Naperol Investments Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

(xii) Provisions and Contingencies:

Provisions

Provisions are recognised when the Company
has a present legal or constructive obligation
as a result of past events; it is probable that
an outflow of resources will be required to
settle the obligation; and the amount has been
reliably estimated.

Provisions are measured at the present value of
management''s best estimate of the expenditure
required to settle the present obligation at the
end of the reporting period. The discount rate
used to determine the present value is 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 an
interest expense.

Contingent liabilities

Contingent liabilities are disclosed when there is
a possible obligation arising from past events,
the existence of which will be confirmed only
by the occurrence or non-occurrence of one or
more uncertain future events not wholly within
the control of the Company. A present obligation

that arises from past events where it is either
not probable that an outflow of resources
will be required to settle or reliable estimate
of the amount cannot be made, is termed as
contingent liability.

Contingent assets

A contingent asset is a possible asset that
arises from past events and whose existence
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain
future events not wholly within the control of
the entity. Contingent assets are not recognised
but disclosed only when an inflow of economic
benefits is probable.

(xiii) Employee benefits:

(a) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the
period in which the employees render the related
service are recognized in respect of employees''
services up to the end of the reporting period
and are measured at the amounts expected to be
paid when the liabilities are settled. The liabilities
are presented as current employee benefit
obligations in the balance sheet.

(b) Post Employment obligations

The Company operates the following post¬
employment schemes:

- defined benefit plans such as gratuity
contributions made to a trust in case of
certain employees.

- defined contribution plans such as provident
fund and superannuation fund.

Gratuity obligations

The liability or asset recognized in the balance
sheet in respect of gratuity plans is the present
value of the defined benefit obligation at the

end of the reporting period less the fair value
of plan assets. The defined benefit obligation
is calculated annually by actuaries using the
projected unit credit method.

The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on government bonds
that have terms approximating to the terms of the
related obligation.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense
in the Statement of Profit and Loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognized in the period in
which they occur, directly in Other Comprehensive
Income. They are included in Retained Earnings
in the Statement of Changes in Equity and in the
Balance Sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognized immediately in profit
or loss as past service cost.

Defined contribution plans

The Company pays provident fund contributions
to publicly administered provident funds as
per local regulations and superannuation
contributions to superannuation fund. The
Company has no further payment obligations
once the contributions have been paid. The
contributions are accounted for as defined
contribution plans and the contributions are
recognized as employee benefit expense when
they are due.

(c) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave
are not expected to be settled wholly within 12

months after the end of the period in which the
employees render the related service. They are
therefore measured as the present value of
expected future payments to be made in respect
of services provided by employees up to the end
of the reporting period using the projected unit
credit method. The benefits are discounted using
the market yields at the end of the reporting period
that have terms approximating to the terms of the
related obligation. Remeasurements as a result of
experience adjustments and changes in actuarial
assumptions are recognized in Statement of
Profit or Loss.

The obligations are presented as current liabilities
in the balance sheet if the entity does not have
an unconditional right to defer settlement for at
least twelve months after the reporting period,
regardless of when the actual settlement is
expected to occur.

(xiv) Earnings per share:

Basic earnings per share is computed by
dividing the net profit for the period attributable
to the equity shareholders of the Company by
the weighted average number of equity shares
outstanding during the period. The weighted
average number of equity shares outstanding
during the period and for all periods presented is
adjusted for events, such as bonus shares, other
than the conversion of potential equity shares
that have changed the number of equity shares
outstanding, without a corresponding change in
resources. For the purpose of calculating diluted
earnings per share, the net profit for the period
attributable to equity shareholders and the
weighted average number of shares outstanding
during the period is adjusted for the effects of all
dilutive potential equity shares.

(xv) Exceptional items:

Exceptional items include income or expense
that are of such significance and nature that
separate disclosure enables the user of the
financial statements to understand the impact

in a more meaningful manner. Exceptional
items are identified by virtue of their size, nature
and incidence.

If the management believes that losses/gain are
material and is relevant to an understanding of
the entity''s financial performance, it discloses the
same as an exceptional item.

(xvi) Rounding of amounts:

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

3) Critical accounting estimates and
judgements:

The preparation of financial statements requires the
use of accounting estimates, which, by definition,
will seldom equal the actual results. Management
also needs to exercise judgement in applying the
Company''s accounting policies. This note provides an
overview of the areas that involved a higher degree of
judgement or complexity, and of items, which are more
likely to be materially adjusted due to estimates and
assumptions turning out to be different from those
originally assessed.

Estimation of defined benefit obligation

The present value of obligations under defined
benefit plan is determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual development
in the future. These include the determination of the
discount rate, future salary escalations, attrition
rate and mortality rates etc. Due to the complexities
involved in the valuation and its long-term nature,
these obligations are highly sensitive to changes in
these assumptions. All assumptions are reviewed
at each reporting date. Refer note 32 for the details
of the assumptions used in estimating the defined
benefit obligation.

Impairment of trade receivables

The impairment provisions for trade receivables
are based on assumptions about risk of default and
expected loss rates. The Company uses judgement in
making these assumptions and selecting the inputs to
the impairment calculation, based on Company''s past
history, existing market conditions as well as forward
looking estimates at the end of each reporting period.

Fair value measurements and valuation
processes

Some of the assets and liabilities are measured
at fair value for financial reporting purposes. The
Management determines the appropriate valuation
techniques and inputs for the fair value measurements.

In estimating the fair value of an asset or a liability, the
Company uses market-observable data to the extent it
is available. Where Level 1 inputs are not available, fair
values are determined on the basis of the third-party
valuations. The models used to determine fair values
including estimates/ judgements involved are validated
and periodically reviewed by the management.

Taxes

Deferred tax assets are recognized for temporary
differences to the extent that it is probable that taxable
profit will be available against which the losses can
be utilised. Significant management judgement is
required to determine the amount of deferred tax
assets that can be recognized, based upon the likely
timing and the level of future taxable profits together
with future tax planning strategies.

(c) Post employment obligations
Gratuity

The Company has a defined benefit plan, governed by the Payment of Gratuity Act, 1972. The plan entitles an
employee, who has rendered at least five years of continuous service, to gratuity. Where the period of service
is more than 5 years but less than 10 years, gratuity will be calculated at the rate of fifteen days basic salary for
every completed years of services or part thereof in excess of six months, based on the rate of basic salary last
drawn by the employee concerned. Where the period of service is more than 10 years but less than or equal to
15 years, gratuity will be calculated at the rate of two third of the one month''s salary for each completed year of
service, being calculated over and above the provisions of the Gratuity Act, 1972. Where the period of service is
more than 15 but less than or equal to 20 years, gratuity will be calculated at the rate of one month''s salary for
each completed year of service over 15 years, being calculated over and above the provisions of the Gratuity Act,
1972. Where the period of service is more than 20 years, gratuity will be calculated at the rate of one month''s
salary for each completed year of service over 20 years, being calculated over and above the provisions of the
Gratuity Act, 1972. This is subject to maximum of 20 months'' salary in case of resignation and termination of
service. In case of Pre-mature retirement, the maximum Ex-gratia gratuity is 30 months'' salary.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method
(present value of the defined benefit obligation calculated with the projected unit credit method at the end of the
reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
the prior period.

(iv) Defined benefit liability and employer contributions

The above defined benefit gratuity plan was administered 100% by a trust of Group Company National Peroxide
Limited (formerly known as NPL Chemicals Limited) as at March 31, 2025.

The weighted average duration of the defined benefit obligation is 13.38 years (March 31, 2024 - 13.49 years).

(v) Risk exposure

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: Investment
risk, interest rate risk and salary risk.

(c) Valuation techniques used to determine fair value

Fair value of all equity instruments which are traded in the stock exchanges are valued using the closing price
as at the reporting date. The mutual funds are valued using closing Net Assets Value (NAV). The fair value of
investment in equity shares which are unquoted are valued using adjusted book value method.

34 Financial risk management

The Company''s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit
risk. In order to manage these risks the Company has adopted a Risk Management Policy wherein all material risks
faced by the Company are identified and assessed. The Risk Management framework defines the risk management
approach of the Company and includes collective identification of risks impacting the Company''s business and
documents their process of identification, mitigation and optimization of such risks.

(a) Credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation
resulting in a financial loss to the Company. Credit risk arises from cash and cash equivalents, financial assets
carried at amortised cost as well as credit exposures to trade customers including outstanding receivables.

The board provides written principles for overall risk management, as well as policies covering specific areas,
such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non¬
derivative financial instruments, and investment of excess liquidity.

Credit risk management

Trade receivables mainly arise from lease income receivable from National Peroxide Limited ("NPL”)(formerly
known as NPL Chemicals Limited) in pursuant to Composite Scheme of Arrangement and account receivables
from sale of traded good. Since NPL is part of the promoter group and the lease rentals are measurely received in
advance, the management believes that the credit risk is minimal. As far as trading receivables are concerned the
Company has a credit risk policy in place to ensure that sales are made to customers only after an appropriate
credit risk assessment and credit line allocation process. The Company has adopted a policy of only dealing with
creditworthy counterparties.

The Company provides for life time allowance on trade receivable using simplified approach and on a case to case
basis on specified customers. Specific debtors represents debtors facing bankruptcy cases, operation shutdown
and other scenario as determined by the management. Such debtors are categorised as specific debtors upon
intimation/news. Such specific debtors has no nexus with the macro economy factor. The Company recognises
expected credit loss on specified receivables as determined by the management.

For banks and financial institutions, only highly rated banks / institutions are accepted. Generally all policies
surrounding credit risk have been managed at Company level.

There are no trade and other receivables which have significant increase in credit risk.

(b) Liquidity risk

Liquidity risk is the risk that the Company will fail in meeting its obligations to pay its financial liabilities. The
Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities
when due.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities to meet
obligations when due. In respect of its operations, the Company funds its activities primarily through cash
generated in operations.

Management monitors the Company''s liquidity position and cash and cash equivalents on the basis of expected
cash flows. Cash which is not needed in the operating activities of the Company is invested in marketable
liquid funds.

Based on recent trends observed, marketable securities held, cash generation, cash surpluses held by the
Company, the Company does not envisage any material liquidity risks.

(c) Market risk

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because
of volatility of prices in the financial markets. The Company is exposed to price risks arising from equity
investments and mutual funds. Further, equity investments are subject to changes in the market price of
securities. Equity investments are held for strategic purpose rather than for trading purposes. The Company
does not actively trade in these investments.

Sensitivity

If equity prices had been 10% higher / lower, other comprehensive income before tax for the year ended March
31, 2025 would increase / decrease by C 11,866.48 lakhs & (11,866.48) lakhs (March 31, 2024: C 10,626.43
lakhs & (10,626.43) lakhs as a result of the changes in fair value of shares measured at FVOCI.

If NAV of Mutual funds had been 10% higher / lower, profit before tax for the year ended March 31, 2025
would increase / decrease by C 30.75 lakhs & (30.75) lakhs (March 31, 2024: C 20.81 lakhs & (20.81) lakhs as
a result of the changes in fair value of mutual funds measured at FVTPL.

35 Capital Management

(a) Risk Management

The Company''s objectives when managing capital are to safeguard the Company''s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new
shares or sell assets to reduce debt.

Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. Gearing
ratio is determined as net debt (total borrowings and lease liabilities net of cash and cash equivalents) divided by
total ''equity''.

36 Micro, small and medium enterprise

Disclosure in respect to Micro and Small Enterprises as per Micro, Small and Medium Enterprises Development Act,
2006 (''MSMED'') Act, 2006 is as follows:

The information as required under Micro, Small and Medium Enterprises Development Act, 2006, has been determined
to the extent such parties have been identified on the basis of information available with the Company and relied
upon by the auditors. The principal amounts / interest payable amounts for delayed payments to such vendors as at
Balance Sheet date during the current year and previous year mentioned below

(ii) Contingent liability relating to determination of provident fund liability, based on judgement of the Hon''ble
Supreme Court, is not determinable at present for the period prior to March 2019, due to uncertainty on the
impact of the judgement in the absence of further clarification relating to applicability. The Company has paid
provident fund to employees as applicable with effect from March 2019. The Company will continue to assess
any further developments in this matter for their implications on Ind AS financial statements, if any.

(iii) The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed as contingent liability, where applicable in its Ind AS financial statements.
The Company''s management does not reasonably expect that these legal notices, when ultimately concluded
and determined, will have a material and adverse effect on Company''s results of operations or financial condition.

38 Capital and other commitments

Capital commitments

(i) There are no estimated amount of contracts remaining to be executed on capital account and not provided as at
balance sheet date (March 31, 2024: Nil).

39 Additional regulatory information required by Schedule III to the Companies Act, 2013

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrowing secured against current assets

The Company has not been sanctioned any borrowings against current assets at any point of time during the
year.

(iii) Wilful defaulter

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

(iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act,
1956.

(v) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(vi) Utilisation of borrowed funds and share premium

I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(vii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.

(viii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(ix) Valuation of Property, plant and equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.

43 Events Occurring after the Balance Sheet Date

No material events have occurred after the Balance Sheet date and upto the approval of the Ind AS financial
statements.

44 The Company received substantial unusual dividends from group companies, as a result of which its income from
financial assets exceeded 50 percent of the total income of the Company for the year ended March 31, 2025 and it''s
financial assets constitute more than 50 percent of the total assets as of March 31, 2025. The Company holds not less
than 90% of its net assets in the form of equity shares in group companies and has not accessed public funds, thus
satisfying the criteria of an Unregistered Core Investment Company.

45 Other expense includes C 18.71 Lacs as settlement fees paid by the Company, being one of the Promoters of The
Bombay Burmah Trading Corporation, Limited, under settlement order dated January 10, 2025, issued by SEBI, in
connection with certain violation of provisions of securities laws.

46 Ind AS Financial statements of the Company for the year ended March 31,2025 are approved by the Board of Directors
on May 06, 2025.

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Mar 31, 2024

(xiii) Provisions and Contingencies:

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is 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 an interest expense.

Contingent liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount cannot be made, is termed as contingent liability.

Contingent assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are not recognized but disclosed only when an inflow of economic benefits is probable.

(xiv) Employee benefits:

(a) Short-term obligations

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(b) Post Employment obligations

The Company operates the following postemployment schemes:

- defined benefit plans such as gratuity contributions made to a trust in case of certain employees.

- defined contribution plans such as provident fund and superannuation fund.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in Other Comprehensive Income. They are included in Retained Earnings in the Statement of Changes in Equity and in the Balance Sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service cost.

Defined contribution plans The Company pays provident fund contributions to publicly administered provident funds as per local regulations and superannuation contributions to superannuation fund. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognized as employee benefit expense when they are due.

(c) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in Statement of Profit or Loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

(xv) Earnings per share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

(xvi) Exceptional items:

Exceptional items include income or expense that are of such significance and nature that separate disclosure enables the user of the financial statements to understand the impact in a more meaningful manner. Exceptional items are identified by virtue of their size, nature and incidence.

If the management believes that losses/gain are material and is relevant to an understanding of the entity’s financial performance, it discloses the same as an exceptional item.

(xvii) Rounding of amounts:

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

3) Critical accounting estimates and judgements:

The preparation of financial statements requires the use of accounting estimates, which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items, which are more likely to be materially adjusted due to estimates and assumptions turning out to be different from those originally assessed.

• Estimation of defined benefit obligation

The present value of obligations under defined

benefit plan is determined using actuarial

valuations. An actuarial valuation involves making various assumptions that may differ from actual development in the future. These include the determination of the discount rate, future salary escalations, attrition rate and mortality rates etc. Due to the complexities involved in the valuation and its long-term nature, these obligations are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Refer note 32 for the details of the assumptions used in estimating the defined benefit obligation.

• Impairment of trade receivables

The impairment provisions for trade receivables are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

• Fair value measurements and valuation processes

Some of the assets and liabilities are measured at fair value for financial reporting purposes. The Management determines the appropriate valuation techniques and inputs for the fair value measurements.

In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, fair values are determined on the basis of the third-party valuations. The models used to determine fair values including estimates/ judgements involved are validated and periodically reviewed by the management.

• Taxes

Deferred tax assets are recognized for temporary differences to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

4 Particulars, Accounting and Disclosures of the Composite Scheme of Arrangement

A) As the Composite Scheme of Arrangement (''the Scheme’) became effective on September 11,2023, the accounting effects to the Scheme, as approved by National Company Law Tribunal vide Order dated May 04, 2023 had been given in the accounts for the financial year ended March 31, 2023, by transferring the carrying amount of assets and liabilities pertaining to the Demerged Undertaking of the Demerged Company (Naperol Investments Ltd formerly known as National Peroxide Ltd) to the Resulting Company (National Peroxide Ltd formerly known as NPL Chemicals Ltd) and amalgamation of the Transferor Company (erstwhile Naperol Investments Ltd) into the Company with effect from the Appointed Date of April 01,2022. In order to give effect to the Scheme, the Company revised the audited Ind AS financial statements for the year ended March 31,2023.

B) The assets and liabilities (including cashflow hedge reserve), other than the land listed in Schedule IA of the Scheme pertaining to the Demerged Undertakings have been transferred to and vested in the Resulting Company pursuant to the Scheme at their respective carrying values as appearing in the books of the Company as at appointed date i.e. April 01,2022.

C) All the shareholders of the Company have been allotted one fully paid-up equity share of '' 10 each in Resulting Company, for every one fully paid-up equity share of '' 10 each held by them in the Company, which shall be separately listed. Further as provided under the Scheme, the shares held by the Company in the Resulting Company stand cancelled with a corresponding debit to retained earnings and the Resulting Company has ceased to be the subsidiary of the Company from the Appointed date.

D) The difference between the carrying value of assets and liabilities (including cash flow hedge reserves) of the demerged undertaking transferred to the Resulting Company - '' 31,224.17 Lakhs, has been adjusted against retained earnings as provided under the Scheme.

E) Upon the Scheme becoming effective and with effect from the Appointed date i.e. April 01, 2022, the Company accounted for the amalgamation of the erstwhile Naperol Investments Limited (''Transferor Company’) into the Company in accordance with applicable accounting principles as prescribed under the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as notified under Section 133 of the Companies Act 2013.

In accordance with the Composite Scheme of Arrangement, the difference between the carrying value of Investments in Naperol Investments Limited (Transferor Company) and the fair value of net assets acquired was recognised as "Gain on transfer of net assets on amalgamation of Transferor Company" amounting to '' 37,663.07 Lakhs under exceptional items.

F) Pursuant to the Scheme, the Company continued to manage the operation of Demerged undertakings in its own name during the year till the date, the requisite permissions/ licences/agreements are not transferred in the name of the Resulting Company. These transactions are not accounted for in the books of the Company but are recorded in the books of the Resulting Company, as prescribed in the Scheme. (Refer Note 20 and 31).

c) Rights, preferences and restrictions attached to equity shares:

The Company has one class of equity share having a par value of ''10 per share. Every holder of equity shares present at a meeting in person or by proxy is entitled to one vote, and upon a poll each share is entitled to one vote. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting, except in case of interim dividend.

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

d) Buy back of shares or shares allotted by way of bonus shares:

The Company has not made any buy-back, nor there has been an issue of shares by way of bonus share nor issue of share pursuant to contract without payment being received / paid in cash for the period of five years immediately preceding the balance sheet date.

(ii) Enterprise having significant influence over the Company (from January 07, 2023) and with whom transactions were carried out during the year

The Bombay Burmah Trading Corporation Limited Nowrosjee Wadia and Sons Limited Baymanco Investments Limited

(iii) Enterprises forming part of Promoter group and with whom transactions were carried out during the year

The Bombay Dyeing & Manufacturing company Limited

National Peroxide Limited (formerly known as NPL Chemicals Limited)

Varnilam Investments & Trading Company Limited

Macrofil Investments Limited

Ben Nevis Investments Limited

Dina Neville Wadia

Nusli Neville Wadia

Note: Pursuant to the Composite Scheme of Arrangement (Refer note 4A) the Company has reassessed the relationship and disclosed the related party transactions accordingly.

#Note: Payable to Resulting Company pursuant to Composite Scheme of Arrangement

As per the Composite Scheme of Arrangement Naperol Investments Limited (formerly known as National Peroxide Limited) ("Demerged Company") has continued to manage the operations of demerged undertaking, hence the inter-se transactions between the Demerged and Resulting Company pertaining to the operations of resulting company including interest, cost of goods sold, sale of goods, directors sitting fees, salaries, audit fees, tax to government authorities etc. have not been reported here on above. A sum of '' 301.37 lakhs is payable as at March 31,2024 ('' 37.95 lakhs as at March 31,2023) to National Peroxide Limited (formerly known as NPL Chemicals Limited) on account of money held in trust by the Company for managing the operations of demerged undertaking.

(c) Post employment obligations Gratuity

The Company has a defined benefit plan, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee, who has rendered at least five years of continuous service, to gratuity. Where the period of service is more than 5 years but less than 10 years, gratuity will be calculated at the rate of fifteen days basic salary for every completed years of services or part thereof in excess of six months, based on the rate of basic salary last drawn by the employee concerned. Where the period of service is more than 10 years but less than or equal to 15 years, gratuity will be calculated at the rate of two third of the one month’s salary for each completed year of service, being calculated over and above the provisions of the Gratuity Act, 1972. Where the period of service is more than 15 but less than or equal to 20 years, gratuity will be calculated at the rate of one month’s salary for each completed year of service over 15 years, being calculated over and above the provisions of the Gratuity Act, 1972. Where the period of service is more than 20 years, gratuity will be calculated at the rate of one month’s salary for each completed year of service over 20 years, being calculated over and above the provisions of the Gratuity Act, 1972. This is subject to maximum of 20 months’ salary in case of resignation and termination of service. In case of Pre-mature retirement, the maximum Ex-gratia gratuity is 30 months’ salary.

(c) Valuation techniques used to determine fair value

Fair value of all equity instruments which are traded in the stock exchanges are valued using the closing price as at the reporting date. The mutual funds are valued using closing Net Assets Value (NAV). The fair value of investment in equity shares which are unquoted are valued using cost approach method.

34. Financial risk management

The Company’s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. In order to manage these risks the Company has adopted a Risk Management Policy wherein all material risks faced by the Company are identified and assessed. The Risk Management framework defines the risk management approach of the Company and includes collective identification of risks impacting the Company’s business and documents their process of

(a) Credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the Company. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost as well as credit exposures to trade customers including outstanding receivables.

The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

Credit risk management

Trade receivables mainly arise from lease income receivable from National Peroxide Limited ("NPL")(formerly known as NPL Chemicals Limited) in pursuant to Composite Scheme of Arrangement. Since NPL is part of the promoter group and the lease rentals are majorly received in advance, the management believes that the credit risk is minimal. The Company has adopted a policy of only dealing with creditworthy counterparties. Intercorporate deposits given are for not more than 12 months. The Company periodically assess the recoverability of intercorporate deposits.

The Company provides for life time allowance on trade receivable using simplified approach and on a case to case basis on specified customers. Specific debtors represents debtors facing bankruptcy cases, operation shutdown and other scenario as determined by the management. Such debtors are categorised as specific debtors upon intimation/ news. Such specific debtors has no nexus with the macro economy factor. The Company recognises expected credit loss on specified receivables as determined by the management.

For banks and financial institutions, only highly rated banks / institutions are accepted. Generally all policies surrounding credit risk have been managed at Company level.

(b) Liquidity risk

Liquidity risk is the risk that the Company will fail in meeting its obligations to pay its financial liabilities. The Company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities to meet obligations when due. In respect of its operations, the Company funds its activities primarily through cash generated in operations.

Management monitors the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. Cash which is not needed in the operating activities of the Company is invested in marketable liquid fund.

Based on recent trends observed, marketable securities held, cash generation, cash surpluses held by the Company, the Company does not envisage any material liquidity risks.

(c) Market risk

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. The Company is exposed to price risks arising from equity investments and mutual funds. Further, equity investments are subject to changes in the market price of securities. Equity investments are held for strategic purpose rather than for trading purposes. The Company does not actively trade in these investments. Sensitivity

If equity prices had been 10% higher / lower, other comprehensive income before tax for the year ended March 31, 2024 would increase / (decrease) by '' 10,626.43 Lakhs and (10,626.43) Lakhs (March 31,2023: '' 5,452.78 Lakhs and (5,452.78) Lakhs as a result of the changes in fair value of shares measured at FVOCI.

If NAV of Mutual funds had been 10% higher / lower, profit before tax for the year ended March 31,2024 would increase / (decrease) by '' 20.81 Lakhs and (20.81) Lakhs (March 31,2023: '' 15.36 Lakhs and (15.36) Lakhs as a result of the changes in fair value of mutual funds measured at FVTPL.

38 Capital and other commitments Capital commitments

(i) There are no estimated amount of contracts remaining to be executed on capital account and not provided as at balance sheet date (March 31,2023: Nil).

39 Compensation for right of way on the Company''s property:

During the year ended March 31,2023, the Company received net compensation of '' 295.63 Lakhs , as per the terms of the out-of-court settlement agreed between the Company and Century Rayon Limited towards Right of Way for laying of 100 KV Extra High Voltage (EHV) transmission line and EHV towers on the land of the Company.

40 Additional regulatory information required by Schedule III to the Companies Act, 2013

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrowing secured against current assets

The Company has not been sanctioned any borrowings against current assets at any point of time during the year.

(iii) Wilful defaulter

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

(iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(v) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(vi) Compliance with approved Scheme(s) of arrangements

In the previous year, the effect of the Composite Scheme of Arrangement as explained in Note 4 has been accounted for in the books of accounts of the Company is ''in accordance with the Scheme’ and ''in accordance with the applicable accounting standards’. For the current year, the Company has not entered into any approved Scheme of arrangement.

(vii) Utilisation of borrowed funds and share premium

I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(viii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Valuation of Property, plant and equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

44 Events Occurring after the Balance Sheet Date

No material events have occurred after the Balance Sheet date and upto the approval of the Ind AS financial statements except Registrar of Companies has approved the amendment in the main object clause of Memorandum of Association of the Company with effect from May 07, 2024. The main object clause has been amended to include business of construction and to undertake, transact, carry on and promote any business, commercial or otherwise, to act as distributors, promoters, service providers, factors, agents middleman, representatives, importers & exporters, distributors, logistics, contract man, representing and indenting agents on commission and/ or allowances as may be deemed fit in all kinds of goods, materials, commodities, services, infrastructure, logistics, merchandise, etc.

45 Ind AS Financial statements of the Company for the year ended March 31,2024 are approved by the Board of Directors on May 08, 2024.

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Mar 31, 2023

Provisions and Contingencies Liabilty

Provisions

Provisions are recognised when the Company
has a present legal or constructive obligation as a

result of past events; it is probable that an outflow
of resources will be required to settle the obligation;
and the amount has been reliably estimated.
Provisions are measured at the present value of
management''s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is 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

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only
by the occurrence or non-occurrence of one or
more uncertain future events not wholly within
the control of the Company. A present obligation
that arises from past events where it is either
not probable that an outflow of resources will be
required to settle or reliable estimate of the amount
cannot be made, is termed as contingent liability.

Contingent assets

A contingent asset is a possible asset that
arises from past events and whose existence
will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events
not wholly within the control of the entity. Contingent
assets are not recognised but disclosed only when
an inflow of economic benefits is probable.

(u) Employee benefits:

(i) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the
period in which the employees render the related
service are recognised in respect of employees''
services up to the end of the reporting period and
are measured at the amounts expected to be paid
when the liabilities are settled. The liabilities are
presented as current employee benefit obligations
in the balance sheet.

(ii) Post Employment obligations

The Company operates the following post¬
employment schemes:

- defined benefit plans such as gratuity, pension
and provident fund contributions made to a
trust in case of certain employees

- defined contribution plans such as provident
fund and superannuation fund.

Pension and gratuity obligations

The liability or asset recognised in the balance
sheet in respect of defined benefit pension and
gratuity plans is the present value of the defined
benefit obligation at the end of the reporting
period less the fair value of plan assets. The
defined benefit obligation is calculated annually
by actuaries using the projected unit credit
method. Gratuity contributions are made to a trust
(''National Peroxide Limited Employees’ Gratuity
Fund'') administered by the Company.

The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on government bonds
that have terms approximating to the terms of the
related obligation.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense
in the Statement of Profit and Loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in
which they occur, directly in Other Comprehensive
Income. They are included in Retained Earnings
in the Statement of Changes in Equity and in the
Balance Sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit
or loss as past service cost.

Provident fund contributions made to a trust
administered by the Company

In respect of certain employees, provident fund
contributions are made to a trust (''National
Peroxide Limited Employees’ Provident Fund’)
administered by the Company. The interest rate
payable to the members of the trust shall not be
lower than the statutory rate of interest declared
by the Central Government under the Employees
Provident Funds and Miscellaneous Provisions
Act, 1952 and shortfall, if any, shall be made good
by the Company. The liability in respect of the
shortfall of the interest earnings of the fund is
determined based on actuarial valuation.

Defined contribution plans

The Company pays provident fund contributions to
publicly administered provident funds as per local
regulations and superannuation contributions to
superannuation fund. The Company has no further
payment obligations once the contributions have
been paid. The contributions are accounted for as
defined contribution plans and the contributions
are recognized as employee benefit expense when
they are due.

(iii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave
are not expected to be settled wholly within
12 months after the end of the period in which
the employees render the related service. They
are therefore measured as the present value of
expected future payments to be made in respect
of services provided by employees up to the end
of the reporting period using the projected unit
credit method. The benefits are discounted using
the market yields at the end of the reporting period
that have terms approximating to the terms of the
related obligation. Remeasurements as a result of
experience adjustments and changes in actuarial
assumptions are recognized in Statement of Profit
or Loss.

The obligations are presented as current liabilities
in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least
twelve months after the reporting period, regardless
of when the actual settlement is expected to occur.

(v) Contributed Equity

Equity shares are classified as equity
I ncremental cost directly attributable to the issue
of new shares or options are shown in equity as a
deduction net of tax from the proceeds.

(w) Dividends:

Provision is made for the amount of any dividend
declared, being appropriately authorised and no
longer at the discretion of the entity, on or before
the end of the reporting period but not distributed
at the end of the reporting period.

(x) Earnings per share:

Basic earnings per share is computed by dividing
the net profit for the period attributable to the equity
shareholders of the Company by the weighted
average number of equity shares outstanding
during the period. The weighted average number
of equity shares outstanding during the period and
for all periods presented is adjusted for events,
such as bonus shares, other than the conversion
of potential equity shares that have changed the
number of equity shares outstanding, without
a corresponding change in resources. For the
purpose of calculating diluted earnings per share,
the net profit for the period attributable to equity
shareholders and the weighted average number of
shares outstanding during the period is adjusted
for the effects of all dilutive potential equity shares.

(y) Exceptional items:

Exceptional items include income or expense
that are of such significance and nature that
separate disclosure enables the user of the
financial statements to understand the impact
in a more meaningful manner. Exceptional items
are identified by virtue of their size, nature and
incidence.

I f the management believes that losses/gain are
material and is relevant to an understanding of
the entity’s financial performance, it discloses the
same as an exceptional item.

(z) Rounding of amounts:

All amounts disclosed in financial statements and
notes have been rounded off to the nearest lakhs

2.2 Critical accounting estimates and judgements:

The preparation of financial statements requires the
use of accounting estimates, which, by definition, will
seldom equal the actual results. Management also
needs to exercise judgement in applying the Company’s
accounting policies. This note provides an overview of
the areas that involved a higher degree of judgement
or complexity, and of items, which are more likely to be
materially adjusted due to estimates and assumptions
turning out to be different from those originally
assessed.

• Estimation of useful life

Useful lives of property, plant and equipment are
based on the management’s estimation. The
useful lives as estimated are same as prescribed
in Schedule II of the Companies Act, 2013.

The useful lives of Company’s assets are
determined by management at the time the asset
is acquired/capitalised and reviewed annually
for appropriateness. The lives are based on
historical experience with similar assets as well
as anticipation of future events, which may impact
their life such as changes in technology.

• Estimation of defined benefit obligation

The present value of obligations under defined
benefit plan is determined using actuarial
valuations. An actuarial valuation involves making
various assumptions that may differ from actual
development in the future. These include the
determination of the discount rate, future salary
escalations, attrition rate and mortality rates etc.
Due to the complexities involved in the valuation and
its long-term nature, these obligations are highly
sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
Refer note 40 for the details of the assumptions
used in estimating the defined benefit obligation.

• Impairment of trade receivables

The impairment provisions for trade receivables
are based on assumptions about risk of default

and expected loss rates. The Company uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Company’s past history, existing market
conditions as well as forward looking estimates at
the end of each reporting period.

• Fair value measurements and valuation processes
Some of the assets and liabilities are measured
at fair value for financial reporting purposes.
The Management determines the appropriate
valuation techniques and inputs for the fair value
measurements.

In estimating the fair value of an asset or a liability,
the Company uses market-observable data to the
extent it is available. Where Level 1 inputs are not
available, fair values are determined on the basis
of the third-party valuations. The models used
to determine fair values including estimates/
judgements involved are validated and periodically
reviewed by the management.

• Inventory obsolescence

The Company writes down inventories to net
realisable value based on an estimate of the
realisability of inventories. Write downs on
inventories are recorded where events or changes
in circumstances indicate that the balances may
not realised. The identification of write-downs
requires the use of estimates of net selling prices
of the down-graded inventories. Where the
expectation is different from the original estimate,
such difference will impact the carrying value of
inventories and write-downs of inventories in the
periods in which such estimate has been changed.

• Taxes

Deferred tax assets are recognized for temporary
differences to the extent that it is probable that
taxable profit will be available against which the
losses can be utilised. Significant management
judgement is required to determine the amount of
deferred tax assets that can be recognized, based
upon the likely timing and the level of future taxable
profits together with future tax planning strategies.

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Mar 31, 2018

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

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 any levels during the year.

The carrying amounts of cash and cash equivalents, other bank balances, trade receivables, inter corporate deposits, other financial assets, current financial liabilities- borrowings, trade payables and other current financial liabilities are considered to be the same as their fair values due to their short term nature.

Note 34: Financial risk management

The Company’s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk.

Risk Exposure arising from Measurement Management

Credit Risk Cash and cash equivalents, trade Aging analysis Credit limits, timely review, receivables, financial assets measured diversification of deposits at amortised cost, investments in mutual funds

Liquidity Risk Borrowings and other liabilities Rolling cash flow Surplus cash parking in liquid funds forecasts

Market risk - foreign Recognised financial liabilities not Sensitivity analysis Limited exposure, unhedged exchange denominated in Indian rupee (INR)

Market risk - price risk Investment in equity instruments Sensitivity analysis Strategic investment, diversification of portfolio

(a) Credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the Company. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and investments in mutual funds, as well as credit exposures to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Company’s credit risk arises from accounts receivable balances on sale of hydrogen peroxide. The credit risk is very low as the sale of hydrogen peroxide is based on purchase order / agreement with customer and at rates approved by Managing Director / CEO of the Company. Company has a credit risk policy in place to ensure that sales are made to customers only after an appropriate credit

risk assessment and credit line allocation process. Procedures are standardized within a customer credit risk policy and supported by the information technology system by limiting the credit exposure to each customer and allowing an average credit period of 30-60 days. The Company has adopted a policy of only dealing with creditworthy counterparties.

The Company has made a provision of '' 38.15 lakhs for the year ended March 31, 2018 for expected credit loss on Trade receivable.

For banks and financial institutions, only highly rated banks / institutions are accepted. Generally all policies surrounding credit risk have been managed at Company level.

(b) Liquidity risk

Liquidity risk is the risk that the Company will fail in meeting its obligations to pay its financial liabilities. The Company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. In respect of its existing operations, the Company funds its activities primarily through cash generated in operations.

Management monitors the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company maintained a positive cash balance throughout the year. Internal accruals provides the funds to service the financial liabilities on a day-to-day basis. Cash which is not needed in the operating activities of the Company is invested in marketable liquid funds.

(i) Maturities of financial liabilities

The amounts disclosed below 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

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. Market risk can be further segregated as: i) Foreign currency risk and ii) Other price risk.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign exchange risks arise from recognized assets and liabilities, when they are denominated in a currency other than functional currency of the Company. To a limited extent, the Company imports certain raw materials and spare parts used in manufacturing and therefore is exposed to foreign exchange risks arising from various currency exposures, primarily with respect to the Pound (“GBP”) and the US-dollar (“USD”). Company’s exposure to foreign currency risk is very limited and it always ensures that the such exposure is within the approved limit for which Company does not require to hedge through derivatives.

Sensitivity

The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments.

* Holding all other variables constant

The above amounts have been disclosed based on the accounting policy for exchange differences.

In management’s opinion, the above sensitivity analysis is not representative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

(ii) Other price risks

The Company is exposed to equity price risks arising from equity investments. These investments are subject to changes in the market price of securities. Equity investments are held for strategic purpose rather than for trading purposes. The Company does not actively trade in these investments.

Sensitivity

If equity prices had been 10% higher / lower, other comprehensive income for the year ended March 31, 2018 would increase / decrease by '' 1,828 lakhs (Year ended March 31, 2017: increase / decrease by '' 1,196.72 lakhs) as a result of the changes in fair value of shares measured at FVOCI.

Note 35: Capital Management (a) Risk Management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The capital structure of the Company consists of equity of the Company (comprising issued capital and internal accruals). The Company is not subject to any external imposed capital requirements. The Company is a zero debt company with no long-term borrowings as at March 31, 2018.

Note 36 : Leases Operating lease arrangements

The Company has entered into non-cancellable operating lease arrangements for certain motor vehicles for a period of four years. Total rental expenses relating to operating leases recognised in statement of profit and loss is '' 54.31 lakhs (Previous year: '' 44.92 lakhs).

Note 38 : Segment reporting

The CEO reviews the Company’s performance. Presently, the Company is engaged in only one segment viz ‘Manufacturing of peroxygens’ and as such there is no separate reportable segment as per Ind AS 108 ‘Operating Segments’. Presently, the Company’s operations are predominantly confined in India.

Information about major customers

Revenue for the year ended March 31, 2018 and March 31, 2017 were from customers located in India. Customers include private distribution entities. No single customer of the Company account for 10% or more of total revenue.

(b) Commitments:

(i) Estimated amount of contracts remaining unexecuted on capital account (net of advances paid) and not provided for Rs,4,918.62 lakhs (March 31, 2017 Rs, Nil; April 1, 2016 Rs, 2.10 lakhs).

(ii) Other commitment:

The Company has entered into a long term agreement with GAIL (India) Limited (GAIL) for purchase of Natural Gas. The agreement is valid till April 30, 2028. As per the said agreement, the Company under ‘Take or Pay obligation’ clause has to make payment for a fixed quantity of gas on an annual basis, whether used or not. GAIL has the discretion to waive off the Take or Pay charges. A request for supply of Make Up gas can be made by the Company corresponding to Take or Pay deficiencies which are outstanding and for which the Company would pay to GAIL at the time of annual program.

(iii) For lease commitment, refer note 36.

Note 40 : Employee benefit obligations

The Company has classified various employee benefits as under:

(a) Leave Obligations

The leave obligations cover the Company’s liability for sick and privileged leave

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

(iv) The above defined benefit gratuity plan was administrated 100% by a trust as at March 31, 2018, March 31, 2017 as well as April 1, 2016.

(v) Defined benefit liability and employer contributions

The Company will pay demand raised by the trust towards gratuity liability on time to time basis to eliminate the deficit in defined benefit plan. The weighted average duration of the defined benefit obligation is 4.25 years (March 31, 2017 - 4.12 years).

(vi) Risk exposure

Aforesaid post-employment benefit plans typically expose the Company to actuarial risk such as : Invesment risk, interest rate risk and salary risk

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

Interest Risk : A fall in the discount rate which is linked to the G-sec. rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increase the mark to market value of the assets depending on the duration of assets.

Salary risk : The present value of the defined benefit liability is calculated by reference to the future salaries of plan participants. As such, an increase in salary of the plan participants will increase the plan’s liability.

Pension

The Company operates a defined benefit pension plan. The pension benefits payable to the employees are based on the employee’s service and last drawn salary at the time of leaving. The employees do not contribute towards this plan and the full cost of providing these benefits are met by the Company. The Company does not contribute annually to any trust or a fund towards the liability under the plan, this plan is unfunded.

(i) Significant estimates: actuarial assumptions

Valuations in respect of pension have been carried out by an independent actuary, as at the Balance Sheet date

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

(iv) Risk exposure

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: Investment risk, interest rate risk, and salary risk.

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

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

Salary risk: The present value of the defined benefit liability is calculated by reference to the future salaries of plan participants. As such, an increase in salary of the plan participants will increase the plan''s liability.

(v) Defined benefit liability and employer contributions

The weighted average duration of the defined benefit obligation is 4.45 years (March 31, 2017 - 5.34 years).

Provident Fund

In respect of certain employees, provident fund contributions are made to a trust administered by the Company. The interest rate payable to the members of the trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made good by the Company. The liability in respect of the shortfall of interest earnings of the Fund is determined on the basis of an actuarial valuation.

Company measures its liability towards provident fund through actuarial valuation using ‘projected credit unit method’. In case of net assets, assets are recognised to the extent of liability only.

(i) Significant estimates: actuarial assumptions

Valuations in respect of provident fund have been carried out by an independent actuary, as at the Balance Sheet date

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

(iv) The above defined benefit plan was administrated 100% by a trust as at March 31, 2018, March 31, 2017 as well as April 1, 2016.

(v) Defined benefit liability and employer contributions

The Company will pay demand raised by the trust towards provident fund liability on time to time basis to eliminate the deficit in defined benefit plan.

The weighted average duration to payment is 7.90 years (March 31, 2017 - 6.73 years).

(vi) The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets under perform this yield, this will create a deficit.

Note 41: Related party transactions

As per Indian Accounting Standard 24 (Ind AS 24) ‘Related Party Transactions’ as prescribed by Companies (Indian Accounting Standards) Rules, 2015, the Group’s related parties and transactions are disclosed below:

(A) Enterprises exercising control

Ultimate holding entity - Ben Nevis Investments Limited (Refer note 16)

Parent entity - Nowrosjee Wadia and Sons Limited (Refer note 16)*

* w.e.f. March 28, 2017, the entity was exercising significant influence over the Company.

(B) Enterprises where control exists Subsidiary company - Naperol Investments Limited

(C) Key management personnel

Mr. S. R. Lohokare, Managing Director (upto December 15, 2017)

Mr. Suresh Khurana, Chief Executive Officer and Director (w.e.f. December 15, 2017)

Non-Executive Directors

Mr. Ness N. Wadia - Chairman Dr. (Mrs.) Minnie Bodhanwala

Independent Directors

Mr. R. Batra Mr. N. P. Ghanekar Mr. S. Ragothaman

(D) Enterprises controlled by the parent entity and with whom transactions were carried out during the year.

Wadia Techno-Engineering Services Limited Macrofil Investments Limited (Refer Note 16)**

**The entity was excercising significant influence over the company till August 2, 2017.

(E) Employee benefits plans and with whom transactions were carried out during the year.

National Peroxide Limited Employees’ Provident Fund National Peroxide Limited Employees’ Gratuity Fund

(F) Enterprises over which key managerial personnel have significant influence and with whom transactions were carried out during the year.

Sir Ness Wadia Foundation

Note 42: Specified bank notes

i. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March 31, 2018.

ii. Following are the details of holdings as well as dealings in Specified Bank Notes for the previous year ended March 31, 2017.

Note 43: First-time adoption of Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS. The accounting policies set out in note 2 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 in the transition from previous GAAP to Ind AS.

A.1 Ind AS optional exemptions

A.1.1 Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised 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.

Accordingly, the Company has elected to measure all of its property, plant and equipment at their previous GAAP carrying value.

A.1.2 Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at 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 instruments.

A.1.3 Investments in subsidiary

Under previous GAAP, investment in subsidiary is carried at cost less impairment loss, if any in the Financial Statements. On transition to Ind AS, the Company has elected to use the previous GAAP carrying amount on its investment in subsidiary on the date of transition as its deemed cost on that date, in its Financial Statements

A.2 Ind AS mandatory exceptions

A.2.1 Estimates

The entity’s estimates in accordance with Ind AS at the date of transition 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 has made estimate relating to investment in equity instruments carried at FVOCI in accordance with Ind AS at the date of transition as these were not required under prevous GAAP:

B. Reconciliations between previous GAAP and Ind AS

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

B.3 Impact of Ind AS adoption on the statements of cash flows for the year ended March 31, 2017

The transition from previous GAAP to Ind AS do not have a material impact on the statement of cash flows.

Notes

A. Under the previous GAAP, investments in equity instruments were classified as long-term investments based on the intended holding period and reliability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Fair value changes with respect to investments in equity instruments designated as at FVOCI have been recognised 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 has resulted in an increase in reserves of ''5,233.75 lakhs and ''11,865.35 lakhs as at April 1, 2016 and March 31, 2017 respectively and increase in other comprehensive income by ''6,631.60 lakhs for the year ended March 31, 2017.

B. Under the previous GAAP, investment in mutual funds were classified as current investments based on the intended holding period and reliability and current investments were carried at lower of cost and fair value. Under Ind AS, same are required to be fair valued and subsequently, measured at fair value through profit and loss as on the reporting date. This has resulted in an increase in retained earnings of ''0.31 lakhs and ''15.56 lakhs as at April 1, 2016 and March 31, 2017 respectively and increase in profit by ''15.25 lakhs for the year ended March 31, 2017.

C. Ind AS 109 requires transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition. These costs are recognised in the profit or loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate method. This has resulted in an increase in retained earnings of Rs,8.24 lakhs and Rs,0.70 lakhs as at April 1, 2016 and March 31, 2017 respectively and decrease in profit by Rs,7.54 lakhs for the year ended March 31, 2017.

D. Under the previous GAAP, dividend proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend (including dividend distribution tax) was recognised as a liability. Under Ind AS, such dividend are recognised when the same is approved by the shareholders in the general meeting. This has resulted in an increase in retained earnings of Rs,691.71 lakhs as at April 1, 2016.

E. Under Ind AS, remeasurements i.e. actuarial gains or losses are recognised in other comprehensive income instead of profit or loss. Under the Previous GAAP, these remeasurements were forming part of the profit or loss for the year. This has resulted into decrease in profit by Rs,27.90 lakhs (net of tax) and corresponding increase in other comprehensive income for the year ended March 31, 2017.

F. Deferred tax asset / liability has been recognized on all temporary differences, arising on account of the aforesaid adjustments and on account of temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. This has resulted in decrease in retained earnings by Rs,2.96 lakhs and Rs,5.63 lakhs as at April 1, 2016 and March 31, 2017 respectively and decrease in profit by Rs,2.67 lakhs for the year ended March 31, 2017.

G. Refer note 32 on exceptional items.

H. Under previous GAAP, adjustment entry relating to excess provision for tax of prior year was considered in financial year ended March 31, 2017. Under Ind AS, excess provision for tax being a material amount, the impact of the same was considered in April 1, 2016.

Note 44: Appointment of Company Secretary

The Company was having a whole time secretary during the year as required under the Companies Act, 2013 who has resigned on December 28, 2017. The Company is under the process of appointing a Whole time Company Secretary. The Company appoints external consultants for compliance of Companies Act on need basis.

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Mar 31, 2017

1. SEGMENT INFORMATION

The Company operates in a single business segment i.e., Manufacturing of Peroxygens. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on “Segment Reporting” (AS) - 17 are not applicable.

2. Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification/ disclosure.

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Mar 31, 2016

Rights, Preference and Restrictions attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of '' 10 Each holder of equity shares is entitled to one vote per share.

The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

In last 5 years, no classes of shares has been issued either by payment being received in cash or brought back nor bonus issues made by the Company.

1. SEGMENT INFORMATION

The Company operates in a single business segment i.e., Manufacturing of Peroxides. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on “Segment Reporting” (AS) - 17 are not applicable.

2. Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification/ disclosure.

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Mar 31, 2014

1. SEGMENT INFORMATION

The Company operates in a single business segment i.e., manufacturing of Peroxygens. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on "Segment Reporting" (AS) - 17 are not applicable.

2. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

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Mar 31, 2013

1. SEGMENT INFORMATION

The Company operates in a single business segment i.e., Manufacturing of Peroxygens. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on "Segment Reporting" (AS) - 17 are not applicable.

2. FOREIGN CURRENCY EXPOSURES

The Company has not taken any derivative instrument during the year and there is no derivative instrument outstanding as at the year end. The year end foreign currency exposures that were not hedged by a derivative instrument, or otherwise are given below.

3. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

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Mar 31, 2012

(i) The Board of Directors at its meeting held on 14th May, 2012 has recomended a dividend of Rs 12/- per equity share.

(ii) Additional Tax on dividend credit taken, Rs 4.24 Lakhs (Previous Year Rs 22.75 lakhs), pertains to the dividend tax paid by the Subsidiary Company on the dividend paid to Company as per Section 115(O)(1A) of the Income Tax Act, 1961.

1. CONTINGENT LIABILITIES AND COMMITMENTS

(a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for 23.76 1,469.88

(b) Other Commitment

The Company has entered into a long term agreement with GAIL (India) Limited (GAIL) for purchase of Natural Gas. The agreement is valid till 30th April, 2028. As per the said agreement, the Company under 'Take or Pay obligation' clause has to make payment for a fixed quantity of gas on an annual basis, whether used or not. However the shortfall can also be adjusted against the next year's consumption. GAIL has the discretion to waive off the said Take or Pay charges. Till date GAIL has not levied such charges and the Company also does not foresee any liability on this account in the near future - -

(c) Excise Duties - 'Pending in appeal- matters decided against the Company (the Company is not estimating any cash outflow relating to this matter) 11.50 11.50

2. SEGMENT INFORMATION

The Company operates in a single business segment i.e., Manufacturing of Peroxygens. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on "Segment Reporting" (AS) - 17 are not applicable.

3. FOREIGN CURRENCY EXPOSURES

The Company has not taken any derivative instrument during the year and there is no derivative instrument outstanding as at the year end. The year end foreign currency exposures that were not hedged by a derivative instrument, or otherwise are given below.

4. The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2011

As at As at 31.03.2011 31.03.2010 Rs. in 000 Rs. in 000

1. Contingent Liabilities:

(a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for against which advance paid Rs. 62,850 thousand (Previous year Rs. 2,300 thousand) 146,988 37,015

(b) Excise Duties – Pending in appeal-matters decided against the Company 1,150 1,150

2. Out of the Deferred Revenue Expenditure recognised prior to 1st April 2003, Rs. 711 thousand (Previous Year Rs. 932 thousand) has been charged to the Profit and Loss Account upon payment.

3. (a) The identification of vendors as a "Supplier" under Micro, Small and Medium Enterprises Development. Act, 2006 has been done on the basis of information to the extent provided by the vendors to the company. This has been relied upon by the auditors.

(b) Sundry Creditors include Rs. 4 thousand (Previous Year Rs. 3 thousand) payable to "Suppliers" registered under the Micro, Small and Medium Enterprises Development Act, 2006. There is no principal amount overdue nor any interest has been paid / payable by the Company during the year to the "Suppliers" covered under the Micro, Small and Medium Enterprises Development Act, 2006. The above information takes into account only those suppliers who have responded to the inquiries made by the Company for this purpose.

4. Segment Information:

The Company operates in a single business segment i.e., Manufacturing of Peroxygens. Also it operates significantly in a single geographic segment viz India. Therefore, information required by the Accounting Standard on "Segment Reporting" (AS) – 17 are not applicable.

5. Sundry expenses include an amount of Rs. Nil (previous year – Rs. 83 thousand) paid to a firm in which partners of the audit firm are partners.

6. Additional Tax on dividend 2009-10 credit taken, Rs. 2,275 thousand (Previous Year Rs. Nil), pertains to the dividend tax paid by the Subsidiary Company on the dividend paid to Company as per Section 115(O)(1A) of the Income Tax Act, 1961.

7. Previous years figures have been regrouped where necessary to conform to current years presentation.

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Mar 31, 2010

As at As at 31.03.2010 31.03.2009 Rs.in 000 Rs.in 000 1.Contingent Liabilities:

(a)Estimated amount of Contracts remaining to be executed on Capital Account and not provided for (against 37,015 1,608 which advance paid Rs.2,300 thousand (Previous Year Rs.205 thousand)

(b)Income-tax matters in respect of earlier years under dispute as follows: Pending in appeal-matters decided against -- 4,772 the Company

(c)Excise Duties -Pending in appeal- matters decided against the Company 1,150 1,150

2.Out of the Deferred Revenue Expenditure recognised prior to 1st April,2003,Rs.932 thousand (Previous Year Rs.871 thousand) has been charged to the Profit and Loss Account upon payment.

3.(a)"The identification of vendors as a "Supplier"under Micro,Small and Medium Enterprises Development Act,2006 has been done on the basis of information to the extent provided by the vendors to the company.This has been relied upon by the auditors.

(b)Sundry Creditors include Rs.3 thousand (Previous Year Rs.Nil)payable to "Suppliers"registered under the Micro,Small and Medium Enterprises Development Act,2006.There is no principal amount overdue nor any interest has been paid /payable by the Company during the year to the "Suppliers"covered under the Micro,Small and Medium Enterprises Development Act,2006.The above information takes into account only those suppliers who have responded to the inquiries made by the Company for this purpose.

4.Segment Information:

The Company operates in a single business segment i.e.,Manufacturing of Peroxygens.Also it operates significantly in a single geographic segment viz India.Therefore,information required by the Accounting Standard on "Segment Reporting"(AS)-17 has not been furnished.

5.Sundry expenses includean amount of Rs.83 thousand (Previous Year -Rs.88 thousand)paid to a firm inwhich partners of the audit firm are partners.

6.Previous years figures have been regrouped where necessary to conform to current years presentation.