income and expenditure of the previous year is regrouped/ reclassified to conform to the current year's presentation.

Mar 31, 2011

(Rupees in Lacs)

1. Contingent Liabilities & Provisions 31-03-2011 31-03-2010

(A) Contingent Liabilities

a) Counter Guarantee given to the Banks 14236.25 14619.89 for Bank guarantees issued

b) Claims against the Company, not acknowledged as debts

- Others 16.54 16.54

Excise Duty 10.75 10.75

Total 14263.54 14647.18

c) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.8.91 lacs and penalty of Rs. 8.91 lacs for the year 2007-08 and 2008-09. The said demand is raised for claim of Modvat credit on process loss of about 4 % to 5% resulted during conversion of copper in to copper wires and strips.

d) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.130.57 lacs and penalty of Rs. 130.57 lacs for the period from April 2004 to May 2009. The said demand is raised for claim of Modvat Credit on scrap / waste generated in the process of job work carried out by the out side job work parties who have retained the scrap / waste generated in the process.

No provision is made in the accounts for the above, as the Company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner of (Appeals).

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been disclosed as Excise Duty under Schedule -14 annexed and forming part of profit and loss account.

3. The Company is in the business of Manufacturing of Single Product namely Transformers. Further Organisation Set up is Unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

4. The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the Company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account.

5. Defined Benefit Plans:

(a) Contribution to Gratuity Fund

(b) Provision for Post Retirement Medical Benefits [PRMB]

(c) Provision for Compensated Absences [CA]

(E) Category of Plan Assets:

The Company's Plan Assets in respect of Gratuity are funded through the Group Scheme of the Life Insurance Corporation of India.

b) Nature of Provision :

Warranties - The Company provides Warranties for its products, undertaking to repair or replace the items that fail to perform satisfactorily during the warrantee period. Provision made as on 31st March, 2011 represents the amount of the expected cost based on past experience of meeting such obligations.

6. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28.

7. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known Liabilities are adequate and not in excess of amount reasonably necessary. There are no Contingent Liabilities other than stated.

8. Prior period comparatives

Previous year figures have been regrouped/ rearranged wherever necessary to conform to current year's presentation.

Mar 31, 2010

(Rupees in Lacs)

1. Contingent Liabilities & Provisions 31-03-10 31-03-09

(A) Contingent Liabilities

a) Counter Guarantee given to the Bank 14619.89 11949.32 for Bank guarantees issued.

b) Claims against the Company, not acknowledged as debts

- Others 16.54 16.54

Excise Duty 10.75 10.75

Total 14647.18 11976.61

c) The company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.8.91 lacs and penalty of Rs. 8.91 lacs for the year 2007-08 and 2008-09. The said demand is raised for claim of Modvat credit on process loss of about 4 % to 5% resulted during conversion of copper in to copper wires and strips.

d) The company has received demand notice from the Central Excise Department, raising the demand of duty of Rs. 130.57 lacs and penalty of Rs. 130.57 lacs for the period from April 2004 to May 2009. The said demand is raised for claim of Modvat Credit on scrap / waste generated in the process of job work carried out by the out side job work parties who have retained the scrap / waste generated in the process.

No provision is made in the accounts for the above, as the company has not accepted its liability to pay such demand of duty and penalty and agitated the said demand and has filed appeal before the Commissioner (Appeals).

2. The amount of Excise Duty disclosed as deduction from turnover is the total excise duty collected for the year. Excise duty related to the difference between the closing stock and the opening stock, has been disclosed as Excise Duty under Schedule -14 annexed and forming part of profit and loss account.

3. The Company is in the business of Manufacturing of Single Product namely Transformers. Further organisation set up is unified and is not organised segment wise. Therefore, segment wise information as required by AS-17 on Segment Reporting is not applicable.

4. Disclosure of Related Parties in accordance with AS 18 on related parties.

List of Related Parties:

Associate Company / firm : Key Managerial Personnel Relative of Key Managerial Personnel

Patson Transformers Pvt. Ltd. Shri Lalitkumar H. Patel Smt. Urmilaben L. Patel

Hari Steel Pvt. Ltd. Shri Kunjal L. Patel Smt. Taral K. Patel

The Banyan Club Shri Kanubhai S. Patel Smt. Vanlila K. Patel

5. The Accounting Standard - 15 (Revised) "Employee Benefits" is issued under Companies Accounting Standards Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account. The company has classified the various benefits provided to employees as under: I. Defined Contribution Plans:

(a) Provident Fund / Employees Pension Fund

(b) Superannuation Fund

(c) Group Life Insurance Cover

II. Defined Benefit Plans:

(a) Contribution to Gratuity Fund

(b) Provision for Post Retirement Medical Benefits [PRMB]

(c) Provision for Compensated Absences [CA]

The Company has discontinued Special Monetary Incentive Scheme w.e.f. 31st December, 2008. The actual liability as per the said scheme is ascertained and fully provided in the books. The final installment has been paid to the employees during the year.

6. In the opinion of the Management, there are no indication, internal or external which could have the effect of impairing the value of the assets to any material extent as at the Balance Sheet date requiring recognition in terms of AS-28

7. In the opinion of the Board, the current assets are approximately of the value stated if realised in the ordinary course of business. The provision for the depreciation and for all known Liabilities are adequate and not in excess of amount reasonably necessary. There are no Contingent Liabilities other than stated.

8. Balance of Sundry Debtors & Advances is subject to confirmation by them.

9. Prior period comparatives

Previous year figures have been regrouped/ rearranged wherever necessary to confirm to current years presentation.

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