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Bombay Dyeing and Manufacturing Company

BSE: 500020|NSE: BOMDYEING|ISIN: INE032A01023|SECTOR: Textiles - Processing
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Notes to Accounts Year End : Mar '18

GENERAL INFORMATION ABOUT THE COMPANY

The Bombay Dyeing and Manufacturing Company Limited (the Company) was incorporated on August 23, 1879. It originated as an integrated textile mill however; it is currently engaged primarily in the business of Real Estate Development, Polyester Staple Fibre and Retail. The Company is a public company limited by shares, incorporated and domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).The Company’s registered office is at Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai -400001.

1 First Time Adoption of Ind AS Transition to Ind AS

The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 1, 2017, with a transition date of 1st April, 2016.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 31 March 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 specified under section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014 as amended and the provisions of the Act. (Previous GAAP) .

The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. The Company has prepared the opening balance sheet as per lnd AS as of April 1, 2016 by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in equity (retained earnings or another appropriate category of equity). This note explains the adjustments made by the Company in restating its financial statements prepared under previous GAAP, including the Balance Sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.

The exceptions and certain optional exemptions availed by the Company in accordance with the guidance provided in Ind AS 101, First Time Adoption of Indian Accounting Standards , and reconciliation of equity and total comprehensive income from previously reported GAAP to Ind AS are detailed below :

A. Exceptions and Exemptions 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 Mandatory Exceptions

A.1.1 Estimates

Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

- Investment in equity instruments carried at FVTPL or FVOCI; and

- Impairment of financial assets based on expected credit loss model.

A.1.2 De-recognition of financial assets and liabilities

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

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

A.1.3 Impairment of financial assets

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to lnd AS, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

A.2 Ind AS Optional Exemptions

A.2.1 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. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties. Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.

A.2.2 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 other than investments in subsidiaries, associates and joint ventures.

A.2.3 Business combinations

Ind AS 101 provides the option to apply Ind AS 103 prospectively from the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date. The Company elected to apply Ind AS 103 prospectively to business combinations occurring after its transition date. Business combinations occurring prior to the transition date have not been restated. The Company has applied same exemption for investment in associates and joint ventures.

A.2.4 Deemed Cost for Investments in associates and joint ventures

Ind AS 101 permits a first time adopter to continue previous GAAP carrying value for investment in equity instruments of subsidiaries, associates and joint venture. Accordingly, the Company has elected to apply the said exemption.

B Reconciliations between previous GAAP and Ind AS.

Ind AS requires an entity to reconcile equity, total comprehensive income and cash flows for the period before the reporting period. The following tables represents the reconciliation from previous GAAP to Ind AS

I. Reconciliation of Total Equity as at March 31, 2017 and April 1, 2016

II. Reconciliation of Total Comprehensive income for the year ended March 31, 2017

III. Adjustments to Statement of Cash Flows for the year ended March 31, 2017

The Ind AS adjustments are either non cash adjustments or are regrouping in the cash flows between operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended March 31, 2017 as compared with the previous GAAP.

Notes to the above reconciliations

a) Under previous GAAP, revenue from real estate development was recognized in accordance with Guidance note on Recognition of Revenue by Real Estate Developers [GN(A)23 (Issued 2006)] issued by ICAI as the project had commenced before April 1, 2012. The Company had converted freehold land for its ONE & TWO ICC Projects from Property, plant and equipment to Stock in trade at market value and the difference between the market value and cost had been credited to Revaluation Reserve. The revalued cost of the land was considered as part of the Budgeted & Actual cost incurred for calculation of Percentage Completion. Under Ind AS, the stock in trade needs to be carried at cost and hence, revaluation included in the stock in trade (cost of land) has been reversed resulting in changes to the Percentage of Completion of the project.

b) Under previous GAAP, the premium charged by the Company on sale of apartments under the deferred payment scheme (Subvention Scheme) compared to the price charged under the normal sales scheme was also considered as part of sales consideration and was recognised as revenue under the percentage of completion method. Under Ind AS, the Company is required to record any significant financing element in the sale price as separate interest income. Hence, the premium charged under deferred payment scheme has been recognised separately and is not considered for calculation of revenue based on Percentage Of Completion Method (POCM).

c) Under previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of financial statements were considered as adjusting events. Accordingly provision for proposed dividend was recognised as a liability. Under Ind AS such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend has been reversed with corresponding adjustment to retained earnings. Consequently the total equity increased by an equivalent amount.

d) Under previous GAAP, long term investments were measured at cost less diminution in value which is other than temporary diminution. Under Ind AS certain financial assets (equity investments in BBTCL, NPL and DB Realty Limited) are measured at fair value through Other Comprehensive Income which has resulted into an increase of equity by Rs.441.24 crores as at transition date.

Since the gain on sale of such shares was considered under previous GAAP in statement of profit and loss in 2016-17 ,the same has been reversed.

e) The Company has discontinued Hedge Accounting under Ind AS. Hence, Hedging Reserve created under Indian GAAP has been reversed in the reserves as on transition date.

f) Under previous GAAP, the provision was made when the receivable turned doubtful based on management assessment on case to case basis. Under Ind AS 109, the Company is required to apply “expected credit loss” model for recognizing the allowance for credit loss against trade receivables.

g) The Company has recognised costs related to its post-employment defined benefit plan on an actuarial basis, both under Ind AS and as per previous GAAP. Under previous GAAP, the entire cost, including actuarial gains and losses, are charged to statement of profit and loss. Under Ind AS 19, remeasurements [comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset) and the return on plan assets excluding amounts included in net interest on the net defined benefit liability (asset)] and their corresponding income tax effects are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through Other Comprehensive Income.

h) Under Indian GAAP, there are certain security deposits (refundable) taken which are carried at nominal value. Ind AS requires to measure these liabilities at fair value at inception and subsequently these assets are measured at amortized cost. At inception date, Company recognises the difference between deposit fair value and nominal value as Advance rent received and same is being recognised as rent income on straight line basis over the lease period. Further, Company recognises notional interest expense on these deposit over the lease term.

Similarly, in case of deposits given by the Company, difference between deposit fair value and nominal value is recorded as deferred lease expenses and same is being recognised as lease expenses on straight line basis over the lease period and the Company recognises notional interest income on these deposit over the lease term.

i) Under previous GAAP, there was no accounting for fair value of financial guarantees given. Financial guarantee given was disclosed under contingent liability and commitments. Under Ind AS the financial guarantees given on behalf of Joint ventures are fair valued on the date of giving the guarantee and subsequently unwound over the period of guarantee given.

a) The Company has given commercial premises on operating lease which form part of its premises at Neville House,Ballard Estate and C-1 Wadia International Centre, Worli. Refer note 57 for details of leasing arrangements.

b) The fair value of the investment properties as at March 31, 2018 and March 31, 2017 and April 01, 2016 has been arrived at on the basis of a valuation carried out by independent valuers registered with the authority which governs the valuers in India. All fair value estimates for investment properties are included in Level 2.

a) The value of inventories above is stated after impairment of Rs.9.37 crores (March 31, 2017 Rs.8.37 crores) (April 1, 2016 Rs.8.08 crores) for write down to net realisable value and provision for slow moving and obsolete items.

b) Real Estate development work-in-progress includes expenditure incurred by the Company on projects which are delayed or yet to be commenced. Management expects to commence these projects in the near future and does not expect any loss on this account.

c) Refer Note 42 for information on inventories pledged as security by the Company.

a) In determining the allowances for credit losses of trade receivables, the Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables that are due and rates used in the provision matrix.

(i) Reconciliation of credit loss allowance :

(ii) Ageing of trade receivables and credit risk arising there from is as below:

(b) Trade receivables includes Rs.42.01 crores (March 31, 2017 Rs.40.19 crores) (April 1, 2016 Rs.38.41 crores) due from a customer towards part compensation for sale of property, common area maintenance charges and project related costs. The receivables are under dispute and the matter has been referred to arbitration. Pending finalisation of arbitration proceedings, the receivables are considered good.

(c) Refer Note 42 for information on receivables pledged as security by the Company.

(a) Balances with banks in escrow accounts represents amounts held in escrow in accordance with the directions of the Monitoring Committee for redevelopment of land of Cotton Textile Mills.

(b) Bank deposits include restricted deposits as under :

- Fixed deposits under lien towards security for guarantees issued on behalf of the Company Rs.67.82 crores (March 31, 2017 Rs.38.05 crores) (April 1, 2016 Rs.4.76 crores).

- Short term deposits held in escrow accounts relate to amounts held under Escrow in accordance with the directions of the Monitoring Committee for redevelopment of land of Cotton Textile Mills Rs.33.81 crores (March 31, 2017 Rs.13.27 crores) (April 1, 2016 Rs.6.48 crores)

(c) Bank deposits with maturity less than twelve months is maintained with scheduled bank to be utilised for the repayment of public deposits.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Significant management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

As on March 31, 2018 the tax liability with respect to the dividends proposed is Rs.4.21 crores (March 31, 2017 : Rs.2.94 crores, April 1, 2016 : Rs.2.11 crores)

During the year, the Company has not accounted for tax credits in respect of Minimum Alternative Tax (MAT credit) of Rs. Nil (2016-17 : Rs.28.69 crores).The Company is not reasonably certain of availing the said MAT credit in future years against the normal tax expected to be paid in those years and accordingly has not recognised a deferred tax asset for the same.

Ranjangaon MIDC Leasehold Land and Building:

The Company had entered into an Agreement for Sale of the leasehold land and building at Ranjangaon in 2016-17 for total consideration of Rs.168.85 crores and had received advance of Rs.90.60 crores till 31st March, 2017. The Company received balance amount of Rs.78.25 crores and the transaction was completed during the year.

Ranjangaon Factory Plant and Machinery and Residual Spare Parts:

The Company had agreed to sell plant and machinery and spares of Ranjangaon for Rs.41.85 crores out of which the Company had received advance of Rs.21.14 crores in 2016-17. The balance amount of Rs.20.71 crore was received during the year and sale of assets was recorded.

Ranjangaon Freehold Land:

During the year, the Company had sold the Freehold Land at Ranjangaon to a party for total consideration of Rs.13.57 crores.

(b) Rights, preferences and restrictions attached to Equity shares

The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is eligible for one vote per share held. 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, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(d) Shares reserved for issue under options

Pursuant to the Employee Stock Option Scheme (ESOS) approved by the shareholders on 13th August, 2002 and as further amended by the shareholders on 07th August, 2012, the Company has granted 14,000 options, (70,000 options post sub-division) to the Ex-Joint Managing Director of the Company at an exercise price of Rs.528.25 (Rs.105.65 post sub-division) per share. As per the terms of the ESOS, the outstanding options have lapsed during the year ended 31st March 2017 and no options were outstanding as at 31st March 2017.

(e) Information regarding issue of shares during last five years

(i) No shares were allotted pursuant to contracts without payment being received in cash.

(ii) No bonus shares have been issued.

(iii) No shares have been bought back.

(f) Shares held in Abeyance

Under orders from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, - the allotment of 4640 shares (201617- 4640 shares) (2015-16- 4640 shares) of face value of Rs.2/- each against warrants carrying rights of conversion into equity shares of the Company has been kept in abeyance in accordance with section 206A of the Companies Act, 1956, till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges.

Nature and purpose of reserves

a) Capital Reserve

Capital Reserves represents amounts forfeited on warrants not exercised. There is no movement in Capital Reserve during the current and previous year.

b) Capital Redemption Reserve

The same was created in accordance with provisions of the Companies Act, 1956 on the buy back of equity shares from the market. As on April 1, 2016, Capital redemption reserve amounting to Rs.2.55 crores is adjusted in accordance with the scheme for amalgamation of subsidiary.

c) Securities premium reserve

Securities premium reserve represent premium on issue of shares on conversion of warrants. As on April 1, 2016, Securities premium reserve amounting to Rs.7.80 crores is adjusted in accordance with the scheme for amalgamation of subsidiary. There is no movement in securities premium reserve during the current and previous year.

d) Investment Reserve

Investment Reserve represents gain or loss on sale of investments. There is no movement in Investment Reserve during the current and previous year.

e) General Reserve

The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013. There is no movement in General Reserve during the current and previous year.

f) Equity instruments through Other comprehensive income

The fair value change of the equity instruments measured at fair value through other comprehensive income is recognised in Equity instruments through Other Comprehensive Income. On disposal, the cumulative fair value changes on the said instruments are reclassified to Retained Earnings.

g) Retained Earning

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

h) Dividends

The final dividend is recommended by the Board of Directors and is recorded in the books of account upon its approval by the shareholders. For the year ended March 31, 2017 dividend per share of Rs.0.70/- per Equity share of Rs.2/-each was declared and for the year ended March 31, 2018 dividend per share of Rs.1.00/- per Equity share of Rs.2/-each has been proposed by the Board of Directors.

a) Nature of Security and terms of repayment of secured borrowing:

From Banks :

i) Term loans aggregating Rs. Nil (March 31, 2017 Rs.185.22 crores) (April 1, 2016 Rs.403.85 crores) were secured by first / secondary pari-passu charge over the part of land of the Company at Textile Mills at Mumbai and plant & machinery, buildings and structure thereon. Repaid during the current year.

ii) Term loan amounting to Rs. Nil (March 31, 2017 Rs.59.16 crores) (April 1, 2016 Rs.105.39 crores) was secured by first pari-passu charge on Company’s plant and machinery at Textile Processing Unit at Ranjangaon and the Polyester Division at Patalganga and first pari-passu charge of portion of Spring Mills land & buildings and structure thereon. Repaid during the current year.

iii) Term loan amounting to Rs. Nil (March 31, 2017 Rs.16.90 crores) (April 1, 2016 Rs.26.10 crores) was secured by first pari-passu charge of rent receivables from premises given on lease by the Company and second charge of portion of Spring Mills land and buildings and structures thereon. Repaid during the current year.

iv) Term loan amounting to Rs. Nil (March 31, 2017 Rs.360.00 crores) (April 1, 2016 Rs.340.36 crores) were secured by first pari passu charge over part of land of the Company at Worli. Repaid during the current year.

v) Term loans amounting to Rs. Nil (March 31, 2017 Rs.627.15 crores) (April 1, 2016 Rs.567.14 crores) were secured by first pari-passu charge / escrow of receivables of One ICC and Two ICC Tower at Spring Mills, Dadar and first parsi passu charge over part of land of the Company at Textile Mills at Mumbai and buildings and structures thereon. Repaid during the current year.

vi) Term Loans aggregating Rs Nil (March 31, 2017 Rs. Nil) (April 1, 2016 Rs.7.80 crores) were secured by first pari passu charge on the Company’s existing as well as future fixed assets at Textile Processing Unit at Ranjangaon and the Polyester Division at Patalganga other than fixed assets charge exclusively to term lender.

vii) Term loan amounting to Rs. Nil (March 31, 2017 Rs. Nil) (April 1, 2016 Rs.66.53 crores) was secured by first pari-passu charge on Company’s plant & machinery at Textile Processing Unit at Ranjangaon and the Polyester Division at Patalganga.

From Other Parties :

i) Term loans aggregating Rs.829.54 crores (March 31, 2017 Rs. Nil) (April 1, 2016 Rs. Nil) are secured by way of registered mortgage of land underlying the project One ICC and Two ICC at Mumbai - along with the present and future unregistered flats thereon & exclusive charge by way of hypothecation on receivables arising out of all units from the project. Repayable in 24 equated monthly instalments commencing from November 2021.

ii) Term loans aggregating Rs.1400.47 crores (March 31,2017 Rs. Nil) (April 1,2016 Rs. Nil) are secured by way of mortgage of plot of land at Pandhurang Budhkar Marg, Worli along with the present and future development. The term loan has not been fully drawn as on March 31,2018. The repayment terms of the said loan are as under :-

b) Terms of repayment of unsecured borrowing:

Fixed Deposits from shareholders and public are repayable over a period of two years from the date of deposit, maturing between September 2018 and September 2019.

c) There is no default in terms of repayment of principal and interest.

d) Fixed Deposits include Rs.0.20 crores (March 31, 2017 : Rs.0.20 crores) (April 1, 2016 : Rs.0.10 crores) received from director.

e) The carrying amounts of financial and non financial assets covered as security for borrowings are disclosed in Note 42.

Nature of Security for Short term borrowings

i) Loans repayable on demand from banks is secured by first charge on entire current assets and fixed assets and by first charge over the Company’s land, building and structures at C-1,Wadia International Centre and Texturising Building at Worli. As on March 31, 2017 and as on April 1, 2016, loans repayable on demand from banks were under consortium arrangement and were secured by hypothecation of present and future stocks, book debts and other current assets on pari passu basis and a second charge over part of the land of the Company at Textile Mills at Mumbai admeasuring 89,819.85 square metres and plant and machinery and buildings thereon on pari passu basis.

ii) Packing credit from bank as on March 31, 2017 and as on April 1, 2016 was secured by way of registerd mortgage on the immovable properties in Wadia International Centre (Texturising Building and Hemming Building) located at Worli, Mumbai. Additionally, as on April 1, 2016 Packing credit from bank was secured by way of current assets of the Company (excluding the real estate division) and on the Textile mill land at Worli admeasuring 89,819.85 square metres and plant and building on pari passu basis with other lenders and was secured by first pari-passu charge over part of the land of the Company at Textile Mills at Mumbai and plant and machinery, buildings and structures thereon.

iii) Short term loans from banks is secured by first charge over the Company’s land, building and structures at C-1, Wadia International Centre and Texturising Building at Worli. As on March 31,2017 Short term loans from bank was secured by mortgage of the Company’s property ‘Jorbagh’ and first pari-passu charge over part of the Company’s land, building and structures at Worli.

iv) Buyer’s Credit as on March 31, 2017 and as on April 1, 2016 was secured by hypothecation of present and future stocks, book debts and other current assets on pari passu basis and a second charge over part of the land of the Company at Textile Mills at Mumbai admeasuring 89,819.85 square metres and plant and machinery and buildings thereon on pari passu basis and was secured by first pari-passu charge on land of the Company at Spring Mills at Mumbai admeasuring 36,617.13 square metres.

v) Inter corporate deposits were secured by pledge of 7,538,600 equity shares of Bombay Burmah Trading Company Limited as at March 31, 2017.

vi) Inter corporate deposits from related party :

vii) The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 42.

a) The Company has a joint venture (JV) in P. T. Five Star Textile, Indonesia (PTFS). Over the last few years, the Joint venture operations are running into losses and the Company has been making efforts to revive and make it a profitable operations. Despite all the efforts by the Company, the operations are not yielding desired results due to heavy competition and low cost imports from China and other parts, resulting into regular operating losses. Considering the financial risk, the chances of recovery of advances are doubtful, therefore the Company has assessed the overall exposure and has made necessary provision for its exposure in the JV. The Company has reported the provision as an exceptional items of Rs.153.25 crores (2016-17 : Rs.56.42 crores). The Company is taking strategic steps to mitigate any further losses from Joint Venture.

2 LITIGATIONS

(a) During the year 2010-11, the Company had agreed to sell certain area in the proposed tower TWO ICC to Shaan Realtors Pvt. Ltd., (formerly Accord Holding Pvt. Ltd.) (“the claimants”). The area agreed to be sold is under dispute and the matter was referred to arbitration. The arbitrator vide order dated January 13, 2014 passed the final award directing the company to allot to the claimants and/ or its associates, friends, nominees carpet area of 1,00,000 sq. ft. less the carpet area as already allotted to them in the proposed tower TWO ICC, namely additional carpet area of 48,495 sq. ft. The Company has filed an appeal in the Bombay High Court under section 34 of the Arbitration & Conciliation Act, 1996 against the said award, for which the hearings are in progress. The Company is confident that the final award passed by the learned arbitrator will get reversed in view of the strong merits in the case. However, the requisite area has been set aside by the Company and the total area to be allotted to the claimants will be accounted on disposal of the appeal filed in the High Court. No adjustment has been made in the financial statements in view of the uncertainty involved.

(b) The Bombay High Court vide its order dated November 20, 2013 permitted the Company to surrender land at one location i.e. Wadala, as per the application made by the company under integrated development scheme. As per this order, the total of 66,651 sq. metres of land has been surrendered to MCGM and MHADA at Island City Centre, Wadala. During the year 2013-14, the Union had filed a writ petition requiring the company to surrender non textile mill land. The Bombay High Court has directed the Company to reserve additional 10,000 sq. metres of land adjacent to the land to be surrendered. The Company believes that above said writ petition filed in Bombay High Court has no impact on the development of the two towers at ICC since the reserved land of 10,000 sq. metres is different from the one where construction of the two towers is in progress.

(c) The company had during the year 2010-11 sold the building known as ‘Wadia Tower A’ to Axis Bank Ltd for a consideration of Rs.782.62 crores. The purchaser has till date paid a sum of Rs.753.69 crores and the balance Rs.28.93 crores is still outstanding. Axis bank has claimed damages and interest for delayed handover, non completion of essential and basic amenities, failure to provide prominent signage, etc. and has not paid the common area maintenance charges amounting Rs.13.08 crores (As on March 31, 2017: Rs.11.26 crores) (As on April 1, 2016: Rs.9.48 crores). Since the matter could not be amicably resolved, the same was referred to arbitration. Claims from the Bank regarding costs for work completed by the Bank on behalf of the Company and by the Company on behalf of Axis Bank are also matters under arbitration. Pending finalisation of arbitration proceedings, the receivables are considered good.

3 Merger of Archway Investments Company Limited.

The Company’s wholly owned subsidiary Archway Investments Company Limited (“Archway”), a Non Banking Finance Company, has been amalgamated with the Company with effect from April 1, 2016 (“the appointed date”) in terms of the scheme of amalgamation (‘Scheme’) sanctioned by the National Company Law Tribunal (NCLT) vide its Order dated June 20, 2017. The Scheme became effective on June 28, 2017 when the sanction of the NCLT was received and certified copy of the same filed with the Registrar of Companies. Pursuant thereto all assets, investments, debts and liabilities of Archway have been transferred to and vested in the Company retrospectively from April 1, 2016. The Scheme has been accounted for under the ‘Pooling of Interests Method’ as prescribed under the scheme and in Appendix C of Ind AS 103 for business combinations of entities under common control. Since the subsidiary amalgamated was a wholly owned subsidiary of the Company, there was no exchange of shares to effect the amalgamation. The difference between the amounts recorded as investments of the Company and the amount of share capital and reserves of the aforesaid amalgamating subsidiary of Rs.10.35 crores has been adjusted in the reserves.

4 During the year 2000-01, pursuant to the scheme of amalgamation between Scal Investments Limited (SIL) and the Company, sanctioned by the jurisdictional court on April 20 , 2001, the assets, liabilities and reserves of SIL had been transferred to and vested in the Company with effect from October 1, 2000. The titles in respect of certain immovable properties amalgamated into the Company are still in the process of transfer.

5 The Company vide notice dated January 8, 2013 notified the closure of its textile mills manufacturing undertaking at Worli, pursuant to which some of the textile workers accepted alternate employment in the company and the remaining workers accepted closure of the undertaking and consequent termination of services under the memorandum of agreement signed by the Company with the workers union. In accordance with the agreement, the Company has paid / provided to such employees the terminal dues, closure compensation and ex-gratia compensation. Whilst some workers have accepted lump sum compensation, others have opted for a monthly payment up to age 63 or till demise, whichever is earlier. As at the time of the previous voluntary retirement schemes, the initial cost relating to ex-gratia compensation was added to the development cost of land. The liability in respect of the monthly payments as actuarially determined is as under:

6 Recognition of income and expenses on on-going real estate project under long term contracts is based on actual sales; estimated costs and work completion status. Determination of profits/ losses, the percentage of completion, costs to completion and realisability of the construction work in progress & unbilled revenues necessarily involves making estimates by the Company, some of which being of a technical nature. The effect of changes to such estimates is recognised in the period such estimates are determined. Profit from these contracts and valuation of construction work in progress / unbilled revenue is based on such estimates.

7 The company has agreed to sell several apartments in the proposed residential towers being constructed at Island City Centre to SCAL Services Ltd, in terms of various Memorandum of Understanding (MOUs) entered between the companies till March 31, 2018. Based on the method of accounting (percentage of completion) followed by company, net revenue of Rs.445.58 crores (2016-17: Rs.209.49 crores) and resultant profit before tax of Rs.257.04 crores (2016-17: Rs.223.26 crores) has been recognised during the year ended March 31, 2018 in respect of sales to SCAL. The company, had pursuant to SCALs request and considering the facts and circumstances including delays in construction, that led to SCALs inability to sell the flats, had granted SCAL deferment of milestone payments till June 2017 or till the sale of all unsold flats and also considering that SCAL was bulk customer who had purchased large number of flats and had not received the discounts given to other bulk purchaser, the Company reduced the advance consideration payable by SCAL to 10% (2016-17: 10%). Accordingly, progress payments have not been billed to SCAL during the year.

8 Pursuant to the Order of the Supreme Court dated August 2, 2013 and the Order of the Bombay High Court dated November 20, 2013 permitting the Company to surrender land at one location i.e. Spring Mills, Wadala, under the Integrated Development Scheme for consolidating handover obligation, the Company had in December 2014 given advance possession of 32,829.02 square metres of land to MCGM and 33,822.89 square metres of land to MHADA at Spring Mills, Wadala after completion of necessary boundary wall, and internal filling/ levelling, SWD, etc. as per the provisions of DCR 58 (6) read with DCR 58 (1) (a) & (b). Both MCGM and MHADA have taken advance possession of the said lands, pending completion of certain administrative formalities, which as per the company’s architect are routine.

As per the provisions of DCR 54 and as certified by the Company’s Architects, the Company is entitled to Development Rights (FSI) of 43,661.11 square metres generated in lieu of lands earmarked and handed over to MCGM for utilization by the owners on the said land and to Transferable Development Rights (TDR) of 44,984.44 square metres in lieu of lands earmarked and handed over to MHADA under the Integrated Development Scheme as per the provisions of DCR 58.

Since physical possession of the earmarked lands is handed over and Advance Possession Receipts obtained from MCGM and MHADA, the Company had during 2014-15 recognized the entitlement of additional Development Rights (FSI) available for its own use and accordingly converted the same into stock in trade at cost. The Transferable Development Rights (TDR) will be recognised on receipt of TDR certificates.

9 Disclosure in respect of Guidance note issued by Institute of Chartered Accountant of India on “Accounting for Real Estate Transaction (Ind AS)”

10 a) The remuneration paid to Managing Director amounting to Rs.6.81 crores for the year ended March 31, 2018 is within the limits laid down in section 197 of the Companies Act, 2013.

b) The remuneration paid to the Managing Director for the year ended March 31, 2017 is in excess of the limits laid down in section 197 of the Companies Act, 2013 by Rs.4.29 crore. The Company had applied to the Central Government under sections 196, 197, 198 & 200 read with Schedule V to the Companies Act, 2013 for permission to pay remuneration in excess of the prescribed limits. The Company has received an approval from the Central Government dated June 21, 2017, for payment of remuneration amounting to Rs.2.12 crores only as against Rs.6.41 crore applied for. The Company has made a fresh application to the Central Government with a request to reconsider the amount approved. Pending such representation, the excess amount is held by the Managing Director in trust for the Company.

11 Employee Benefits

A Defined Contribution Plan Provident Fund and pension

In accordance with the Employee’s Provident Fund and Miscellaneous Provisions Act, 1952 eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary.

The contributions, as specified under the law, are made to the provident fund set up as an irrevocable trust by the Company, post contribution of amount specified under the law to Employee Provident Fund Organisation on account of employee pension scheme.

Superannuation Fund

The Company has a superannuation plan for the benefit of some of its employees. Employees who are members of the defined benefit superannuation plan are entitled to benefits depending on the years of service and salary drawn. Separate irrevocable trusts are maintained for employees covered and entitled to benefits. The contributions are recognised as an expense as and when incurred and the Company does not have any further obligations beyond this contribution.

The Company has recognized the following amounts in the statement of profit and loss under contribution to provident and other funds as under:

B Defined benefit Plan Retirement Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump-sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes annual contributions to gratuity funds established as trusts or insurance companies. The Company accounts for the liability for gratuity benefits payable in the future based on an actuarial valuation.

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

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

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

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

Qualitative Disclosures - Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (funded). The Company’s defined benefit gratuity plan is a final salary plan for employees, which requires contributions to be made to a separately administered fund.

The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy.”

- Risks associated with defined benefit plan

- Gratuity is a defined benefit plan and Company is exposed to the Following Risks:

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

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

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

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

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

- During the year, there were no plan amendments, curtailments and settlements.

- A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided by rule 103 of Income Tax Rules, 1962.

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

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

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

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

Qualitative Disclosures

- Characteristics of defined benefit plan

The Company has a defined benefit Long Service Benefit plan in India (unfunded). The company’s defined benefit Long Service Benefit plan is a final salary plan for employees.

Long Service Benefit is paid from company as and when it becomes due and is paid as per company scheme for Long Service Benefit.

- Risks associated with defined benefit plan

Long Service Benefit is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the Government Securities Rate will increase the present value of the liability requiring higher provision.

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

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Company has to manage pay-out based on pay as you go basis from own funds.

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

- During the year, there were no plan amendments, curtailments and settlements.

- Long Service Benefit plan is unfunded.

C Other long term benefits-

Amount recognised as a liability in respect of compensated leave absences as per the actuarial valuation / management estimate as on March 31, 2018 is Rs.8.23 crores [As on March 31, 2017 - Rs.8.91 crores] [As on April 1, 2016: Rs.8.54 crores].

12 CURRENT LIABILITIES

The amount of dues owed to Micro, Small and Medium Enterprises as on March 31, 2018 amounted to Rs.2.02 crores (March 31, 2017- Rs.0.11 crores). This amount has been outstanding for more than 45 days at the Balance Sheet date. The information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

DISCLOSURE UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Company has sought confirmation from vendors whether they fall in the category of Micro, Small and Medium Enterprises. Based on the information available the required disclosure under Micro, Small and Medium Enterprises Development Act, 2006 is given below:

13 The Company had introduced the Employee Stock Option Scheme (ESOS) as approved by the shareholders at the Annual General Meeting held on August 13, 2002. The scheme was amended by the shareholders at the Annual General Meeting held on July 23, 2004 to incorporate the amendments under The Stock Option Guidelines vide SEBI circular dated June 30, 2003. The scheme was further amended by the shareholders at the Annual General Meeting held on August 7, 2012 wherein the exercise price shall be based on the market price as defined in the SEBI (Employee Stock Option Scheme) Guidelines 1999 i.e. at the latest available closing market price on the stock exchange having highest trading volume prior to the date of the meeting of the Board of Directors or Remuneration / Compensation Committee in which options were granted.

As per the Scheme, the Remuneration / Compensation Committee grants options to the employees and Whole-time Directors of the Company. The vesting period of the option is one year from the date of grant. Options granted under the Scheme can be exercised within a period of three years from the date of vesting. Vesting of an option is subject to continued employment.

On August 7, 2012, the Board of Directors had granted 14,000 stock options (70,000 stock options post sub-division) to the Ex - Joint Managing Director of the Company at an exercise price of Rs.528.25 (Rs.105.65 post subdivision) per share for the years 2011-12 and 2012-13 which options have vested on August 7, 2013. Consequent upon the sub-division of shares on and from October 31, 2012, the number of options and the exercise price have been appropriately adjusted. The said options have lapsed on August 7, 2016.

Method used for accounting of share based payment plan:

Options have been valued based on Fair Value Method of accounting as described under Guidance Note on Accounting for Employee Share-based Payments using Black-Scholes valuation option-pricing model, using the market values of the Company’s shares as quoted on the National Stock Exchange. On the basis of the calculation of the stock based compensation as per the Fair Value method prescribed by Securities and Exchange Board of India, the total cost to be recognised in the financial statements as on April 1, 2016 and for the period April 1, 2016 to August 7, 2016 is Nil.

14 OPERATING LEASE

(a) The Company has taken certain motor vehicles, retail shops and godown on operating lease. The particulars in respect of such leases are as follows:

(iii) The lease agreements are for a period of four years for vehicles, for a period of one to nine years for retail shops including further periods for which the Company has the option to continue the lease of retail shops with the condition of increase in rent and for a period of five years for godowns.

(b) The Company has given commercial space on operating lease. The lease agreements are for a period of one to four years. The particulars in respect of such leases are as follows:-

15 CORPORATE SOCIAL RESPONSIBILITY STATEMENT (CSR)

The Company was required to spend Rs. Nil (2016-17 Rs.0.04 crores) towards CSR during the year in accordance with the provisions of Section 135 of the Companies Act, 2013. The Company has spent Rs.0.04 crores (2016-17: Rs. Nil) on CSR activities during the year.

16 FINANCIAL INSTRUMENTS

A. Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. Financial assets and financial liabilities such as cash and cash equivalents, other bank balances, trade receivables, loans, trade payables and unpaid dividends of which the carrying amount is a reasonable approximation of fair value due to their short term nature, are disclosed at carrying value.

B. Fair Value Hierarchy

The fair value of financial instruments as referred to in note (A) above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

Level 1 : quoted prices (unadjusted) in active market for identical assets or liabilities

Level 2 : inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 : inputs for the asset or liability that are not based on observable market data (unobservable inputs)

C. Measurement of Fair Values

Valuation techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 1 and Level 2 fair values, as well as the significant unobservable inputs used.

Financial instruments are measured at fair value

17 FINANCIAL RISK MANAGEMENT

The Company’s activities expose it to market risk, credit risk and liquidity risk. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

i) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the market prices. The Company is exposed in the ordinary course of its business to risks related to changes in foreign currency exchange rates and interest rates.

(a) Foreign Currency Exchange Risk

The Company’s functional currency is Indian Rupees (INR). The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. Volatility in exchange rates affects the Company’s revenue from exports markets and the costs of imports, primarily in relation to raw materials with respect to the US-dollar.

Adverse movements in the exchange rate between the Rupee and the relevant foreign currency results in increase in the Company’s overall debt position in Rupee terms without the Company having incurred additional debt.

In order to minimize adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are entered to hedge foreign currency exchange risk. All hedging activities are carried out in accordance with the Company’s internal Forex Risk Management Policy, as approved by the management, and in accordance with the applicable regulations where the Company operates.

The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

Foreign currency risk exposure:

The Company’s exposure to foreign currency risk at the end of the reporting period expressed in INR (‘in crores) are as follows

(b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Interest rate risk exposure

The Company’s variable rate borrowing is subject to interest rate. Below is the overall exposure of the borrowing:

Sensitivity

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates. If, the interest rates had been 100 basis points higher/ lower and all other variables were held constant, the Company’s profit for the year ended March 31, 2018 would (decrease)/ increase by Rs.27.22 crores (for the year ended 31 March 2017: (decrease)/ increase by Rs.25.42 crores).

(c) Price risk

Exposure

The Company is exposed to equity price risks arising from equity investments. Equity investments were held for strategic rather than trading purposes. The Company does not actively trade in these investments.

Sensitivity

Following is the sensitivity analysis as a result of the changes in fair value of equity investments measured at FVTOCI, determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher/ lower, other comprehensive income would increase/ (decrease) as follows for:

The year ended March 31, 2018 : by Rs.47.47 crores The year ended March 31, 2017 : by Rs.38.61 crores

ii) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral viz security deposit or bank guarantee, where appropriate, as a means of mitigating the risk of financial loss from defaults.

Company’s credit risk arises principally from the trade receivables, loans, investments, cash & cash equivalents, derivative financial instruments and financial guarantees.

a) Trade receivables:

Customer credit risk is managed by the Company and is subject to established policy, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring the credit worthiness of the customers to which the Company extends the credit in the normal course of the business. Credit risk on receivables is also mitigated by securing the same against letters of credit and guarantees of reputed nationalised and private sector banks. The outstanding trade receivables are regularly monitored and appropriate action is taken for collection of overdue receivables.

In determining the allowances for credit losses of trade receivables, the company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables that are due and rates used in the provision matrix.

b) Loans and investments:

The Company’s centralised treasury function manages the financial risks relating to the Business. The treasury function focuses on capital protection, liquidity and yield maximisation. Investments of surplus funds are made only in approved counterparties within credit limits assigned for each of the counterparty. Counterparty credit limits are reviewed and approved by the Finance Committee of the Company. The limits are set to minimise the concentration of risks and therefore mitigate the financial loss through counterparty’s potential failure to make payments.

c) Cash and cash equivalents, derivative financial instruments and financial guarantees:

Credit risks from balances with banks and financial institutions are managed in accordance with the Company policy. For derivative financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks and financial institutions having high credit-ratings assigned by credit-rating agencies.

In addition, the Company is exposed to credit risk in relation to financial guarantees given to banks and other counterparties. The Company’s maximum exposure in this respect is the maximum amount the Company would have to pay if the guarantee is called upon.

iii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds for short term operational needs as well as for long term capital expenditure growth projects. The Company generates sufficient cash flow for operations, which together with the available cash and cash equivalents, marketable securities and short term and long term borrowings provide liquidity. The Company has established an appropriate liquidity risk management framework for the management of the Company’s short, medium and long term funding and liquidity risk management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows.

To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

18 The Company is engaged in the business of Real Estate, Polyester and Retail / Textile. In accordance with Ind AS 108 “Operating Segments”, the Company has presented segment information in the consolidated financial statements, which form part of this report and therefore no seperate disclosure on segment information is given in these financial statements.

19 Dividend

The Board of Directors of the Company have recommended a dividend of 50% (Rs.1.00/- per equity share of Rs.2 each) for the financial year ended March 31, 2018.

20 Subsequent Events

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

21 The financial statements were authorised for issue by the Board of Directors on May 14, 2018.

21 General

a) All amounts disclosed in the financial statements and notes have been rounded off to the nearest crore upto two decimals as per the requirements of Schedule III, unless otherwise stated.

b) Figures for the previous year have been regrouped / restated wherever necessary to conform to current year’s presentation.

Source : Dion Global Solutions Limited
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