162
Mercator LimitedAnnual Report 2017-18
Read Inside
FORWARD–LOOKING STATEMENTThis report and other statements – written and oral – that we periodically make contain forward–looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.
Corporate Overview
Corporate Information 1
Executive Chairman & CEO’s Insight
2
Statutory Reports
Notice 5
Directors' Report 10
Report on Corporate Governance
38
Management Discussion & Analysis
50
Financial Reports
Standalone Financials 55
Consolidated Financials 105
This report and other statements – written and oral – that we periodically make contain forward–looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialiseunderlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.
Corporate InformationStakeholders’ Relationship CommitteeMr. M. M. AgrawalChairmanMrs. Archana MittalMemberMr. H. K. MittalMember
Chief Executive OfficerMr. Shalabh Mittal
Chief Financial OfficerMr. Rajendra Kothari(w.e.f. February 1, 2018)Mr. Kiran Vaidya(w.e.f May 30, 2017 upto January 31, 2018)Mr. Prasad Patwardhan(upto May 29, 2017)
Board of DirectorsMr. H. K. MittalExecutive ChairmanMrs. Archana Mittal
Mr. M. M. Agrawal
Mr. Anil Khanna(w.e.f. November 21, 2017)Mr. Chetan Desai(w.e.f. April 27, 2018)Mr. Paritosh Kakkad(w.e.f. April 27,2018)Mr. Desh Raj Dogra(upto January 8, 2018)Mr. Gunender Kapur (upto May 28, 2018)
BankersState Bank of India
ICICI Bank Ltd
Axis Bank Ltd
HDFC Bank Ltd
Yes Bank Ltd
Kotak Mahindra Bank Ltd
IDBI Bank Ltd
DBS Bank Ltd
Export-Import Bank of India
Corporate Identification Number (CIN)L63090MH1983PLC031418
Registered Office3rd Floor, Mittal Tower, B-Wing, Nariman Point, Mumbai- 400 021Tel: +91-22-66373333/40373333 Fax: +91-22-66373344Website: www.mercator.in Email: [email protected]/[email protected]
Registrar & Transfer Agent Link Intime India Pvt. Ltd.C101, 247 Park, L.B.S. Marg, Vikroli (West), Mumbai- 400 083Tel: +91-22-49186000 Fax: +91-22-49186060 Email: [email protected]
Audit CommitteeMr. M. M. AgrawalChairmanMr. H. K. MittalMemberMr. Chetan DesaiMemberMr. Paritosh KakkadMemberMr. Anil KhannaMember
Company SecretaryMr. Suhas Pawar(upto March 26, 2018)
Auditors M/s CNK & Associates LLP(upto September 15, 2017) (Retiring Auditor)
M/s. Singhi & Co.(w.e.f. September 15, 2017)
Email: [email protected]
Strategising for the Next Phase
Dear Shareholders,
It gives me immense pleasure to present to you, the annual report for FY18. Despite the operational challenges in a few business segments & the structural shifts in our operating environments, our company has remained steadfast in its commitment to business excellence by staying true to our core values of doing things differently and honouring commitments with great perseverance.
Our journey began in 1983 as a private shipping company and I seek great delight in witnessing its transformation into an energy focused conglomerate. Over the last few years, our company has faced certain headwinds, on its path to success. I believe, however, that the next few years will be truly remarkable for Mercator, marked by improved financials, stronger corporate governance and better returns on capital. I am excitedly looking forward to this very fulfilling journey of transformation and am thankful for your continued support..
Warm regards,
H.K. Mittal Executive Chairman
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Dear Shareholders,
FY18 proved to be a year of deep introspection on my part and the consolidation of each segment of our business. We witnessed a few operational challenges in our business and structural shifts in our operating environment in the period between FY16 and FY18. In line with the changing business environment, we decided to strategically modify our business model such that FY19 and FY20 become years of superior growth.
A key achievement in FY18 was the swift progress in developing our oil & gas segment, for which we had declared commerciality only in August 2017. The Field Development Plans (FDP) for 23 Miliion barrels of oil in the two oil fields in the Cambay Basin, Jyoti I & II, were submitted and approved. We achieved trial production in the two fields at the end of FY18 and have since, received the mining lease to commence commercial production. Jyoti I & II will produce high-quality light-weight crude, which will sell at a premium. We aim to close FY19 at a production rate of ~5,500 barrels of oil per day. This segment is expected to be our largest growth driver in future with ~35% of FY20’s EBITDA contribution coming from oil & gas. With the MoU with Indian Oil Corporation Limited (IOCL) for crude oil sales already in place, we are projecting a production of ~2 Miliion barrels of oil by FY20.
Our coal business witnessed a roadblock in the first half of FY18, which led to temporary disruptions in operations. We had to replace the entire management team at our Indonesian headquarters due to reports of business irregularities and misappropriations. We halted mining activities towards the middle of the3rd quarter to ensure a complete cleanup. However, we are were able to resume operations within a short period and fully ramped up production
by the end of Q4. I am happy to report that we are currently achieving all-time high production and dispatch levels. We expect FY19 coal production at close to 2 Million tonnes with a 60:40 split between the 3,700/3,800 Kcal and the 4,200 Kcal coal. By FY20, the higher quality of coal reserves i.e. the 4,200 Kcal will have a 50% share in the total production, bringing better realisations for the business. By end of FY19 we also expect to increase volumes of dispatch from third-party customers using our coal infrastructure and jetty.
Dredging continues to be a key focus area for us, we consciously moved towards bidding for higher margin contracts in the dredging segment during FY18. We have a large order pipeline of over ₹156 Crore for FY19 and continue to maintain our bidding success rate of more than 50%. The recent announcements by the Government of India with regards to National Waterways development, building of new ports and dredging of key rivers like the Ganga augurs well for the dredging sector in India. In our quest for higher margin and long-term contracts, we are also now bidding for contracts in other Asian countries.
In the shipping business, we monetised our aged fleet during the year. While all our vessels except the VLCC will remain 100% operational, FY19 is still expected to be a slightly tough year
for the shipping sector due to pressure on global charter and VLCC rates. By FY20, we expect the demand-supply gap in the global tanker industry to narrow significantly, which will aid the rebound in VLCC charter rates and subsequently, infuse new life into our shipping business.
After several years of considerable strategic efforts, we are now a stronger, well diversified and a more productive organisation. The results of our efforts will be seen from H2 of FY19 onwards. We believe that FY20 will be the year of superior growth with targeted revenues of ₹1,450-₹1,550 Crore, EBITDA of ₹600-₹630 Crore and EBITDA margins of more than 35%. This growth will be supported by full stream operations of the oil and gas segment and scaling of our coal business.
I look forward to working with our committed and empowered management team and supporting them as we pursue continued growth. We are focussed on high standards of corporate governance, and creating meaningful sustainable value for our shareholders. I look forward to your continued support.
Warm regards,
Shalabh MittalChief Executive Officer
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7. Members, who hold shares in de-materialized form &$#!$#^7#.'#,!'(!0$*42!'/#*$!L9*#4'!KQ!&4,!Q`!KQ!U(.H!for easier identification of attendance at the meeting.
EH! K4!'#$+.!(;!?#%'*(4!DCD!&4,!DFB!(;!'/#!L(+@&4*#.!8%'>!ACDF!$#&,!'(2#'/#$!<*'/!'/#!P79#.!+&,#!'/#$#74,#$>!'/#! %(@1! (;! '/#! 8447&9! P#@($'! *4%97,*42! 6*4&4%*&9!.'&'#+#4'.>! M(&$,e.! $#@($'! #'%H! &4,! '/*.! U('*%#! &$#!0#*42!.#4'!01!#9#%'$(4*%!+(,#>!'(!'/(.#!+#+0#$.!</(!/&3#! $#2*.'#$#,! '/#*$! #+&*9! KQ.! <*'/! '/#*$! $#.@#%'*3#!,#@(.*'($1!@&$'*%*@&4'.!($!<*'/!'/#!P#2*.'$&$!&4,!?/&$#!5$&4.;#$!82#4'!(;!'/#!L(+@&41>!749#..!&41!+#+0#$!/&.!$#^7#.'#,!;($!&!@/1.*%&9!%(@1!(;! '/#!.&+#H!"#+0#$.!</(!/&3#!4('!$#2*.'#$#,!'/#*$!#+&*9!&,,$#..!.(!;&$!&$#!$#^7#.'#,!'(!$#2*.'#$!'/#*$!#+&*9!&,,$#..!;($!$#%#*3*42!&99!%(++74*%&'*(4.! *4%97,*42!8447&9!P#@($'>!U('*%#.>!L*$%79&$.!#'%H!;$(+!'/#!L(+@&41!#9#%'$(4*%&991H!K4!%&.#!1(7!<*./!'(!2#'!&!@/1.*%&9!%(@1!(;!'/#!8447&9!P#@($'>!1(7!+&1!.#4,!1(7$!$#^7#.'!'(!*43#.'($.h+#$%&'($H*4!+#4'*(4*42!1(7$!6(9*(!c!Q`!KQ!f!L9*#4'!KQH
WH! P#9#3&4'!,(%7+#4'.!$#;#$$#,!'(!*4!'/#!&%%(+@&41*42!U('*%#!&4,!'/#!?'&'#+#4'!&$#!(@#4!;($! *4.@#%'*(4!01!the members at the Registered Office of the Company (4!&99!<($d*42!,&1.!,7$*42!07.*4#..!/(7$.!7@! '(! '/#!,&'#!(;! '/#!"##'*42H!P#9#3&4'!,#'&*9.! *4! '#$+.!(;! '/#!P#279&'*(4! FBTFO! (;! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,!Q*.%9(.7$#!P#^7*$#+#4'.O!P#279&'*(4.>!ACDX!*4!$#.@#%'!of Directors seeking appointment and re-appointment &'!'/#!8447&9!:#4#$&9!"##'*42!*.!@$(3*,#,!&4,!;($+.!@&$'!(;!'/#!U('*%#H
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DDH! K4! %&.#! (;! i(*4'! /(9,#$.! &''#4,*42! '/#! "##'*42>! '/#!member whose name appears as first holder in the ($,#$! (;! 4&+#.! &.! @#$! P#2*.'#$! (;! "#+0#$.! (;! '/#!L(+@&41!<*99!0#!#4'*'9#,!'(!3('#H
5/#! $#9#3&4'! ,#'&*9.! (;! Q*$#%'($T.O! .##d*42! &@@(*4'+#4'! c!re-appointment at the Annual General Meeting as required 74,#$! P#279&'*(4! FB! TFO! (;! '/#! )*.'*42! P#279&'*(4.! &4,!?#%$#'&$*&9!?'&4,&$,!A!*..7#,!01!'/#!K4.'*'7'#!(;!L(+@&41!?#%$#'&$*#.!(;!K4,*&!&$#!&.!74,#$G
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AFcCXcDWEE ADcDDcACDV AVcCIcACDE AVcCIcACDE
Qualifications "&.'#$.! ;$(+! K4,*&4! K4.'*'7'#!(;!5#%/4(9(21!TKK5O>!P(($d##
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J7.0&4,! (;! "$.H! 8$%/&4&!Mittal, Non-Executive Director &4,! 6&'/#$! (;! "$H! ?/&9&0/!"*''&9>!L\]
UH8H UH8H UH8H
Tj!,#'&*9.!2*3#4!/#$#*4&0(3#!&$#!&.!(4!"&1!AE>!ACDEO
DAH! K4! '#$+.! (;! .#%'*(4! DCE! (;! '/#! L(+@&4*#.! 8%'>! ACDF!$#&,! <*'/! P79#! AC! (;! '/#! L(+@&4*#.! T"&4&2#+#4'!&4,! 8,+*4*.'$&'*(4O! P79#.>! ACDI! &4,! P#279&'*(4! II!(;! '/#! )*.'*42! P#279&'*(4.>! '/#! L(+@&41! *.! @$(3*,*42!facility to exercise votes on the items of business 2*3#4! *4! '/#!4('*%#! '/$(72/!#9#%'$(4*%! 3('*42! .1.'#+>!'(!+#+0#$.!/(9,*42!./&$#.!&.!(4!?#@'#+0#$!AC>!ACDE!being the cutoff date (“cut off date” for the purpose of Rule 20(4)(v)(f) (D) & 20(4)(vii) of the said Rules) fixed ;($!,#'#$+*4*42!3('*42! $*2/'.!(;!+#+0#$.!#4'*'9#,! '(!participate in the e-voting process through the e-voting @9&';($+! @$(3*,#,! 01! L#4'$&9! Q#@(.*'($1! ?#$3*%#.!TK4,*&O! )*+*'#,! TLQ?)OH! 5/#! +#+0#$.! +&1! %&.'! '/#*$!3('#.! (4! #9#%'$(4*%! 3('*42! .1.'#+! ;$(+! @9&%#! ('/#$!than the venue of the meeting (remote e-voting). The remote e-voting period will commence at 9.00 a.m. on ?74,&1>!?#@'#+0#$!AF>!ACDE!&4,!<*99!#4,!&'!XHCC!@H+H!on Tuesday, September 25, 2018. The remote e-voting <*99! 4('! 0#! &99(<#,! 0#1(4,! '/#! &;($#.&*,! ,&'#! &4,!
time and the e-voting module shall be disabled upon expiry of aforesaid period. The Members attending the AGM who have not cast their vote by remote e-voting ./&99! 0#! #9*2*09#! '(! 3('#! &'! '/#! 8:"H! 5/#! L(+@&41!/&.!&@@(*4'#,!"$H!J&$#./! k&4*>!`$(@$*#'($>!`$&%'*%*42!L(+@&41! ?#%$#'&$*#.! T"#+0#$./*@!U(H! 6L?! IXVCO! ($!;&*9*42! /*+>! ".H! 8./<*4*! Q#.&9#>! `$&%'*%*42! L(+@&41!?#%$#'&$1!T"#+0#$./*@!U(H!8L?!AXDWDO>!'(!&%'!&.!'/#!?%$7'*4*g#$>! ;($! %(4,7%'*42! '/#! .%$7'*41! (;! '/#! 3('#.!%&.'H!5/#!"#+0#$.!,#.*$*42!'(!3('#!'/$(72/!#9#%'$(4*%!mode may refer to the detailed procedure on e-voting 2*3#4!/#$#*4&;'#$H
& U3":%F#3%&-"3&A"$4,5&$*3"#5*&%1%:$3",4:&?"F%6
! K4! %(+@9*&4%#! <*'/! '/#! @$(3*.*(4.! (;! P#279&'*(4!II! (;! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,! Q*.%9(.7$#!P#^7*$#+#4'.O! P#279&'*(4.>! ACDX! &4,! ?#%'*(4! DCE!(;! '/#!L(+@&4*#.!8%'>!ACDF!$#&,!<*'/!P79#!AC!(;! '/#!
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L(+@&4*#.! T"&4&2#+#4'! &4,! 8,+*4*.'$&'*(4O! P79#.>!ACDI>! '/#!"#+0#$.! &$#! @$(3*,#,! <*'/! '/#! ;&%*9*'1! '(!cast their vote electronically, through the e-Voting ?#$3*%#.!@$(3*,#,!01!LQ?)!(4!&99!$#.(97'*(4.!.#'!;($'/!*4! '/*.!U('*%#H!"#+0#$.! &$#! $#^7#.'#,! '(! ;(99(<! '/#!instructions for e-voting as under:
&O! 5/#! 3('*42! @#$*(,! 0#2*4.! (4! ?74,&1>! ?#@'#+0#$! AF>!ACDE! &'! WGCC! &H+H! &4,! #4,.! (4! 57#.,&1>! ?#@'#+0#$!AX>!ACDE!&'!XGCC!@H+H!Q7$*42!'/*.!@#$*(,!+#+0#$.!(;!'/#!L(+@&41>!/(9,*42!./&$#.!#*'/#$!*4!@/1.*%&9!;($+!($!in dematerialized form, as on the cut-off date (record ,&'#O! (;! ?#@'#+0#$! AC>! ACDE! +&1! %&.'! '/#*$! 3('#!electronically. The e-voting module shall be disabled 01!LQ?)!;($!3('*42!'/#$#&;'#$H
b) The members should log on to the e-voting website <<<H#3('*42*4,*&H%(+H
%O! L9*%d!(4!Y?/&$#/(9,#$.Z!'&0!'(!%&.'!1(7$!3('#H
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a. For CDSL: 16 digits beneficiary ID,
0H! 6($!U?Q)G!E!L/&$&%'#$!Q`!KQ!;(99(<#,!01!E!Q*2*'.!L9*#4'!KQ>
%H! "#+0#$.!/(9,*42!./&$#.!*4!`/1.*%&9!6($+!./(79,!#4'#$!6(9*(!U7+0#$!$#2*.'#$#,!<*'/!'/#!L(+@&41H
e) Next enter the Image Verification as displayed and L9*%d!(4!)(2*4H
;O! K;!1(7!&$#!/(9,*42!./&$#.!*4!,#+&'!;($+!&4,!/&,!9(22#,!(4! '(!<<<H#3('*42*4,*&H%(+!&4,!3('#,!(4!&4!#&$9*#$!voting of any company, then your existing password is '(!0#!7.#,H
g) If you are a first time user follow the steps given below:
>"3&?%?G%3H&*"1F4,5&H*(3%H&4,&F%?($&-"3?&(,F&)*<H4:(1&-"3?
`8U Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both demat ./&$#/(9,#$.!&.!<#99!&.!@/1.*%&9!./&$#/(9,#$.Ol! "#+0#$.! </(! /&3#! 4('! 7@,&'#,! '/#*$! `8U!
<*'/! '/#! L(+@&41cQ#@(.*'($1! `&$'*%*@&4'! &$#!$#^7#.'#,!'(!7.#!'/#!.#^7#4%#!47+0#$!</*%/!*.!@$*4'#,!(4!8''#4,&4%#!?9*@!*4,*%&'#,!*4!'/#!`8U!field.
Q&'#!(;!M*$'/!TQ]MO
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Q*3*,#4,!M&4d!Q#'&*9.
\4'#$!'/#!Q*3*,#4,!M&4d!Q#'&*9.!&.!$#%($,#,!*4!1(7$!,#+&'! &%%(74'! ($! *4! '/#! %(+@&41! $#%($,.! ;($! '/#!.&*,!,#+&'!&%%(74'!($!;(9*(Hl! `9#&.#!#4'#$! '/#!Q]M!($!Q*3*,#4,!M&4d!Q#'&*9.!
*4! ($,#$! '(! 9(2*4H! K;! ,#'&*9.! &$#! 4('! $#%($,#,!<*'/! ,#@(.*'($1! ($! %(+@&41! @9#&.#! #4'#$! '/#!+#+0#$!*,!c!;(9*(!47+0#$!*4!'/#!Q*3*,#4,!M&4d!details field as mentioned in instruction (iv).
/O! 8;'#$! #4'#$*42! '/#.#! ,#'&*9.! &@@$(@$*&'#91>! %9*%d! (4!Y?_M"K5Z!'&0H
*O! "#+0#$.! /(9,*42! ./&$#.! *4! @/1.*%&9! ;($+! <*99! '/#4!,*$#%'91!$#&%/!'/#!L(+@&41!.#9#%'*(4!.%$##4H!J(<#3#$>!
+#+0#$.!/(9,*42!./&$#.!*4!,#+&'!;($+!<*99!4(<!$#&%/!l`&..<($,!L$#&'*(4e!+#47!</#$#*4! '/#1!&$#! $#^7*$#,!'(!+&4,&'($*91!#4'#$!'/#*$! 9(2*4!@&..<($,!*4!'/#!4#<!password field. Kindly note that this password is '(! 0#! &9.(! 7.#,! 01! '/#! ,#+&'! /(9,#$.! ;($! 3('*42! ;($!$#.(97'*(4.!(;!&41!('/#$!%(+@&41!(4!</*%/! '/#1!&$#!eligible to vote, provided that company opts for e-voting '/$(72/! LQ?)! @9&';($+H! K'! *.! .'$(4291! $#%(++#4,#,!4('!'(!./&$#!1(7$!@&..<($,!<*'/!&41!('/#$!@#$.(4!&4,!take utmost care to keep your password confidential.
iO! 6($! "#+0#$.! /(9,*42! ./&$#.! *4! @/1.*%&9! ;($+>! '/#!details can be used only for e-voting on the resolutions %(4'&*4#,!*4!'/*.!U('*%#H
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Regd.Office: ByOrderoftheBoardF$,!69(($>!"*''&9!5(<#$>! >"3&'%3:($"3&M4?4$%FB-wing, Nariman Point,Mumbai - 400 021 N&O&'4$$(1Q&'#,G!"&1!AE>!ACDE! E8%:#$4A%&9*(43?(,! TQKUGCCCCVBWCO
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Except Mr. Anil Khanna (DIN:00199924), Mr. Chetan Desai TQKUGCFXWXFDWO! &4,!"$H! `&$*'(./! S&dd&,! TQKUGCAXXEIIFO>!0#*42!&@@(*4'##.!&4,!'/#*$!$#9&'*3#.>!</(!&$#!*4'#$#.'#,!*4!'/#!$#.@#%'*3#!$#.(97'*(4.>!4(4#!(;!'/#!('/#$!Q*$#%'($.!&4,!S#1!"&4&2#$*&9!`#$.(44#9!(;!'/#!L(+@&41!($!'/#*$!$#9&'*3#.!are concerned or interested, financially or otherwise, in '/#!$#.(97'*(4!.#'!(7'!&'! *'#+!U(H!F>!I>!f!XH!5/#!M(&$,!(;!Q*$#%'($.!$#%(++#4,!'/#!$#.(97'*(4!&'!K'#+!U(H!F>!I!f!X!;($!&@@$(3&9!(;!'/#!"#+0#$.H
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5/#!%(4.(9*,&'#,!\MKQ58!<&.!!141.89 cr against profit of!!! BDCHAI! %$! *4! '/#! @$#3*(7.! 1#&$H! 5/#! %(4.(9*,&'#,! 9(..!before tax was !217.30 cr against previous year profit of !! XCHCD! %$H! 8;'#$! @$(3*,*42! 9(..! ;($! '/#! +*4($*'1! *4'#$#.'!(;! !! DVHWV! %$! T@$#3*(7.! 1#&$! ! 4.23 cr); the loss after tax!<&.! !294.02 cr as against profit of !! AIHDI! %$! *4! '/#!@$#3*(7.!1#&$H
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Operations&finance:9"(1]($i&!J(9,*42.!`'#!)',H!Tl]($i&!J(9,*42.ZO>!&!</(991!(<4#,!.70.*,*&$1! (;! '/#! L(+@&41! &9(42! <*'/! ('/#$! *43#.'($.!
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=#!/&,! '#+@($&$1!,*.$7@'*(4! *4!(@#$&'*(4.!(;! '/#! &0(3#!+#4'*(4#,!.'#@!,(<4!.70.*,*&$*#.! *4! K4,(4#.*&! ;($!&0(7'!5-6 months in the period under review due to change *4! '/#! .#4*($! +&4&2#+#4'H! ?7%/! +&'#$*&9! #3#4'! 9#,! '(!.'(@@&2#! (;! %(&9! @$(,7%'*(4! &4,! *4;$&.'$7%'7$#! ;&%*9*'*#.!;$(+!?#@'#+0#$>!ACDV!'*99! k&47&$1>!ACDE!&4,!$#.79'#,! *4'(!certain legal proceedings which are presently sub-judice &'!3&$*(7.! ;($7+.H!?*4%#!#&$91!@&$'!(;!I'/!^7&$'#$!(;!6bDE>!'/#!(@#$&'*(4.!/&3#!$#%(++#4%#,!&4,!/&3#!.*4%#!&''&*4#,!(@'*+7+! 9#3#9.! &4,! '/*$,! @&$'1! 9(2*.'*%.! (@#$&'*(4.! /&3#!0##4!.'&0*9*g#,H
=#! &$#! &*+*42! '(! $&@*,91! $&+@! 7@! @$(,7%'*(4! (;! IACC!GAR coal through village shifting exercise and merging (;! IACC! :8P! %(&9! @*'.H! =#! &9.(! *4'#4,! '(! ;($&1! *4'(! %(&9!'$&4.@($'&'*(4!(@#$&'*(4.!'/$(72/!%/&$'#$#,!3#..#9.!0&.#,!on existing relationship with infra logistics clientele. This will be a capex light business. We plan to pursue opportunities
Directors’ Report
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=#!'&d#!@9#&.7$#!*4!@$#.#4'*42!5/*$'1!6(7$'/!8447&9!P#@($'!(;!1(7$!L(+@&41!;($!'/#!1#&$!#4,#,!(4!"&$%/!FD>!ACDEH
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March31,2018 March31,2017 March31,2018 March31,2017K4%(+#!;$(+!(@#$&'*(4. WVIHAD ADDXHFW ICXHBV XFEHFFB"$(1&D,:"?% IPIPJYS KKQIJYK //SJPQ ZYSJS.Operating Profit DIDHEW BDCHAF WWHDX DVFHVEK4'#$#.' TDVFHDBO TAFAHIAO TDCIHAFO TWBHWCOQ#@$#%*&'*(4! TDEBHCIO TFDEHBIO TDFVHVBO TDIVHAEOK+@&*$+#4' - CHCD - -Exceptional Items TWHDBO - TWHDBOProfit/(Loss)beforeTax&MinorityInterest (217.30) ZPJPI (142.84) (29.55)"*4($*'1!K4'#$#.' DVHWV TIHAFO - -]'/#$!L(+@$#/#4.*3#!K4%(+#!8,i7.'+#4' DHIW TCHIFO CHWA TCHBDOTaxes
- Current Year TXEHDAO TACHCFO IAHDV TDHCCO- Deferred Tax TAHDAO TDHDEO - -
NetProfit/(Loss)AfterTax (294.02) K/JI/ (184.10) (31.15)
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C41&(,F&2(H"#$%&'($! `#'$(9#7+! )*+*'#,! Tl"`)eO>! &! .70.*,*&$1! (;! '/#!L(+@&41! /&.! `$(,7%'*(4! ?/&$*42! L(4'$&%'.! <*'/! '/#!Government of India for exploration of petroleum in two blocks viz. CB-3 & CB-9, under the Seventh New Exploration Licensing Policy round (NELP-VII). MPL has DCCo!@&$'*%*@&'*42! *4'#$#.'! Tl`KeO! *4!0('/! '/#!&0(3#!09(%d.H!Discovery highlights include oil flowing to the surface @ over 2,000 barrels/day which is an excellent quality light (*9! TIA!,#2$##.!8`KO!&4,!#4i(1.!&'! 9#&.'!Xo!@$#+*7+!(3#$!Bonny Light. Indian State Refineries benchmark the price of this oil to Bonny Light, using 4-cut Analysis. ~26 million 0&$$#9.!(;!$#%(3#$&09#!(*9!*.!#.'*+&'#,!'/(72/!$#%(3#$&09#!$#.#$3#.! &%%($,*42! '(! 6*9#,! Q#3#9(@+#4'! `9&4! T6Q`O!&@@$(3#,! 01! Q:!J1,$(%&$0(4.! &$#! AFHVW!+*99*(4! 0&$$#9.H!Competent Persons Report (CPR)/ Third party Certification ;($!$#.#$3#.!<#$#!(0'&*4#,!;$(+!)#&@!\4#$21>!87.'$&9*&!&4,!Q&$%1!P#.#$3(*$!L(4.79'&4%1!?#$3*%#.>! K4,*&H!5#.'! $74!<&.!%(4,7%'#,!*4!'/#!,*.%(3#$#,!<#99.!*4!8@$*9>!ACDEH!"]_!<*'/!K4,*&4!]*9!L($@($&'*(4!)*+*'#,!TK]L)O!;($!%$7,#!(*9!.&9#!*.!*4!place for the nearest IPCL refinery in Kayoli, Gujarat, just 85 S+.!;$(+!'/#!09(%dH!6($!#3&%7&'*(4!(;!(*9!'/$(72/!@*@#9*4#.>!&4!"]_!<*'/!]U:L!;($!7.*42!'/#*$!@*@#9*4#!@&..*42!'/$(72/!CB-9 block for evacuation of oil is in place.
"*4*42! )#&.#! T")O! ;($! %(++#$%*&9! @$(,7%'*(4! /&.! 0##4!applied for and the approval is expected from the :(3#$4+#4'!(;!:7i&$&'!01!#4,!(;!"&1!lDEc#&$91!k74#!eDE!7@(4!$#%#*@'!(;!</*%/!'/#!%(++#$%*&9!@$(,7%'*(4!<(79,!0#2*4!*4!'/#!,*.%(3#$#,!(*9!<#99.H!\43*$(4+#4'&9!L9#&$&4%#! T\LO! ;($!,*.%(3#$#,!<#99.!&9$#&,1!&3&*9&09#!&4,!$#^7*.*'#!#^7*@+#4'!&9$#&,1!+(0*9*g#,H!`$(,7%'*(4! *4! '/#!,#3#9(@+#4'&9!<#99.!expected to commence by December, 2018, i.e. post receipt (;! \L! ;($! '/#! .&*,! <#99.! </*%/! ./&99! &72+#4'! '/#! (3#$&99!production profile of the Block. Exploration in the 8'/!&4,!last exploratory well is underway and is expected to be %(+@9#'#,!01!"&1>!ACDEH!5#.'*42! *4!B'/ exploratory well is underway, Discovery in the well could add to the existing P#.#$3#.!*4!@9&%#H
"#$%&'($! ]*9! f! :&.! )*+*'#,! Tl"]:)eO>! &! .70.*,*&$1! (;! '/#!L(+@&41! #42&2#,! *4! \`L! @$(i#%'! &<&$,#,! 01! ]U:L! ;($!conversion of their Mobile Offshore Drilling Unit (MODU) ‘Sagar Samrat’ into a Mobile Offshore Production Unit (MOPU), it is expected that MOPU would sail away post +(4.((4!*H#H!01!?#@'#+0#$c]%'(0#$>!ACDEH!=/*9#!+(.'!(;!'/#! 1&$,! &%'*3*'*#.! /&3#! 0##4! &%%(+@9*./#,>! %(4.($'*7+!@9&4.! '(!7.#! '/#! *4'#$*+! '*+#! '(!%(+@9#'#!.'$*42! '#.'!&4,!('/#$!0&9&4%#!%(++*..*(4*42!&%'*3*'*#.!</*%/!<#$#!@9&44#,!offshore. The above shall help in fast tracking the hand over process which is expected by December, 2018 /!k&47&$1>!ACDWH
=*4))4,5All the vessels are deployed under time charter except VLGC T?*.(79*!`$#+O!0#*42!(4!3(1&2#!&4,![)LL!TU#$*..&O!0#*42!(4!@((9!%/&$'#$H!Q7$*42!'/#!1#&$!74,#$!$#3*#<>!`$#+!"&9&!<&.!.#4'!;($!.%/#,79#,!,$1!,(%d*42!&4,!%(+@9#'#,!.7%%#..;7991H!5/#!(7'9((d!;($!'/#!'&4d#$!+&$d#'!$#+&*4.!.(;'H!5/#!;$#*2/'!$&'#.! /&3#! 0##4! .9*,*42! &4,! $#+&*4#,! ,#@$#..#,H! 5/#!
.7@@91!&4,!,#+&4,!$&'*(!*.!*4!;&3(7$!(;!'/#!%/&$'#$#$.!<*'/!freight remaining under pressure. The US exports of Shale Oil would contribute in firming of the VLCC freight rates (4!&%%(74'!(;! *4%$#&.#,!'(44#!+*9#H!8+#$*%&4! 9*2/'!%$7,#!./*@+#4'.!'(!8.*&!<*99!$#&%/!&9+(.'!DHF!+*99*(4!0&$$#9.c,&1!in the next 5 years from almost nothing in 2016, according '(!=((,!"&%d#4g*#H
During the year, the Company has monetized its aged fleet 01! .#99*42!Q$1!M79d!L&$$*#$! Y"H! 5H! ?$*! `$#+!`(($3&Z! &4,!&!5&4d#$! Y"H!5H!J&$./&!`$#+Z!&'!&!4#'! 9(..!(;!!FVHAE!L$($#!*4!pF!&4,!;7$'/#$!01!.#99*42!&4('/#$!Q$1!M79d!L&$$*#$!Y"H![H![$*4,&Z!&'!&!9(..!(;!!AVHVC!L$($#!*4!pIR!'/#$#01!9(..!(4!.&9#!(;!3#..#9.!&22$#2&'*42!'(!!BIHWE!L$($#H!=*'/!'/*.!.7%%#..;79!monetization of its aged fleet, the Company now has a younger fleet and the proceeds were utilized for reduction (;!,#0'.H
@3%F54,5K4! ?#@'#+0#$>! ACDV>! '/#$#! <&.! &! %/&42#! *4! .#4*($!+&4&2#+#4'! <*'/! Q$H! :[b! [*%'($! i(*4*42! '/#! Q$#,2*42!Q*3*.*(4!&.!`$#.*,#4'!N!Q$#,2*42!&9(42!<*'/!/*.!d#1! '#&+H!Q7$*42!'/#!1#&$>!'/#!,$#,2*42!,*3*.*(4!&%%(74'#,!;($!<($d.!&'!3&$*(7.!@($'.!*4%97,*42!`&$&,*@>![*./&d/&@&'4&+>!S&$&*d&9>!:(&>!L(%/*4>!"&42&9($#!#'%H!Q7$*42!'/#!1#&$>!'/#!L(+@&41!<(4!&!,$#,2*42!%(4'$&%'!;($!$#%9&+&'*(4!(;!k&<&/&$!Q<##@>!"7+0&*!`($'! ;($!!FCHIC!L$($#H!5/#!<($d!(4! '/*.! %(4'$&%'!%(++#4%#,!;$(+!"&$%/>!ACDE!&4,!'/#!%(4'$&%'!@#$*(,! *.!DA!+(4'/.H!5/#!,$#,2#$.!<#$#!(@#$&'*42!&'!3&$*(7.!@($'.!across the Indian coast during the year under review except (4%#!74,#$!+&i($!0$#&d,(<4H
The existing dredging contracts in hand are expected to %(4'$*07'#!&!$#3#47#!(;!&0(7'!!DXB!L$($#!*4!6bDW!<*'/!&4!&3#$&2#! %&@&%*'1!7'*9*g&'*(4!(;! &$(74,!BWoH! 5/#!Q$#,2*42!Q*3*.*(4!/&.!'&$2#'.!(;!0&22*42!4#<!%(4'$&%'.!</*%/!%(79,!&,,*'*(4&991!%(4'$*07'#!'(!'/#!'(@9*4#!(;!,$#,2*42!07.*4#..!01!(3#$!!ACC!L$($#!*4!6bDWH
L#4'$&9!:(3#$4+#4'e.!?&2&$!"&9&!@$(i#%'!</*%/!#43*.&2#.!minimum draft of 18 meters in major ports, expanding capacity in existing major ports, creation of new ports and development of inland waterways traffic is expected to &,,! '(! '/#! ,#+&4,! ;($! ,$#,2*42! *4! K4,*&H! 5/#! L(+@&41!*4'#4,.! '(! ,*3#$.*;1! 01! &4! #&$91! %(4'$&%'($! '(! <($d! (4!?&2&$!"&9&!@$(i#%'.>!</#$#*4!@$(i#%'.!<($'/!!AC>CCC!L$($#!&$#!&99(%&'#,!(7'!(;!</*%/!,$#,2*42! ;($! *49&4,!<&'#$<&1.!<(79,! 0#! ;($! &0(7'! !X>CCC! L$($#H! =/*9#! *4%$#&.*42! *'.!./&$#!*4!+&*4'#4&4%#!,$#,2*42>!'/#!L(+@&41!*.!9((d*42!'(!@&$'*%*@&'#!&4,!0*,!;($!%&@*'&9!@$(i#%'.!<*'/!k[!@&$'4#$.!($!(4! *'.!(<4!%(4.*,#$*42!'/#!.(*9!@&$&+#'#$.!&4,!(@#$&'*42!efficiency of dredgers. The Company also plans to ,*3#$.*;1! *4'(!+&$*4#! %*3*9!<($d.! *4%97,*42! %(4.'$7%'*(4!(;!0$#&d<&'#$.>! 0&4d!@$('#%'*(4!<($d.>! %(&.'&9! ,#;#4%#! &4,!%(&.'&9!@$('#%'*(4!<($d.H
5/#! L(+@&41! *.! &9.(! 9((d*42! *4'(! (*9! &4,! 2&.! '$#4%/*42!<($d.! ;($! 9&1*42! .70+#$.*09#! @*@#9*4#H! 5/#! L(+@&41! *.!.##d*42!(@@($'74*'*#.!'(!#.'&09*./!*'.!@$#.#4%#!*4!097#!&4,!2$##4!#4#$21!.#%'($.!&4,!<($d!%9(.#91!<*'/!UK]!&4,!UK]5!'(! #.'&09*./! *'.! @$#.#4%#! ;($! ./&99(<!<&'#$! &4,!,##@! .#&!+*4*42!&%'*3*'*#.H
!"#$%&'#()*+$,'#&
&(!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
>4,(,:%`7$.7&4'! '(! '/#! &@@$(3&9! $#%#*3#,! ;$(+! '/#!+#+0#$.! (;!'/#!L(+@&41!&'! '/#! 9&.'!8447&9!:#4#$&9!"##'*42!/#9,!(4!?#@'#+0#$!DX>!ACDVR!'/#!L(+@&41!.7%%#..;7991!%(+@9#'#,!pK`! *..7#!(;!!!DIXHID!L$!,7$*42!'/#!1#&$H!_4,#$!'/#! *..7#!3,25,67,262 Equity shares of face value of Re. 1/- each at &! @$#+*7+! (;! !! IFHBX! @#$! #^7*'1! ./&$#! &22$#2&'*42! '(! !!DIXHID! L$! <#$#! @9&%#,! </*%/! <#$#! .70.%$*0#,! ;7991! 01!+&$^7##!*43#.'($.H!5/#!@$(%##,.!(;!'/#!*..7#!<#$#!7'*9*g#,!;($!*4'#4,#,!@7$@(.#.!*H#H!$#@&1+#4'!(;!9(&4.!&4,!2#4#$&9!%($@($&'#! @7$@(.#.H! 8.! &! $#.79'! (;! &0(3#! *..7#! '/#! @&*,!7@!%&@*'&9!(;!'/#!L(+@&41!/&.!*4%$#&.#,!01!!!FHAX!L$!&4,!?#%7$*'*#.!@$#+*7+!&%%(74'!*4%$#&.#,!01!!!DIAHDX!L$H
_5K! ?'$7%'7$#,! Q#0'! ]@@($'74*'*#.! 674,! K! .&4%'*(4#,!for subscribing to the Company’s Secured Unlisted Non-L(43#$'*09#! Q#0#4'7$#.! &22$#2&'*42! '(! !! DWC! L$>! (7'! (;!</*%/! '/#! L(+@&41!/&.! $&*.#,! '('&9! ;74,!(;!!! DCC!L$! 01!issue of unlisted Non-Convertible Debentures, which was *4!@7$.7&4%#!(;!'/#!&@@$(3&9!(;!'/#!+#+0#$.!&.!&;($#.&*,H!67$'/#$>! '/#! L(+@&41! /&.! .(72/'! &@@$(3&9! (;! +#+0#$.!01! <&1! (;! `(.'&9! M&99('>! ;($! *..7#! (;! ?#%7$#,c_4.#%7$#,>!Redeemable, Non-convertible Debentures upto an amount not exceeding !DCC! L$($#>! '/#! $#.79'.! (;! </*%/! <*99! 0#!,#%9&$#,!(4!($!0#;($#!=#,4#.,&1>!k74#!B>!ACDEH!_@(4!$#%#*@'!(;! &@@$(3&9! (;! +#+0#$.! '/$(72/! '/#! .&*,! `(.'&9! M&99('>!'/#! L(+@&41! @$(@(.#.! '(! $&*.#! '/#! M&9&4%#! &+(74'! (;!! 90 Cr by way of issue of Secured Unlisted Non-Convertible Q#0#4'7$#.!'(!_5K!?'$7%'7$#,!Q#0'!]@@($'74*'*#.!674,!KH
Q7$*42!'/#!1#&$!74,#$!$#3*#<!'/#!L(+@&41!/&.!$#,##+#,!the total 500 Non-Convertible Debentures amounting to!!!XC!L$!%(+@$*.*42!(;!?#$*#.!Ka>!ULQ!(;!!!DXC!L$($#H!K4!3*#<!(;!'/*.!'/#!'('&9!,#0#4'7$#.!.'&4,.!&'!!!DCC!L$($#!*4%97,*42!Non-Convertible debentures issued during the year!74,#$!$#3*#<H
@%?%35%3&"-&F3%F54,5&G#H4,%HH&#,F%3$(V4,5&"-&?%3:($"3& 14?4$%F& 4,$"&?%3:($"3& F3%F54,5&)34A($%&14?4$%F65/#!M(&$,!(;!Q*$#%'($.!&'!*'.!+##'*42!/#9,!(4!6#0$7&$1!DI>!ACDE>! &%%($,#,! *'.! &@@$(3&9! ;($! ?%/#+#! (;! 8$$&42#+#4'!0#'<##4! "#$%&'($! )*+*'#,! TlQ#+#$2#,! L(+@&41eO! &4,!"#$%&'($! Q$#,2*42! `$*3&'#! )*+*'#,! TlP#.79'*42! L(+@&41eO!&4,! '/#*$! $#.@#%'*3#! ./&$#/(9,#$.! ;($! '/#! ,#+#$2#$! (;!Q$#,2*42! M7.*4#..! _4,#$'&d*42! (;! "#$%&'($! )*+*'#,!*4'(! "#$%&'($! Q$#,2*42! `$*3&'#! )*+*'#,>! &! </(991! (<4#,!.70.*,*&$1!.70i#%'!'(!4#%#..&$1!&@@$(3&9.H!5/#!M(&$,!*.!*4!process of filing the said scheme with the Stock Exchanges to obtain their No-objection letter in accordance with the @$(3*.*(4.! (;! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,! Q*.%9(.7$#.!P#^7*$#+#4'.O!P#279&'*(4.>!ACDXH
B3(,H-%3&$"&3%H%3A%H6K4! 3*#<! (;! 9(..! *4%7$$#,! ,7$*42! '/#! 1#&$>! 4(! &+(74'!@$(@(.#,! '(! 0#! '$&4.;#$$#,! '(! P#.#$3#.>! *4%97,*42!Q#0#4'7$#! P#,#+@'*(4! P#.#$3#! T&.! &2&*4.'!!! DAHXC! L$! *4!'/#!@$#3*(7.!1#&$OH
@4A4F%,F6In view of losses suffered during the year under review, your Q*$#%'($.!$#2$#'!'/#*$!*4&0*9*'1!'(!$#%(++#4,!&41!,*3*,#4,H
9*(,5%H& 4,& G"(3F& "-& F43%:$"3H& (,F& V%<&?(,(5%34(1&)%3H",,%16BoardofDirectors:Q7$*42! '/#! 1#&$! 74,#$! $#3*#<>! "$H! Q#./! P&i! Q(2$&!(DIN:00226775) resigned from the office of Directors of the Company with effect from the closure of business hours on k&47&$1!E>!ACDEH!5/#!M(&$,!(;!Q*$#%'($.!@9&%#!(4!$#%($,!*'.!.*4%#$#!&@@$#%*&'*(4!;($!'/#!.7@@($'!&4,!%(4'$*07'*(4!+&,#!01!"$H!Q#./!P&i!Q(2$&!,7$*42!/*.!'#47$#!&.!Q*$#%'($!(;!'/#!L(+@&41H
"$H! 84*9! S/&44&! TQKUG! CCDWWWAIO! <&.! &@@(*4'#,! &.! &4!Additional Director (Independent Non-Executive Director) by the Board with effect from November 21, 2017. Subsequent to the financial year end, Mr. Chetan Desai TQKUGCFXWXFDWO! &4,! "$H! `&$*'(./! S&dd&,! TQKUGCAXXEIIFO!<#$#!&9.(!&@@(*4'#,!&.!8,,*'*(4&9!Q*$#%'($.!TK4,#@#4,#4'!Non-Executive Directors) by the Board with effect from 8@$*9! AV>! ACDEH! `7$.7&4'! '(! '/#! @$(3*.*(4.! (;! '/#! ?#%'*(4!DBD!(;!'/#!L(+@&4*#.!8%'>!ACDFR!"$H!S/&44&R!"$H!Q#.&*!&4,!Mr. Kakkad holds their respective offices as such upto the ,&'#!(;!#4.7*42!8447&9!:#4#$&9!"##'*42H!5/#!L(+@&41!/&.!$#%#*3#,!&!4('*%#!;$(+!&!+#+0#$!@$(@(.*42!&@@(*4'+#4'!of Mr. Khanna; Mr. Desai and Mr. Kakkad for the office of Q*$#%'($!&9(42!<*'/!4#%#..&$1!,#@(.*'H
"$H!JH!SH!"*''&9! TQKUGCCCCVBWCO!./&99!0#!'/#!Q*$#%'($! 9*&09#!'(!$#'*$#!01!$('&'*(4!&'!'/#!#4.7*42!8447&9!:#4#$&9!"##'*42!*4! &%%($,&4%#! <*'/! '/#! @$(3*.*(4.! (;! '/#! L(+@&4*#.! 8%'>!ACDF! &4,! 8$'*%9#.! (;! 8..(%*&'*(4! (;! '/#! L(+@&41R! &4,!being eligible, offers himself for re-appointment. Additional *4;($+&'*(4! (4! Q*$#%'($.! $#%(++#4,#,! ;($! &@@(*4'+#4'!c! $#&@@(*4'+#4'>! &.! $#^7*$#,! 74,#$! '/#! ?\MK! T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!P#279&'*(4.>!ACDX!T)*.'*42!P#279&'*(4.O>!*.!@$(3*,#,!*4!'/#!4('*%#!%(43#4*42!FI'/!8447&9! :#4#$&9! +##'*42! (;! '/#! L(+@&41! &%%(+@&41*42!'/*.! $#@($'H! 5/#! L(+@&41! /&.! $#%#*3#,! ,#%9&$&'*(4.! ;$(+!"$H!"H!"H!82$&<&9>!"$H!84*9!S/&44&>!"$H!L/#'&4!Q#.&*!&4,!Mr. Paritosh Kakkad confirming that they meet with the %$*'#$*&!(;!K4,#@#4,#4%#!&.!@$#.%$*0#,!74,#$!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDF>!P79#.!+&,#!'/#$#74,#$!&4,!'/#!)*.'*42! P#279&'*(4.H! b(7$!Q*$#%'($.! $#%(++#4,! '/#! &0(3#!&@@(*4'+#4'!c!$#&@@(*4'+#4'!;($!1(7$!&@@$(3&9H
O%<&?(,(5%34(1&)%3H",,%16Mr. Prasad Patwardhan resigned from the office of Chief Financial Officer and Key Managerial Personnel of the L(+@&41!<H#H;H!"&1! AW>! ACDVH!"$H! S*$&4! [&*,1&!</(!<&.!appointed w.e.f May 30, 2017, resigned from the Office of Chief Financial Officer and Key Managerial Personnel of the L(+@&41!<H#H;!k&47&$1!FD>!ACDEH!"$H!?7/&.!`&<&$!</(!<&.!appointed w.e.f. April 10, 2017, resigned from the office of L(+@&41! ?#%$#'&$1! &4,! S#1! "&4&2#$*&9! `#$.(44#9! <H#H;H!"&$%/! AB>! ACDEH! "$H! P&i#4,$&! S('/&$*! <&.! &@@(*4'#,! &.!Chief Financial Officer and Key Managerial Personnel of the L(+@&41!<H#H;H!6#0$7&$1!D>!ACDEH!5/#!L(+@&41!*.!9((d*42!for a right candidate for the office of Company Secretary &4,!S#1!"&4&2#$*&9!`#$.(44#9!(;!'/#!L(+@&41H
Boardevaluationprocess:`7$.7&4'! '(! '/#! @$(3*.*(4.! (;! '/#! L(+@&4*#.! 8%'>! ACDF!f! '/#! )*.'*42! P#279&'*(4.>! &4,! 27*,&4%#! 4('#! (4! M(&$,!Evaluation issued by the Securities and Exchange Board
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,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
(;! K4,*&! (4! k&47&$1! X>! ACDV>! '/#! #3&97&'*(4! (;! #3#$1!Q*$#%'($e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
=#GH4F4(3<& :"?)(,4%H& (,F& :",H"14F($%F&financialstatements:8.! (4! "&$%/! FD>! ACDE>! 1(7$! L(+@&41! /&,! '('&9! FF!subsidiaries/step-down subsidiaries. During the year 74,#$! $#3*#<>! "c.H! "#$%&'($! ]%#&4'$&4.@($'! )*+*'#,!<&.! *4%($@($&'#,! &.! &! =/(991! ]<4#,! ?70.*,*&$1H! 8.! @#$!?#%'*(4!DFI!(;!'/#!L(+@&4*#.!8%'>!ACDF>!1(7$!L(+@&41!/&.!provided the Audited consolidated financial statements for '/#!1#&$!#4,#,!(4!"&$%/!FD>!ACDER!'(2#'/#$!<*'/!87,*'($.e!P#@($'!'/#$#(4!;($+*42!@&$'!(;!'/*.!8447&9!P#@($'>!</*%/!includes financial information of all the subsidiaries. These ,(%7+#4'.!<*99!&9.(!0#!&3&*9&09#!;($!*4.@#%'*(4!,7$*42!'/#!business hours at the Registered Office of your Company &4,! '/#! $#.@#%'*3#! .70.*,*&$1! %(+@&4*#.H! 8! .'&'#+#4'!@7$.7&4'! '(! '/#! @$(3*.*(4.! (;! '/#! ?#%'*(4! DAW! TFO! (;! '/#!L(+@&4*#.! 8%'>! ACDF! $#&,! <*'/! $#9#3&4'! $79#.! *4! '/#!prescribed form AOC-1, showing financial highlights of '/#! .70.*,*&$1! %(+@&4*#.! *.! &''&%/#,! '(! '/#! %(4.(9*,&'#,!financial statements and therefore not repeated here for '/#! .&d#! (;! 0$#3*'1H! 5/#!8447&9! P#@($'! (;! 1(7$! L(+@&41!though does not contain full financial statements of the .70.*,*&$1! %(+@&4*#.R! '/#! &7,*'#,! &447&9! &%%(74'.! &4,!$#9&'#,! *4;($+&'*(4!(;! .70.*,*&$1! %(+@&4*#.! *.!@9&%#,!(4!*'.!<#0.*'#!&4,!<*99!0#!+&,#!&3&*9&09#>!7@(4!$#^7#.'!01!&41!+#+0#$!(;!'/#!L(+@&41H
0#F4$"3H6`7$.7&4'!'(!'/#!@$(3*.*(4.!(;!?#%'*(4!DFW!(;!'/#!L(+@&4*#.!8%'>! ACDF>! "c.H! ?*42/*! &4,! L(H! T6PUG! FCACIW\O>! <#$#!appointed as the Statutory Auditors for a period of five 1#&$.!01!'/#!"#+0#$.!*4!'/#!FF$,!8447&9!:#4#$&9!"##'*42!held on September 15, 2017 to hold office from the 33$,!8447&9!:#4#$&9!"##'*42! '*99! '/#! %(4%97.*(4!(;!FE'/!8447&9!:#4#$&9!"##'*42!(;!'/#!L(+@&41H
0#F4$"3H[&3%)"3$6?'&'7'($1! 87,*'($.e! ]0.#$3&'*(4.! *4! 87,*'! P#@($'! (4!L(4.(9*,&'#,c! ?'&4,&9(4#! 6*4&4%*&9.! &4,! Q*$#%'($.e!explanation thereto –
&H! !"#$%&'#()#%#&*'+#,(-"#&./&0,0%123#*4'#%.,0*(1%5'#605'"#a modified opinion for the financial year ended March 31, 2018 on the following basis:
! i. recoverability and non-provision of impairment loss in case of long overdue Trade Receivables amounting *(# !126.01 Crore (US$ 19.37 Mn), (Previous Year !72.97 Crore ( US$ 11.25 Mn))
ii. in case of claim of Hindustan Zinc Ltd (HZL), the company had forwarded a draft settlement agreement proposing a full and final additional cash
settlement of ! 7.39 Crore (US$ 1.13 Mn), which is currently being reviewed by the claimant. However, *4'# $(7+%"2# 4%&# "(*# 7%,'# %"2# +1(50&0("# )(1# *4'#potential claim amount and other incidental costs, pending final settlement of the claim.
! l i) The Management is reasonably confident of '/#!$#%(3#$1!(;!'/#.#!$#%#*3&09#.!&+(74'*42!'(!!DABHCD! L$($#! T_?q! DWHFV!"4O>! T`$#3*(7.!b#&$!!VAHWV!L$($#>!_?q!DDHAX!"4OH
! ! **O! ]4%#! '/#! 8+(74'! *.! &.%#$'&*4#,! &4,! &;'#$!the settlement agreement is executed, the $#^7*$#,!9*&0*9*'1!./&99!0#!$#%(24*g#,!01!7.!*4!'/#!0((d.!(;!&%%(74'.
0H! !"# $%&'# ()# *-(# &*'+# ,(-"# &./&0,0%10'&# *4'# 1'&+'$*05'#auditors have given a modified opinion for the financial year ended March 31, 2018, raising concern regarding the recoverability of deposits amounting to !22.03 Crore (USD 3.39 Mn,) (Previous Year !21.96 Crore ( US$ 3.39 Mn)) paid in the past to acquire 70% equity interests in companies which own coal mining concessions.
! l The Management is reasonably confident of the $#%(3#$&0*9*'1! (;! '/(.#! &,3&4%#.! &+(74'*42! '(!!AAHCF!L$($#!T_?Q!FHFW!"4O
=%:3%$(34(1&(#F4$&3%)"3$68.! $#^7*$#,! 74,#$! '/#! @$(3*.*(4.! (;! ?#%'*(4! ACI! (;! '/#!L(+@&4*#.! 8%'>! ACDF>! 1(7$! L(+@&41! /&.! (0'&*4#,! &!Secretarial Audit Report for the financial year ended (4! "&$%/! FD>! ACDE>! ;$(+! "c.H! :&4#./! U&$&1&4! f! L(H!T6L?G! BWDCO>! L(+@&41! ?#%$#'&$*#.! </*%/! *.! &@@#4,#,! &.!Annexure I and forms part of this report. The said report is self-explanatory and does not contain any qualifications, $#.#$3&'*(4.>!($!&,3#$.#!$#+&$d.!($!,*.%9&*+#$.H
'%%$4,5H&"-&$*%&G"(3F6U*4#!+##'*42.!(;!'/#!M(&$,!(;!Q*$#%'($.!<#$#!/#9,!,7$*42!'/#! 1#&$H! 5/#! ,#'&*9.! &$#! @$(3*,#,! *4! '/#! L($@($&'#!:(3#$4&4%#!P#@($'!;($+*42!@&$'!(;!'/*.!P#@($'H
9"??4$$%%H&"-&$*%&G"(3F65/#! ,#'&*9.! (;! '/#! L(++*''##.! (;! '/#! M(&$,! %(4.'*'7'#,!74,#$!'/#!L(+@&4*#.!8%'>!ACDF!&4,!)*.'*42!P#279&'*(4.!&$#!2*3#4!*4!'/#!L($@($&'#!:(3#$4&4%#!P#@($'!;($+*42!@&$'!(;!'/*.!P#@($'H
U(3$4:#1(3H&"-&%?)1"<%%H65/#! *4;($+&'*(4! $#^7*$#,! @7$.7&4'! '(! ?#%'*(4! DWV! (;! '/#!L(+@&4*#.!8%'>!ACDF!$#&,!<*'/!P79#!X!TDO!&4,!P79#!X!TAO!(;!'/#!L(+@&4*#.!T8@@(*4'+#4'!&4,!P#+74#$&'*(4!(;!"&4&2#$*&9!`#$.(44#9O! P79#.>! ACDI! *4! $#.@#%'! (;! #+@9(1##.! (;! '/#!Company is appended as Annexure II and IIA respectively.
Conservationofenergy,technologyabsorption(,F&-"3%45,&%8:*(,5%&%(3,4,5H&(,F&"#$5"6Your Company operates offshore and onshore activities in #43*$(4+#4'!;$*#4,91!+&44#$H!5/#!+&i($!&%'*3*'*#.!%&$$*#,!by the Company are offshore and your Company work '(<&$,.! +*4*+*g*42! '/#! *+@&%'! (;! *'.! (@#$&'*(4.! (4! '/#!#43*$(4+#4'!*4%97,*42!+&$*4#!9*;#H
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(A) ConservationofEnergy:T*O! The steps taken or impact on conservation of energy:
l! J&3*42! $#279&$! '$&%d! (4! <#&'/#$! 7@,&'#.>! "c\!P`"! &4,! .#''*42.! (;! '/#! 87'(! `*9('! ?1.'#+! (;
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,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
Corporatesocialresponsibility(CSR):K4! %(+@9*&4%#!<*'/! $#279&'*(4.!74,#$! '/#!L(+@&4*#.!8%'>!ACDFR!L?P!L(++*''##!/&.!0##4!%(4.'*'7'#,!&4,!L?P!@(9*%1!/&.!0##4!&,(@'#,!01!'/#!L(+@&41H
In respect of financial year 2016-17, the Company’s liability ;($!.@#4,*42!(4!L?P!&%'*3*'*#.!<&.!,#'#$+*4#,!&.!!!CHAV!L$>!&2&*4.'!</*%/!'/#!L(+@&41!%(79,!4('!.@#4,!&41!&+(74'H!Further, in respect of financial year 2015-16, Company’s 9*&0*9*'1!'(!.@#4,!'(<&$,.!L?P!<&.!!!CHXF!L$!&2&*4.'!</*%/!! 0.05 Cr was spent during the year 2016-17. The Balance amount of R.s 0.48 Cr to be spend during the financial year 2017-18 as well as liability towards CSR for the year 2016-17 were to be met by spending during the financial year 2017-18.
J(<#3#$>!(4!&%%(74'!(;!9(..#.!,7$*42!'/#!1#&$>!&4,!,7#!'(!9*^7*,*'1!%$74%/>!'/#!L(+@&41!%(79,!4('!.@#4,!'/#!&+(74'!(4!L?P!&%'*3*'*#.>!07'!'/#!L(+@&41!*.!%(++*''#,!'(!.@#4,!'/#!.&*,!&+(74'!*4!1#&$.!'(!%(+#H
Q7$*42!'/#!1#&$!74,#$!$#3*#<>!b(7$!L(+@&41!/&3#!$#3*.#,!CSR Policy to expand its scope and also authorized to complete CSR Activities with the help of external agencies. Your Company is ascertaining the expenditure *4! %(4.79'&'*(4!<*'/! '/#+!&4,!<*99! .@#4,! &%%($,*4291! '/#!0&9&4%#!+(4#1H!5/#!,#'&*9.!(;!'/#!L(++*''##!&4,!*4*'*&'*3#.!(4! L?P! &$#! .#'! (7'! *4! '/#! L($@($&'#! :(3#$4&4%#! P#@($'!;($+*42!@&$'!(;!'/#!Q*$#%'($.e!P#@($'H!P#@($'*42!(4!L?P!*4!format specified is forming part of this report as Annexure KKKH
Particularsofloansgiven,investmentsmade,5#(3(,$%%H&54A%,&(,F&H%:#34$4%H&)3"A4F%F6`&$'*%79&$.! (;! 9(&4.! 2*3#4>! *43#.'+#4'.!+&,#>! 27&$&4'##.!2*3#4! &4,! .#%7$*'*#.! @$(3*,#,!&9(42!<*'/! '/#!@7$@(.#! ;($!</*%/!'/#!9(&4!($!27&$&4'##!($!.#%7$*'1!*.!@$(@(.#,!'(!0#!7'*9*g#,! 01! '/#! $#%*@*#4'! &$#! @$(3*,#,! *4! '/#! .'&4,&9(4#!financial statement.
U(3$4:#1(3H& "-& :",$3(:$H& "3& (33(,5%?%,$H&;4$*&3%1($%F&)(3$4%H6899!$#9&'#,!@&$'1!'$&4.&%'*(4.!'/&'!<#$#!#4'#$#,!*4'(!,7$*42!the financial year; were on an arm’s length basis and in the ($,*4&$1! %(7$.#! (;! 07.*4#..H! 5/#! $#^7*$#+#4'! (;! 2*3*42!@&$'*%79&$.! (;! %(4'$&%'.c&$$&42#+#4'! +&,#! <*'/! $#9&'#,!parties, in Form AOC-2 are not applicable for the year under review. There were no materially significant related @&$'1!'$&4.&%'*(4.!+&,#!01!'/#!L(+@&41!<*'/!`$(+('#$.>!Q*$#%'($.!($!S#1!"&4&2#$*&9!`#$.(44#9!</*%/!+&1!/&3#!&!potential conflict with the interest of the Company at large.
899!P#9&'#,!`&$'1!5$&4.&%'*(4.!&$#!@9&%#,!0#;($#!'/#!87,*'!L(++*''##!;($!&@@$(3&9H! $*($!(+4*07.!&@@$(3&9!(;!'/#!87,*'!L(++*''##!*.!(0'&*4#,!(4!1#&$91!0&.*.!;($!'/#!'$&4.&%'*(4.!</*%/! &$#! (;! &! ;($#.##4! &4,! $#@#'*'*3#! 4&'7$#H! 5/#!'$&4.&%'*(4.!#4'#$#,!*4'(!@7$.7&4'!'(!'/#!(+4*07.!&@@$(3&9!.(!2$&4'#,!&$#!&7,*'#,!&4,!&!.'&'#+#4'!2*3*42!,#'&*9.!(;!&99!.7%/!$#9&'#,!@&$'1!'$&4.&%'*(4.! *.!@9&%#,!0#;($#!'/#!87,*'!L(++*''##! &4,! '/#!M(&$,!(;!Q*$#%'($.! ;($! '/#*$! &@@$(3&9!(4! ^7&$'#$91! 0&.*.H! 5/#! L(+@&41! /&.! ;$&+#,! &! P#9&'#,!Party Transactions policy to ensure proper identification, &@@$(3&9!@$(%#..!&4,!$#@($'*42!(;!'$&4.&%'*(4.H!5/#!@(9*%1!
(4!P#9&'#,!`&$'1!5$&4.&%'*(4.!&.!&@@$(3#,!01!'/#!M(&$,!*.!&3&*9&09#!(4!'/#!L(+@&41e.!<#0.*'#H
http://mercator.in/investors/index.aspx?id=7055
!4HV&?(,(5%?%,$&)"14:<65/#! L(+@&41! /&.! &! P*.d! "&4&2#+#4'! L(++*''##H! 5/#!,#'&*9.! (;! L(++*''##! &4,! *'.! '#$+.! (;! $#;#$#4%#! &$#! .#'!(7'! *4! '/#! L($@($&'#!:(3#$4&4%#! P#@($'! ;($+*42! @&$'! (;!'/#!Q*$#%'($.e!P#@($'H! 5/#!L(+@&41!/&.! ;$&+#,!@(9*%1! '(!*,#4'*;1>!#3&97&'#!07.*4#..! $*.d.!&4,!(@@($'74*'*#.!&4,! '(!mitigate the risk. The policy defines the risk management &@@$(&%/! &'! 3&$*(7.! 9#3#9.! *4%97,*42! ,(%7+#4'&'*(4! &4,!$#@($'*42H! 5/#! @(9*%1! /#9@.! *4! *,#4'*;1*42! $*.d.! '$#4,>!exposure and potential impact analysis at a Company level &.!&9.(!.#@&$&'#91!;($!07.*4#..!.#2+#4'.H
D,$%3,(1&:",$3"1&H<H$%?H&(,F&$*%43&(F%\#(:<6The Company has in place adequate internal financial %(4'$(9.H! 5/#! 87,*'! L(++*''##! (;! Q*$#%'($.! @#$*(,*%&991!$#3*#<.! '/#! *4'#$4&9! %(4'$(9! .1.'#+.! <*'/! '/#! '(@!+&4&2#+#4'! &4,! '/#! ?'&'7'($1! &4,! K4'#$4&9! 87,*'($.H!5/#!87,*'!L(++*''##!&9.(!9((d.!&;'#$!&,#^7&%1!(;!*4'#$4&9!audit function, significant findings of the internal audit, and subsequent follow-up action on the same from time to time.
+4541&?%:*(,4H?&W&;*4H$1%&G1";%3&)"14:<65/#!L(+@&41!/&.! &! [*2*9!"#%/&4*.+!&4,!=/*.'9#! M9(<#$!`(9*%1!;($!Q*$#%'($.!&4,!#+@9(1##.!'(!,#&9!<*'/!*4.'&4%#!(;!;$&7,!&4,!+*.+&4&2#+#4'H!5/#!@(9*%1!;&%*9*'&'#.!$#@($'*42!(;! 2#47*4#! %(4%#$4! ($! 2$*#3&4%#.>! 74#'/*%&9! 0#/&3*($>!&%'7&9! ($! .7.@#%'#,! ;$&7,>! ($! 3*(9&'*(4! (;! '/#! L(,#! (;!L(4,7%'!(;!'/#!L(+@&41>!($!*'.!#'/*%.!`(9*%1H!5/#1!@$(3*,#!&,#^7&'#! .&;#27&$,.! '(! Q*$#%'($.c#+@9(1##.! </(! &3&*9!(;! '/#! +#%/&4*.+H! 5/#! .&+#! *.! (3#$.##4! 01! '/#! 87,*'!L(++*''##H! Q7$*42! '/#! 1#&$! 74,#$! $#3*#<>! 4(! @#$.(44#9!(;!'/#!L(+@&41!&@@$(&%/#,!'/#!87,*'!L(++*''##!(4!&41!*..7#!;&99*42!74,#$!'/#!`(9*%1H!5/#!.&*,!`(9*%1!*.!@(.'#,!(4!'/#!<#0.*'#!(;!'/#!L(+@&41H
http://mercator.in/investors/index.aspx?id=7055
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http://mercator.in/investors/index.aspx?id=7043
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E8$3(:$&"-&(,,#(1&3%$#3,6`7$.7&4'! '(! '/#! @$(3*.*(4.! (;! ?#%'*(4! WATFO! (;! '/#!L(+@&4*#.!8%'>!ACDF!$#&,!<*'/!P79#!DATDO!(;!'/#!L(+@&4*#.!(Management and Administration) Rules, 2014, the extract of Annual Return of the Company for the financial year ended on March 31, 2018 in Form MGT-9 is appended as Annexure IV.
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l! Q7$*42!'/#!1#&$!74,#$!$#3*#<>!'/#$#!<&.!4(!%/&42#!*4!4&'7$#!(;!07.*4#..!(;!'/#!L(+@&41H
l! 5/#!L(+@&41e.!@(9*%1!(4!Q*$#%'($.e!&@@(*4'+#4'!&4,!$#+74#$&'*(4!&4,!('/#$!+&''#$.!@$(3*,#,! *4!?#%'*(4!DVETFO! (;! '/#! L(+@&4*#.! 8%'>! ACDF! *.! &@@#4,#,! &.!Annexure V.
l No significant or material orders were passed by the P#279&'($.! ($! L(7$'.! ($! 5$*074&9.! </*%/! *+@&%'! '/#!2(*42! %(4%#$4! .'&'7.! &4,! L(+@&41e.! (@#$&'*(4.! *4!;7'7$#H
l! 5/#!L(+@&41!/&.!*4!@9&%#!@(9*%1!&.!@#$!'/#!@$(3*.*(4.!of the Sexual Harassment of Women at Workplace T`$#3#4'*(4>! `$(/*0*'*(4! &4,! P#,$#..&9O! 8%'>! ACDFH!Q7$*42!'/#!1#&$>!4(!%&.#!<&.!$#@($'#,!'(!'/#!L(++*''##!%(4.'*'7'#,!74,#$!'/#!.&*,!8%'H
0:V,";1%F5%?%,$H6The Directors express their sincere thanks to all customers, .7@@9*#$.>! .#$3*%#! @$(3*,#$.>! $#279&'($.>! :(3#$4+#4'&9!&2#4%*#.!&4,!('/#$!.'&'7'($1!&7'/($*'*#.!;($!'/#*$!%(4'*47#,!</(9#! /#&$'#,! .7@@($'! '(! '/#! L(+@&41! ,7$*42! '/#! 1#&$H!We also acknowledge the support lent and confidence 0#.'(<#,! 7@(4! 7.! 01! (7$! 0&4d#$.>! .'&d#/(9,#$.! &4,! &99!"#$%&'($*&4.H
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,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
5(>5/#!"#+0#$.>"#$%&'($!)*+*'#,TLKUG)BFCWC"JDWEF`)LCFDIDEOF$,!69(($>!"*''&9!5(<#$>!M!N!=*42U&$*+&4!`(*4'>!"7+0&*!N!ICCCAD
K! /&3#! %(4,7%'#,! '/#! .#%$#'&$*&9! &7,*'! (;! '/#! %(+@9*&4%#!(;! &@@9*%&09#! .'&'7'($1! @$(3*.*(4.! &4,! '/#! &,/#$#4%#!'(! 2((,! %($@($&'#! @$&%'*%#.! 01! "#$%&'($! )*+*'#,! TLKUG!)BFCWC"JDWEF`)LCFDIDEO! T/#$#*4&;'#$! %&99#,! Y'/#!L(+@&41ZOH! ?#%$#'&$*&9! 87,*'!<&.! %(4,7%'#,! *4! &!+&44#$!'/&'! @$(3*,#,! +#! &! $#&.(4&09#! 0&.*.! ;($! #3&97&'*42! '/#!corporate conducts/ statutory compliances and expressing +1!(@*4*(4!'/#$#(4H
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records +&*4'&*4#,! 01! '/#! L(+@&41! &4,! &9.(! '/#! *4;($+&'*(4!provided by the Company, its officers, agents and authorized $#@$#.#4'&'*3#.!,7$*42!'/#!%(4,7%'!(;!.#%$#'&$*&9!&7,*'!&4,!as per the explanations given to me and the representation +&,#! 01! '/#! "&4&2#+#4'>! K! /#$#01! $#@($'! '/&'! *4! +1!(@*4*(4>!'/#!L(+@&41!/&.>!,7$*42!'/#!&7,*'!@#$*(,!%(3#$*42!the financial year ended on March 31, 2018 complied with '/#!.'&'7'($1!@$(3*.*(4.!9*.'#,!/#$#74,#$!&4,!&9.(!'/&'!'/#!Company has proper Board-processes and compliance mechanism in place to the extent, in the manner and .70i#%'!'(!'/#!$#@($'*42!+&,#!/#$#*4&;'#$G
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2018 &%%($,*42!'(!'/#!&@@9*%&09#!@$(3*.*(4.!(;G
T*O! 5/#!L(+@&4*#.!8%'>!ACDF!T'/#!8%'O!&4,!'/#!$79#.!+&,#!'/#$#!74,#$R
T**O! 5/#!?#%7$*'*#.!L(4'$&%'.!TP#279&'*(4O!8%'>!DWXB!Tl?LP8eO!&4,!'/#!$79#.!+&,#!'/#$#!74,#$G
T***O! 5/#! Q#@(.*'($*#.! 8%'>! DWWB! &4,! '/#! P#279&'*(4.! &4,!Bye-laws framed there under;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of 6($#*24!Q*$#%'!K43#.'+#4'>!]3#$.#&.!Q*$#%'!K43#.'+#4'!and External Commercial Borrowings;
T3O! 5/#! ;(99(<*42! P#279&'*(4.! &4,!:7*,#9*4#.! @$#.%$*0#,!under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’), to the extent applicable to the Company:-
(a) The Securities and Exchange Board of India T?70.'&4'*&9!8%^7*.*'*(4!(;!?/&$#.!&4,!5&d#(3#$.O!P#279&'*(4.>!ACDDR
(b) The Securities and Exchange Board of India T`$(/*0*'*(4!(;!K4.*,#$!5$&,*42O!P#279&'*(4.>!ACDXR
(c) The Securities and Exchange Board of India TK..7#! (;! L&@*'&9! &4,! Q*.%9(.7$#! P#^7*$#+#4'.O!P#279&'*(4.>!ACCWR
(d) The Securities and Exchange Board of India T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!P#279&'*(4.>!ACDX!except the details given in point (x) (h) herein below;
(e) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. TU('!&@@9*%&09#!'(!'/#!%(+@&41!,7$*42!'/#!87,*'!`#$*(,O
(f) The Securities and Exchange Board of India (Issue &4,!)*.'*42!(;!Q#0'!?#%7$*'*#.O!P#279&'*(4.>!ACCER
(g) The Securities and Exchange Board of India TP#2*.'$&$.!'(!&4!K..7#!&4,!?/&$#!5$&4.;#$!82#4'.O!P#279&'*(4.>! DWWF! $#2&$,*42! '/#! L(+@&4*#.! 8%'!&4,!,#&9*42!<*'/!%9*#4'R
(h) The Securities and Exchange Board of India TQ#9*.'*42! (;! \^7*'1! ?/&$#.O! P#279&'*(4.>! ACCW!TU('!&@@9*%&09#!'(!'/#!L(+@&41!,7$*42!'/#!87,*'!@#$*(,OR!&4,
(i) The Securities and Exchange Board of India TM710&%d! (;! ?#%7$*'*#.O! P#279&'*(4.>! DWWE! TU('!&@@9*%&09#! '(! '/#! L(+@&41! ,7$*42! '/#! 87,*'!`#$*(,O
T3*O! K!;7$'/#$!$#@($'!'/&'!0&.#,!(4!'/#!*4;($+&'*(4!$#%#*3#,>!explanation given, records maintained and statutory %(+@9*&4%#! .70+*''#,! '(! '/#! M(&$,! (4! ^7&$'#$91!0&.*.>! '/#$#! &$#! &,#^7&'#! .1.'#+.! &4,! @$(%#..#.! *4!'/#!L(+@&41!'(!+(4*'($!&4,!#4.7$#!%(+@9*&4%#!<*'/!
Annexure I
>"3?&7"J&'!R.
=E9!EB0!D0M&0^@DB&!EUC!B!"#$%&'$!()*)+(*,$-'*#$').'.$/*#+&$012$3415r`7$.7&4'!'(!.#%'*(4!ACITDO!(;!'/#!L(+@&4*#.!8%'>!ACDF!&4,!$79#!U(HW!(;!'/#!L(+@&4*#.!T8@@(*4'+#4'!&4,!P#+74#$&'*(4!(;!"&4&2#$*&9!`#$.(44#9O!P79#.>!ACDIs
!"#$%&'#()*+$,'#&
&$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
the applicable laws. The Company has confirmed compliance with the following specific laws applicable '(!'/#!L(+@&41G
! l! "#$%/&4'!?/*@@*42!8%'>!DWXEH
! l! K49&4,![#..#9.!8%'>!DWDV!T?70.!01!8%'!FX!(;!DWVV>!Sec 4 for Inland Steam-Vessels)
! l! 5/#!?#&+#4e.!`$(3*,#4'!674,!8%'>!DWBBH
(vii) I further report that, I have not examined compliance with applicable Financial Laws, like Direct Tax, Indirect Tax, etc since the same have been subject to review by statutory financial audit and other designated @$(;#..*(4&9.H
I have also examined compliance with the applicable %9&7.#.!(;!'/#!;(99(<*42G
! T*O! 5/#! )*.'*42! 82$##+#4'.! #4'#$#,! *4'(! 01! '/#!L(+@&41!<*'/!M?\!)*+*'#,! TM?\O>!U&'*(4&9!?'(%d!Exchange of India Limited (NSE) including SEBI T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!Regulations, 2015 (made effective from September 2, 2015) and Stock Exchange of Singapore!T?\?OcT?:aO
! T**O! ?#%$#'&$*&9!?'&4,&$,.!(;!5/#!K4.'*'7'#!(;!L(+@&41!?#%$#'&$*#.!(;!K4,*&!<*'/!$#.@#%'!'(!'/#!0(&$,!&4,!2#4#$&9!+##'*42.!&.!&@@9*%&09#!'(!'/#!L(+@&41H
! ! Q7$*42! '/#! @#$*(,! 74,#$! $#3*#<! '/#! L(+@&41!/&.! %(+@9*#,! <*'/! '/#! @$(3*.*(4.! (;! '/#! 8%'>!P79#.>! P#279&'*(4.>! :7*,#9*4#.>! ?'&4,&$,.>! #'%H!+#4'*(4#,!&0(3#H
T3***O!D&-#3$*%3&3%)"3$&$*($
! 5/#! M(&$,! (;! Q*$#%'($.! (;! '/#! L(+@&41! *.! ,791!constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Q*$#%'($.H! 5/#! %/&42#.! *4! '/#! %(+@(.*'*(4! (;! '/#!M(&$,!(;!Q*$#%'($.! '/&'! '((d!@9&%#!,7$*42! '/#!@#$*(,!74,#$!$#3*#<!<#$#!%&$$*#,!(7'!*4!%(+@9*&4%#!<*'/!'/#!@$(3*.*(4.!(;!'/#!8%'H
! 8,#^7&'#!4('*%#!<&.!2*3#4!'(!&99!,*$#%'($.!'(!.%/#,79#!'/#! M(&$,! "##'*42.>! &2#4,&! &4,! ,#'&*9#,! 4('#.! (4!agenda were sent in advance, and a system exists ;($! .##d*42! &4,! (0'&*4*42! ;7$'/#$! *4;($+&'*(4! &4,!clarifications on the agenda items before the meeting &4,!;($!+#&4*42;79!@&$'*%*@&'*(4!&'!'/#!+##'*42H
! Q#%*.*(4.! &'! '/#! M(&$,! "##'*42.! &4,! L(++*''##!"##'*42.! <#$#! %&$$*#,! '/$(72/! (4! '/#! 0&.*.! (;!+&i($*'1!&.!$#%($,#,! *4!'/#!+*47'#.!(;!'/#!+##'*42.H!8.! $#@$#.#4'#,! 01! '/#! "&4&2#+#4'>! '/#$#! <#$#!4(!,*..#4'*42! 3*#<.!01! &41!+#+0#$!(;! '/#!M(&$,!(;!Q*$#%'($.!($!L(++*''##!(;!'/#!M(&$,!&.!'/#!%&.#!+&1!0#!,7$*42!'/#!@#$*(,!74,#$!$#3*#<H!P#.(97'*(4.!@&..#,!01! %*$%79&'*(4.! <#$#! &@@$(3#,! *4! '/#! .70.#^7#4'!M(&$,!"##'*42H
(ix) I further report that as per the explanations 2*3#4! '(! +#! &4,! '/#! $#@$#.#4'&'*(4.! +&,#! 01! '/#!"&4&2#+#4'! &4,! $#9*#,!7@(4!01!+#!2#4#$&991! '/#$#!&$#!&,#^7&'#!.1.'#+.!&4,!@$(%#..#.!*4!'/#!L(+@&41!'(!%(++#4.7$&'#!<*'/!'/#!.*g#!&4,!(@#$&'*(4.!(;!'/#!L(+@&41!&4,!'(!+(4*'($!&4,!#4.7$#!%(+@9*&4%#!<*'/!&@@9*%&09#!9&<.>!$79#.>!$#279&'*(4.!&4,!27*,#9*4#.H
(x) I further report as under:
! &O! Q7$*42! '/#! 1#&$>! '/#$#! <#$#! $#,#+@'*(4! (;!Q#0#4'7$#.!&.!74,#$G
I. 500-12.40% Secured Non-convertible Debentures Series - IX of !! DC! 9&d/.! #&%/!&22$#2&'*42!'(!!!XC!L$($#!<&.!$#,##+#,!(4!U(3#+0#$!F>!ACDV
II. 500-12.40% Secured Debentures Series - IX (;!!!DC!9&d/.!#&%/!&22$#2&'*42!'(!!!XC!L$($#!<&.! $#,##+#,! (4!"&$%/! AV>! ACDE! 0#*42! *4!full and final redemption of the said series.
! 0O! 5/#$#! /&.! 0##4! ;(99(<*42! %/&42#.! *4! '/#!,*$#%'($./*@!(;!'/#!L(+@&41G
! ! KH! "$H! 84*9! S/&44&! <&.! &@@(*4'#,! &.! &4!8,,*'*(4&9! TK4,#@#4,#4'O! Q*$#%'($! <H#H;H!U(3#+0#$!AD>!ACDV
! ! KKH! "$H! Q#./! P&i! Q(2$&! $#.*24#,! ;$(+! '/#!office of Director of the Company w.e.f. k&47&$1!E>!ACDE
! %O! 5/#! M(&$,! (;! Q*$#%'($.! &'! *'.! +##'*42! /#9,!(4! 6#0$7&$1! DI>! ACDE>! &@@$(3#,! '/#! ?%/#+#!(;! 8$$&42#+#4'! 0#'<##4! "#$%&'($! )*+*'#,!Tl"#$%&'($e!($!lQ#+#$2#,!L(+@&41eO!&4,!"#$%&'($!Q$#,2*42! `$*3&'#! )*+*'#,! Tl"Q`)e! ($! lP#.79'*42!L(+@&41eO! &4,! '/#*$! $#.@#%'*3#! ./&$#/(9,#$.!Tl'/#! ?%/#+#eO! 74,#$! ?#%'*(4.! AFC! '(! AFA! (;!'/#! L(+@&4*#.! 8%'>! ACDF! &4,! ('/#$! &@@9*%&09#!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDFH!`7$.7&4'!'(! '/#! .&*,! .%/#+#! '/#! Q$#,2*42! M7.*4#..! (;!'/#!L(+@&41! *.!@$(@(.#,! '(!0#!.#2$#2&'#,! *4'(!"#$%&'($! Q$#,2*42! `$*3&'#! )*+*'#,! Tl"Q`)eO>! &!</(991! (<4#,! .70.*,*&$1! 01! <&1! (;! Q#+#$2#$H!Q#'&*9.! (;! '/#! .&*,! .%/#+#! /&.! 0##4! *4'*+&'#,!by the Company to Stock Exchanges as a part of (7'%(+#!(;!'/#!.&*,!M(&$,!+##'*42!3*,#!*'.!9#''#$!,&'#,!6#0$7&$1!DI>!ACDEH!K!&+!*4;($+#,!'/&'!'/#!L(+@&41!*.! *4!@$(%#..!(;!'&d*42!4#%#..&$1!.'#@.!'(!(0'&*4!$#^7*.*'#!&@@$(3&9.!*4!'/*.!$#2&$,H
! ,O! 5/#! M(&$,! (;! Q*$#%'($.! &'! *'.! +##'*42! /#9,! (4!"&$%/!AF>!ACDE>!&@@$(3#,!*..7#!(;!DVXC!?#%7$#,!Non-convertible Debentures (NCDs) of !DC! 9&d/.!#&%/! &22$#2&'*42! '(! !DVX! L$($#H! 67$'/#$>! &'! '/#!0(&$,!+##'*42!/#9,!(4!"&$%/!AV>!ACDE>!&99('+#4'!(;! DCCC! ULQ.! (;! !DC! 9&d/.! #&%/! &22$#2&'*42! '(!!DCC! L$($#! <&.! +&,#H! ]7'! (;! '/#! '('&9! *..7#!(;! DVXC! ULQ.! &.! &;($#.&*,>! @&$'! (;! @$(%##,.!received was utilized to redeem ‘NCDs series - IX’ &.!+#4'*(4#,!*4!@(*4'!&!TKKO!&0(3#H
!"#$%&'($!)*+*'#,!-!!&%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
! #O! "$H! ?7/&.! `&<&$! <&.! &@@(*4'#,! &.! L(+@&41!Secretary and Compliance Officer w.e.f. April 10, ACDV!&4,!/#! $#.*24#,! ;$(+!0('/! '/#!@(.'!<H#H;H!"&$%/!AB>!ACDEH
! ;O! "$H! $&.&,! &'<&$,/&4!$#.*24#,!&.!L/*#;!6*4&4%*&9!Officer w.e.f. May 29, 2017. Mr. Kiran Vaidya was appointed as Chief Financial Officer w.e.f. May 30, ACDV>! </(! .70.#^7#4'91! $#.*24#,!<H#H;H! k&47&$1!FD>!ACDEH!"$H!P&i#4,$&!S('/&$*!<&.!&@@(*4'#,!&.!Chief Financial Officer w.e.f. February 1, 2018.
! 2O! 5/#! L(+@&41! $&*.#,! !! DIXHID! L$($#! 01! *..7#!(;! F>AX>BV>ABA! \^7*'1! ?/&$#.! (;! P#H! D! #&%/! h!&! @$#+*7+! (;! ! 43.65 per share by Qualified K4.'*'7'*(4&9! `9&%#+#4'H! 5/#! .&*,! ./&$#.! <#$#!listed on BSE Limited and National Stock Exchange (;!K4,*&!)*+*'#,H
! /O! 5/#! L(+@&41! 3*,#! *'.! 9#''#$! ,&'#,! Q#%#+0#$!7, 2017, made disclosure to stock exchanges *4! @7$.7&4%#! (;! P#279&'*(4! FC! (;! ?\MK! T)*.'*42!]09*2&'*(4.! &4,! Q*.%9(.7$#! P#^7*$#+#4'.O!P#279&'*(4>!ACDX>!&.!74,#$G
! ! KH! 5/#! .#4*($! +&4&2#+#4'! (;! *'.! .'#@! ,(<4!.70.*,*&$*#.! *4! K4,(4#.*&! T'/#! YK4,(4#.*&4!\4'*'*#.ZO!/&,!0##4!%/&42#,!01!'/#!L(+@&41!</*%/! 9#,! '(! '#+@($&$1! ,*.$7@'*(4! (;!(@#$&'*(4.!(;!'/#!K4,(4#.*&4!\4'*'*#.R!&4,
II. Certain proceedings had been filed by the L(+@&41!*4!?*42&@($#!&4,!K4,(4#.*&!&2&*4.'!.(+#! (;! '/#! &;($#+#4'*(4#,! #$.'</*9#!.#4*($! +&4&2#+#4'! (;! '/#! K4,(4#.*&4!\4'*'*#.! </(! /&,! *4! '7$4! *4*'*&'#,! 3&$*(7.!@$(%##,*42.! &2&*4.'! .(+#!(;! *'.! .'#@! ,(<4!subsidiaries and some of its executives. The said litigations were sub-judice at various ;($7+.R
! ! KKKH! Q*.$7@'*(4! (;! (@#$&'*(4.! *4! K4,(4#.*&! /&,!led to non-receipt of limited review reports ;$(+! '/#! &;($#+#4'*(4#,! K4,(4#.*&4!Entities which in turn delayed the filing of '/#! L(+@&41e.! %(4.(9*,&'#,! 9*+*'#,! $#3*#<!$#@($'!;($!'/#!^7&$'#$!#4,#,!?#@'#+0#$!FC>!ACDV>! '/&'! '/#! L(+@&41! /&,! &9$#&,1! '&d#4!steps to resolve the delayed filing.
! ! ! )&'#$! (4! &'! '/#! M(&$,! "##'*42! /#9,! (4!6#0$7&$1! DI>! ACDE>! '/#! M(&$,! (;! Q*$#%'($.!&@@$(3#,!'/#!.&*,!%(4.(9*,&'#,!$#.79'!&4,!'/#!same was submitted with stock exchanges on the same day. The Stock exchanges levied @#4&9'1!*4!&22$#2&'#!(;!!9,79,146/- (inclusive of taxes) for the delay and Company paid!'/#!.&+#H
Except as reported herein above, there were no!*4.'&4%#.!(;
! ! &O! `709*%cP*2/'c`$#;#$#4'*&9! *..7#! (;! ./&$#.! c!.<#&'!#^7*'1
b) Redemption / buy-back of securities
! ! %O! "#$2#$!c!&+&92&+&'*(4!c!$#%(4.'$7%'*(4!#'%H
! ! ,O! 6($#*24!'#%/4*%&9!%(99&0($&'*(4.H
! 6($!GANESHNARAYAN&COMPANY! 9C'U07X&=E9!EB0!DE=
`9&%#G!"7+0&*! U!CU!DEBC!Q&'#G!"&1!AE>!ACDE! 6L?G!BWDCcL!`!U(G!AAFE
7"$%6!5/*.!$#@($'!*.!'(!0#!$#&,!<*'/!"1!9#''#$!(;!#3#4!,&'#!which is annexed as’ Annexure A’ and forms an integral part (;!'/*.!$#@($'H
!"#$%&'#()*+$,'#&
('!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
Annexure A5(>5/#!"#+0#$."#$%&'($!)*+*'#,TLKUG)BFCWC"JDWEF`)LCFDIDEOF$,!69(($>!"*''&9!5(<#$>!M!N!=*42Nariman Point, Mumbai - 400021
"1!$#@($'!(;!#3#4!,&'#!*.!'(!0#!$#&,!&9(42!<*'/!'/*.!9#''#$H
DH! "&*4'#4&4%#! (;! .#%$#'&$*&9! $#%($,! *.! '/#! $#.@(4.*0*9*'1! (;! '/#! +&4&2#+#4'! (;! '/#! %(+@&41H!My responsibility is to express an opinion on these secretarial records based on my audit.
AH! K! /&3#! ;(99(<#,! '/#! &7,*'! @$&%'*%#.! &4,! @$(%#..#.! &.!<#$#! &@@$(@$*&'#! '(! (0'&*4! $#&.(4&09#! &..7$&4%#! &0(7'! '/#!correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a reasonable 0&.*.!;($!+1!(@*4*(4H
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
IH! =/#$#3#$! $#^7*$#,>! K! /&3#! (0'&*4#,! '/#! "&4&2#+#4'! P#@$#.#4'&'*(4! &0(7'! '/#! %(+@9*&4%#! (;! 9&<.>! $79#.! &4,!$#279&'*(4.!&4,!/&@@#4*42!(;!#3#4'.!#'%H
XH! 5/#! %(+@9*&4%#! (;! '/#! @$(3*.*(4.! (;! L($@($&'#! &4,! ('/#$! &@@9*%&09#! 9&<.>! $79#.>! $#279&'*(4.>! .'&4,&$,.! *.! '/#!responsibility of management. My examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
! 6($!GANESHNARAYAN&COMPANY! 9C'U07X&=E9!EB0!DE=
`9&%#G!"7+0&*! U!CU!DEBC!Q&'#G!"&1!AE>!ACDE! 6L?G!BWDCcL!`!U(G!AAFE
!"#$%&'($!)*+*'#,!-!!(&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
Annexure IIDetailspertainingtoremunerationasrequiredunderSection197(12)oftheCompaniesAct,2013readwithRule5(1)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014:
=3J&7"J
!%\#43%?%,$H @4H:1"H#3%
D 5/#!$&'*(!(;!'/#!$#+74#$&'*(4!(;!#&%/!,*$#%'($!'(!'/#!+#,*&4!$#+74#$&'*(4! (;! '/#! #+@9(1##.! (;! '/#! L(+@&41! ;($! '/#!financial year.
7(?%& !($4""$H!JH!S!"*''&9! DGCHDXMr. M M Agarwal -Mr. Gunender Kapur -Mrs. Archana Mittal -Mr. Anil Khanna -
!A 5/#! @#$%#4'&2#! *4%$#&.#! *4! $#+74#$&'*(4! (;! #&%/! Q*$#%'($>!Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager in the financial year.
No remuneration is paid to Independent Directors and Non- Executive Directors.During the FY2017-18, the percentage increase in the remuneration (;!"$H!?7/&.!`&<&$>!L(+@&41!?#%$#'&$1!<&.!ACoHExcept the above, there was no increase in remuneration of Directors, Chief Financial Officer, Chief Executive Officer of the L(+@&41H
F 5/#! @#$%#4'&2#! *4%$#&.#! *4! '/#! +#,*&4! $#+74#$&'*(4! (;!employees in the financial year.
B!o
I 5/#! 47+0#$! (;! @#$+&4#4'! #+@9(1##.! (4! '/#! $(99.! (;! '/#!L(+@&41H
EE
X 83#$&2#!@#$%#4'*9#! *4%$#&.#! &9$#&,1!+&,#! *4! '/#! .&9&$*#.! (;!#+@9(1##.! ('/#$! '/&4! '/#!+&4&2#$*&9! @#$.(44#9! *4! '/#! 9&.'!financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for *4%$#&.#!*4!'/#!+&4&2#$*&9!$#+74#$&'*(4H
83#$&2#!@#$%#4'*9#!*.!Eo!&4,!@#$%#4'*9#!*4%$#&.#!*4!'/#!+&4&2#$*&9!$#+74#$&'*(4!*.!ACoH!5/*.!*4%$#&.#!(;!ACo!*4!'/#!.&9&$1!(;!L(+@&41!?#%$#'&$1!</*%/!<&.!0&.#,!(4!*4,*3*,7&9!@#$;($+&4%#!9#3#9H
B Affirmation that the remuneration is as per the remuneration @(9*%1!(;!'/#!%(+@&41H
b#.
Annexure - IIADetailspertainingtoremunerationasrequiredunderRule5(2)oftheCompanies(AppointmentandRemuneraRtionofManagerialPersonnel)Rules,2014:
7(?%& 05% Qualification E8)%34%,:%&4,&<%(3H
@($%&"-&_"4,4,5
@%H45,($4", B"$(1&!%?#,%3($4",&(!incrore)
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L&@'H!S(<./*dj XF JUQ!TU&7'*%&9!?%*#4%#O"KL?
FX 01-Apr-05 President -!?/*@@*42
CHFE "74,(!:&.
"$H!P(+*#!_+$*2&$ XE "&$*4#!\42*4##$! FI 15-Jan-14 Vice President - 5#%/4*%&9!
CHEI Solitaire Marine & Offshore `3'!)',H
"$H!JHS!"*''&9 BE "H!5#%/ IF 23-May-88 Executive!L/&*$+&4!
CHVA U&'$&i!]$2&4*%.!)*+*'#,
"$H!U#3*99#!Q&+&4*& XX "\]!L9&..!K!+('($!T:(3'H(;!K4,*&O
AE 21-Apr-14 GM- Technical CHXF [&$74!?/*@@*42!)',H
L&@'H!8$74!U&4,&!t BA Master - FG FX 28-Aug-06 President -!?/*@@*42
CHEC ?/*@@*42!L($@($&'*(4!(;!K4,*&
Q$H!:HbH[H![*%'($! IV Q(%'$&'#!*4!?%*#4%#!f!`/1.*%.!
AV 11-Sep-17 `$#.*,#4'!Q$#,2*42!
CHEF J(4#1!M$((d!\4#$21
L&@'H!"&4,##@!?*42/!=&,/<& XF Master - FG FXHX 28-Nov-17 Vice President - "&$*4#!JP!
CHBB K4%/%&@#!?/*@@*42!?#$3*%#.
"$H!?/&9&0/!"*''&9! FW PGDBA - Business 8,+*4*.'$&'*(4
DE 27-May-16 L\]! CHWW "#$%&'($!)*4#.!?*42&@($#
"$H!J&47+&4'/&!P&( IW Mtech - Electrical AVHW 07-Sep-17 GM - Commercial f!L(4'$&%'.
CHXC Q/&$'*!Q$#,2*42
L&@'H!P&+&!S&4,7$*! II M.S.C - Physics DWHI 17-Apr-13 DGM - Ops CHIF QLKL&@'H!bH`H?!L/&7/&4! XB Master - FG FBHI 01-Nov-04 DGM - QSS CHIA "#$%&'($!)(2*.'*%.!`$*3&'#!)',H
7"$%6DH! j!\+@9(1#,!;($!@&$'!(;!'/#!1#&$AH! t!U&'7$#!(;!#+@9(1#+#4'!*.!%(4'$&%'7&9!;($!('/#$.3. Mr. H. K. Mittal, Executive Chairman of the Company is relative of Mrs. Archana Mittal, Director of the Company4. Mr. Shalabh Mittal, Chief Executive Officer of the Company is Son of Mr. H. K. Mittal & Mrs. Archana Mittal, Directors of the Company.XH! U(4#!(;!'/#!('/#$!#+@9(1##.!*.!$#9&'#,!'(!&41!Q*$#%'($!(;!'/#!L(+@&416. Remuneration means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under
the Income Tax Act, 1961
!"#$%&'#()*+$,'#&
((!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
Annexure III
AnnualReportonCSRActivitiespursuanttotheCompanies (CorporateSocialResponsibilityPolicy)&Rules,2014IJ& 0&G34%-&"#$14,%&"-&$*%&9"?)(,<[H&9=!&U"14:<6
! "#$%&'($!)*+*'#,!L(+@&41!/&.!*4*'*&'#,!*'.!(<4!L?P!@(9*%1!&4,!&@@(*4'#,!`$#+!`74*'&!6(74,&'*(4!&.!*+@9#+#4'*42!&2#4%1H! $#+! 74*'&!6(74,&'*(4!*.!&!"7+0&*!0&.#,! 709*%!5$7.'!$#2*.'#$#,!*4!'/#!1#&$!ACCX!74,#$!M(+0&1! 709*%!5$7.'!Act, 1950. The Foundation re-engineered itself in the year 2010 with a promise to help the under privileged without 9((d*42!*4'(!'/#*$!%&.'#>!%$##,>!%(9(7$!($!$#9*2*(4H!8.!&!.'#@!;($<&$,>!*'!.##d.!'(!%$#&'#!&4!&9*24+#4'!0#'<##4!'/#!$*%/!and poor so that individual aspirations find a place to come closer.
The Foundation is committed to undertake social welfare projects amongst different groups enabling them to improve '/#*$!@#$.@#%'*3#!'(<&$,.!'/#*$!9*3#.H!K4!'/#!9&.'!%(7@9#!(;!1#&$.>!`$#+!`74*'&!6(74,&'*(4!/&.!0##4!<($d*42!<*'/!'/#!.97+.!(;!?(7'/!"7+0&*>!#.@#%*&991! *4!'/#!L(9&0&!&$#&H!5/#1!<($d!%9(.#91!<*'/!'/#!*4/&0*'&4'.!(;!"&%//*+&$!U&2&$>!Ambedkar Nagar and Geeta Nagar in the pursuit of elevating a lot of those who are socially and financially challenged.
Prem Punita Foundation has segregated its activities in five projects which aim at helping the poorest!! (;!@(($!*4!'/#!&$#&.!.#$3#,!01!'/#+H!"&i($!@$(i#%'.!&.!(7'9*4#,!01!'/#+!&$#!&.!;(99(<.G
! l! U3"_%:$&U3%?&U3(A(*6!5(!.7@@($'!*4,*3*,7&9.>!2$(7@.>!#,7%&'*(4!*4.'*'7'*(4.>!3(%&'*(4&9!'$&*4*42!*4.'*'7'#.!'/$(72/!the means of financial assistance and /or materials as deemed fit by the committee.
! l! U3"_%:$&U3%?&=(34$(6&Poverty alleviation program through self-help groups and awareness about governmental .%/#+#.H
! l! U3"_%:$&U3%?&=#V*(F(6 Betterment of Health conditions of beneficiaries through medical check-up, mobile medical 3&4>!&<&$#4#..!@$(2$&+.!(4!/#&9'/!%(4%#$4.H
! l! U3"_%:$& U3%?&OH*(?($(6 Skill-based training program such as spoken English, personality development, self-,#;#4%#!;($!#9*2*09#!&4,!*4'#$#.'#,!%&4,*,&'#.!;$(+!3*$'7&991!&,(@'#,!%(++74*'*#.H
! l! U3"_%:$& U3%?&=(5(36 Job – oriented training in the field of Retail Management, house-keeping, hospitality and skilled jobs such as gardener, welder, fitter, electrician, plumber etc.
! 5/#! M(&$,! (;! Q*$#%'($.! ;$&+#,! &4,! &,(@'#,! L?P! `(9*%1! *4! &%%($,&4%#! <*'/! '/#! L(+@&4*#.! TL($@($&'#! ?(%*&9!P#.@(4.*0*9*'1!`(9*%1O!P79#.>!ACDI>!</*%/!*.!&3&*9&09#!(4!'/#!L(+@&41e.!<#0.*'#!3*gH!<<<H+#$%&'($H*4
! Q7$*42!'/#!1#&$!74,#$!$#3*#<>!'/#!M(&$,!(;!Q*$#%'($.>!0&.#,!(4!'/#!$#%(++#4,&'*(4!(;!L?P!L(++*''##>!$#3*.#,!'/#!CSR Policy. It now includes all such major activities as are specified under Schedule VII of the Companies Act, 2013 with a liberty to do such CSR Activities with the help of other external implementing agencies or registered trust or $#2*.'#$#,!;(74,&'*(4.!($!$#2*.'#$#,!.(%*#'1!($!.#%'*(4!E!%(+@&41!($!'/$(72/!('/#$!@#$+*''#,!&2#4%*#.!#'%H!($!+&1!,(!*'!*4!(4#!($!+($#!%(+0*4&'*(4!(;!'/#!&0(3#!<&1.>!&.!+&1!0#!@#$+*''#,H
KJ& 9"?)"H4$4",&"-&$*%&9=!&9"??4$$%%6
`$#.#4'91>!'/#!L?P!L(++*''##!(;!'/#!M(&$,!%(4.*.'.!(;! DH! "$H!JH!SH!"*''&9!N!L/&*$+&4R! AH! "$H!"H!"H!82$&<&9!N!"#+0#$R 3. Mr. Paritosh Kakkad - Member
3. AverageNetProfitoftheCompanyforlastthreefinancialyears:!&DFHAW!L$($#
4. PrescribedCSRExpenditure(twopercentoftheamountasinitem3above):!&CHAV!L$($#
5. DetailsofCSRSpentduringthefinancialyear:
! a) Totalamounttobespentforthefinancialyear:!!CHAV!L$($# b) Amountspent:U*9 c) Amountunspent:!&CHAV!L$($# d) Mannerinwhichamountspentduringthefinancialyear:U(4#
!"#$%&'($!)*+*'#,!-!!()!!!"#$%&'()%"*+
,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
6. IncasetheCompanyhasfailedtospendthetwopercentoftheaveragenetprofitsofthelastthreefinancialyearsoranypartthereof,thecompanyshallprovidethereasonsfornotspendingtheamountinitsBoard’s3%)"3$&6
In respect of financial year 2016-17, the Company’s liability for spending on CSR activities was determined as !!CHAV!Cr, against which the Company could not spend any amount. Further, in respect of financial year 2015-16, Company’s 9*&0*9*'1!'(!.@#4,!'(<&$,.!L?P!<&.!!!CHXF!L$H!&2&*4.'!</*%/!! 0.05 Cr was spent during the year 2016-17. The balance amount of R.s 0.48 Cr to be spend during the financial year 2017-18 as well as liability towards CSR for the year 2016-17 were to be met by spending during the financial year 2017-18.
! ]4!&%%(74'!(;!9(..#.!+&,#!,7$*42!'/#!1#&$>!&4,!,7#!'(!9*^7*,*'1!%$74%/>!'/#!L(+@&41!%(79,!4('!.@#4,!'/#!&+(74'!(4!L?P!&%'*3*'*#.>!07'!'/#!L(+@&41!*.!%(++*''#,!'(!.@#4,!'/#!.&*,!&+(74'!*4!'/#!1#&$.!'(!%(+#H
7. AresponsibilitystatementoftheCSRCommitteethattheimplementationandmonitoringofCSRpolicy,isin:"?)14(,:%&;4$*&9=!&"G_%:$4A%&(,F&U"14:<&"-&$*%&9"?)(,<J
! 5/#!*+@9#+#4'&'*(4!&4,!+(4*'($*42!(;!L?P!@(9*%1>!*.!*4!%(+@9*&4%#!<*'/!L?P!(0i#%'*3#!&4,!`(9*%1!(;!'/#!L(+@&41H
! =$($%?%,$&"-&9=!&E8)%,F4$#3%&R&U*9
(1) (2) (3) (4) (5) (6) (7) (8)=3J&7"J
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Annexure IV
FORMNO.MGT9
E`B!09B&C>&077^0M&!EB^!7As on financial year ended on 31.03.2018`7$.7&4'! '(!?#%'*(4!WA! TFO!(;! '/#!L(+@&4*#.!8%'>!ACDF!&4,!$79#!DATDO!(;! '/#!L(+@&41! T"&4&2#+#4'!f!8,+*4*.'$&'*(4O!P79#.>!ACDIH
I. Registration&otherdetails:DH LKU )BFCWC"JDWEF`)LCFDIDEAH P#2*.'$&'*(4!Q&'# AIcDDcDWEFFH U&+#!(;!'/#!L(+@&41 "#$%&'($!)*+*'#,IH Category/Sub-category of the Company Company limited by shares/Indian Non-Government CompanyXH Address of the Registered office & contact details 3rd Floor, Mittal Tower, B-wing,
U&$*+&4!`(*4'>!"7+0&*!N!ICC!CADTel Nos: 91-22-66373333Fax Nos: 91-22-66373344E-mail: [email protected] /!*43#.'($.h+#$%&'($H*4
BH =/#'/#$!9*.'#,!%(+@&41 b#.VH U&+#>!8,,$#..!f!%(4'&%'!,#'&*9.!(;!'/#!P#2*.'$&$!f!5$&4.;#$!
82#4'>!*;!&41H)*4d!K4'*+#!K4,*&!`$*3&'#!)*+*'#,LDCD>!AIV!`&$d>!)H!MH!?H!"&$2>[*d/$(9*!T=#.'O>!"7+0&*!N!ICCCEFTel No : +91 22 49186270 Fax: +91 22 49186060E-mail id : [email protected]=#0.*'#!G!<<<H9*4d*4'*+#H%(H*4
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AX `5!S&$1&!`7'$&!M($4#( Menara Prima II, 20th floor Unit 8fM!k9H!)*42d&$!"#2&!S74*42&4!U(H!BHA>!k&d&$'&>!K4,(4#.*&!DAWXC
U8 ?70.*,*&$1 IX ATEVOT*O
AB `5!K4,(!`#$d&.& Bl-7-8, Citraland,k9H!QHKH!`&4i*&*'&4!S(+@H!P(d(>!?&+&$*4,&
U8 ?70.*,*&$1 AAHWX ATEVOT*O
AV "#$%&'($!`$(i#%'.!`'#H!)',H! 8 Shenton Way, AXA Tower, #12-02, ?*42&@($#!CBEEDD
U8 ?70.*,*&$1 VX ATEVOT**O
AE Mercator Offshore Assets Holding `'#H!)',H!
60 Paya Lebar Road, #13-05D, Paya )#0&$!?^7&$#>?*42&@($#!ICWCXD
U8 ?70.*,*&$1 VX ATEVOT**O
AW "#$%&'($!]d<(d!6`_!`'#H!)',H 8 Shenton Way, AXA Tower, #12-02, ?*42&@($#!CBEEDD
U8 ?70.*,*&$1 VX ATEVOT**O
FC "#$%&'($!]d($(!6`_!`'#H!)',H 8 Shenton Way, AXA Tower, #12-02, ?*42&@($#!CBEEDD
U8 ?70.*,*&$1 VX ATEVOT**O
FD M$*(!P#.(7$%#.!`'#!)',H 60 Paya Lebar Road, #13-05D, Paya )#0&$!?^7&$#>?*42&@($#!ICWCXD
U8 ?70.*,*&$1 DCC ATEVOT**O
FA "&$3#9![&97#!K4'#$4&'*(4&9!)',H ]"L!L/&+0#$.>!=*%d/&+.!L&1!D> U8 ?70.*,*&$1 DCC ATEVOT**OP(&,!5(<4>!5($'(9&>M$*'*./![*$2*4!K.9&4,H
FF "L?!K43#.'+#4'!f!5$&,*42!)',!H )]M!DB>!?7*'!t!FCW>!k#0#9!89*!6$##!Zone, PO Box No 262794, Dubai, _8\
U8 ?70.*,*&$1 DCC ATEVOT**O
!"#$%&'#()*+$,'#&
("!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
IV.Shareholdingpattern(equitysharecapitalbreakupaspercentageoftotalequity)(i) Category-wiseShareHolding
=3J&7"
9($%5"3<&"-&=*(3%*"1F%3H 7"J&"-&=*(3%H&*%1F&($&$*%&G%54,,4,5&"-&$*%&<%(3&PIWP/WKPIQ
7"J&"-&=*(3%H&*%1F&($&$*%&%,F&"-&$*%&<%(3&.IWP.WKPIS
a&9*(,5%&F#34,5&$*%&
<%(3@%?($ U*<H4:(1 B"$(1 a&"-&B"$(1&=*(3%H
@%?($ U*<H4:(1 B"$(1 a&"-&B"$(1&=*(3%H
(A) =*(3%*"1F4,5&"-&U3"?"$%3&(,F&U3"?"$%3&23"#)bIc D,F4(,T&O K4,*3*,7&9.!c!J*4,7!_4,*3*,#,!6&+*91 VF>EVI>DCC C VF>EVI>DCC AVHFV VIDVIDCC C VIDVIDCC AIHXA -2.85T0O L#4'$&9!:(3#$4+#4'!c!?'&'#!:(3#$4+#4'T.O C C C C C C C C CT%O 6*4&4%*&9!K4.'*'7'*(4.!c!M&4d. C C C C C C C C CT,O 841!]'/#$!T?@#%*;1O
M(,*#.!L($@($&'# DE>ICB>AXC C DE>ICB>AXC BHEA DEICBAXC C DEICBAXC BHCW -0.73SubTotal(A)(1) 92,280,350 P 92,280,350 34.19 92580350 P 92580350 .PJYI P
bKc >"3%45,T&O Individuals (Non-Resident Individuals / Foreign
K4,*3*,7&9.OFBDAXC C FBDAXC CHDF FBDAXC C FBDAXC CHDA -0.01
T0O :(3#$4+#4' C C C C C C C C CT%O K4.'*'7'*(4. C C C C C C C C CT,O 6($#*24!`($';(9*(!K43#.'($ C C C C C C C C CT#O 841!]'/#$!T?@#%*;1O
?70!5('&9!T8OTAO FBD>AXC C FBD>AXC CHDF FBDAXC C FBDAXC CHDA -0.01B"$(1&=*(3%*"1F4,5&"-&U3"?"$%3&(,F&U3"?"$%3&Group(A)=(A)(1)+(A)(2)
92,641,600 P 92,641,600 ./J.K 92941600 P 92941600 .PJQ. -3.59
(B) U#G14:&=*(3%*"1F4,5bIc D,H$4$#$4",HT&O "7'7&9!674,.!c!_5K DCC>CCC VXCCC DVX>CCC CHCV C VXCCC VXCCC CHCA -0.04T0O [#4'7$#!L&@*'&9!674,. C C C C C C C C CT%O 89'#$4&'#!K43#.'+#4'!674,. C C C C C C C C CT,O 6($#*24![#4'7$#!L&@*'&9!K43#.'($. C C C C C C C C CT#O 6($#*24!`($';(9*(!K43#.'($ FE>CXV>WBD X>CCC FE>CBA>WBD DIHDC IBBIACBX C IBBIACBX DXHIA DHFAT;O 6*4&4%*&9!K4.'*'7'*(4.!c!M&4d. A>FAX>CXE C A>FAX>CXE CHEB XABBADV C XABBADV DHVI CHEET2O K4.7$&4%#!L(+@&4*#. C C C C C C C C CT/O `$(3*,#4'!674,.c!`#4.*(4!674,. C C C C C C C C CT*O 841!]'/#$!T?@#%*;1O C
6($#*24![#4'7$#!L&@*'&9 DCC>CCC C DCC>CCC CHCI C C C C CHCISubTotal(B)(1) 40,583,019 80,000 40,663,019 15.09 51908282 QZPPP 51983282 17.19 2.09
rAs L#4'$&9!:(3#$4+#4'c!?'&'#!:(3#$4+#4'T.Oc!`$#.*,#4'!(;!K4,*&L#4'$&9!:(3#$4+#4'!c!?'&'#!:(3#$4+#4'T.O FICC C FICC C DCCC C DCCC CHCC CSubTotal(B)(2) ./PP P ./PP P IPPP P IPPP PJPP P
rFs Non-InstitutionsT&O K4,*3*,7&9.T*O K4,*3*,7&9!./&$#/(9,#$.!/(9,*42!4(+*4&9!./&$#!%&@*'&9!
7@'(!!"!D!9&d/HBA>DAI>ADI A>DBI>BEV BI>AEE>WCD AFHEA BVIBDFAB DIEWXAW BEWXCEXX AAHEC -1.02
T**O K4,*3*,7&9!./&$#/(9,#$.!/(9,*42!4(+*4&9!./&$#!%&@*'&9!*4!excess of !"!D!9&d/
DB>WIC>EDF C DB>WIC>EDF BHAE AIEVBVVV C AIEVBVVV EHAA DHWX
T0O UM6L.!$#2*.'#$#,!<*'/!PMK C C C C DDCXEXW C DDCXEXW CHFV CHFVT%O \+@9(1##!5$7.'. C C C C C C C C CT,O Overseas Depositories(holding DRs) (balancing figure) C C C C C C C C CT#O 841!]'/#$!T?@#%*;1O XX>AXF>FIC DCD>CCC XX>FAI>EIC ADHWW BA>XII>IBA XX>XCC BA>XWW>WBA ACHVC -1.30
K\`6 C C C C ECXCXW C ECXCXW CHAV CHAV6($#*24!U&'*(4&9. D>XCC C D>XCC C C C C CHCC CJ*4,7!_4,*3*,#,!6&+*91 I>VEV>ACI C I>VEV>ACI DHVV XDDXFDF C XDDXFDF DHBW -0.08U(4!P#.*,#4'!K4,*&4.!TU(4!P#@&'O VXX>AAI C VXX>AAI DHVV EXCWDA C EXCWDA CHAE -1.49U(4!P#.*,#4'!K4,*&4.!TP#@&'O A>EVW>IAA VD>XCC A>WXC>WAA DHCW AIDWWFB XFXCC AIVFIFB CHEA -0.28Office Bearers IV>DXC C IV>DXC CHCA DWXC C DWXC CHCC -0.026($#*24!`($';(9*(!K43#.'($!TK4,*3*,7&9O D>VBV>XCC C D>VBV>XCC CHBX ICCC C ICCC CHCC -0.65L9#&$*42!"#+0#$ X>CEF>EIA C X>CEF>EIA DHEW BVVEFIF C BVVEFIF AHAI CHFBM(,*#.!L($@($&'# 39,931,498 29500 39,931,498 I/JSP 46568949 KPPP 46570949 IZJ/P PJYPSubTotal(B)(3) 134,318,367 2,265,687 136,584,054 ZPJYI 155,988,424 1,545,029 157,533,453 ZKJPS IJ/STotalPublicShareholding(B)=(B)(1)+(B)(2)+(B)(3) 174,904,786 2,345,687 177,250,473 YZJYQ 207,897,706 1,620,029 209,517,735 69.27 .JYPTotal(A)+(B) 267,546,386 2,345,687 269,892,073 IPPJPP 300,839,306 1,620,029 302,459,335 IPPJPP P
TLO Non Promoter - Non PublicrDs L7.'(,*&4cQP!J(9,#$ C C C C CbKc Employee Benefit Trust (under SEBI!
(Share based Employee Benefit) Regulations, 2014)P P P P P P P P P
Total(A)+(B)+(C) 267,546,386 2,345,687 269,892,073 IPPJPP 300839306 1620029 302459335 IPPJPP
!"#$%&'($!)*+*'#,!-!!(#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
(ii)ShareholdingofPromoters
=1J&7"J =*(3%*"1F%3[H&7(?% Shareholdingatthebeginningoftheyear(01/04/2017) Shareholdingattheendoftheyear(31/03/2018) a&:*(,5%&4,&H*(3%*"1F4,5&F#34,5&$*%&<%(37"J&"-&=*(3%H a&"-&$"$(1&=*(3%H&
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A "$.H!8$%/&4&!"*''&9 AVCAVICC DCHCD !DXHDV! AVCAVICC EHWF BVHBE jTDHCEO
F 8J"!K43#.'+#4'.!`3'!)', DEICBAXC! BHEA XHWE! DEICBAXC BHCE XAHDV jTCHVIO
I "$H!?/&9&0/!"*''&9 !FBDAXC! !CHDF! - FBDAXC CHDD - jTCHCAO
X "$H!8,*@!"*''&9 !ECCCC! !CHCF! - ECCCC CHCA - !jTCHAEO
(* Change in shareholding is on account of issue of shares by way of Qualified Institutional Placement during the year 74,#$!$#3*#<!O
(iii)ChangeinPromoters’Shareholding(pleasespecify,ifthereisnochange)
=1&7"J 7(?% =*(3%*"1F4,5 @($% D,:3%(H%W&@%:3%(H%&4,&H*(3%*"1F4,5
!%(H", 9#?#1($4A%&=*(3%*"1F4,5&F#34,5&$*%&<%(3&
(01-04-17to31-03-18)
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(01-04-17)/endoftheyear(31-03-18)
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CE!?#@'>!ACDV F>CC>CCC `7$%/&.# IVCBBVCC DXHXBDF
/QPYYQPP& IZJZY 31Mar,2018 /QPYYQPP IZJZYI.
T%/&42#!*4!o!(4!&%%(74'!(;!pK`!*..7#O
(iv) ShareholdingPatternoftoptenShareholders(OtherthanDirectors,PromotersandHoldersofGDRsandADRs):
=1&7"J 7(?% =*(3%*"1F4,5 @($% D,:3%(H%W&@%:3%(H%&4,&H*(3%*"1F4,5
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31-03-18)7"J&"-&=*(3%H&($&$*%&G%54,,4,5&(01-04-17)/end"-&$*%&<%(3&(31-03-18)
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DXFBBEIC XHCE CD!8@$!ACDVAI!U(3!ACDV DWVCDDW 5$&4.;#$ DVFFBWXW XHVF
DVFFBWXW XHVF FD"&$!ACDE DVFFBWXW XHVFA SK58P8!`KKU!DDCD! EDXW>FBF FHCA CD!8@$!ACDV
EDXW>FBF FHCA FD!"&$!ACDE E>DXW>FBF FHCAF 8?JKS8!LP\QK5!
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CV!8@$!ACDV TDCCCCO 5$&4.;#$ DCEBWD CHCIAB!"&1!ACDV WV 5$&4.;#$ DCEVEE CHCICA!k74!ACDV DCCC 5$&4.;#$ DCWVEE CHCIDB!k74!ACDV FCCCCC 5$&4.;#$ ICWVEE CHDIAF!k74!ACDV TXCCCCO 5$&4.;#$ FXWVEE CHDAAD!k79!ACDV TABCCCO 5$&4.;#$ FFFVEE CHDDAE!k79!ACDV TAXCCCO 5$&4.;#$ FCEVEE CHDCDE!872!ACDV VXCCC 5$&4.;#$ FEFVEE CHDFAX!872!ACDV ACCBCC 5$&4.;#$ XEIFEE CHDWCD!?#@!ACDV TBCCO 5$&4.;#$ XEFVEE CHDWCE!?#@!ACDV IAEXVV 5$&4.;#$ DCDAFBX CHFFDX!?#@!ACDV IECCC 5$&4.;#$ DCBCFBX CHFXAA!?#@!ACDV DDCC 5$&4.;#$ DCBDIBX CHFXAW!?#@!ACDV EVCIWC 5$&4.;#$ DWFDWXX CHBI
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31-03-18)7"J&"-&=*(3%H&($&$*%&G%54,,4,5&(01-04-17)/end"-&$*%&<%(3&(31-03-18)
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Annexure V
PolicyforSelectionandappointmentofDirector(s)totheMercatorLimitedBoard
U"14:<5/#! %(+@&41e.! @$*+&$1! (0i#%'*3#! *4! $#9&'*(4! '(! '/#!composition of the Board is to have a well-balanced group with a variety of backgrounds, skills and experience. The @$*($*'1! *4! '/#! 4(+*4&'*(4! (;! &! @$(@(.#,! 0(&$,!+#+0#$!*.! '(! *,#4'*;1! '/#*$! $#.@#%'*3#! .d*99.! '/&'! <*99! &,,! 3&97#! '(!the company and which may not exist in the present %(+@(.*'*(4!(;!0(&$,!+#+0#$.H!5/#!&@@(*4'+#4'!./(79,!&9.(!0#!*4!&%%($,&4%#!'(!'/#!Q*3#$.*'1!@(9*%1!(;!'/#!%(+@&41
The Mercator Limited (ML) board is responsible for the long-term success of the company and its first responsibility is '(!@$(3*,#!,*$#%'*(4!&4,!9#&,#$./*@!<*'/*4!&!;$&+#<($d!(;!prudent and effective controls. The purpose of this policy *.! '(! @$(+('#! @$&%'*%&9! 27*,#9*4#.! ;($! '/#! .#9#%'*(4! &4,!4(+*4&'*(4!(;!,*$#%'($.!#4.7$*42!&!;($+&9!&4,!'$&4.@&$#4'!@$(%#..H
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SizeoftheMLBoard5/#! %(+@&41e.! %(4.'*'7'*(4! 4($+&991! .#'.! (7'! '/#! .*g#! (;!'/#! M(&$,H! 5/#! 47+0#$! (;! M(&$,! +#+0#$.! ,#@#4,.! (4!the size and complexity of the organization, the type of 07.*4#..>! *4,7.'$1! &4,! '/#! (@#$&'*42! #43*$(4+#4'H! 5/#!M(&$,!(;!Q*$#%'($.!(;!'/#!%(+@&41!./&99!/&3#!&4!(@'*+7+!combination of executive and non-executive directors with at least one woman director and not less than fifty percent of the Board of Directors comprising non-executive directors. The company has an executive Chairman/@$(+('#$R! '/#$#;($#! &'! 9#&.'! /&9;! (;! '/#! M(&$,! ./(79,!%(+@$*.#! *4,#@#4,#4'! ,*$#%'($.H! K4,#@#4,#4'! ,*$#%'($!shall mean a Non-Executive Director who satisfies the criteria defined under the Companies Act, 2013 (“the Act”) &4,!?\MK!T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!P#279&'*(4.>!ACDX
ConflictsofInterest=/#4!.#9#%'*42!,*$#%'($.>!'/#!")!M(&$,!<(79,!0#!%(4.%*(7.!(;! ./&$#/(9,#$! &4,!@709*%! @#$%#@'*(4.! &4,! .##d! '(! &3(*,!situations where there might be a perceived or real conflict of interest. Candidates who have conflicting interests to the %(+@&41!<(79,!4('!0#!./($'!9*.'#,H
@4A%3H4$<Q*3#$.*'1! *4! M(&$,! ,#+(2$&@/*%.! @$(3*,#.! <*'/! %(+@#'*'*3#!&,3&4'&2#H!Q*3#$.*'1!<(79,!0#!;&%'($#,!*4'(!'/#!#^7&'*(4!</#4!%(4.*,#$*42!'/#!.#9#%'*(4!&4,!4(+*4&'*(4!(;!&!4#<!,*$#%'($H
Criteria for determining qualifications and attributes"-&(&@43%:$"36
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M(&$,!(;!")>!*4%97,*42!07'!4('!9*+*'#,!'(>!./&99!@(..#..!appropriate skills, experience and knowledge in one or more fields of sciences, actuarial sciences, banking, finance, economics, law, management, sales, marketing, &,+*4*.'$&'*(4>! $#.#&$%/>! %($@($&'#! 2(3#$4&4%#! ($!'#%/4*%&9!(@#$&'*(4.H
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of ML shall possess the relevant experience and shall 0#! &09#! '(! @$(3*,#! @(9*%1! ,*$#%'*(4.! '(! '/#! L(+@&41>!*4%97,*42! ,*$#%'*(4.! (4! 2((,! %($@($&'#! 2(3#$4&4%#H!Prior experience of being a Chief Executive Officer, Managing Director or a Whole-time director of any %(+@&41! ./&99! 0#! 2*3#4! 7'+(.'! *+@($'&4%#! </*9#!%(4.*,#$*42! &@@(*4'+#4'H! 8! %&4,*,&'#! ./(79,! /&3#!sufficient applicable experience to fully understand the legal and financial aspects (should be able to read and understand a financial statement) of an independent director. International experience (such as living and <($d*42!(7'.*,#!K4,*&O!*4!+&41!%&.#.!*.!%(4.*,#$#,!&.!&!significant positive characteristic in a Board candidate’s profile. A Director must also possess experience at policy-+&d*42!&4,!(@#$&'*(4&9!9#3#9.!*4!9&$2#!($2&4*g&'*(4.H
l& D,F4A4F#(1&9*(3(:$%34H$4:H6! 5/#!%&4,*,&'#!./(79,!/&3#!'/#!@#$.(4&9!^7&9*'*#.!'(!0#!
&09#!'(!+&d#!&!.70.'&4'*&9!&%'*3#!%(4'$*07'*(4!'(!0(&$,!deliberations. These qualities include intelligence, self-assuredness, a high ethical standard, inter-personal .d*99.>! *4,#@#4,#4%#>! %(7$&2#>! &! <*99*424#..! '(! &.d!the difficult question, good communication skills and %(++*'+#4'H
! 8! Q*$#%'($! ./(79,! @(..#..! '/#! /*2/#.'! @#$.(4&9! &4,!@$(;#..*(4&9!#'/*%.>!*4'#2$*'1!&4,!3&97#.H!5/#1!./(79,!0#!&09#!'(!0&9&4%#!'/#!9#2*'*+&'#!*4'#$#.'.!&4,!%(4%#$4.!(;!
!"#$%&'#()*+$,'#&
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&99! '/#!%(+@&41e.!.'&d#/(9,#$.! *4!&$$*3*42!&'!,#%*.*(4.>!$&'/#$! '/&4! &,3&4%*42! '/#! *4'#$#.'.! (;! &! @&$'*%79&$!%(4.'*'7#4%1H
l& 0A(41(G414$<6The candidate should have sufficient time available '(! ,*.%/&$2#! '/#! ,7'*#.! &4,! $#.@(4.*0*9*'*#.! (;! 0(&$,!+#+0#$./*@>! *4%97,*42! '*+#! '(! 2&*4! d4(<9#,2#! (;!'/#! *4,7.'$1>! '(! @$#@&$#! ;($! 0(&$,! +##'*42.>! &4,! '(!@&$'*%*@&'#!*4!%(++*''##.H
l& C$*%3&3%\#43%?%,$H6B*%&9(,F4F($%&4H&%8)%:$%F&$"&*(A%6
l! `$&%'*%&9!<*.,(+!&4,!2((,!i7,2+#4'H
l! 84!74,#$.'&4,*42!(;!d#1!'#%/4(9(2*#.H
l Decision making – exploring options and choosing those that have the greatest benefit to the ($2&4*g&'*(4!&4,!*'.!@#$;($+&4%#H
l! K4'#$@#$.(4&9! .#4.*'*3*'1! N! &!<*99*424#..! '(! d##@! &4!(@#4!+*4,!&4,!$#%(24*g#!('/#$!@#$.@#%'*3#.H
l! 80*9*'1!'(!+#4'($!('/#$!,*$#%'($.H
l Innovator - a willingness to challenge management &4,! %/&99#42#! &..7+@'*(4.>! .'*+79&'#! 0(&$,!,*.%7..*(4!<*'/!4#<>!&9'#$4&'*3#!*4.*2/'.!&4,!*,#&.H
l! =*99*424#..!'(!,#&9!<*'/!'(72/!.*'7&'*(4.H
l! [*.*(4>!*+&2*4&'*(4!&4,!;($#.*2/'H
!%H)",H4G414$4%HW>#,:$4",H6Upon appointment, a Director is expected to perform his $(9#!&4,!,7'*#.!74,#$!'/#!&%'!&4,!'/#!)*.'*42!82$##+#4'H
B%,#3%6An independent director shall hold office for a term up to five consecutive years on the Board of a company and shall 0#! #9*2*09#! ;($! $#&@@(*4'+#4'! ;($! &4('/#$! '#$+! (;! 7@! '(!five consecutive years. He shall be eligible for appointment after the expiration of three years of ceasing to become an *4,#@#4,#4'!,*$#%'($!&4,!./&99!4('!0#!&@@(*4'#,! *4!($!0#!&..(%*&'#,!<*'/!'/#!%(+@&41! *4!&41!('/#$!%&@&%*'1>!#*'/#$!,*$#%'91!($!*4,*$#%'91>!,7$*42!'/#!.&*,!@#$*(,!(;!'/$##!1#&$.H
0,<&)%3H",&$"&G%&())"4,$%F&(H&@43%:$"3&H*(11&,"$&)"HH%HH&anyofthedisqualificationsasmentionedbelow:
&H! J#c./#! ./&99! 4('! 0#! (;! 74.(74,! +*4,! 4($! .'&4,! .(!,#%9&$#,!01!&!%(+@#'#4'!%(7$'H
0H! J#c./#!./&99!4('!0#!&4!74,#$%/&$2#,!*4.(93#4'H
%H! J#c./#!/&.!4('!&@@9*#,!'(!0#!&,i7,*%&'#,!&.!&4!*4.(93#4'!&4,!/*.c/#$!&@@9*%&'*(4!*.!@#4,*42H
d. He/she has not been convicted of an offense, whether *43(93*42!+($&9! '7$@*'7,#! ($! ('/#$<*.#! &4,! .#4'#4%#,!in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence;
#H! J#c./#! /&.! 4('! 0##4! *..7#,! &4! ($,#$! 01! &! %(7$'! ($!5$*074&9! ,*.^7&9*;1*42! /*+c/#$! ;($! &@@(*4'+#4'! &.! &!,*$#%'($!&4,!'/#!($,#$!*.!*4!;($%#R
;H! J#c./#!/&.!4('!@&*,!&41!%&99.!*4!$#.@#%'!(;!&41!./&$#.!(;!'/#!%(+@&41!/#9,!01!/*+c/#$!</#'/#$!&9(4#!($!i(*4'91!with others, and six months have elapsed from the last day fixed for the payment of the call;
g. He/she has not been convicted of the offence dealing <*'/!$#9&'#,!@&$'1!'$&4.&%'*(4.!74,#$!.#%'*(4!DEE!&'!&41!time during the last preceding five years;
!%H45,($4",&(,F&!%?"A(165/#! $#.*24&'*(4! ($! $#+(3&9! (;! &4! K4,#@#4,#4'! Q*$#%'($!./&99!0#!*4!'/#!.&+#!+&44#$!&.!*.!@$(3*,#,!*4!?#%'*(4!DBE!&4,!DBW!(;!'/#!8%'H!84!K4,#@#4,#4'!Q*$#%'($!</(!$#.*24.!($! *.! $#+(3#,!;$(+!'/#!M(&$,!(;! '/#!L(+@&41!<(79,!0#!$#@9&%#,!01!&!4#<!Q*$#%'($!<*'/*4!&!@#$*(,!(;!(4#!/74,$#,!#*2/'1!,&1.!;$(+!'/#!,&'#!(;!.7%/!$#.*24&'*(4!($!$#+(3&9>!&.!'/#!%&.#!+&1!0#H
Vacationofoffice:The office of a director shall become vacant in case:
a. he/she incurs any of the disqualifications as specified &0(3#R
0H! /#c./#!&0.#4'.!/*+.#9;c/#$.#9;!;$(+!&99!'/#!+##'*42.!(;!'/#!M(&$,!(;!Q*$#%'($.!/#9,!,7$*42!&!@#$*(,!(;! '<#93#!+(4'/.!<*'/!($!<*'/(7'!.##d*42!9#&3#!(;!&0.#4%#!(;!'/#!M(&$,R
%H! /#c./#!&%'.!*4!%(4'$&3#4'*(4!(;!'/#!@$(3*.*(4.!(;!.#%'*(4!DEI! (;! '/#! &%'! $#9&'*42! '(! #4'#$*42! *4'(! %(4'$&%'.! ($!&$$&42#+#4'.! *4!</*%/!/#c./#! *.! ,*$#%'91! ($! *4,*$#%'91!*4'#$#.'#,R
,H! /#c./#!;&*9.!'(!,*.%9(.#!/*.c/#$!*4'#$#.'!*4!&41!%(4'$&%'!($!&$$&42#+#4'!*4!</*%/!/#c./#!*.!,*$#%'91!($!*4,*$#%'91!*4'#$#.'#,>!*4!%(4'$&3#4'*(4!(;!'/#!@$(3*.*(4.!(;!.#%'*(4!DEIR
e. he/she becomes disqualified by an order of a court or '/#!5$*074&9R
;H! /#c./#! /&.! 0##4! *..7#,! &4! &@@#&9! ($! %(43*%'#,! 01! &!court of any offence, whether involving moral turpitude ($! ('/#$<*.#! &4,! .#4'#4%#,! *4! $#.@#%'! '/#$#(;! '(!imprisonment for not less than six months:
2H! /#c./#! *.! $#+(3#,! *4! @7$.7&4%#! (;! '/#! @$(3*.*(4.! (;!'/*.!8%'R
/H! /#c./#>!/&3*42!0##4!&@@(*4'#,!&!,*$#%'($!01!3*$'7#!(;!his/her holding any office or other employment in the /(9,*42>! .70.*,*&$1! ($! &..(%*&'#! %(+@&41>! %#&.#.! '(!hold such office or other employment in that company.
M%$$%3&"-&())"4,$?%,$_@(4! &@@(*4'+#4'>! &! Q*$#%'($! <(79,! 0#! *..7#,! 9#''#$!of appointment in format as specified our website!http://mercator.in/investors/index.aspx?id=7055
U3":%HH& "-& U%3-"3?(,:%& %A(1#($4",& "-&F43%:$"3H67%%F&-"3&EA(1#($4",&U3":%HH
5/#! $#%#4'! ;&*97$#.! (;! %($@($&'#! '/$(72/(7'! '/#! <($9,!/&3#! 9#,! '/#! *43#.'($.>! $#279&'($.!&4,! '/#!2#4#$&9!@709*%!at large to question the effective functioning of the board
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,)#-'+./01$%1*$! !"#"$"%&'()*+%&", 2*+'+&*'3/4('($#$+(5
(;!&41!%(+@&41H!5/#!*43#.'($.!/&3#!.'&$'#,!^7#.'*(4*42!'/#!%(99#%'*3#!,#%*.*(4!+&d*42!%(+@#'#4%1!*4!'#$+.!(;!^7&9*'1>!.d*99.!&4,!#3#4!'/#!*4,*3*,7&9!%&@&0*9*'*#.!&4,!%&@&%*'*#.!(;!*4,*3*,7&9!,*$#%'($.!</(!/(9,!'/#!@(.*'*(4!*4!&41!%(+@&41H
5/#$#! *.! &9.(! #+@/&.*.! (4! '/#! ,*$#%'($e.! $#.@(4.*0*9*'*#.!&'! '/#! .&+#! '*+#! &4,! '/#! ,*$#%'($.! '/#+.#93#.! ./(79,!74,#$'&d#!&!;($+&9!&4,!$#279&$!(0i#%'*3#!0&.#,!#3&97&'*(4!(;!'/#*$!(<4!@#$;($+&4%#!*4!'#$+.!(;!.'$&'#2*#.>!+(4*'($*42!%(4'$(9>! .'&'7'($1! %(+@9*&4%#! &4,! %($@($&'#! 2(3#$4&4%#!&4,! &.! <#99! (4! '/#! (09*2&'*(4! (;! '/#! </(9#! 0(&$,! '(!reevaluate the mix of skill and experience.
EA(1#($4",&'%:*(,4H?
5/#!&..#..+#4'!%&$$*#,!(4!'/#!0&.*.!(;!;(99(<*42!%$*'#$*&
• Valuable Input Provided;
• Dedication and Commitment;
• Industry Knowledge;
• Overall contribution; and
• Compliances under Companies Act;
• Independence;
• Independent views and judgement;
• Integrity;
• Ability to function as Team
!"#$"#%&'()"*'#+%+,'
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9"?)(,<[H&)*41"H")*<6
5/#!L(+@&41!.'$(4291!0#9*#3#.!*4!#'/*%&9!<&1!(;!%(4,7%'*42!07.*4#..! &4,! *4! +&*4'&*4*42! '/#! /*2/#.'! .'&4,&$,.!(;! %($@($&'#! 2(3#$4&4%#H! L($@($&'#! :(3#$4&4%#! *.!@$&%'*%#,! &'! &99! 9#3#9.! (;! '/#! L(+@&41! &4,! 4('! $#.'$*%'#,!(491! '(! '/#!M(&$,!(;!Q*$#%'($.H! 5/#!L(+@&41!7@/(9,.! *'.!$#9&'*(4./*@! <*'/! '/#! .(%*#'1! &4,! *'.! .(%*&9! $#.@(4.*0*9*'1!;($! #43*$(4+#4'&9! .&;#'1! &4,! /7+&4! <#9;&$#H! L($@($&'#!2(3#$4&4%#!'(!'/#!%(+@&41!*.!4('!i7.'!&!%(+@9*&4%#!*..7#!07'! %#4'$&9! 27*,*42! @$*4%*@9#! ;($! #3#$1'/*42! *'! ,(#.H! K'e.! &!<&1!(;!'/*4d*42>!<&1!(;!%(4,7%'*42!07.*4#..!&4,!&!<&1!'(!.'##$! '/#!($2&4*g&'*(4! '(! '&d#!(4! %/&99#42#.! ;($!4(<!&4,!;($!'/#!;7'7$#H!5/#!;(99(<*42!$#@($'!(4!'/#!*+@9#+#4'&'*(4!of the Corporate Governance Code is a sincere effort of the L(+@&41!'(!;(99(<!'/#!L($@($&'#!:(3#$4&4%#!`$*4%*@9#.!*4!*'.!9#''#$!&4,!.@*$*'H
I. Boardofdirectors:
8.!&'!'/#!1#&$!#4,!"&$%/!FD>!ACDE>!'/#!M(&$,!(;!Q*$#%'($.!of the Company comprised of Five Directors; One Executive Director and Four Non-Executive Directors, out of which three are Independent Directors and one is Non-Executive =(+&4!Q*$#%'($H! 5/#!L(+@&41! *.! *4! %(+@9*&4%#!<*'/! '/#!$#^7*$#+#4'! (;! &'! 9#&.'! /&9;! (;! '/#! M(&$,! %(+@$*.*42! (;!K4,#@#4,#4'!Q*$#%'($.!&.!'/#!L/&*$+&4!(;!'/#!M(&$,!*.!&4!Executive Director and a Promoter. There is no Nominee Q*$#%'($!(4!'/#!M(&$,!(;!'/#!L(+@&41H!?70.#^7#4'!'(!'/#!1#&$!#4,!(4!8@$*9!AV>!ACDE>!"$H!L/#'&4!Q#.&*!TQKUGCFXWXFDWO!&4,!"$H! `&$*'(./! S&dd&,! TQKUGCAXXEIIFO! <#$#! &@@(*4'#,!&.! 8,,*'*(4&9! Q*$#%'($.! TK4,#@#4,#4'O! (;! '/#! L(+@&41!
to hold office upto the date of ensuing Annual General "##'*42!(;! '/#!L(+@&41H! 5/#!L(+@&41!/&.! *..7#,! 9#''#$!(;! &@@(*4'+#4'! '(! &99! '/#! K4,#@#4,#4'! Q*$#%'($.! &.! @#$!?%/#,79#!K[!'(!'/#!L(+@&4*#.!8%'>!ACDF!&4,!'/#!'#$+.!&4,!%(4,*'*(4.!(;!'/#*$!&@@(*4'+#4'!/&3#!0##4!,*.%9(.#,!(4!*'.!<#0.*'#H
http://mercator.in/about/index.aspx?id=7002
ChangesinBoardCompositionduringtheyear:Q7$*42! '/#! 1#&$>! "$H! 84*9! S/&44&! TQKUGCDWWWAIO>! <&.!&@@(*4'#,!&.!&4!8,,*'*(4&9!Q*$#%'($!TK4,#@#4,#4'!Q*$#%'($O!by the board w.e.f. November 21, 2017 to hold office up to '/#!,&'#!(;!#4.7*42!8447&9!:#4#$&9!"##'*42!(;!'/#!L(+@&41H!Mr. Desh Raj Dogra (DIN:00226775) resigned from the office (;! Q*$#%'($! (;! '/#! L(+@&41! <H#H;H! k&47&$1! CE>! ACDEH! U(!Q*$#%'($!(;!'/#!L(+@&41!*.!#*'/#$!+#+0#$!*4!+($#!'/&4!'#4!committees and/or Chairman of more than five committees &%$(..! &99! L(+@&4*#.! *4! </*%/! /#c./#! *.! Q*$#%'($R! &4,!necessary disclosures to this effect has been received by '/#!L(+@&41!;$(+!&99!'/#!Q*$#%'($.H
Q7$*42!'/#!1#&$>! *4!&99!U*4#!M(&$,!"##'*42.!<#$#!/#9,! *H#H!(4!"&1!FC>!ACDV>!k791!AX>!ACDV>!8727.'!DA>!ACDV>!]%'(0#$!FC>!ACDV>!Q#%#+0#$!DF>!ACDV>! k&47&$1!AW>!ACDE>! 6#0$7&$1!DI>!ACDE>!"&$%/!AF>!ACDE!&4,!"&$%/!AV>!ACDEH!5/#!'*+#!*4'#$3&9!0#'<##4!&41!'<(!%(4.#%7'*3#!+##'*42.!<&.!4('!+($#!'/&4!DAC! ,&1.H! 5/#! ,#'&*9.! (;! Q*$#%'($.! &4,! '/#*$! &''#4,&4%#!$#%($,! &'! M(&$,! "##'*42.! /#9,! ,7$*42! '/#! 1#&$>! &'! 9&.'!8447&9!:#4#$&9!"##'*42!&4,!47+0#$!(;!('/#$!Q*$#%'($./*@.!&4,! L/&*$+&4./*@.! c! +#+0#$./*@! (;! L(++*''##.! &$#!2*3#4!0#9(<G
Report on Corporate Governance(FormingpartofDirectors’ReportfortheyearendedonMarch31,2018)
=3J&7"
Name of Director &@D7
9($%5"3< No.ofBoard'%%$4,5H&0$$%,F%F
0$$%,F(,:%&($&1(H$&02'
7"J&"-&"$*%3&@43%:$"3H*4)H&4,&D,F4(,&U#G14:&9"?)(,4%HT
7"J&"-&:"??4$$%%&?%?G%3H*4)&4,&"$*%3&
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9*(43?(,H*4)&4,&"$*%3&
9"?)(,4%HTTD "$H!JH!SH!"*''&9!
TQKUG!CCCCVBWCOExecutive Chairman
f!`$(+('#$B b#. I C C
A "$H!"H!"H!82$&<&9!TQKUG!CCBEDIFFO
Non-Executive K4,#@#4,#4'!
W b#. I F C
F "$H!:74#4,#$!S&@7$!TQKUG!CDWAVFCIO
Non-Executive K4,#@#4,#4'
F b#. C C C
I "$.H!8$%/&4&!"*''&9!TQKUG!CCCCVWVAO
Non-Executive Non K4,#@#4,#4'
X b#. F C C
X "$H!Q#./!P&i!Q(2$&!TQKUGCCAABVVXO!T7@'(!CEHCDHACDEO
Non- Executive K4,#@#4,#4'
I b#. W B F
B "$H!84*9!S/&44&!TQKUG!CDWWWAIO!T<H#H;!ADHDDHACDVO
Non- Executive K4,#@#4,#4'
X U( F C C
j]'/#$! ,*$#%'($./*@.! ,(#.! 4('! *4%97,#! ]4#! `#$.(4! L(+@&41>! `$*3&'#! L(+@&4*#.>! L(+@&4*#.! $#2*.'#$#,! 7c.! E! (;! '/#!L(+@&4*#.!8%'>!ACDF>!89'#$4&'#!,*$#%'($./*@.!&4,!;($#*24!L(+@&4*#.H
jjK4! &%%($,&4%#! <*'/! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,! Q*.%9(.7$#! P#^7*$#+#4'.O! P#279&'*(4.>! ACDX>! "#+0#$./*@.! c!L/&*$+&4./*@.!(;!(491!'/#!87,*'!L(++*''##.!&4,!?'&d#/(9,#$.e!P#9&'*(4./*@!L(++*''##.!(;!&99!`709*%!)*+*'#,!L(+@&4*#.!/&3#!0##4!%(4.*,#$#,H
!"#$%&'($!)*+*'#,!-!!)%!!!"#$%&'()%"*+
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899! '/#! *4;($+&'*(4!$#^7*$#,!'(!0#!;7$4*./#,!'(!'/#!M(&$,!&.! +#4'*(4#,! 74,#$! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,!Q*.%9(.7$#! P#^7*$#+#4'.O! P#279&'*(4.>! ACDX! T)*.'*42!P#279&'*(4O!<&.!@9&%#,!0#;($#!'/#!M(&$,H!b(7$!L(+@&41e.!M(&$,!@9&1.!&4!*+@($'&4'!$(9#!*4!#4.7$*42!2((,!2(3#$4&4%#!&4,! ;74%'*(4*42! (;! '/#! L(+@&41H! 5/#! M(&$,! %(4.*.'.! (;!professionals from diverse fields who have vast experience *4! '/#*$! $#.@#%'*3#! &$#&.H! 5/#! M(&$,e.! $(9#>! ;74%'*(4.>!responsibility are clearly defined. Members of the Board have complete freedom to express their views on agenda *'#+.!&4,!%&4!,*.%7..!&41!+&''#$!&'!'/#!+##'*42!<*'/!'/#!@#$+*..*(4!(;!'/#!L/&*$+&4H!5/#!M(&$,!$#3*#<.!@#$*(,*%&9!%(+@9*&4%#!$#@($'.!(;!&99!9&<.!&@@9*%&09#!'(!'/#!L(+@&41>!presented by Chief Executive Officer at the meeting.
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5/#! .&*,! L(,#! (;! L(4,7%'! &9.(! *4%($@($&'#,! '/#! ,7'*#.!(;! *4,#@#4,#4'! ,*$#%'($.! &.! 9&*,! ,(<4! *4! '/#! L(+@&4*#.!8%'>! ACDFH! 899! M(&$,! "#+0#$.! &4,! ?#4*($! "&4&2#+#4'!Personnel have affirmed compliance with the code for the year ended on March 31, 2018. Declaration to this effect signed by the Chief Executive Officer for the year ended on "&$%/!FD>!ACDE!/&.!0##4!*4%97,#,!#9.#</#$#!*4!'/*.!&447&9!$#@($'H
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9. Scrutiny of inter-corporate loans and investments;
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14. Discussion with internal auditors of any significant findings and follow up there on;
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1. Formulation of criteria for determining qualifications, @(.*'*3#!&''$*07'#.!&4,!*4,#@#4,#4%#!(;!&!,*$#%'($R
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! http://mercator.in/investors/index.aspx?id=7055
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ii. At the beginning of every financial year, proposal ;($!(+4*07.!&@@$(3&9! *.!@9&%#,!0#;($#! '/#!87,*'!L(++*''##! ;($! $#9&'#,! @&$'1! '$&4.&%'*(4.! <*'/!4#%#..&$1! ,#'&*9.! *4! %(+@9*&4%#! <*'/! $#9#3&4'!@$(3*.*(4.! (;! '/#! )*.'*42! P#279&'*(4H! 899! $#9&'#,!@&$'1! '$&4.&%'*(4.! <#$#! <*'/*4! @$#.%$*0#,! 9*+*'!&4,!&.!@#$!'/#!P#9&'#,!`&$'1!5$&4.&%'*(4!`(9*%1!(;!'/#!L(+@&41H
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B. Disclosureofaccountingtreatment:! K4!'/#!@$#@&$&'*(4!(;!6*4&4%*&9!?'&'#+#4'.!;($!'/#!1#&$!
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C. Proceeds from public issues, rights issues,)3%-%3%,$4(1&4HH#%H&%$:J
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CHBW -- -- CHCF -- CHVA
The remuneration to the Executive Directors is governed by the agreements executed with them as approved 01! '/#! +#+0#$.! (;! '/#! L(+@&41! &'! '/#*$! :#4#$&9!"##'*42!/#9,!(4!k791!FC>!ACDBH!8.!@#$!'/#!&2$##+#4'>!salary and perquisites are a fixed component and '/#! %(++*..*(4! *.! 0&.#,!(4! '/#!@#$;($+&4%#!(;! '/#!Company, i.e. on the net profit of the year. However, the aggregate remuneration shall not exceed 5% of net profit calculated as per the provisions of the Companies Act, 2013; per Executive Director with @&1+#4'!(;!+*4*+7+! $#+74#$&'*(4! '(! '/#+! *4! %&.#!of loss or inadequacy of profit in any financial year ,7$*42! '/#! '#47$#>! .70i#%'! /(<#3#$>! '(! '/#! %#*9*42!@$#.%$*0#,!74,#$!L(+@&4*#.!8%'>!ACDFR!&4,!&@@$(3&9!(;! '/#! L#4'$&9! :(3#$4+#4'>! *;! $#^7*$#,H! 5/#! @$#.#4'!'#$+.! &4,! %(4,*'*(4.! (;! &@@(*4'+#4'! &2$##+#4'!of Executive Chairman will expire on July 31, 2019. The tenure of office of the Executive Chairman is for '/$##!1#&$.!;$(+!/*.!,&'#!(;!&@@(*4'+#4'>!&4,!%&4!0#!'#$+*4&'#,!01!#*'/#$!@&$'1!01!2*3*42!B!+(4'/.e!4('*%#!*4!writing. Before the expiration of the tenure of office of Executive Chairman is entitled by way of compensation
for the loss of office, the amount equivalent to the $#+74#$&'*(4! </*%/! /#! <(79,! /&3#! #&$4#,! *;! /#!had been in the office for the unexpired residue (;! /*.! '#$+! ($! ;($! '/$##! 1#&$.! </*%/#3#$! *.! ./($'#$>!%&9%79&'#,! (4! '/#! 0&.*.! (;! &3#$&2#! $#+74#$&'*(4!&%'7&991!#&$4#,!01!/*+!,7$*42!'/#!@#$*(,!(;!'/$##!1#&$.!*++#,*&'#91! @$#%#,*42! '/#!,&'#!(4!</*%/!/#! %#&.#,!to hold office or where he held the office for a lesser @#$*(,!'/&4!'/$##!1#&$.>!,7$*42!.7%/!@#$*(,H!U(!.'(%d!option was issued to the Executive Director during!'/#!1#&$H
& 7",RE8%:#$4A%&@43%:$"3H6! 5/#!M(&$,!,#%*,#.!'/#!@&1+#4'!(;!%(++*..*(4!<*'/*4!
'/#! 9*+*'.! &@@$(3#,! 01!+#+0#$.! (;! '/#! L(+@&41! *4!their Annual General Meeting not exceeding 1% of its net profit to Non-executive Directors. During the year no commission was paid to the non-executive Q*$#%'($.!(;!'/#!L(+@&41H
! P#+74#$&'*(4! 01! <&1! (;! .*''*42! ;##.! ;($! &''#4,*42!M(&$,!+##'*42.!&4,!L(++*''##!+##'*42.!&$#!@&*,!'(!Non-executive Directors.
& @%$(41H& "-& H4$$4,5& -%%H& )(4F& $"& 7",RE8%:#$4A%&@43%:$"3H&F#34,5&$*%&<%(3&(3%&(H&-"11";H67(?%&"-&$*%&@43%:$"3 Amount(!")
"$H!"H!"!82$&<&9!TQKUGCCBEDIFFO 10,00,000/-
"$H!:74#4,#$!S&@7$!TQKUGCDWAVFCIO 2,50,000/-
"$.H!8$%/&4&!"*''&9!TQKUGCCCCVWVAO 3,50,000/-
"$H!Q#./!P&i!Q(2$&!TQKUGCCAABVVXO!T7@!'(!CEHCDHACDEO
4,00,000/-
"$H!84*9!S/&44&!TQKUG!CCDWWWAIO!T<H#H;!ADHDDHACDVO
6,00,000/-
All the Non-Executive Directors have disclosed their ./&$#/(9,*42.!&.!&'!"&$%/!FD>!ACDE! '(! '/#!L(+@&41!</*%/!*.!&.!74,#$G
7(?%&"-&$*%&@43%:$"3 7"J&"-&%\#4$<&H*(3%H&*%1F
a&"-&$"$(1&H*(3%&:()4$(1
"$H!"H!"!82$&<&9!TQKUG!CCBEDIFFO
UK) UK)
"$H!:74#4,#$!S&@7$!TQKUG!CDWAVFCIO
UK) UK)
"$.H!8$%/&4&!"*''&9!TQKUGCCCCVWVAO
A>VC>AV>ICC EHWI
"$H!Q#./!P&i!Q(2$&!TQKUGCCAABVVXOT7@!'(!CEHCDHACDEO
UK) UK)
"$H!84*9!S/&44&!TQKUGCCDWWWAIOT<H#H;H!ADHDDHACDVO
D>VF>CXC CHCB
! U(! %(43#$'*09#! *4.'$7+#4'! <&.! /#9,! 01! &41! (;! '/#!above Non-executive Directors.
! 5/#!L(+@&41!,*,!4('!/&3#!&41!@#%74*&$1!$#9&'*(4./*@!or transaction with any of the Non- Executive Directors.
No stock options were issued to the Non-Executive Q*$#%'($.!,7$*42!'/#!1#&$
!"#$"#%&'()"*'#+%+,'
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M&.#,!(4!'/#!,*.%9(.7$#.!$#%#*3#,!;$(+!'/#!?#4*($!"&4&2#+#4'!`#$.(44#9>!,7$*42!'/#!1#&$>!'/#$#!<&.!4(!+&'#$*&9!financial and commercial transaction by any of the Senior Management Personnel that may have a potential conflict <*'/!'/#!*4'#$#.'!(;!'/#!L(+@&41!&'!9&$2#H
>J& =*(3%*"1F%3H6b(7$!L(+@&41!$#%(24*g#.!$*2/'.!(;!./&$#/(9,#$.!&4,!@$('#%'.!&4,!;&%*9*'&'#.!'/#*$!$*2/'.!&4,!2*3#.!#^7*'&09#!'$#&'+#4'!'(!&99!./&$#/(9,#$.H!b(7$!L(+@&41!@$&%'*%#.!&4,!0#9*#3#.! *4!./&$*42!&,#^7&'#!&4,!'*+#91! *4;($+&'*(4!<*'/!&99! '/#!.'&d#/(9,#$.!(;!'/#!L(+@&41H
2J& 2%,%3(1&G"F<&?%%$4,5H6Q#'&*9.!(;!:#4#$&9!"##'*42.!/#9,!,7$*42!9&.'!'/$##!1#&$.!&$#!2*3#4!0#9(<G
>4,(,:4(1&X%(3
@($% B4?% +%,#% SpecialResolution(s)
2016-17T8:"O
DXcCWcACDV FHCC!@+ P&42&.<&$! J&99>! I'/! 69(($>!bH! MH! L/&3&4! L#4'$#>! :#4H!Jagannath Bhosale Marg, Next '(! ?&%/*3&9&1&! :1+d/&4&>!"7+0&*!N!ICC!CAD
DO! 8@@(*4'+#4'!(;!"$H!Q#./!P&i!Q(2$&!TQKUG!CCAABVVXOAO! `&1+#4'!(;!P#+74#$&'*(4! '(!"$H! ?/&9&0/!"*''&9! '(!/(9,!
office or place of profit in Mercator Limited as chief executive officer
FO! K..7#! (;! .#%7$*'*#.! 7@! '(! &4! &22$#2&'#! &+(74'! 4('!exceeding USD 50 million or equivalent Indian currency or *4!&41!('/#$!;($#*24!%7$$#4%1
2015-16T8:"O
FCcCVcACDB FHCC!@+ P&42&.<&$! J&99>! I'/! 69(($>!bH! MH! L/&3&4! L#4'$#>! :#4H!Jagannath Bhosale Marg, Next '(! ?&%/*3&9&1&! :1+d/&4&>!"7+0&*!N!ICC!CAD
1) Appointment of Mr. H. K. Mittal as Executive Chairman2) Appointment of Mr. Atul Agarwal as Executive Vice
L/&*$+&43) Issue of Securities upto aggregate amount not exceeding
!2,000,000,000/- (Rupees Two Hundred Crore Only) or #^7*3&9#4'!&+(74'!'/#$#(;!*4!&41!('/#$!;($#*24!%7$$#4%1H
2014-15T8:"O
ADcCEcACDX FHCC!@+ P&42&.<&$! J&99>! I'/! 69(($>!bH! MH! L/&3&4! L#4'$#>! :#4H!Jagannath Bhosale Marg, Next '(! ?&%/*3&9&1&! :1+d/&4&>!"7+0&*!N!ICC!CAD
UK)
& U"H$(1&G(11"'! Q7$*42!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE>!'/#!L(+@&41!
,*,! 4('! @&..! &41! .@#%*&9! $#.(97'*(4! 01! <&1! (;!`(.'&9!M&99('! &.!@#$!@$(3*.*(4.!(;! ?#%'*(4!DDC!(;! '/#!L(+@&4*#.!8%'>!ACDFH
& @%$(41H& "-& H)%:4(1& 3%H"1#$4",& 4H& )3")"H%F& $"& G%&:",F#:$%F&$*3"#5*&)"H$(1&G(11"$
l Issuance of Secured/Unsecured Non-Convertible Q#0#4'7$#.!'(!'/#!'74#!(;!!DCC!L$($#H!5/#!@(.'&9!0&99('!4('*%#!&4,!;($+!/&.!&9$#&,1!0##4!.#4'!(4!"&1! X>! ACDE! &4,! '/#! 9&.'! ,&1! ;($! 3('*42! *.! k74#!I>!ACDEH!5/#!$#.79'!<*99!0#!,#%9&$#,!(4!($!0#;($#!k74#!B>!ACDEH
l! :*3*42!9(&4>!27&$&4'##!($!@$(3*,*42!.#%7$*'*#.!($!making investment in excess of limit specified 74,#$! ?#%'*(4! DEB! (;! L(+@&4*#.! 8%'>! ACDF! 07'!not exceeding !DCCC! L$($#H! 5/#! %(4.#4'! (;! '/#!"#+0#$.!<*99!0#!(0'&*4#,!01!<&1!(;!@(.'&9!0&99('!(4%#!'/#!M(&$,!(;!Q*$#%'($.!'&d#!'/#*$!,#%*.*(4!*4!'/*.!$#2&$,!&'!'/#*$!#4.7*42!+##'*42H
& U3":%F#3%&-"3&)"H$(1&G(11"$! _@(4!$#%#*3*42!&@@$(3&9!(;!'/#!M(&$,!(;!Q*$#%'($.!&4,!
%(4.#4'!;$(+!'/#!?%$7'*4*g#$>!'/#!4('*%#!(;!'/#!`(.'&9!
Ballot containing text of the Resolution to be passed and the relevant Explanatory Statement, postal ballot ;($+>!@$#!@&*,!.#9;!&,,$#..!@(.'&2#!#43#9(@#!&$#!.#4'!'(! '/#! ./&$#/(9,#$.! '(! #4&09#! '/#+! '(! 3('#! (4! '/#!P#.(97'*(4.!<*'/*4!&!@#$*(,!(;!FC!,&1.!;$(+!'/#!,&'#!(;!dispatch. The Company also provides e- voting facility '(!'/#!+#+0#$.!'(!%&.'!'/#*$!3('#!01!#9#%'$(4*%!+#&4.H!8!4('*%#!*.!@709*./#,!*4!'/#!9(%&9!4#<.@&@#$.!$#2&$,*42!,*.@&'%/!(;!'/#!`(.'&9!M&99('!4('*%#H!8;'#$!'/#!9&.'!,&'#!(;!$#%#*@'!(;!0&99('.>!'/#!?%$7'*4*g#$!.70+*'.!/*.!$#@($'H!5/#$#&;'#$! '/#! $#.79'.! &$#! ,#%9&$#,H! 5/#! ?%$7'*4*g#$e.!report is submitted to the Stock Exchange and also ,*.@9&1#,!(4!'/#!L(+@&41e.!<#0.*'#H
44J& @4H:1"H#3%H6! &O! Q7$*42!'/#!1#&$>! '/#!L(+@&41!/&,!4(!+&'#$*&991!
significant related party transaction, which is considered to have potential conflict with the *4'#$#.'.!(;!'/#!L(+@&41!&'!9&$2#!&4,!<&.!4('!*4!($,*4&$1! %(7$.#! (;! 07.*4#..! ($! 4('! (4! &4! &$+e.!9#42'/! 0&.*.H! 899! $#9&'#,! @&$'1! '$&4.&%'*(4.! <*'/!$#9&'#,! @&$'*#.! &$#! ,*.%9(.#,! *4! U('#! U(H! FHB!(;! 4('#.! ;($+*42! @&$'! (;! '/#! 8447&9! 8%%(74'.!;($! '/#! 1#&$! 74,#$! $#3*#<H! 5/#! L(+@&41! /&.!;($+79&'#,!&!@(9*%1!(4!+&'#$*&9*'1!(;!P#9&'#,! &$'1!5$&4.&%'*(4.! &.! <#99! &.! (4! ,#&9*42! <*'/! P#9&'#,!
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! ! http://mercator.in/investors/index.aspx?id=7055
b) There were no instances of non-compliance and '/&'!4(!@#4&9'*#.!($! .'$*%'7$#.!<#$#! *+@(.#,!(4!the Company by any Stock Exchange or SEBI or &41!.'&'7'($1!&7'/($*'1!(4!&41!+&''#$!$#9&'#,!'(!capital market during the past three years except, penalty imposed by Stock Exchanges for delay in filing unaudited financial result for the quarter #4,#,! ?#@'#+0#$! FC>! ACDV! &4,! '/#! .&+#! <&.!@&*,!(4!'*+#H
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'",$* BSESharePrice(!) NSESharePrice(!) =E7=E`&U%3-"3?(,:%
N45* M"; &N45* &M"; N45* M";
April-17 XXHAC IBHDC XXHAX IBHDC FCDEIHAA AWAIDHIE
May-17 XCHFX FWHDC XCHFC FWHCC FDAXXHAE AWECIHDA
June-17 IXHEX FWHIX IXHWC FWHAX FDXAAHEV FCBECHBB
July-17 IXHEC ICHAC IXHWX ICHAX FABVAHBB FDCDVHDD
August-17 IIHBX FBHBX IIHBX FBHXX FABEBHIE FDDAEHCA
September-17 IFHXC FXHXC IFHBX FXHXC FAXAIHDD FDCEDHEF
October-17 IEHVX FBHIC IEHVX FBHFC FFFICHDV FDIICHIE
November-17 IWHCC FVHVC IEHWC FVHEC FFEBXHWX FABEFHXW
December-17 ICHCC FAHVX FWHWX FAHVC FIDFVHWV FAXBXHDB
January-18 IVHCC FVHFX IVHCC FVHAC FBIIFHWE FFVCFHFV
February-18 IDHDX FFHWC IDHFC FFHWC FBAXBHEF FFIEAHED
March-18 FEHWC AWHDC FEHWX AWHAC FIAVEHBF FAIEFHEI
The Redeemable Non-Convertible Debentures of the Company which were listed on BSE Limited (Scrip Code: 945945) <#$#!`$#@&*,!&4,!67991!P#,##+#,!(4!"&$%/!AB>!ACDE!&4,!Q#9*.'*42!(;!'/#!.&*,!ULQe.!*.!74,#$!@$(%#..H
Annual Custody fee for the year 2018-19 have been paid by the Company to NSDL and CDSL.
& OutstandingGDRs/ADRs/WarrantsoranyConvertibleInstruments,ConversionDateandLikelyImpacton
& E\#4$<6! 8.!(4!"&$%/!FD>!ACDER!'/#!L(+@&41!/&,!DBC>!IHVXo!6($#*24!L7$$#4%1!L(43#$'*09#!M(4,.!T6LLM.O!(;!_?Q!DCC>CCC!#&%/!
aggregating to US $16,000,000 (US Dollar Sixteen Million) outstanding with an initial conversion price of !!FEHFC!@#$!share (with a fixed rate of exchange on conversion of !!XEHXVIC!@#$!_?Q!DHCCOH!5/#!.&*,!6LLM.!&$#!9*.'#,!(4!?*42&@($#!Stock Exchange. Tenure of FCCBs is 5 years i.e. up to May, 2019. The FCCB holders can exercise their option to convert '/#!M(4,.!*4'(!\^7*'1!&'!&41!'*+#!0#;($#!'/#*$!$#,#+@'*(4>!01!;(99(<*42!'/#!@$#.%$*0#,!@$(%#,7$#!8..7+*42!&99!6LLM!holders exercise their option to convert the Bonds into Equity, there will be increase in the paid-up capital of the Company by 2,44,69,556 shares. Till date none of the FCCB holders has exercised the option.
48J& !%54H$3(3&(,F&$3(,H-%3&(5%,$H&(,F&H*(3%&$3(,H-%3&H<H$%?6 M/s. Link Intime India Private Limited having registered office at C-101, 247 Park, L. B. S. Marg, Vikhroli (West),
"7+0&*! N! ICCCEF! T5#9G! CAA! N! IWDEBCCCO! &$#! '/#! P#2*.'$&$! &4,! 5$&4.;#$! 82#4'.! TP58O! &.! &9.(! '/#! P#2*.'$&$! ;($!Electronic Connectivity. Entire functions of Share Registry, both for physical transfer and in de-mat form; as well as dematerialisation/ rematerialisation of shares, issue of duplicate / split / consolidation of Certificates along with registry function of Debentures is being carried out by the RTA at their registered office address.
The correspondence regarding query of unpaid dividends shall be addressed to Compliance Officer at the registered office of the Company.
x. DistributionofshareholdingasonMarch31,2018:=*(3%*"1F4,5&"-&,"?4,(1&A(1#%&"- 7"J&"-&
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501 - 1000 WEBF DDHBC EIIIDFW AHVW
1001 - 2000 XDXC BHCB EDWWXBW AHVD
2001 - 3000 AFIX AHVB BCVXCFC AHCD
3001 - 4000 ECV CHWX AWBFDIB CHWE
4001 - 5000 DCBC DHAX XDFDVBB DHVC
5001 - 10000 DFEV DHBF DCVDWBCF FHXI
DCCCD!8UQ!8M][\ DFVE DHBA AIWVVEIIC EAHXE
BCB0M SZPK/ IPPJPPPP 302459335 IPPJPPPP
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xi. ShareholdingpatternasonMarch31,2018:=3J&7"
9($%5"3< 7"J&"-&=*(3%H a&$"&9()4$(1 7"J&"-&N"1F%3H
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B L#4'$&9!:(3#$4+#4'c?'&'#!:(3#$4+#4' D>CCC !CHCC! D
V K4,*&4!`709*% !WE>BXW>FII! !FAHBA! EABAF
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W Non-promoter Independent Directors and their relatives !AEX>XXD CHCW F
DC L9#&$*42!+#+0#$.! !B>VVE>FIF AHAI IDV
B"$(1 302,459,335 &IPPJPP& 85,015
xii. Dematerialisationofshares&liquidity:! 5/#!#^7*'1!./&$#.!(;!'/#!L(+@&41!&$#!74,#$!%(+@79.($1!'$&,*42!*4!,#+&'!;($+H!]7'!(;!'('&9!%&@*'&9!(;!FC>AI>XW>FFX!
#^7*'1!./&$#.R!FC>CE>FW>FCB!#^7*'1!./&$#.!$#@$#.#4'*42!WWHIVo!<#$#!/#9,!*4!,#+&'!;($+!&4,!0&9&4%#!DB>AC>CAW!#^7*'1!./&$#.!$#@$#.#4'*42!CHXFo!<#$#!*4!@/1.*%&9!;($+!&.!(4!"&$%/!FD>!ACDEH!5/#!K?KU!(;!'/#!#^7*'1!./&$#.!(;!'/#!L(+@&41!*.!KU\WFIMCDCAEH
The shares are actively traded on BSE and NSE and the turnover data during the financial year 2017-18; was as under:U(3$4:#1(3H BSE 7=E B"$(1
U(!(;!./&$#. DIABBAIWA BIECACEXA VW>CB>EF>FII[&97#!T!!K4!9&d/O XWFWBHFC AVAAAFHCF FFDBDWHFF
X. CEO/CFOCertification: The necessary certification from Chief Executive Officer Mr. Shalabh Mittal and Chief Financial Officer Mr. Rajendra
Kothari in respect of the financial year ended on March 31, 2018 has been annexed to this report.
`DJ& 9"?)14(,:%6! 5/#! L(+@&41! /&.! %(+@9*#,! <*'/! '/#! @$(3*.*(4.! (;! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,! Q*.%9(.7$#! P#^7*$#+#4'.O!
Regulations, 2015. Necessary Information, Certificates and returns as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 were submitted to Stock Exchanges within the prescribed time. The L(+@&41!/&.!%(+@9*#,!<*'/!&99!'/#!+&4,&'($1!$#^7*$#+#4'.!(;!L($@($&'#!:(3#$4&4%#!$#^7*$#+#4'.!DV!'(!AV!&4,!%9&7.#.! T0O! '(! T*O!(;!.70!$#279&'*(4.! TAO!(;! $#279&'*(4.!IB!(;!?\MK! T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!Regulations, 2015. The Company also endeavors to follow Non Mandatory requirements. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance is annexed to the Directors’ P#@($'H
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8,,$#..!;($!%($$#.@(4,#4%#G"#$%&'($!)*+*'#,3rd Floor, Mittal Tower, B-wing,Nariman Point, Mumbai - 400 021.Tel Nos: 91-22-66373333Fax Nos: 91-22-66373344E-mail: [email protected] /[email protected]=#0.*'#G!<<<H+#$%&'($H*4
Regd.Office: ForandonbehalfoftheBoardF$,!69(($>!"*''&9!5(<#$> >"3&'%3:($"3&M4?4$%FB-wing, Nariman Point,Mumbai - 400 021 NJ&OJ&'4$$(1`9&%#G!"7+0&* E8%:#$4A%&9*(43?(,Q&'#,G!"&1!AE>!ACDE TQKUGCCCCVBWCO
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(a) We have reviewed financial statements for the financial year ended on March 31, 2018 and the cash flow statement ;($!'/#!1#&$!T%(4.(9*,&'#,!&4,!.'&4,&9(4#O!&4,!'/&'!'(!'/#!0#.'!(;!'/#*$!d4(<9#,2#!&4,!0#9*#;G
*H! '/#.#!.'&'#+#4'.!,(!4('!%(4'&*4!&41!+&'#$*&991!74'$7#!.'&'#+#4'!($!(+*'!&41!+&'#$*&9!;&%'!($!%(4'&*4!.'&'#+#4'.!'/&'!+*2/'!0#!+*.9#&,*42R
ii. these statements together present a true and fair view of the company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations.
T0O! 5/#$#!&$#>!'(!'/#!0#.'!(;!'/#*$!d4(<9#,2#!&4,!0#9*#;>!4(!'$&4.&%'*(4.!#4'#$#,!*4'(!01!'/#!%(+@&41!,7$*42!'/#!1#&$!</*%/!&$#!;$&7,79#4'>!*99#2&9!($!3*(9&'*3#!(;!'/#!%(+@&41e.!%(,#!(;!%(4,7%'H
(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and we have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
T,O! =#!/&3#!*4,*%&'#,!'(!'/#!&7,*'($.!&4,!'/#!87,*'!%(++*''##
i. significant changes in internal control during over financial reporting the year, whenever applicable;
ii. that there were no significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and
iii. that there were no instances of significant fraud of which they have become aware and the involvement therein, if any, of the management or an employee having a significant role in the company’s internal control system over financial reporting.
(e) We further declare that all Board members and Senior Management personnel have affirmed compliance with the L(,#!(;!%(4,7%'!;($!'/#!%7$$#4'!1#&$H
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=*(1(G*&'4$$(1& !(_%,F3(&O"$*(34Chief Executive Officer Chief Financial Officer
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CEO & CFO Certification
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1. We have examined the compliance of conditions of L($@($&'#! :(3#$4&4%#! 01! "#$%&'($! )*+*'#,! TY'/#!L(+@&41ZO>! ;($! '/#! 1#&$! #4,#,! (4! "&$%/! FD>! ACDE>!&.! .'*@79&'#,! *4!P#279&'*(4.!DV! '(!AV!&4,! %9&7.#.! T0O!'(! T*O! (;! P#279&'*(4! IBTAO! &4,! @&$&2$&@/.! L! &4,! Q!(;! ?%/#,79#! [! '(! '/#! ?\MK! T)*.'*42! ]09*2&'*(4.! &4,!Q*.%9(.7$#! P#^7*$#+#4'.O! P#279&'*(4.>! ACDX! T'/#!Y)*.'*42!P#279&'*(4.ZOH
'(,(5%?%,$H[&!%H)",H4G414$<AH! 5/#!%(+@9*&4%#!(;!%(4,*'*(4.!(;!L($@($&'#!:(3#$4&4%#!
*.! '/#! $#.@(4.*0*9*'1! (;! '/#! "&4&2#+#4'H! 5/*.!$#.@(4.*0*9*'1!*4%97,#.!'/#!,#.*24>!*+@9#+#4'&'*(4!&4,!+&*4'#4&4%#! (;! *4'#$4&9! %(4'$(9! &4,! @$(%#,7$#.! '(!#4.7$#!%(+@9*&4%#!<*'/!'/#!%(4,*'*(4.!(;!'/#!L($@($&'#!:(3#$4&4%#!.'*@79&'#,!*4!'/#!)*.'*42!P#279&'*(4.H
0#F4$"3[H&!%H)",H4G414$<3. Our responsibility is limited to examining the
@$(%#,7$#.!&4,! *+@9#+#4'&'*(4! '/#$#(;>!&,(@'#,!01!'/#! L(+@&41! ;($! #4.7$*42! '/#! %(+@9*&4%#! <*'/! '/#!%(4,*'*(4.! (;! %($@($&'#! 2(3#$4&4%#H! K'! *.! 4#*'/#$! &4!audit nor an expression of opinion on the financial .'&'#+#4'.!(;!'/#!L(+@&41H
4. We have examined the books of account and other $#9#3&4'! $#%($,.! &4,! ,(%7+#4'.! +&*4'&*4#,! 01! '/#!L(+@&41! ;($! '/#! @7$@(.#.! (;! @$(3*,*42! $#&.(4&09#!&..7$&4%#! (4! '/#! %(+@9*&4%#! <*'/! L($@($&'#!:(3#$4&4%#!$#^7*$#+#4'.!01!'/#!L(+@&41H
5. We have carried out an examination of the relevant $#%($,.! (;! '/#! L(+@&41! *4! &%%($,&4%#! <*'/! '/#!Guidance Note on Certification of Corporate :(3#$4&4%#! *..7#,! 01! '/#! K4.'*'7'#! (;! '/#! L/&$'#$#,!8%%(74'&4'.! (;! K4,*&! T'/#! YKL8KZO>! '/#! ?'&4,&$,.!on Auditing specified under Section 143(10) of the L(+@&4*#.! 8%'! ACDF>! *4! .(! ;&$! &.! &@@9*%&09#! ;($! '/#!purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes *..7#,!01!'/#!KL8K!</*%/!$#^7*$#.!'/&'!<#!%(+@91!<*'/!'/#!#'/*%&9!$#^7*$#+#4'.!(;!'/#!L(,#!(;!\'/*%.!*..7#,!01!'/#!KL8KH
BH! =#! /&3#! %(+@9*#,! <*'/! '/#! $#9#3&4'! &@@9*%&09#!$#^7*$#+#4'.!(;!'/#!?'&4,&$,!(4!p7&9*'1!L(4'$(9!T?pLO!D>!p7&9*'1!L(4'$(9! ;($! 6*$+.! '/&'! `#$;($+!87,*'.! &4,!P#3*#<.!(;!J*.'($*%&9!6*4&4%*&9!K4;($+&'*(4!&4,!]'/#$!8..7$&4%#!&4,!P#9&'#,!?#$3*%#.!\42&2#+#4'.H
C)4,4",7. Based on our examination of the relevant records
and according to the information and explanations @$(3*,#,! '(! 7.! &4,! '/#! $#@$#.#4'&'*(4.! @$(3*,#,! 01!
'/#! "&4&2#+#4'>! <#! %#$'*;1! '/&'! '/#! L(+@&41! /&.!%(+@9*#,!<*'/!'/#!%(4,*'*(4.!(;!L($@($&'#!:(3#$4&4%#!&.!.'*@79&'#,!*4!P#279&'*(4.!DV!'(!AV!&4,!%9&7.#.!T0O!'(!T*O!(;!P#279&'*(4!IBTAO!&4,!@&$&!L!&4,!Q!(;!?%/#,79#![!'(!'/#!)*.'*42!P#279&'*(4.!,7$*42!'/#!1#&$!#4,#,!"&$%/!FD>! ACDE!except as stated by management in para IX(I) “Disclosures” in their Report on Corporate Governance, with respect to delay in filling of unaudited results for the quarter and six months ended September 30, 2017.
EH! =#!.'&'#!'/&'!.7%/!%(+@9*&4%#!*.!4#*'/#$!&4!&..7$&4%#!&.! '(! '/#! ;7'7$#! 3*&0*9*'1! (;! '/#! L(+@&41! 4($! '/#!efficiency or effectiveness with which the Management has conducted the affairs of the Company.
!%H$34:$4",&",&^H%9. This certificate is addressed to and provided to the
+#+0#$.! (;! '/#! L(+@&41! @7$.7&4'! '(! $#^7*$#+#4'!(;! '/#! ?%/#,79#! [! T@&$&2$&@/! \O! (;! '/#! ?\MK! T)*.'*42!]09*2&'*(4.!&4,!Q*.%9(.7$#!P#^7*$#+#4'.O!P#279&'*(4.>!2015 (the “Listing Regulations”). Our certificate should 4('! 0#! 7.#,! ;($! &41! ('/#$! @#$.(4! ($! ;($! &41! ('/#$!@7$@(.#H!8%%($,*4291>!<#!,(!4('!&%%#@'!($!&..7+#!&41!9*&0*9*'1!($!&41!,7'1!(;!%&$#!;($!&41!('/#$!@7$@(.#!($!'(!&41!('/#$!@#$.(4!'(!</(+!'/*.!$#@($'!*.!./(<4!($!*4'(!</(.#!/&4,.!*'!+&1!%(+#!<*'/(7'!(7$!@$*($!%(4.#4'!*4!<$*'*42H
! ! ForSinghi&Co.! ! L/&$'#$#,!8%%(74'&4'.! ! 6*$+!P#2*.'$&'*(4!U(H!FCACIW\
! ! 74V*41&=4,5*4! ! `&$'4#$`9&%#G!"7+0&*! "#+0#$./*@!U(H!CBDXBVQ&'#G!"&1!AE>!ACDE
Independent Auditor’s Certificate on Corporate Governance
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Management Discussion & Analysis Report(FormingpartofDirectors’ReportfortheyearendedMarch31,2018)
!%A4%;&"-&)%3-"3?(,:%We are a diversified group with business operations spread &%$(..! .#3#$&9! d#1! *4,7.'$*#.! 9*d#! ,$#,2*42>! ./*@@*42>!coal mining and logistics, and oil & gas exploration and production. We own and operate a fleet of oil & gas '&4d#$.>!.#$3*42!K4,*&4!&4,!*4'#$4&'*(4&9!<&'#$.>!&9(42!<*'/!,$#,2#$.!*4!K4,*&4!@($'.H!=#!#4i(1!%(&9!+*4#.!&4,!9(2*.'*%.!*4;$&.'$7%'7$#! .#$3*%#.! *4! K4,(4#.*&>! &! +*4*42! 9*%#4%#! *4!"(g&+0*^7#!&4,!(*9!09(%d.!*4!K4,*&e.!L&+0&1!0&.*4>!&9(42!<*'/!&4!\`L!@$(i#%'!*4!807!Q/&0*H!]7$!@$(i#%'.!.@&4!&%$(..!K4,*&>!K4,(4#.*&!&4,!'/#!"*,,9#!\&.'H
5/#!%(4.(9*,&'#,!$#3#47#!;$(+!(@#$&'*(4.!;($!6bDE!.'((,!&'!!WVIHAD!L$($#!%(+@&$#,!'(!!ADDXHFW!L$($#!*4!6bDVH!=#!are happy to report that we recorded operating profits, &'! '/#! 2$(7@! 9#3#9>! ;($! '/#! .#%(4,! %(4.#%7'*3#! 1#&$H! ]7$!operating profits stood at !FCXHXF!L$($#>!7@c,(<4!XEHAXo!;$(+!'/#!@$#3*(7.!1#&$H
K4! 6bDE>! <#! .7%%#..;7991! %(+@9#'#,! &! pK`! *..7&4%#! (;!FA>XBV>ABA!#^7*'1!./&$#.!&'!&!@$*%#!(;!!IIHBX!@#$!./&$#H!=#!+&4&2#,!'(!$&*.#!!DIX!L$($#!;$(+!+&$^7##! *4'#$4&'*(4&9!*43#.'($.! '/$(72/! '/*.! pK`! *..7&4%#>! </*%/! '((d! @9&%#! *4!U(3#+0#$!ACDVH!5/#!@$(%##,.!;$(+!'/*.!;74,!$&*.*42!<&.!7.#,! ;($! .'$#42'/#4*42! (@#$&'*(4.! &%$(..! &99! 07.*4#..!segments and the repayment of high-cost debt.
@%1%A%3(54,5&H$($#HAt the group level, we underwent significant debt reduction *4! 6bDE! &.! @$(+*.#,! 9&.'! 1#&$! 01! '/#! %($#! +&4&2#+#4'!'#&+H!=#!/&3#!.##4!&!VHEAo!,#0'!$#,7%'*(4!*4!'/#!./*@@*42>!dredging and coal businesses. Long-term debt has reduced '(! !DFCXHID! L$($#! ;$(+! !DIDBHDA! L$($#! &.! (4!"&$%/! FD>!ACDEH!J(<#3#$>!'/#!(*9!f!2&.!.#2+#4'!/&.!.##4!&4!*4%$#&.#!*4!*'.!(3#$&99!,#0'!9#3#9!01!!VFHDA!L$($#>!</*%/!<&.!7.#,!;($!'/#!,#3#9(@+#4'!(;!'/#!(*9!09(%d.!k1('*!K!&4,!KKH!
5/#!%($#!+&4&2#+#4'!'#&+!<*99!%(4'*47#!'(!;(%7.!(4!;7$'/#$!$#,7%'*(4!*4!'/#!%(4.(9*,&'#,!,#0'!9#3#9.!2(*42!;($<&$,!*4!6bDWH!5/*.!,#0'!$#,7%'*(4!<*99!@$*+&$*91!0#!&%/*#3#,!7.*42!internal accruals and sales of non-core assets held by the Company. We are also looking at a significant chunk of ;74,.! '(! 0#! $#9#&.#,>! *4! 6bDW>! ;$(+! '/#! <($d*42! %&@*'&9!&%%(74'.!(;!?&2&$!?&+$&'>!'/#!\`L!@$(i#%'!+&4,&'#,!01!]*9!&4,!U&'7$&9!:&.!L($@($&'*(4!)*+*'#,!T]U:LOH
=%5?%,$(1&3%A4%;@3%F54,521"G(1&"#$1""V67'7$#! "&$d#'! K4.*2/'.! T6"KO! $#%#4'91! $#9#&.#,! &! $#@($'!(4! '/#! 29(0&9! ,$#,2*42!+&$d#'! *4!</*%/! *'! 4('#,! '/&'! '/#!market is slated to touch a value of ~$16,500 Million in 2022. New trade lanes are expected to emerge between Asia and
8;$*%&!</#$#*4!'/#!L/*4&NK4,*&!'$&,#!9&4#!*.!9*d#91!'(!0#!'/#!;&.'#.'!2$(<*42!@&*$!&4,!+(.'!@$(0&091!'/#!.#3#4'/!9&$2#.'!in terms of trade flows by 2030.
India’sports&dredgingindustry`($'.!/&4,9#!&9+(.'!WXo!(;!'('&9!*4'#$4&'*(4&9!'$&,#!3(97+#!*4! K4,*&H! =*'/! '/#! :(3#$4+#4'! (;! K4,*&e.! T:(Ke.O! "&d#! *4!India initiative, industry experts believe that share of +#$%/&4,*.#!'$&,#!*4!K4,*&e.!:Q`!<*99!*4%$#&.#!.70.'&4'*&991!over the next 5 years. India currently has 12 major ports and 64 minor ports handling export-import cargo. During 6bDV>! %&@&%*'1!&,,*'*(4!(;!DCC!"*99*(4!5(44#.!`#$!8447+!T"5`8O!<&.! *+@9#+#4'#,!&%$(..! '/#! DA!+&i($!@($'.H! 5/#!'('&9! %&$2(! /&4,9*42! %&@&%*'1! (;! '/#! +&i($! @($'.! ,7$*42!'/#!1#&$!74,#$!$#3*#<!<&.!DCBX!"5`8>!</*9#!'/#!%&@&%*'1!at non-major ports was roughly 700 MTPA. According to L8P\!P&'*42.>!'/*.!%(+0*4#,!%&@&%*'1!(;!D>VBX!"5`8!<*99!0#!&72+#4'#,!'(!A>XCC!"5`8!01!ACAXH
Projected cargo traffic to be handled by India’s ports by FY22 is expected to be 1695 Million Metric Tonnes T""5O! &%%($,*42! '(! '/#! $#@($'! (;! '/#! U&'*(4&9! 5$&4.@($'!Q#3#9(@+#4'! `(9*%1! L(++*''##H! 6($! '/*.>! '/#! "*4*.'$1! (;!?/*@@*42! /&.! *4*'*&'#,! U&'*(4&9! "&$*'*+#! Q#3#9(@+#4'!`(9*%1! TU"Q`O! <*'/! &! @9&44#,! (7'9&1! (;! qDX! M*99*(4H! 5/#!"*4*.'$1! (;! ?/*@@*42>! *4! Q#%#+0#$! ACDV>! @$(3*,#,! 2$&4'.!<($'/!qVBHWA!"*99*(4!'(!K49&4,!=&'#$!5$&4.@($'!87'/($*'1!(;!K4,*&!'(! *+@$(3#! *49&4,!<&'#$!'$&4.@($'!'/&'!<*99!@$(+('#!*4'#$4&9!'$&,#!&4,!$#,7%#!9(2*.'*%.!%(.'H
5/#! K49&4,! =&'#$<&1.! 87'/($*'1! (;! K4,*&! *.! ,#3#9(@*42!National Waterways 1 (NW-1) under the Jal Marg Vikas Project (JMVP) with an expenditure of !XF>VCC! "*99*(4!&4,! '/#! U&'*(4&9! =&'#$! Q#3#9(@+#4'! 82#4%1! *.! <($d*42!on the river inter-linking project between Maharashtra &4,! :7i&$&'! '/&'! 4#%#..*'&'#.! %(4.*,#$&09#! ,$#,2*42H!_4,#$! '/#! ?&2&$+&9&! `$(2$&++#>! '/#! "*4*.'$1! (;!Shipping has identified 415 projects, at an estimated investment of ~$120 Billion. The programme will focus (4! @($'! +(,#$4*.&'*(4! &4,! 4#<! @($'! ,#3#9(@+#4'>! @($'!connectivity enhancement, port-linked coastal economic g(4#!*4,7.'$*&9*.&'*(4!&4,!%(&.'&9!%(++74*'1!,#3#9(@+#4'!for phase-wise implementation over the period from 2015 '(!ACFXH!8%%($,*42!'(!'/#!&@@$(3#,!*+@9#+#4'&'*(4!@9&4!(;!?&2&$+&9&!.%/#+#>!'/#.#!@$(i#%'.!&$#!'(!0#!'&d#4!7@!01!'/#!$#9#3&4'!%#4'$&9!+*4*.'$*#.c&2#4%*#.!&4,!.'&'#!2(3#$4+#4'.!preferably through private/public-private partnership (PPP) +(,#>!&.!$#@($'#,!01!K4,*&!"&$*'*+#!`97.!w!'/#!*43#.'+#4'!;&%*9*'&'*(4!%#99!(;!'/#!"*4*.'$1!(;!?/*@@*42>!:(3#$4+#4'!(;!K4,*&!T:(KO!&4,!6#,#$&'*(4!(;!K4,*&4!L/&+0#$.!(;!L(++#$%#!&4,!K4,7.'$1!T6KLLKOH
Ourreview&performanceQ#.@*'#!6bDE!0#*42!&!'(72/!1#&$!;($!(7$!,$#,2*42!07.*4#..>!we witnessed a significant turnaround with respect to
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profitability. During the beginning of the year, we completed (7$!@$(i#%'!&'!S&4,9&!@($'!&4,!.'$&'#2*%&991!,#%*,#,!&2&*4.'!extending the contract at lower profitability. As a result of which, two of our dredgers dry-docked for most of Q1. J(<#3#$>! ;$(+! pA! (4<&$,.! +(.'! (;! (7$! L(+@&41e.! W!,$#,2*42!3#..#9.!<#$#!2&*4;7991!#+@9(1#,H
=#! ,#+(4.'$&'#,! &! .'$(42! 0*,,*42! .7%%#..! $&'#! (;! XCo!&4,!/&3#! .'$&'#2*%&991! ;(%7..#,!(7$!0*,,*42! '(<&$,.!/*2/!+&$2*4!@$(i#%'.H!=#!&9$#&,1!/&3#!($,#$.!<($'/!!DXI!L$($#!in hand with a large pipeline of orders expected from the :(Ke.!$#4#<#,!%(4%#4'$&'*(4!*4!'/#!,$#,2*42!*4,7.'$1H
We are also exploring a strategic demerger of the dredging division to unlock significant shareholder value. We expect the demerger to create a focussed pure-play entity — "#$%&'($! Q$#,2*42! `$*3&'#! )*+*'#,! T"Q`)O!w! '(! *+@$(3#!&%%#..! '(! %&@*'&9H! "Q`)! <*99! 0#! .#@&$&'#91! 9*.'#,! (4! '/#!Indian stock exchanges. The proposed scheme of the ,#+#$2#$!#43*.&2#.!4#<!./&$#.!*4!"Q`)!'(!0#!*..7#,!*4!'/#!$&'*(!(;!DGIC>!*H#H!D!./&$#!(;!"Q`)!;($!IC!./&$#.!(;!"#$%&'($!)*+*'#,H!5/#!@&$#4'!%(+@&41!<*99!/&3#!FCo!/(9,*42!*4!'/#!4#<91!,#+#$2#,!#4'*'1!"Q`)H!5/#!&@@(*4'#,!,&'#!;($!'/#!.%/#+#!*.!]%'(0#$!D>!ACDE!&4,!*.!.70i#%'!'(!./&$#/(9,#$.e!&4,!3&$*(7.!('/#$!$#279&'($1!&@@$(3&9.H
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=#>!&'!"#$%&'($>!/&3#!#3(93#,!*4'(!(4#!(;!'/#!9&$2#.'!@$*3&'#!.#%'($!,$#,2*42!%(+@&4*#.!*4!K4,*&!<*'/!&!.'$(42!'#%/4*%&9!.d*99!.#'H!=#!&$#!<#99!@(*.#,!'(!2&*4!;$(+!'/#!:(Ke.!*4*'*&'*3#!on Inland Water Transport. We are definitely eyeing a slice (;!'/#!@$(i#%'#,!!DA>CCC!L$($#!&447&9!,$#,2*42!%(4'$&%'.!'(!0#!2#4#$&'#,!74,#$!'/#!:(Ke.!?&2&$+&9&!*4*'*&'*3#H
84('/#$! &$#&! (;! (@@($'74*'1! ;($! '/#! ,$#,2*42! 07.*4#..!%(+#.!;$(+!'/#!U&+&+*!:&42#! $(i#%'>!</*%/!#43*.&2#.!&4!*+@$(3#+#4'!*4!'/#!:&42&e.!<&'#$!^7&9*'1!01!"&$%/!ACDWH!"$H!U*'*4!:&,d&$*>!"*4*.'#$!;($!P(&,!5$&4.@($'!f!J*2/<&1.>!?/*@@*42!&4,!=&'#$!P#.(7$%#.>!P*3#$!Q#3#9(@+#4'!f!:&42&!P#i73#4&'*(4! *4! '/#!:(3#$4+#4'!(;! K4,*&>!/&.!&44(74%#,!'/&'!'/#!:(Ke.!.@#4,*42!(4!'/#!%9#&4!:&42&!+*..*(4!<*99!.##!&!i7+@!(;!VCo!($!!EC>CCC!"*99*(4H
The GoI’s ambition to develop India as a global trans-./*@+#4'! /70>! &9(42! <*'/! '/#! &44(74%#+#4'! (;! %#$'&*4!large dredging projects reflect the high potential of the %(74'$1e.! ,$#,2*42! +&$d#'H! 8'! "#$%&'($>! <#! &$#! 9((d*42!;($<&$,!'(<&$,.!'/#!'$&4.;($+*42!.%#4&$*(>!</*%/!<*99!/#9@!7.! ;7$'/#$!.'$#42'/#4!(7$!,$#,2*42!07.*4#..H!=#!(@#$&'#!a diverse dredging fleet that helps us deploy equipment appropriately for different maintenance dredging projects.
=*4))4,521"G(1&"#$1""V?/*@@*42!*.!&!29(0&9!*4,7.'$1!&4,!*'.!@$(.@#%'.!&$#!*4'$*%&'#91!9*4d#,! '(! '/#! 9#3#9! (;! #%(4(+*%! &%'*3*'1! &%$(..! '/#!<($9,H!5/#!./*@@*42!+&$d#'! *.!%1%9*%&9! *4!4&'7$#!&4,!;$#*2/'!$&'#.!2#4#$&991!'#4,!'(!0#!/*2/91!3(9&'*9#H!5/#!*4,7.'$1!&%'.!&.!&!@$*+&$1!+#&4.!(;! *4'#$4&'*(4&9! '$&4.@($'!(;!&41!#..#4'*&9!%(++(,*'1H
D,F4([H&H*4))4,5&4,F#H$3<8! %(4.#^7#4%#! (;! .'$(42! :Q`! 2$(<'/! *4! K4,*&! /&.! 0##4!'/#! $*.*42! #4#$21!,#+&4,H!8'!@$#.#4'>! K4,*&!+##'.! &0(7'!VXo!(;!'('&9!%$7,#!(*9!,#+&4,!01!*+@($'.H!8%%($,*42!'(!'/#!"*4*.'$1!(;!]*9!f!:&.!,&'&>! K4,*&e.! %$7,#! *+@($'.! '(7%/#,!ADIHW!""5!*4!6bDV>!*+@91*42!&!L8:P!(;!BHVo!(3#$!6bCVNDV!@#$*(,H! $*3&'#!@($'.!/&3#!0##4!#.@#%*&991!2((,!&'!&''$&%'*42!crude import traffic. Petroleum, Oil, and Lubricants (POL) have been the major contributors to total traffic at ports as POL traffic in FY17 reached 349.8 MMT (Source: Ministry of ?/*@@*42>!:(3#$4+#4'!(;!K4,*&OH
Ourreview&performance6bDE!<&.!&!$#9&'*3#91!'(72/!1#&$!;($!'/#!./*@@*42!07.*4#..!&.!<#! <*'4#..#,! 3(9&'*9*'*#.! *4! %/&$'#$! $&'#.H! =/*9#! <#! 0#9*#3#!that charter rates are expected to rebound, we utilised this period to rationalise our fleet. We monetised our aged fleet by selling three of our tankers and currently, our fleet is relatively younger and can be in operation for a significant period.
A slowdown in fleet growth should begin a recovery cycle *4! [#$1! )&$2#! :&.! L&$$*#$! T[):LO! &4,! [#$1! )&$2#! L$7,#!L&$$*#$.!T[)LLO!$&'#.!;$(+!'/#!.#%(4,!/&9;!(;!6bDE!T?(7$%#G!)`:! 6($#%&.'#$! @709*./#,! 01! 29(0&9! ./*@@*42! %(4.79'&4%1!Drewry). This expected turnaround in the charter cycle &727$.! <#99! ;($! (7$! ./*@@*42! ,*3*.*(4e.! ;7'7$#! 2$(<'/!@$(.@#%'.H!=#!&$#!@$#@&$*42!'(!9#3#$&2#!'/*.!9*d#91!7@%(+*42!7@.<*42!*4!%/&$'#$!@$*%#.!<*'/!;(%7..#,!&@@$(&%/!'(<&$,.!operational efficiency, maintenance of our fleet and .'$&'#2*%!%&@*'&9!&99(%&'*(4!&'!@$#.#4'H
5/#!./*@@*42!.#2+#4'!$#%($,#,!6bDE!$#3#47#.!(;!!AVVHDB!Crore, a marginal dip vis-à-vis the last year. Shipping segment profitability was affected mainly due to a one-time *+@&%'!(;!!BIHWE!L$($#!(4!&%%(74'!(;!&4!(3#$&99!9(..!(4!.&9#!(;!'/$##!3#..#9.!*4!6bDEH!=#!.(9,!'/#!Q$1!M79d!L&$$*#$!l"H5H!?$*!`$#+!`(($3&e>! l[$*4,&e!&4,!&!'&4d#$! l"H5H!J&$./&!`$#+e!*4!'/#!1#&$!74,#$!$#3*#<H!)(<#$!%/&$'#$!$&'#.!;($
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@$*%#.H! 6$(+! &4! #4#$21! @#$.@#%'*3#>! *4! 6bDE>! <#! <#$#!observing: a) Organization of the Petroleum Exporting Countries (OPEC) extend its cuts and adhere to them, b) the _?! @$(,7%#$.! *4%$#&.#! @$(,7%'*(4! &4,! d##@! %(.'.! ,(<4>!&4,!%O!#4(72/!*4%$#&.#!*4!,#+&4,!'(!2*3#!7.!/(@#!07'!4('!+(3#!'/#!4##,9#H
K4!ACDV>! '/#!M$#4'! %$7,#!(*9! @$*%#.! '('&99#,!&4!&3#$&2#!(;!$54.25 per barrel. This was significantly lower than the 2014 average price of $99 per barrel, although significantly /*2/#$! '/&4! '/#! lk&47&$1! &4,! 6#0$7&$1! ACDBe! 9(<.! (;! qAE!@#$! 0&$$#9H! 5/#! K4'#$4&'*(4&9! "(4#'&$1! 674,! TK"6O>! *4! *'.!`$*+&$1!L(++(,*'1!`$*%#.!`$(i#%'*(4.>!&..#$'#,!'/&'!&;'#$!+(,#.'!2$(<'/! *4!ACDE>! '/#!4(+*4&9!@$*%#!(;!M$#4'!%$7,#!<(79,! *4%$#&.#! '(! qXDHEc0&$$#9! 01! ACACH!8%%($,*42! '(! '/#!]`\L! "(4'/91! ]*9! "&$d#'! P#@($'>! <($9,! (*9! ,#+&4,! <*99!*4%$#&.#! 01! DHF! "*99*(4! 0&$$#9.! @#$! ,&1! *4! ACDEH! Q#9(*''#!opines that in oil & gas, the long-awaited price recovery %(79,!2&*4!+(+#4'7+! *4!ACDEH!5/*.! $#3*3&9!<*99!0#!,$*3#4!by OPEC, and supported by some key non-OPEC countries, %(4'*47*42!*'.!@$(,7%'*(4!$#.'$&*4'!@(9*%1>!.'$#42'/#4*42!(;!demand growth in the market and global inventories finally $#3#$'*42!'(!'/#*$!+($#!4($+&9!/*.'($*%&9!$&42#H
D,F4([H&"41&(,F&5(H&4,F#H$3<M`e.!8447&9!\4#$21!]7'9((d!@9&%#.!K4,*&!&.!'/#!'/*$,!9&$2#.'!%(4.7+#$!(;!%$7,#!(*9!&4,!@#'$(9#7+!@$(,7%'.!*4!'/#!<($9,!and the second largest refiner in Asia. According to the Ministry of Oil & Gas, India has 230.066 MMTPA of refining capacity with a surplus refining capacity of about 15%, making it the second largest refiner in Asia after China.
=*'/! FHDI! "*99*(4! .^! d+! (;! @('#4'*&9! $#.#$3#.! 91*42!unexplored until 2016, India’s potential in the oil & gas sector is immense and there exists vast headroom for new ,*.%(3#$*#.H! 8%%($,*42! '(! M`! \4#$21!]7'9((d! ACDB>! K4,*&e.!#4#$21!%(4.7+@'*(4!*.!@$(i#%'#,!'(!2$(<!&'!IHAo!@#$!&447+!7@!'(!ACFX>!;&.'#$!'/&4!&99!+&i($!#%(4(+*#.!*4!'/#!<($9,H
C#3&3%A4%;&(,F&)%3-"3?(,:%=#!(<4!'<(!(4./($#!(*9!09(%d.!*4!:7i&$&'e.!L&+0&1!0&.*4H!These blocks have high-quality crude reserves and are in close proximity to refineries. We have achieved significant @$(2$#..! *4! ,#3#9(@*42! '/#.#! (*9! 09(%d.! &4,! ,7$*42! '/#!1#&$! 74,#$! $#3*#<>! <#! $#%#*3#,! &@@$(3&9! ;($! '/#! 6*#9,!Q#3#9(@+#4'!`9&4!;($!k1('*!K!&4,!KK!*4!'/#!;(7$'/!^7&$'#$!(;!FY18. Production at these fields is expected to commence in the first quarter of FY19. The Third-party Resource Certification for wells Jyoti I and II has given a 2P EUR i.e. expected ultimate recovery with water injection of 26.2 "*99*(4! (*9! 0&$$#9.H! 5/#! 6*#9,!Q#3#9(@+#4'! `9&4! T6Q`O! /&.!0##4!.70+*''#,!;($!AF!"*99*(4!0&$$#9.!(;!$#%(3#$&09#!(*9H
We have also successfully signed MoUs with public-sector 74*'!T`?_O!(*9!%(+@&4*#.!;($!7.#!(;!#3&%7&'*(4!*4;$&.'$7%'7$#!&4,!.&9#.!%(4'$&%'.H!=#!%(++#4%#,!,$*99*42!*4!'/#!.#3#4'/!exploratory well in December 2017 and the drilling campaign in the exploratory wells completed in April 2018H
=(5(3&=(?3($5/#! \`L! @$(i#%'! &<&$,#,! 01! ]U:L! ;($! %(43#$.*(4!of their Mobile Offshore Drilling Unit (MODU) ‘Sagar Samrat’ into a Mobile Offshore Production Unit T"]`_O!*.!&22$#..*3#91!@7$.7*42!%(+@9#'*(4!(;!.'$*42!'#.'.!&4,!#3#4'7&9!l.&*9!&<&1eH!84!&@@$(3#,!3#4,($!(;!]U:L! /&.! .'&$'#,! %(++*..*(4*42! '/#! '7$0*4#.! &4,!%(+@$#..($.! ;($!%(+@9#'*(4!(;! '/#!.'$*42! '#.'H!J#$#>!'/#! "]`_! /&.! 0##4! 74,(%d#,! &4,! *.! 74,#$2(*42!jacking trials. The ‘sail away’ is expected in the first ^7&$'#$! (;! 6bDWH!=#! *4%7$$#,! %(.'.! (;! !DCHBX! L$($#!;($!'/*.!@$(i#%'!(4!&%%(74'!(;!%#$'&*4!3&$*&'*(4.!*4!*'.!.%(@#H! 6(99(<*42! @$7,#4'*&9! &%%(74'*42! 4($+.>! <#!recognised the extra costs in our accounts and the %($$#.@(4,*42! $#3#47#! <*99! 0#! &,i7.'#,! (4%#! '/#!%7.'(+#$!&@@$(3#.!'/#!3&$*&'*(4!*4!($,#$.H
9"(121"G(1&"#$1""V8%%($,*42! '(! '/#! K4'#$4&'*(4&9! \4#$21! 82#4%1! ;($#%&.'>!coal’s share in the global energy mix is to decline from 27% *4!ACDB!'(!ABo!*4!ACAA!(<*42!'(!.9722*./!,#+&4,!2$(<'/!vis-à-vis other fuels. Its growth through 2022 is expected '(!$#+&*4!%(4%#4'$&'#,!@$*+&$*91!*4!8.*&>!#.@#%*&991!*4!K4,*&!&4,!?(7'/#&.'!8.*&4!%(74'$*#.H
J(<#3#$>! %(&9! @$*%#.! $#+&*4#,! (4! &4! 7@<&$,! '$#4,!,7$*42! ACDV! <*'/! '/#! /*2/! @$*%#! '$&i#%'($1! %(4'*47*42! &'!'/#!0#2*44*42!(;!ACDEH!L(d*42!%(&9!@$*%#.!,$(@@#,!'(!qVCc'(44#!,7$*42!'/#!.#%(4,!^7&$'#$!(;!6bDEH!?*4%#!'/#4>!/*2/#$!,#+&4,! *4!L/*4&>! '(!+##'!&!.7$2#! *4!@(<#$!,#+&4,!&4,!supply issues in some major exporter countries, pushed @$*%#.!7@!'(!qWXc'(44#!$#%#4'91H
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K'!*.!0#9*#3#,!'/&'!%(&9!<*99!$#+&*4!(4#!(;!'/#!+(.'!@(@79&$!&4,!;#&.*09#!#4#$21!&9'#$4&'*3#.!@&$'*%79&$91! *4!,#3#9(@*42!#%(4(+*#.>! 74'*9! %(++#$%*&991! &4,! #%(4(+*%&991! ;#&.*09#!$#4#<&09#!#4#$21!&9'#$4&'*3#.!0#%(+#!.7.'&*4&09#H
D,F",%H4([H&:"(1&)3"F#:$4",&4,F#H$3<K4,(4#.*&! *.! (4#! (;! '/#! <($9,e.! 9&$2#.'! @$(,7%#$.! &4,!exporters of coal. Since 2005, when it overtook Australia, the country is the leading exporter of thermal coal in '/#! <($9,! T?(7$%#G! K4,(4#.*&! K43#.'+#4'.OH! 8%%($,*42! '(!'/#! +(.'! $#%#4'! M`! ?'&'*.'*%&9! P#3*#<! (;! =($9,! \4#$21>!K4,(4#.*&! %7$$#4'91! $&4d.! W'/! *4! 29(0&9! %(&9! $#.#$3#.! &4,!contains ~2.2% of total proven global coal resources. Large
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portions of Indonesia’s total coal exports are bought by L/*4&!&4,!K4,*&H
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C#3&3%A4%;&(,F&)%3-"3?(,:%]7$!K4,(4#.*&4!07.*4#..!;&%#,!.#3#$&9!/#&,<*4,.!,7$*42!'/#!$#@($'*42!@#$*(,H!=#!/&,!'(!$#@9&%#!'/#!#4'*$#!+&4&2#+#4'!'#&+! (;! (7$! %(&9! (@#$&'*(4.! *4! K4,(4#.*&! &.! '/#$#! <#$#!$#@($'.!(;!07.*4#..!*$$#279&$*'*#.!&4,!+*.&@@$(@$*&'*(4.!01!*'H!]7$!($2&4*.&'*(4!;(99(<.!'/#!/*2/#.'!9#3#9.!(;!%(+@9*&4%#!&4,!2(3#$4&4%#!&4,!'/*.!*4%*,#4'!*4,##,!<&.!,*./#&$'#4*42!;($!'/#!#4'*$#!%($#!+&4&2#+#4'!'#&+H
We ensured a complete clean-up of the system by shutting +*4*42!&%'*3*'*#.!'(<&$,.!'/#!+*,,9#!(;!pA!6bDE!&4,!<#$#!&09#! '(! $#.7+#! (@#$&'*(4.! &'! '/#! 0#2*44*42! (;! pI! 6bDEH!Q7$*42! '/*.! @#$*(,>! <#! @#$;($+#,! &! ,#'&*9#,! (@#$&'*(4&9!and financial audit and implemented stronger systems &4,! @$(%#..#.H! =#! &9.(! *4'$(,7%#,! &! 4#<! +&4&2#+#4'!'#&+>! </*%/! *.! 4(<! .7%%#..;7991! $744*42! (7$! K4,(4#.*&!(@#$&'*(4.H! 8.! &! $#.79'! (;! '/*.! '#+@($&$1! ,*.$7@'*(4>! (7$!revenues were adversely impacted and we lost almost six +(4'/.! (;! 07.*4#..H! J(<#3#$>! (7$! (@#$&'*(4.! /&3#! 4(<!fully ramped up and we are confident of a strong financial @#$;($+&4%#>!2(*42!;($<&$,H
K4!6bDE>!'/#!%(&9!07.*4#..!.&<!&!./&$@!,#%9*4#!*4!$#3#47#.!,7#!'(!'/#!&0(3#!+#4'*(4#,!*..7#.H!K4%(+#!;$(+!(@#$&'*(4.!;($!'/#!1#&$!74,#$!$#3*#<!.'((,!&'!!IWFHEE!L$($#H
Our coal mines have high-quality reserves with majority of mine comprising 3,800 kcal coal. We have also identified &! 4#&$01! @&'%/! (;! /*2/! 2$&,#! %(&9! (;! I>ACC! d%&9H! =#! &$#!<($d*42!%9(.#91!<*'/!9(%&9!&7'/($*'*#.!;($!9&4,!&%^7*.*'*(4!'(!.'&$'!'/#!+*4*42!@$(%#..!&4,!;($#.##!*++#4.#!@('#4'*&9!'(!#4/&4%#!9(2*.'*%.!%&@&%*'1!&4,!*4%$#&.#!'/$(72/@7'!&'!9(<!capex, going forward. Additionally, outlook for coal stays @(.*'*3#!&.!%(&9!@$*%#.!<*'4#..!&!.'#&,1!7@<&$,!+(3#+#4'H
!4HVH&(,F&:",:%3,H=*'/!&!,*3#$.#!07.*4#..!+(,#9!&4,!(@#$&'*(4.!.@$#&,!&%$(..!.#3#$&9! %(74'$*#.! *4! '/#! <($9,>! (7$! .#2+#4'.! &$#! /*2/91!,#@#4,#4'!(4!'/#!,14&+*%!&4,!%(4.'&4'91!#3(93*42!29(0&9!#%(4(+*%!#43*$(4+#4'H!J#4%#>!&41!$*.d.!($!%/&99#42#.!*4!'/#!29(0&9!#%(4(+*%!.%#4&$*(!%&4!,*$#%'91!($! *4,*$#%'91! *+@&%'!(7$!(@#$&'*(4.H!]7$!%($#!+&4&2#+#4'!'#&+!#4.7$#.!'/&'!'/#1!&$#!&9<&1.!&0$#&.'!(;!&41!$#279&'($1!%/&42#.!($!./*;'.!*4! '/#! (@#$&'*42! #43*$(4+#4'! &4,! $#.@(4,! &%%($,*4291H!5/*.!/#9@.!7.!'(!&$+!0#''#$!<*'/!&@@$(@$*&'#!+#%/&4*.+.!'(!0#.'!+*'*2&'#!%/&99#42#.>!&.!<#99!&.!9#3#$&2#!(@@($'74*'*#.H
E:","?4:&34HVWe have trans-border operations, which makes us vulnerable to different economic conditions in each of the %(74'$*#.!</#$#!<#!(@#$&'#H! 841! &,3#$.#! %/&42#.! *4! '/#!#%(4(+*%! #43*$(4+#4'! (;! '/#.#! %(74'$*#.! %&4! @('#4'*&991!
*+@&%'!(7$!(@#$&'*(4.H!J(<#3#$>!<#!#4.7$#!(7$!(@#$&'*(4.!remain highly diversified such that any large impact from &,3#$.#!.%#4&$*(.!*.!%(4'&*4#,H
>"3%8&34HVQ7#!'(!(7$!29(0&9!@$#.#4%#>!<#!'$&,#!7.*42!.#3#$&9!;($#*24!exchange (forex). The volatility in global currencies could have an adverse impact on our Company’s financials. We have developed a natural hedge against forex fluctuation to mitigate this risk, as major operations and expenditures are %(4,7%'#,!7.*42!;($#*24!%7$$#4%1H
M"HH&"-&(HH%$H]7$!L(+@&41!*.! *43(93#,!*4!'/#!%&@*'&9! *4'#4.*3#!07.*4#..!(;!./*@@*42!&4,!&41!9(..!(;!&..#'!,7#!'(!&%%*,#4'!+&1!/&3#!&!4#2&'*3#! *+@&%'!(4!(7$!./*@@*42!(@#$&'*(4.H!J#4%#>!<#!+&*4'&*4!&22$#2&'#!*4.7$&4%#!%(3#$&2#!;($!'/#!;799!3&97#!(;!all our assets. We are also insured for any third-party risks &$*.*42!;$(+!'/#!./*@@*42!07.*4#..H
E,A43",?%,$(1&34HV5/#!#4#$21!.#2+#4'!(;!'/#!07.*4#..!+&1!9#&,!'(!&4!&,3#$.#!*+@&%'! (4! #43*$(4+#4'H! 5/#$#! *.! &9.(! '/#! @(..*0*9*'1! (;!.@*99&2#!,7$*42!'/#!'$&4.@($'!(;!%$7,#!(*9!($!('/#$!%/#+*%&9.>!</*%/!%(79,!0#!,#'$*+#4'&9!;($!'/#!#43*$(4+#4'H!=#!;(99(<!&@@$(@$*&'#!@$&%'*%#.!'(!%(74'#$!&41!@(..*09#!'/$#&'.!&4,!*'.!%(4.#^7#4'!*+@&%'!(4!'/#!#43*$(4+#4'!'(!+*'*2&'#!'/*.!$*.dH!=#!&9.(!#4.7$#!'/#!.'$*%'#.'!&,/#$#4%#!'(!&99!29(0&991!&%%#@'&09#!#43*$(4+#4'&9!.'&4,&$,.H
Quality,safetyandenvironment=#!&$#!%(++*''#,!'(!'/#!@(9*%1!(;!lx#$(!8%%*,#4'.!&4,!x#$(!?@*99.eH!=#!0#9*#3#!'/&'!+&*4'&*4*42!.'$*%'!^7&9*'1!.'&4,&$,.!#4.7$#.! ;799! .&;#'1! (;! &99! .'&d#/(9,#$.! &4,! &,/#$#4%#! '(!#43*$(4+#4'&9!4($+.!*.!&!%$*'*%&9!%(+@(4#4'!;($!07.*4#..!excellence and client satisfaction. Our Company believes in #4.7$*42!'/#!/#&9'/>!.&;#'1!&4,!.#%7$*'1!(;!(7$!'#&+>!&.!<#99!&.!'/(.#!&..(%*&'#,!<*'/!7.H
899! #^7*@+#4'! &4,! &..#'.! &$#! $#279&$91! +(4*'($#,! &4,!.#$3*%#,! '(! 27&$,! &2&*4.'! &41!+*./&@.H! 899! #+@9(1##.! 2(!'/$(72/! &! '/($(72/! '$&*4*42! @$(2$&++#! '(! #^7*@! '/#+!<*'/!;799!&<&$#4#..!&4,!74,#$.'&4,*42!(;!&99!^7&9*'1>!.&;#'1!&4,! #43*$(4+#4'&9! 4($+.H! =#! @$&%'*%#! '/#! l?'(@! =($de!culture in case of any unsafe activity. Our flexible Health, ?&;#'1>! ?#%7$*'1! f! \43*$(4+#4'! TJ??\O! %79'7$#! &,&@'.!to the changing external demands and ensures 100% %(+@9*&4%#!'(!&99!$#9#3&4'!4&'*(4&9!&4,!*4'#$4&'*(4&9!$79#.!&4,!$#279&'*(4.H
We are happy to report that we delivered ‘100 accident-;$##! ,&1.e! *4! 6bDE! &.! &! $#.79'! (;! (7$! *4*'*&'*3#.! '(! #4.7$#!;799! .&;#'1! ;($! (7$! #+@9(1##.H! =#! %(4'*47#! '(! $#+&*4!%(++*''#,!'(<&$,.!'/*.!2(&9!&4,!&$#!/(@#;79!(;!$#@($'*42!.7%/!3*%'($*#.!*4!;7'7$#!&.!<#99H
D,$%3,(1&:",$3"1&H<H$%?H&(,F&$*%43&(F%\#(:<5(!#4.7$#!&,/#$#4%#!'(!&4,!&,#^7&%1!(;!&99!*4'#$4&9!%(4'$(9!systems, we utilise the services of external auditors. They evaluate the efficacy and sustainability of our internal %(4'$(9!.1.'#+.!&4,!@$(3*,#!.722#.'*(4.!($!*+@$(3#+#4'.H!
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N#?(,&3%H"#3:%H&)"14:<=#!0#9*#3#! '/&'! (7$! '#&+! *.! '/#! .(79! (;! (7$! ($2&4*.&'*(4!&4,!/#4%#>!'&d#!#3#$1!+#&.7$#!'(!#+@(<#$!&4,!+('*3&'#!'/#+H! ]7$! %($#! ;(%7.! *.! '(! @$(3*,#! 2$(<'/! &4,! 47$'7$#!(7$! @#(@9#>! #4%(7$&2*42! '/#+! '(! @#$;($+! '(! '/#! 0#.'! (;!their abilities. We believe enabling cross-functional teams across levels help enhance productivity and efficiencies. =#! &9.(! $#%(24*.#! '/#! *+@($'&4%#! (;! @$(3*,*42! #^7&9!(@@($'74*'*#.! '(!<(+#4H!]7$!L(+@&41!$#+&*4.!;(%7..#,!(4!.'$#42'/#4*42!(7$!/7+&4!$#.(7$%#.!@(9*%*#.!&4,!*4'#$4&9!@$(%#..#.!</#$#!#+@9(1##.!.##d!%(4'*47&9! *+@$(3#+#4'>!2$#&'#$!&%%(74'&0*9*'1!&4,!$#.@(4.*0*9*'1H
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9(#$4",(3<&H$($%?%,$5/#!?'&'#+#4'!*4!'/*.!"&4&2#+#4'!Q*.%7..*(4!&4,!84&91.*.!P#@($'! ,#.%$*0*42! '/#! L(+@&41e.! (0i#%'*3#.>! @$(i#%'*(4.>!estimates, expectations or predictions may be ‘forward-9((d*42!.'&'#+#4'.e!<*'/*4!'/#!+#&4*42!(;!&@@9*%&09#!9&<.!and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Company’s operations include demand-supply conditions, changes in Government and international regulations, tax regimes, economic ,#3#9(@+#4'.!<*'/*4!&4,!(7'.*,#! K4,*&!&4,!('/#$! ;&%'($.!.7%/!&.!9*'*2&'*(4!&4,!9&0(7$!$#9&'*(4.H
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=#! /&3#! &7,*'#,! '/#! &%%(+@&41*42! ?'&4,&9(4#! K4,!AS financial statements of 'E!90BC!& MD'DBE@! TY'/#!L(+@&41ZO>!</*%/!%(+@$*.#!'/#!M&9&4%#!?/##'!&.!&'!"&$%/!31, 2018, the Statement of Profit and Loss (including Other L(+@$#/#4.*3#!K4%(+#O>!'/#!L&./!69(<!?'&'#+#4'!&4,!'/#!?'&'#+#4'!(;!L/&42#.! *4! \^7*'1! ;($! '/#! 1#&$! '/#4!#4,#,>!and a summary of the significant accounting policies and other explanatory information.
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5/#! L(+@&41e.! M(&$,! (;! Q*$#%'($.! *.! $#.@(4.*09#! ;($! '/#!+&''#$.! .'&'#,! *4! ?#%'*(4! DFITXO! (;! '/#! L(+@&4*#.! 8%'>!ACDF! TY'/#! 8%'ZO! <*'/! $#.@#%'! '(! '/#! @$#@&$&'*(4! (;! '/#.#!Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and %/&42#.!*4!#^7*'1!(;!'/#!L(+@&41!*4!&%%($,&4%#!<*'/!'/#!&%%(74'*42!@$*4%*@9#.!2#4#$&991!&%%#@'#,!*4!K4,*&>!*4%97,*42!the Indian Accounting Standards specified in the Companies TK4,*&4! &%%(74'*42! ?'&4,&$,! O! P79#.>! ACDX! T&.! &+#4,#,O!74,#$! ?#%'*(4! DFF! (;! '/#! 8%'H! 5/*.! $#.@(4.*0*9*'1! &9.(!*4%97,#.!+&*4'#4&4%#! (;! &,#^7&'#! &%%(74'*42! $#%($,.! *4!&%%($,&4%#!<*'/!'/#!@$(3*.*(4.!(;!'/#!8%'!;($!.&;#27&$,*42!'/#!&..#'.!(;!'/#!L(+@&41!&4,!;($!@$#3#4'*42!&4,!,#'#%'*42!;$&7,.!&4,!('/#$!*$$#279&$*'*#.R!.#9#%'*(4!&4,!&@@9*%&'*(4!(;!&@@$(@$*&'#! &%%(74'*42! @(9*%*#.R! +&d*42! i7,2+#4'.! &4,!#.'*+&'#.! '/&'! &$#! $#&.(4&09#! &4,! @$7,#4'R! &4,! ,#.*24>!*+@9#+#4'&'*(4! &4,! +&*4'#4&4%#! (;! &,#^7&'#! *4'#$4&9!financial controls, that were operating effectively for #4.7$*42!'/#!&%%7$&%1!&4,!%(+@9#'#4#..!(;!'/#!&%%(74'*42!$#%($,.>! $#9#3&4'! '(! '/#! @$#@&$&'*(4! &4,! @$#.#4'&'*(4! (;!the Standalone Ind AS financial statements that give a true &4,! ;&*$! 3*#<! &4,! &$#! ;$##! ;$(+! +&'#$*&9! +*..'&'#+#4'>!</#'/#$!,7#!'(!;$&7,!($!#$$($H
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Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on our audit. =#!/&3#!'&d#4!*4'(!&%%(74'!'/#!@$(3*.*(4.!(;!'/#!8%'!&4,!'/#!P79#.!+&,#! '/#$#74,#$! *4%97,*42! '/#!&%%(74'*42!&4,!&7,*'*42!.'&4,&$,.!&4,!+&''#$.!</*%/!&$#! $#^7*$#,! '(!0#!*4%97,#,!*4!'/#!&7,*'!$#@($'!74,#$!'/#!@$(3*.*(4.!(;!'/#!8%'!&4,!'/#!P79#.!+&,#!'/#$#74,#$H
We conducted our audit of the Standalone Ind AS financial ?'&'#+#4'.! *4!&%%($,&4%#!<*'/!'/#!?'&4,&$,.!(4!87,*'*42!specified under Section 143(10) of the Act and other &@@9*%&09#! &7'/($*'&'*3#! @$(4(74%#+#4'.! *..7#,! 01! '/#!K4.'*'7'#!(;!L/&$'#$#,!8%%(74'&4'.!(;!K4,*&H!5/(.#!?'&4,&$,.!&4,!@$(4(74%#+#4'.!$#^7*$#!'/&'!<#!%(+@91!<*'/!#'/*%&9!
$#^7*$#+#4'.! &4,! @9&4! &4,! @#$;($+! '/#! &7,*'! '(! (0'&*4!$#&.(4&09#!&..7$&4%#!&0(7'!</#'/#$!'/#!?'&4,&9(4#!K4,!8?!financial statements are free from material misstatement.
84! &7,*'! *43(93#.! @#$;($+*42! @$(%#,7$#.! '(! (0'&*4! &7,*'!#3*,#4%#! &0(7'! '/#! &+(74'.! &4,! '/#! ,*.%9(.7$#.! *4! '/#!Standalone Ind AS financial statements. The procedures .#9#%'#,! ,#@#4,! (4! '/#! &7,*'($e.! i7,2+#4'>! *4%97,*42!'/#! &..#..+#4'! (;! '/#! $*.d.! (;! +&'#$*&9! +*..'&'#+#4'! (;!the Standalone Ind AS financial statements, whether due '(! ;$&7,! ($! #$$($H! K4!+&d*42! '/(.#! $*.d! &..#..+#4'.>! '/#!auditor considers internal financial control relevant to the Company’s preparation of the Standalone Ind AS financial .'&'#+#4'.!'/&'!2*3#!&!'$7#!&4,!;&*$!3*#<!*4!($,#$!'(!,#.*24!&7,*'!@$(%#,7$#.!'/&'!&$#!&@@$(@$*&'#!*4!'/#!%*$%7+.'&4%#.H!84! &7,*'! &9.(! *4%97,#.! #3&97&'*42! '/#! &@@$(@$*&'#4#..! (;!'/#!&%%(74'*42!@(9*%*#.!7.#,!&4,!'/#!$#&.(4&09#4#..!(;!'/#!&%%(74'*42!#.'*+&'#.!+&,#!01!'/#!L(+@&41e.!Q*$#%'($.>!&.!<#99!&.!#3&97&'*42!'/#!(3#$&99!@$#.#4'&'*(4!(;!'/#!?'&4,&9(4#!Ind AS financial statements.
=#! 0#9*#3#! '/&'! '/#! &7,*'! #3*,#4%#! <#! /&3#! (0'&*4#,! *.!sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS financial statements.
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K4! (7$! (@*4*(4! &4,! '(! '/#! 0#.'! (;! (7$! *4;($+&'*(4! &4,!according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information $#^7*$#,!01!'/#!8%'!*4!'/#!+&44#$!.(!$#^7*$#,!&4,!2*3#!&!'$7#!&4,!;&*$!3*#<!*4!%(4;($+*'1!<*'/!'/#!&%%(74'*42!@$*4%*@9#.!generally accepted in India, of the state of affairs of the L(+@&41! &.! &'! "&$%/! FD>! ACDE>! *'.! 9(..! T*4%97,*42! ('/#$!comprehensive income), its cash flows and the changes in #^7*'1!;($!'/#!1#&$!#4,#,!(4!'/&'!,&'#H
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The audited standalone financial statements for the year #4,#,!"&$%/! FD! ACDV>! <&.! %&$$*#,! (7'! &4,! $#@($'#,! 01!erstwhile auditors, vide their unmodified audit report dated "&1!FC>!ACDV>!</(.#!$#@($'!/&.!0##4!;7$4*./#,!'(!7.!01!'/#!+&4&2#+#4'!&4,!</*%/!/&.!0##4!$#9*#,!7@(4!01!7.!;($!'/#!@7$@(.#!(;!$#@($'*42!@$#3*(7.!1#&$!47+0#$.!&4,!(7$!&7,*'!of the standalone financial statements.
Our opinion is not modified in respect of this matter.
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DH! 8.!$#^7*$#,!01!'/#!L(+@&4*#.!T87,*'($e.!P#@($'O!]$,#$>!ACDBR! *..7#,! 01! '/#! L#4'$&9! :(3#$4+#4'! (;! K4,*&! *4!terms of sub-section (11) of section 143 of the Act (“the Order”), and on the basis of examination of the 0((d.!&4,!$#%($,.!(;!'/#!L(+@&41!&.!<#!%(4.*,#$#,!&@@$(@$*&'#! &4,! &%%($,*42! '(! '/#! *4;($+&'*(4! &4,!explanations given to us, we give in the Annexure ‘A’ statement on the matters specified in the paragraph 3 &4,!I!(;!'/#!]$,#$H
Independent Auditor’s Report
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! &O! =#!/&3#!.(72/'!&4,!(0'&*4#,!&99!'/#!*4;($+&'*(4!and explanations which to the best of our d4(<9#,2#! &4,! 0#9*#;! <#$#! 4#%#..&$1! ;($! '/#!@7$@(.#.!(;!(7$!&7,*'H
! 0O! K4!(7$!(@*4*(4>!@$(@#$!0((d.!(;!&%%(74'!&.!$#^7*$#,!01!9&<!/&3#!0##4!d#@'!01!'/#!L(+@&41!.(!;&$!&.!*'!appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and )(..! T*4%97,*42! ('/#$! %(+@$#/#4.*3#! *4%(+#O! >!the cash flow statement and the Statement of L/&42#.!*4!\^7*'1!!,#&9'!<*'/!01!'/*.!$#@($'!&$#!*4!&2$##+#4'!<*'/!'/#!0((d.!(;!&%%(74'R
! ,O! K4! (7$! (@*4*(4>! '/#! &;($#.&*,! ?'&4,&9(4#! K4,!AS financial statements comply with the Indian Accounting Standards specified under Section!DFF!(;!'/#!8%'H
! #O! ]4! '/#! 0&.*.! (;! '/#! <$*''#4! $#@$#.#4'&'*(4.!$#%#*3#,!;$(+!'/#!,*$#%'($.!&.!(4!"&$%/!FD>!ACDE!'&d#4!(4!$#%($,!01!'/#!M(&$,!(;!Q*$#%'($.>!4(4#!(;!the directors is disqualified as on March 31, 2018 ;$(+! 0#*42! &@@(*4'#,! &.! &! ,*$#%'($! *4! '#$+.! (;!?#%'*(4!DBI!TAO!(;!'/#!8%'H
! ;O! With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure ‘B’,
! 2O! =*'/!$#.@#%'!'(!'/#!('/#$!+&''#$.!'(!0#!*4%97,#,!*4! '/#! 87,*'($e.! P#@($'! *4! &%%($,&4%#! <*'/! P79#!DD!(;! '/#!L(+@&4*#.! T87,*'!&4,!87,*'($.O!P79#.>!ACDI>! T&.! &+#4,#,O>! *4! (7$! (@*4*(4! &4,! '(! '/#!0#.'! (;! (7$! *4;($+&'*(4! &4,! &%%($,*42! '(! '/#!explanations given to us:
! ! *H! '/#! L(+@&41! /&.! ,*.%9(.#,! '/#! *+@&%'! (;!@#4,*42! 9*'*2&'*(4! &.! &'! "&$%/! FD>! ACDE! (4!its financial position in its Standalone Ind AS financial statements.
ii. the Company has long-term contracts *4%97,*42!,#$*3&'*3#!%(4'$&%'.!&.!&'!"&$%/!FD>!ACDE!;($!</*%/!0&.#,!(4!'/#!,*.%7..*(4.!&4,!explanations provided by the management, '/#$#!<#$#!4(!+&'#$*&9!;($#.##&09#!9(..#.H
! ! ***H! '/#$#! /&.! 0##4! 4(! ,#9&1! *4! '$&4.;#$$*42!&+(74'.>!$#^7*$#,!'(!0#!'$&4.;#$$#,>! '(!'/#!K43#.'($! \,7%&'*(4! &4,! `$('#%'*(4! 674,! 01!'/#!L(+@&41H
! ! *3H! 5/#! ,*%9(.7$#! $#^7*$#+#4'.! $#9&'*42! '(!holdings as well as dealings in specified bank 4('#.! <#$#! &@@9*%&09#! ;($! '/#! @#$*(,! ;$(+!U(3#+0#$! E>! ACDB! '(! Q#%#+0#$! FC>! ACDB>!which are not relevant to these financial .'&'#+#4'.H! J#4%#>! $#@($'*42! 74,#$! '/*.!%9&7.#!*.!4('!&@@9*%&09#H
! ForSinghi&Co.! L/&$'#$#,!8%%(74'&4'.! 6*$+!P#2*.'$&'*(4!U(H!FCACIW\
! 74V*41&=4,5*4`9&%#G!"7+0&*! `&$'4#$Q&'#G!"&1!AE>!ACDE! "#+0#$./*@!U(H!CBDXBV
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,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
0,,%8#3%&0!$#;#$$#,!'(!*4!@&$&2$&@/!D!(;!'/#!K4,#@#4,#4'!87,*'($.!P#@($'!(;!#3#4!,&'#!'(!'/#!+#+0#$.!(;!"#$%&'($!Limited (the “Company”) in the Standalone Ind AS financial .'&'#+#4'.!&.!(;!&4,! ;($! '/#!1#&$!#4,#,!"&$%/!FD>!ACDE!74,#$! '/#!/#&,*42! YP#@($'! (4!('/#$! 9#2&9! &4,! $#279&'($1!$#^7*$#+#4'.ZH
*H! T&O! 5/#! L(+@&41! /&.! +&*4'&*4#,! @$(@#$! $#%($,.!./(<*42! ;799! @&$'*%79&$.! *4%97,*42! ^7&4'*'&'*3#!details and situation of fixed assets.
(b) These fixed assets have been physically verified by '/#!+&4&2#+#4'!&'!'/#!$#&.(4&09#!*4'#$3&9.H!5/#!discrepancies noticed on the physical verification of fixed assets as compared to fixed asset register <#$#! 4('! +&'#$*&9! &4,! /&3#! 0##4! &,i7.'#,! *4!0((d.!(;!&%%(74'.H
(c) According to the information and explanations given to us and on the basis of the examination of '/#!$#%($,.!(;!'/#!%(+@&41>!'/#!'*'9#!,##,.!(;!'/#!immovable properties included in fixed assets are /#9,!*4!'/#!4&+#!(;!'/#!L(+@&41H
ii. As per the information and explanations given to us, the inventories (excluding inventories in transit) have been physically verified by the management at $#&.(4&09#! *4'#$3&9.!,7$*42!'/#!1#&$!&4,!4(!+&'#$*&9!discrepancies has been noticed on such verification.
***H! 5/#!L(+@&41!/&.!2$&4'#,!9(&4.>!.#%7$#,!($!74.#%7$#,!'(!M(,1!L($@($&'#!%(3#$#,!*4!'/#!$#2*.'#$!+&*4'&*4#,!74,#$!?#%'*(4!DEW!(;!'/#!L(+@&4*#.!8%'>!ACDF!Tl'/#!8%'eO
! &H! K4!(7$!(@*4*(4>!'/#!$&'#!(;!*4'#$#.'!&4,!('/#$!'#$+.!&4,!%(4,*'*(4.!(4!</*%/!9(&4.!/&,!0##4!2$&4'#,!'(! '/#! 0(,*#.! %($@($&'#! 9*.'#,! *4! '/#! $#2*.'#$!+&*4'&*4#,! 7c.! DEW! (;! '/#! 8%'! <#$#! 4('>! @$*+&!;&%*#>!@$#i7,*%*&9!'(!'/#!*4'#$#.'!(;!'/#!L(+@&41H
! 0H! According to the information and explanations 2*3#4! '(! 7.>! *4! %&.#! (;! '/#! 9(&4.! 2$&4'#,! '(! '/#!0(,*#.! %($@($&'#! 9*.'#,! *4! $#2*.'#$! +&*4'&*4#,!7c.! DEW!(;! '/#!8%'>! '/#.#! 9(&4.! &$#! $#@&1&09#! (4!,#+&4,>!</*%/!/&3#!4('!0##4!$#%&99#,!&4,!/#4%#>!'/#$#! /&.! 0##4! 4(! *4.'&4%#! (;! ,#;&79'! (;! '/#!0($$(<#$.!*4!'/#!@&1+#4'!(;!@$*4%*@&9!&4,!*4'#$#.'H
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*3H! K4! (7$! (@*4*(4! &4,! &%%($,*42! '(! '/#! *4;($+&'*(4! &4,!explanations given to us, the Company has complied!<*'/! '/#! @$(3*.*(4.! (;! ?#%'*(4! DEX! &4,! DEB! (;! '/#!L(+@&4*#.! 8%'>! ACDF>! <*'/! $#.@#%'! '(! )(&4.! &4,!8,3&4%#.! +&,#>! 27&$&4'##! 2*3#4! &4,! *43#.'+#4'.!+&,#H
3H! 5/#!L(+@&41!/&.!4('!&%%#@'#,!&41!,#@(.*'!;$(+!'/#!@709*%!<*'/*4!'/#!+#&4*42!(;!.#%'*(4!VF!'(!VB!(;!'/#!8%'!and Rules framed thereunder to the extent notified.
3*H! K4!(7$!(@*4*(4!&4,!&%%($,*42! '(! '/#! *4;($+&'*(4!&4,!explanations given to us, the Central Government has 4('!@$#.%$*0#,!'/#!+&*4'#4&4%#!(;!L(.'!P#%($,.!01!'/#!%(+@&41!7c.!DIE!TDO!(;!'/#!L(+@&4*#.!8%'!ACDFH
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(b) According to the information and explanations given to us, the dues of Sales Tax, Income Tax, Duty of Customs , Duty of Excise, Service Tax and L#..!</*%/!/&3#!4('!0##4!,#@(.*'#,!(4!&%%(74'!(;!&41!,*.@7'#!&4,!'/#!;($7+!</#$#!'/#!,*.@7'#!*.!@#4,*42!&.!(4!"&$%/!FD>!ACDE!&$#!&.!74,#$G
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viii. According to the records of the Company examined by us and the information and explanations provided '(! 7.>! '/#! L(+@&41! /&.! 4('! ,#;&79'#,! *4! $#@&1+#4'!(;!9(&4.!($!0($$(<*42.!'(!&41!6*4&4%*&9!K4.'*'7'*(4.!($!M&4d.!($!,7#.!'(!,#0#4'7$#!/(9,#$.!&.!&'!'/#!M&9&4%#!?/##'!,&'#H!5/#!L(+@&41!,(#.!4('!/&3#!&41!9(&4.!($!0($$(<*42! ;$(+! '/#! :(3#$4+#4'! &.! &'! '/#! 0&9&4%#!./##'!,&'#H
ix. In our opinion, and according to the information and explanations given to us, the money raised by way of '#$+!9(&4.!/&3#!0##4!&@@9*#,!;($!'/#!@7$@(.#!;($!</*%/!'/#1!<#$#!(0'&*4#,H!5/#!%(+@&41!/&.!4('!$&*.#,!&41!money by way of initial public offer or further public offer including debt instruments during the year.
Annexure A to the Independent Auditor’s Report
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x. During the course of our examination of the books and $#%($,.!(;!'/#!L(+@&41>!%&$$*#,!(7'!*4!&%%($,&4%#!<*'/!'/#!2#4#$&991!&%%#@'#,!&7,*'*42!@$&%'*%#! *4!K4,*&>!&4,!according to the information and explanations given '(!7.>!<#!/&3#!4#*'/#$!%(+#!&%$(..!&41! *4.'&4%#.!(;!+&'#$*&9!;$&7,!01!'/#!L(+@&41!($!(4!'/#!L(+@&41!01!its officers or employees, noticed or reported during 1#&$!4($!/&3#!0##4!*4;($+#,!(;!&41!.7%/!%&.#!01!'/#!"&4&2#+#4'H
xi. According to the information and explanations given to us and based on our examination of the records (;! '/#! L(+@&41>! '/#! L(+@&41! /&.! @&*,c@$(3*,#,!;($!+&4&2#$*&9! $#+74#$&'*(4! *4! &%%($,&4%#!<*'/! '/#!$#^7*.*'#! &@@$(3&9.! +&4,&'#,! 01! '/#! @$(3*.*(4.! (;!?#%'*(4!DWV!$#&,!<*'/!?%/#,79#![!'(!'/#!8%'H
xii. The company is not a Nidhi Company and the Nidhi P79#.>! ACDI! &$#! 4('! &@@9*%&09#! '(! *'>! &%%($,*4291>!the provisions of clause 3(xii) of the Order are not &@@9*%&09#H
xiii. Based on our audit procedures and as per the information and explanations given by the +&4&2#+#4'>!&99!'$&4.&%'*(4.!<*'/!$#9&'#,!@&$'*#.!&$#!*4! %(+@9*&4%#!<*'/! .#%'*(4.! DVV! &4,! DEE! (;! '/#! 8%'>!</#$#!&@@9*%&09#!&4,!'/#!,#'&*9.!(;!.7%/!$#9&'#,!@&$'1!'$&4.&%'*(4.!/&3#!0##4!,*.%9(.#,!*4!'/#!?'&4,&9(4#!K4,!AS financial statements as required by the applicable &%%(74'*42!.'&4,&$,.H
xiv. The Company has raised !! DIXHID! %$($#! '/$(72/!Qualified Institutions Placement (“QIP”) by allotting F>AX>BV>ABA!\^7*'1!?/&$#.!&'!&!@$*%#!(;!!!IIHBX!@#$!./&$#H!5/#!pK`!@9&%#+#4'!*.!*4!%(+@9*&4%#!<*'/!.#%'*(4!IA!(;!'/#!L(+@&4*#.!8%'>!ACDFH!8%%($,*42!'(!'/#!*4;($+&'*(4!and explanation provided to us and on the basis of the documents examined by us, the amounts so raised have been used for the purpose specified.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-%&./!'$&4.&%'*(4.!<*'/!,*$#%'($.!($!@#$.(4.!%(44#%'#,!with them. Accordingly, paragraph 3(xv) of the Order is 4('!&@@9*%&09#H
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not &@@9*%&09#!'(!'/#!L(+@&41H
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Annexure B to the Independent Auditor’s ReportReport on the internal financial controlsunderclause(i)ofsub-section3ofsection143ofthecompaniesact,2013(“theact”)
We have audited the internal financial controls over financial $#@($'*42! (;! MERCATOR LIMITED (“the Company”) &.!(;! "&$%/! FD>! ACDE! *4! %(4i74%'*(4! <*'/! (7$! &7,*'! (;! '/#!Standalone Ind AS financial statements of the Company for '/#!1#&$!#4,#,!(4!'/&'!,&'#H
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55/#!L(+@&41e.!+&4&2#+#4'!*.!$#.@(4.*09#!;($!#.'&09*./*42!and maintaining internal financial controls based on the internal control over financial reporting criteria established 01!'/#!L(+@&41!%(4.*,#$*42!'/#!#..#4'*&9!%(+@(4#4'.!(;!*4'#$4&9! %(4'$(9! .'&'#,! *4! '/#! :7*,&4%#! U('#! (4! 87,*'! (;!K4'#$4&9!6*4&4%*&9!L(4'$(9.!(3#$!6*4&4%*&9!P#@($'*42!*..7#,!
01! '/#! K4.'*'7'#! (;! L/&$'#$#,!8%%(74'&4'.! (;! K4,*&! TlKL8KeOH!5/#.#! $#.@(4.*0*9*'*#.! *4%97,#! '/#!,#.*24>! *+@9#+#4'&'*(4!and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence '(! %(+@&41e.! @(9*%*#.>! '/#! .&;#27&$,*42! (;! *'.! &..#'.>! '/#!@$#3#4'*(4!&4,!,#'#%'*(4!(;!;$&7,.!&4,!#$$($.>!'/#!&%%7$&%1!&4,!%(+@9#'#4#..!(;!'/#!&%%(74'*42!$#%($,.>!&4,!'/#!'*+#91!preparation of reliable financial information, as required 74,#$!'/#!8%'H
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Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based (4!(7$!&7,*'H!=#!%(4,7%'#,!(7$!&7,*'! *4!&%%($,&4%#!<*'/!'/#!:7*,&4%#!U('#!(4!87,*'!(;! K4'#$4&9!6*4&4%*&9!L(4'$(9.!]3#$! 6*4&4%*&9! P#@($'*42! T'/#! Y:7*,&4%#! U('#ZO! &4,! '/#!?'&4,&$,.! (4!87,*'*42>! *..7#,! 01! KL8K! &4,! ,##+#,! '(! 0#!prescribed under section 143(10) of the Act, to the extent
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applicable to an audit of internal financial controls, both &@@9*%&09#! '(! &4! &7,*'! (;! K4'#$4&9! 6*4&4%*&9! L(4'$(9.! &4,!0('/!*..7#,!01!'/#!KL8KH!5/(.#!?'&4,&$,.!&4,!'/#!:7*,&4%#!U('#!$#^7*$#!'/&'!<#!%(+@91!<*'/!#'/*%&9!$#^7*$#+#4'.!&4,!@9&4!&4,!@#$;($+!'/#!&7,*'!'(!(0'&*4!$#&.(4&09#!&..7$&4%#!about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
]7$!&7,*'! *43(93#.!@#$;($+*42!@$(%#,7$#.!'(!(0'&*4!&7,*'!evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of *4'#$4&9!%(4'$(9!0&.#,!(4!'/#!&..#..#,!$*.dH!5/#!@$(%#,7$#.!.#9#%'#,!,#@#4,!(4! '/#!&7,*'($e.! i7,2+#4'>! *4%97,*42! '/#!&..#..+#4'! (;! '/#! $*.d.! (;! +&'#$*&9! +*..'&'#+#4'! (;! '/#!Standalone Ind AS financial statements, whether due to ;$&7,!($!#$$($H
=#! 0#9*#3#! '/&'! '/#! &7,*'! #3*,#4%#! <#! /&3#! (0'&*4#,! *.!sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.
Meaning of internal financial controls overfinancialreporting
A company’s internal financial control over financial $#@($'*42! *.! &! @$(%#..! ,#.*24#,! '(! @$(3*,#! $#&.(4&09#!assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS financial statements for external purposes in accordance with 2#4#$&991! &%%#@'#,! &%%(74'*42! @$*4%*@9#.H! 8! %(+@&41e.!internal financial control over financial reporting includes '/(.#!@(9*%*#.!&4,!@$(%#,7$#.!'/&'G
TDO!! @#$'&*4! '(! '/#! +&*4'#4&4%#! (;! $#%($,.! '/&'>! *4!reasonable detail, accurately and fairly reflect the '$&4.&%'*(4.! &4,! ,*.@(.*'*(4.! (;! '/#! &..#'.! (;! '/#!%(+@&41R
TAO!! @$(3*,#! $#&.(4&09#! &..7$&4%#! '/&'! '$&4.&%'*(4.!&$#! $#%($,#,! &.! 4#%#..&$1! '(! @#$+*'! @$#@&$&'*(4! (;!Standalone Ind AS financial statements in accordance <*'/! 2#4#$&991! &%%#@'#,! &%%(74'*42! @$*4%*@9#.>! &4,!that receipts and expenditures of the company are 0#*42!+&,#!(491!*4!&%%($,&4%#!<*'/!&7'/($*g&'*(4.!(;!+&4&2#+#4'!&4,!,*$#%'($.!(;!'/#!%(+@&41R!&4,
TFO! @$(3*,#! $#&.(4&09#! &..7$&4%#! $#2&$,*42! @$#3#4'*(4!($! '*+#91! ,#'#%'*(4! (;! 74&7'/($*g#,! &%^7*.*'*(4>! 7.#>!($!,*.@(.*'*(4!(;!'/#!%(+@&41e.!&..#'.!'/&'!%(79,!/&3#!a material effect on the Standalone Ind AS financial .'&'#+#4'.H
Inherent limitations of internal financialcontrolsoverfinancialreporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility (;!%(997.*(4!($!*+@$(@#$!+&4&2#+#4'!(3#$$*,#!(;!%(4'$(9.>!+&'#$*&9!+*..'&'#+#4'.! ,7#! '(! #$$($! ($! ;$&7,!+&1! (%%7$!&4,! 4('! 0#! ,#'#%'#,H! 89.(>! @$(i#%'*(4.! (;! &41! #3&97&'*(4!of the internal financial controls over financial reporting '(! ;7'7$#!@#$*(,.!&$#! .70i#%'! '(! '/#! $*.d! '/&'! '/#! *4'#$4&9!financial control over financial reporting may become *4&,#^7&'#!0#%&7.#!(;! %/&42#.! *4!%(4,*'*(4.>!($! '/&'! '/#!,#2$##!(;!%(+@9*&4%#!<*'/!'/#!@(9*%*#.!($!@$(%#,7$#.!+&1!,#'#$*($&'#H
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I B"$(1&D,:"?% &//SJPS& &ZYSJS.&
E`UE7=E=6
(a) Operating Expenses AHAX !AIIHAE! !FCBHWF!
(b) Employee Benefit Expenses AHAB !DVHBW! !DXHAB!
!T%O!6*4&4%#!L(.'.! AHAV !DCIHAF! !WBHWC!
(d) Depreciation and Amortisation expenses AHD !DFVHVB! !DIVHAV!
(e) Other Expenses AHAE !EBHWI! !AAHEB!
K B"$(1&E8)%,H%H& 590.90 589.22
. Profit/(loss)beforeexceptionalitemsandtax(1-2) !TDIAHEAO !TACHFWO
/ Less: Exceptional items FHCE - !WHDB!
Z Profit/(Loss)beforetaxes(3-4) (142.82) (29.55)
Y B(8&%8)%,H%6& FHDF
(a) Current tax AHAW !TIAHDVO !TDHCCO
(b) Deferred Tax - -
Profit/(Loss)fortheperiod(5-6) (184.99) (30.55)
Q C$*%3&:"?)3%*%,H4A%&4,:"?%
Items that will not be reclassified to Statement of Profit and Loss
(a) Remeasurements of defined employee benefit plans !CHWA! !TCHBDO
S &B"$(1&9"?)3%*%,H4A%&M"HH&-"3&$*%&<%(3 (184.07) (31.16)
9 Earningspershare(EquityshareofRe.1/-Each)
!M&.*%!TK4!P7@##.O! FHCD TBHXAO TDHAXO
!Q*97'#,!TK4!P7@##.O! !TBHXAO !TDHAXO
Basis of Preparation & Significant Accounting Policies DThe accompanying notes are an integral part of the financial statements A!'(!FHAX
0H&)%3&"#3&3%)"3$&"-&%A%,&F($% ForandonbehalfoftheBoard
ForSinghi&Co. NJ&OJ&'4$$(1 'J&'J&053(;(1L/&$'#$#,!8%%(74'&4'. Executive Chairman Q*$#%'($6*$+!P#2*.'$&'*(4!U(G!FCACIW\ TQKUGCCCCVBWCO TQKUGCCBEDIFFO
74V*41&=4,5*4& =*(1(G*&'4$$(1 !(_%,F3(&O"$*(34`&$'4#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Chief Executive Officer Chief Financial Officer"#+0#$./*@!U(!G!CBDXBV!
`9&%#!G!"7+0&*Q&'#G!!"&1!AE>!ACDE
!!*4!%$($#
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
"(!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
Statement of Cash Flow;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE
! ! ! ! !!*4!%$($#
&U(3$4:#1(3H Year Ended31-Mar-2018
Year Ended31-Mar-2017
* &9(H*&>1";&-3"?&C)%3($4,5&0:$4A4$4%H& Net Profit / (Loss) before taxes !TDIAHEAO !TACHFWO
Adjustment for:
!Q#@$#%*&'*(4!f!8+($'*.&'*(4! !DFVHVB! !DIVHAV!
!`$(3*.*(4!;($!,(70';79!,#0'.c&,3&4%#.! !VHIE! !WHXD!
!6*4&4%#!L(.'.! !DCIHAF! !WBHWC!
(Profit)/Loss on fixed assets sold / discarded (net) !BXHFX! !CHFB!
(Profit)/Loss on sale of investments (net) - !CHXV!
!U('*(4&9!K4%(+#!(4!L($@($&'#!27&$&4'##! !TVHDAO -
!K4'#$#.'!*4%(+#! !TABHFWO !TADHAIO
!Q*3*,#4,!*4%(+#! !TCHCVO -
Remeasurements of net defined benefit plans !CHWA! !TCHBDO
Unrealised foreign exchange (gain) / loss (Net) !VHFD! !VHAA!
OperatingprofitbeforeWorkingCapitalchanges 146.65 219.59
Adjustment for:
!TK4%$#&.#O!c!Q#%$#&.#!*4!U(4!L7$$#4'!6*4&4%*&9!)(&4.! !TDHBWO !TCHCFO
!Q#%$#&.#cTK4%$#&.#O!*4!K43#4'($*#.! !CHDI! !TDHFEO
!Q#%$#&.#cTK4%$#&.#O!*4!]'/#$!L7$$#4'!8..#'.! !DIHCV! !TDVHCEO
!Q#%$#&.#cTK4%$#&.#O!*4!5$&,#!$#%#*3&09#.! !CHIX! !TDFHDCO
!TQ#%$#&.#OcK4%$#&.#!*4!)(42!'#$+!@$(3*.*(4.! !TCHBAO !TCHCBO
!TQ#%$#&.#OcK4%$#&.#!*4!5$&,#!@&1&09#.! !TXIHBEO !AFHCA!
!TQ#%$#&.#OcK4%$#&.#!*4!]'/#$!%7$$#4'!9*&0*9*'*#.! !FFHDX! !TCHCVO
(Decrease)/Increase in Other financial liabilities !VHXA! !TDHFIO
!TQ#%$#&.#OcK4%$#&.#!*4!?/($'!'#$+!@$(3*.*(4.! !TCHBDO !CHEC!
&7%$&9(H*&-3"?&C)%3($4,5&0:$4A4$4%H& !DIIHFE! !ADCHFX!
Direct taxes paid (Net of refund) !TDAHCXO !TDFHIVO
&I.KJ./& !196.88 Less: Exceptional items - !TWHDBO
Totalcashfrom/(usedin)operatingactivities &I.KJ./& &ISQJQK&B 9(H*&>1";&-3"?&D,A%H$4,5&0:$4A4$4%H&
Purchase of fixed assets including capital work in progress !TBEHCAO !TIEHWEO
TK4%$#&.#O!c!Q#%$#&.#!*4!L&@*'&9!8,3&4%#.! !DDHXA! !TIHAWO
Proceeds from Sale of Fixed Assets !VAHFV! !CHCA!
)(&4!2*3#4!'(!?70.*,*&$*#.! !TDWVHIBO !TADIHACO
`$(%##,.!$#%#*3#,!;$(+!$#@&1+#4'!(;!9(&4!;$(+!?70.*,*&$*#.! !BWHIW! !WEHAB!
TK4%$#&.#O!c!Q#%$#&.#!*4!L7$$#4'!6*4&4%*&9!)(&4.! !TDAHFAO !TDAHAWO
TK4%$#&.#O!c!Q#%$#&.#!*4!U(4!L7$$#4'!6*4&4%*&9!)(&4.! !TDFHABO !TDHDBO
TK4%$#&.#O!c!Q#%$#&.#!*4!L7$$#4'!K4'#$%($@($&'#!,#@(.*'.! !XHFV! !ACHAW!
`7$%/&.#!(;!K43#.'+#4'.! !TXHWEO !TDAHXEO
M&4d!,#@(.*'.!!T`9&%#,O!c!$#,##+#,!<*'/!0&4d.!TU#'O! !DWHBD! !TACHAAO
K4'#$#.'!P#%#*3#,! !AVHCE! !ACHXC!
Q*3*,#4,!P#%#*3#,! !CHCV! &- 7%$&9(H*&-3"?&D,A%H$4,5&0:$4A4$4%H& (91.53) (174.65)
!"#$%&'($!)*+*'#,!-!!")!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
&U(3$4:#1(3H Year Ended31-Mar-2018
Year Ended31-Mar-2017
9 9(H*&>1";&-3"?&>4,(,:4,5&0:$4A4$4%H&`$(%##,.!;$(+!M($$(<*42.! !AFDHVD! !TDVHBCO
P#@&1+#4'!(;!M($$(<*42.! !TFCXHDCO !FFHFV!
K4'#$#.'!@&*,! !TDDCHVEO !TWIHIWO
Dividend Paid (Including Dividend Distribution tax) !TDHBAO !TAHWXO
Proceeds from issue of equity shares (net of issue expenses) !DABHWW! !WWHXE!
7%$&9(H*&-3"?&>4,(,:4,5&0:$4A4$4%H& (58.81) 17.91NetIncrease/(decrease)incashandcashequivalents(A+B+C) (18.01) 30.98Cash and Cash Equivalents as at beginning of the year (Refer Note 2.9 (i)) !FBHIB! !XHXW!
Add: Unrealised Foreign Exchange Fluctuation on cash and cash equivalents - !TCHDDO
Cash and Cash Equivalents as at end of the year (Refer Note 2.9 (i)) &ISJ/Z& &.YJ/Y&Cash and Cash equivalent (Refer Note 2.9 (i)) &ISJ/Z& &.YJ/Y&
7"$%H6D! 5/#!&0(3#!?'&'#+#4'!(;!L&./!69(<.!/&.!0##4!@$#@&$#,!74,#$!'/#!lK4,*$#%'!"#'/(,e!&.!.#'!(7'!*4!K4,!8?!V!>!l?'&'#+#4'!
(;!L&./!69(<.ZH
A! L&./!&4,!%&./!#^7*3&9#4'.!*4%97,#!_4%9&*+#,!Q*3*,#4,!&%%(74'.!(;!!!U*9!!%$($#!T`$#3*(7.!b#&$!!!CHDX!%$($#O!</*%/!&$#!4('!&3&*9&09#!;($!7.#!01!'/#!%(+@&41H
F! 5/#!$#.'$*%'*(4.!&$#!@$*+&$*91!(4!&%%(74'!(;!0&4d!0&9&4%#.!/#9,!&.!+&$2*4!+(4#1!,#@(.*'.!&2&*4.'!27&$&4'##.!&4,!0&9&4%#!/#9,!*4!74@&*,!,*3*,#4,!0&4d!&%%(74'.H
Reconiliation of changes in liabilities arising from financing activities including both changes arising from cash flows &4,!4(4!%&./!%/&42#.!&.!@#$!'/#!$#^7*$#+#4'!(;!&+#4,+#4'!(;!K4,!8?!V!G
`8P5KL_)8P?! !8.!&'!"&$%/!FD>!ACDV!
!L&./!69(<.!TU#'O!
Non - Cash Changes !8.!&'!"&$%/!FD>!ACDE!6&*$![&97#!
L/&42#.!!6($#*24!
Exchange "(3#+#4'!
!8%^7*.*'*(4! !8+($'*.#,!L(.'!
6($#*24!%7$$#4%1!'#$+!9(&4!;$(+!0&4d.!! !XBCHEB! !TVVHXCO - !DHXI! - !IHAV! !IEWHDVExternal Commercial Borrowings !DVEHWW! !TFCHBVO - !CHIV! - !CHWB! !DIWHVX6($#*24!%7$$#4%1!L(43#$'*09#!M(4,! !WCHBI! - - !CHFF! - !XHFD! !WBHAE]'/#$!9(&4!;$(+!0&4d.!! !IVHXV! !TFHVFO - - - - !IFHEI]'/#$!9(&4!;$(+!6*4&4%*&9!K4.'*'7'*(4! !FBHCC! !FEHXC! - - - - !VIHXCU(4!%(43#$'*09#!Q#0#4'7$#.!! !DCCHCC! - - - - !TCHVEO !WWHAAB"$(1& 1,014.06 (73.40) &R&&& &KJ./& &R&&& 9.76 952.76
4 Previous Year’s figures have been regrouped wherever necessary to confirm to the current year’s classification.
Statement of Cash Flow (Contd..);($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE
!!*4!%$($#
0H&)%3&"#3&3%)"3$&"-&%A%,&F($% ForandonbehalfoftheBoard
ForSinghi&Co. NJ&OJ&'4$$(1 'J&'J&053(;(1L/&$'#$#,!8%%(74'&4'. Executive Chairman Q*$#%'($6*$+!P#2*.'$&'*(4!U(G!FCACIW\ TQKUGCCCCVBWCO TQKUGCCBEDIFFO
74V*41&=4,5*4& =*(1(G*&'4$$(1 !(_%,F3(&O"$*(34`&$'4#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Chief Executive Officer Chief Financial Officer"#+0#$./*@!U(!G!CBDXBV!
`9&%#!G!"7+0&*Q&'#G!!"&1!AE>!ACDE
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
"*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
a)EquityShareCapital T!!*4!%$($#O
U(3$4:#1(3H 0H&0$.IR'(3RKPIS
0H&0$.IR'(3RKPIQ
M&9&4%#!&'!'/#!0#2*44*42!(;!$#@($'*42!@#$*(, !ABHWW! !AIHIW!8,,G!L/&42#.!*4!\^7*'1!?/&$#!L&@*'&9!,7$*42!'/#!1#&$ !FHAB! !AHXC!Balanceattheendofthereportingperiod &.PJKZ& 26.99
(b) OtherEquity! T!!*4!%$($#O&U(3$4:#1(3H& 9()4$(1&&
!%H%3A%9()4$(1&
!%F%?)$4",&!%H%3A%
=%:#34$4%H&U3%?4#?&0::"#,$
@%G%,$#3%&!%F%?)$4",&!%H%3A%
!%$(4,%F&E(3,4,5H
2%,%3(1&!%H%3A%
B",,(5%&B(8&
!%H%3A%
N%F54,5&!%H%3A%
>"3%45,&9#33%,:<&
'",%$(3<&D$%?&B3(,H1($4",&Difference0::"#,$
@%%?%F&E\#4$<&9"?)"R,%,$
C$*%3&9"?)3%R*%,H4A%&D,:"?%&
0:$#(34(1&Gain(Loss)onDefinedBenefitCG145($4",
B"$(1
Balanceat1stApril2016 42.89 &/PJPP& &.Y.JQZ& &.QJZP& 89.97 &I/PJIK& &IZJ.S& (10.19) 8.94 &PJ.Y& (1.25) &QKQJ/Q& Profit / (Loss) for the Year - - - - !TFDHVBO - - - - - - (31.76)!]'/#$!L(+@$#/#4.*3#!K4%(+#! - - - - - - - - !IHDW! - !CHBD! &/JSP&
42.89 &/PJPP& &.Y.JQZ& &.QJZP& &ZSJKI& &I/PJIK& &IZJ.S& (10.19) &I.JI.& &PJ.Y& (0.64) &QPPJZI&P#.'&'#,!0&9&4%#!&'!'/#!0#2*44*42!(;!1#&$! - - !DHWF! - !TDDHEDO !TCHFEO - - !TCHWVO - - (11.23)!`&1+#4'!(;!Q*3*,#4,.! - - - - - - - - - - - &R&&& Payment of Dividend Distribution Tax - - - - - - - - - - - &R&&&!5$&4.;#$!;$(+!P#'&*4#,!\&$4*42.! - - - !TDAHXCO !DAHXC! - - - - - &R&&&K..7&4%#!(;!#^7*'1!./&$#.!'/$(72/!p7&9*-fied Institutional Placement
- - !WXHDX! - - - - - - - - 95.15
K4%$#&.#!cT,#%$#&.#O!,7$*42!'/#!1#&$ - !DCHDW! 10.19 Adjustment of expenses for issuance of equity shares through Qualified Institu-'*(4&9!`9&%#+#4'!
- - - - - - - - - - - &R&&&
Balanceat31stMarch2017 42.89 40.00 460.83 25.00 46.40 152.24 15.38 $;$$$ 12.16 0.36 (0.64) 794.62Balanceat1stApril2017 42.89 &/PJPP& &/YPJS.& &KZJPP& &/YJ/P& &IZKJK/& &IZJ.S& &R&&& &IKJIY& &PJ.Y& (0.64) 794.62 Profit / (Loss) for the Year - - - - !TDEIHXWO - - - - - - (184.99)!]'/#$!L(+@$#/#4.*3#!K4%(+#! - - - - - - - - - - !CHWA! 0.92!5('&9!L(+@$#/#4.*3#!)(..!;($!'/#!b#&$! 42.89 &/PJPP& &/YPJS.& &KZJPP& (138.60) &IZKJKZ& &IZJ.S& &R&&& &IKJIY& &PJ.Y& &PJKS& &YIPJZZ&!`&1+#4'!(;!Q*3*,#4,.!T*4%97,*42!Q*3*-dend Distribution Tax)
- - - - !TDHBFO - - - - - - (1.63)
!5$&4.;#$!'(!:#4#$&9!P#.#$3#! - - - !TAXHCCO - !ICHFE! !TDXHFEO - - - - &R&&&!5$&4.;#$!;$(+!:#4#$&9!P#.#$3#! - - - !AXHCC! - !TAXHCCO - - - - - &R&&&!K4%$#&.#!cT,#%$#&.#O!,7$*42!'/#!1#&$! - - - - - - - - !TBHADO - - (6.21)K..7&4%#!(;!#^7*'1!./&$#.!'/$(72/!p7&9*-fied Institutional Placement
- - !DIAHDX! - - - - - - - - &I/KJIZ&
8+($'*.&'*(4!(;!6*4&4%*&9!:7&$&4'##!]09*2&'*(4
- - - - !EHXA! - - - - - - &SJZK&
Adjustment of expenses for issuance of equity shares through Qualified!K4.'*'7'*(4&9!`9&%#+#4'
- - !TDAHAFO - - - - - - - - (12.23)
Balanceat31stMarch2018 42.89 &/PJPP& 590.75 &KZJPP& (131.70) &IYQJY.& &R&&& &R&&& 5.95 &PJ.Y& &PJKS& &Q/IJIY&
Statement of Changes in Equity;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE
0H&)%3&"#3&3%)"3$&"-&%A%,&F($% ForandonbehalfoftheBoard
ForSinghi&Co. NJ&OJ&'4$$(1 'J&'J&053(;(1L/&$'#$#,!8%%(74'&4'. Executive Chairman Q*$#%'($6*$+!P#2*.'$&'*(4!U(G!FCACIW\ TQKUGCCCCVBWCO TQKUGCCBEDIFFO
74V*41&=4,5*4& =*(1(G*&'4$$(1 !(_%,F3(&O"$*(34`&$'4#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Chief Executive Officer Chief Financial Officer"#+0#$./*@!U(!G!CBDXBV!
`9&%#!G!"7+0&*Q&'#G!!"&1!AE>!ACDE
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!"!!!!"#$%&'()%"*+
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1. Basis of Preparation and Significant0::"#,$4,5&U"14:4%H
& 9C!UC!0BE&D7>C!'0BDC7! "#$%&'($! )*+*'#,! T'/#! YL(+@&41ZO! *.! &! @709*%! 9*+*'#,!
L(+@&41! $#2*.'#$#,! *4! K4,*&! 74,#$! '/#! @$(3*.*(4.!(;! '/#! L(+@&4*#.! 8%'>! ACDFH! K'.! ./&$#.! &$#! 9*.'#,! (4!the Bombay Stock Exchange and the National Stock Exchange of India.
1.1 BasisforPreparation The standalone financial statements of Mercator
)*+*'#,! TY'/#! L(+@&41ZO! /&3#! 0##4! @$#@&$#,! *4!&%%($,&4%#! <*'/! '/#! K4,*&4! 8%%(74'*42! ?'&4,&$,.!(hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to section 133 (;! L(+@&4*#.! 8%'>! ACDF! Te8%'eO! $#&,! <*'/! L(+@&4*#.!TK4,*&4!8%%(74'*42!?'&4,&$,.O!P79#.>!ACDX!&.!&+#4,#,!&4,!('/#$!&%%(74'*42!2#4#$&991!&%%#@'#,!*4!K4,*&H
Items included in the Ind AS financial statements of '/#!L(+@&41!&$#!+#&.7$#,!7.*42!'/#!%7$$#4%1!(;!'/#!@$*+&$1! #%(4(+*%! #43*$(4+#4'! *4! </*%/! '/#! #4'*'1!(@#$&'#.! Tl'/#! ;74%'*(4&9! %7$$#4%1eOH! 5/#! L(+@&41e.!Ind AS financial statements are presented in Indian P7@##! TKUPO>! </*%/! *.! &9.(! '/#! L(+@&41e.! ;74%'*(4&9!&4,!@$#.#4'&'*(4!%7$$#4%1H!899!&+(74'.!*4!'/#.#!K4,!8?!financial statements, except per share amounts and unless as stated otherwise, have been rounded off to '<(!,#%*+&9!@9&%#.!&4,!/&3#!0##4!@$#.#4'#,!*4!L$($#H
These Ind AS standalone financial statements for the 1#&$! #4,#,! "&$%/! FD>! ACDE! <#$#! &@@$(3#,! 01! '/#!M(&$,! (;! Q*$#%'($.! &4,! <#$#! &7'/($*g#,! ;($! *..7#! *4!&%%($,&4%#!<*'/!&!$#.(97'*(4!(;!'/#!M(&$,!(;!Q*$#%'($.!*4!*'.!+##'*42!/#9,!(4!"&1!AE>!ACDEH
IJK& N4H$"34:(1&:"H$&:",A%,$4", The Ind AS financial statements have been prepared
on a historical cost convention, except for the following
1. Certain financial assets and liabilities including ,#$*3&'*3#!*4.'$7+#4'.!&$#!+#&.7$#,!&'!;&*$!3&97#H
2. Assets held for sale- measured at fair value less %(.'.!'(!.#99
3. Defined benefit plans- plan assets measured at 6&*$!3&97#H
IJ.&&&&^H%&"-&%H$4?($%H The preparation of theInd AS financial statements in
%(4;($+*'1! <*'/! '/#! $#%(24*'*(4! &4,! +#&.7$#+#4'!principles of the Ind-AS that requires Management to +&d#! i7,2#+#4'.>! #.'*+&'#.! &4,! &..7+@'*(4.! '/&'!affect the application of accounting policies and the $#@($'#,!&+(74'.!(;! &..#'.!&4,! 9*&0*9*'*#.>!,*.%9(.7$#!(;! %(4'*42#4'! &..#'.! &4,! 9*&0*9*'*#.! &.! &'! ,&'#! (;!financial statements and the reported income and expenses during the year. The Management believes
'/&'! '/#!#.'*+&'#.!7.#,! *4!@$#@&$&'*(4!(;! '/#! K4,!8?!financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and '/#!#.'*+&'#.!&$#!$#%(24*.#,! *4! '/#!@#$*(,.! *4!</*%/!'/#! $#.79'.! &$#! d4(<4! c! +&'#$*&9*.#,H! \.'*+&'#.!&4,! 74,#$91*42! &..7+@'*(4.! &$#! $#3*#<#,! (4! &4!(42(*42!0&.*.H
! P#3*.*(4.! '(! &%%(74'*42! #.'*+&'#.! &$#! $#%(24*g#,!prospectively in the Statement of Profit and Loss in the @#$*(,! *4!</*%/!'/#!#.'*+&'#.!&$#!$#3*.#,!&4,! *4!&41!future periods affected.
& 934$4:(1&%H$4?($%H&(,F&_#F5%?%,$H
! 5/*.! 4('#! @$(3*,#.! &4! (3#$3*#<! (;! '/#! &$#&.! '/&'!involved a higher degree of judgement or complexity, &4,! *'#+.! </*%/! &$#! +($#! 9*d#91! '(! 0#! +&'#$*&991!&,i7.'#,! ,7#! '(! #.'*+&'#.! &4,! &..7+@'*(4.! '7$4*42!out to be different than those originally assessed. Q#'&*9#,! *4;($+&'*(4! &0(7'! #&%/! (;! '/#.#! #.'*+&'#.!&4,!i7,2#+#4'.!*.!*4%97,#,!*4!$#9#3&4'!4('#.!'(2#'/#$!<*'/!*4;($+&'*(4!&0(7'!'/#!0&.*.!(;!%&9%79&'*(4!;($!#&%/!affected line item in the Ind AS financial statements.
! 5/#! +&i($! &$#&.! *43(93*42! %$*'*%&9! #.'*+&'#.! ($!i7,2#+#4'!&$#G
• Estimation of Defined benefit obligation – refer 4('#!FHF
• Estimation of current tax expenses and Payable – $#;#$!4('#!FHDF
• Scrap Value and Useful lives of property, plant &4,!#^7*@+#4'!N!$#;#$!4('#!DHB
• Impairment of property, plant and equipment – $#;#$!4('#!DHV
• Provisions for litigations, insurance claim $#%#*3&09#.! &4,! %9&*+! (;! 74,#$@#$;($+&4%#! 01!%9*#4'H
1.4 Currentversusnon-currentclassification! 5/#! L(+@&41! @$#.#4'.! &..#'.! &4,! 9*&0*9*'*#.! *4!
the balance sheet based on current/ non-current classification.
All the assets and liabilities have been classified as current/non-current, as per the Company’s normal (@#$&'*42!%1%9#!&4,!('/#$!%$*'#$*&!.#'!(7'!*4!Q*3*.*(4!KK!'(!?%/#,79#!KKK!(;!'/#!L(+@&4*#.!8%'>!ACDFH
! M&.#,! (4! '/#! 4&'7$#! (;! .#$3*%#.! $#4,#$#,! 01! '/#!L(+@&41!&4,!'/#!4($+&9!'*+#!0#'<##4!'/#!$#4,#$*42!(;! '/#! .#$3*%#.! &4,! '/#*$! $#&9*.&'*(4! *4! %&./! ($! %&./!#^7*3&9#4'.>!'/#!L(+@&41!/&.!,#'#$+*4#,!*'.!(@#$&'*42!cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
Notes to the Financial Statements
""!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
IJZ& >"3%45,&9#33%,:<&$3(,H1($4",
(i) Functionalandpresentationcurrency
The Company’s Ind AS financial statements are @$#.#4'#,!*4!K4,*&4!P7@##!TKUPO>!</*%/!*.!&9.(!'/#!L(+@&41e.!;74%'*(4&9!&4,!@$#.#4'&'*(4!%7$$#4%1H
(ii) Transactionsandbalances
5$&4.&%'*(4.! *4! ;($#*24! %7$$#4%1! &$#! $#%($,#,! &'!functional currency using the exchange rate at '/#! ,&'#! (;! &%%(74'*42! (;! '/#! '$&4.&%'*(4H! U(4!+(4#'&$1! *'#+.>! </*%/! &$#! +#&.7$#,! *4! '#$+.! (;!/*.'($*%&9! %(.'.!,#4(+*4&'#,! *4!&! ;($#*24!%7$$#4%1>!are reported using the exchange rate at the date (;! '/#'$&4.&%'*(4H! "(4#'&$1! &..#'.! &4,! 9*&0*9*'*#.!,#4(+*4&'#,! *4! ;($#*24! %7$$#4%1>! $#+&*4*42!74.#''9#,! &'! '/#! 1#&$#4,! &$#! '$&4.9&'#,! &'! %9(.*42!rates. The difference in translation of long term +(4#'&$1! &..#'.! &%^7*$#,! &4,! 9*&0*9*'*#.! *4%7$$#,!@$*($! '(! 8@$*9! D>! ACDB! &4,! $#&9*.#,! 2&*4.! &4,!9(..#.! (4! ;($#*24! %7$$#4%1! '$&4.&%'*(4.! $#9&'*42! '(!&%^7*.*'*(4!(;!,#@$#%*&09#! %&@*'&9! &..#'.!&$#!&,,#,!'(! ($! ,#,7%'#,! ;$(+! '/#! %(.'! (;! '/#! &..#'! &4,!,#@$#%*&'#,!(3#$! '/#!0&9&4%#! 9*;#!(;! '/#!&..#'R! &4,!*4! ('/#$! %&.#.>! &%%7+79&'#,! *4! &! 6($#*24! L7$$#4%1!Monetary Item Translation Difference Account and &+($'*.#,!(3#$!'/#!0&9&4%#!@#$*(,!(;!.7%/!9(42!'#$+!asset / liability, by recognition as income or expense. The difference in translation of all other monetary &..#'.!&4,9*&0*9*'*#.!&4,!$#&9*.#,!2&*4.!&4,!9(..#.!(4!('/#$!;($#*24!%7$$#4%1!'$&4.&%'*(4.!&$#!$#%(24*.#,*4!the Statement of Profit and Loss. They are deferred in Other Equity, if they relate to qualifying cash flow /#,2#.H! 8! +(4#'&$1! *'#+! ;($! </*%/! .#''9#+#4'! *.!4#*'/#$!@9&44#,!4($!9*d#91!'(!(%%7$!*4!'/#!;($#.##&09#!;7'7$#! *.! %(4.*,#$#,! &.! &! @&$'! (;! '/#! #4'*'1e.! 4#'!*43#.'+#4'!*4!'/&'!;($#*24!(@#$&'*(4H
Non-monetary items that are measured in terms of /*.'($*%&9! %(.'! *4! &! ;($#*24! %7$$#4%1! &$#! '$&4.9&'#,!using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair 3&97#!*4!&!;($#*24!%7$$#4%1!&$#!'$&4.9&'#,!7.*42!'/#!exchange rates at the date when the fair value is ,#'#$+*4#,H!5/#!2&*4!($! 9(..!&$*.*42!(4! '$&4.9&'*(4!of non-monetary items measured at fair value is '$#&'#,!*4!9*4#!<*'/!'/#!$#%(24*'*(4!(;!'/#!2&*4!($!9(..!(4!'/#!%/&42#!*4!;&*$!3&97#!(;!'/#!*'#+!T*H#H>!'$&4.9&'*(4!differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or profit ($!9(..!&$#!&9.(!$#%(24*.#,!*4!]'/#$!L(+@$#/#4.*3#!Income or profit or loss, respectively). Exchange differences relating to Long term foreign currency +(4#'&$1! *'#+.! *4%7$$#,!@$*($! '(!8@$*9! D>! ACDB!&$#!accounted in terms of para D13AA of Ind- AS 101 as 74,#$G
! T*O! K4! .(! ;&$! &.! '/#1! $#9&'#! '(! '/#! &%^7*.*'*(4! (;! &!depreciable capital asset, such differences are &,,#,! '(c! ,#,7%'#,! ;$(+! '/#! %(.'! (;! .7%/! %&@*'&9!&..#'!&4,!,#@$#%*&'#,!(3#$!'/#!0&9&4%#!7.#;79!9*;#!(;!'/#!&..#'
(ii) In other cases, such differences are accumulated *4! Y6($#*24! %7$$#4%1! "(4#'&$1! K'#+.! 5$&4.9&'*(4!differences account” and amortised in the statement of Profit and loss over the balance useful life of the long-term foreign currency monetary item.
1.6 Property,PlantandEquipment&Depreciation! 6$##! /(9,! 9&4,! *.! %&$$*#,! &'! /*.'($*%&9! %(.'H! 899! ('/#$!
*'#+.!(;!@$(@#$'1>!@9&4'!&4,!#^7*@+#4'!&$#!.'&'#,!&'!%(.'! 9#..! &%%7+79&'#,! ,#@$#%*&'*(4! &4,! *+@&*$+#4'!losses, if any. Historical cost includes expenditure that *.!,*$#%'91!&''$*07'&09#!'(!'/#!&%^7*.*'*(4!(;!'/#!*'#+H
! 5/#!%(.'!(;!`$(@#$'1>!`9&4'!&4,!#^7*@+#4'!%(+@$*.#.!*'.! @7$%/&.#! @$*%#! 4#'! (;! &41! '$&,#! ,*.%(74'.! &4,!rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), anydirectly attributable expenditure including exchange difference capitalised as per para 1.5 (ii) above, brokerage andstart-up costs on making '/#!&..#'!$#&,1! ;($! *'.! *4'#4,#,!7.#>!('/#$! *4%*,#4'&9!expenses and interest on borrowings attributable to &%^7*.*'*(4!(;! 7&9*;1*42!&..#'.!7@!'(!'/#!,&'#!'/#!&..#'!*.!$#&,1!;($!*'.!*4'#4,#,!7.#H
! ?7%/! %(.'! *4%97,#.! '/#! %(.'! (;! $#@9&%*42! @&$'! (;! '/#!plant and equipment and borrowing costs for long-'#$+! %(4.'$7%'*(4! @$(i#%'.! *;! '/#! $#%(24*'*(4! %$*'#$*&!&$#!+#'H
! L&@*'&9! <($d! *4! @$(2$#..>! @9&4'! &4,! #^7*@+#4'! *.!.'&'#,! &'! %(.'>! 4#'! (;! &%%7+79&'#,! ,#@$#%*&'*(4! &4,!&%%7+79&'#,!*+@&*$+#4'!9(..#.>!*;!&41H
Drydocks are considered as component of fleet with estimated useful lives different than the main component of fleet. Cost relating to drydock which *.!+&4,&'($*91! $#^7*$#,! '(!0#! %&$$*#,!(7'! &.!@#$! '/#!Classification Rules and Regulations is recognized in the %&$$1*42!&+(74'!(;!./*@!&4,!*.!,#@$#%*&'#,c!&+($'*.#,!(3#$!AHX!1#&$.H!]4!'$&4.*'*(4!'(!K4,!8?>!'/#!L(+@&41!/&.!#9#%'#,!'(!%(4'*47#!<*'/!'/#!%&$$1*42!3&97#!(;!&99!(;! *'.! @$(@#$'1>! @9&4'! &4,! #^7*@+#4'! $#%(24*g#,! &.!&'!8@$*9! D>!ACDX!+#&.7$#,!&.!@#$! '/#!@$#3*(7.!:88`!&4,!7.#!'/&'!%&$$1*42!3&97#!&.!'/#!,##+#,!%(.'!(;!'/#!`$(@#$'1>!`9&4'!&4,!#^7*@+#4'H
! Q#@$#%*&'*(4! (4! `$(@#$'1>! `9&4'! &4,! #^7*@+#4'! *.!provided to the extent of depreciable amount on the Written Down value (WDV) method, except in case of [#..#9.>! </#$#! ,#@$#%*&'*(4! *.! @$(3*,#,! (4! ?'$&*2/'!
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!"#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
)*4#!"#'/(,!T?)"OH!Q#@$#%*&'*(4!*.!@$(3*,#,!0&.#,!(4!7.#;79!9*;#!(;!'/#!&..#'.!&.!@$#.%$*0#,!*4!?%/#,79#!KK!(;!the Companies Act, 2013 except in respect of Vessels, </#$#! 7.#;79! 9*;#! *.! %(4.*,#$#,! &.! 74,#$! 0&.#,! (4!'#%/4*%&9!#3&97&'*(4G
! 5&4d#$.>!Q$1!M79d!%&$$*#$.>!L7''#$.>!Q$#,2#$.!AX!1#&$.!except for two dredgers considered as 42 and 60 years.
! :&.!L&$$*#$.!FC!1#&$.
! 84! *'#+! (;! @$(@#$'1>! @9&4'! &4,! #^7*@+#4'! &4,! &41!significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the %&$$1*42!&+(74'!(;!'/#!&..#'O!*.!*4%97,#,!*4!'/#!*4%(+#!.'&'#+#4'!</#4!'/#!&..#'!*.!,#$#%(24*.#,H
! 5/#! $#.*,7&9! 3&97#.>! 7.#;79! 9*3#.! &4,! +#'/(,.! (;!,#@$#%*&'*(4! (;! @$(@#$'1>! @9&4'! &4,! #^7*@+#4'! &$#!reviewed at each financial year end and adjusted @$(.@#%'*3#91>!*;!&@@$(@$*&'#H
! 8..#'.!%(.'*42!9#..!'/&4!! 25,000/- are fully depreciatedin '/#!1#&$!(;!%&@*'&9*.&'*(4H
IntangibleAssets&Amortization! K4'&42*09#! &..#'.! &$#! .'&'#,! &'! &%^7*.*'*(4! %(.'!
9#..! &%%7+79&'#,! &+($'*.&'*(4! &4,! &%%7+79&'#,!*+@&*$+#4'! 9(..#.>! *;! &41H! K4'&42*09#! &..#'.! &$#!amortized on a straight-line basis over the estimated 7.#;79!9*3#.H
1.7 Impairmentofnon-financialassets Non-financial assets other than inventories and non-
%7$$#4'! &..#'.! /#9,! ;($! .&9#! &$#! $#3*#<#,! &'! #&%/!M&9&4%#! ?/##'! ,&'#! '(! ,#'#$+*4#! </#'/#$! '/#$#! *.!&41! *4,*%&'*(4! (;! *+@&*$+#4'H! K;! &41! .7%/! *4,*%&'*(4!exists, or when annual impairment testing for an &..#'! *.! $#^7*$#,>! '/#!L(+@&41!#.'*+&'#.! '/#! &..#'e.!$#%(3#$&09#!&+(74'H!5/#!$#%(3#$&09#!&+(74'!*.!/*2/#$!of asset’s or Cash- Generating Units (CGU) fair value 9#..!%(.'.!(;!,*.@(.&9!&4,!*'.!3&97#!*4!7.#H!P#%(3#$&09#!&+(74'! *.!,#'#$+*4#,! ;($! &4! *4,*3*,7&9! &..#'>!749#..!the asset does not generate cash flows that are largely *4,#@#4,#4'! (;! '/(.#! ;$(+! ('/#$! &..#'.! ($! 2$(7@!(;!&..#'.H
When the carrying amount of an asset or CGU exceeds *'.! $#%(3#$&09#! &+(74'>! '/#! &..#'! *.! %(4.*,#$#,!*+@&*$#,!&4,!*.!<$*''#4!,(<4!'(!*'.!$#%(3#$&09#!&+(74'!&4,! '/#! *+@&*$+#4'! 9(..>! *;! &41>! *.! $#%(24*g#,! *4! '/#!Statement of Profit and Loss in the period in which *+@&*$+#4'!'&d#.!@9&%#H
! =/#$#!&4!*+@&*$+#4'!9(..!.70.#^7#4'91!$#3#$.#.>!'/#!carrying amount of the asset (or cash-generating unit) *.!*4%$#&.#,!'(!'/#!$#3*.#,!#.'*+&'#!(;!*'.!$#%(3#$&09#!&+(74'>! 07'! .(! '/&'! '/#! *4%$#&.#,! %&$$1*42! &+(74'!does not exceed the carrying amount that would /&3#!0##4!,#'#$+*4#,!/&,!4(! *+@&*$+#4'! 9(..!0##4!recognized for the asset (or cash-generating unit) *4! @$*($! 1#&$.H! 8! $#3#$.&9! (;! &4! *+@&*$+#4'! 9(..! *.!recognized immediately in the statement of profit!&4,!9(..H
IJS& D,A%H$?%,$&U3")%3$<! ?*4%#! '/#$#! *.! 4(! %/&42#! *4! '/#! ;74%'*(4&9! %7$$#4%1>!
'/#!L(+@&41!/&.!#9#%'#,!'(!%(4'*47#!<*'/!'/#!%&$$1*42!3&97#!;($!&99!(;!*'.!*43#.'+#4'!@$(@#$'1!&.!$#%(24*.#,!*4!its Indian GAAP. Ind AS financial statements as deemed %(.'!&'!'/#!'$&4.*'*(4!,&'#>!3*gH>!D!8@$*9!ACDXH
Investment Property is property (land or a building- ($&!@&$'!(;!&!07*9,*42O!/#9,!#*'/#$!'(!#&$4!$#4'&9!*4%(+#!($!;($!%&@*'&9!&@@$#%*&'*(4!($!;($!0('/>!07'!4('!;($!.&9#!*4!'/#!($,*4&$1!%(7$.#!(;!07.*4#..>!7.#!*4!@$(,7%'*(4!($! .7@@91(;! 2((,.! ($! .#$3*%#.! ($! ;($! &,+*4*.'$&'*3#!@7$@(.#.H
! K43#.'+#4'! @$(@#$'*#.! &$#!+#&.7$#,! *4*'*&991! &'! %(.'>!*4%97,*42! '$&4.&%'*(4! %(.'.H! ?70.#^7#4'! '(! *4*'*&9!$#%(24*'*(4>! *43#.'+#4'!@$(@#$'*#.! &$#! .'&'#,!&'! %(.'!9#..! &%%7+79&'#,! ,#@$#%*&'*(4! &4,! &%%7+79&'#,!*+@&*$+#4'!9(..>!*;!&41H
! 5/#! L(+@&41! ,#@$#%*&'#.! 07*9,*42! %(+@(4#4'! (;!*43#.'+#4'! @$(@#$'1! (3#$! AC! 1#&$.! ;$(+! '/#! ,&'#! (;!($*2*4&9!@7$%/&.#H
! K43#.'+#4'! @$(@#$'*#.! &$#! ,#$#%(24*.#,! #*'/#$!</#4! '/#1! /&3#! 0##4! ,*.@(.#,! (;! ($!</#4! '/#1! &$#!@#$+&4#4'91! <*'/,$&<4! ;$(+! 7.#! &4,! 4(! ;7'7$#!economic benefit is expected from their disposal.
The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit ($!9(..!*4!'/#!@#$*(,!(;!,#$#%(24*'*(4H
1.9 Assetsheldforsale Non-current assets are classified as held for sale if
'/#*$! %&$$1*42! &+(74'.! <*99! 0#! $#%(3#$#,! '/$(72/!&! .&9#! '$&4.&%'*(4! $&'/#$! '/&4! '/$(72/! %(4'*47*42!7.#H!5/*.!%(4,*'*(4!*.!$#2&$,#,!&.!+#'!(491!</#4!'/#!.&9#! *.! /*2/91! @$(0&09#! &4,! '/#! &..#'! *.! &3&*9&09#! ;($!*++#,*&'#!.&9#!*4!*'.!@$#.#4'!%(4,*'*(4!.70i#%'!(491!'(!'#$+.! '/&'! &$#!7.7&9! &4,! %7.'(+&$1! ;($! .&9#!(;! .7%/!&..#'.H
Non-current assets classified as held for sale are +#&.7$#,! &'! '/#! 9(<#$! (;! %&$$1*42! &+(74'! &4,! ;&*$!3&97#!9#..!%(.'!'(!.#99H
Notes to the Financial Statements
"$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
Property, plant and equipment classified as held for .&9#!&$#!4('!,#@$#%*&'#,H
IJIP&D,A%H$?%,$&4,&H#GH4F4(34%H Non-current Investments in equity shares in subsidiaries
&$#! %&$$*#,! &'! %(.'! 9#..! &%%7+79&'#,! *+@&*$+#4'!losses, if any. Where anindication of impairment exists, '/#!%&$$1*42!&+(74'!(;!'/#!*43#.'+#4'!*.!&..#..#,!&4,!<$*''#4! ,(<4! '(! *'.! $#%(3#$&09#&+(74'H! ]4! ,*.@(.&9!of investments in subsidiaries, the difference between 4#'! ,*.@(.&9! @$(%##,.! &4,! '/#! %&$$1*42! &+(74'.!arerecognized in the Statement of Profit and Loss.
IJII&!%A%,#%&3%:"5,4$4", Revenue is recognised to the extent that it is probable
that the economic benefits will flow to the Company &4,!'/#!$#3#47#!%&4!0#!$#9*&091!+#&.7$#,>!$#2&$,9#..!(;! </#4! '/#! @&1+#4'! *.! 0#*42! +&,#H! P#3#47#! *.!+#&.7$#,! &'! '/#! ;&*$! 3&97#! (;! '/#! %(4.*,#$&'*(4!$#%#*3#,!($!$#%#*3&09#'&d*42!*4'(!&%%(74'!%(4'$&%'7&991!defined terms of payment and excluding taxes or ,7'*#.! %(99#%'#,! (4! 0#/&9;! (;! '/#! 2(3#$4+#4'H! 5/#!Company recognises revenue when the specific criteria /&3#!0##4!+#'!;($!#&%/!(;!'/#!L(+@&41e.!&%'*3*'*#.!&.!,#.%$*0#,!0#9(<G
a) CargoHandling! ! =/#$#! 9(&,*42! (;! '/#! %&$2(! *.! 4('! %(+@9#'#,!
0#;($#! '/#! %9(.#! (;! '/#! 1#&$>! $#3#47#! *.! 4('!recognised and the corresponding expenses are also carried forward to the next year.
b) CharterHireIncome! ! K4%(+#!;$(+!%/&$'#$!/*$#!&4,!,#+7$$&2#!#&$4*42.!
*.!$#%(24*g#,!(4!&%%$7&9!0&.*.!&.!@#$!'/#!'#$+.!(;!&2$##+#4'H
! c) DividendIncome! ! Q*3*,#4,!(4!*43#.'+#4'.! *.!$#%(24*.#,!</#4!'/#!
$*2/'!'(!$#%#*3#!'/#!.&+#!*.!#.'&09*./#,H
d) InterestIncome! ! K4'#$#.'!*4%(+#!*.!$#%(24*g#,!(4!&!'*+#!@$(@($'*(4!
0&.*.!'&d*42!*4'(!&%%(74'!'/#!&+(74'!(7'.'&4,*42!and the applicable effective interest rate.
! e) InsuranceClaims! ! L9&*+.! *4%97,*42! *4.7$&4%#!%9&*+.!&$#!&%%(74'#,!
</#4! '/#$#! *.! &! $#&.(4&09#! %#$'&*4'1! (;! '/#!$#&9*.&'*(4!(;!'/#!%9&*+!&+(74'H
! f)! K4%(+#! ;$(+! ('/#$! .#$3*%#.! *.! &%%(74'#,! (4!&%%$7&9! 0&.*.! &.! @#$! '/#! '#$+.! (;! '/#! $#9#3&4'!&2$##+#4'H
! g)! [#..#9!Q#+7$$&2#!*4%(+#!,7#!&.!@#$!%(4'$&%'7&9!'#$+.! *.! $#%(24*g#,H! 8! @$(3*.*(4! (4! #.'*+&'#,!0&.*.!*.!+&,#!'(<&$,.!,#,7%'*(4!;$(+!,#+7$$&2#!based on past experience of settlements.
IJIK&D,:"?)1%$%&+"<(5%H! K4! %&.#! (;! *4%(+@9#'#! 3(1&2#.>! ;$#*2/'! #&$4*42.! &$#!
$#%(24*.#,! @$(! $&'&! (4! '/#! 0&.*.! (;! ,*$#%'! (@#$&'*42!expenses incurred as compared to total estimated direct operating expenses for the voyage.
IJI.&C)%3($4,5&E8)%,H%H a) Fleet direct operating expenses are charged to
the Statement of Profit and Loss on accrual basis.
! 0O! M74d#$!%(4.7+@'*(4!%(.'>!</*%/!*.!@&$'!(;!,*$#%'!operating expenses, is charged to the Statement of Profit and Loss on consumption.
! %O! ?'($#.! &4,! .@&$#.!,#9*3#$#,!(4!0(&$,! '/#! ./*@.!are charged to the Statement of Profit and Loss.
IJI/&D,A%,$"34%H! M74d#$! &4,! )70#.!(4! 3#..#9.! &$#! 3&97#,!&'! 9(<#$!(;!
%(.'!&4,!U#'!P#&9*.&09#![&97#!&.%#$'&*4#,!(4!6*$.'! *4!6*$.'!(7'!0&.*.H!5/#!%(.'!*4%97,#.!&99!%(.'.!(;!@7$%/&.#!&4,!('/#$!%(.'.!*4%7$$#,!*4!0$*42*42!'/#*43#4'($*#.!'(!'/#*$!@$#.#4'!9(%&'*(4!&4,!%(4,*'*(4H
IJIZ&M%(H%H a) FinanceLease Leases are classified as finance leases, if
.70.'&4'*&991!&99!(;!'/#!$*.d.!&4,!$#<&$,.!*4%*,#4'&9!'(!(<4#$./*@!(;!'/#!9#&.#,!&..#'!*.!'$&4.;#$$#,!'(!'/#!9#..##H
b) OperatingLease
& & 0H&(&1%HH%% A lease is classified at the inception date as a
finance lease or an operating lease. A lease that '$&4.;#$.! .70.'&4'*&991! &99! '/#! $*.d.! &4,! $#<&$,.!incidental to ownership to Company is classified as a finance lease. A leased asset is depreciated (3#$!'/#!7.#;79!9*;#!(;!'/#!&..#'H!J(<#3#$>!*;!'/#$#!*.!4(!$#&.(4&09#!%#$'&*4'1!'/&'!'/#!L(+@&41!<*99!(0'&*4!(<4#$./*@!01! '/#! #4,!(;! '/#! 9#&.#! '#$+>!'/#! &..#'! *.! ,#@$#%*&'#,!(3#$! '/#! ./($'#$! (;! '/#!#.'*+&'#,! 7.#;79! 9*;#! (;! '/#! &..#'! &4,! '/#! 9#&.#!'#$+H!]@#$&'*42! 9#&.#! @&1+#4'.! &$#! $#%(24*.#,!as an expense in the statement of profit and loss on a straight-line basis over the lease term.
& & 0H&(&1%HH"3! ! )#&.#.! *4!</*%/! '/#!L(+@&41!,(#.!4('! '$&4.;#$!
.70.'&4'*&991! &99! '/#! $*.d.! &4,! $#<&$,.! (;!ownership of an asset are classified as operating 9#&.#.H! K4*'*&9!,*$#%'!%(.'.! *4%7$$#,!*4!4#2('*&'*42!&4,! &$$&42*42! &4! (@#$&'*42! 9#&.#! &$#! &,,#,! '(!'/#! %&$$1*42! &+(74'! (;! '/#! 9#&.#,! &..#'! &4,!$#%(24*.#,!(3#$!'/#!9#&.#!'#$+!(4!'/#!.&+#!0&.*.!&.!$#4'&9!*4%(+#H!L(4'*42#4'!$#4'.!&$#!$#%(24*.#,!&.!$#3#47#!*4!'/#!@#$*(,!*4!</*%/!'/#1!&$#!#&$4#,H
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!"%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
1.16Borrowings! M($$(<*42.! &$#! *4*'*&991! $#%(24*.#,! &'! ;&*$! 3&97#>!
4#'! (;! '$&4.&%'*(4! %(.'.! *4%7$$#,H! M($$(<*42.! &$#!.70.#^7#4'91! +#&.7$#,! &'! &+($'*.#,! %(.'H! 841!differences between the proceeds (net of transaction %(.'.O! &4,! '/#! $#,#+@'*(4! &+(74'! *.! $#%(24*.#,!in Profit or loss over the period of the borrowing using the effective interest method. Fees paid on '/#! #.'&09*./+#4'! (;! 9(&4! ;&%*9*'*#.! &$#! $#%(24*.#,!as transaction costs of the loan to the extent that *'! *.!@$(0&09#! '/&'! .(+#!($!&99!(;! '/#! ;&%*9*'*#.!<*99!0#!,$&<4!,(<4H!K4!'/*.!%&.#>!'/#!;##!*.!,#;#$$#,!74'*9!'/#!drawdown occurs. To the extent there is no evidence '/&'!*'!*.!@$(0&09#!'/&'!.(+#!($!&99!(;!'/#!;&%*9*'*#.!<*99!0#!,$&<4!,(<4>!'/#!;##!*.!%&@*'&9*.#,!&.!&!@$#@&1+#4'!;($!9*^7*,*'1!.#$3*%#.!&4,!&+($'*.#,!(3#$!'/#!@#$*(,!(;!'/#!;&%*9*'1!'(!</*%/!*'!$#9&'#.H
! 5/#! ;&*$! 3&97#! (;! '/#! 9*&0*9*'1! @($'*(4! (;! &4!(@'*(4&991%(43#$'*09#! 0(4,! *.! ,#'#$+*4#,! 7.*42! &!+&$d#'!*4'#$#.'!$&'#!;($!&4!#^7*3&9#4'!4(4!%(43#$'*09#!0(4,H! 5/*.! &+(74'! *.! $#%($,#,! &.! &! 9*&0*9*'1! (4! &4!amortised cost basis until extinguished on conversion ($! $#,#+@'*(4! (;! '/#! M(4,.H! 5/#! $#+&*4,#$! (;! '/#!@$(%##,.! *.! &''$*07'&09#! '(! '/#! #^7*'1! @($'*(4! (;! '/#!%(+@(74,!*4.'$7+#4'>!'/*.!*.!$#%(24*.#,!&4,!*4%97,#,!in share holder’s equity, net of income tax effect, and 4('!.70.#^7#4'91!$#!+#&.7$#,H
! 5/#! 0($$(<*42.! &$#! $#+(3#,! ;$(+! '/#! M&9&4%#!sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that hasbeen extinguished or transferred to another @&$'1!&4,!'/#!%(4.*,#$&'*(4!@&*,!*4%97,*42!&41!4(4%&./!&..#'! '$&4.;#$$#,!($! 9*&0*9*'*#.!&..7+#,>! *.!$#%(24*.#,!in profit or loss as other gains/(losses).
Borrowings are classified as current liabilities unless '/#! L(+@&41! /&.! &4! 74%(4,*'*(4&9! $*2/'! '(! ,#;#$!.#''9#+#4'!(;!'/#!9*&0*9*'1!(;!&'!9#&.'!DA!+(4'/.!&;'#$!'/#!$#@($'*42!@#$*(,H!=/#$#!'/#$#!*.!&!0$#&%/!(;!&!+&'#$*&9!@$(3*.*(4!(;!&!9(42!'#$+!9(&4!&$$&42#+#4'!(4!($!0#;($#!the end of the reporting period with the effect that the 9*&0*9*'1!0#%(+#.!@&1&09#!(4!,#+&4,!(4!'/#!$#@($'*42!,&'#>!'/#!#4'*'1!,(#.!4('!%9&..*;1!'/#!9*&0*9*'1!&.!%7$$#4'>!*;! '/#! 9#4,#$! &2$##,>! &;'#$! '/#! $#@($'*42! @#$*(,! &4,!before the approval of the financial statement for *..7#>!4('!'(!,#+&4,!@&1+#4'!&.!&!%(4.#^7#4%#!(;!'/#!0$#&%/H
1.17Borrowingcosts General and specific borrowing costs that are
,*$#%'91! &''$*07'&09#! '(! '/#! &%^7*.*'*(4>! %(4.'$7%'*(4!($! @$(,7%'*(4! (;! &! ^7&9*;1*42! &..#'! &$#! %&@*'&9*.#,!,7$*42!'/#!@#$*(,!(;!'*+#!'/&'!*.!$#^7*$#,!'(!%(+@9#'#!&4,! @$#@&$#! '/#! &..#'! ;($! *'.! *4'#4,#,! 7.#! ;($! .&9#H!
M($$(<*42!%(.'.!,*$#%'91!&''$*07'&09#!'(!'/#!&%^7*.*'*(4>!%(4.'$7%'*(4!($!@$(,7%'*(4!(;!&4!&..#'!'/&'!4#%#..&$*91!'&d#.!&!.70.'&4'*&9!@#$*(,!(;!'*+#!'(!2#'!$#&,1!;($!*'.!*4'#4,#,!7.#!($!.&9#!&$#!%&@*'&9*.#,!&.!@&$'!(;!'/#!%(.'!of the asset. All other borrowing costs are expensed *4! '/#! @#$*(,! *4! </*%/! '/#1! (%%7$H! M($$(<*42! %(.'.!%(4.*.'!(;!*4'#$#.'!&4,!('/#$!%(.'.!'/&'!&4!#4'*'1!*4%7$.!*4!%(44#%'*(4!<*'/!'/#!0($$(<*42!(;!;74,.H!M($$(<*42!cost also includes exchange differences to the extent $#2&$,#,!&.!&4!&,i7.'+#4'!'(!'/#!0($$(<*42!%(.'.H
IJIS&>(43&A(1#%&?%(H#3%?%,$ The Company measures financial instruments, such
&.>!,#$*3&'*3#.!&'!;&*$!3&97#!&'!#&%/!0&9&4%#!./##'!,&'#H
! 6&*$! 3&97#! *.! '/#!@$*%#! '/&'!<(79,!0#! $#%#*3#,! '(! .#99!&4! &..#'! ($! @&*,! '(! '$&4.;#$! &! 9*&0*9*'1! *4! &4! ($,#$91!'$&4.&%'*(4! 0#'<##4! +&$d#'! @&$'*%*@&4'.! &'! '/#!+#&.7$#+#4'!,&'#H
! 5/#! ;&*$! 3&97#! +#&.7$#+#4'! *.! 0&.#,! (4! '/#!@$#.7+@'*(4! '/&'! '/#! '$&4.&%'*(4! '(!.#99! '/#!&..#'!($!'$&4.;#$!'/#!9*&0*9*'1!'&d#.!@9&%#!#*'/#$G
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most &,3&4'&2#(7.!+&$d#'!'/&'!%&4!0#!&%%#..#,!01!'/#!L(+@&41!;($!'/#!&..#'!($!9*&0*9*'1H
! 5/#! ;&*$! 3&97#! (;! &4! &..#'! ($! &! 9*&0*9*'1! *.! +#&.7$#,!7.*42!'/#!&..7+@'*(4.!'/&'!+&$d#'!@&$'*%*@&4'.!<(79,!7.#!</#4!@$*%*42! '/#!&..#'!($! 9*&0*9*'1>!&..7+*42!'/&'!+&$d#'!@&$'*%*@&4'.!&%'!*4!'/#*$!#%(4(+*%!0#.'!*4'#$#.'H
! 899!&..#'.!&4,!9*&0*9*'*#.!;($!</*%/!;&*$!3&97#!*.!+#&.7$#,!or disclosed in the Ind AS financial statements are %&'#2($*.#,!<*'/*4!'/#!;&*$!3&97#!/*#$&$%/1>!,#.%$*0#,!&.! ;(99(<.>! 0&.#,! (4! '/#! 9(<#.'! 9#3#9! *4@7'! '/&'! *.!significant to the fair value measurement as a whole:
• Level 1 Quoted (unadjusted) market prices in &%'*3#!+&$d#'.!;($!*,#4'*%&9!&..#'.!($!9*&0*9*'*#.H
• Level 2 Valuation techniques for which the lowest level input that is significant to the fair value +#&.7$#+#4'!*.!,*$#%'91!($!*4,*$#%'91!(0.#$3&09#H
• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value +#&.7$#+#4'!*.!74(0.#$3&09#H
! 6($! &..#'.! &4,! 9*&0*9*'*#.! '/&'! &$#! $#%(24*.#,! *4! '/#!Ind AS financial statements on a recurring basis, the L(+@&41!,#'#$+*4#.!</#'/#$!'$&4.;#$.!/&3#!(%%7$$#,!between levels in the hierarchy by re-assessing %&'#2($*.&'*(4!T0&.#,!(4!'/#!9(<#.'!9#3#9!*4@7'!'/&'!*.!significant to the fair value measurement as a whole) &'!'/#!#4,!(;!#&%/!$#@($'*42!@#$*(,H
Notes to the Financial Statements
#'!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
1.19FinancialInstrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or #^7*'1!*4.'$7+#4'!(;!&4('/#$!#4'*'1H
A) Financialassets
D,4$4(1&3%:"5,4$4",&(,F&?%(H#3%?%,$All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, '$&4.&%'*(4! %(.'.! '/&'! &$#! &''$*07'&09#! '(! '/#!acquisition of the financial asset. Purchases or sales of financial assets that require delivery (;! &..#'.! <*'/*4! &! '*+#! ;$&+#! #.'&09*./#,! 01!$#279&'*(4! ($! %(43#4'*(4! *4! '/#! +&$d#'! @9&%#!T$#279&$!<&1!'$&,#.O!&$#!$#%(24*.#,!(4!'/#!'$&,#!,&'#>!*H#H>!'/#!,&'#!'/&'!'/#!L(+@&41!%(++*'.!'(!@7$%/&.#!($!.#99!'/#!&..#'H
=#GH%\#%,$&?%(H#3%?%,$?70.#^7#4'! +#&.7$#+#4'! *.! ,#'#$+*4#,! <*'/!reference to the classification of the respective financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently +#&.7$#,! &'! &+($'*.#,! %(.'>! ;&*$! 3&97#! '/$(72/!]'/#$! L(+@$#/#4.*3#! K4%(+#! ($! ;&*$! 3&97#!through profit and loss.
@%G$&4,H$3#?%,$H&($&(?"3$4H%F&:"H$Q#0'! *4.'$7+#4'.! .7%/! &.! '$&,#! &4,! ('/#$!$#%#*3&09#.>! .#%7$*'1! ,#@(.*'.! &4,! 9(&4.! 2*3#4!&$#!+#&.7$#,! &'! '/#! &+($'*.#,! %(.'! *;! 0('/! '/#!;(99(<*42!%(4,*'*(4.!&$#!+#'G
• The asset is held within a business model </(.#!(0i#%'*3#!*.!'(!/(9,!&..#'.!;($!%(99#%'*42!contractual cash flows, and
• Contractual terms of the asset give rise on specified dates to cash flows that are solely @&1+#4'.!(;!@$*4%*@&9!&4,!*4'#$#.'!T?``KO!(4!'/#!@$*4%*@&9!&+(74'!(7'.'&4,*42H
After initial measurement, such financial assets &$#! .70.#^7#4'91! +#&.7$#,! &'! &+($'*.#,! %(.'!using the effective interest rate (EIR) method. 8+($'*.#,!%(.'!*.!%&9%79&'#,!01!'&d*42!*4'(!&%%(74'!&41!,*.%(74'!($!@$#+*7+!(4!&%^7*.*'*(4!&4,!;##.!($!%(.'.!'/&'!&$#!&4!*4'#2$&9!@&$'!(;!'/#!\KPH!5/#!\KP!amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.
@%G$&4,H$3#?%,$&($&>+BC9DA ‘debt instrument’ is classified as at the FVTOCI if 0('/!(;!'/#!;(99(<*42!%$*'#$*&!&$#!+#'G
• The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
• The asset’s contractual cash flows represent SPPI.
! Q#0'!*4.'$7+#4'.!*4%97,#,!<*'/*4!'/#!6[5]LK!%&'#2($1!&$#!+#&.7$#,!*4*'*&991!&.!<#99!&.!&'!#&%/!$#@($'*42!,&'#!&'! ;&*$! 3&97#H! 6&*$! 3&97#! +(3#+#4'.! &$#! $#%(24*g#,!*4! '/#! ('/#$! %(+@$#/#4.*3#! *4%(+#H! J(<#3#$>! '/#!L(+@&41! $#%(24*g#.! *4'#$#.'! *4%(+#>! *+@&*$+#4'!losses and reversals and foreign exchange gain or loss in the profit or loss.
! @%G$&4,H$3#?%,$&($&>+BUM! 6[5`)!*.!&!$#.*,7&9!%&'#2($1!;($!,#0'!*4.'$7+#4'.H!841!
,#0'! *4.'$7+#4'>! </*%/! ,(#.! 4('! +##'! '/#! %$*'#$*&!;($!%&'#2($*g&'*(4!&.!&'!&+($'*g#,!%(.'!($!&.!6[5]LK>!is classified as at FVTPL. Debt instruments included <*'/*4!'/#!6[5`)!%&'#2($1!&$#!+#&.7$#,!&'!;&*$!3&97#!with all changesrecognized in the Statement of Profit &4,!)(..H!J(<#3#$>! %7$$#4'91! '/#!L(+@&41!,(#.!4('!have any financial instruments in this category.
& E\#4$<&4,A%H$?%,$H! 899! #^7*'1! *43#.'+#4'.! *4! .%(@#! (;! K4,! 8?! DCW! &$#!
+#&.7$#,!&'!;&*$!3&97#H!\^7*'1! *4.'$7+#4'.!</*%/!&$#!held for trading are classified at FVTPL.
! 6($!&99!('/#$!#^7*'1!*4.'$7+#4'.>!'/#!L(+@&41!,#%*,#.!'(! %9&..*;1! '/#! .&+#! #*'/#$! &'! 6[5]LK! ($! 6[5`)H! 5/#!Company makes such election on an instrument-by-instrument basis. The classification is made on initial $#%(24*'*(4!&4,!*.!*$$#3(%&09#H
! K;!'/#!L(+@&41!,#%*,#.!'(!%9&..*;1!&4!#^7*'1!*4.'$7+#4'!&'! 6[5]LK>! &99! ;&*$! 3&97#! %/&42#.! (4! '/#! *4.'$7+#4'>!excluding dividends, are recognized in the Other L(+@$#/#4.*3#! K4%(+#H! 5/#$#! *.! 4(! $#%1%9*42! (;!'/#! &+(74'.! ;$(+! ]'/#$! L(+@$#/#4.*3#! K4%(+#! '(!Statement Profit and Loss, even on sale of investment. J(<#3#$>! '/#!L(+@&41!+&1! '$&4.;#$! '/#! %7+79&'*3#!2&*4!($!9(..!<*'/*4!#^7*'1H
! \^7*'1!*4.'$7+#4'.!*4%97,#,!<*'/*4!'/#!6[5`)!%&'#2($1!&$#!+#&.7$#,!&'!;&*$!3&97#!<*'/!&99!%/&42#.!$#%(24*g#,!in the Profit or loss.
& @%R&3%:"5,4$4", A financial asset is primarily derecognised when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full <*'/(7'!+&'#$*&9! ,#9&1! '(! &! '/*$,! @&$'1! 74,#$! &!
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!#&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
‘pass-through’ arrangement; and either (a) the L(+@&41! /&.! '$&4.;#$$#,! .70.'&4'*&991! &99! '/#!$*.d.!&4,!$#<&$,.!(;!'/#!&..#'>!($!T0O!'/#!L(+@&41!/&.!4#*'/#$!'$&4.;#$$#,!4($!$#'&*4#,!.70.'&4'*&991!&99! '/#! $*.d.! &4,! $#<&$,.! (;! '/#! &..#'>! 07'! /&.!'$&4.;#$$#,!%(4'$(9!(;!'/#!&..#'H
On de-recognition, any gains or losses on all ,#0'! *4.'$7+#4'.! T('/#$! '/&4! ,#0'! *4.'$7+#4'.!+#&.7$#,! &'! 6[5]LKO! &4,! #^7*'1! *4.'$7+#4'.!T+#&.7$#,! &'! 6[5`)O! &$#! $#%(24*g#,! *4! '/#!Statement of Profit and Loss. Gains and losses in $#.@#%'!(;!,#0'!*4.'$7+#4'.!+#&.7$#,!&'!6[5]LK!and that are accumulated in are reclassified to profit or loss on de-recognition. Gains or losses (4! #^7*'1! *4.'$7+#4'.! +#&.7$#,! &'! 6[5]LK!'/&'! &$#! $#%(24*g#,! &4,! &%%7+79&'#,! *4! ]'/#$!Comprehensive Income are not reclassified to profit or loss on de-recognition.
! Impairmentoffinancialassets The Company applies expected credit loss (ECL) model
;($! +#&.7$#+#4'! &4,! $#%(24*'*(4! (;! *+@&*$+#4'!loss on the following financial assets and credit risk exposure:
! &O! 6*4&4%*&9! &..#'.! '/&'! &$#! ,#0'! *4.'$7+#4'.>! &4,!&$#!+#&.7$#,!&'!&+($'*.#,!%(.'!#H2H>! 9(&4.>!,#0'!.#%7$*'*#.>! ,#@(.*'.>! '$&,#! $#%#*3&09#.! &4,! 0&4d!0&9&4%#H
! 0O! 6*4&4%*&9! &..#'.!+#&.7$#,! &'! ;&*$! 3&97#! '/$(72/!('/#$!%(+@$#/#4.*3#!*4%(+#H
! K4!%&.#!(;!('/#$!&..#'.!T9*.'#,!&.!&O!&0(3#O>!'/#!L(+@&41!determines if there has been a significant increase in credit risk of the financial asset since initial recognition.
B) Financialliabilities
! ! K4*'*&9!$#%(24*'*(4!&4,!+#&.7$#+#4' All financial liabilities are recognised initially at fair
3&97#!&4,>!*4!'/#!%&.#!(;!9(&4.!&4,!0($$(<*42.!&4,!@&1&09#.>! 4#'! (;! ,*$#%'91! &''$*07'&09#! '$&4.&%'*(4!costs. The Company’s financial liabilities include '$&,#!&4,!('/#$!@&1&09#.>! 9(&4.!&4,!0($$(<*42.!including bank overdrafts, financial guarantee contracts and derivative financial instruments.
! ! ?70.#^7#4'!+#&.7$#+#4' The measurement of financial liabilities depends
on their classification, as described below:
& & >4,(,:4(1&14(G414$4%H&($&>+BUM Financial liabilities at fair value through profit or
loss include financial liabilities designated upon initial recognition as at fair value through profit ($!9(..H!6*4&4%*&9!9*&0*9*'*#.!,#.*24&'#,!7@(4!*4*'*&9!
recognition at fair value through profit or loss are ,#.*24&'#,!&'! '/#! *4*'*&9!,&'#!(;!$#%(24*'*(4>!&4,!only if the criteria in Ind AS 109 are satisfied. For 9*&0*9*'*#.! ,#.*24&'#,! &.! 6[5`)>! ;&*$! 3&97#! 2&*4.c!9(..#.! &''$*07'&09#! '(! %/&42#.! *4! (<4! %$#,*'!$*.d! &$#! $#%(24*g#,! *4! ]'/#$! L(+@$#/#4.*3#!K4%(+#H!5/#.#!2&*4.c!9(..#.!&$#!4('!.70.#^7#4'91!transferred to profit or loss. However, the L(+@&41! +&1! '$&4.;#$! '/#! %7+79&'*3#! 2&*4! ($!9(..!<*'/*4!#^7*'1H!899!('/#$!%/&42#.!*4!;&*$!3&97#!(;!.7%/!9*&0*9*'1!&$#!$#%(24*.#,!*4!'/#!.'&'#+#4'!(;!profit or loss.
! ! >4,(,:4(1&14(G414$4%H&($&(?"3$4]%F&:"H$ Financial liabilities classified and measured at
&+($'*g#,! .7%/! &.! 9(&4.! &4,! 0($$(<*42.! &$#!*4*'*&991!$#%(24*g#,!&'!;&*$!3&97#>!4#'!(;!'$&4.&%'*(4!cost incurred. After initial recognition, financial 9*&0*9*'*#.!&$#!.70.#^7#4'91!+#&.7$#,!&'!&+($'*.#,!cost using the Effective interest rate (EIR) method. Gains and losses are recognised in profit or loss </#4! '/#! 9*&0*9*'*#.! &$#! ,#$#%(24*.#,! &.! <#99! &.!'/$(72/!'/#!\KP!&+($'*.&'*(4!@$(%#..H!8+($'*.#,!%(.'! *.! %&9%79&'#,! 01! '&d*42! *4'(! &%%(74'! &41!,*.%(74'!($!@$#+*7+!(4!&%^7*.*'*(4!&4,! ;##.!($!%(.'.!'/&'!&$#!&4!*4'#2$&9!@&$'!(;!'/#!\KPH!5/#!\KP!amortisation is included as finance costs in the statement of profit and loss.
! ! @%R3%:"5,4$4", A financial liability is derecognized when the
(09*2&'*(4! 74,#$! '/#! 9*&0*9*'1! *.! ,*.%/&$2#,! ($!cancelled or expired. When an existing financial 9*&0*9*'1! *.! $#@9&%#,! 01! &4('/#$! ;$(+! '/#! .&+#!lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original 9*&0*9*'1!&4,!'/#!$#%(24*'*(4!(;!&!4#<!9*&0*9*'1H!5/#!difference in the respective carrying amounts is recognised in the statement of profit or loss.
C) Financialguaranteeobligation The Company’s investments include the effect
of notional income from financial guarantee (09*2&'*(4.H
D) Derivativefinancialinstruments
! ! K4*'*&9!$#%(24*'*(4!&4,!.70.#^7#4'!+#&.7$#+#4'!The Company uses derivative financial *4.'$7+#4'.! .7%/! &.! ;($<&$,! %7$$#4%1! %(4'$&%'.!'(!/#,2#!*'.!;($#*24!%7$$#4%1!$*.d.H!?7%/!,#$*3&'*3#!financial instrument is initially recognised at fair 3&97#!(4!'/#!,&'#!(4!</*%/!,#$*3&'*3#!%(4'$&%'!*.!entered into and is subsequently re-measured at fair value. Derivatives are carried as financial &..#'.! </#4! '/#! ;&*$! 3&97#! *.! @(.*'*3#! &4,! &.!
Notes to the Financial Statements
#(!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
financial liabilities when the fair value is negative. 841! 2&*4.! ($! 9(..#.! &$*.*42! ;$(+! %/&42#.! *4! '/#!;&*$!3&97#!(;!,#$*3&'*3#.!&$#! '&d#4!'/$(72/!('/#$!%(+@$#/#4.*3#!*4%(+#H
E) Foreigncurrencyconvertiblebonds(FCCBs)
6LLM.! &$#! .#@&$&'#,! *4'(! 9*&0*9*'1! &4,! #^7*'1!%(+@(4#4'.!0&.#,!(4!'/#!'#$+.!(;!'/#!%(4'$&%'H!]4! *..7&4%#! (;! '/#! 6LLM.>! '/#! ;&*$! 3&97#! (;!'/#! 9*&0*9*'1! %(+@(4#4'! *.! ,#'#$+*4#,! 7.*42! &!market rate for an equivalent non-convertible instrument. This amount is classified as a financial liability measured at amortised cost (net of transaction costs) until it is extinguished (4! %(43#$.*(4! ($! $#,#+@'*(4H! 5/#! $#+&*4,#$!(;! '/#! @$(%##,.! *.! &99(%&'#,! '(! '/#! %(43#$.*(4!(@'*(4! '/&'! *.! $#%(24*.#,!&4,! *4%97,#,! *4!#^7*'1!.*4%#!%(43#$.*(4!(@'*(4!+##'.! K4,!8?!FA!%$*'#$*&!for fixed to fixed classification. Transaction costs &$#!&@@($'*(4#,!0#'<##4!'/#! 9*&0*9*'1!&4,!#^7*'1!%(+@(4#4'.!(;!'/#!6LLM?!0&.#,!(4!'/#!&99(%&'*(4!(;!@$(%##,.!'(!'/#!9*&0*9*'1!&4,!#^7*'1!%(+@(4#4'.!</#4!'/#!*4.'$7+#4'.!&$#!*4*'*&991!$#%(24*.#,H
OffsettingoffinancialinstrumentsFinancial assets and financial liabilities are offset &4,!!'/#! 4#'! &+(74'! *.! $#@($'#,! *4! '/#! 0&9&4%#!./##'!*;!'/#$#!*.!&!%7$$#4'91!#4;($%#&09#!9#2&9!$*2/'!to offset the recognised amounts and there is an *4'#4'*(4! '(! .#''9#! (4! &! 4#'! 0&.*.>! '(! $#&9*.#! '/#!&..#'.!&4,!.#''9#!'/#!9*&0*9*'*#.!.*+79'&4#(7.91H
1.20EmployeeBenefits
a) Short–termemployeebenefitsAll employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as .&9&$*#.>!<&2#.>!@#$;($+&4%#! *4%#4'*3#.>!#'%H!&$#!$#%(24*.#,!&'!&%'7&9!&+(74'.!,7#!*4!'/#!@#$*(,!*4!</*%/!'/#!#+@9(1##!$#4,#$.!'/#!$#9&'#,!.#$3*%#H
b) Post–employmentbenefits i. DefinedContributionPlans
Payments made to defined contribution @9&4.!.7%/!&.!`$(3*,#4'!674,!&$#!%/&$2#,!&.!an expense as they fall due.
ii. DefinedBenefitPlans
The cost of providing benefit i.e. gratuity is ,#'#$+*4#,! 7.*42! '/#! `$(i#%'#,! _4*'! L$#,*'!"#'/(,>! <*'/! &%'7&$*&9! 3&97&'*(4! %&$$*#,!(7'! &.! &'! '/#! M&9&4%#! ?/##'! ,&'#H! 8%'7&$*&9!2&*4.!&4,!9(..#.!&$#!$#%(24*.#,!*++#,*&'#91!*4! '/#! ('/#$! %(+@$#/#4.*3#! *4%(+#H!P#+#&.7$#+#4'! 2&*4.! &4,! 9(..#.! &$*.*42!from experience adjustments and changes in
&%'7&$*&9!&..7+@'*(4.!&$#!$#%(24*g#,! *4!'/#!@#$*(,!*4!</*%/!'/#1!(%%7$>!,*$#%'91!*4!]'/#$!L(+@$#/#4.*3#! K4%(+#H! 5/#1! &$#! *4%97,#,!*4! $#'&*4#,! #&$4*42.! *4! '/#! ?'&'#+#4'! (;!L/&42#.!*4!\^7*'1!&4,!*4!'/#!M&9&4%#!?/##'H
! c) OtherLong–termemployeebenefits
Other Long – term employee benefit viz. leave encashment is recognised as an expense in '/#! ('/#$! %(+@$#/#4.*3#! *4%(+#! &.! *'! &%%$7#.H!5/#! L(+@&41! ,#'#$+*4#.! '/#! 9*&0*9*'1! 7.*42! '/#!`$(i#%'#,! _4*'! L$#,*'! "#'/(,>! <*'/! &%'7&$*&9!3&97&'*(4!%&$$*#,!(7'!&.!&'!'/#!0&9&4%#!./##'!,&'#H
Actuarial gain / loss, comprising of experience adjustments and the effects of changes in actuarial &..7+@'*(4.! *.! $#%(24*g#,! *4! '/#! ?'&'#+#4'! (;!Other Comprehensive Income except for Long-'#$+!%(+@#4.&'#,!&0.#4%#.!</#$#! '/#! .&+#! *.!immediately recognized in the Statement of Profit &4,!)(..H
IJKI&9(H*&(,F&9(H*&%\#4A(1%,$H! 6($! '/#! @7$@(.#! (;! @$#.#4'&'*(4! *4! .'&'#+#4'! (;!
cash flows, cash and cash equivalents includes cash *4! /&4,&4,! &'! 0&4d! *4! %7$$#4'! &4,! ;($#*24! %7$$#4%1!accounts, deposit held at call with financial institution, ('/#$!./($'!'#$+>!/*2/91!9*^7*,!*43#.'+#4'.!<*'/!($*2*4&9!+&'7$*'*#.! (;! '/$##! +(4'/.! ($! 9#..! '/&'! &$#! $#&,*91!%(43#$'*09#!'(!d4(<4!&+(74'.!(;!%&./!&4,!</*%/!&$#!subject to an insignificant risk of changes in value, and 0&4d! (3#$,$&;'.H! M&4d! ]3#$,$&;'.! &$#! ./(<4! <*'/*4!0($$(<*42.!*4!%7$$#4'!9*&0*9*'*#.!*4!M&9&4%#!./##'H
1.22Cashflowstatement Cash flows are reported using the indirect method,
whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of '/#! L(+@&41! &$#! .#2$#2&'#,! 0&.#,! (4! '/#! &3&*9&09#!*4;($+&'*(4H
IJK.&B(8%H&",&D,:"?%
Tax expenses comprise both current and deferred tax.
(a) Currenttax! ! Current tax is the amount of tax payable as per
.@#%*&9!@$(3*.*(4.!$#9&'*42!'(! *4%(+#!(;!./*@@*42!companies under the Income Tax Act, 1961 on the 0&.*.!(;!,##+#,!'(44&2#!*4%(+#!(;!'/#!L(+@&41!and tax payable on other taxable income for '/#! 1#&$! ,#'#$+*4#,! *4! &%%($,&4%#!<*'/! .#%'*(4!115VG (3) of chapter XII-G of the Income Tax!8%'>!DWBDH
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!#)!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
! (b) Deferredtax Deferred tax is recognised on differences between
'/#!%&$$1*42!&+(74'.!(;!&..#'.!&4,!9*&0*9*'*#.!*4!'/#!Balance sheet and the corresponding tax bases used in the computation of taxable profit and are &%%(74'#,!;($!7.*42!'/#!9*&0*9*'1!+#'/(,H!Q#;#$$#,!tax liabilities are generally recognised for all taxable temporary differences, and deferred tax &..#'.!&$#!2#4#$&991!$#%(24*g#,!;($!&99!,#,7%'*09#!temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilised. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and @$#.#4'#,!&.!4#'H
Further, the Company is paying taxes on the basis (;! ,##+#,! '(44&2#! *4%(+#>! /#4%#! '/#$#! *.! 4(!impact on deferred tax.
(c) MinimumAlternateTax(MAT) Minimum Alternate Tax (MAT) paid in accordance
with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if '/#$#! *.! %(43*4%*42! #3*,#4%#! '/&'! '/#! L(+@&41!will pay normal income tax. Accordingly, MAT is $#%(24*.#,&.!&4!&..#'!*4!'/#!M&9&4%#!?/##'!</#4!it is highly probable that future economic benefit associated with it will flow to the Company.
IJK/&U3"A4H4",H&(,F&9",$4,5%,$&M4(G414$4%H! `$(3*.*(4.! &$#! $#%(24*g#,! </#4! '/#! L(+@&41! /&.! &!
@$#.#4'! (09*2&'*(4! T9#2&9! ($! %(4.'$7%'*3#O! &.! &! $#.79'!of a past event and it is probable that an outflow of resources embodying economic benefits will be $#^7*$#,! '(! .#''9#! '/#! (09*2&'*(4! ;($! </*%/! &! $#9*&09#!estimate of the amount can be made. If the effect (;! '/#! '*+#! 3&97#! (;! +(4#1! *.! +&'#$*&9>! @$(3*.*(4.!&$#! ,*.%(74'#,! 7.*42! #^7*3&9#4'! @#$*(,! 2(3#$4+#4'!.#%7$*'*#.! *4'#$#.'! $&'#H! _4<*4,*42! (;! '/#! ,*.%(74'! *.!recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best #.'*+&'#H
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the 9*&0*9*'1H!=/#4!,*.%(74'*42!*.!7.#,>!'/#!*4%$#&.#!*4!'/#!@$(3*.*(4!,7#!'(!'/#!@&..&2#!(;!'*+#!*.!$#%(24*.#,!&.!&!finance cost.
! L(4'*42#4'! 9*&0*9*'*#.! &$#! ,*.%9(.#,! </#4! '/#$#! *.!&! @(..*09#! (09*2&'*(4! &$*.*42! ;$(+! @&.'! #3#4'.>! '/#!existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain ;7'7$#! #3#4'.! 4('! </(991! <*'/*4! '/#! %(4'$(9! (;! '/#!L(+@&41!($!&!@$#.#4'!(09*2&'*(4!'/&'!&$*.#.!;$(+!@&.'!events where it is either not probable that an outflow (;! $#.(7$%#.! <*99! 0#! $#^7*$#,! '(! .#''9#! ($! &! $#9*&09#!#.'*+&'#!(;!'/#!&+(74'!%&44('!0#!+&,#H!K4;($+&'*(4!(4!%(4'*42#4'! 9*&0*9*'1! *.!,*.%9(.#,!*4!'/#!U('#.!'(!'/#!Ind AS financial statements. Contingent assets are not $#%(24*.#,H!J(<#3#$>!</#4!'/#!$#&9*.&'*(4!(;! *4%(+#!*.!3*$'7&991!%#$'&*4>!'/#4!'/#!$#9&'#,!&..#'! *.!4(!9(42#$!&! %(4'*42#4'! &..#'>! 07'! *'! *.! $#%(24*.#,! &.! &4! &..#'H!L(4'*42#4'! &..#'.! &$#! 4('! $#%(24*.#,! 07'! ,*.%9(.#,!when the inflow of economic benefits is probable. J(<#3#$>! </#4! '/#! $#&9*.&'*(4! (;! *4%(+#! *.! 3*$'7&991!%#$'&*4>!'/#4!'/#!$#9&'#,!&..#'!*.!4(!9(42#$!&!%(4'*42#4'!&..#'>!07'!*'!*.!$#%(24*.#,!&.!&4!&..#'H
IJKZ&E(3,4,5H&)%3&H*(3%! M&.*%!#&$4*42.!@#$!./&$#! *.!%(+@7'#,!01!,*3*,*42!'/#!
profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average 47+0#$!(;!#^7*'1!./&$#.!(7'.'&4,*42!,7$*42!'/#!1#&$H!Q*97'#,!#&$4*42.!@#$!./&$#!*.!%(+@7'#,!01!,*3*,*42!'/#!profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential #^7*'1! ./&$#.>! 01! '/#! <#*2/'#,! &3#$&2#! 47+0#$! (;!#^7*'1! ./&$#.! %(4.*,#$#,! ;($! ,#$*3*42! 0&.*%! #&$4*42.!@#$!./&$#!&4,!'/#!<#*2/'#,!&3#$&2#!47+0#$!(;!#^7*'1!./&$#.</*%/!%(79,!/&3#!0##4!*..7#,!(4!'/#!%(43#$.*(4!(;!&99!,*97'*3#!@('#4'*&9!#^7*'1!./&$#.H!`('#4'*&9!#^7*'1!./&$#.!&$#!,##+#,!'(!0#!,*97'*3#!(491!*;!'/#*$!%(43#$.*(4!to equity shares would decrease the net profit per share ;$(+!%(4'*47*42!($,*4&$1!(@#$&'*(4.H!`('#4'*&9!,*97'*3#!#^7*'1! ./&$#.! &$#! ,##+#,! '(! 0#! %(43#$'#,! &.! &'! '/#!0#2*44*42!(;!'/#!@#$*(,>!749#..!'/#1!/&3#!0##4!*..7#,!&'!&!9&'#$!,&'#H!5/#!,*97'*3#!@('#4'*&9!#^7*'1!./&$#.!&$#!&,i7.'#,! ;($! '/#! @$(%##,.! $#%#*3&09#! /&,! '/#! ./&$#.!0##4!&%'7&991! *..7#,!&'!;&*$!3&97#!T*H#H!&3#$&2#!+&$d#'!3&97#! (;! '/#! (7'.'&4,*42! ./&$#.OH! Q*97'*3#! @('#4'*&9!#^7*'1!./&$#.!&$#!,#'#$+*4#,!*4,#@#4,#4'91!;($!#&%/!@#$*(,! @$#.#4'#,H! 5/#! 47+0#$! (;! #^7*'1! ./&$#.! &4,!@('#4'*&991! ,*97'*3#! #^7*'1! ./&$#.! &$#! &,i7.'#,! ;($!./&$#!.@9*'.!c!$#3#$.#!./&$#!.@9*'.!&4,!0(47.!./&$#.>!&.!&@@$(@$*&'#H
Notes to the Financial Statements
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Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!#!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
T0O! 899!(;!'/#!L(+@&41e.!K43#.'+#4'!`$(@#$'*#.!&$#!/#9,!74,#$!;$##/(9,!*4'#$#.'H!K43#.'+#4'!@$(@#$'*#.!/&3#!$#.'$*%'*(4!(4!'*'9#!&.!'/#1!&$#!@9#,2#,!'(!.#%7$#!9(42!'#$+!0($$(<*42.!(;!'/#!L(+@&41!TP#;#$!'(!U('#!AHDXT&OH
%O! 5/#!L(+@&41!/&.!4(!%(4'$&%'7&9!(09*2&'*(4.!'(!@7$%/&.#>!%(4.'$7%'!($!,#3#9(@!*43#.'+#4'!@$(@#$'*#.!($!;($!$#@&*$.>!+&*4'#4&4%#!&4,!#4/&4%#+#4'.H
,O! 5/#!;&*$!3&97#!(;!'/#!L(+@&41e.!K43#.'+#4'.!@$(@#$'*#.!&.!&'!"&$%/!FD>!ACDE!f!!"&$%/!FD>!ACDV!!/&3#!0##4!&$$*3#,!at on the basis of valuation carried out as at March 31 2017 by an external, independent valuer registered with the &7'/($*'1!</*%/!2(3#$4!'/#!3&97#$.!*4!K4,*&H!5/#!;&*$!3&97#!+#&.7$#+#4'!;($!&99!'/#!*43#.'+#4'.!@$(@#$'*#.!/&.!0##4!%&'#2($*.#,!&.!)#3#9!Dc)#3#9!A!;&*$!3&97#!(4!'/#!*4@7'.!'(!'/#!3&97&'*(4!'#%/4*^7#!7.#,H
!"!*4!L$($#&>(43&+(1#%
>(43&+(1#%&"-&D,A%H$?%,$&U3")%3$4%H6 &.IWP.WKPIS& &.IWP.WKPIQOffice Premises !DFHFW! !DFHFW
- -13.39 13.39
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>(:%&+(1#%&)%3&^,4$
7#?G%3H&R&0H&($ 0?"#,$&R&0H&($.IR'(3RKPIS .IR'(3RKPIQ .IR'(3RKPIS .IR'(3RKPIQ
D,A%H$?%,$&4,&E\#4$<&D,H$3#?%,$H!T_4^7('#,!3&97#,!&'!%(.'O=#GH4F4(34%H!"#$%&'($!]*9!&4,!:&.!)*+*'#,!! !DCHCC! !DXC>CCC! !DXC>CCC! !CHDX! !CHDX!!"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#,!!T?qDO !DCC>CCC! !DCC>CCC! !CHAW! !CHAW! Offshore Holdings Company Pte. Limited (S$1)* !A! !A! !CHCC! !CHCC!!"#$%&'($!`#'$(9#7+!)*+*'#,!jj! !DCHCC! !DX>FCC>CCC! !DX>FCC>CCC! !DXHFC! !DXHFC! Mercator Offshore (P) Pte Limited (S$1) !DF>WWA! !DF>WWA! !CHCX! !CHCX!!]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#,! !DCHCC! !AX>CCC! !AX>CCC! !CHCF! !CHCF!!"#$%&'($!]%#&4'$&4.@($'!)',! !DCHCC! !XC>CCC! - !CHCX! - !"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#,!T;($+#$91!d4(<4!&.!!"#$%&'($!6`?]!`$*3&'#!)',O!
!DCHCC! !DC>CCC! !DC>CCC! !CHCD! !CHCD!
C$*%3&E\#4$<&D,A%H$?%,$&R (fair value of financial guarantee given for) Offshore Holdings Pte. Limited !DEHIA! - !"#$%&'($!K4'#$4&'*(4&9!`'#!)',! !FHIV! - !"#$%&'($!]*9!&4,!:&.!)*+*'#,!! !CHFF! - !"#$%&'($!`#'$(9#7+!)*+*'#,! !DHCV! - D,A%H$?%,$&4,&@%G%,$#3%H=#GH4F4(34%H6Bo!]@'*(4&991!L(43#$'*09#!_4.#%7$#,!!Q#0#4'7$#.!(;!"#$%&'($!`#'$(9#7+!)*+*'#,
DC !FX>EDC>CCC! !FC>BFC>CCC! !FXHED! !FCHBF!
SubTotal(A) 74.97 &/YJ/Y&C$*%3HD,A%H$?%,$&4,&E\#4$<&=*(3%H"&$2!?<&$4&0/((+*!`($'!`$*3&'#!)*+*'#, DC !D>AXC! !D>AXC! !CHCC! !CHCC!SubTotal(B) !CHCC! !CHCC!B"$(1 74.97 &/YJ/Y&
j! L(.'!!"!XD** Shares of Mercator Petroleum Limited has been pledged for non-convertible debentures as collateral
Notes to the Financial Statements
#"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
!"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQ
U(4!L7$$#4'!K43#.'+#4'.!!T&O!822$#2&'#!&+(74'!(;!*43#.'+#4'.!&4,!+&$d#'!3&97#!&$#!2*3#4!0#9(<G822$#2&'#!L(.'!(;!^7('#,!*43#.'+#4'. - - 822$#2&'#!"&$d#'![&97#!(;!^7('#,!*43#.'+#4'. - - 822$#2&'#!L(.'!(;!74^7('#,!*43#.'+#4'. !VIHWV! !IBHIB!822$#2&'#!&+(74'!(;!*+@&*$+#4'!*4!3&97#!(;!*43#.'+#4'. - -
KJ/ Loans(Non-Current)!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
)(&4.!&4,!&,3&4%#.!'(!$#9&'#,!@&$'*#.!T&O !IADHCE! !AVWHEB!?#%7$*'1!f!k7,*%*&9!,#@(.*'. !VHXB! !XHEB!
&/KSJY/& &KSZJQK&
T&O!)(&4.!&4,!&,3&4%#.!'(!$#9&'#,!@&$'*#.!!!!!"#$%&'($!6`?]!`$*3&'#!)*+*'#, !AHCD! !AHCD!!!!!!"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !FXVHEE! !AADHDX!!!!!!"#$%&'($!`#'$(9#7+!)*+*'#, !BDHDW! !XBHVC!
&/KIJPS& 279.86
KJZ OtherFinancialAssets(Non-Current)!!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
Debenture Application Money - pending allotment (a) !CHVX! - Fixed Deposits with bank with maturity more than 12 months (b) !EHXF! !DHFX!Accrued interest on fixed deposit with banks - !CHDB!!Q#@(.*'.!<*'/!2(3#$4+#4'!&4,!.#+*!2(3#$4+#4'!0(,*#.! !CHCB! !CHCB!!6*4&4%*&9!:7&$&4'##!L(4'$&%'!`$#+*7+! !DFHIV! - Unamortized finance charges - !DHCC!
&KKJSI& &KJZQ&
! T&O! L(+@&41!/&.!.70.%$*0#,!!;($!Bo!]@'*(4&991!L(43#$'*09#!_4.#%7$#,!!Q#0#4'7$#.!(;!"#$%&'($!`#'$(9#7+!)*+*'#,!;($!!"!CHVX!%$($#!</*%/!/&3#!0##4!&99(''#,!*4!'/#!+(4'/!(;!8@$*9!ACDEH
! T0O! J#9,!&.!9*#4!;($!+&$2*4!+(4#1!f!Q?P8!;($!0($$(<*42.
KJY& C$*%3&7",R9#33%,$&0HH%$H! !!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
L&@*'&9!8,3&4%#.!'(!$#9&'#,!@&$'*#.!T&O !DEHVV! !AVHXW!L&@*'&9!8,3&4%#.!'(!]'/#$. !AAHVC! !AXHIC!L&@*'&9!8,3&4%#.!'(!]'/#$.>!%(4.*,#$#,!,(70';79 !AHVC! - )#..G!`$(3*.*(4!+&,#! !TAHVCO -
&/IJ/Q& 52.99
T&O! L&@*'&9!8,3&4%#.!'(!$#9&'#,!@&$'*#.[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#, !DEHVV! !AVHXW!)#..G!`$(3*.*(4!/#9,!! - -
&ISJQQ& 27.59
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!##!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJQ& D,A%,$"34%H! !T3&97#,!&'!9(<#$!(;!%(.'!&4,!4#'!$#&9*.&09#!3&97#O!
M74d#$!&4,!970#. !DCHCD! !DCHDX!&IPJPI& &IPJIZ&
KJS& B3(F%&!%:%4A(G1%H
!_4.#%7$#,>!L(4.*,#$#,!:((,! !DBIHFC! !DVDHAD!
!_4.#%7$#,>!L(4.*,#$#,!Q(70';79! !AXHBA! !AAHEA!!)#..!899(<&4%#.!;($!%$#,*'!!9(..#.! !TAXHBAO !TAAHEAO
Expected Credit Loss on Trade Receivables !TDHWEO - &IYKJ.K& &IQIJKI&
2.9 (i) CashandCashEquivalents
L&./!(4!/&4, !CHCD! !CHCW!M&9&4%#.!<*'/!0&4dL7$$#4'!8%%(74'.!T&O !DIHFF! !FBHFV!Fixed Deposits with bank with maturity less than 3 months (b) !IHDD! -
&ISJ/Z& &.YJ/Y&
T&O!M&9&4%#.!<*'/!0&4d.!*4%97,#.!&+(74'!*4!#.%$(<!&%%(74'! !CHDI! !CHDI!T0O!J#9,!&.!9*#4!;($!+&$2*4!+(4#1!f!Q?P8!;($!0($$(<*42.
2.9 (ii)OtherBankBalances
Fixed Deposits with bank with maturity more than 3 months but less than 12 months (a) !AHBC! !FAHAD!"&$2*4!"(4#1!Q#@(.*'!T@9&%#,!<*'/!M&4d.!74,#$!9*#4!&2&*4.'!'/#!9*#4!&2&*4.'!;&%*9*'*#.!2*3#4!01!'/#!M&4d.!T&O
!AHEA! -
\&$+&$d#,!M&9&4%#.!<*'/!M&4d. !DVHDV! - M&9&4%#.!<*'/!0&4d.!*4!74@&*,!,*3*,#4,!&%%(74'. !CHDD! -
&KKJQP& &.KJKI&!M&9&4%#.!<*'/!0&4d.!/#9,!&.!+&$2*4!+(4#1!,#@(.*'.!&2&*4.'!27&$&4'##. !VHAW! !EHDV!
! T&O! J#9,!&.!9*#4!;($!+&$2*4!+(4#1!f!Q?P8!;($!0($$(<*42.
KJIPLoans(Current)! !!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
Loans and advances to - - Related Parties (a) !VVHFD! !BIHWV!
&QQJ.I& 64.97(a) Loansandadvancestorelatedparties-
Mercator Offshore (P) Pte Limited !DHAI! !DHAF!"#$%&'($!]*9!f!:&.!)*+*'#, !BFHAX! !XVHAV!"L?!J(9,*42.!`'#!)*+*'#, !XHVF! !XHFB!"#$%&'($!`$(i#%'.!`'#!)', - !CHDE!Offshore Holdings Copmany Pte Ltd* !VHDC! !CHWF!
&QQJ.K& 64.97 * denominates reimbursement of expenses
Notes to the Financial Statements
#$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
!"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJIIOtherFinancialAssets(Current)! !T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
K4'#$!L($@($&'#!Q#@(.*'.!'(!('/#$. !XHVD! !DIHCA!K4.7$&4%#!L9&*+!P#%#*3&09# !BDHEX! !XIHAE!_40*99#,!!P#3#47# !AHAX! !BFHCV!?#%7$*'1!Q#@(.*'. !CHCF! !CHCE!]'/#$. !AHWF! - ]'/#$!P#%#*3&09#.!;$(+!$#9&'#,!@&$'1! - !CHCF! Accrued interest on fixed deposit with banks !CHBW! !DHAA!K4'#$!%($@($&'#!,#@(.*'.!'(!('/#$.>!%(4.*,#$#,!Q(70';79 !WHFB! !WHFB!)#..G!`$(3*.*(4!;($!,(70';79!&,3&4%#. !TWHFBO !TWHFBO
&Q.J/Y& &I.KJQP&
KJIK&C$*%3&9#33%,$&0HH%$H
Prepaid Expenses !FHED! !DHCB!8,3&4%#!'(!\+@9(1##. !CHDC! !CHDI!8,3&4%#!'(!?7@@9*#$. !AWHCE! !AEHEA!]'/#$!8,3&4%#. !AHFV! !EHDI!GST / Service Tax Receivable - !DHXF!
&.ZJ.Y& 39.69
KJI.&E\#4$<&=*(3%&9()4$(1
&0#$*"34H%F& 35,00,00,000 (Previous Year - 35,00,00,000) Equity shares of Re 1/- par value each !FXHCC! !FXHCC! 200,00,000 (Previous Year - 200,00,000) Preference shares of !"100/- par value each !ACCHCC! !ACCHCC!
!AFXHCC! !AFXHCC!&DHH#%F&9()4$(1& 30,24,59,335 share (Previous Year - 26,98,92,073) Equity shares of Re 1/- each !FCHAX! !ABHWW!
!FCHAX! !ABHWW!&=#GH:34G%F&(,F&>#11<&U(4F&^)&9()4$(1& 30,24,59,335 share (Previous Year - 26,98,92,073) Equity shares of Re 1/- each !FCHAX! !ABHWW!
&.PJKZ& 26.99
(a) Rights,preferences,restrictionsattachedtoShares The company has two class of shares, referred to as equity shares having a face value of Re.1/- and preference shares
/&3*42!&!;&%#!3&97#!(;!!"100/-. Each holder of equity shares is entitled to one vote per share. The Company declares &4,!@&1.!,*3*,#4,! *4! K4,*&4! $7@##.H!5/#!,*3*,#4,!</#4#3#$!@$(@(.#,!01! '/#!M(&$,!(;!Q*$#%'($.! *.! .70i#%'! '(! '/#!&@@$(3&9!(;!'/#!./&$#/(9,#$.!&'!'/#!#4.7*42!8447&9!:#4#$&9!"##'*42H!K4!'/#!#3#4'!(;!9*^7*,&'*(4!(;!'/#!L(+@&41>!'/#!/(9,#$.!(;!#^7*'1!./&$#.!<*99!0#!#4'*'9#,!'(!$#%#*3#!&41!(;!'/#!$#+&*4*42!&..#'.!(;!'/#!%(+@&41>!&;'#$!,*.'$*07'*(4!(;!&99!@$#;#$#4'*&9!&+(74'.H!5/#!,*.'$*07'*(4!<*99!0#!*4!@$(@($'*(4!'(!'/#!47+0#$!(;!#^7*'1!./&$#.!/#9,!01!'/#!./&$#/(9,#$.H
(b) Reconciliationofsharesoutstandingatthebeginningandattheendofthereportingperiod
&KPIQRKPIS& &KPIYRKPIQ&7#?G%3H !&4,&:3"3% 7#?G%3H !&4,&:3"3%
\^7*'1!./&$#.!(7'.'&4,*42!&'!'/#!0#2*44*42!(;!'/#!@#$*(, ABW>EWA>CVF! !ABHWW! AII>EWA>CVF! !AIHIW!Equity shares allotted in Qualified Institutional `9&%#+#4'
FA>XBV>ABA! !FHAB! AX>CCC>CCC! !AHXC!
\^7*'1!./&$#.!(7'.'&4,*42!&'!'/#!#4,!(;!'/#!@#$*(, FCA>IXW>FFX! !FCHAX! ABW>EWA>CVF! !ABHWW!
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!#%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
(c) On 13th Nov 2017, the Company issued and allotted 3,25,67,262 Equity Shares of Re 1/- each at an issue price of!!"!IIHBX!@#$!./&$#!'(!$&*.#!!" 145.41 Crore by way of Qualified Institutional Placement (“QIP”) under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Section IA!(;!'/#!L(+@&4*#.!8%'>!ACDF!$#&,!<*'/!P79#!DI!(;!'/#!L(+@&4*#.!T`$(.@#%'7.!&4,!899('+#4'!(;!?#%7$*'*#.!P79#.>!2014). Expenses related to the issue amounting to !" !DAHFD!L$($#!/&3#!0##4!&,i7.'#,!&2&*4.'!?#%7$*'*#.!`$#+*7+!Reserves. The net proceeds of the Qualified Institutional Placement has been utilised for repayment / prepayment of ,#0'>!<($d*42!%&@*'&9!&4,!2#4#$&9!%($@($&'#!@7$@(.#H
(d) The company during the preceding five years :! T*O!J&.!4('!&99(''#,!./&$#.!@7$.7&4'!'(!%(4'$&%'.!<*'/(7'!@&1+#4'!$#%#*3#,!*4!%&./H! T**O!J&.!4('!*..7#,!./&$#.!01!<&1!(;!0(47.!./&$#.H! T***O!J&.!4('!0(72/'!0&%d!&41!./&$#.H
(e) @%$(41H&"-&H*(3%*"1F%3H&*"1F4,5&?"3%&$*(,&Za&E\#4$<&=*(3%H&4,&$*%&9"?)(,<&",&3%)"3$4,5&F($%6
AsatMarch31,2018 AsatMarch31,20177"&"-&H*(3%H&*%1F a&"-&*"1F4,5 7"&"-&H*(3%H&*%1F a&"-&*"1F4,5
JH!SH!"*''&9 !IV>CBB>VCC! DXHXB !IB>VBB>VCC! DVHFF8$%/&4&!"*''&9 !AV>CAV>ICC! EHWI !AV>CAV>ICC! DCHCD8J"!K43#.'+#4'.!`$*3&'#!)*+*'#, !DE>ICB>AXC! BHCW !DE>ICB>AXC! BHEA:(3#$4+#4'!(;!?*42&@($# !DV>FFB>WXW! XHVF !DX>FBB>EIC! XHBW
! ]7'!(;!&0(3#!XA>BAF>ICD!4(!(;!./&$#.! T`b!AD>BEC>WXD!4(!(;!./&$#.O! TXBHEIo!T`b!AFHIWoO!(;!@$(+('#$!/(9,*42O!/&.!0##4!@9#,2#,!;($!9(&4!'&d#4!01!%(+@&41!&+(74'*42!'(!!"VIHXC!L$($#!T`b!!"FBHCC!L$($#O!&.!.'&'#,!*4!?%/#,79#!AHDE!WC>CC>CCC! ./&$#.! /#9,! 01! 8J"! K43#.'+#4'.! `$*3&'#! )*+*'#,! /&.! 0##4! @9#,2#,! ,7$*42! '/#! 1#&$! ;($! %$#,*'! ;&%*9*'1!&+(74'*42!'(!!"FB!L$($#!'&d#4!01!</(991!(<4#,!.70.*,*&$1H
!"!*4!L$($#
0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJI/&C$*%3&E\#4$<
0J& =#??(3<&C-&C$*%3&E\#4$<(ReferStatementofChangesinEquityfordetailedmovement)!L&@*'&9!P#.#$3#! !IAHEW! !IAHEW!!L&@*'&9!P#,#+@'*(4!P#.#$3#! !ICHCC! !ICHCC!!?#%7$*'*#.!`$#+*7+!8%%(74'! !XWCHVX! !IBCHEF! Tonnage Tax Reserve - !DXHFE!!Q#0#4'7$#!P#,#+@'*(4!P#.#$3#! !AXHCC! !AXHCC!!:#4#$&9!P#.#$3#! !DBVHBF! !DXAHAI! Foreign Currency Monetary Item Translation Difference Account !XHWB! !DAHDB!!P#'&*4#,!#&$4*42.! !TDFDHVCO !IBHIC!!Q##+#,!\^7*'1!%(+@(4#4'!(4!6LLM! !CHFB! !CHFB!!]'/#$!L(+@$#/#4.*3#!K4%(+#! !CHAE! !TCHBIO
&Q/IJIQ& 794.62
B. NatureofReserves
& & 9()4$(1&!%H%3A%
! ! L&@*'&9!P#.#$3#!*.!7'*9*.#,!*4!&%%($,&4%#!<*'/!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDFH
& & 9()4$(1&!%F%?)$4",&!%H%3A%
! ! L&@*'&9!P#,#+@'*(4!$#.#$3#!TLPPO!*.!0#*42!%$#&'#,!&.!@#$!?#%'*(4!EC!T,O!(;!'/#!L(+@&4*#.!8%'>!ACDFH
& & =%:#34$<&U3%?4#?
! ! ?#%7$*'*#.!`$#+*7+!P#.#$3#!*.!7.#,!'(!$#%($,!'/#!@$#+*7+!(4!*..7#!(;!.#%7$*'*#.!(;!'/#!L(+@&41H!5/*.!$#.#$3#!*.!%$#&'#,!&4,!7'*9*.#,!&.!@#$!'/#!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDFH
Notes to the Financial Statements
$'!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
& & B",,(5%&!%H%3A%
These reserves are mandatory under the Income Tax Act, 1961 for companies who opt for the Tonnage Tax .%/#+#!@$#.%$*0#,!74,#$!'/#!.&*,!8%'H
& & @%G%,$#3%&!%F%?)$4",&3%H%3A%
The Company is required to create a Debenture Redemption Reserve out of the profits which is available for $#,#+@'*(4!(;!,#0#4'7$#.H
& & 2%,%3(1&!%H%3A%
! ! :#4#$&9!P#.#$3#!$#@$#.#4'.!&@@$(@$*&'*(4!(;!$#'&*4#,!#&$4*42.!&4,!&$#!&3&*9&09#!;($!,*.'$*07'*(4!'(!?/&$#/(9,#$.
ForeignCurrencyMonetaryItemTranslationDifferenceAccount
Foreign Currency Monetary Item Translation Difference Account represents amounts recognized on account (;!'$&4.9&'*(4!(;!9(42!'#$+!;($#*24!%7$$#4%1!,#4(+*4&'#,!0($$(<*42.!4('!$#9&'#,!'(!&%^7*.*'*(4!(;!,#@$#%*&09#!assets. Amounts so recognized are amortised in the statement of profit and loss over remaining maturity of $#9&'#,!0($$(<*42.H
& & N%F54,5&3%H%3A%
This records the movement in the value of cash flow hedges
& & !%$(4,%F&%(3,4,5H
! ! P#'&*4#,! #&$4*42.! $#@$#.#4'.! [email protected]! &%%7+79&'#,! #&$4*42.! (;! '/#! %(+@&41! 9#..! &41! '$&4.;#$.! '(! :#4#$&9!Reserve, Tonnage Tax Reserves, dividend or other distribution paid to Shareholders.
& & @4A4F%,F&6!K4!$#.@#%'!(;!1#&$!#4,#,!"&$%/!FD>!ACDE>!'/#!M(&$,!(;!Q*$#%'($.!(;!'/#!L(+@&41!/&.!!$#%(++#4,#,!!,*3*,#4,!&+(74'*42!'(!!"U*9!!T`$#3*(7.!b#&$!!"!CHCX!@#$!./&$#O!(4!'/#!;7991!@&*,!7@!#^7*'1!./&$#.H
! ! @%%?%F&E\#4$<&6!P#@$#.#4'.!,##+#,!#^7*'1!@($'*(4!(;!6LLM!&.!@#$!K4,!8?H
KJIZBorrowings(Non-current)!"!*4!L$($#
7",R:#33%,$&U"3$4", 9#33%,$&'($#34$4%HT B"$(10H&($ 0H&($ 0H&($
.IWP.WKPIS .IWP.WKPIQ .IWP.WKPIS .IWP.WKPIQ .IWP.WKPIS .IWP.WKPIQ=%:#3%F@%G%,$#3%H
?#%7$#,!U(4!L(43#$'*09#!Debentures - (a)
!WWHAA! !XCHCC! - !XCHCC! !WWHAA! !DCCHCC!
B%3?&M"(,HFromBanks
Rupee Term Loans - (b) fT,O
- !CHCX! - !CHCB! - !CHDD!
6($#*24!L7$$#4%1!5#$+!Loans - (b) &(d)
!FXEHFB! !IBWHXA! !DDXHXA! !WDHFI! !IVFHEE! !XBCHEB!
External Commercial Borrowings-(b) &(d)
!EDHAV! !DIEHFF! !BBHEX! !FCHBB! !DIEHDA! !DVEHWW!
>3"?&>4,(,:4(1&D,H$4$#$4",H
Rupee Term Loans - (b) fT,O
!AHCC! - !EHCC! - !DCHCC! -
^,H%:#3%F6($#*24!L7$$#4%1!L(43#$'*09#!M(4,.!!T%O
!WBHAE! !WCHBI! - - !WBHAE! !WCHBI!
&Y.QJI.& &QZSJZ/& 190.37 &IQKJPY& &SKQJZP& 930.60
* Current maturities of non-current borrowings have been disclosed under “Other Financial Liabilities (Current)”.
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!$&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#(a)
@%G%,$#3%H&:"?)34H%&"-&-"11";4,560H&($
!%F%?)$4",&@($%.IWP.WKPIS .IWP.WKPIQ23"HH 9(33<4,5&+(1#% 23"HH 9(33<4,5&+(1#%
DCCC! TDAHCCOo!?#%7$#,!_49*.'#,!_4$&'#,!U(4!L(43#$'*09#!Q#0#4'7$#.!(;!!"!DC>CC>CCC!#&%/!j
!DCCHCC! !WWHAA! - -
p7&$'#$91!K4.'&9+#4'!.'&'*42!;$(+!!k74#!ACAC
DCCC! TDAHICOo! ?#%7$#,! )*.'#,! P&'#,! U(4!L(43#$'*09#!Q#0#4'7$#.!(;!!"!DC>CC>CCC!#&%/!jj - - !DCCHCC! !DCCHCC!
5-Nov-18
&IPPJPP& 99.22 &IPPJPP& &IPPJPP&! * Non Convertible Debentures are secured by first pari passu charge on specified vessels and first pari passu charge
on the specified immovable property of the company. The same has further collaterally secured on pledge of ./&$#.!(;!"#$%&'($!`#'$(9#7+!)*+*'#,!/#9,!01!'/#!%(+@&41!&4,!*'.!.'#@!,(<4!.70.*,*&$1H!5/*.!<*99!0#!$#,##+#,!&'!@$#+*7+!(;!Xo!(4!#3#$1!$#,#+@'*(4!*4.'&99+#4'!($!&41!@$#!@&1+#4'!&.!@#$!'#$+.!(;!Q#0#4'7$#!5$7.'!Q##,H!
** Non Convertible Debentures were secured by first pari-passu charge on specified vessels and first pari passu charge on the specified immovable property of the company. These have been fully prepaid on March 27, 2018.
(b) ForeignCurrencytermloancompriseoffollowing:! *H! 5/#!;($#*24!%7$$#4%1!'#$+!9(&4.!;$(+!0&4d.!(;!!"!IVFHEE!%$($#!T`b!!"560.86 Crore) (gross) are secured by a first
ranking or exclusive charge/ mortgage/ security interest in respect of specified vessels of the company as well as charge on cash flows of specified vessels
ii. The external commercial borrowings of !"!DIEHDA!%$($#!T`b!!"178.99 Crore) (gross) are secured by a first ranking or exclusive charge/ mortgage/ security interest in respect of specified vessels of the company as well as charge on cash flows of specified vessels.
& T%O!! 6($#*24!L7$$#4%1!L(43#$'*09#!M(4,.! T6LLMO!(;! !_?Q!DB!"4!(7'.'&4,*42!&+(74'*42! '(!!WBHAE!L$($#! T`b!!WCHBI!Crore) are convertible upon exercise of option during the period May 27, 2014 till April 27, 2019 at initial conversion @$*%#!(;!!38.30 Per Share (at a fixed rate of exchange on conversion of !XEHXVIC!@#$!D!_?QOH!5/#!+&'7$*'1!,&'#!(;!FCCB is May 27, 2019 which is listed on Singapore Stock Exchange. This is fully unsecured in nature.
(d) ForeignCurrencytermfrombankandFinancialInstitutionscompriseoffollowing:& !"!*4!L$($#
9#33%,:< BalanceD,H$(11?%,$H&
(H&(",&.IWP.W.PIS
&!($%&"-&D,$%3%H$&
0H&($ &E,F&"-&$%,#3%.IWP.WKPIS .IWP.WKPIQ
&23"HH& &9(33<4,5&+(1#%&
&23"HH& 9(33<4,5&+(1#%
External Commercial Borrowing _?Q DF )*0($yFHICo !VHWE! !VHWE! !DCFHVI! !DCFHVI! ACAAExternal Commercial Borrowing _?Q DF )*0($yFHICo !VWHEF! !VWHDI! - - ACAAExternal Commercial Borrowing _?Q DB )*0($yFHICo !IFHDD! !IFHDD! !XIHDE! !XIHDE! ACAAExternal Commercial Borrowing _?Q A )*0($yXHCCo !DVHEW! !DVHEW! !ADHCV! !ADHCV! ACDW
&I/SJSP& &I/SJIK& 178.99 178.996($#*24!L7$$#4%1!5#$+!)(&4 _?Q B )*0($yXHCCo !DBHAB! !DXHID! !AWHDE! !AVHCC! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yIHXCo !FDHAA! !FCHFE! !FEHIA! !FVHDF! ACAA6($#*24!L7$$#4%1!5#$+!)(&4 _?Q E )*0($yIHXCo !AAHVV! !ACHVW! !FAHIA! !AEHIE! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q B )*0($yIHXCo !AFHAW! !AFHAW! !AEHCE! !AEHCE! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yXHACo !DCAHDA! !WEHDE! !DDEHCC! !DDAHFC! ACAA6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AX )*0($yIHXCo !EVHED! !EVHCW! !WAHIC! !WDHIV! ACAX6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AC "L)PyFHXXo !AWHWA! !AVHBW! !FAHIA! !FCHFC! ACAF6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AC "L)PyFHXXo !IDHEW! !FEHVI! !IXHFW! !IAHID! ACAF6($#*24!L7$$#4%1!5#$+!)(&4 _?Q W )*0($yXHCCo !AWHAV! !AWHCA! !IAHDX! !IDHBI! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yXHCCo !DCIHCV! !DCFHAE! !DAFHFD! !DAAHCI! ACAA
&/SSJYI& &/Q.JSQ& &ZSIJQY& &ZYPJSZ&
6LLM _?Q IHVXo !DCIHCV! !WBHAE! !DCFHVI! !WCHBI! ACAC
P7@##!'#$+!9(&4!;$(+!M&4d KUP WHIWo - - - !CHDD! ACAC
P7@##!'#$+! 9(&4!;$(+!6*4&4%*&9!K4.'*'7'*(4
KUP DIHXCo !DCHCC! !DCHCC! - - ACDW
827.49 930.60 External Commercial Borrowings referred in (c) above are secured by exclusive/first pari passu charge on specified
vessels of the company as well as charge on cash flows of specified vessels.
Notes to the Financial Statements
$(!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
(e) Rupeetermloanfromfinancialinstitutioncompriseoffollowing:!"!*4!L$($#
&!($%&"-&D,$%3%H$&
&!($%&"-&D,$%3%H$&
0H&($ &E,F&"-&$%,#3%.IWP.WKPIS .IWP.WKPIQ
&23"HH& &9(33<4,5&+(1#%&
&23"HH& 9(33<4,5&+(1#%
6*4&4%*&9!K4.'*'7'*(4 DIHXCo !)(42!5#$+! !DCHCC! !DCHCC! - 30-Apr-19
6*4&4%*&9!K4.'*'7'*(4j DFHXCo !?/($'!5#$+! !DVHXC! !DVHXC! - 31-Mar-196*4&4%*&9!K4.'*'7'*(4 DBHCCo !?/($'!5#$+! !ACHCC! !ACHCC! 03-Nov-186*4&4%*&9!K4.'*'7'*(4 DIHXCo !?/($'!5#$+! !XHCC! !XHCC! !DAHCC! !DAHCC! 31-Jan-196*4&4%*&9!K4.'*'7'*(4 DIHCCo !?/($'!5#$+! !VHCC! !VHCC! !VHCC! !VHCC! 25-Sep-186*4&4%*&9!K4.'*'7'*(4 DIHCCo !?/($'!5#$+! !DCHCC! !DCHCC!6*4&4%*&9!K4.'*'7'*(4j DIHCCo !?/($'!5#$+! !DXHCC! !DXHCC! !VHCC! !VHCC! 25-Feb-19
&Y/JZP& &Y/JZP& &.YJPP& &.YJPP&
! 5/#!&0(3#!9(&4.!&$#!.#%7$#,!&2&*4.'!@9#,2#!(;!./&$#.!/#9,!01!@$(+('#$.H! j!)(&4.!&$#!;7$'/#$!%(99&'#$&991!.#%7$#,!01!`#$.(4&9!:7&$&4'##!(;!`$(+('#$.
!"!*4!L$($#
0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJIYOtherFinancialLiabilities(Non-Current)
!!!?#%7$*'1!Q#@(.*' !CHDE! !CHDE!
!!!6*4&4%*&9!:7&$&4'##!L(4'$&%'!9*&0*9*'1 !DAHBC! -
&IKJQS& &PJIS&
KJIQProvisions(Non-Current)
Provision for employee benefits!!!:$&'7*'1 !CHED! !DHAA!!!!L(+@#4.&'#,!&0.#4%#. !CHFB! !CHXV!
&IJIQ& 1.79
KJISBorrowings(Current)
=%:#3%F&FromBanksL&./!L$#,*' !AIHIC! !AVHIE!]'/#$!)(&4.! !DBHWF! - 6$(+!6*4&4%*&9!K4.'*'7'*(4!C$*%3&M"(,H& !BIHXC! !FBHCC!^,H%:#3%F&6$(+!M&4d.!L&./!L$#,*' !DWHIF! !DWHWE!
&IKZJKY& &S.J/Y&
Cash Credit facilities from Scheduled Banks are secured by first charge on all receivables on pari-passu basis and second charge on specified vessels. Other loans are secured by pledge of shares and personal guarantee of promoters.
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!$)!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
2.19&B3(F%&U(<(G1%HB"$(1&C#$H$(,F4,5&"- - Micro and small enterprises (Refer Note 3.09) - - - Other than micro and small enterprises (a) !DFXHFA! !DEIHVI!
&I.ZJ.K& &IS/JQ/&
T&O!K4%97,#.!@&1&09#!'(!.70.*,*&$1!%(+@&4*#. &.QJY/& &KSJQP&
KJKPOtherFinancialLiabilities(Current)Current maturities of long-term debt- Debentures (Refer Note 2.15) - !XCHCC!- External commercial borrowings (Refer Note 2.15) !BBHEX! !FCHBB!- Term loans from banks (Refer Note 2.15 ) !DDXHXA! !WDHIC!- Rupee Term Loan from Financial Institution (Refer Note 2.15 ) !EHCC! - L&@*'&9!L$#,*'($. !DBHXC! !FHDW!!!!6*4&4%*&9!:7&$&4'##!L(4'$&%'!9*&0*9*'1 !FHXV! - Liability towards cash flow hedges !CHCC! !XHIW!]'/#$!@&1&09#. !DHAC! !DHIB!K4'#$#.'!&%%$7#,!07'!4('!,7#!(4!0($$(<*42. !IHBW! !DAHAW!_4%9&*+#,!Q*3*,#4,!T&O !CHDD! !CHDX!
&KIYJ//& 194.64
! T&O! 5/#$#!*.!4(!&+(74'>!,7#!&4,!(7'.'&4,*42>!'(!0#!%$#,*'#,!'(!K43#.'($!\,7%&'*(4!&4,!`$('#%'*(4!674,H
KJKI&C$*%3&9#33%,$&M4(G414$4%H!!!?'&'7'($1!,7#.!@&1&09#. !DXHDI! !VHVC! Advance for Asset classified as Held For Sale !ABHAE! - !!8,3&4%#!;$(+!%7.'(+#$. !CHXV! !DHDI!
41.99 &SJS/&
KJKKProvisions(Current)Provisionforemployeebenefits!!!:$&'7*'1 !CHAV! !CHEE!!!!L(+@#4.&'#,!&0.#4%#. !CHAB! !CHAB!
&PJZ.& &IJI/&
KJK.&!%A%,#%&-3"?&C)%3($4",H&!%A%,#%&-3"?&R&
!6$#*2/'!&4,!,#+7$$&2#! !XXHIE! !CHEX!!Q$#,2*42! !DVCHBW! !AVCHEX!!L/&$'#$!/*$#! !DVWHXC! !ABBHBF!
&/PZJYQ& &Z.SJ..&
Notes to the Financial Statements
$*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
!"!*4!L$($#X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
KJK/&C$*%3&D,:"?%!Q*3*,#4,!K4%(+#! !CHCV! - !P#4'!K4%(+#! !CHBC! !CHBC!!K4'#$#.'!*4%(+#!
- Fixed Deposits and Inter corporate deposits !FHXC! !BHCC! - Related Party !AAHEW! !DXHAI!
Balances written back / written off (net) !CHAF! - Gain on Exchange Difference !XHCV! - !8+($'*.#,!6*4&4%*&9!:7&$&4'##!]09*2&'*(4! !VHDA! !XHCC!!]'/#$!*4%(+#! !AHWF! !FHBB!
&/KJ/I& &.PJZP&
&D,$%3%H$&D,:"?%&-3"?&!%1($%F&U(3$4%H&6&!"#$%&'($!]*9!f!:&.!)',H! !IHAE! !FHVC!!"#$%&'($!`#'$(9#7+!)',!! !IHCB! !FHBF! Mercator Offshore (P) Pte Ltd - !CHDA!!"#$%&'($!K4'#$4&'*(4&9!`'#!)',! !DAHXV! !BHDA!!K4'#$#.'!(4!Bo!Q#0#4'7$#.!(;!"#$%&'($!`#'$(9#7+!)',! !DHWE! !DHBV!
22.89 &IZJK/&
KJKZ&C)%3($4,5&E8)%,H%H!M74d#$!L(4.7+#,! !VEHBA! !EEHEI! Vessel /Equipment hire expenses !VHWX! !FIHAF! Crew Expenses !VWHEV! !WCHCD! Agency, Professional and service expenses !BHCW! !BHWD! Communication expenses !DHVF! !DHED!!L(++*..*(4! !CHFE! !CHCB!!Q*.@&'%/!f!Q#+7$$&2#! - !XHEV!!K4.7$&4%#! !WHBF! !DDHED! Port expenses !DDHVD! !IHAC!!P#@&*$.!&4,!"&*4'#4&4%#! !FWHVA! !XEHBW!!?'#3#,($*42>!'$&4.@($'!&4,!!;$#*2/'! !DHBB! !DHVI! Other Expenses !BHWA! !AHVB!
&K//JKS& 306.93
KJKYEmployeeBenefitsExpenses!?&9&$*#.>!<&2#.>!0(47.>!#'%H! !DXHWI! !DIHFX!!L(4'$*07'*(4!'(!@$(3*,#4'!&4,!('/#$!;74,.! !DHIW! !CHBB! Employee welfare expenses !CHAB! !CHAX!
17.69 &IZJKY&
KJKQ&>4,(,:%&:"H$ Interest expense !EDHFE! !VEHAV! Other finance cost !AAHVW! !DEHBF!!8+($'*.#,!6*4&4%*&9!:7&$&4'##!]09*2&'*(4!`$#+*7+!T&O! !CHCB! -
&IP/JK.& 96.90
(a)!"#$%&'($!]%#&4'$&4.@($'!)*+*'#, CHCF -!"#$%&'($!`#'$(9#7+!)*+*'#, CHCF -
PJPY R
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!$!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#!X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
KJKS&C$*%3&%8)%,H%H
P#4'!! !FHXX! !AHAE!`&1+#4'!'(!&7,*'($.!8.!&7,*'($.! !CHAE! !CHAE!For other services (certification and other matters) !CHDD! !CHDA!
P#@&*$.!&4,!"&*4'#4&4%#!! !CHWA! !DHCI!K4.7$&4%#! !CHDF! !CHDI!Legal, Professional and consultancy expenses !IHEC! !IHWB!Expected Credit Loss !DHWE! - Communication Expenses !CHAE! !CHFF!L(43#1&4%#>!L&$!J*$#!&4,!5$&3#99*42! !DHAX! !DHFW!8,3#$'*.#+#4'! !CHCB! !CHCF!Loss on Sale / Discard of Fixed Asset !FVHXW! !CHFB!Loss on value of Assets classified as Held For Sale !AVHVB! - Loss on sale of Non-Current Investments - !CHXE!U#'!)(..!(4!;($#*24!%7$$#4%1!'$&4.&%'*(4.c'$&4.9&'*(4! - !DHBA!`$(3*.*(4!;($!,(70';79!,#0'.c&,3&4%#.! !XHXC! !BHIF!Miscellaneous expenses !AHVF! !FHFC!
!EBHWI! !AAHEB!
2.29&&D,:"?%&B(8&E8)%,H%H
&9#33%,$&$(8 Income tax for the year !AHCC! !DHCC! Adjustments/(credits) related to previous years - Net (Refer Note 3.17) !ICHDV! !! Total current tax &/KJIQ& &IJPP&
Notes to the Financial Statements
$"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
.JIEarningsperShare(EPS)
M&.*%!\`?!T!*4!!#" !TBHXAO !TDHAXOQ*97'#,!\`?!T!*4!!#" !TBHXAO !TDHAXO
!%:",:414($4",&"-&%(3,4,5H&#H%F&4,&:(1:#1($4,5&%(3,4,5&)%3&H*(3%Total Profit/(loss) attributable to equity shareholders !TDEIHCVO !TFDHDBO
=#*2/'#,!&3#$&2#!47+0#$.!(;!#^7*'1!./&$#.!7.#,!*4!'/#!%&9%79&'*(4!(;!\`?G=#*2/'#,!&3#$&2#!47+0#$.!(;!#^7*'1!./&$#.!7.#,!*4!'/#!%&9%79&'*(4!(;!M&.*%!\`? !AEA>AWI>ICC! !AIW>XIW>BCV!Q*97'*3#!*+@&%'!(;!6LLM!T!84'*!Q*97'*3#>!/#4%#!U*9O - - =#*2/'#,!&3#$&2#!47+0#$.!(;!#^7*'1!./&$#.!&4,!@('#4'*&9!#^7*'1!./&$#.!7.#,!*4!'/#!%&9%7-9&'*(4!(;!Q*97'#,!\`? 282,294,400 249,549,607
6&%#![&97#!@#$!#^7*'1!./&$#!T!"O !DHCC! !DHCC!
.JK&=%5?%,$&!%)"3$4,5! K4! &%%($,&4%#!<*'/!8%%(74'*42! .'&4,&$,! K4,!8?!DCE! l]@#$&'*42!?#2+#4'e>! .#2+#4'! *4;($+&'*(4!/&.!0##4!2*3#4! *4!
the consolidated Ind AS financial statements of Mercator Limited, and therefore, no separate disclosure on segment information is given in the Standalone financial statements.
.J.DisclosureasrequiredbyIndianAccountingStandard(IndAS)19onEmployeeBenefits(A) DefinedContributionPlans:
The Company has recognised the following amounts in the Statement of Profit and Loss for the yearT!"!*4!L$($#O
U(3$4:#1(3H 9#33%,$&X%(3 U3%A4"#H&X%(3Contribution to Employees’ Provident Fund (excluding Contribution to Seamen’s Provident 674,O CHXI CHBD
(B) DefinedBenefitPlansandOtherLongTermBenefits:! [&97&'*(4.!*4!$#.@#%'!(;!:$&'7*'1!&4,!)#&3#!\4%&./+#4'!/&3#!0##4!%&$$*#,!(7'!01!&4!*4,#@#4,#4'!&%'7&$1!&.!&'!'/#!M&9&4%#!?/##'!
,&'#!74,#$!'/#!`$(i#%'#,!_4*'!L$#,*'!+#'/(,>!0&.#,!(4!'/#!;(99(<*42!&..7+@'*(4.G
0:$#(34(1&0HH#?)$4",H 23($#4$< M%(A%&E,:(H*?%,$0H&($&.IH$&'(3:*&
KPIS0H&($&.IH$&'(3:*&
KPIQ0H&($&.IH$&'(3:*&
KPIS0H&($&.IH$&'(3:*&
KPIQT&O!Q*.%(74'!P&'# VHXCo VHXCo VHXCo VHXCoT0O!?&9&$1!\.%&9&'*(4!P&'# EHCCo EHCCo EHCCo EHCCo(c) Staff Turnover Rate Ao!'(!DCo!@H&H!
&2#!$#9&'#,!(4!2$&,7&'#,!.%&9#
Ao!'(!DCo!@H&H!&2#!$#9&'#,!(4!2$&,7&'#,!.%&9#
Ao!'(!DCo!@H&H!&2#!$#9&'#,!(4!2$&,7&'#,!.%&9#
Ao!'(!DCo!@H&H!&2#!$#9&'#,!(4!2$&,7&'#,!.%&9#
T,O!"($'&9*'1!5&09# K4,*&!8..7$&4%#!)*3#.!+($'&9*'1!
(2006-08) _9'*+&'#
K4,*&!8..7$&4%#!)*3#.!+($'&9*'1!
(2006-08) _9'*+&'#
K4,*&!8..7$&4%#!)*3#.!+($'&9*'1!
(2006-08) _9'*+&'#
K4,*&!8..7$&4%#!)*3#.!+($'&9*'1!
(2006-08) _9'*+&'#
(e) Expected average remaining service (in years) !DXHCC! !DVHBD! !DCHVV! !DEHCC!
(i) ChangesinDefinedBenefitObligationT!"!*4!L$($#O
U(3$4:#1(3H &23($#4$<& M%(A%&E,:(H*?%,$&X%(3&E,F%F&.IH$&'(3:*&KPIS&
&X%(3&E,F%F&.IH$&'(3:*&KPIQ&
&X%(3&E,F%F&.IH$&'(3:*&KPIS&
&X%(3&E,F%F&.IH$&'(3:*&KPIQ
Defined Benefit Obligation at the beginning !AHDC! !DHFB! !CHEF! !CHEF!L7$$#4'!?#$3*%#!L(.' !CHDE! !CHAF! !CHDA! !CHDE!`&.'!?#$3*%#!L(.' !CHDD! - - - T:&*4O!c!)(..!(4!.#''9#+#4'. - - - - Interest Expense !CHDF! !CHDC! !CHCX! !CHCB!Benefit Payments from Plan Assets - - - - Benefit Payments from Employer !TCHBAO !TCHAVO !TCHFCO !TCHDVO
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!$#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
U(3$4:#1(3H &23($#4$<& M%(A%&E,:(H*?%,$&X%(3&E,F%F&.IH$&'(3:*&KPIS&
&X%(3&E,F%F&.IH$&'(3:*&KPIQ&
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- - - -
K4%$#&.#!c!TQ#%$#&.#O!,7#!'(!`9&4!%(+0*4&'*(4 - - - - Remeasurements - Due to Demographic Assumptions - - - - Remeasurements - Due to Financial Assumptions - !CHCX! - !CHCD!Remeasurements - Due to Experience Adjustments !TCHEAO !CHBF! !TCHCWO !TCHCEODefinedBenefitObligationattheend &IJPS& &KJIP& &PJYI& &PJS.&
(ii) ChangeinFairValueofPlanAssets
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- - - -
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(iii) ComponentsofDefinedbenefitcost
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!CHIA! !CHFF! !CHDV! !CHAI!
Remeasurements - Due to Demographic Assumptions - - - - Remeasurements - Due to Financial Assumptions - !CHCX! - !CHCD!Remeasurements - Due to Experience Adjustments !TCHEAO !CHBF! !TCHCWO !TCHCEO (Return) on Plan Assets (Excluding Interest Income) - - - - !TP#'7$4O!(4!P#*+07$.#+#4'!P*2/'. - - - - L/&42#.!*4!8..#'!L#*9*42!c!]4#$(7.!)*&0*9*'1 - - - - B"$(1&!%?%(H#3%?%,$H&4,&C$*%3&9"?)3%*%,H4A%&D,:"?% (0.82) &PJYS& (0.09) (0.07)TotalDefinedBenefitCostrecognisedintheStatementofProfitandLossandOtherComprehensiveIncome (0.40) &IJPI& &PJPS& &PJIQ&
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Notes to the Financial Statements
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(iv) NetdefinedBenefitLiability/(Asset)reconciliation !"!*4!L$($#
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NetDefinedBenefitLiability/(Asset)atthebeginning !AHDC! !DHFB! !CHEF! !CHEF!Defined Benefit Cost included in the Statement of Profit &4,!9(..
!CHIA! !CHFF! !CHDV! !CHAI!
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- - - -
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(v) AmountsrecognizedintheBalanceSheet
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Defined Benefit Obligation !DHCE! !AHDC! !CHBD! !CHEF!6&*$![&97#!(;!`9&4!8..#'. - - - - >#,F%F&=$($#H &IJPS& &KJIP& &PJYI& &PJS.&Effect of Asset Ceiling/Onerous Liability - - - - NetDefinedBenefitLiability/(Asset) &IJPS& &KJIP& &PJYI& &PJS.&Ofwhich,ShorttermLiability &PJKQ& &PJSS& &PJKY& &PJKY&
(vi) ExperienceAdjustments-Gratuity
E8)%34%,:%H KPI/ KPIZ KPIY KPIQ KPISDefined Benefit Obligation at the end (;!'/#!@#$*(,
!DHEE! !AHAC! !DHFB! !AHDC! !DHCE!
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Experience adjustments on Plan 8..#'.
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(vii) MaturityProfileofDefinedBenefitObligation:
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(viii)SensitivityAnalysis
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.J/& 9()4$(1&(,F&C$*%3&9"??4$?%,$H Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) as at March 31,
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Notes to the Financial Statements
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&K/PJQQ& &KKIJZY&2#(3(,$%%H&6L(74'#$!!:7&$&4'##!*..7#,!01!L(+@&41!;($!27&$&4'##.!(0'&*4#,!;$(+!0&4d!T4#'!(;!+&$2*4O !WIHXV! !DDCHCF!L($@($&'#!!27&$&4'##.!*..7#,!01!'/#!L(+@&41!(4!0#/&9;!(;!.70.*,*&$*#.! !XEXHXE! !IEBHAX!L(74'#$!:7&$&4'##.!*..7#,!01!%(+@&41!;($!?'&4,01!)#''#$!(;!L$#,*'!!(4!0#/&9;!(;!?'#@!,(<4!?70.*,*&$1
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)#''#$!(;!L(+;($'.!*..7#,!01!'/#!L(+@&41!(4!0#/&9;!(;!?70.*,*&$1 !IEHDF! !IVHWE!979.49 918.86!
j!82&*4.'!'/#!&0(3#!'/#!L(+@&41!/&.!&9$#&,1!@&*,!!"ICHVX!L$($#!T`$#3*(7.!b#&$!!"!ICHVX!L$($#OThe Company expects the following reimbursements in respect of the above contingent liabilities ;$(+!*4.7$&4%#!%(+@&4*#.!&4,!'/*$,!@&$'*#.HGLegal Cases - Shipping !WHDV! !WHDI!
9.17 9.14
(i) It is not practical for the Company to estimate the timings of cash outflows, if any, in respect of the above pending $#.(97'*(4!(;!'/#!$#.@#%'*3#!@$(%##,*42.!&.!*'!*.!,#'#$+*4&09#!(491!(4!$#%#*@'!(;!i7,2#+#4'.c,#%*.*(4.!@#4,*42!<*'/!3&$*(7.!;($7+.!c!&7'/($*'*#.H! !
(i) The Company’s pending litigations comprise of claims pertaining to proceedings pending with Income Tax, Service Tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions were required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
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Notes to the Financial Statements
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DD O%<&'(,(5%34(1&U%3H",,%1D Mr. H.K Mittal - Executive ChairmanA Mrs. Archana Mittal - DirectorF Mr. Shalabh Mittal - Chief Executive Officer I Mr. Rajendra Kothari - Chief Financial Officer (effective from 01.02.2018)X Mr. Kiran Vaidya - Chief Financial Officer (upto 31.01.2018)B Mr. Suhas Pawar - Company Secretary (upto 26.03.2018)
DDD EnterprisesoverwhichKeyManagerialPersonnelexercisesignificantcontrolD 84d7$!6#$'*9*g#$.!`$*3&'#!)*+*'#,A 8J"!K43#.'+#4'.!`$*3&'#!)*+*'#,F "J)!J#&9'/%&$#!)*+*'#,!I Prem Punita Foundation ( India)- Chartiable TrustX JS!?(4.!P#&9'($.!`$*3&'#!)*+*'#,B `$#+@7'9*!P#&9'($.!`$*3&'#!)*+*'#,V ?*.(79*!P#&9'($.!`$*3&'#!)*+*'#,E [&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,!W P*./*!J(9,*42!`$*3&'#!)*+*'#,DC "&%!"&$*'*+#!5$&*4*42!&4,!P#.#&$%/!K4.'*'7'#
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Notes to the Financial Statements
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D,$%3%H$&D,:"?%&",&9"3)"3($%&2#(3(,$%%&54A%,&$"&H#GH4F4(34%HOffshore Holding Company Pte Ltd !AHWI! - - - - - !AHWI! - "#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !FHIV! - - - - - !FHIV! - "]:) !CHAV! - - - - - !CHAV! - "#$%&'($!`#'$(9#7+!`3'!)', !CHII! - - - - - !CHII! - B"$(1 &QJIK &R&&& &R&&& &R&&& &R&&& &R&&& &QJIK& &R&&&
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Notes to the Financial Statements
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exercisesignificant:",$3"1&
&E,$%3)34H%H&"A%3&;*4:*&@43%:$"3HW!%1($4A%&"-&
@43%:$"3HWO%<&'(,(5%34(1&U%3H",,%1W!%1($4A%&"-&O%<&'(,(5%34(1&U%3H",,%1&exercisesignificant
influence.
&B"$(1
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3
E8)%,H%H&4,:#33%F&",&G%*(1-&"-&
Offshore Holdings Company Pte Ltd !BHFC! !BHWC! - - - - !BHFC! !BHWC!
"#$%&'($!]%#&4'$&4.@($'!)*+*'#, !CHCD! - - - - - !CHCD! -
]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#, !CHCC! !CHDV! - - - - !CHCC! !CHDV!
"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#, !CHCC! !CHCC! - - - - !CHCC! !CHCC!
Mercator Offshore (P) Pte Limited - !CHDD! - - - - - !CHDD!
"#$%&'($!]*9!f!:&.!)*+*'#, !CHCV! - - - - - !CHCV! -
"#$%&'($!`#'$(9#7+!)*+*'#, !CHDD! !CHCI! - - - - !CHDD! !CHCI!
"L?!J(9,*42.!`'#H!)',H !CHFX! !CHCC! - - - - !CHFX! !CHCC!
[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !CHCC! - - - !CHCC! -
84d7$!6#$'*9*g#$.!`$*3&'#!)*+*'#, - - !CHCA! !CHCF! - - !CHCA! !CHCF!
&B"$(1& &YJS/& &QJKK& &PJPK& &PJP.& &R&&& &R&&& &YJSY& &QJKZ&
E8)%,H%H&4,:#33%F&3%)(4F
Offshore Holdings Company Pte Ltd - - - - - - - -
"#$%&'($!]*9!f!:&.!)*+*'#, !CHCC! - - - - - !CHCC! -
"#$%&'($!`#'$(9#7+!)*+*'#, !CHCV! - - - - - !CHCV! -
84d7$!6#$'*9*g#$.!`$*3&'#!)*+*'#, - - !CHCA! - - - !CHCA! -
[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - - !CHCD! - - - !CHCD!
]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#, - - - - - - - -
&B"$(1& &PJPQ& &R&&& &PJPK& &PJPI& &R&&& &R&&& 0.09 &PJPI&
M"(,&54A%,&F#34,5&$*%&<%(3
"#$%&'($!]*9!f!:&.!)*+*'#, !FEHDI! !AEHFE! - - - - !FEHDI! !AEHFE!
"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !DXWHFA! !DEDHDF! - - - - !DXWHFA! !DEDHDF!
"#$%&'($!`#'$(9#7+!)*+*'#, - !IHBW! - - - - - !IHBW!
&B"$(1& 197.46 &KI/JKP& &R&&& &R&&& &R&&& &R&&& 197.46 &KI/JKP&
M"(,&!%)(4F&F#34,5&$*%&<%(3
"#$%&'($!]*9!f!:&.!)*+*'#, !FBHCE! !VHAB! - - - - !FBHCE! !VHAB!
Mercator Offshore (P) Pte Limited - !FHFI! - - - - - !FHFI!
"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !FFHIA! !EVHBV! - - - - !FFHIA! !EVHBV!
B"$(1 69.50 98.27 &R&&& &R&&& &R&&& &R&&& 69.50 98.27
!%$#3,&"-&9()4$(1&0FA(,:%
[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !EHEA! - - - !EHEA! -
&B"$(1& &R&&& &R&&& &SJSK& &R&&& &R&&& &R&&& &SJSK& &R&&&
D,$%3&9"3)"3($%&@%)"H4$&!%)(4F
"))!)(2*.'*%.!`$*3&'#!)*+*'#, - - - - - !ADHEC! - !ADHEC!
&B"$(1& &R&&& &R&&& &R&&& &R&&& &R&&& &KIJSP& &R&&& &KIJSP&
0FA(,:%H&3%:%4A%F&F#34,5&$*%&<%(3
]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#, - !AEHBA! - - - - - !AEHBA!
&B"$(1& &R&&& &KSJYK& &R&&& &R&&& &R&&& &R&&& &R&&& &KSJYK&
!"*4!%$($#
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!%)!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
7(?%&"-&$*%&B3(,H(:$4",& &=#GH4F4(3<&9"?)(,4%H& &E,$%3)34H%H&"A%3&;*4:*&O%<&'(,(5%34(1&U%3H",,%1&
exercisesignificant:",$3"1&
&E,$%3)34H%H&"A%3&;*4:*&@43%:$"3HW!%1($4A%&"-&
@43%:$"3HWO%<&'(,(5%34(1&U%3H",,%1W!%1($4A%&"-&O%<&'(,(5%34(1&U%3H",,%1&exercisesignificant
influence.
&B"$(1
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3&
&9#33%,$&X%(3&
&U3%A4"#H&X%(3
OutstandingBalancesason31.03.2018L(+;($'!)#''#$."&$3#9![&97#!K4'#$4&'*(4&9!)*+*'#, !IEHDF! !IVHWE! - - - - !IEHDF! !IVHWE!&B"$(1& &/SJI.& 47.98 &R&&& &R&&& &R&&& &R&&& &/SJI.& 47.98
2#(3(,$%%H&"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !WXHWI! !DDXHCW! - - - - !WXHWI! !DDXHCW!"#$%&'($!`#'$(9#7+!)*+*'#,! !WAHXX! !FBHDC! - - - - !WAHXX! !FBHDC!"#$%&'($!]*9!&4,!:&.!)*+*'#, !AAFHDA! !ADXHVX! - - - - !AAFHDA! !ADXHVX!"L?!J(9,*42.!`'#H!)', !DVFHWV! !DXXHIA! - - - - !DVFHWV! !DXXHIA!&B"$(1& &ZSZJZS& &ZKKJ.Y& &R&&& &R&&& &R&&& &R&&& &ZSZJZS& &ZKKJ.Y&
9"#,$%3&2#(3(,$%%H!"#$%&'($!`#'$(9#7+!)*+*'#,! !DVHCC! !DVHCC! - - - - !DVHCC! !DVHCC!&B"$(1& &IQJPP& &IQJPP& &R&&& &R&&& &R&&& &R&&& &IQJPP& &IQJPP&
)(&4.!&4,!8,3&4%#."#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !FVIHVB! !AIEHEB! - - - - !FVIHVB! !AIEHEB!"#$%&'($!]*9!f!:&.!)*+*'#, !XDHBA! !IWHXB! - - - - !XDHBA! !IWHXB!"#$%&'($!`#'$(9#7+!)*+*'#, !FWHBI! !IBHWV! - - - - !FWHBI! !IBHWV!"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#, !AHCD! !AHCD! - - - - !AHCD! !AHCD!&B"$(1& &/YSJP.& &./QJ/P& &R&&& &R&&& &R&&& &R&&& &/YSJP.& &./QJ/P&
9()4$(1&0FA(,:%H[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! DEHVV AVHXW DEHVV AVHXW&B"$(1& ISJQQ 27.59 ISJQQ 27.59
M"(,&(,F&C$*%3&!%:%4A(G1%"#$%&'($!]*9!f!:&.!)*+*'#, !DDHBF! !VHVD! - - - - !DDHBF! !VHVD!"#$%&'($!`#'$(9#7+!)*+*'#, !ADHXX! !WHVF! - - - - !ADHXX! !WHVF!Mercator Offshore (P) Pte Limited !DHAI! !DHAF! - - - - !DHAI! !DHAF!Offshore Company Holding Pte Ltd !VHDC! !CHWA! - - - - !VHDC! !CHWA!"L?!J(9,*42.!`'#H!)',H XHVF XHFB - - - - XHVF XHFB"#$%&'($!]d($(!6`_!`'#H!)',H - CHCF - - - - - CHCF"#$%&'($!`$(i#%'.!`'#!)',!T?*42&@($#O - CHDE - - - - - CHDE&B"$(1& &/QJKZ& &KZJIY& R R &R&&& &R&&& &/QJKZ& &KZJIY&
M"(,&(,F&C$*%3&U(<(G1%H"#$%&'($!K4'#$4&'*(4&9!`'#!)*+*'#, !DBHEW! !AVHVD! - - - - !DBHEW! !AVHVD!]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#,H !AEHVC! !AEHVC! - - - - !AEHVC! !AEHVC*+*'#, - !AEHBA! - - - - - !AEHBA!&B"$(1& &R&&& &KSJYK& &R&&& &R&&& &R&&& &R&&& &R&&& &KSJYK&
C)RemunerationpaidtoKeyManagerialU%3H",,%1
&KJSZ& &.J/K& &R&&& &R&&& &R&&& &R&&& &KJSZ& &.J/K&
B"$(1&9"?)%,H($4",&"-&O%<&'(,(5%34(1&U%3H",,%1
&KJSZ& &.J/K& &R&&& &R&&& &R&&& &R&&& &KJSZ& &.J/K&
S#1!"&4&2#$*&9!`#$.(44#9!&4,!P#9&'*3#.!(;!`$(+('#$.!</(!&$#!74,#$!'/#!#+@9(1+#4'!(;!'/#!L(+@&41!&$#!#4'*'9#,!'(!@(.'!#+@9(1+#4'!benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in the Ind AS financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.
Transactions with foreign subsidiaries includes unrealised foreign exchange gain/loss.
!"*4!%$($#
Notes to the Financial Statements
%*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
D) SittingFeesPaidtoNon-ExecutiveDirectors !"!*4!L$($#U(3$4:#1(3H &9#33%,$&
X%(3&&U3%A4"#H&
X%(3&Q*$#%'($.!?*''*42!6##. !CHAV! 0.22
.JQDisclosureasperIndAS17“Leases”:(A) OperatingLease(asLessee):& Disclosures in respect of cancellable agreements for office premises taken on lease
0H&($.IR'(3RKPIS .IR'(3RKPIQ
T*O Lease payments recognized in the Statement of Profit and Loss !FHIV! AHAWT**O Significant leasing arrangements
5/#!L(+@&41!/&.!2*3#4!$#;74,&09#!*4'#$#.'!;$##!.#%7$*'1!,#@(.*'.!74,#$!'/#!&2$##+#4'.H !FHAW! !AHWX!5/#! 9#&.#! &2$##+#4'.! &$#! 7@! '(! I! '(! FB! +(4'/.H! 5/#.#! &2$##+#4'.! &9.(! @$(3*,#,! ;($!@#$*(,*%&9!*4%$#&.#!*4!$#4'H
T***O Future minimum lease payments under non-cancellable agreementsU('!9&'#$!'/&4!(4#!1#&$ UK) UK)Later than one year and not later than five years UK) UK)Later than five years UK) UK)
(B) OperatingLease(asLessor):& Disclosures in respect of cancellable agreements for office given on lease
0H&($.IR'(3RKPIS .IR'(3RKPIQ
T*O Lease receipt recognized in the Statement of Profit and Loss CHBC CHBCT**O Future minimum lease receivable under non-cancellable agreements
U('!9&'#$!'/&4!(4#!1#&$ CHBC CHBCLater than one year and not later than five years DHFX DHWBLater than five years - -
.JS& Exceptional item as at March 31, 2018 !UK)T`$#3*(7.!b#&$!!! 9.16 cr) relates to termination of cash flow hedge %(4'$&%'.H
3.9 DisclosurerequiredunderSection22oftheMicro,SmallandMediumEnterprisesDevelopmentAct,2006
! K4;($+&'*(4!$#9&'#,!'(!"*%$(!&4,!?+&99!\4'#$@$*.#.>!&.!@#$!'/#!"*%$(>!?+&99!&4,!"#,*7+!\4'#$@$*.#.!Q#3#9(@+#4'!8%'>!2006 (MSME Development Act), are given below. The information given below have been determined to the extent such enterprises have been identified on the basis of information available with the Company:
! ! ! ! ! ! !"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQT*O `$*4%*@&9!&+(74'!(7'.'&4,*42 !U*9! !U*9!T**O K4'#$#.'!(4!`$*4%*@&9!&+(74'!,7# !U*9! !U*9!T***O K4'#$#.'!&4,!`$*4%*@&9!&+(74'!@&*,!0#1(4,!&@@(*4'+#4'!,&1 !U*9! !U*9!T*3O 5/#!&+(74'!(;!*4'#$#.'!,7#!&4,!@&1&09#!;($!'/#!@#$*(,!(;!,#9&1!*4!+&d*42!@&1+#4'!T</*%/!
/&3#! 0##4! @&*,! 07'! 0#1(4,! '/#! &@@(*4'#,! ,&'#! ,7$*42! '/#! 1#&$O! 07'! <*'/(7'! &,,*42! '/#!amount of interest specified under MSME Development Act
!U*9! !U*9!
T3O 5/#!&+(74'!(;!*4'#$#.'!&%%$7#,!&4,!$#+&*4*42!74@&*,!&'!'/#!#4,!(;!'/#!1#&$ !U*9! !U*9!T3*O 5/#!&+(74'!(;! ;7$'/#$! *4'#$#.'! $#+&*4*42!,7#!&4,!@&1&09#!#3#4! *4! '/#! .7%%##,*42! 1#&$.>!
74'*9!.7%/!,&'#!</#4!'/#! *4'#$#.'!,7#.!&.!&0(3#!&$#!&%'7&991!@&*,! '(! '/#!?+&99!#4'#$@$*.#>!for the purpose of disallowance as a deductible expenditure under Section 23 of MSME Q#3#9(@+#4'!8%'H!
!U*9! !U*9!
.JIP&B",,(5%&B(8&!%H%3A% In terms of section 115VT of the Income Tax Act, 1961, the Company is required to transfer a minimum of 20% of book profits from
the tonnage tax activities in tonnage tax reserve which are to be utilised for acquiring new ships within 8 years of such transfer. The L(+@&41!/&.!'$&4.;#$$#,!!"!U*9!T`$#3*(7.!b#&$!!" NIL) to Tonnage Tax Reserve as company has incurred a book loss of !"!DIAHEI!%$($#!T`$#3*(7.!b#&$!!" 29.55 crore).During the year, the company has transferred the utilised Tonnage Tax Reserve to General Reserve, </*%/!/&,!0##4!7'*9*.#,!;($!'/#!@7$%/&.#!(;!,$#,2#$.!*4!'/#!#&$9*#$!1#&$.H
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!%!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
.JIIDetailsofloansgiven,investmentmadeandguaranteegivencoveredundersection186(4)oftheCompaniesAct.2013:
(i) M"(,H&(,F&0FA(,:%H&54A%,&&G%1";6& !"!*4!L$($#7(?%&"-&$*%&9"?)(,< !%1($4",H*4) 7($#3%&"-&
B3(,H(:$4",0H&($
.IR'(3RKPIS&T .IR'(3RKPIQ&T"#$%&'($!6`?]!`$*3&'#!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !AHCD! !AHCD!"#$%&'($!K4'#$4&'*(4&9!`'#H!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !FXVHEE! !AADHDX!"#$%&'($!`#'$(9#7+!)*+*'#,! !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !BDHDW! !XBHVC!Mercator Offshore (P) Pte. Limited !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !DHAI! !DHAF!"#$%&'($!]*9!&4,!:&.!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !BFHAX! !XVHAV!"L?!J(9,*42.!`'#H!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !XHVF! !XHFB!"#$%&'($!`$(i#%'.!`'#H!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! - !CHDE!"#$%&'($!]d($(!6`_!`'#!)', !?70.*,*&$1! !)(&4.!f!8,3&4%#.! - !CHCF!Offshore Holdings Co.Pte. Limited !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !VHDC! !CHWF!"#$%&'($!]%#&4'$&4.@($'!)*+*'#, !?70.*,*&$1! !)(&4.!f!8,3&4%#.! !CHCD! -
! 899!'/#!&0(3#!9(&4.!&$#!7'*9*g#,!01!$#.@#%'*3#!%(+@&4*#.!;($!'/#*$!07.*4#..!&%'*3*'*#.H! ! The particulars of company’s investment in wholly owned subsidiaries are disclosed in Note - 2.3 *Includes exchange fluctuation on reinstatement / repayment of Loans(ii) Investmentsmadeduringtheyear2017-18
7(?%&"-&=#GH4F4(3< OpeningBalance 0FF4$4",H& @%1%$4",H ClosingBalance"#$%&'($!`#'$(9#7+!)*+*'#, IXHWF XHDE - XDHDD"#$%&'($!]%#&4'$&4.@($'!)*+*'#, CHCC CHCX - CHCX
& D,A%H$?%,$H&?(F%&F#34,5&$*%&<%(3&KPIYRIQ7(?%&"-&=#GH4F4(3< OpeningBalance 0FF4$4",H& @%1%$4",H ClosingBalance
"#$%&'($!`#'$(9#7+!)*+*'#, FFHFF DAHBC - IXHWF
(iii) Guaranteesgiven! L($@($&'#!27&$&4'##.!*..7#,!01!'/#!%(+@&41!(4!0#/&9;!(;!</(991!(<4#,!?70.*,*&$*#.
2#(3(,$%%&54A%,&",&G%*(1-&"- C#$H$(,F4,5&(H&($& C#$H$(,F4,5&(H&($.IH$&'(3:*&KPIS .IH$&'(3:*&KPIQ
"#$%&'($!K4'#$4&'*(4&9!`'#H!)*+*'#,j WXHWI DDXHCW"L?!J(9,*42.!`'#!)*+*'#,j DVFHWV DXXHIA"#$%&'($!]*9!&4,!:&.!)*+*'#,j AAFHDA ADXHVX"#$%&'($!`#'$(9#7+!)*+*'#,j WAHXX - B"$(1 ZSZJZS /SYJKZ
! j`&$#4'!L(+@&41!27&$&4'##.!*..7#,!*4!;&3($!(;!M&4d.!;($!)(&4.!&3&*9#,!01!'/#!.70.*,*&$*#.!;($!'/#*$!M7.*4#..!&%'*3*'*#.
(iv) StandbyLetterofCredit0H&($
.IR'(3RKPIS .IR'(3RKPIQStandby Letter of Credit is issued in favour of Bank for the Loan availed by step-down subsidiary ;($!*'.!07.*4#..!&%'*3*'1H
!AXDHAD! !AVIHBC!
(v) LetterofComfort0H&($
.IR'(3RKPIS .IR'(3RKPIQ)#''#$!(;!L(+;($'!*.!*..7#,!*4!;&3(7$!(;!M&4d!;($!'/#!)(&4!&3&*9#,!01!.70.*,*&$1!;($!*'.!07.*4#..!&%'*3*'1H
!IEHDF! !IVHWE!
(vi) SecurityGiven0H&($
.IR'(3RKPIS .IR'(3RKPIQL/&$2#!%$#&'#,!(4!*43#.'+#4'!@$(@#$'1!(;!'/#!%(+@&41!TP#;#$!U('#!AHAT0OO !WXHCC! !ABHCC!
(vii) SecurityTaken0H&($
.IR'(3RKPIS .IR'(3RKPIQCharge on fixed assets and cash flow of one of subsidiary incorporated in India for non- %(43#$'*09#!,#0#4'7$#!*..7#,!01!%(+@&41!,7$*42!'/#!1#&$!TP#;#$!U('#!U(!AHDX!T&OO
!DCCHCC! -
Notes to the Financial Statements
%"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
.JIKDisclosureasrequiredunderRegulation34(3)and53(f)oftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015
!"!*4!L$($#7(?%&"-&$*%&9"?)(,< 0H&($&
.IR'(3RKPIS'(84?#?&"#$H$(,F4,5&F#34,5&KPIQRIS
0H&($&.IR'(3RKPIQ
'(84?#?&"#$H$(,F4,5&F#34,5&KPIYRIQ
"#$%&'($!K4'#$4&'*(4&9!T`'#O!)',H !FXVHEE! !FXVHEE! !AADHDX! !AAWHXI!"#$%&'($!]*9!&4,!:&.!)*+*'#, !BFHAX! !VIHEW! !XVHAV! !XVHVF!"#$%&'($!`#'$(9#7+!)*+*'#, !BDHDW! !BDHDW! !XBHVC! !XBHVC!"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#,!T6($+#$91!d4(<4!&.!"#$%&'($!6`?]!`$*3&'#!)*+*'#,O
!AHCD! !AHCD! !AHCD! !AHCD!
Offshore Holdings Pte. Ltd. !VHDC! !VHAF! !CHWF! !WHCC!Mercator Offshore (P) Pte. Ltd. !DHAI! !DHAV! !DHAF! !XHAF!"L?!J(9,*42.!`'#!)*+*'#, !XHVF! !XHVF! !XHFB! !XHIW!"#$%&'($!`$(i#%'.!`'#!)', - !CHDE! !CHDE! !CHDW!
.JI.&D,:"?%&B(8&%8)%,H% (A) TaxExpensesrecognizedintheStatementofProfit&Loss
U(3$4:#1(3H 9#33%,$&X%(3 U3%A4"#H&X%(3Current tax on taxable income for the year !AHCC! !DHCC!Excess/(Short) provision for tax of earlier years !ICHDV! - Total Current tax expense (A) !IAHDV! !DHCC!EffectiveTaxRate RPJZZa R.J.Sa
(B) ReconciliationbetweenstatutoryIncomeTaxRateapplicabletothecompanyandtheeffectiveIncomeTaxrateisas-"11";H&6
U(3$4:#1(3H 9#33%,$&X%(3 U3%A4"#H&X%(3Profit before Tax TDIAHEAO TAWHXXOIndian statutory income tax rate FFHCBo FFHCBoE8)%:$%F&4,:"?%&$(8&%8)%,H% CHCC! CHCC!Taxeffectofadjustmentstoreconcileexpectedincometaxexpensetoreportedincome$(8&%8)%,H%6Gain attributable to tonnage tax activity DHCC! DHCC!Non Qualifying Income & Expense under Tonnage Tax DHCC!]'/#$.!T4#'OB"$(1&4,:"?%&$(8&%8)%,H% KJPP& IJPP&
* Note: In case of Indian shipping companies, tax expense is computed based on the gross tonnage of the vessels for the income subject to tonnage tax. In case of income not subject to tonnage tax, the same is calculated based on the taxable profits calculated in accordance with the local tax laws.
.JI/CorporateSocialResponsibility(CSR)! :$(..!&+(74'!$#^7*$#,!'(!0#!.@#4'!01!'/#!%(+@&41!&.!@#$!.#%'*(4!DFX!(;!'/#!L(+@&4*#.!8%'!ACDF>!,7$*42!'/#!1#&$!!"UK)H
.JIZ&>4,(,:4(1&!4HV&'(,(5%?%,$&CG_%:$4A%H&(,F&U"14:4%H! The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Risk Management committee.
The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and )(&4.!&4,!0($$(<*42.H
The Company manages market risk through Risk Management committee, which evaluates and exercises independent %(4'$(9!(3#$!'/#!#4'*$#!@$(%#..!(;!+&$d#'!$*.d!+&4&2#+#4'H!5/#!%(++*''##!$#%(++#4,.!$*.d!+&4&2#+#4'!(0i#%'*3#.!&4,!@(9*%*#.>!</*%/!&$#!&@@$(3#,!01!P*.d!"&4&2#+#4'!&4,!M(&$,H
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!%#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
! (a) MarketRisk
i) Interestraterisk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate 0#%&7.#!(;!%/&42#.!*4!*4'#$#.'!$&'#.H
! !"!*4!L$($#E8)"H#3%&$"&D,$%3%H$&3($%&34HV 0H&($
.IR'(3RKPIS .IR'(3RKPIQ5('&9!M($$(<*42. !WXAHVB! !D>CDIHCB!o!(;!M($$(<*42.!(7'!(;!&0(3#!0#&$*42!3&$*&09#!$&'#!(;!K4'#$#.' BXHAEo VFHCCo
The Company is exposed to interest rate risk as it borrows funds at floating interest rates. The interest rate risk is +&4&2#,!01!+(4*'($*42!'/#!L(+@&41e.!9#3#9!(;!0($$(<*42.!@#$*(,*%&991!&4,!.'$7%'7$*42!*'.!0($$(<*42.!(4!3&$1*42!+&'7$*'*#.!&4,!*4'#$#.'!$&'#!'#$+.H
The sensitivity analysis below has been determined based on the exposure to interest rates at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the 0&9&4%#!./##'!,&'#!<&.!(7'.'&4,*42!;($!'/#!</(9#!1#&$H
! ! 8!XC!0&.*.!@(*4'! *4%$#&.#!($!,#%$#&.#! *.!7.#,!</#4!$#@($'*42! *4'#$#.'!$&'#!$*.d!&4,!$#@$#.#4'.!+&4&2#+#4'e.!&..#..+#4'!(;!'/#!$#&.(4&091!@(..*09#!%/&42#!*4!*4'#$#.'!$&'#.H
! ! K;!*4'#$#.'!$&'#.!/&,!0##4!XC!0&.*.!@(*4'.!/*2/#$c9(<#$!&4,!&99!('/#$!3&$*&09#.!<#$#!/#9,!%(4.'&4'>!'/#!L(+@&41e.!9(..!;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE!<(79,!*4%$#&.#c,#%$#&.#!01!!"FHDD!%$($#!T`$#3*(7.!b#&$!!"!FHVC!%$($#!OH!5/*.!is mainly attributable to the Company’s exposure to interest rates on its variable rate borrowings.
ii) MaritimeRisk
The operations of the Company may be exposed to piracy, war, sabotage and terrorism risk at sea which could @('#4'*&991! ,*.$7@'! '/#!(@#$&'*(4.!(;! '/#!L(+@&41H!89.(>! '/#!L(+@&41e.! 3#..#9.! &$#! .7.%#@'*09#! '(! &$$#.'.!01!maritime claimants which could result in significant loss for the Company. In times of emergency or wars, the :(3#$4+#4'!%(79,!,#+&4,!'/#!L(+@&41e.!3#..#9.!<*'/(7'!&,#^7&'#!%(+@#4.&'*(4H
iii) PriceRisk
! ! 5/#!L(+@&41! *.!#42&2#,! *4!'/#!07.*4#..!(;!%(++(,*'1! '$&4.@($'&'*(4!(;!%$7,#!(*9>!@#'$(9#7+!@$(,7%'.>!%(&9>!iron-ore etc which involves a high level of dependence on the production of oil and gas. Thus, demand in these .#%'($.!<*99!/&3#!&!,*$#%'!*+@&%'!(4!'/#!07.*4#..!(;!'/#!L(+@&41H!8!,#%9*4#!*4!'/#!,#+&4,!;($!(*9>!%(&9!($!*$(4!#'%!will adversely affect the business of the company. Thus, often, the factors affecting the supply and demand for '/#!3#..#9!&$#!0#1(4,!'/#!%(4'$(9!(;!'/#!L(+@&41!&.!'/#!4&'7$#>!'*+*42!&4,!,#2$##!(;!%/&42#.!*4!'/#!*4,7.'$1!%(4,*'*(4.!%&44('!0#!;($#.##4!&4,!&$#!74@$#,*%'&09#H
! iv) Otherpricerisk:
The Company is not exposed to any significant equity price risks arising from equity investments, as on March FD>!ACDEH!\^7*'1!*43#.'+#4'.!&$#!/#9,!;($!.'$&'#2*%!$&'/#$!'/&4!'$&,*42!@7$@(.#.H!5/#!L(+@&41!,(#.!4('!&%'*3#91!'$&,#!*4!'/#.#!*43#.'+#4'.H
! ! \^7*'1!@$*%#!.#4.*'*3*'1!&4&91.*.G
There is no exposure to equity price risks as at the reporting date or as at the previous reporting date.
! v) Foreigncurrencyrisk
! ! 6($#*24!%7$$#4%1!$*.d!+&*491!&$*.#.!;$(+!'$&4.&%'*(4.!74,#$'&d#4!01!&4!(@#$&'*42!74*'!,#4(+*4&'#,!*4!%7$$#4%*#.!other than its functional currency. Exposure to foreign currency risk is mitigated by natural hedges of matching $#3#47#.!&4,!%(.'.H
! ! ?*4%#!'/#!+&i($*'1!(;!'/#!$#3#47#.!(;!'/#!L(+@&41!&$#!,#4(+*4&'#,!*4!_?!,(99&$.>!'/#$#!*.!&!'$&4.9&'*(4!$*.d!&.!'/#!Company has to report its financial performance in INR. The carrying amounts of the Company’s financial assets and financial liabilities denominated in foreign currencies at the reporting date in INR are as follows:
Notes to the Financial Statements
%$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
!"!*4!L$($#@%$(41H&W&9#33%,:< 0H&($
.IR'(3RKPIS .IR'(3RKPIQ5$&,#!P#%#*3&09#.
- USD !DIHFX! !DIHVB!L&./!&4,!L&./!#^7*3&9#4'.
- USD !CHIB! !CHXX!]'/#$!6*4&4%*&9!8..#'.
- USD !FEXHWE! !AAEHEV!- SGD !CHCB! - - Euro !AHFI! - - GBP !CHCA! - - JPY !CHCC! -
M($$(<*42.- USD* !VDEHAE! !EFCHIW!
]'/#$!6*4&4%*&9!)*&0*9*'*#.- USD !AXHBC! !DDHFB!- SGD !CHAC! !CHCV!- AED !CHCI! !CHCV!- Euro !CHCE! - - GBP !CHAD! - - JPY !CHCI! -
! ! jM($$(<*42.!*4%97,#.!!_?Q!)(&4!(;!!"FAFHDA!L$($#!!T!`$#3*(7.!1#&$!!!"395.84 crore) where exchange fluctuation *+@&%'!(4!$#3&97&'*(4!&$#!%&@*'&9*.#,!&.!@#$!K4,!8?!!DCD!'(!L(.'!(;!
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!%%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
$(99*42!;($#%&.'.!(;!'/#!L(+@&41e.!9*^7*,*'1!@(.*'*(4!T%(+@$*.*42!'/#!74,$&<4!0($$(<*42!;&%*9*'*#.!0#9(<O!&4,!%&./!and cash equivalents on the basis of expected cash flows.
The following tables detail the Company’s remaining contractual maturity for its non derivative financial liabilities, based on contractually agreed discounted cash flows:
! ! MaturityAnalysisofSignificantFinancialLiabilities!"!*4!L$($#
AsatMarch31,2018 ^)&$"&I&<%(39",$3(:$#(1&9(H*&>1";H
IR.&<%(3H .RZ&<%(3H '"3%&$*(,&Z&<%(3H B"$(16*4&4%*&9!K4.'$7+#4'.M($$(<*42.! !FDXHBI! !FEWHVD! !AABHEB! !ACHXX! !WXAHVB!5$&,#!`&1&09#. !DFXHFA! - - - !DFXHFA!Liability towards cash flow hedge - - - - - Other financial liabilities !ABHCV! !DAHVE! - - !FEHEX!
&/QQJP.& 402.49 &KKYJSY& &KPJZZ& 1,126.93
AsatMarch31,2017 ^)&$"&I&<%(39",$3(:$#(1&9(H*&>1";H
IR.&<%(3H .RZ&<%(3H '"3%&$*(,&Z&<%(3H B"$(1M($$(<*42.! !AXXHXA! !XBFHBA! !DWCHVW! !IHDF! !D>CDIHCB!5$&,#!`&1&09#. !DEIHVI! - - - !DEIHVI!Liability towards cash flow /#,2#
!XHIW! - - - !XHIW!
Other financial liabilities !AAHXW! !CHDE! - - !AAHVV!&/YSJ./& &ZY.JSP& 190.79 &/JI.& 1,227.06
.JIY&9()4$(1&'(,(5%?%,$! 6($! '/#! @7$@(.#! (;! L(+@&41e.! %&@*'&9!+&4&2#+#4'>! %&@*'&9! *4%97,#.! *..7#,! %&@*'&9! &4,! &99! ('/#$! #^7*'1! $#.#$3#.!
&''$*07'&09#! '(! '/#! #^7*'1! ./&$#/(9,#$.! (;! '/#! L(+@&41H! 5/#! @$*+&$1! (0i#%'*3#! (;! '/#! L(+@&41!</#4!+&4&2*42!%&@*'&9!*.!'(!.&;#27&$,!*'.!&0*9*'1!'(!%(4'*47#!&.!&!2(*42!%(4%#$4!&4,!'(!+&*4'&*4!&4!(@'*+&9!%&@*'&9!.'$7%'7$#!.(!&.!'(!maximise shareholder value.
! 8.!&'!FD.'!"&$%/!ACDE>!'/#!L(+@&41!/&.!(491!(4#!%9&..!(;!#^7*'1!./&$#.!&4,!/&.!,#0'>!%(4.#^7#4'!'(!.7%/!%&@*'&9!structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution of dividend or re-investment into business based on its long term financial plans.
! 5/#!,#0'!#^7*'1!;($!'/#!1#&$!*.!&.!74,#$G
0H&($.IR'(3RKPIS .IR'(3RKPIQ
M($$(<*42.!T!" in crore) - (A) WXAHVB D>CDIHCB
5('&9!\^7*'1!!T!" in crore) - (B) VVDHIA EADHBDQ#0'!\^7*'1!P&'*(!T8cMO DHAI DHAF
.JIQ&Having regard to the ongoing Income tax disputes and assessment proceedings of various years as well as pending reconciliation of the Income Tax assets the management has made an estimated provision of !"ICHDV!%$($#!*4!'/#!financial statements for short provision of tax in the earlier years.
.JIS&5/#!M(&$,!(;!Q*$#%'($.!&'! *'.!+##'*42!/#9,!(4!6#0$7&$1!DI>!ACDE>!&@@$(3#,!'/#!?%/#+#!(;!8$$&42#+#4'!0#'<##4!"#$%&'($!)*+*'#,!TYL(+@&41Z!($!YQ#+#$2#,!L(+@&41ZO!&4,!"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#,!TY"Q`)Z!($!YP#.79'*42!L(+@&41ZO!&4,!'/#*$!$#.@#%'*3#!./&$#/(9,#$.!TY'/#!?%/#+#ZO!7c.!AFC!'(!AFA!(;!'/#!L(+@&4*#.!8%'!ACDF!TY'/#!8%'ZO!&4,!('/#$!&@@9*%&09#!@$(3*.*(4.!(;!'/#!8%'H!`7$.7&4'!'(!'/#!.&*,!.%/#+#!(;!,$#,2*42!07.*4#..!(;!'/#!L(+@&41>!*.!@$(@(.#,!'(!0#!,#+#$2#,!*4'(!"Q`)>!&!</(991!(<4#,!.70.*,*&$1!(;!'/#!L(+@&41H
Notes to the Financial Statements
&''!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"#$#%"$&'()$)*+*#),'-'()$#.$&/#*
3.19!8.! ,*.%9(.#,! *4! (7$! &44(74%#+#4'! ,&'#,! V'/! Q#%#+0#$! ACDV! ;($! Q*.%9(.7$#! 74,#$! P#279&'*(4! FC! (;! ?\MK!T)*.'*42! &4,! Q*.%9(.7$#! P#^7*$#+#4'.O>! P#279&'*(4.>! ACDX! &.! &+#4,#,! TY)*.'*42! P#279&'*(4.ZO>! '/#! .#4*($!+&4&2#+#4'! (;! (7$! .'#@! ,(<4! .70.*,*&$*#.! *4! K4,(4#.*&! T'/#! YK4,(4#.*&4! \4'*'*#.ZO! /&.! 0##4! %/&42#,! 01! '/#!Company, following which certain proceedings have been filed by the Company in Singapore and Indonesia &2&*4.'! .(+#! (;! '/#! #$.'</*9#! .#4*($! +&4&2#+#4'! (;! '/#! K4,(4#.*&4! \4'*'*#.! </(! /&3#! *4! '7$4! *4*'*&'#,!various proceedings against some of our step down subsidiaries and some of the company’s executives.!This change also led to disruption in operations for approximately four months and Indonesian entities had incurred substantial costs for its fixed contractual commitment, salary cost, professional fees, legal fees, consumable, +&*4'#4&4%#! &4,! ('/#$! (3#$/#&,.! ,7$*42! '/*.! @#$*(,H! 5/#! K4,(4#.*&4! .70.*,*&$1! /&.! $#.7+#,! (@#$&'*(4.! <H#H;H!k&47&$1!DX>!ACDE!&4,!+&4&2#+#4'!*.!(;!'/#!3*#<!'/&'!'/#!&0(3#!,*.$7@'*(4!<*99!/&3#!4(!.70.'&4'*&9! *+@&%'!(4!'/#!;7'7$#!(@#$&'*(4.!(;!'/#.#!#4'*'*#.!($!'/#!*43#.'+#4'!3&97#!$#%($,#,!*4!'/#!%(+@&41e.!0((d.H
.JKP!Q7$*42!'/#!1#&$!'/#!L(+@&41!/&.!.(9,!Q$1!M79d!L&$$*#$!Y"H5H!?$*!`$#+!`(($3&Z>!07*9'! *4!DWWI>!'&4d#$!Y"H5H!J&$./&!`$#+Z!07*9'!*4!DWWFH!89.(>!'/#!L(+@&41!/&.!#4'#$#,!*4'(!&2$##+#4'!(;!.&9#!,&'#,!"&$%/!DW>!ACDE!;($!.&9#!(;!"H![H!Vrinda built in 1997 and deliver the vessel on April 2, 2018, which has been classified as “Non – Current Asset Held for ?&9#Z!&.!&'!"&$%/!FD>!ACDEH!]4!.7%/!'$&4.&%'*(4.>!'/#!L(+@&41!/&.!&%%(74'#,!;($!&22$#2&'#!9(..!(;!!"!BXHCI!%$($#!(4!sale and impairment of Asset classified as Held for Sale, classified under the head of “other expenses”.
.JKI!5/#!L(+@&41!,(#.!4('!/&3#!&41!9(42!'#$+!%(4'$&%'.!*4%97,*42!,#$*3&'*3#!%(4'$&%'.!&.!&'!"&$%/!FD>!ACDE!</#$#*4!'/#!%(+@&41!*.!$#^7*$#,!'(!+&d#!@$(3*.*(4!'(<&$,.!&41!;($#.##&09#!9(..#.H
.JKK!>4,(,:4(1&D,H$3#?%,$H The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instruments are disclosed in Note 1 to the financial statements.
(a) The carrying value of financial instruments by categories is as follows -!"!*4!L$($#
0H&($.IR'(3RKPIS .IR'(3RKPIQ
>4,(,:4(1&(HH%$H6'%(H#3%F&($&(?"3$4H%F&:"H$
L&./!&4,!%&./!#^7*3&9#4'.! DEHIX !FBHIB!M&4d!0&9&4%#.!('/#$!'/&4!L&./!&4,!%&./!#^7*3&9#4'.! AAHVC !FAHAD!)(&4. XCXHWX !FXCHBW!5$&,#!$#%#*3&09#. DBAHFA !DVDHAD!K43#.'+#4'!*4!Q#0#4'7$#.!(;!?70.*,*&$1 FXHED !FCHBF!]'/#$!6*4&4%*&9!&..#'. WBHAV !DFXHAB!
'%(H#3%F&($&9"H$K43#.'+#4'!*4!\^7*'1!?/&$#.!(;!?70.*,*&$*#. FWHDB !DXHEA!Investment in Equity Shares-Others - -
B"$(1 &SSPJYY& &QQKJKS&
>4,(,:4(1&14(G414$4%H6'%(H#3%F&($&(?"3$4H%F&:"H$
M($$(<*42.! !WXAHVB! !D>CDIHCB!Other financial liabilities !FEHEX! !DVHAV!5$&,#!&4,!('/#$!@&1&09#.! !DFXHFA! !DEIHVI!
Measured at fair value through profit and lossQ#$*3&'*3#. - !XHIW!
B"$(1 1,126.93 1,221.56
! L&$$1*42!&+(74'.!(;!'$&,#!$#%#*3&09#.>!%&./!&4,!%&./!#^7*3&9#4'.!&4,!'$&,#!@&1&09#.!&.!&'!"&$%/!FD>!ACDE!&4,!"&$%/!31, 2017 approximate the fair values because of their short term nature. Difference between carrying amounts and fair values of other bank balances, borrowings, and other financial liabilities subsequently measured at amortised cost is not significant in each of the years presented.
Notes to the Financial Statements
!"#$%&'($!)*+*'#,!-!!&'&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
(b) FairValueHierarchy:
! 5/#!;&*$!3&97#!/*#$&$%/1!*.!0&.#,!(4!*4@7'.!'(!3&97&'*(4!'#%/4*^7#.!'/&'!&$#!7.#,!'(!+#&.7$#!;&*$!3&97#!'/&'!&$#!#*'/#$!(0.#$3&09#!($!74(0.#$3&09#!&4,!%(4.*.'.!(;!'/#!;(99(<*42!'/$##!9#3#9.G
- Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either ,*$#%'91!T*H#H!&.!@$*%#.O!($!*4,*$#%'91!T*H#H!,#$*3#,!;$(+!@$*%#.O
- Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole ($!*4!@&$'!7.*42!&!3&97&'*(4!+(,#9!0&.#,!(4!&..7+@'*(4.!'/&'!&$#!4#*'/#$!.7@@($'#,!01!@$*%#.!;$(+!(0.#$3&09#!%7$$#4'!+&$d#'!'$&4.&%'*(4.!*4!'/#!.&+#!*4.'$7+#4'!4($!&$#!'/#1!0&.#,!(4!&3&*9&09#!+&$d#'!,&'&H
The following table summarises financial assets and liabilities measured ar fair value.! !"!*4!L$($#
At31stMarch,2018 M%A%1&I M%A%1&K M%A%1&. B"$(1FinanceliabilitiesatfairvaluethroughprofitorlossInvestments in mutual funds - Level 1 - - - - Derivative financial liabilities - - - - B"$(1 &R&&& &R&&& &R&&& &R&&&
All other financial instruments are classified as level 3.!"!*4!L$($#
At31stMarch,2017 M%A%1&I M%A%1&K M%A%1&. B"$(1FinanceliabilitiesatfairvaluethroughprofitorlossInvestments in mutual funds - Level 1 - - - - Derivative financial liabilities - Level 2 - !XHIW! - !XHIW!B"$(1 &R&&& 5.49 &R&&& 5.49
! All other financial instruments are classified as level 3.
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following +#'/(,.!&4,!&..7+@'*(4.!<#$#!7.#,!'(!#.'*+&'#!'/#!;&*$!3&97#.G
a) The fair value of loans from banks and other financial indebtedness as well as other non current financial liabilities is estimated by discounting future cash flows using rates currently available for debt or similar terms &4,!$#+&*4*42!+&'7$*'*#.H
! 0O! Q#$*3&'*3#!*4.'$7+#4'.!/&3#!0##4!;&*$!3&97#,!(4!'/#!$#@($'*42!,&'#!(4!'/#!0&.*.!(;!^7('#.!@$(3*,#,!01!'/#!'/*$,!party qualified valuer / market participants.
.JK.RecentIndianAccountingStandards(IndAS)-Issuedbutnotyeteffective Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2018 has
notified the following new and amendments to Ind ASs which the Company has not applied as they are effective for &447&9!@#$*(,.!0#2*44*42!(4!($!&;'#$!8@$*9!D>!ACDEG
! K4,!8?!DDX!P#3#47#!;$(+!L(4'$&%'.!<*'/!L7.'(+#$. Ind AS 21 The Effect of Changes in Foreign Exchange Rates! K4,!8?!DDX!N!P#3#47#!;$(+!L(4'$&%'.!<*'/!L7.'(+#$.
! K4,! 8?! DDX! #.'&09*./#.! &! .*429#! %(+@$#/#4.*3#!+(,#9! ;($! #4'*'*#.! '(! 7.#! *4! &%%(74'*42! ;($! $#3#47#! &$*.*42! ;$(+!%(4'$&%'.!<*'/!%7.'(+#$.H!K4,!8?!DDX!<*99!.7@#$.#,#!'/#!%7$$#4'!$#3#47#!$#%(24*'*(4!.'&4,&$,!K4,!8?!DE!N!P#3#47#>!Ind AS 11 – Construction Contracts when it becomes effective. The core principle of Ind AS 115 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition:
! ?'#@!DG!K,#4'*;1!'/#!%(4'$&%'T.O!<*'/!&!%7.'(+#$! ?'#@!AG!K,#4'*;1!'/#!@#$;($+&4%#!(09*2&'*(4!*4!%(4'$&%'! ?'#@!FG!Q#'#$+*4#!'/#!'$&4.&%'*(4!@$*%#! ?'#@!IG!899(%&'#!'/#!'$&4.&%'*(4!@$*%#!'(!'/#!@#$;($+&4%#!(09*2&'*(4.!*4!'/#!%(4'$&%' Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
Notes to the Financial Statements
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Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ of '/#!2((,.!($!.#$3*%#.!74,#$91*42!'/#!@&$'*%79&$!@#$;($+&4%#!(09*2&'*(4!*.!'$&4.;#$$#,!'(!'/#!%7.'(+#$H!5/#!L(+@&41!*.!evaluating possible impact of Ind AS 115 and will make necessary adjustments in FY-2018-19 based on the preliminary evaluation the Company does not expect the impact of the adoption of the new standard to be material on its retained #&$4*42.!&4,!'(!*'.!4#'!*4%(+#!(4!&4!(42(*42!0&.*.HInd AS 21 – The Effect of Changes in Foreign Exchange Rates
The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If '/#$#!&$#!+79'*@9#!@&1+#4'.!($!$#%#*@'.!*4!&,3&4%#>!&!,&'#!(;!'$&4.&%'*(4!*.!#.'&09*./#,!;($!#&%/!@&1+#4'!($!$#%#*@'H!The Company is evaluating the impact of this amendment on its financial statements.”
.JK/&=#GH%\#%,$&EA%,$HThere are no significant subsequent events that would require adjustments or disclosures in the financial statements.
.JKZ Previous year’s figures have been regrouped / restated wherever necessary to conform to current year’s classification.
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! 84! &7,*'! *43(93#.! @#$;($+*42! @$(%#,7$#.! '(! (0'&*4!&7,*'!#3*,#4%#!&0(7'!'/#!&+(74'.!&4,!'/#!,*.%9(.7$#.!in the consolidated Ind AS financial statements. The @$(%#,7$#.!.#9#%'#,!,#@#4,!(4!'/#!&7,*'($e.!i7,2+#4'>!*4%97,*42! '/#! &..#..+#4'! (;! '/#! $*.d.! (;! +&'#$*&9!misstatement of the consolidated Ind AS financial .'&'#+#4'.>!</#'/#$!,7#!'(!;$&7,!($!#$$($H! K4!+&d*42!'/(.#!$*.d!&..#..+#4'.>!'/#!&7,*'($!%(4.*,#$.!*4'#$4&9!financial control relevant to the Holding Company’s preparation of the consolidated Ind AS financial .'&'#+#4'.! '/&'! 2*3#! &! '$7#! &4,! ;&*$! 3*#<! *4! ($,#$! '(!,#.*24! &7,*'! @$(%#,7$#.! '/&'! &$#! &@@$(@$*&'#! *4! '/#!%*$%7+.'&4%#.H! 84! &7,*'! &9.(! *4%97,#.! #3&97&'*42! '/#!&@@$(@$*&'#4#..! (;! '/#! &%%(74'*42! @(9*%*#.! 7.#,! &4,!'/#!$#&.(4&09#4#..!(;!'/#!&%%(74'*42!#.'*+&'#.!+&,#!01!'/#!J(9,*42!L(+@&41e.!M(&$,!(;!Q*$#%'($.>!&.!<#99!&.!#3&97&'*42!'/#!(3#$&99!@$#.#4'&'*(4!(;!'/#!%(4.(9*,&'#,!Ind AS financial statements.
! =#!0#9*#3#!'/&'!'/#!&7,*'!#3*,#4%#!(0'&*4#,!01!7.!&4,!'/#! &7,*'! #3*,#4%#!(0'&*4#,!01! '/#! ('/#$! &7,*'($.! *4!'#$+.! (;! '/#*$! $#@($'.! $#;#$$#,! '(! *4! ('/#$! "&''#$.!paragraph below, other than the unaudited financial statements as certified by the management, is sufficient &4,!&@@$(@$*&'#!'(!@$(3*,#!&!0&.*.!;($!(7$!&7,*'!(@*4*(4!on the consolidated Ind AS financial statements.
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i) recoverability and non provision of impairment loss in case of long overdue Trade Receivables amounting to !789:;7! <2)2(! =>?@! 7A:BC! D%#4!=E2(61)/'!F("2!!C8:AC!!<2)2(!=!>?@!77:8G!D%##!
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ii) in case of claim of Hindustan Zinc Ltd (HZL), the company had forwarded a draft settlement agreement proposing a full and final additional cash settlement of !! C:BA! <2)2(! ! =>?@! 7:7B!Mn), which is currently being reviewed by the claimant. However, the company has not made any provision for the potential claim amount and other incidental costs, pending final settlement of the claim.
0#! $%!&"'(!)*!+.)!'+(,!-).%!'/0'1-1"21('!+5(!2(',(&+16(!auditors, in their report for the financial year ended March 31, 2018, have raised a concern regarding the recoverability of deposits amounting to !88:;B!<2)2(!=>?H!B:BA!D%4#!=E2(61)/'!F("2!!87:A9!<2)2(!=!>?@!B:BA!D%##!!,"1-!1%!+5(!,"'+!+)!"&I/12(!C;J!(I/1+3!1%+(2('+'!in companies which own coal mining concessions.
5. Qualifiedopinion
K4!(7$!(@*4*(4!&4,!'(!'/#!0#.'!(;!(7$!*4;($+&'*(4!&4,!according to the explanations given to us, '8$'+*# )(1#the possible effects of the matters described in the Basis of Qualified Opinion paragraph above,! '/#! &;($#.&*,!consolidated Ind AS financial statements give the *4;($+&'*(4! $#^7*$#,! 01! '/#! 8%'! *4! '/#! +&44#$! .(!$#^7*$#,! &4,! 2*3#! &! '$7#! &4,! ;&*$! 3*#<! *4! %(4;($+*'1!<*'/! '/#! &%%(74'*42! @$*4%*@9#.! 2#4#$&991! &%%#@'#,! *4!India, of the consolidated state of affairs of the Group &.!&'!"&$%/!FD>!ACDE>! *'.!%(4.(9*,&'#,! 9(..! T*4%97,*42!('/#$!L(+@$#/#4.*3#! K4%(+#O>! ! *'.!%(4.(9*,&'#,!%&./!flows and consolidated changes in equity for the year #4,#,!(4!'/&'!,&'#H
YJ& E?)*(H4H&"-&?($$%3
8.!+($#!,#'&*9#,! *4!U('#!U(!FHE!(;! '/#! %(4.(9*,&'#,!financial statements, in case of several subsidiaries, the respective auditors have qualified their audit report expressing concern about the financial statements 0#*42! @$#@&$#,! (4! &! 2(*42! %(4%#$4! 0&.*.H! 5/#!management has however, prepared these financial .'&'#+#4'.! (4! &! 2(*42! %(4%#$4! 0&.*.>! *4! 3*#<! (;! '/#!financial support and undertaking from the ultimate J(9,*42! L(+@&41! &4,! $#.7+@'*(4! (;! %(&9! +*4*42!(@#$&'*(4.!*4!K4,(4#.*&H
QJ& C$*%3&'($$%3H
The Consolidated Ind AS financial Statements include unaudited financial statements of two subsidiaries </*%/! /&3#! 0##4! %(4.(9*,&'#,! (4! '/#! 0&.*.! (;!management certified financial statements whose financial statements reflect total assets of !" FXHBX!L$($#>! ! '('&9! $#3#47#! (;! !"Nil and net profit / (loss) after tax (including other comprehensive income) of!!"TBHBWO!L$($#!;($!'/#!1#&$!#4,#,!!"&$%/!FD>!ACDE!;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDEH
We did not audit the financial statements of 28 subsidiaries/ step down subsidiaries whose financial statements reflect total revenues of !" XBEHXX! L$($#!for the year ended March 31, 2018, net profit / (loss) after tax (including other comprehensive income) of!!"TEXHFAO!L$($#!;($!'/#!1#&$!#4,#,!!"&$%/!FD>!ACDE!&4,!'('&9!&..#'.!(;!!!"DAFEHDI!L$($#!&.!&'!1#&$!#4,#,!"&$%/!FD>! ACDE! &.! %(4.*,#$#,! *4! '/#! ! L(4.(9*,&'#,! K4,! 8?!financial Statements. These financial statements have 0##4!&7,*'#,!01!('/#$!&7,*'($.!</(.#!&7,*'! ! $#@($'.!/&3#!0##4! ;7$4*./#,! '(!7.!&4,!(7$! $#@($'! *4! $#.@#%'!'/#$#(;! *.! 0&.#,! .(9#91! (4! '/#! &7,*'! $#@($'.! (;! .7%/!other auditors. Our audit report is not modified in $#.@#%'!(;!'/*.!+&''#$H
The Consolidated Ind AS financial Statements do not include financial statements of one subsidiary which as per information and explanation given to us by the +&4&2#+#4'!,(!4('!/&3#!&41!+&'#$*&9!'$&4.&%'*(4.H
The audited consolidated financial statements for '/#!1#&$!#4,#,!"&$%/!FD>!ACDV>!<&.!%&$$*#,!(7'!&4,!reported by erstwhile auditors, vide their unmodified &7,*'! $#@($'!,&'#,!FC'/!"&1!ACDV>!</(.#!$#@($'!/&.!0##4!;7$4*./#,!'(!7.!01! '/#!+&4&2#+#4'!&4,!</*%/!/&.!0##4!$#9*#,!7@(4!01!7.!;($!'/#!@7$@(.#!$#@($'*42!@$#3*(7.!1#&$!47+0#$.!&4,!(7$!&7,*'!(;!'/#!.'&4,&9(4#!financial statements.
Our Opinion on the Consolidated Ind AS financial .'&'#+#4'.! &4,! (7$! $#@($'! (4! ('/#$! )#2&9! &4,!Regulatory requirements below, is not modified in $#.@#%'! (;! '/#! &0(3#! +&''#$.! <*'/! $#.@#%'! '(! (7$!$#9*&4%#!(4!'/#!<($d!,(4#!&4,!'/#!$#@($'.!(;!'/#!('/#$!&7,*'($.H
SJ& !%)"3$&",&C$*%3&M%5(1&(,F&!%5#1($"3<&!%\#43%?%,$H
! 8.!$#^7*$#,!01!?#%'*(4!DIF!TFO!(;!'/#!8%'>!0&.#,!(4!(7$!&7,*'!&4,!(4!'/#!%(4.*,#$&'*(4!(;!'/#!$#@($'!(;!!('/#$!auditors on separate financials statement and other financial information of Subsidiaries, we report to the extent applicable that,
(a) We have sought and, except for the possible effects of the matters described in the basis of qualified opinion, have obtained all the information and explanations </*%/! '(! '/#! 0#.'! (;! (7$! d4(<9#,2#! &4,!0#9*#;!<#$#!4#%#..&$1!;($!'/#!@7$@(.#.!(;!(7$!&7,*'!(;!'/#!&;($#.&*,!consolidated Ind-AS financial statements.
(b) In our opinion, except for the possible effects of the matters described in the basis of qualified opinion, @$(@#$!0((d.!(;! &%%(74'! &.! $#^7*$#,!01! 9&<! $#9&'*42!'(! @$#@&$&'*(4! (;! '/#! &;($#.&*,! %(4.(9*,&'#,! K4,! 8?!financial statements have been kept so far as it appears from our examination of those books and the reports (;!'/#!('/#$!&7,*'($.H
!"#$%&'($!)*+*'#,!-!!&'#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
T%O! 5/#! L(4.(9*,&'#,! M&9&4%#! ?/##'>! '/#! L(4.(9*,&'#,!Statement of Profit and Loss (including other L(+@$#/#4.*3#! K4%(+#O>! '/#! L(4.(9*,&'#,! L&./!69(<! ?'&'#+#4'! &4,! '/#! L(4.(9*,&'#,! ?'&'#+#4'!(;!L/&42#.! *4!\^7*'1!,#&9'!<*'/!01! '/*.!P#@($'!&$#! *4!&2$##+#4'!<*'/!$#9#3&4'!0((d.!(;!&%%(74'!+&*4'&*4#,!;($!'/#!@7$@(.#!(;!@$#@&$&'*(4!(;!'/#!%(4.(9*,&'#,!K4,!AS financial statements.
T,O! K4! (7$! (@*4*(4>! '/#! &;($#.&*,! %(4.(9*,&'#,! K4,! 8?!financial statements comply with the Accounting Standards specified under Section 133 of the Act.
T#O! ]4! '/#!0&.*.!(;! '/#!<$*''#4! $#@$#.#4'&'*(4.! $#%#*3#,!;$(+! '/#! ,*$#%'($.! (;! '/#! J(9,*42! L(+@&41! &.! (4!FD.'!"&$%/>! ACDE!&4,! '&d#4!(4! $#%($,!01! '/#!M(&$,!(;!Q*$#%'($.!(;!'/#!J(9,*42!L(+@&41!&4,!'/#!$#@($'.!(;! .'&'7'($1! &7,*'($.! (;! *'.! .70.*,*&$1! %(+@&4*#.!*4%($@($&'#,! *4! K4,*&>! 4(4#! (;! '/#! ,*$#%'($.! (;! '/#!Group is disqualified as on 31st March, 2018 from 0#*42!&@@(*4'#,!&.!&!,*$#%'($!*4!'#$+.!(;!?#%'*(4!DBI!TAO!(;!'/#!8%'H
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Holding L(+@&41! &4,! *'.! ?70.*,*&$1! L(+@&4*#.! %(3#$#,!under the Act and the operating effectiveness of!.7%/! %(4'$(9.>! $#;#$! '(! (7$! .#@&$&'#! $#@($'! *4!“Annexure-A” and
T2O! =*'/! $#.@#%'! '(! '/#! ('/#$!+&''#$.! '(! 0#! *4%97,#,! *4!'/#! 87,*'($e.! P#@($'! *4! &%%($,&4%#! <*'/! P79#! DD! (;!'/#! L(+@&4*#.! T87,*'! &4,! 87,*'($.O! P79#.>! ACDI>! *4!(7$! (@*4*(4! &4,! '(! '/#! 0#.'! (;! (7$! *4;($+&'*(4! &4,!according to the explanations given to us:
! *O! 5/#! 2$(7@! /&.! ,*.%9(.#,! '/#! *+@&%'! (;! @#4,*42!litigations as at March 31, 2018 on its financial position in the Consolidated Ind-AS financial .'&'#+#4'.!N!P#;#$!U('#!U(H!FHB!'(!'/#!%(4.(9*,&'#,!financial statements.
! **O! 5/#!:$(7@!/&.!+&,#!@$(3*.*(4>!&.!$#^7*$#,!74,#$!'/#! &@@9*%&09#! 9&<! ($! &%%(74'*42! .'&4,&$,.>! ;($!material foreseeable losses, if any, on long-term %(4'$&%'.!*4%97,*42!,#$*3&'*3#!%(4'$&%'.H
! ***O! 5/#$#! /&.! 0##4! 4(! ,#9&1! *4! '$&4.;#$$*42!&+(74'.! $#^7*$#,! '(! 0#! '$&4.;#$$#,! '(! '/#!K43#.'($! \,7%&'*(4! &4,! `$('#%'*(4! 674,! 01! '/#!J(9,*42!L(+@&41!&4,! *'.! ?70.*,*&$1!L(+@&4*#.!*4%($@($&'#,!*4!K4,*&H
! *3O! 5/#!,*.%9(.7$#!$#^7*$#+#4'.!$#9&'*42!'(!/(9,*42.!as well as dealings in specified bank notes were &@@9*%&09#!;($!'/#!@#$*(,!;$(+!E'/!U(3#+0#$!ACDB!'(! FC'/!Q#%#+0#$! ACDB>!</*%/! &$#! 4('! $#9#3&4'!to these financial statements. Hence, reporting 74,#$!'/*.!%9&7.#!*.!4('!&@@9*%&09#H
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! 74V*41&=4,5*4`9&%#G!"7+0&*! `&$'4#$Q&'#G!"&1!AE>!ACDE! "#+0#$./*@!U(H!CBDXBV
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!%)"3$& ",& $*%& D,$%3,(1& >4,(,:4(1& 9",$3"1H& #,F%3&Clause (i) of Sub-section 3 of Section 143 of theCompaniesAct,2013(“theAct”)K4! %(4i74%'*(4!<*'/! (7$! &7,*'! (;! '/#! L(4.(9*,&'#,! K4,! 8?!financial statements of 'E!90BC!&&MD'DBE@!TY'/#!J(9,*42!L(+@&41ZO!&.!(;!&4,!;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE>!<#!have audited the internal financial controls over financial $#@($'*42! (;! '/#! J(9,*42! L(+@&41! &4,! *'.! .70.*,*&$1!%(+@&4*#.!*4%($@($&'#,!*4!K4,*&>!&.!(;!'/&'!,&'#H
'(,(5%?%,$[H& !%H)",H4G414$<& -"3& D,$%3,(1&>4,(,:4(1&9",$3"1H5/#!$#.@#%'*3#!M(&$,!(;!Q*$#%'($.!(;!'/#!J(9,*42!L(+@&41!&4,! *'.! .70.*,*&$1! %(+@&4*#.>! *4%($@($&'#,! *4! K4,*&>! &$#!$#.@(4.*09#! ;($! #.'&09*./*42! &4,! +&*4'&*4*42! *4'#$4&9!financial controls based on the internal control over financial $#@($'*42!%$*'#$*&!#.'&09*./#,!01!'/#!L(+@&41!%(4.*,#$*42!'/#!#..#4'*&9!%(+@(4#4'.!(;! *4'#$4&9!%(4'$(9!.'&'#,!*4!'/#!:7*,&4%#!U('#!(4!87,*'!(;!K4'#$4&9!6*4&4%*&9!L(4'$(9.!(3#$!6*4&4%*&9! P#@($'*42! *..7#,! 01! '/#! K4.'*'7'#! (;! L/&$'#$#,!8%%(74'&4'.!(;! K4,*&! TlKL8KeOH!5/#.#!$#.@(4.*0*9*'*#.! *4%97,#!'/#!,#.*24>!*+@9#+#4'&'*(4!&4,!+&*4'#4&4%#!(;!&,#^7&'#!internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its 07.*4#..>! *4%97,*42! &,/#$#4%#! '(! %(+@&41e.! @(9*%*#.>! '/#!.&;#27&$,*42!(;!*'.!&..#'.>!'/#!@$#3#4'*(4!&4,!,#'#%'*(4!(;!;$&7,.!&4,!#$$($.>! '/#! &%%7$&%1! &4,! %(+@9#'#4#..!(;! '/#!&%%(74'*42!$#%($,.>!&4,!'/#!'*+#91!@$#@&$&'*(4!(;!$#9*&09#!financial information, as required under the Companies 8%'>!ACDFH
0#F4$"3H[&!%H)",H4G414$<Our responsibility is to express an opinion on the company’s and the covered entities internal financial controls over financial reporting based on our audit. We conducted our &7,*'! *4! &%%($,&4%#! <*'/! '/#! :7*,&4%#! U('#! (4! 87,*'! (;!K4'#$4&9! 6*4&4%*&9! L(4'$(9.! (3#$! 6*4&4%*&9! P#@($'*42! T'/#!Y:7*,&4%#!U('#ZO!&4,!'/#!?'&4,&$,.!(4!87,*'*42>!*..7#,!01!KL8K! &4,!,##+#,! '(! 0#! @$#.%$*0#,!74,#$! .#%'*(4! DIFTDCO!of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to &4! &7,*'! (;! K4'#$4&9! 6*4&4%*&9! L(4'$(9.! &4,>! 0('/! *..7#,!01! '/#! K4.'*'7'#!(;!L/&$'#$#,!8%%(74'&4'.!(;! K4,*&H! 5/(.#!?'&4,&$,.!&4,!'/#!:7*,&4%#!U('#!$#^7*$#!'/&'!<#!%(+@91!<*'/!#'/*%&9!$#^7*$#+#4'.!&4,!@9&4!&4,!@#$;($+!'/#!&7,*'!'(! (0'&*4! $#&.(4&09#! &..7$&4%#! &0(7'!</#'/#$! &,#^7&'#!internal financial controls over financial reporting was #.'&09*./#,!&4,!+&*4'&*4#,!&4,!*;!.7%/!%(4'$(9.!(@#$&'#,!effectively in all material respects.
]7$!&7,*'! *43(93#.!@#$;($+*42!@$(%#,7$#.!'(!(0'&*4!&7,*'!evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of *4'#$4&9!%(4'$(9!0&.#,!(4!'/#!&..#..#,!$*.dH!5/#!@$(%#,7$#.!.#9#%'#,!,#@#4,!(4! '/#!&7,*'($e.! i7,2+#4'>! *4%97,*42! '/#!&..#..+#4'! (;! '/#! $*.d.! (;! +&'#$*&9! +*..'&'#+#4'! (;! '/#!financial statements, whether due to fraud or error.
=#!0#9*#3#!'/&'!'/#!&7,*'!#3*,#4%#!(0'&*4#,!01!7.!&4,!'/#!&7,*'!#3*,#4%#!(0'&*4#,!01!'/#!('/#$!&7,*'($.!*4!'#$+.!(;!'/#*$! $#@($'.! $#;#$$#,! '(! *4! '/#!]'/#$!+&''#$.! @&$&2$&@/!of the main report is sufficient and appropriate to provide &! 0&.*.! ;($! (7$! &7,*'! (@*4*(4! (4! '/#! %(+@&41e.! &4,! '/#!covered entities internal financial controls system over financial reporting.
'%(,4,5& "-& D,$%3,(1& >4,(,:4(1& 9",$3"1H& "A%3&>4,(,:4(1&!%)"3$4,5A company’s internal financial control over financial $#@($'*42! *.! &! @$(%#..! ,#.*24#,! '(! @$(3*,#! $#&.(4&09#!assurance regarding the reliability of financial reporting and the preparation of financial statements for external @7$@(.#.!*4!&%%($,&4%#!<*'/!2#4#$&991!&%%#@'#,!&%%(74'*42!@$*4%*@9#.H!!
A company’s internal financial control over financial $#@($'*42!*4%97,#.!'/(.#!@(9*%*#.!&4,!@$(%#,7$#.!'/&'
TDO! @#$'&*4!'(!'/#!+&*4'#4&4%#!(;!$#%($,.!'/&'>!*4!$#&.(4&09#!detail, accurately and fairly reflect the transactions and ,*.@(.*'*(4.!(;!'/#!&..#'.!(;!'/#!%(+@&41R!
TAO! @$(3*,#! $#&.(4&09#! &..7$&4%#! '/&'! '$&4.&%'*(4.!&$#! $#%($,#,! &.! 4#%#..&$1! '(! @#$+*'! @$#@&$&'*(4! (;!financial statements in accordance with generally &%%#@'#,!&%%(74'*42!@$*4%*@9#.>!&4,!'/&'!$#%#*@'.!&4,!expenditures of the company are being made only in &%%($,&4%#! <*'/! &7'/($*g&'*(4.! (;!+&4&2#+#4'! &4,!,*$#%'($.!(;!'/#!%(+@&41R!&4,
TFO! @$(3*,#!$#&.(4&09#!&..7$&4%#!$#2&$,*42!@$#3#4'*(4!($!'*+#91! ,#'#%'*(4! (;! 74&7'/($*g#,! &%^7*.*'*(4>! 7.#>! ($!,*.@(.*'*(4!(;!'/#!%(+@&41e.!&..#'.!'/&'!%(79,!/&3#!&!material effect on the financial statements.
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Because of the inherent limitations of internal financial controls over financial reporting, including the possibility (;!%(997.*(4!($!*+@$(@#$!+&4&2#+#4'!(3#$$*,#!(;!%(4'$(9.>!+&'#$*&9!+*..'&'#+#4'.! ,7#! '(! #$$($! ($! ;$&7,!+&1! (%%7$!&4,! 4('! 0#! ,#'#%'#,H! 89.(>! @$(i#%'*(4.! (;! &41! #3&97&'*(4!of the internal financial controls over financial reporting '(! ;7'7$#!@#$*(,.! &$#! .70i#%'! '(! '/#! $*.d! '/&'! '/#! *4'#$4&9!financial control over financial reporting may become *4&,#^7&'#!0#%&7.#!(;! %/&42#.! *4! %(4,*'*(4.>!($! '/&'! '/#!,#2$##!(;!%(+@9*&4%#!<*'/!'/#!@(9*%*#.!($!@$(%#,7$#.!+&1!,#'#$*($&'#H
Annexure - A to the Auditors’ ReportTP#;#$$#,!'(! *4!@&$&2$&@/!ET;O!74,#$! lP#@($'!(4!]'/#$!)#2&9!&4,!P#279&'($1!P#^7*$#+#4'.!.#%'*(4!(;!(7$!$#@($'! '(! '/#!+#+0#$.!(;!"#$%&'($!)*+*'#,!(;!#3#4!,&'#O
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]7$!&;($#.&*,!$#@($'.!74,#$!?#%'*(4!DIFTFOT*O!(;!'/#!8%'!(4!the adequacy and operating effectiveness of the internal financial controls over financial reporting insofar as it relates to five subsidiaries, which are companies incorporated in K4,*&>!*.!0&.#,!(4!'/#!%($$#.@(4,*42!$#@($'.!(;!'/#!&7,*'($.!(;!.7%/!%(+@&4*#.!*4%($@($&'#,!*4!K4,*&H!]7$!(@*4*(4!*.!4('!qualified in respect of this matter.
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!T&O!`$(@#$'1>!`9&4'!&4,!\^7*@+#4'! AHD !D>BICHII! !D>EBAHWF! (b) Capital Work-in-Progress !AWAHFD! !BWIHCV!!T%O!K43#.'+#4'!`$(@#$'*#.!! AHA !DHDC! !DHAX!!T,O!]'/#$!K4'&42*09#!8..#'.! AHD !CHXI! !CHDW!!T#O!6*4&4%*&9!&..#'.!!!!!!!!!!!!!T*O!K43#.'+#4'.! AHF - - !!!!!!!!!!!!T**O!)(&4.! AHI !DCHED! WHVA!!!!!!!!!!!!T**O!]'/#$!6*4&4%*&9!8..#'.! AHX !DXHDF! !AHVC!!T;O!]'/#$!U(4!L7$$#4'!8..#'.! AHB !DDIHCX! WAHFX (g) Income Tax Assets (net) !EAHXC! !DAWHWF!
B"$(1&7",R9#33%,$&0HH%$H& 2,156.88 2,793.14K 9#33%,$&0HH%$H
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T%O!!]'/#$!L7$$#4'!8..#'.! AHDA !AEAHFB! !FXIHAE! Non Current Assets classified as Held for Sale !ABHAE! -
B"$(1&9#33%,$&0HH%$H& 1,058.95 1,148.94BCB0M&0==EB=& 3,215.83 3,942.08
B EQUITYANDLIABILITIESI &E\#4$<&
!T&O!\^7*'1!?/&$#!L&@*'&9! AHDF !FCHAX! !ABHWW!!T0O!]'/#$!\^7*'1! AHDI !WAAHIF! !WBIHWA!!\^7*'1!&''$*07'&09#!'(!]<4#$.! !WXAHBE! !WWDHWD!!U(4!L(4'$(99*42!K4'#$#.'! !BCHWV! !XVHWF!
B"$(1&E\#4$<& 1,013.65 1,049.84K 7",&R&9#33%,$&M4(G414$4%H
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!T0O!`$(3*.*(4.! AHDV !FHXX! !IHFW! (c) Deferred Tax Liabilities ( Net) !CHVA! !FHWI!
B"$(1&7",R9#33%,$&M4(G414$4%H& 1,058.87 1,250.35. 9#33%,$&M4(G414$4%H
!T&O!6*4&4%*&9!)*&0*9*'*#.!T*O!M($$(<*42.! AHDE !IAAHBD! !IAAHEA!T**O!5$&,#!`&1&09#.! AHDW !ABXHAW! !DEWHAD!T***O!]'/#$!6*4&4%*&9!)*&09*'*#.! AHAC !FAIHIA! !WDXHID!
!T0O!]'/#$!L7$$#4'!)*&0*9*'*#.! AHAD !DFCHIF! !DCXHVV!!T%O!`$(3*.*(4.! AHAA !CHXB! !EHBE!
B"$(1&9#33%,$&M4(G414$4%H& 1,143.31 1,641.89B"$(1&M4(G414$4%H& 2,202.18 2,892.24
TOTALEQUITYANDLIABILITIES 3,215.83 3,942.08 Basis of Preparation & Significant Accounting Policies DThe accompanying notes are an integral part of the financial statements A!'(!FHFC
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74V*41&=4,5*4& =*(1(G*&'4$$(1 !(_%,F3(&O"$*(34`&$'4#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Chief Executive Officer Chief Financial Officer"#+0#$./*@!U(!G!CBDXBV!
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Consolidated Statement of Profit and Loss;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE
&U(3$4:#1(3H& 7"$% X%(3&E,F%F.IR'(3RKPIS
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D79C'ET&O!P#3#47#!;$(+!]@#$&'*(4.! AHAF !WVIHAD! !A>DDXHFW!T0O!]'/#$!K4%(+#! AHAI !FBHIV! !DXBHAF!
I B"$(1&D,:"?%& 1,010.68 2,271.62E`UE7=E=6&(a) Operating Expenses AHAX !BBEHBE! !D>FEFHBF!(b) Employee Benefit Expenses AHAB !FCHDC! !FBHIA!T%O!6*4&4%#!L(.'.! AHAV !DVFHDB! !AFAHIA!(d) Depreciation and Amortisation expenses AHD !DEBHCI! !FDEHBI!T#O!K+@&*$+#4'!(;!8..#'.! AHD - !CHCD!(f) Other Expenses AHAE !DVCHCD! !AIDHFF!
K B"$(1&E8)%,H%H& 1,227.99 2,212.45. Profit/(loss)beforeexceptionalitemsandtax(1-2) !TADVHFDO !XWHDV!I Less: Exceptional items FHDF - !TWHDBOZ Profit/(Loss)beforetaxes(3-4) (217.31) &ZPJPI&Y B(8&%8)%,H%6&
(a) Current tax AHAW !TXEHDAO !TACHCFO(b) Deferred Tax AHAW !TAHDAO !TDHDEOProfit/(Loss)fortheperiod(5-6) (277.55) &KSJSP&
Q Othercomprehensiveincomefortheyear(netoftax)Items that will not be reclassified to Profit or Loss, !(a) Remeasurements of net defined benefit plans
!DHIW! !TCHIFO
S &B"$(1&9"?)3%*%,H4A%&D,:"?%&-"3&$*%&<%(3& (276.06) &KSJ.Q&9 Profit/(Loss)attributableto:
]<4#$.! !TAWXHAVO !AIHXC!Non-Controlling Interest !DVHVA! !IHFC!
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1.49 (0.43)II TotalComprehensiveIncome/(Loss)attributabletotheowneroftheCompany
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(276.06) &KSJ.Q&IK Earningspershare(EquityshareofRe.1/-Each)
M&.*%!TK4!P7@##.O! FHD TDCHIAO CHWVQ*97'#,!TK4!P7@##.O! FHD TDCHIAO CHWV
! Basis of Preparation & Significant Accounting Policies DThe accompanying notes are an integral part of the financial statements A!'(!FHFC
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74V*41&=4,5*4& =*(1(G*&'4$$(1 !(_%,F3(&O"$*(34`&$'4#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Chief Executive Officer Chief Financial Officer"#+0#$./*@!U(!G!CBDXBV!
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U(3$4:#1(3H Year Ended31-Mar-2018
Year Ended31-Mar-2017
* 9(H*&>1";&-3"?&C)%3($4,5&0:$4A4$4%H&Net Profit / (Loss) Before Exceptional Item and Tax !TADVHFDO !XCHCDAdjustment for: Q#@$#%*&'*(4!f!8+($'*.&'*(4! !DEBHCI! !FDEHBI!K+@&*$+#4'!(;!8..#'.! !CHCD!`$(3*.*(4!;($!,(70';79!,#0'.c&,3&4%#.! !BHDI! !XXHBI!Remeasurements of net defined benefit plans !DHIW! !TCHIFO6*4&4%#!L(.'.! !DVFHDB! !AFAHIA!(Profit)/Loss on fixed assets sold / discarded (net) !BXHIA! !DFDHBA!(Profit)/Loss on sale of investments (net) - !CHXE!K4'#$#.'!*4%(+#! !TFHWEO !TEHCBOAsset written off - !CHWW!Exceptional Item - !WHDB!Bad Debts and other amounts written off/(back) !DDHDE! - _4$#&9*.#,!2&*4!(4!6&*$![&97#!(;!!K43#.'+#4'! !TDEHDAO !TDFBHVXOUnrealised foreign exchange (gain) / loss (Net) DIHWV! !TDHFDOOperatingprofitbeforeworkingcapitalchanges 218.99 &YZKJZ.&Adjustment for: Decrease/(Increase) in Non Current Financial Assets - Loans TDHCWO !TFHAIOQ#%$#&.#cTK4%$#&.#O!*4!U(4!L7$$#4'!]'/#$!6*4&4%*&9!8..#'.! !TAHVXO !TDHDAOQ#%$#&.#cTK4%$#&.#O!*4!]'/#$!U(4!L7$$#4'!8..#'.! !TFWHAWO !TCHCIOQ#%$#&.#cTK4%$#&.#O!*4!K43#4'($*#.! !DHAI! !DHFV!Q#%$#&.#cTK4%$#&.#O!*4!5$&,#!P#%#*3&09#.! !XDHEA! !DFAHVI!Decrease/(Increase) in Current Financial Assets - Loans !TFHVVO !TXIHIAOQ#%$#&.#cTK4%$#&.#O!*4!L7$$#4'!]'/#$!6*4&4%*&9!8..#'.! !TDCHEXO !ADHWV!Q#%$#&.#cTK4%$#&.#O!*4!]'/#$!%7$$#4'!&..#'.! !VDHWF! !ACHCX!(Decrease)/Increase in Non Current Other financial liabilities !TCHIBO !TXHEEOTQ#%$#&.#OcK4%$#&.#!*4!U(4!L7$$#4'!@$(3*.*(4.! !TCHEIO !CHID!TQ#%$#&.#OcK4%$#&.#!*4!5$&,#!`&1&09#.! !VXHBF! !TADCHDDOTQ#%$#&.#OcK4%$#&.#!*4!L7$$#4'!]'/#$!6*4&4%*&9!)*&0*9*'*#.! !TXEHAVO !TIDEHVIOTQ#%$#&.#OcK4%$#&.#!*4!]'/#$!%7$$#4'!9*&0*9*'*#.! !AIHBB! !IDVHCW!TQ#%$#&.#OcK4%$#&.#!*4!L7$$#4'!@$(3*.*(4.! !TEHDAO !IHEF!7%$&9(H*&-3"?&C)%3($4,5&0:$4A4$4%H& &.ISJS.& &ZZQJ//&Direct taxes paid (Net of refund) !TDBHCAO !TAEHDDO
.PKJSI 529.33Less : Exceptional Item - !TWHDBOTotalcashfrom/(usedin)operatingactivites .PKJSI &ZKPJIQ&
B 9(H*&>1";&-3"?&D,A%H$4,5&0:$4A4$4%H!Purchase of fixed assets including capital work in progress !TAAXHFXO !TDXDHXEOTK4%$#&.#O!c!Q#%$#&.#!*4!L&@*'&9!&,3&4%#.! !DVHBC! !VCHWV!Proceeds from Sale of Fixed Assets !VAHFV! !IEWHBB!(Increase) / Decrease in Short-term loans and advances - !CHAX!TK4%$#&.#O!c!Q#%$#&.#!*4!L7$$#4'!K4'#$%($@($&'#!,#@(.*'.! !XHFV! !ADHXI!`7$%/&.#cT?&9#O!(;!K43#.'+#4'.! !TDHVIO !TIEHWVOM&4d!,#@(.*'.!!T`9&%#,O!c!$#,##+#,!<*'/!0&4d.!TU#'O! !TECHFDO !TACHFBOK4'#$#.'!K4%(+#! !IHBF! !VHAW!7%$&9(H*&-3"?&D,A%H$4,5&0:$4A4$4%H& (207.43) &.YSJSP&
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U(3$4:#1(3H Year Ended31-Mar-2018
Year Ended31-Mar-2017
9 9(H*&>1";&-3"?&>4,(,:4,5&0:$4A4$4%H&`$(%##,.!;$(+!M($$(<*42.! AWVHAA !IIFHBF!P#@&1+#4'!(;!M($$(<*42.! !TIAFHFCO !TD>AFBHXAOChanges in the Non-Controliing Interest !TDIHWFO !AIHDE!Proceeds from issue of shares QIP ( Net of Expesnes) !DFFHDE! !WWHXE!K4%$#&.#cT!Q#%$#&.#O!*4!P#.#$3#.! !AAHCF! !TDWHDVODividend Paid (Including Dividend Distribution tax) !TDHBAO !TAHWXOK4'#$#.'!@&*,! !TDVWHFVO !TDEEHAVO7%$&9(H*&-3"?&>4,(,:4,5&0:$4A4$4%H& (166.79) (879.52)NetIncrease/(decrease)incashandcashequivalents(A+B+C) (71.41) 9.45L&./!&4,!L&./!\^7*3&9#4'.!&.!&'!0#2*44*42!(;!'/#!1#&$!TP#;#$!U('#!AHWT*OO! !WFHEE! !EIHXX!Add: Unrealised Foreign Exchange Fluctuation on cash and cash equivalents !TCHCDO !TCHDAOL&./!&4,!L&./!\^7*3&9#4'.!&.!&'!#4,!(;!'/#!1#&$!TP#;#$!U('#!AHWT*OO! !AAHIB! !WFHEE!9(H*&(,F&9(H*&E\#4A(1%,$H&:"?)34H%&"-6&L&./!&4,!M&4d!M&9&4%#.!T!P#;#$!U('#!AHWT*OO! !AAHIB! !WFHEE!
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c) Previous Year’s figures have been regrouped wherever necessary to confirm to the current year’s classification.
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&&"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
=D27D>D907B& 099C^7BD72& UCMD9DE=& 07@&7CBE=&>C!'D72&U0!B&C>&BNE&9C7=CMD@0BE@&D7@R0=& >D7079D0M& =B0BE'E7B=& >C!& XE0!&ENDEDMARCH31,2018
9C!UC!0BE&D7>C!'0BDC7"#$%&'($! )*+*'#,! T'/#! YL(+@&41ZO! *.! &! @709*%! 9*+*'#,!L(+@&41! $#2*.'#$#,! *4! K4,*&! 74,#$! '/#! @$(3*.*(4.! (;! '/#!L(+@&4*#.!8%'>!ACDFH! K'.!./&$#.!&$#! 9*.'#,!(4!'/#!M(+0&1!Stock Exchange and the National Stock Exchange of India. The Consolidated Ind-AS Financial Statements relate '(! "#$%&'($! )*+*'#,! T'/#! L(+@&41O! &4,! *'.! .70.*,*&$1!%(+@&4*#.H! 5/#! L(+@&41! &4,! *'.! .70.*,*&$*#.! %(4.'*'7'#!the Group. The Group has diversified business verticals viz. ?/*@@*42! T'&4d#$.>!2&.!%&$$*#$.!&4,!,$1!079d#$.O>!Q$#,2*42>!]*9!&4,!:&.>!L(&9!T"*4*42>!`$(%7$#+#4'!&4,!)(2*.'*%.OH
IJ& =D27D>D907B&099C^7BD72&UCMD9DE=1.1 BasisforPreparation:
The consolidated Ind-AS financial statements of the :$(7@! /&3#! 0##4! @$#@&$#,! *4! &%%($,&4%#! <*'/! '/#!K4,*&4!8%%(74'*42!?'&4,&$,.!T/#$#*4&;'#$!$#;#$$#,!'(!&.!the ‘Ind AS’) as notified by Ministry of Corporate Affairs @7$.7&4'!'(!.#%'*(4!DFF!(;!L(+@&4*#.!8%'>!ACDF!Te8%'eO!$#&,!<*'/!P79#!F!(;!'/#!L(+@&4*#.!TK4,*&4!8%%(74'*42!?'&4,&$,.O! P79#.>! ACDX! &4,! L(+@&4*#.! TK4,*&4!8%%(74'*42!?'&4,&$,.O!8+#4,+#4'!P79#.>!ACDBH
The financial statements of the subsidiary companies used in the preparation of the Consolidated Ind-As 6*4&4%*&9!?'&'#+#4'.!/&3#!0##4!,$&<4!7@'(!'/#!.&+#!$#@($'*42! ,&'#! &.! '/&'! (;! "#$%&'($! )*+*'#,>! *H#>! FD.'!"&$%/!ACDEH
The financial statements have been prepared on &%%$7&9! &4,! 2(*42! %(4%#$4! 0&.*.H! 5/#! &%%(74'*42!@(9*%*#.! &$#! &@@9*#,! %(4.*.'#4'91! '(! &99! '/#! @#$*(,.!presented in the financial statements.
Authorisationoffinancialstatements:!5/#!L(4.(9*,&'#,!Ind-AS Financial statements were authorised for issue in &%%($,&4%#!<*'/!&!$#.(97'*(4!(;!'/#!M(&$,!(;!Q*$#%'($.!*4!*'.!+##'*42!/#9,!(4!AE'/!"&1!ACDEH
5/#!;74%'*(4&9!%7$$#4%1!(;!'/#!L(+@&41!&4,!*'.!K4,*&4!?70.*,*&$*#.! *.! K4,*&4! P7@##.! TYKUPZO! </#$#&.! '/#!;74%'*(4&9!%7$$#4%1!(;!;($#*24!.70.*,*&$*#.! *.!_?Q!TqO>!Mozambican Meticals. The Group’s Consolidated Ind-AS financial statements are presented in Indian Rupee TKUPO>!</*%/!*.!&9.(!'/#!J(9,*42!L(+@&41e.!;74%'*(4&9!&4,! @$#.#4'&'*(4! %7$$#4%1H! 899! &+(74'.! *4! '/#.#!financial statements, except per share amounts and unless as stated otherwise, have been rounded off to '<(!,#%*+&9!@9&%#.!&4,!/&3#!0##4!@$#.#4'#,!*4!%$($#H
IJK& N4H$"34:(1&:"H$&:",A%,$4",6 The financial statements have been prepared on a
historical cost basis, except for the following:
1. Certain financial assets and liabilities including ,#$*3&'*3#!*4.'$7+#4'.!*.!+#&.7$#,!&'!;&*$!3&97#H
2. Assets held for sale- measured at fair value less %(.'.!'(!.#99
3. Defined benefit plans- plan assets measured at 6&*$!3&97#H
IJ.& ^H%&"-&%H$4?($%H6! The preparation of the financial statements in conformity
with Ind-AS requires the Management to make estimates &4,!&..7+@'*(4.! %(4.*,#$#,! *4! '/#! $#@($'#,! &+(74'.!(;! &..#'.! &4,! 9*&0*9*'*#.! T*4%97,*42! %(4'*42#4'! 9*&0*9*'*#.O!and the reported income and expenses during the year. 5/#! "&4&2#+#4'! 0#9*#3#.! '/&'! '/#! #.'*+&'#.! 7.#,! *4!preparation of the financial statements are prudent and reasonable. Actual results could differ due to these estimates and the differences between the actual results &4,!'/#!#.'*+&'#.!&$#!$#%(24*.#,!*4!'/#!@#$*(,.!*4!</*%/!'/#!$#.79'.!&$#!d4(<4!c!+&'#$*&9*.#,H
! P#3*.*(4.! '(! &%%(74'*42! #.'*+&'#.! &$#! $#%(24*g#,!prospectively in the Consolidated Statement of Profit &4,! )(..! *4! '/#! @#$*(,! *4! </*%/! '/#! #.'*+&'#.! &$#!revised and in any future periods affected.
! 934$4:(1&%H$4?($%H&(,F&_#F5%?%,$H
! 5/*.! 4('#! @$(3*,#.! &4! (3#$3*#<! (;! '/#! &$#&.! '/&'!involved a higher degree of judgement or complexity, &4,! *'#+.! </*%/! &$#! +($#! 9*d#91! '(! 0#! +&'#$*&991!&,i7.'#,! ,7#! '(! #.'*+&'#.! &4,! &..7+@'*(4.! '7$4*42!out to be different than those originally assessed. Q#'&*9#,! *4;($+&'*(4! &0(7'! #&%/! (;! '/#.#! #.'*+&'#.!&4,!i7,2#+#4'.!*.!*4%97,#,!*4!$#9#3&4'!4('#.!'(2#'/#$!<*'/! *4;($+&'*(4! &0(7'! '/#! 0&.*.! (;! %&9%79&'*(4! ;($!each affected line item in the financial statements
! B*%& (3%(H& 4,A"1A4,5& :34$4:(1& %H$4?($%H& "3&_#F5%?%,$&(3%6
! 8..#..+#4'!(;!;74%'*(4&9!%7$$#4%1
Estimation of current tax expenses and Payable - refer 4('#!FHDF
! Useful lives of property, plant and equipment- refer note 1.7
! "#&.7$#+#4'! (;! $#%(3#$&09#! &+(74'! (;! %&./!generating units - Refer note 2.1
! `$(3*.*(4.!&4,!L(4'*42#4%*#.H
1.4 Currentversusnon-currentclassification:! 5/#! %(+@&41! @$#.#4'.! &..#'.! &4,! 9*&0*9*'*#.! *4!
the balance sheet based on current/ non-current classification.
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&&#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
All the assets and liabilities have been classified as current/non-current as per the Company’s normal (@#$&'*42!%1%9#!&4,!('/#$!%$*'#$*&!.#'!(7'!*4!Q*3*.*(4!KK!'(!?%/#,79#!KKK!(;!'/#!L(+@&4*#.!8%'>!ACDFH
! 5/#!(@#$&'*42!%1%9#!*.!'/#!'*+#!0#'<##4!'/#!&%^7*.*'*(4!(;!&..#'.!;($!@$(%#..*42!&4,!'/#*$!$#&9*.&'*(4!*4!%&./!($!%&./!#^7*3&9#4'.H!M&.#,!(4!'/#!4&'7$#!(;!&%'*3*'*#.!(;!'/#!L(+@&41!&4,!'/#!4($+&9!'*+#!0#'<##4!&%^7*.*'*(4!(;!&..#'.!&4,!'/#*$!$#&9*.&'*(4!*4!%&./!($!%&./!#^7*3&9#4'.>!'/#!L(+@&41!/&.!,#'#$+*4#,!*'.!(@#$&'*42!%1%9#!&.!DA!months for the purpose of classification of its assets and liabilities as current and non-current.
IJZ& U34,:4)1%H&"-&:",H"14F($4",6! ?70.*,*&$*#.!&$#!&99!#4'*'*#.!(3#$!</*%/!'/#!2$(7@!/&.!
%(4'$(9H!5/#!2$(7@!%(4'$(9.!&4!#4'*'1!</#4!'/#!2$(7@!is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect '/(.#!$#'7$4.!'/$(72/!*'.!@(<#$!'(!,*$#%'!'/#!$#9#3&4'!&%'*3*'*#.!(;!'/#!#4'*'1H!5/#!6*4&4%*&9!?'&'#+#4'.!(;!'/#!subsidiaries are included in the Consolidated Ind-AS 6*4&4%*&9!?'&'#+#4'.!;$(+!'/#!,&'#!(4!</*%/!L(4'$(9!%(++#4%#.!74'*9!'/#!,&'#!(4!</*%/!'/#!L(4'$(9!%#&.#.H
! 5/#!;(99(<*42!?70.*,*&$1!L(+@&4*#.!&$#!%(4.*,#$#,!*4!the Consolidated Ind-AS Financial Statements.
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KPIS
a&"-&*"1F4,5&%4$*%3&F43%:$1<&"3&$*3"#5*&H#GH4F4(3<&(H&atMarch31,
KPIQ
D "#$%&'($!]*9!&4,!:&.!)*+*'#,
K4,*&! DCCHCCo DCCHCCo
A "#$%&'($!`#'$(9#7+!)*+*'#,
K4,*&! EVHVXo EVHVXo
F ]($i&!P#.(7$%#.!K4,*&!`$*3&'#!)*+*'#,
K4,*&! DCCHCCo DCCHCCo
I "#$%&'($!Q$#,2*42!`3'!)',H!T;($+#$91!"#$%&'($!6`?]!`$*3&'#!)*+*'#,O
K4,*&! DCCHCCo DCCHCCo
X "#$%&'($!]%#&4'$&4.@($'!)*+*'#,
K4,*&! DCCHCCo DCCHCCo
B "#$%&'($!K4'#$4&'*(4&9!`'#H!)*+*'#,
?*42&@($# DCCHCCo DCCHCCo
V Offshore Holdings L(+@&41!`'#!)',H!
?*42&@($# DCCHCCo DCCHCCo
E M$*(!P#.(7$%#.!`'#!)',H ?*42&@($# CHCCo CHCCoW ]($i&!J(9,*42.!`'#H!!
)*+*'#,?*42&@($# DCCHCCo DCCHCCo
DC "#$%&'($!\4#$21!`'#!)*+*'#,
?*42&@($# VXHCCo VXHCCo
DD Mercator Offshore Assets J(9,*42!`'#!)*+*'#,
?*42&@($# VXHCCo VXHCCo
DA Mercator Offshore (P) `'#!)*+*'#,
?*42&@($# DCCHCCo DCCHCCo
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KPIS
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?*42&@($# DCCHCCo DCCHCCo
DI ]($i&!TM&'7&O!`'#H!)*+*'#, ?*42&@($# DCCHCCo DCCHCCoDX ]($i&!D!`'#H!)*+*'#, ?*42&@($# DCCHCCo DCCHCCoDB ]($i&!A!`'#H!)*+*'#, ?*42&@($# DCCHCCo DCCHCCoDV ]($i&!F!`'#H!)*+*'#, ?*42&@($# DCCHCCo DCCHCCoDE ]($i&!"(g&+0*^7#!),& "(g&+0*^7# DCCHCCo DCCHCCoDW "L?!J(9,*42.!`'#H!)',H ?*42&@($# DCCHCCo DCCHCCoAC `5!S&$1&!`7'$&!M($4#( K4,(4#.*& XCHCCo XCHCCoAD `5!K4,(!`#$d&.& K4,(4#.*& AXHXCo AXHXCoAA ]($i&!K4,(!`#'&42*.!6(7$ K4,(4#.*& DCCHCCo DCCHCCoAF ]($i&!K4,(!`#'&42*.!5/$## K4,(4#.*& DCCHCCo DCCHCCoAI `5!"*4%(4!K4,(!P#.(7$%#. K4,(4#.*& DCCHCCo DCCHCCoAX U7&4.&!?&d'*!S#4%&4&!
T7@'(!DFHCFHACDEOK4,(4#.*& DCCHCCo DCCHCCo
AB M*+&!:#+&!`#$+&'&>!`5 K4,(4#.*& DCCHCCo DCCHCCoAV ]($i&!K4,(!S:? K4,(4#.*& DCCHCCo DCCHCCoAE M$(&,'#%!"(g&+0*^7#!
"*4&.!),&"(g&+0*^7# EXHCCo EXHCCo
AW "L?!K43#.'+#4'!&4,!5$&,*42!)*+*'#,
"&9&1.*& DCCHCCo DCCHCCo
FC "&$3#9![&97#!K4'#$4&'*(4&9!)*+*'#,
M$*'*./![*$2*4!K.9&4,.
DCCHCCo DCCHCCo
6(99(<*42! %(+@&4*#.! &$#! .(9,! c! %9(.#,! c! *4! @$(%#..! (;!9*^7*,&'*(4!&4,!/&3#!&%%($,*4291!0##4!,#%(4.(9*,&'#,=3J&7"
7(?%&"-&$*%&:"?)(,< @($%&&"-&&91"H#3%WH(1%W14\#4F($4",
D U7&4.&!?&d'*!S#4%&4& L(+@&41!/&.!0##4!.(9,!&4,!%/&42#!(;!,*$#%'($.!/&3#!0##4!&%%#@'#,!01!"*4*.'$1!(;!\4#$21!&4,!"*4#$&9!P#.(7$%#.!,&'#,!DFHCFHACDE
A "L?!67#9!5$&,*42!?,4!M,/ L(+@&41!/&.!0##4!.'$7%d!;$(+!$#%($,.!(;!L(+@&4*#.!L(++*..*(4#$!(;!"&9&1.*&!,&'#,!CWHCBHACDV
F "#$%&'($!]d<(d!6`_!`'#!)', L(+@&41!74,#$!9*^7*,&'*(4!and final order from 9*^7*,&'($!*.!&<&*'#,
I "#$%&'($!]d($(!6`_!`'#!)', L(+@&41!74,#$!9*^7*,&'*(4!and final order from 9*^7*,&'($!*.!&<&*'#,
X "#$%&'($!`$(i#%'.!`'#!)', L(+@&41!74,#$!9*^7*,&'*(4!and final order from 9*^7*,&'($!*.!&<&*'#,
B Fortune Offshore O&M Pte )',
L(+@&41!/&.!0##4!.'$7%d!;$(+!$#%($,.!(;!8%%(74'*42!&4,!L($@($&'#!P#279&'($1!87'/($*'1!,&'#,!CIHCWHACDV
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&&$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
The Consolidated Ind-AS financial statements have 0##4!@$#@&$#,!(4!'/#!;(99(<*42!0&.*.G
DH! 5/#!6*4&4%*&9!.'&'#+#4'.!(;!'/#!L(+@&41!&4,!*'.!.70.*,*&$1!%(+@&4*#.!/&3#!0##4!%(+0*4#,!(4!&!9*4#!01!9*4#!0&.*.!01!&,,*42!'(2#'/#$!0((d!3&97#.!(;! .*+*9&$! *'#+.! (;! &..#'.>! 9*&0*9*'*#.>! *4%(+#>!expenses, equity and cash flows of the parent with those of its subsidiaries. The intra-company 0&9&4%#.! &4,! '$&4.&%'*(4.! *4%97,*42! 74$#&9*.#,!2&*4c9(..! ;$(+! .7%/! '$&4.&%'*(4.! &$#! #9*+*4&'#,!7@(4!L(4.(9*,&'*(4H
2. Consolidated Ind-AS financial statements are @$#@&$#,!01!&@@91*42!74*;($+!&%%(74'*42!@(9*%*#.!to the extent possible, in use at the group.
3. Non-Controlling Interests(NCI) represents part of the net profit or loss and net asets of the .70.*,*&$*#.! '/&'! &$#! 4('>! ,*$#%'91! ($! *4,*$#%'91!owned or controlled by the company are excluded.
IJY& >"3%45,&9#33%,:4%H&$3(,H1($4",6
(i) Functionalandpresentationcurrency5/#! ;74%'*(4&9! %7$$#4%1! (;! '/#! L(+@&41! &4,!*'.! K4,*&4! ?70.*,*&$*#.! *.! K4,*&4! P7@##.! TYKUPZO!</#$#&.! '/#! ;74%'*(4&9! %7$$#4%1! (;! ;($#*24!.70.*,*&$*#.! *.! _?Q! TqO>! "(g&+0*%&4! "#'*%&9.H!The Group’s Consolidated Ind-AS financial .'&'#+#4'.!&$#!@$#.#4'#,! *4! K4,*&4!P7@##! TKUPO>!</*%/! *.! &9.(! '/#! J(9,*42! L(+@&41e.! ;74%'*(4&9!&4,!@$#.#4'&'*(4!%7$$#4%1H!899!&+(74'.! *4! '/#.#!financial statements, except per share amounts &4,! 749#..! &.! .'&'#,! ('/#$<*.#>! /&3#! 0##4!rounded off to two decimal places and have been @$#.#4'#,!*4!%$($#H
(ii) Transactionandbalances'",%$(3<&D$%?H5$&4.&%'*(4.! *4! ;($#*24! %7$$#4%*#.! &$#! *4*'*&991!recorded at their standard Exchange rates ,#'#$+*4#,!+(4'/91H
"(4#'&$1! &..#'.! &4,! 9*&0*9*'*#.! ,#4(+*4&'#,! *4!foreign currencies are translated at exchange $&'#.!@$#3&*9*42!(4!'/#!$#@($'*42!,&'#H
Foreign exchange gains and losses resulting from '/#! .#''9#+#4'! (;! .7%/! '$&4.&%'*(4.! &4,! ;$(+!'/#!'$&4.9&'*(4!(;!+(4#'&$1!&..#'.!&4,! 9*&0*9*'*#.!denominated in foreign currencies at the year-end exchange rates are generally recognised in Consolidated Statement of Profit or loss as Borrowing costs to the extent regarded as an 8,i7.'+#4'! '(! '/#! 0($$(<*42! %(.'.H! 5/#1! &$#!,#;#$$#,! *4! \^7*'1! *;! '/#1! $#9&'#! '(! ^7&9*;1*42!cash flow hedges. A monetary item for which .#''9#+#4'! *.!4#*'/#$!@9&44#,!4($! 9*d#91! '(!(%%7$!*4!'/#!;($#.##&09#!;7'7$#!*.!%(4.*,#$#,!&.!&!@&$'!(;! '/#! #4'*'1e.! 4#'! *43#.'+#4'! *4! '/&'! ;($#*24!(@#$&'*(4.H
& & 7",R'",%$(3<&D$%?H
Non-monetary items that are measured in '#$+.!(;!/*.'($*%&9!%(.'! *4!&!;($#*24!%7$$#4%1!&$#!translated using the exchange rates at the dates of the initial transactions. Non-monetary items +#&.7$#,!&'! ;&*$!3&97#! *4!&! ;($#*24!%7$$#4%1!&$#!translated using the exchange rates at the date </#4! '/#! ;&*$! 3&97#! *.! ,#'#$+*4#,H! 5/#! 2&*4! ($!loss arising on translation of non-monetary items +#&.7$#,!&'!;&*$!3&97#!*.!'$#&'#,!*4!9*4#!<*'/!'/#!$#%(24*'*(4!(;!'/#!2&*4!($!9(..!(4!'/#!%/&42#!*4!;&*$!value of the item (i.e., translation differences on *'#+.!</(.#!;&*$!3&97#!2&*4!($!9(..!*.!$#%(24*.#,!*4!Other Comprehensive Income or profit or loss are &9.(!$#%(24*.#,!*4!]'/#$!L(+@$#/#4.*3#!K4%(+#!or profit or loss, respectively).
(iii) Groupcompanies
! ! The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different ;$(+! '/#! @$#.#4'&'*(4! %7$$#4%1! &$#! '$&4.9&'#,! *4'(!'/#!@$#.#4'&'*(4!%7$$#4%1!&.!;(99(<.G
• assets and liabilities are translated at the %9(.*42!$&'#!&'!'/#!,&'#!(;!'/&'!0&9&4%#!./##'H
• income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on '/#!'$&4.&%'*(4!,&'#.>! *4!</*%/!%&.#!*4%(+#!and expenses are translated at the dates of '/#!'$&4.&%'*(4.O>!&4,
• All resulting exchange differences are $#%(24*.#,!*4!('/#$!%(+@$#/#4.*3#!*4%(+#H
On consolidation, exchange differences arising ;$(+! '/#! '$&4.9&'*(4! (;! &41! 4#'! *43#.'+#4'! *4!;($#*24! #4'*'*#.>! &4,! (;! 0($$(<*42.! &4,! ('/#$!financial instruments designated as hedges (;! .7%/! *43#.'+#4'.>! &$#! $#%(24*.#,! *4! ('/#$!%(+@$#/#4.*3#!*4%(+#H!=/#4!&!;($#*24!(@#$&'*(4!is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or 9(..!(4!.&9#H
1.7 Property,plant,andequipment:! 6$##! /(9,! 9&4,! *.! %&$$*#,! &'! /*.'($*%&9! %(.'H! 899! ('/#$!
*'#+.!(;!@$(@#$'1>!@9&4'!&4,!#^7*@+#4'!&$#!.'&'#,!&'!%(.'! 9#..! &%%7+79&'#,! ,#@$#%*&'*(4! &4,! *+@&*$+#4'!losses, if any. Historical cost includes expenditure that *.!,*$#%'91!&''$*07'&09#!'(!'/#!&%^7*.*'*(4!(;!'/#!*'#+H
! 5/#!%(.'!(;!`$(@#$'1>!`9&4'!&4,!#^7*@+#4'!%(+@$*.#.!*'.! @7$%/&.#! @$*%#! 4#'! (;! &41! '$&,#! ,*.%(74'.! &4,!rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&&%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
including exchange difference capitalised as per para 1.5 (ii) above, brokerage and start-up costs on making '/#!&..#'! $#&,1! ;($! *'.! *4'#4,#,!7.#>!('/#$! *4%*,#4'&9!expenses and interest on borrowings attributable to &%^7*.*'*(4!(;!^7&9*;1*42!&..#'.!7@!'(!'/#!,&'#!'/#!&..#'!*.!$#&,1!;($!*'.!*4'#4,#,!7.#H
! ?7%/! %(.'! *4%97,#.! '/#! %(.'! (;! $#@9&%*42! @&$'! (;! '/#!plant and equipment and borrowing costs for long-'#$+! %(4.'$7%'*(4! @$(i#%'.! *;! '/#! $#%(24*'*(4! %$*'#$*&!&$#!+#'H
When significant parts of plant and equipment &$#! $#^7*$#,! '(! 0#! $#@9&%#,! &'! *4'#$3&9.>! %(+@&41!depreciates them separately based on their specific 7.#;79!9*3#.H
! =/#4! &! +&i($! *4.@#%'*(4! *.! @#$;($+#,>! *'.! %(.'! *.!$#%(24*.#,! *4! '/#! %&$$1*42! &+(74'! (;! '/#! @9&4'! &4,!#^7*@+#4'!&.!&!$#@9&%#+#4'!*;!'/#!$#%(24*'*(4!%$*'#$*&!are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.
! L&@*'&9! <($d! *4! @$(2$#..>! @9&4'! &4,! #^7*@+#4'! *.!.'&'#,! &'! %(.'>! 4#'! (;! &%%7+79&'#,! ,#@$#%*&'*(4! &4,!&%%7+79&'#,!*+@&*$+#4'!9(..#.>!*;!&41H
Drydocks are considered as component of fleet with estimated useful lives different than the main component of fleet. Cost relating to drydock which *.!+&4,&'($*91! $#^7*$#,! '(! 0#! %&$$*#,! (7'! &.! @#$! '/#!Classification Rules and Regulations is recognized in '/#! %&$$1*42! &+(74'! (;! ./*@! &4,! *.! &+($'*.#,! (3#$!AHX! 1#&$.H! ]4! '$&4.*'*(4! '(! K4,! 8?>! '/#! %(+@&41! /&.!#9#%'#,!'(!%(4'*47#!<*'/!'/#!%&$$1*42!3&97#!(;!&99!(;!*'.!@$(@#$'1>! @9&4'! &4,! #^7*@+#4'! $#%(24*g#,! &.! &'! D.'!8@$*9!ACDX!+#&.7$#,!&.!@#$!'/#!@$#3*(7.!:88`!&4,!7.#!'/&'!%&$$1*42!3&97#!&.!'/#!,##+#,!%(.'!(;!'/#!`$(@#$'1>!`9&4'!&4,!#^7*@+#4'H
! 5/#!L(+@&41!$#3*#<.!'/#!%&$$1*42!3&97#!(;!@$(@#$'1>!@9&4'! &4,! #^7*@+#4'! &447&991! ($! +($#! ;$#^7#4'91!</#4! '/#$#! *.! *4,*%&'*(4! (;! *+@&*$+#4'H! K;! '/#!$#%(3#$&09#!&+(74'! *.! 9#..! '/&4! *'.!%&$$1*42!&+(74'>!'/#!*+@&*$+#4'!9(..!*.!&%%(74'#,!;($H
Depreciation on fixed assets is provided to the extent (;! ,#@$#%*&09#! &+(74'! (4! '/#! =$*''#4! Q(<4! 3&97#!(WDV) method, except in case of Vessels, where ,#@$#%*&'*(4!*.!@$(3*,#,!(4!?'$&*2/'!)*4#!"#'/(,!T?)"OH!Q#@$#%*&'*(4! *.! @$(3*,#,! 0&.#,! (4! 7.#;79! 9*;#! (;! '/#!&..#'.!&.!@$#.%$*0#,! *4!?%/#,79#! KK!(;! '/#!L(+@&4*#.!Act, 2013 except, the following cases where useful life *.!%(4.*,#$#,!&.!74,#$!0&.#,!(4!'#%/4*%&9!#3&97&'*(4G
8O! [#..#9.*O 5&4d#$.>!Q$1!M79d!%&$$*#$.>!L7''#$.>!Q$#,2#$. !AX!1#&$.**O :&.!L&$$*#$.! !FC!1#&$.
! MO! L(&9!L$7./#$!*.!,#@$#%*&'#,!(4!74*'!(;!@$(,7%'*(4!0&.*.! %(4.*,#$*42! #.'*+&'#,! @$(,7%'*(4! (;!F>CC>CC>CCC!"5
! ! 84!*'#+!(;!@$(@#$'1>!@9&4'!&4,!#^7*@+#4'!&4,!&41!significant part initially recognised is derecognised 7@(4! ,*.@(.&9! ($! </#4! 4(! ;7'7$#! #%(4(+*%!benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the 4#'! ,*.@(.&9! @$(%##,.! &4,! '/#! %&$$1*42! &+(74'!(;!'/#!&..#'O!*.!*4%97,#,!*4!'/#!*4%(+#!.'&'#+#4'!</#4!'/#!&..#'!*.!,#$#%(24*.#,H
! ! 5/#!$#.*,7&9!3&97#.>!7.#;79! 9*3#.!&4,!+#'/(,.!(;!,#@$#%*&'*(4!(;!@$(@#$'1>!@9&4'!&4,!#^7*@+#4'!&$#!reviewed at each financial year end and adjusted @$(.@#%'*3#91>!*;!&@@$(@$*&'#H
IJS& D,$(,54G1%&0HH%$H&(,F&0?"3$4H($4",6& 9"?)#$%3&="-$;(3%
! ?(;'<&$#e.! +##'*42! '/#! $#%(24*'*(4! %$*'#$*&! &$#!$#%(24*.#,! &.! K4'&42*09#! &..#'.! &4,! &+($'*.#,! ;$(+!'/#! @#$*(,! '/#! &..#'! *.! &3&*9&09#! ;($! 7.#! (3#$! '/#!#.'*+&'#,!7.#;79!9*3#.H
! L(.'.! &..(%*&'#,! <*'/! +&*4'&*4*42! '/#! .(;'<&$#!programs are recognised as expense as they are *4%7$$#,H
1.9 Capitalworkinprogress: All expenditure and related borrowings cost incurred
,7$*42! '/#!&..#'!&%^7*.*'*(4!@#$*(,>!&$#!&%%7+79&'#,!&4,! ./(<4! 74,#$! '/*.! /#&,! '*99! '/#! &..#'! *.! @7'! '(!%(++#$%*&9!7.#H
1.10Impairmentofnon-financialassets:! Non-financial assets other than inventories and non-
%7$$#4'!&..#'.!/#9,!;($!.&9#!&$#!$#3*#<#,!&'!#&%/!M&9&4%#!?/##'!,&'#!'(!,#'#$+*4#!</#'/#$!'/#$#!*.!&41!*4,*%&'*(4!of impairment. If any such indication exists, or when &447&9!*+@&*$+#4'!'#.'*42!;($!&4!&..#'!*.!$#^7*$#,>!'/#!%(+@&41! #.'*+&'#.! '/#! &..#'e.! $#%(3#$&09#! &+(74'H!The recoverable amount is higher of asset’s or Cash-:#4#$&'*42!_4*'.!TL:_O!;&*$!3&97#!9#..!%(.'.!(;!,*.@(.&9!&4,!*'.!3&97#!*4!7.#H!P#%(3#$&09#!&+(74'!*.!,#'#$+*4#,!;($! &4! *4,*3*,7&9! &..#'>! 749#..! '/#! &..#'! ,(#.! 4('!generate cash flows that are largely independent of '/(.#!;$(+!('/#$!&..#'.!($!2$(7@!(;!&..#'.H
! When the carrying amount of an asset or CGU exceeds *'.!$#%(3#$&09#!&+(74'>!'/#!&..#'!*.!%(4.*,#$#,!*+@&*$#,!&4,!*.!<$*''#4!,(<4!'(!*'.!$#%(3#$&09#!&+(74'H
IJII&D,A%H$?%,$&U3")%3$<6! ?*4%#! '/#$#! *.! 4(! %/&42#! *4! '/#! ;74%'*(4&9! %7$$#4%1>!
'/#! J(9,*42! %(+@&41! /&.! #9#%'#,! '(! %(4'*47#! <*'/!'/#!%&$$1*42!3&97#!;($!&99!(;!*'.!*43#.'+#4'!@$(@#$'1!&.!recognised in its Indian GAAP financial statements as ,##+#,!%(.'!&'!'/#!'$&4.*'*(4!,&'#>!3*gH>!D!8@$*9!ACDXH
Investment Property is property (land or a building- or &!@&$'!(;!&!07*9,*42O!/#9,!#*'/#$!'(!#&$4!$#4'&9!*4%(+#!
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&('!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
($!;($!%&@*'&9!&@@$#%*&'*(4!($!;($!0('/>!07'!4('!;($!.&9#!*4!'/#!($,*4&$1!%(7$.#!(;!07.*4#..>!7.#!*4!@$(,7%'*(4!($! .7@@91! (;! 2((,.! ($! .#$3*%#.! ($! ;($! &,+*4*.'$&'*3#!@7$@(.#.
K43#.'+#4'! @$(@#$'*#.! &$#!+#&.7$#,! *4*'*&991! &'! %(.'>!*4%97,*42! '$&4.&%'*(4! %(.'.H! ?70.#^7#4'! '(! *4*'*&9!$#%(24*'*(4>! *43#.'+#4'!@$(@#$'*#.! &$#! .'&'#,!&'! %(.'!9#..! &%%7+79&'#,! ,#@$#%*&'*(4! &4,! &%%7+79&'#,!*+@&*$+#4'!9(..>!*;!&41H
5/#!J(9,*42!L(+@&41!,#@$#%*&'#.!07*9,*42!%(+@(4#4'!(;!*43#.'+#4'!@$(@#$'1!(3#$!AC!1#&$.!;$(+!'/#!,&'#!(;!($*2*4&9!@7$%/&.#H
K43#.'+#4'! @$(@#$'*#.! &$#! ,#$#%(24*.#,! #*'/#$!</#4! '/#1! /&3#! 0##4! ,*.@(.#,! (;! ($!</#4! '/#1! &$#!@#$+&4#4'91! <*'/,$&<4! ;$(+! 7.#! &4,! 4(! ;7'7$#!economic benefit is expected from their disposal.
The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit ($!9(..!*4!'/#!@#$*(,!(;!,#$#%(24*'*(4H
IJIK&0HH%$H&*%1F&-"3&H(1%6Non-current assets are classified as held for sale if '/#*$! %&$$1*42! &+(74'.! <*99! 0#! $#%(3#$#,! '/$(72/! &!.&9#! '$&4.&%'*(4! $&'/#$! '/&4! '/$(72/! %(4'*47*42! 7.#H!5/*.!%(4,*'*(4!*.!$#2&$,#,!&.!+#'!(491!</#4!'/#!.&9#!*.!/*2/91!@$(0&09#!&4,!'/#!&..#'!*.!&3&*9&09#!;($!*++#,*&'#!.&9#!*4!*'.!@$#.#4'!%(4,*'*(4!.70i#%'!(491!'(!'#$+.!'/&'!&$#!7.7&9!&4,!%7.'(+&$1!;($!.&9#!(;!.7%/!&..#'.H
Non-current assets classified as held for sale are +#&.7$#,! &'! '/#! 9(<#$! (;! %&$$1*42! &+(74'! &4,! ;&*$!3&97#!9#..!%(.'!'(!.#99H
Property, plant and equipment classified as held for .&9#!&$#!4('!,#@$#%*&'#,H
IJI.&Non-currentassets(ordisposalgroups)heldforsaleNon-current assets and disposal groups are classified &.! /#9,! ;($! .&9#! *;! '/#*$! %&$$1*42! &+(74'! <*99! 0#!$#%(3#$#,!@$*4%*@&991!'/$(72/!&!.&9#!'$&4.&%'*(4!$&'/#$!'/&4!'/$(72/!%(4'*47*42!7.#H!5/*.!%(4,*'*(4!*.!$#2&$,#,!&.!+#'!(491!</#4!'/#!&..#'! T($!,*.@(.&9!L(+@&41O! *.!&3&*9&09#! ;($! *++#,*&'#! .&9#! *4! *'.! @$#.#4'! %(4,*'*(4!.70i#%'!(491!'(!'#$+.!'/&'!&$#!7.7&9!&4,!%7.'(+&$1!;($!.&9#.!(;!.7%/!&..#'!T($!,*.@(.&9!L(+@&41O!&4,!*'.!.&9#!*.! /*2/91!@$(0&09#H!"&4&2#+#4'!+7.'!0#! %(++*''#,!to the sale which should be expected to qualify for $#%(24*'*(4!&.!&!%(+@9#'#,!.&9#!<*'/*4!(4#!1#&$!;$(+!the date of classification.
Non-current assets (and disposal groups) classified &.! /#9,! ;($! .&9#! &$#!+#&.7$#,! &'! '/#! 9(<#$! (;! '/#*$!%&$$1*42!&+(74'!&4,!;&*$!3&97#!9#..!%(.'.!'(!.#99H
IJI/&C41&(,F&2(H&0HH%$H6The Company follows Ind AS 106 “Exploration for and \3&97&'*(4!(;!"*4#$&9!P#.(7$%#.Z!&4,!:7*,&4%#!U('#!
(4! 8%%(74'*42! ;($! ]*9! &4,! :&.! `$(,7%*42! 8%'*3*'*#.!TACDBO! 0('/! *..7#,! 01! '/#! K4.'*'7'#! (;! L/&$'#$#,!8%%(74'&4'.!(;!K4,*&!TKL8KOH
! 8%^7*.*'*(4!%(.'.!.7%/!&.!%(.'.! *4%7$$#,! '(!@7$%/&.#>!9#&.#! ($! ('/#$<*.#! &%^7*$#! &! @$(@#$'1! ($! +*4#$&9!right proved or unproved are capitalised. Any pre-acquisition costs are expensed as and when incurred.
! 899! %(.'.! </*%/! &$#! ,*$#%'91! &''$*07'&09#! '(! '/#!exploration and evaluation activities of Oil and Gas &$#! %&@*'&9*.#,H! :#4#$&9! &4,! 8,+*4*.'$&'*(4! %(.'.!including finance costs are included in the Exploration and Evaluation costs only to the extent that those costs can be directly attributable to the related exploration &4,!#3&97&'*(4!&..#'.H! K4! &99! ('/#$! %&.#.>! '/#.#! %(.'.!are expensed as incurred.
The Company classifies the acquisition costs, exploration and evaluation assets as tangible assets ($! *4'&42*09#! &..#'.! &%%($,*42! '(! 4&'7$#! (;! &..#'.!&%^7*$#,H
Once the technical feasibility of extracting Oil and Gas is determinable, exploration and evaluation assets are classified as Capital Work in Progress. Exploration &4,!\3&97&'*(4!&..#'.!*.!&..#..#,!;($!*+@&*$+#4'!&4,!*+@&*$+#4'! 9(..! *;! &41>! *.! $#%(24*.#,>! 0#;($#! .7%/!reclassification. Subsequent development costs are %&@*'&9*.#,!&.!&4,!</#4!*4%7$$#,H
! =/#4! &! <#99! *.! $#&,1! '(! %(++#4%#! %(++#$%*&9!@$(,7%'*(4>!'/#!%&@*'&9*.#,!%(.'.!$#;#$$#,!&0(3#!T*4%97,*42!costs allocated to dry well) are reclassified as “completed <#99.! ($! @$(,7%*42! <#99.Z! ;$(+! *4'&42*09#! &..#'.! 74,#$!,#3#9(@+#4'!'(!2$(..!09(%d!(;!*4'&42*09#!&..#'.H
When all wells identified in the block do not result *4! ,*.%(3#$1! (;! @$(3#,! (*9! &4,! 2&.! $#.(7$%#.>! '/#!%&@*'&9*g#,!%(.'.!&.!$#;#$$#,!'(!&0(3#!&$#!%/&$2#,!&.!an expense.
Expenditure incurred on exploratory blocks which are written off in past and start producing subsequently &$#!4('!$#*4.'&'#,H
Exploration and evaluation assets are assessed for *+@&*$+#4'! </#4! ;&%'.! &4,! %*$%7+.'&4%#.! .722#.'!that the carrying amount of an exploration and evaluation assets may exceed its recoverable amount. K+@&*$+#4'! '#.'! *.! @#$;($+#,! *4! &%%($,&4%#! <*'/!the procedures given below for impairment of non-financial assets. Impairment loss, if any is recognised as an expense.
The company allocates exploration and evaluation &..#'.! '(! %&./! 2#4#$&'*42! 74*'.! ($! &! 2$(7@! (;! %&./!2#4#$&'*42! 74*'.! ;($! '/#! @7$@(.#! (;! &..#..*42! .7%/!&..#'.!;($!*+@&*$+#4'H
The company is currently in the Exploratory Stage and accordingly all expenditures incurred for the said &%'*3*'*#.!&$#!'$&4.;#$$#,!'(!L&@*'&9!=($d!*4!`$(2$#..H
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&(&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
IJIZ&'4,4,5&U3")%3$4%H6! =/#4!+*4#.!&$#!%&@&09#!(;!(@#$&'*42! *4! '/#!+&44#$!
intended by the management, exploration and #3&97&'*(4!&..#'.!&$#!'$&4.;#$$#,!'(!+*4*42!@$(@#$'*#.H!8+($'*.&'*(4!*.!%/&$2#,!7.*42!'/#!74*'.!(;!@$(,7%'*(4!+#'/(,H
IJIY&E8)1"3($4",&(,F&EA(1#($4",&0HH%$H6 Exploration and evaluation activity involves the search
;($!+*4#$&9!$#.(7$%#.>!,#'#$+*4&'*(4!(;! '/#!'#%/4*%&9!;#&.*0*9*'1!&4,!&..#..+#4'!(;!'/#!%(++#$%*&9!3*&0*9*'1!(;!'/#!+*4#$&9!$#.(7$%#H
Exploration and evaluation expenditures comprise of %(.'.!'/&'!&$#!,*$#%'91!&''$*07'&09#!'(G
- acquisition of rights to explore;
- topographical, geological, geochemical and 2#(@/1.*%&9!.'7,*#.R
- exploratory drilling;
- trenching and sampling; and
- activities involved in evaluating the technical feasibility and commercial viability of extracting +*4#$&9!$#.(7$%#.H
Exploration and evaluation assets related to an area of interest is written-off as incurred, unless they are %&@*'&9*.#,!&4,!%&$$*#,!;($<&$,>!(4!&4!&$#&!(;!*4'#$#.'!0&.*.>!@$(3*,#,!(4#!(;!'/#!;(99(<*42!%(4,*'*(4.!*.!+#'G
(i) the costs are expected to be recovered through successful development and exploitation of the &$#&!(;!*4'#$#.'!($>!&9'#$4&'*3#91>!01!*'.!.&9#R!($
(ii) exploration activities in interest have not yet $#&%/#,! '/#! .'&2#! </*%/! @#$+*'.! &! $#&.(4&09#!assessment of the existence or otherwise of #%(4(+*%&991!$#%(3#$&09#!$#.#$3#.!&4,!&%'*3#!&4,!significant operations in or in relation to the area (;!*4'#$#.'!&$#!%(4'*47*42H
! L&@*'&9*.#,! %(.'.! *4%97,#! %(.'.! ,*$#%'91! $#9&'#,! '(!exploration and evaluation activities in the relevant &$#&!(;!*4'#$#.'H!:#4#$&9!&4,!&,+*4*.'$&'*3#!%(.'.!&$#!allocated to an exploration or evaluation asset only to the extent that those costs can be related directly to (@#$&'*(4&9!&%'*3*'*#.!*4!'/#!$#9#3&4'!&$#&!(;!*4'#$#.'H
Exploration and evaluation assets are recorded at cost 9#..!*+@&*$+#4'!%/&$2#.H!8.!'/#!&..#'!*.!4('!&3&*9&09#!;($!7.#>!*'!*.!4('!,#@$#%*&'#,H
Exploration and evaluation assets are assessed for *+@&*$+#4'! *;! ;&%'.! &4,! %*$%7+.'&4%#.! *4,*%&'#! '/&'!impairment may exist. Exploration and evaluation &..#'.!&$#!&9.(!'#.'#,!;($!*+@&*$+#4'!(4%#!%(++#$%*&9!$#.#$3#.!&$#!;(74,>!0#;($#!'/#!&..#'.!&$#!'$&4.;#$$#,!'(!+*4*42!@$(@#$'*#.H
IJIQ&!%A%,#%&3%:"5,4$4",6 Revenue is recognised to the extent that it is probable
that the economic benefits will flow to the Group and '/#! $#3#47#! %&4! 0#! $#9*&091!+#&.7$#,>! $#2&$,9#..! (;!</#4!'/#!@&1+#4'!*.!0#*42!+&,#H!P#3#47#!*.!+#&.7$#,!&'! '/#! ;&*$! 3&97#! (;! '/#! %(4.*,#$&'*(4! $#%#*3#,! ($!receivable, taking into account contractually defined terms of payment and excluding taxes or duties %(99#%'#,! (4! 0#/&9;! (;! '/#! 2(3#$4+#4'H! 5/#! :$(7@!recognises revenue when the specific criteria have 0##4! +#'! ;($! #&%/! (;! '/#! L(+@&41e.! &%'*3*'*#.! &.!,#.%$*0#,!0#9(<G
! &O! 6$#*2/'!K4%(+#
! ! K4%(+#!(4!&%%(74'!(;!;$#*2/'! *.!$#%(24*.#,!*4!&99!%&.#.! </#$#! 9(&,*42! (;! '/#! %&$2(! *.! %(+@9#'#,!0#;($#! '/#! %9(.#! (;! '/#! 1#&$H! 899! %($$#.@(4,*42!direct expenses are also provided.
! 0O! L&$2(!J&4,9*42
! ! =/#$#! 9(&,*42! (;! '/#! %&$2(! *.! 4('! %(+@9#'#,!0#;($#! '/#! %9(.#! (;! '/#! 1#&$>! $#3#47#! *.! 4('!recognised and the corresponding expenses are also carried forward to the next year.
! %O! L/&$'#$!J*$#!K4%(+#
! ! K4%(+#!;$(+!%/&$'#$!/*$#!&4,!,#+7$$&2#!#&$4*42.!*.!$#%(24*.#,!(4!&%%$7&9!0&.*.!&.!@#$!'/#!'#$+.!(;!&2$##+#4'H
! ,O! Q*3*,#4,!K4%(+#
! ! Q*3*,#4,!(4!*43#.'+#4'.!*.!$#%(24*.#,!</#4!'/#!$*2/'!'(!$#%#*3#!'/#!.&+#!*.!#.'&09*./#,H
! #O! K4'#$#.'!K4%(+#
! ! K4'#$#.'!*4%(+#!*.!$#%(24*g#,!(4!&!'*+#!@$(@($'*(4!0&.*.!'&d*42!*4'(!&%%(74'!'/#!&+(74'!(7'.'&4,*42!and the applicable effective interest rate.
! ;O! K4.7$&4%#!L9&*+.
! ! L9&*+.!*4%97,*42! *4.7$&4%#!%9&*+.!&$#!&%%(74'#,!</#4! '/#$#! *.! &! $#&.(4&09#! %#$'&*4'1! (;! '/#!$#&9*.&'*(4!(;!'/#!%9&*+!&+(74'H
! 2O! P#3#47#!;$(+!?&9#!(;!L(&9
! ! P#3#47#! ;$(+! %(&9! +*4*42! &4,! '$&,*42! *.!$#%(24*g#,! (4! '$&4.;#$! (;! $*.d>! $#<&$,! &4,!(<4#$./*@! (;! '/#! 2((,.>! &4,! *.! $#%($,#,! 4#'! (;!$#'7$4.>!'$&,#!&99(<&4%#>!&4,!2(3#$4+#4'!,7'*#.H
! /O! K4%(+#!;$(+!L(4.'$7%'*(4!L(4'$&%'.
In case of a subsidiary, revenue from long-'#$+! %(4.'$7%'*(4! %(4'$&%'.! *.! $#%(24*.#,! &'!%(.'! (;! <($d! @#$;($+#,! (4! '/#! %(4'$&%'! @97.!@$(@($'*(4&'#! +&$2*4>! 7.*42! '/#! @#$%#4'&2#! (;!%(+@9#'*(4!+#'/(,H!`#$%#4'&2#!(;!%(+@9#'*(4!*.!the proportion of cost of work performed to-date, '(!'/#!'('&9!#.'*+&'#,!%(4'$&%'!%(.'.H
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&((!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
*O! K4%(+#! ;$(+! ('/#$! .#$3*%#.! *.! &%%(74'#,! (4!&%%$7&9! 0&.*.! &.! @#$! '/#! '#$+.! (;! '/#! $#9#3&4'!&2$##+#4'H
2O! [#..#9!Q#+7$$&2#!*4%(+#!,7#!&.!@#$!%(4'$&%'7&9!'#$+.! *.! $#%(24*g#,H! 8! @$(3*.*(4! (4! #.'*+&'#,!0&.*.!*.!+&,#!'(<&$,.!,#,7%'*(4!;$(+!,#+7$$&2#!based on past experience of settlements.
IJIS&D,:"?)1%$%&+"<(5%H6K4! %&.#! (;! *4%(+@9#'#! 3(1&2#.>! ;$#*2/'! #&$4*42.! &$#!$#%(24*.#,! @$(! $&'&! (4! '/#! 0&.*.! (;! ,*$#%'! (@#$&'*42!expenses incurred as compared to total estimated direct operating expenses for the voyage.
1.19Explorationandevaluationexpenditure:Exploration Asset - Exploration activity involves the .#&$%/! ;($! +*4#$&9! $#.(7$%#.>! '/#! ,#'#$+*4&'*(4!(;! '#%/4*%&9! ;#&.*0*9*'1! &4,! '/#! &..#..+#4'! (;! '/#!commercial viability of an identified resource. Exploration expenditure are capitalised in respect of #&%/!&$#&!(;!*4'#$#.'!;($!</*%/!'/#!$*2/'.!'(!'#47$#!&$#!%7$$#4'!&4,!</#$#G
• The exploration expenditures are expected to be $#%(7@#,! '/$(72/! .7%%#..;79! ,#3#9(@+#4'! &4,!exploitation of the area of interest; or
• Exploration activities in the area of interest have 4('!$#&%/#,!&!.'&2#!</*%/!@#$+*'.!&!$#&.(4&09#!assessment of the existence or otherwise of #%(4(+*%&991! $#%(3#$&09#! $#.#$3#.>! &4,! &%'*3#!and significant operations in, or in relation to, the &$#&.!(;!*4'#$#.'!&$#!%(4'*47*42H
Exploration asset is reviewed at each reporting date as to whether an indication of impairment exists. If any such indication exists, the recoverable amount of the exploration asset is estimated to determine the extent (;!'/#!*+@&*$+#4'!9(..!T*;!&41OH!=/#$#!&4!*+@&*$+#4'!9(..! .70.#^7#4'91! $#3#$.#.>! '/#! %&$$1*42! &+(74'!(;! '/#! &..#'! *.! *4%$#&.#,! '(! '/#! $#3*.#,! #.'*+&'#! (;!its recoverable amount, but only to the extent that the increased carrying amount does not exceed the %&$$1*42! &+(74'! '/&'! <(79,! /&3#! 0##4! ,#'#$+*4#,!/&,!4(!*+@&*$+#4'!9(..!0##4!$#%(24*.#,!;($!'/#!&..#'!*4!@$#3*(7.!1#&$.H
]4%#!'/#!'#%/4*%&9!;#&.*0*9*'1!&4,!%(++#$%*&9!3*&0*9*'1!of the extraction of mineral resources in an area of *4'#$#.'! &$#! ,#+(4.'$&09#! &4,! </#$#! &! ,#%*.*(4! *.!made to proceed with development, the exploration asset attributable to that area of interest are first tested for impairment and then reclassified to mining @$(@#$'1!<*'/*4!@$(@#$'1>!@9&4'!&4,!#^7*@+#4'H
IJKP&D,A%,$"34%H6M74d#$! &4,! )70#.! (4! 3#..#9.! &$#! 3&97#,! &'! 9(<#$! (;!cost and net realisable value ascertained on first in first (7'!0&.*.H
! K43#4'($1! (;! %(&9! *.! 3&97#,! &'! '/#! 9(<#$! (;! %(.'! &4,!4#'!$#&9*.&09#!3&97#H!L(.'!*.!,#'#$+*4#,!0&.#,!(4!'/#!<#*2/'#,!&3#$&2#!%(.'!*4%7$$#,!,7$*42!'/#!@#$*(,!&4,!includes an appropriate portion of fixed and variable (3#$/#&,.H!U#'!$#&9*g&09#!3&97#!*.!'/#!#.'*+&'#,!.&9#.!&+(74'! *4! '/#! ($,*4&$1! %(7$.#! (;! 07.*4#..! 9#..! '/#!costs of completion and selling expense.
IJKI&M%(H%H6! a) FinanceLease
Leases are classified as finance leases, if .70.'&4'*&991!&99!(;!'/#!$*.d.!&4,!$#<&$,.!*4%*,#4'&9!'(!(<4#$./*@!(;!'/#!9#&.#,!&..#'!*.!'$&4.;#$$#,!'(!'/#!9#..##H
! b) OperatingLease
! ! 8.!&!9#..##
A lease is classified at the inception date as a finance lease or an operating lease. A lease that '$&4.;#$.! .70.'&4'*&991! &99! '/#! $*.d.! &4,! $#<&$,.!incidental to ownership to company is classified as a finance lease.
! ! 8!9#&.#,!&..#'!*.!,#@$#%*&'#,!(3#$!'/#!7.#;79! 9*;#!(;! '/#! &..#'H!J(<#3#$>! *;! '/#$#! *.! 4(! $#&.(4&09#!%#$'&*4'1!'/&'!'/#!%(+@&41!<*99!(0'&*4!(<4#$./*@!01! '/#! #4,! (;! '/#! 9#&.#! '#$+>! '/#! &..#'! *.!,#@$#%*&'#,! (3#$! '/#! ./($'#$! (;! '/#! #.'*+&'#,!7.#;79!9*;#!(;!'/#!&..#'!&4,!'/#!9#&.#!'#$+H
! ! ]@#$&'*42! 9#&.#! @&1+#4'.! &$#! $#%(24*.#,! &.! &4!expense in the statement of profit and loss on a straight-line basis over the lease term.
! ! 8.!&!9#..($
! ! )#&.#.! *4!</*%/! '/#! %(+@&41! ,(#.! 4('! '$&4.;#$!.70.'&4'*&991! &99! '/#! $*.d.! &4,! $#<&$,.! (;!ownership of an asset are classified as operating 9#&.#.H! K4*'*&9!,*$#%'!%(.'.! *4%7$$#,! *4!4#2('*&'*42!&4,! &$$&42*42! &4! (@#$&'*42! 9#&.#! &$#! &,,#,! '(!'/#! %&$$1*42! &+(74'! (;! '/#! 9#&.#,! &..#'! &4,!$#%(24*.#,!(3#$!'/#!9#&.#!'#$+!(4!'/#!.&+#!0&.*.!&.!$#4'&9!*4%(+#H!L(4'*42#4'!$#4'.!&$#!$#%(24*.#,!&.!$#3#47#!*4!'/#!@#$*(,!*4!</*%/!'/#1!&$#!#&$4#,H
1.22Borrowings:! M($$(<*42.! &$#! *4*'*&991! $#%(24*.#,! &'! ;&*$! 3&97#>!
4#'! (;! '$&4.&%'*(4! %(.'.! *4%7$$#,H! M($$(<*42.! &$#!.70.#^7#4'91! +#&.7$#,! &'! &+($'*.#,! %(.'H! 841!differences between the proceeds (net of transaction %(.'.O! &4,! '/#! $#,#+@'*(4! &+(74'! *.! $#%(24*.#,!in Profit or loss over the period of the borrowing using the effective interest method. Fees paid on '/#! #.'&09*./+#4'! (;! 9(&4! ;&%*9*'*#.! &$#! $#%(24*.#,!as transaction costs of the loan to the extent that it *.! @$(0&09#! '/&'! .(+#! ($! &99! (;! '/#! ;&%*9*'*#.! <*99! 0#!,$&<4!,(<4H!K4!'/*.!%&.#>!'/#!;##!*.!,#;#$$#,!74'*9!'/#!drawdown occurs. To the extent there is no evidence
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&()!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
'/&'!*'!*.!@$(0&09#!'/&'!.(+#!($!&99!(;!'/#!;&%*9*'*#.!<*99!0#!,$&<4!,(<4>!'/#!;##!*.!%&@*'&9*.#,!&.!&!@$#@&1+#4'!;($!9*^7*,*'1!.#$3*%#.!&4,!&+($'*.#,!(3#$!'/#!@#$*(,!(;!'/#!;&%*9*'1!'(!</*%/!*'!$#9&'#.H
! 5/#! ;&*$! 3&97#!(;! '/#! 9*&0*9*'1!@($'*(4!(;!&4!(@'*(4&991!%(43#$'*09#! 0(4,! *.! ,#'#$+*4#,! 7.*42! &! +&$d#'!interest rate for an equivalent non-convertible 0(4,H! 5/*.! &+(74'! *.! $#%($,#,! &.! &! 9*&0*9*'1! (4! &4!amortised cost basis until extinguished on conversion ($! $#,#+@'*(4! (;! '/#! M(4,.H! 5/#! $#+&*4,#$! (;! '/#!@$(%##,.! *.! &''$*07'&09#! '(! '/#! #^7*'1! @($'*(4! (;! '/#!%(+@(74,!*4.'$7+#4'>!'/*.!*.!$#%(24*.#,!&4,!*4%97,#,!in shareholders equity, net of income tax effect, and 4('!.70.#^7#4'91!$#!+#&.7$#,H
! 5/#! 0($$(<*42.! &$#! $#+(3#,! ;$(+! '/#! M&9&4%#!sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another @&$'1!&4,!'/#!%(4.*,#$&'*(4!@&*,!*4%97,*42!&41!4(4%&./!&..#'!'$&4.;#$$#,!($! 9*&0*9*'*#.!&..7+#,>! *.!$#%(24*.#,!in profit or loss as other gains/(losses).
Borrowings are classified as current liabilities unless '/#! %(+@&41! /&.! &4! 74%(4,*'*(4&9! $*2/'! '(! ,#;#$!.#''9#+#4'!(;! '/#! 9*&0*9*'1!(;!&'! 9#&.'!DA!+(4'/.!&;'#$!'/#! $#@($'*42! @#$*(,H! =/#$#! '/#$#! *.! &! 0$#&%/! (;! &!+&'#$*&9! @$(3*.*(4! (;! &! 9(42! '#$+! 9(&4! &$$&42#+#4'!(4!($!0#;($#!'/#!#4,!(;!'/#!$#@($'*42!@#$*(,!<*'/!'/#!effect that the liability becomes payable on demand (4! '/#! $#@($'*42! ,&'#>! '/#! #4'*'1! ,(#.! 4('! %9&..*;1!'/#! 9*&0*9*'1! &.! %7$$#4'>! *;! '/#! 9#4,#$! &2$##,>! &;'#$!'/#! $#@($'*42! @#$*(,! &4,! 0#;($#! '/#! &@@$(3&9! (;! '/#!financial statement for issue, not to demand payment &.!&!%(4.#^7#4%#!(;!'/#!0$#&%/H
1.23Borrowingcosts: General and specific borrowing costs that are
,*$#%'91! &''$*07'&09#! '(! '/#! &%^7*.*'*(4>! %(4.'$7%'*(4!($! @$(,7%'*(4! (;! &! ^7&9*;1*42! &..#'! &$#! %&@*'&9*.#,!,7$*42!'/#!@#$*(,!(;!'*+#!'/&'!*.!$#^7*$#,!'(!%(+@9#'#!&4,! @$#@&$#! '/#! &..#'! ;($! *'.! *4'#4,#,! 7.#! ;($! .&9#H!M($$(<*42!%(.'.!,*$#%'91!&''$*07'&09#!'(!'/#!&%^7*.*'*(4>!%(4.'$7%'*(4!($!@$(,7%'*(4!(;!&4!&..#'!'/&'!4#%#..&$*91!'&d#.!&!.70.'&4'*&9!@#$*(,!(;!'*+#!'(!2#'!$#&,1!;($! *'.!*4'#4,#,!7.#!($!.&9#!&$#!%&@*'&9*.#,!&.!@&$'!(;!'/#!%(.'!of the asset. All other borrowing costs are expensed *4! '/#! @#$*(,! *4! </*%/! '/#1! (%%7$H! M($$(<*42! %(.'.!%(4.*.'!(;!*4'#$#.'!&4,!('/#$!%(.'.!'/&'!&4!#4'*'1!*4%7$.!*4!%(44#%'*(4!<*'/!'/#!0($$(<*42!(;!;74,.H!M($$(<*42!cost also includes exchange differences to the extent $#2&$,#,!&.!&4!&,i7.'+#4'!'(!'/#!0($$(<*42!%(.'.H
IJK/&>(43&A(1#%&?%(H#3%?%,$6 The Company measures financial instruments, such
&.>!,#$*3&'*3#.!&'!;&*$!3&97#!&'!#&%/!0&9&4%#!./##'!,&'#H
! 6&*$! 3&97#! *.! '/#! @$*%#! '/&'!<(79,!0#! $#%#*3#,! '(! .#99!&4! &..#'! ($! @&*,! '(! '$&4.;#$! &! 9*&0*9*'1! *4! &4! ($,#$91!'$&4.&%'*(4! 0#'<##4! +&$d#'! @&$'*%*@&4'.! &'! '/#!+#&.7$#+#4'! ,&'#H! 5/#! ;&*$! 3&97#! +#&.7$#+#4'! *.!0&.#,!(4!'/#!@$#.7+@'*(4!'/&'!'/#!'$&4.&%'*(4!'(!.#99!'/#!&..#'!($!'$&4.;#$!'/#!9*&0*9*'1!'&d#.!@9&%#!#*'/#$G
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most &,3&4'&2#(7.!+&$d#'!'/&'!%&4!0#!&%%#..#,!01!'/#!%(+@&41!;($!'/#!&..#'!($!9*&0*9*'1H
! 5/#! ;&*$! 3&97#! (;! &4! &..#'! ($! &! 9*&0*9*'1! *.! +#&.7$#,!7.*42!'/#!&..7+@'*(4.!'/&'!+&$d#'!@&$'*%*@&4'.!<(79,!7.#!</#4!@$*%*42! '/#!&..#'!($! 9*&0*9*'1>!&..7+*42! '/&'!+&$d#'!@&$'*%*@&4'.!&%'!*4!'/#*$!#%(4(+*%!0#.'!*4'#$#.'H
! 899!&..#'.!&4,!9*&0*9*'*#.!;($!</*%/!;&*$!3&97#!*.!+#&.7$#,!or disclosed in the financial statements are categorised <*'/*4! '/#! ;&*$! 3&97#! /*#$&$%/1>! ,#.%$*0#,! &.! ;(99(<.>!based on the lowest level input that is significant to the ;&*$!3&97#!+#&.7$#+#4'!&.!&!</(9#G
• Level 1 Quoted (unadjusted) market prices in &%'*3#!+&$d#'.!;($!*,#4'*%&9!&..#'.!($!9*&0*9*'*#.H
• Level 2 Valuation techniques for which the lowest level input that is significant to the fair value +#&.7$#+#4'!*.!,*$#%'91!($!*4,*$#%'91!(0.#$3&09#H
• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value +#&.7$#+#4'!*.!74(0.#$3&09#H
! 6($! &..#'.! &4,! 9*&0*9*'*#.! '/&'! &$#! $#%(24*.#,! *4! '/#!financial statements on a recurring basis, the Company ,#'#$+*4#.!</#'/#$!'$&4.;#$.!/&3#!(%%7$$#,!0#'<##4!levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to '/#!;&*$!3&97#!+#&.7$#+#4'!&.!&!</(9#O!&'!'/#!#4,!(;!#&%/!$#@($'*42!@#$*(,H
IJKZ&>4,(,:4(1&D,H$3#?%,$H6 A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or #^7*'1!*4.'$7+#4'!(;!&4('/#$!#4'*'1H
A) >4,(,:4(1&(HH%$H
! ! Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, '$&4.&%'*(4! %(.'.! '/&'! &$#! &''$*07'&09#! '(! '/#!acquisition of the financial asset. Purchases or sales of financial assets that require delivery (;! &..#'.! <*'/*4! &! '*+#! ;$&+#! #.'&09*./#,! 01!$#279&'*(4! ($! %(43#4'*(4! *4! '/#! +&$d#'! @9&%#!T$#279&$!<&1!'$&,#.O!&$#!$#%(24*.#,!(4!'/#!'$&,#!,&'#>!*H#H>!'/#!,&'#!'/&'!'/#!L(+@&41!%(++*'.!'(!@7$%/&.#!($!.#99!'/#!&..#'H
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&(*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
Subsequent measurement
?70.#^7#4'! +#&.7$#+#4'! *.! ,#'#$+*4#,! <*'/!reference to the classification of the respective financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently +#&.7$#,! &'! &+($'*.#,! %(.'>! ;&*$! 3&97#! '/$(72/!]'/#$! L(+@$#/#4.*3#! K4%(+#! ($! ;&*$! 3&97#!through profit and loss.
Debt instruments at amortised cost
Q#0'! *4.'$7+#4'.! .7%/! &.! '$&,#! &4,! ('/#$!$#%#*3&09#.>! .#%7$*'1! ,#@(.*'.! &4,! 9(&4.! 2*3#4!&$#!+#&.7$#,! &'! '/#! &+($'*.#,! %(.'! *;! 0('/! '/#!;(99(<*42!%(4,*'*(4.!&$#!+#'G
• The asset is held within a business model whose (0i#%'*3#!*.!'(!/(9,!&..#'.!;($!%(99#%'*42!%(4'$&%'7&9!cash flows, and
• Contractual terms of the asset give rise on specified dates to cash flows that are solely @&1+#4'.!(;!@$*4%*@&9!&4,! *4'#$#.'! T?``KO!(4! '/#!@$*4%*@&9!&+(74'!(7'.'&4,*42H
After initial measurement, such financial assets &$#! .70.#^7#4'91! +#&.7$#,! &'! &+($'*.#,! %(.'!using the effective interest rate (EIR) method. 8+($'*.#,!%(.'!*.!%&9%79&'#,!01!'&d*42!*4'(!&%%(74'!&41!,*.%(74'!($!@$#+*7+!(4!&%^7*.*'*(4!&4,!;##.!($!%(.'.!'/&'!&$#!&4!*4'#2$&9!@&$'!(;!'/#!\KPH!5/#!\KP!amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.
Debt instrument at FVTOCI
A ‘debt instrument’ is classified at FVTOCI if both (;!'/#!;(99(<*42!%$*'#$*&!&$#!+#'G
• The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
• The asset’s contractual cash flows represent SPPI.
Q#0'! *4.'$7+#4'.! *4%97,#,! <*'/*4! '/#! 6[5]LK!%&'#2($1!&$#!+#&.7$#,! *4*'*&991!&.!<#99!&.!&'!#&%/!$#@($'*42!,&'#!&'!;&*$!3&97#H!6&*$!3&97#!+(3#+#4'.!&$#!$#%(24*.#,!*4!'/#!('/#$!%(+@$#/#4.*3#!*4%(+#!T]LKOH! J(<#3#$>! '/#! %(+@&41! $#%(24*.#.! *4'#$#.'!*4%(+#>!*+@&*$+#4'!9(..#.!f!$#3#$.&9.!&4,!;($#*24!exchange gain or loss in the profit or loss.
Debt instrument at FVTPL
6[5`)!*.!&!$#.*,7&9!%&'#2($1!;($!,#0'!*4.'$7+#4'.H!841! ,#0'! *4.'$7+#4'>! </*%/! ,(#.! 4('! +##'! '/#!%$*'#$*&!;($!%&'#2($*g&'*(4!&.!&'!&+($'*g#,!%(.'!($!at FVTOCI, is classified as at FVTPL.
Q#0'! *4.'$7+#4'.! *4%97,#,! <*'/*4! '/#! 6[5`)!%&'#2($1! &$#! +#&.7$#,! &'! ;&*$! 3&97#! <*'/! &99!
%/&42#.!$#%(24*g#,!*4!'/#! f)H!J(<#3#$!%7$$#4'91!the company does not have any financial *4.'$7+#4'.!*4!'/*.!%&'#2($1H
! ! 9:.0*2#0"5'&*7'"*&
All equity investments in scope of Ind-AS 109 are +#&.7$#,!&'!;&*$!3&97#H!\^7*'1!*4.'$7+#4'.!</*%/!are held for trading are classified at FVTPL. For all ('/#$!#^7*'1!*4.'$7+#4'.>!'/#!%(+@&41!,#%*,#.!'(!%9&..*;1!'/#!.&+#!#*'/#$!&'!6[5]LK!($!6[5`)H!5/#!company makes such election on an instrument-by-instrument basis. The classification is made on *4*'*&9!$#%(24*'*(4!&4,!*.!*$$#3(%&09#H
! ! K;! '/#! L(+@&41! ,#%*,#.! '(! %9&..*;1! &4! #^7*'1!*4.'$7+#4'!&'!6[5]LK>!&99!;&*$!3&97#!%/&42#.!(4!'/#!instrument, excluding dividends, are recognized in '/#!]LKH!5/#$#!*.!4(!$#%1%9*42!(;!'/#!&+(74'.!;$(+!]LK!'(!`f)>!#3#4!(4!.&9#!(;!*43#.'+#4'H!J(<#3#$>!'/#!L(+@&41!+&1!'$&4.;#$!'/#!%7+79&'*3#!2&*4!($!9(..!<*'/*4!#^7*'1H
! ! \^7*'1! *4.'$7+#4'.! *4%97,#,! <*'/*4! '/#! 6[5`)!%&'#2($1! &$#! +#&.7$#,! &'! ;&*$! 3&97#! <*'/! &99!changes recognized in the profit or loss.
! ! De- recognition
A financial asset is primarily derecognised when:
• The rights to receive cash flows from the asset have expired, or
• The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full <*'/(7'!+&'#$*&9! ,#9&1! '(! &! '/*$,! @&$'1! 74,#$! &!‘pass-through’ arrangement and either (a) the %(+@&41! /&.! '$&4.;#$$#,! .70.'&4'*&991! &99! '/#!$*.d.!&4,!$#<&$,.!(;!'/#!&..#'>!($!T0O!'/#!%(+@&41!/&.!4#*'/#$!'$&4.;#$$#,!4($!$#'&*4#,!.70.'&4'*&991!&99! '/#! $*.d.! &4,! $#<&$,.! (;! '/#! &..#'>! 07'! /&.!'$&4.;#$$#,!%(4'$(9!(;!'/#!&..#'
On de-recognition, any gains or losses on all ,#0'! *4.'$7+#4'.! T('/#$! '/&4! ,#0'! *4.'$7+#4'.!+#&.7$#,! &'! 6[5]LKO! &4,! #^7*'1! *4.'$7+#4'.!T+#&.7$#,! &'! 6[5`)O! &$#! $#%(24*g#,! *4! '/#!Statement of Profit and Loss. Gains and losses in $#.@#%'!(;!,#0'!*4.'$7+#4'.!+#&.7$#,!&'!6[5]LK!and that are accumulated in OCI are reclassified to profit or loss on de-recognition. Gains or losses (4!#^7*'1! *4.'$7+#4'.!+#&.7$#,!&'! 6[5]LK! '/&'!&$#! $#%(24*g#,! &4,! &%%7+79&'#,! *4!]LK! &$#! 4('!reclassified to profit or loss on de-recognition
! ! Impairment of financial assets
The company applies expected credit loss (ECL) +(,#9! ;($! +#&.7$#+#4'! &4,! $#%(24*'*(4! (;!impairment loss on the following financial assets and credit risk exposure:
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&(!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
! ! &O!! 6*4&4%*&9! &..#'.! '/&'! &$#! ,#0'! *4.'$7+#4'.>!&4,! &$#! +#&.7$#,! &'! &+($'*.#,! %(.'! #H2H>!9(&4.>! ,#0'! .#%7$*'*#.>! ,#@(.*'.>! '$&,#!$#%#*3&09#.!&4,!0&4d!0&9&4%#H
! ! 0O!! 6*4&4%*&9! &..#'.! +#&.7$#,! &'! ;&*$! 3&97#!'/$(72/!('/#$!%(+@$#/#4.*3#!*4%(+#H
! ! K4! %&.#! (;! ('/#$! &..#'.! T9*.'#,! &.! &O! &0(3#O>!'/#! %(+@&41! ,#'#$+*4#.! *;! '/#$#! /&.! 0##4! &!significant increase in credit risk of the financial &..#'!.*4%#!*4*'*&9!$#%(24*'*(4H
B) Financialliabilities
! ! Initial recognition and measurement
All financial liabilities are recognised initially at fair 3&97#!&4,>!*4!'/#!%&.#!(;!9(&4.!&4,!0($$(<*42.!&4,!@&1&09#.>! 4#'! (;! ,*$#%'91! &''$*07'&09#! '$&4.&%'*(4!%(.'.H
The Company’s financial liabilities include trade &4,! ('/#$! @&1&09#.>! 9(&4.! &4,! 0($$(<*42.!including bank overdrafts, financial guarantee contracts and derivative financial instruments.
! ! Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
! ! Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value through profit or 9(..H
! ! 6*4&4%*&9! 9*&0*9*'*#.! ,#.*24&'#,! 7@(4! *4*'*&9!recognition at fair value through profit or loss &$#!,#.*24&'#,! &'! '/#! *4*'*&9! ,&'#!(;! $#%(24*'*(4>!and only if the criteria in Ind-AS 109 are satisfied. 6($! 9*&0*9*'*#.! ,#.*24&'#,! &'! 6[5`)>! ;&*$! 3&97#!2&*4.c! 9(..#.! &''$*07'&09#! '(! %/&42#.! *4! (<4!%$#,*'! $*.d! &$#! $#%(24*g#,! *4! ]LKH! 5/#.#! 2&*4.c!losses are not subsequently transferred to profit ($! 9(..H! J(<#3#$>! '/#! %(+@&41! +&1! '$&4.;#$!'/#! %7+79&'*3#! 2&*4! ($! 9(..! <*'/*4! #^7*'1H! 899!('/#$! %/&42#.! *4! ;&*$! 3&97#! (;! .7%/! 9*&0*9*'1! &$#!recognised in the statement of profit or loss.
! ! Financial liabilities at amortized cost
Financial liabilities classified and measured at &+($'*g#,! .7%/! &.! 9(&4.! &4,! 0($$(<*42.! &$#!*4*'*&991!$#%(24*g#,!&'!;&*$!3&97#>!4#'!(;!'$&4.&%'*(4!cost incurred. After initial recognition, financial 9*&0*9*'*#.!&$#!.70.#^7#4'91!+#&.7$#,!&'!&+($'*.#,!cost using the Effective interest rate (EIR) method. Gains and losses are recognised in profit or loss </#4! '/#! 9*&0*9*'*#.! &$#! ,#$#%(24*.#,! &.! <#99! &.!'/$(72/!'/#!\KP!&+($'*.&'*(4!@$(%#..H
! ! 8+($'*.#,!%(.'!*.!%&9%79&'#,!01!'&d*42!*4'(!&%%(74'!&41!,*.%(74'!($!@$#+*7+!(4!&%^7*.*'*(4!&4,!;##.!($!%(.'.! '/&'!&$#!&4! *4'#2$&9!@&$'!(;! '/#!\KPH!5/#!EIR amortisation is included as finance costs in the statement of profit and loss.
! ! De-recognition
A financial liability is derecognised when the (09*2&'*(4! 74,#$! '/#! 9*&0*9*'1! *.! ,*.%/&$2#,! ($!cancelled or expired. When an existing financial 9*&0*9*'1! *.! $#@9&%#,! 01! &4('/#$! ;$(+! '/#! .&+#!lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original 9*&0*9*'1!&4,!'/#!$#%(24*'*(4!(;!&!4#<!9*&0*9*'1H!5/#!difference in the respective carrying amounts is recognised in the statement of profit or loss.
! C) Financialguaranteeobligation
The company’s investments include the effect of notional income from financial guarantee (09*2&'*(4.H
D) Derivativefinancialinstruments
! ! Initial recognition and subsequent measurement
The company uses derivative financial instruments .7%/!&.! ;($<&$,! %7$$#4%1! %(4'$&%'.! '(!/#,2#! *'.!;($#*24!%7$$#4%1!$*.d.H
Such derivative financial instrument is initially $#%(24*.#,! &'! ;&*$! 3&97#! (4! '/#! ,&'#! (4! </*%/!,#$*3&'*3#! %(4'$&%'! *.! #4'#$#,! *4'(! &4,! *.!subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities </#4!'/#!;&*$!3&97#!*.!4#2&'*3#H
! ! 841! 2&*4.! ($! 9(..#.! &$*.*42! ;$(+! %/&42#.! *4! '/#!;&*$!3&97#!(;!,#$*3&'*3#.!&$#! '&d#4!'/$(72/!('/#$!%(+@$#/#4.*3#!*4%(+#H
E) Foreigncurrencyconvertiblebonds(FCCBs)
! ! 6LLM.! &$#! .#@&$&'#,! *4'(! 9*&0*9*'1! &4,! #^7*'1!%(+@(4#4'.!0&.#,!(4!'/#!'#$+.!(;!'/#!%(4'$&%'H!]4! *..7&4%#! (;! '/#! 6LLM.>! '/#! ;&*$! 3&97#! (;!'/#! 9*&0*9*'1! %(+@(4#4'! *.! ,#'#$+*4#,! 7.*42! &!market rate for an equivalent non-convertible instrument. This amount is classified as a financial liability measured at amortised cost (net of transaction costs) until it is extinguished (4! %(43#$.*(4! ($! $#,#+@'*(4H! 5/#! $#+&*4,#$!(;! '/#! @$(%##,.! *.! &99(%&'#,! '(! '/#! %(43#$.*(4!(@'*(4! '/&'! *.! $#%(24*.#,!&4,! *4%97,#,! *4!#^7*'1!.*4%#!%(43#$.*(4!(@'*(4!+##'.! K4,!8?!FA!%$*'#$*&!for fixed to fixed classification. Transaction costs &$#!&@@($'*(4#,!0#'<##4!'/#! 9*&0*9*'1!&4,!#^7*'1!%(+@(4#4'.!(;!'/#!6LLM.!0&.#,!(4!'/#!&99(%&'*(4!
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&("!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
(;!@$(%##,.!'(!'/#!9*&0*9*'1!&4,!#^7*'1!%(+@(4#4'.!</#4!'/#!*4.'$7+#4'.!&$#!*4*'*&991!$#%(24*.#,H
! Offsettingoffinancialinstruments
Financial assets and financial liabilities are offset and '/#! 4#'! &+(74'! *.! $#@($'#,! *4! '/#! 0&9&4%#! ./##'! *;!there is a currently enforceable legal right to offset '/#! $#%(24*.#,!&+(74'.!&4,! '/#$#! *.!&4! *4'#4'*(4! '(!.#''9#!(4!&!4#'!0&.*.>!'(!$#&9*.#!'/#!&..#'.!&4,!.#''9#!'/#!9*&0*9*'*#.!.*+79'&4#(7.91H
1.26EmployeeBenefits:
a) Short–termemployeebenefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as .&9&$*#.>!<&2#.>!@#$;($+&4%#! *4%#4'*3#.>!#'%H!&$#!$#%(24*.#,!&'!&%'7&9!&+(74'.!,7#!*4!'/#!@#$*(,!*4!</*%/!'/#!#+@9(1##!$#4,#$.!'/#!$#9&'#,!.#$3*%#H
b) Post–employmentbenefits! ! *H! Defined Contribution Plans Payments made to defined contribution
@9&4.!.7%/!&.!`$(3*,#4'!674,!&$#!%/&$2#,!&.!an expense as they fall due.
! ! **H! Defined Benefit Plans
The cost of providing benefit i.e. gratuity is ,#'#$+*4#,! 7.*42! '/#! `$(i#%'#,!_4*'! L$#,*'!"#'/(,>! <*'/! &%'7&$*&9! 3&97&'*(4! %&$$*#,!(7'! &.! &'! '/#! M&9&4%#! ?/##'! ,&'#H! 8%'7&$*&9!2&*4.!&4,!9(..#.!&$#!$#%(24*.#,!*++#,*&'#91!in the other comprehensive income. Re-+#&.7$#+#4'!2&*4.!&4,!9(..#.!&$*.*42!;$(+!experience adjustments and changes in &%'7&$*&9!&..7+@'*(4.!&$#!$#%(24*g#,! *4!'/#!@#$*(,!*4!</*%/!'/#1!(%%7$>!,*$#%'91!*4!]'/#$!L(+@$#/#4.*3#! K4%(+#H! 5/#1! &$#! *4%97,#,!*4! $#'&*4#,! #&$4*42.! *4! '/#! ?'&'#+#4'! (;!L/&42#.!*4!\^7*'1!&4,!*4!'/#!M&9&4%#!?/##'
c) OtherLong–termemployeebenefits
Other Long – term employee benefit viz. leave encashment is recognised as an expense in the Statement of Profit and Loss as it accrues. 5/#! %(+@&41! ,#'#$+*4#.! '/#! 9*&0*9*'1! 7.*42! '/#!`$(i#%'#,! _4*'! L$#,*'! "#'/(,>! <*'/! &%'7&$*&9!3&97&'*(4!%&$$*#,!(7'!&.!&'!'/#!0&9&4%#!./##'!,&'#H!5/#!&%'7&$*&9!2&*4.!&4,!9(..#.!*4!$#.@#%'!(;!.7%/!benefit are charged to the other comprehensive *4%(+#H
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! 6($! '/#! @7$@(.#! (;! @$#.#4'&'*(4! *4! .'&'#+#4'! (;!cash flows, cash and cash equivalents includes cash *4!/&4,!&4,!&'!0&4d! *4! %7$$#4'!&4,! ;($#*24!%7$$#4%1!accounts, deposit held at call with financial institution,
('/#$! ./($'! '#$+>! /*2/91! 9*^7*,! *43#.'+#4'.! <*'/!($*2*4&9!+&'7$*'*#.!(;!F!+(4'/.!($!9#..!'/&'!&$#!$#&,*91!%(43#$'*09#!'(!d4(<4!&+(74'.!(;!%&./!&4,!</*%/!&$#!subject to an insignificant risk of changes in value, and 0&4d! (3#$,$&;'.H! M&4d! ]3#$,$&;'.! &$#! ./(<4! <*'/*4!0($$(<*42.!*4!%7$$#4'!9*&0*9*'*#.!*4!M&9&4%#!./##'H
IJKS&9(H*&>1";&H$($%?%,$6
Cash flows are reported using the indirect method, whereby profit /(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-%&./!4&'7$#!&4,!&41!,#;#$$&9.!($! &%%$7&9.!(;!@&.'!($!future cash receipts or payments. The cash flows from operating, investing and financing activities of '/#!L(+@&41! &$#! .#2$#2&'#,!0&.#,!(4! '/#! &3&*9&09#!*4;($+&'*(4H
1.29ProvisionforTaxation:
Tax expenses comprise both current and deferred tax
(a) Currenttax
Current tax is the amount of tax payable as per .@#%*&9!@$(3*.*(4.!$#9&'*42!'(! *4%(+#!(;!./*@@*42!companies under the Income Tax Act, 1961 on the 0&.*.!(;!,##+#,!'(44&2#!*4%(+#!(;!'/#!L(+@&41!and tax payable on other taxable income for '/#! 1#&$! ,#'#$+*4#,! *4! &%%($,&4%#!<*'/! .#%'*(4!115VG (3) of chapter XII-G of the Income Tax Act, DWBDH
! ! K4!$#.@#%'!(;!.70.*,*&$1!%(+@&4*#.>!@$(3*.*(4!;($!taxation is made as per the applicable local laws (;!'/#!$#.@#%'*3#!%(74'$*#.
(b) Deferredtax
Deferred tax is recognised on differences between '/#!%&$$1*42!&+(74'.!(;!&..#'.!&4,!9*&0*9*'*#.!*4!'/#!Balance Sheet and the corresponding tax bases used in the computation of taxable profit and are &%%(74'#,!;($!7.*42!'/#!9*&0*9*'1!+#'/(,H!Q#;#$$#,!tax liabilities are generally recognised for all taxable temporary differences, and deferred tax &..#'.!&$#!2#4#$&991!$#%(24*g#,!;($!&99!,#,7%'*09#!temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilised. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and @$#.#4'#,!&.!4#'H
Further, the company is paying taxes on the basis (;!,##+#,!'(44&2#! *4%(+#!'/#$#;($#!4(! *+@&%'!on deferred tax
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&(#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
(c) MinimumAlternateTax(MAT)
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if '/#$#! *.! %(43*4%*42! #3*,#4%#! '/&'! '/#! L(+@&41!will pay normal income tax. Accordingly, MAT is $#%(24*.#,!&.!&4!&..#'!*4!'/#!M&9&4%#!?/##'!</#4!it is highly probable that future economic benefit associated with it will flow to the Company.
IJ.P&U3"A4H4",H&(,F&9",$4,5%,:4%H6
! `$(3*.*(4.! &$#! $#%(24*g#,! </#4! '/#! L(+@&41! /&.! &!@$#.#4'!(09*2&'*(4!T9#2&9!($!%(4.'$7%'*3#O!&.!&!$#.79'!(;!a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle '/#!(09*2&'*(4!&4,!&!$#9*&09#!#.'*+&'#!%&4!0#!+&,#!(;!the amount of the obligation. If the effect of the time 3&97#!(;!+(4#1!*.!+&'#$*&9>!@$(3*.*(4.!&$#!,*.%(74'#,!7.*42! #^7*3&9#4'! @#$*(,! 2(3#$4+#4'! .#%7$*'*#.!*4'#$#.'!$&'#H!_4<*4,*42!(;!'/#!,*.%(74'!*.!$#%(24*.#,!in the Statement of Profit and Loss as a finance cost. `$(3*.*(4.! &$#! $#3*#<#,! &'! #&%/! 0&9&4%#! ./##'! ,&'#!and are adjusted to reflect the current best estimate.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the 9*&0*9*'1H!=/#4!,*.%(74'*42!*.!7.#,>!'/#!*4%$#&.#!*4!'/#!@$(3*.*(4!,7#!'(!'/#!@&..&2#!(;!'*+#!*.!$#%(24*.#,!&.!&!finance cost.
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(a)CapitalAdvancestoOthers!!!!!!L&@*'&9!8,3&4%#.!'(!$#9&'#,!@&$'*#.!T&O !DEHVV! !AVHXW!!!!!!!L&@*'&9!8,3&4%#.!'(!]'/#$. !IWHVB! !XXHEI!!!!!!!L&@*'&9!8,3&4%#.!'(!]'/#$.>!%(4.*,#$#,!,(70';79 !AHVC!!!!!!!)#..!`$(3*.*(4!+&,# !TAHVCO -
(b)AdvancesOtherthanCapitalAdvances!!!!!!!Q#@(.*'.!<*'/!2(3#$4+#4'!&4,!.#+*!2(3#$4+#4'!0(,*#.! !WHEV! VHBW
(c)OtherAdvances!8,3&4%#.!P#%(3#$&09# !FXHBX! !DHAF!
&II/JPZ& 92.35
T&O!L&@*'&9!8,3&4%#.!'(!$#9&'#,!@&$'*#.!!!!
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&)&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJQ& D,A%,$"34%H! !T3&97#,!&'!9(<#$!(;!%(.'!&4,!4#'!$#&9*.&09#!3&97#O
L(&9 !FHVD! !VHVC!M74d#$!&4,!970#. !DCHCX! !DCHDX!?'($#. !AHEX! -
&IYJYI& &IQJSZ&
KJS&B3(F%&!%:%4A(G1%H
!_4.#%7$#,>!L(4.*,#$#,!:((,! !FAFHVA! !FWCHAB!
!_4.#%7$#,>!L(4.*,#$#,!Q(70';79! !AXHBA! !DWHVI!!)#..!899(<&4%#.!;($!,(70';79!,#0'.! !TAXHBAO !TDWHVIO
Expected credit loss on Trade Receivables !TDHWEO - &.KIJQ/& 390.26
2.9 (i) CashandCashEquivalents
L&./!*4!/&4, !CHDE! !FBHWD!M&9&4%#.!<*'/!0&4d.!L7$$#4'!8%%(74'.!T&O !DVHDA! !FVHXF!Fixed Deposits with bank with maturity less than 3 months (b) !XHDB! !DWHII!
&KKJ/Y& 93.88
&O!M&9&4%#.!<*'/!0&4d.!*4%97,#.!&+(74'!*4!#.%$(<!&%%(74' CHDI CHDI0O!J#9,!&.!9*#4!;($!+&$2*4!+(4#1!f!Q?P8!;($!0($$(<*42.!
2.9 (ii)OtherBankBalances
Fixed Deposits with bank with maturity more than 3 months but less than 12 months (a) !EHIC! !FXHAI!\&$+&$d#,!M&9&4%#.!<*'/!M&4d. !IDHIB! !CHDI!P#.'$*%'#,!L&./!&4,!%&./!#^7*3&9#4'.!T0O !XBHCC! - M&9&4%#.!<*'/!0&4d.!*4!74@&*,!,*3*,#4,!&%%(74'. !CHDA! !CHDX!
105.98 &.ZJZ.&
M&9&4%#.!<*'/!0&4d.!/#9,!&.!+&$2*4!+(4#1!,#@(.*'.!&2&*4.'!27&$&4'##. !VHAW! !EHDV!
&O! J#9,!&.!9*#4!;($!+&$2*4!+(4#1!f!Q?P8!;($!0($$(<*42.b) Restricted Cash represents bank accounts of a step-down subsidiary, which were frozen by the newly appointed directors of the
.70.*,*&$*#.!(4!B'/!?#@'#+0#$!ACDVH!
2.10Loans(Current)! !!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O!
]'/#$!)(&4.!&4,!8,3&4%#. !CHAI! - ?#%7$*'1!Q#@(.*'. !AHWI! !DHBB!
&.JIS& &IJYY&
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&)(!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"!*4!L$($#0H&($
.IR'(3RKPIS .IR'(3RKPIQ
2.11OtherFinancialAssets(Current)!!!T_4.#%7$#,>!L(4.*,#$#,!:((,>!749#..!('/#$<*.#!.'&'#,O
Accrued interest on fixed deposit with banks !CHEI! !DHFF!K4'#$!L($@($&'#!Q#@(.*'.!'(!('/#$. !XHVD! !DDHCV!K4.7$&4%#!L9&*+!P#%#*3&09# !BDHEX! !XIHAE!?#%7$*'1!Q#@(.*'. !DHCF! - _40*99#,!P#3#47# !AHAX! - ]'/#$. !AHWF! !AHWI!K4'#$!%($@($&'#!,#@(.*'.!'(!('/#$.>!%(4.*,#$#,!Q(70';79 !WHFB! !WHFB!)#..G!`$(3*.*(4!;($!,(70';79!&,3&4%#. !TWHFBO !TWHFBO
&Q/JYI& 69.62
KJIK&C$*%3&9#33%,$&0HH%$H
L(4'$&%'!<($d!*4!@$(2$#.. !ACBHVD! !AAIHXI!Unamortised finance charges !DHDE! !DHBC!Prepaid Expenses !DBHVW! !DDHAW!8,3&4%#!'(!\+@9(1##. !CHDA! !CHAA!8,3&4%#!'(!?7@@9*#$. !IIHAA! !FWHID!]'/#$!8,3&4%#. !VHVX! !BWHDE!GST / Service Tax Receivable !XHXW! !EHCI!
&KSKJ.Y& &.Z/JKS&
KJI.&E\#4$<&=*(3%&9()4$(1
&0#$*"34H%F& 35,00,00,000 Equity shares (Previous Year -35,00,00,000) of Re 1/- par value each !FXHCC! !FXHCC! 200,00,000 Preference shares (Previous Year -200,00,000) of !"100/- par value each !ACCHCC! !ACCHCC!
&K.ZJPP& &K.ZJPP&&DHH#%F&9()4$(1& 30,24,59,335 (Previous Year - 26,98,92,073) Equity shares of Re 1/- each
!FCHAX! !ABHWW!&.PJKZ& 26.99
&=#GH:34G%F&(,F&>#11<&U(4F&^)&9()4$(1& 30,24,59,335 (Previous Year - 26,98,92,073) Equity shares of Re 1/- each !FCHAX! !ABHWW!
&.PJKZ& 26.99
(a) Rights,preferences,restrcitionsattachedtoShares
The company has two class of shares, referred to as equity shares having a face value of Re.1/- and preference shares /&3*42!&!;&%#!3&97#!(;!!"100/-. Each holder of equity shares is entitled to one vote per share. The Company declares &4,!@&1.!,*3*,#4,! *4! K4,*&4! $7@##.H!5/#!,*3*,#4,!</#4#3#$!@$(@(.#,!01! '/#!M(&$,!(;!Q*$#%'($.! *.! .70i#%'! '(! '/#!&@@$(3&9!(;!'/#!./&$#/(9,#$.!&'!'/#!#4.7*42!8447&9!:#4#$&9!"##'*42H!K4!'/#!#3#4'!(;!9*^7*,&'*(4!(;!'/#!L(+@&41>!'/#!/(9,#$.!(;!#^7*'1!./&$#.!<*99!0#!#4'*'9#,!'(!$#%#*3#!&41!(;!'/#!$#+&*4*42!&..#'.!(;!'/#!%(+@&41>!&;'#$!,*.'$*07'*(4!(;!&99!@$#;#$#4'*&9!&+(74'.H!5/#!,*.'$*07'*(4!<*99!0#!*4!@$(@($'*(4!'(!'/#!47+0#$!(;!#^7*'1!./&$#.!/#9,!01!'/#!./&$#/(9,#$.H
(b) Reconciliationofsharesoutstandingatthebeginningandattheendofthereportingperiod
&KPIQRKPIS& &KPIYRKPIQ7#?G%3H !&4,&:3"3% 7#?G%3H !&4,&:3"3%
\^7*'1!./&$#.!(7'.'&4,*42!&'!'/#!0#2*44*42!(;!'/#!@#$*(, ABW>EWA>CVF! !ABHWW! AII>EWA>CVF! !AIHIW!Equity shares allotted in Qualified Institutional `9&%#+#4'
FA>XBV>ABA! !FHAB! AX>CCC>CCC! !AHXC!
\^7*'1!./&$#.!(7'.'&4,*42!&'!'/#!#4,!(;!'/#!@#$*(, FCA>IXW>FFX! !FCHAX! ABW>EWA>CVF! !ABHWW!
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&))!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
(c) On 13th Nov 2017, the Company has issued and allotted 3,25,67,262 Equity Shares of Re 1/- each at an issue price of !" !IIHBX!@#$!./&$#!'(!$&*.#!!" 145.41 Crore by way of Qualified Institutional Placement (“QIP”) under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Section 42 (;! '/#!L(+@&4*#.!8%'>!ACDF! $#&,!<*'/!P79#!DI!(;! '/#!L(+@&4*#.! T`$(.@#%'7.!&4,!899('+#4'!(;!?#%7$*'*#.O!P79#.>!ACDIH!Expenses related to the issue amounting to !"!DAHFD!L$($#!/&3#!0##4!&,i7.'#,!&2&*4.'!?#%7$*'*#.!`$#+*7+!P#.#$3#.H!5/#!net proceeds of the Qualified Institutional Placement has been utilised for repayment / prepayment of debt, working %&@*'&9!&4,!2#4#$&9!%(@($&'#!@7$@(.#H! ! ! !
(d) The company during the preceeding five years : ! T*O!J&.!4('!&99(''#,!./&$#.!@7$.7&4'!'(!%(4'$&%'.!<*'/(7'!@&1+#4'!$#%#*3#,!*4!%&./H! ! ! !! T**O!J&.!4('!*..7#,!./&$#.!01!<&1!(;!0(47.!./&$#.H! ! ! !! T***O!J&.!4('!0(72/'!0&%d!&41!./&$#.H! ! ! !
(e) Detailsofshareholdersholdingmorethan5%EquitySharesintheCompanyonreportingdate:
AsatMarch31,2018 AsatMarch31,20177"&"-&H*(3%H&*%1F a&"-&*"1F4,5 7"&"-&H*(3%H&*%1F a&"-&*"1F4,5
JH!SH!"*''&9 !IV>CBB>VCC! DXHXB !IB>VBB>VCC! DVHFF8$%/&4&!"*''&9 !AV>CAV>ICC! EHWI !AV>CAV>ICC! DCHCD8J"!K43#.'+#4'.!`$*3&'#!)*+*'#, !DE>ICB>AXC! BHCW !DE>ICB>AXC! BHEA:(3#$+#4'!(;!?*42&@($# !DV>FFB>WXW! XHVF !DX>FBB>EIC! XHBW
! ]7'!(;!&0(3#>!XA>BAF>ICD!4(!(;!./&$#.! T`b!AD>BEC>WXD!4(!(;!./&$#.O!XBHEIo! T`b!AFHIWoO!(;!@$(+('#$!/(9,*42O!/&.!0##4! @9#,2#,! ;($! 9(&4! '&d#4! 01! %(+@&41! &+(74'*42! '(! !" VIHXC! L$($#! T`b! !" FBHCC! L$($#O! &.! .'&'#,! *4!U('#! AHDE!WC>CC>CCC! ./&$#.! /#9,! 01! 8J"! K43#.'+#4'.! `$*3&'#! )*+*'#,! /&.! 0##4! @9#,2#,! ,7$*42! '/#! 1#&$! ;($! %$#,*'! ;&%*9*'1!&+(74'*42!'(!!"36 Crore taken by wholly owned subsidiary Mercator Oil and Gas Limited from Axis Bank Limited.
!"!*4!%$($#
0H&($
.IR'(3RKPIS .IR'(3RKPIQ
KJI/&C$*%3&E\#4$<
0J&=#??(3<&C-&C$*%3&E\#4$<&(ReferStatementofChangesinEquityfordetailedmovement)!L&@*'&9!P#.#$3#! !IAHEW! !IAHEW!!L&@*'&9!P#,#+@'*(4!P#.#$3#! !ICHCC! !ICHCC!!?#%7$*'*#.!`$#+*7+!8%%(74'! !XWCHVX! IBCHEF Tonnage Tax Reserve - DXHFE!Q#0#4'7$#!P#,#+@'*(4!P#.#$3#! !AXHCC! !AXHCC!!:#4#$&9!P#.#$3#! !DBVHBF! DXAHAX!P#'&*4#,!\&$4*42.! !TBVHDXO AAWHWW!]'/#$!L(+@$#/#4.*3#!K4%(+#!T!]LKO! !DDFHXF! !TDHVIO!Q##+#,!\^7*'1!L(+@(4#4'!(;!6LLM! !CHFB! !CHFB! Foreign Currency Monetary Item Translation Difference Account !WHIA! !TCHCIO
922.43 964.92
B. NatureofReserves
& & 9()4$(1&!%H%3A%L&@*'&9!P#.#$3#!*.!7'*9*.#,!*4!&%%($,&4%#!<*'/!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDFH
9()4$(1&!%F%?)$4",&!%H%3A%L&@*'&9!P#,#+@'*(4!$#.#$3#!TLPPO!*.!0#*42!%$#&'#,!&.!@#$!?#%'*(4!EC!T,O!(;!'/#!L(+@&4*#.!8%'>!ACDFH
=%:#34$<&U3%?4#?&0::"#,$?#%7$*'*#.!`$#+*7+!P#.#$3#!*.!7.#,!'(!$#%($,!'/#!@$#+*7+!(4!*..7#!(;!.#%7$*'*#.!(;!'/#!L(+@&41H!5/*.!$#.#$3#!*.!%$#&'#,!&4,!7'*9*.#,!&.!@#$!'/#!@$(3*.*(4.!(;!'/#!L(+@&4*#.!8%'>!ACDFH
B",,(5%&!%H%3A%These reserves are mandatory under the Income Tax Act, 1961 for companies who opt for the Tonnage Tax .%/#+#!@$#.%$*0#,!74,#$!'/#!.&*,!8%'H
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&)*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
@%G%,$#3%&!%F%?)$4",&3%H%3A%The Company is required to create a Debenture Redemption Reserve out of the profits which is available for $#,#+@'*(4!(;!,#0#4'7$#.H
2%,%3(1&!%H%3A%:#4#$&9!P#.#$3#!$#@$#.#4'.!&@@$(@$*&'*(4!(;!$#'&*4#,!#&$4*42.!&4,!&$#!&3&*9&09#!;($!,*.'$*07'*(4!'(!?/&$#/(9,#$.
ForeignCurrencyMonetaryItemTranslationDifferenceAccountForeign Currency Monetary Item Translation Difference Account represents amounts recognised on account (;!'$&4.9&'*(4!(;! 9(42!'#$+!;($#*24!%7$$#4%1!,#4(+*4&'#,!0($(<*42.!4('!$#9&'#,!'(!&%^7*.*'*(4!(;!,#@$#%*&09#!assets. Amounts so recognised are amortised in the statement of profit and loss over remaining maturity of $#9&'#,!0($$(<*42.H
!%$(4,%F&%(3,4,5HP#'&*4#,! #&$4*42.! $#@$#.#4'.! [email protected]! &%%7+79&'#,! #&$4*42.! (;! '/#! %(+@&41! 9#..! &41! '$&4.;#$.! '(! :#4#$&9!Reserve, Tonnage Tax Reserves, dividend or other distribution paid to Shareholders.
@4A4F%,F&6!K4!$#.@#%'!(;!1#&$!#4,#,!"&$%/!FD>!ACDE>!'/#!M(&$,!(;!Q*$#%'($.!(;!'/#!L(+@&41!/&.!$#%(++#4,#,!,*3*,#4,!&+(74'*42!'(!!"U*9!T`$#3*(7.!b#&$!!"!CHCX!@#$!./&$#O!(4!'/#!;7991!@&*,!7@!#^7*'1!./&$#.H
@%%?%F&E\#4$<&6!P#@$#.#4'.!,##+#,!#^7*'1!@($'*(4!(;!6LLM!&.!@#$!K4,!8?H
2.15Borrowings(Non-current)!"!*4!L$($#
7",R:#33%,$&U"3$4", 9#33%,$&'($#34$4%HT B"$(10H&($ 0H&($ 0H&($
.IWP.WKPIS .IWP.WKPIQ .IWP.WKPIS .IWP.WKPIQ .IWP.WKPIS .IWP.WKPIQ=%:#3%F@%G%,$#3%H
?#%7$#,!U(4!L(43#$'*09#!Debentures - (a)
!WWHAA! !XCHCC! - !XCHCC! !WWHAA! !DCCHCC!
B%3?&M"(,H - - - - - - FromBanks - - - - - - P7@##!5#$+!)(&4.!- (b) &(d)
!ADHBB! !ABHDX! - !CHCB! !ADHBB! !ABHAD!
6($#*24!L7$$#4%1!Term Loans - (b) &(d)
!VDAHDV! !EEIHIX! !ADVHWB! !DFXHEF! !WFCHDI! !D>CACHAE!
External Commercial M($$(<*42.!T0O!fT,O
!EDHAV! !DIEHFF! !BBHEX! !FCHBB! !DIEHDA! !DVEHWW!
>3"?&>4,(,:4(1&D,H$4$#$4",H
- - - - - -
P7@##!5#$+!)(&4.!- (b) &(d)
!AHCC! - !EHCC! - !DCHCC! -
^,H%:#3%F6($#*24!L7$$#4%1!L(43#$'*09#!M(4,.!!T%O
!WBHAE! !WCHBI! - - !WBHAE! !WCHBI!
1,012.60 1,199.57 292.81 &KIYJZZ& 1,305.41 1,416.12
* Current maturities of non-current borrowings have been disclosed under “Other Financial Liabilities (Current)”.
!"!*4!L$($#(a)
@%G%,$#3%H&:"?)34H%&"-&-"11";4,560H&($
!%F%?)$4",&@($%.IWP.WKPIS .IWP.WKPIQ23"HH 9(33<4,5&+(1#% 23"HH 9(33<4,5&+(1#%
DCCC! TDAHCCOo!?#%7$#,!_49*.'#,!_4$&'#,!U(4!L(43#$'*09#!Q#0#4'7$#.!(;!!"!DC>CC>CCC!#&%/!j
!DCCHCC! !WWHAA! - -
p7&$'#$91!K4.'&9+#4'!.'&$'*42!;$(+!!k74#!ACAC
DCCC! TDAHICOo! ?#%7$#,! )*.'#,! P&'#,! U(4!L(43#$'*09#!Q#0#4'7$#.!(;!!"DC>CC>CCC!#&%/!jj - - !DCCHCC! !DCCHCC! 5-Nov-18
&IPPJPP& 99.22 &IPPJPP& &IPPJPP&
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&)!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
! * Non Convertible Debentures are secured by first pari passu charge on specified vessels and first pari passu charge on the specified immovable property of the company. The same has further colaterally secured on pledge (;!./&$#.!(;!"#$%&'($!`#'$(9#7+!)*+*'#,!/#9,!01!'/#!@&$#4'!%(+@&41!&4,!*'.!.'#@!,(<4!.70.*,*&$1H!5/*.!<*99!0#!$#,##+#,!&'!@$#+*7+!(;!Xo!(4!#3#$1!$#,#+@'*(4!*4.'&99+#4'!($!&41!@$#@&1+#4'!&.!@#$!'#$+.!(;!Q#0#4'7$#!5$7.'!Q##,H
** Non Convertible Debentures are secured by first pari pasu charge on specified vessels and first pari passu charge on the specified immovable property of the Group. This has been fully prepaid dated March 27, 2018.
(b) ForeignCurrencytermloancompriseoffollowing:! ! *! 5/#!;($#*24!%7$$#4%1!'#$+!9(&4.!;$(+!0&4d.!(;!!"!WFCHDI!%$($#!T`b!!"DCACHAE!L$($#O!T2$(..O!&$#!.#%7$#,!01!&!
first ranking or exclusive charge/ mortgage/ security interest in respect of specified vessels of the Group as well as charge on cash flows of specified vessels !
ii The external commercial borrowings of !" !DIEHDA!%$($#!T`b!!"164.60 Crore) (gross) are secured by a first ranking or exclusive charge/ mortgage/ security interest in respect of specified vessels of the company as well as charge on cash flows of specified vessels. !
! ! ***! 6($#*24!L7$$#4%1!L(43#$'*09#!M(4,.!T6LLMO!/&.!0##4!*..7#,!&'!_?Q!DB!"4!(7'.'&4,*42!&+(74'*42!'(!!"WBHAE!L$($#!T`b!!"90.64 Crore) are convertible upon exercise of option during the period May 27, 2014 till April 27, ACDW!&'!*4*'*&9!%(43#$.*(4!@$*%#!(;!!"38.30 Per Share (at a fixed rate of exchange on conversion of !"XEHXVIC!per 1 USD). The maturity date of FCCB is May 27, 2019 which is listed on Singapore Stock Exchange. This is ;7991!74.#%7$#,!*4!4&'7$#H
(c) ForeignCurrencytermfrombankandFinancialInstitutionscompriseoffollowing:& !"!*4!L$($#
U(3$4:#1(3H 9#33%,:< BalanceD,H$(11?%,$H&
(H&",&.IWP.WKPIS
&!($%&"-&D,$%3%H$&
0H&($ &E,F&"-&$%,#3%.IWP.WKPIS .IWP.WKPIQ
&23"HH& &9(33<4,5&+(1#%&
&23"HH& 9(33<4,5&+(1#%
External Commercial Borrowing _?Q DF )*0($yFHICo !VHWE! !VHWE! !DCFHVI! !DCFHVI! ACAAExternal Commercial Borrowing _?Q DF )*0($yFHICo !VWHEF! !VWHDI! - - ACAAExternal Commercial Borrowing _?Q DB )*0($yFHICo !IFHDD! !IFHDD! !XIHDE! !XIHDE! ACAAExternal Commercial Borrowing _?Q A )*0($yXHCCo !DVHEW! !DVHEW! !ADHCV! !ADHCV! ACDW
&I/SJSI& &I/SJIK& 178.99 178.996($#*24!L7$$#4%1!5#$+!)(&4 _?Q B )*0($yXHCCo !DBHAB! !DXHID! !AWHDE! !AVHCC! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yIHXCo !FDHAA! !FCHFE! !FEHIA! !FVHDF! ACAA6($#*24!L7$$#4%1!5#$+!)(&4 _?Q E )*0($yIHXCo !AAHVV! !ACHVW! !FAHIA! !AEHIE! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q B )*0($yIHXCo !AFHAW! !AFHAW! !AEHCE! !AEHCE! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yXHACo !DCAHDA! !WEHDE! !DDEHCC! !DDAHFC! ACAA6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AX )*0($yIHXCo !EVHED! !EVHCW! !WAHIC! !WDHIV! ACAX6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AC "L)PyFHXXo !AWHWA! !AVHBW! !FAHIA! !FCHFC! ACAF6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AC "L)PyFHXXo !IDHEW! !FEHVI! !IXHFW! !IAHID! ACAF6($#*24!L7$$#4%1!5#$+!)(&4 _?Q W )*0($yXHCCo !AWHAV! !AWHCA! !IAHDX! !IDHBI! ACAC6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DB )*0($yXHCCo !DCIHCV! !DCFHAE! !DAFHFD! !DAAHCI! ACAA6($#*24!L7$$#4%1!5#$+!)(&4 _?Q W )*0($yXHCCo !VCHEW! !VCHEW! - - ACAD6($#*24!L7$$#4%1!5#$+!)(&4 _?Q DI )*0($yXHCCo !WXHWI! !WXHWI! !DDXHCW! !DDXHCW! ACAD6($#*24!L7$$#4%1!5#$+!)(&4 _?Q AD )*0($yFHECo !AXDHAD! !AXDHAD! !AVXHIX! !AVXHIX! ACAF6($#*24!L7$$#4%1!5#$+!)(&4 _?Q F )*0($yBHCCo !FEHAD! !FEHAF! !BEHEW! !BEHEW! ACDE
944.87 930.14 1,041.20 1,020.28
6LLM _?Q IHVXo !DCIHCV! !WBHAE! !DCFHVI! !WCHBI! ACAC
P7@##!'#$+!9(&4!;$(+!M&4d KUP WHIWo - !ADHBB! - !ABHAD! ACAC
P7@##! '#$+! 9(&4! ;$(+! 6*4&4%*&9!K4.'*'7'*(4
KUP DEHCCo !DCHCC! !DCHCC! - - ACDW
B"$(1 1,305.42 1,416.12
External Commercial Borrowings referred in (c) above are secured by exclusive/first pari passu charge on specified vessels of the company as well as charge on cash flows of specified vessels.
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&)"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
(d) Rupeetermloanfromfinancialinstitutioncompriseoffollowing:!"!*4!L$($#
U(3$4:#1(3H &!($%&"-&D,$%3%H$&
& 0H&($ &E,F&"-&$%,#3%.IWP.WKPIS .IWP.WKPIQ
&23"HH& &9(33<4,5&+(1#%&
&23"HH& 9(33<4,5&+(1#%
6*4&4%*&9!K4.'*'7'*(4 DIHXCo )(42!5#$+! !DCHCC! !DCHCC! - 30-Apr-19
6*4&4%*&9!K4.'*'7'*(4j DFHXCo !?/($'!5#$+! !DVHXC! !DVHXC! - 31-Mar-196*4&4%*&9!K4.'*'7'*(4 DBHCCo !?/($'!5#$+! !ACHCC! !ACHCC! 03-Nov-186*4&4%*&9!K4.'*'7'*(4 DIHXCo !?/($'!5#$+! !XHCC! !XHCC! !DAHCC! !DAHCC! 31-Jan-196*4&4%*&9!K4.'*'7'*(4 DIHCCo !?/($'!5#$+! !VHCC! !VHCC! !VHCC! !VHCC! 25-Sep-186*4&4%*&9!K4.'*'7'*(4 DIHCCo !?/($'!5#$+! !DCHCC! !DCHCC!6*4&4%*&9!K4.'*'7'*(4j DIHCCo !?/($'!5#$+! !DXHCC! !DXHCC! !VHCC! !VHCC! 25-Feb-19
&Y/JZP& &Y/JZP& &.YJPP& &.YJPP&
! 5/#!&0(3#!9(&4.!&$#!.#%7$#,!&2&*4.'!@9#,2#!(;!./&$#.!/#9,!01!@$(+('#$.!&4,!@#$.(4&9!27&$&4'##.!(;!@$(+('#$.H
! j!)(&4.!&$#!;7$'/#$!%(99&'#$&991!.#%7$#,!01!`#$.(4&9!:7&$&4'##!(;!`$(+('#$.!"!*4!L$($#
0H&($
.IR'(3RKPIS .IR'(3RKPIQ
2.16OtherfinancialLiabilities(NonCurrent)
?#%7$*'1!Q#@(.*' !CHDE! !CHDE!
]'/#$!@&1&09#. !IDHEA! !IAHAV!
!! &/KJPP& &/KJ/Z&
2.17Provisions(NonCurrent)
Provision for employee benefits!!!:$&'7*'1 FHDC! !FHEC!!!!L(+@#4.&'#,!&0.#4%#. CHIX !CHXW!
&.JZZ& 4.39
2.18Borrowings(Current)
&=%:#3%F&FromBanksL&./!L$#,*'j !ABWHVD! !FDIHWV!6($#*24!L7$$#4%1!9(&4!@&1&09#!(4!,#+&4,!jj !XAHCI! !XDHEV!!]'/#$!)(&4.! DBHWF ->3"?&>4,(,:4(1&D,H$4$#$4",H!]'/#$!)(&4.jjj! BIHXC !FBHCC!
&^,H%:#3%F&FromBanksL&./!L$#,*' !DWHIF! !DWHWE!
&/KKJYI& &/KKJSK&
& 7"$%6* Cash Credit Facilities are secured by first charge on respective receivables on pari passu basis and second charge
on specified vessels; and further by way of Corporate Guarantees, wherever applicable.** Foreign Currency Demand Loan is provided as a sublimit of the existing Overdraft limit for a tenure of one year,
<*'/!&!$(99!(3#$!'(!0#!74,#$'&d#!&;'#$!B!+(4'/.H!P&'#!(;!K4'#$#.'G!B!+(4'/.!)KM]P!@97.!XHX!o!@H&H!@&1&09#!+(4'/91Hjjj! )(&4.!;$(+!('/#$.!&$#!.#%7$#,!01!@9#,2#!(;!!./&$#.!&4,!@#$.(4&9!27&$&4'##!(;!@$(+('#$.H
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&)#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
2.19TradePayables
5('&9!]7'.'&4,*42!(; - Micro and small enterprises (refer Note 3.14) - - - Other than micro and small enterprises !ABXHAW! !DEWHAD!
265.29 189.21
2.20OtherFinancialLiabilities(Current)Current maturities of long-term debt- Debentures (Refer Note 2.15) - !XCHCC!- External commercial borrowings (Refer Note 2.15) !BBHEX! !FCHBB!- Rupee Term Loan from banks (Refer Note 2.15 ) - !CHCB!- Rupee Term Loan from Financial Institution (Refer Note 2.15 ) !EHCC! - - Term loans from banks (Refer Note 2.15) !ADVHWB! !DFXHEF!L&@*'&9!L$#,*'($. !DBHXC! !FHDW!K4'#$#.'!&%%$7#,!07'!4('!,7#!(4!0($$(<*42. !IHVC! !DAHEC!K4'#$#.'!&%%$7#,!&4,!,7#!(4!0($$(<*42. !DHWC! - _4@&*,!,*3*,#4,!T&O !CHDD! !CHDX!6($!]'/#$!)*&0*9*'*#.- Liability towards cash flow hedges - !XHIW!- Other payables !EHIC! !BVVHAF!
&.K/J/K& 915.41
! T&O!5/#$#!*.!4(!&+(74'>!,7#!&4,!(7'.'&4,*42>!'(!0#!%$#,*'#,!'(!K43#.'($!\,7%&'*(4!&4,!`$('#%'*(4!674,H
KJKI&C$*%3&9#33%,$&M4(G414$4%H?'&'7'($1!,7#.!@&1&09#. !DVHAI! !DDHIE!Advance for Asset classified as Held For Sale !ABHAE! - 8,3&4%#!;$(+!%7.'(+#$. !EBHWD! !WIHAW!
&I.PJ/.& &IPZJQQ&
2.22Provisions(Current)Provision for employee benefits:$&'7*'1 !CHAW! !CHEE!L(+@#4.&'#,!&0.#4%#. !CHAV! !CHAV!
Provison for Tax - !VHXF!&PJZY& &SJYS&
KJK.&!%A%,#%&-3"?&C)%3($4",H&!%A%,#%&-3"?&
6$#*2/'!&4,!,#+7$$&2#! !XXHIE! !CHEB!Q$#,2*42! !DVCHBW! !AVCHEX!L/&$'#$!/*$#! !AADHBE! !BIAHCX!U#'!2&*4!(4!Q#$*3&'*3#.!'$&4.9&'*(4! - !ABHID!L(&9!?&9#.!&4,!.7@@($'!.#$3*%#.! !IEIHDW! !D>DIBHID!L&$2(!/&4,9*42!.#$3*%#.! !WHBW! !AHEB!K4%(+#!;$(+!@$(i#%'!$#9&'#,!&%'*3*'*#.! !FAHIE! !AXHWX!
974.21 2,115.39
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&)$!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
!"!*4!L$($#X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
KJK/&C$*%3&D,:"?%!Q*3*,#4,!K4%(+#! !CHCV! - P#4'!K4%(+#! !CHBC! !CHBC!K4'#$#.'!*4%(+#!
- Fixed Deposits and Inter corporate deposits !CHIC! !BHCC!- others !FHXE! !AHCX!
Balances written back / written off (net) !DHFV! - Gain / (Loss) on Exchange Difference (net) !XHAB! - ]'/#$!L(4.'$7%'*(4!K4%(+#! !CHBI! - :&*4!(4!;&*$!3&97#!(;!%7$$#4'!*43#.'+#4'! !DEHDA! !DFAHAA!!]'/#$!*4%(+#! !BHIF! !DXHFB!
&.YJ/Q& &IZYJK.&
KJKZ&C)%3($4,5&E8)%,H%H!`7$%/&.#!(;!%(&9! !FBAHCC! !WVEHBA!!Q#.*24*42!&4,!('/#$!'#%/4*%&9!%/&$2#.! !AAHDV! !DDHFA!!`$(%7$#+#4'!(;!#^7*@+#4'.!&4,!+&'#$*&9.!;($!@$(i#%'!$#9&'#,!&%'*3*'*#. !DBHBA! !CHEV!!M74d#$!L(4.7+#,! !ECHCX! !EEHEF! Vessel /Equipment hire expenses !VHWX! !FIHAF! Crew Expenses !EEHEE! !DAWHCA! Agency, Professional and service expenses !XHWC! !DAHDD! Communication expenses !DHVF! !DHED!!L(++*..*(4! !CHFE! !CHCX!!Q*.@&'%/!f!Q#+7$$&2#! !CHAI! !XHEV!!K4.7$&4%#! !DXHXF! !AXHWV! Port expenses !DFHDD! !IHAC!!P#@&*$.!&4,!"&*4'#4&4%#! !IIHBV! !VEHCX! Stevedoring, transport and freight expenses !DHBB! !XHWC! Other Expenses !VHVW! !BHVE!
&YYSJYS& 1,383.63
2.26EmployeeBenefitsExpenses!?&9&$*#.>!<&2#.>!0(47.>!#'%H! !AVHCF! !FIHBI!!L(4'$*07'*(4!'(!@$(3*,#4'!&4,!('/#$!;74,.! !AHFX! !DHFX! Employee welfare expenses !CHVA! !CHIF!
&.PJIP& &.YJ/K&
! \+@9(1##!L(.'.!&+(74'*42! '(!!"DHWW!L$($#! T`HbH!!" 1.20 Crore) being directly attributable to the Exploration and Q#3#9(@+#4'!L(.'.!&$#!*4%97,#,!*4!L&@*'&9!=($d!*4!`$(2$#..
KJKQ&>4,(,:%&:"H$ Interest expense !DCEHAW! !ACCHIB!!]'/#$!0($$(<*42!%(.'.! !BIHEV! !FDHWB!
&IQ.JIY& &K.KJ/K&
!6*4&4%#!L(.'.!&+(74'*42!'(!!"DBHXF!L$($#!T`HbH!!"10.07 Crore) being directly attributable to the Exploration and Q#3#9(@+#4'!L(.'.!&$#!*4%97,#,!*4!L&@*'&9!=($d!*4!`$(2$#..
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&)%!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!L$($#X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQ
KJKS&C$*%3&%8)%,H%HP#4'!! !IHCB! !IHDF!`&1+#4'!'(!&7,*'($.!8.!&7,*'($.! !DHFA! !DHDC!For other services (certification and other matters) !CHDD! !CHDX!
P#@&*$.!&4,!"&*4'#4&4%#!! !DHXB! !DHFB!K4.7$&4%#! !CHDX! !CHDI!U#'!)(..!(4!;($#*24!%7$$#4%1!'$&4.&%'*(4.c'$&4.9&'*(4! !CHEW! !AHCA!Legal, Professional and consultancy expenses !AEHWF! !ABHCD!Q(4&'*(4! - !CHDI!Communication Expenses !CHFC! !CHXA!L(43#1&4%#>!L&$!J*$#!&4,!5$&3#99*42! !FHVW! !IHVE!8,3#$'*.#+#4'! !CHCB! !CHCF!Loss on Sale / Discard of Fixed Asset !FVHBB! !DFDHBA!Loss on value of Assets classified as Held For Sale !AVHVB! - Loss on sale of Non-Current Investments !FHVF! !CHXE!Bad Debts and other amounts written off/back (net) !DAHXX! - Assets no longer required, written off - !CHWW!`$(3*.*(4!;($!,(70';79!,#0'.c&,3&4%#.! !BHDI! !XXHBI!Miscellaneous expenses !IDHCC! !DAHDA!
&IQPJPI& &K/IJ..&
2.29IncomeTaxExpenses
Amount recognised in Statement of Profit & Loss9#33%,$&B(8Income tax for the year !DVHWX! !ACHDD!Adjustments/(credits) related to previous years - Net ( Refer Note 3.22) !ICHDV! !TCHCEOB"$(1&:#33%,$&$(8 &ZSJIK& &KPJP.&
@%-%33%F&$(8Deferred tax for the year !AHDA! !DHDE!
!AHDA! !DHDE!B"$(1 &YPJK/& &KIJKI&
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
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.IR'(3RKPIS .IR'(3RKPIQ
.JI&@4H:1"H#3%&(H&)%3&D,GF&0=&..&LE(3,4,5H&U%3&=*(3%M&.*%!\`?!T!*4!!# !TDCHIAO CHWVQ*97'#,!\`?!T!*4!!#" !TDCHIAO CHWV
!%:",:414($4",&"-&%(3,4,5H&#H%F&4,&:(1:#1($4,5&%(3,4,5&)%3&H*(3%Total Profit/(loss) attributable to equity shareholders !TAWIHCFO !AIHDI!
WeightedaveragenumbersofequitysharesusedinthecalculationofEPS:=#*2/'#,!&3#$&2#!47+0#$.!(;!#^7*'1!./&$#.!7.#,!*4!'/#!%&9%79&'*(4!(;!M&.*%!\`? !AEA>AWI>ICC! !AIW>XIW>BCV!Q*97'*3#!*+@&%'!(;!6LLM!T!84'*!Q*97'*3#>!/#4%#!U*9O - - =#*2/'#,!&3#$&2#!47+0#$.!(;!#^7*'1!./&$#.!&4,!@('#4'*&9!#^7*'1!./&$#.!7.#,!*4!'/#!%&9%79&'*(4!(;!Q*97'#,!\`? !AEA>AWI>ICC! !AIW>XIW>BCV!6&%#
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&*&!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
&23($#4$<& M%(A%&E,:(H*?%,$&X%(3&E,F%F&.IH$&'(3:*&KPIS&
&X%(3&E,F%F&.IH$&'(3:*&KPIQ&
&X%(3&E,F%F&.IH$&'(3:*&KPIS&
&X%(3&E,F%F&.IH$&'(3:*&KPIQ
?#''9#+#4'!`&1+#4'.!;$(+!\+@9(1#$ - - - Other (Employee Contribution, Taxes, Expenses) - - - Increase / (Decrease) due to effect of any business com-0*4&'*(4!c!,*3#.'7$#!c!'$&4.;#$O
- - -
K4%$#&.#!c!TQ#%$#&.#O!,7#!'(!`9&4!%(+0*4&'*(4 - - - Remeasurements - Due to Demographic Assumptions - - - Remeasurements - Due to Financial Assumptions - !CHDC! - !CHCD!Remeasurements - Due to Experience Adjustments !TDHBAO !CHFB! !TCHCWO !TCHCEODefinedBenefitObligationattheend 3.39 &/JYS& &PJQK& &PJSY&
(ii) ChangeinFairValueofPlanAssets&23($#4$<& M%(A%&E,:(H*?%,$
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>(43&+(1#%&"-&U1(,&0HH%$H&($&$*%&G%54,,4,5 - - - - K4'#$#.'!K4%(+# - - - - \+@9(1#$!L(4'$*07'*(4. - - - - Employer Direct Benefit Payments CHVD CHFF CHFC !CHDV!\+@9(1#$!Q*$#%'!?#''9#+#4'!`&1+#4'. - - - - Benefit Payments from Plan Assets - - - - Benefit Payments from Employer TCHVDO TCHFFO !TCHFCO !TCHDVO!?#''9#+#4'!`&1+#4'.!;$(+!`9&4!8..#'. - - - - !?#''9#+#4'!`&1+#4'.!;$(+!\+@9(1#$ - - - - Other (Employee Contribution, Taxes, Expenses) - - - - Increase / (Decrease) due to effect of any business %(+0*4&'*(4!c!,*3#.'*'7$#!c!'$&4.;#$O
- - - -
K4%$#&.#!c!TQ#%$#&.#O!,7#!'(!`9&4!%(+0*4&'*(4 - - - - Remeasurements - Return on Assets (Excluding Interest K4%(+#O
- - - -
>(43&+(1#%&"-&U1(,&0HH%$H&($&$*%&%,F &R&&& &R&&& &R&&& &R&&&
(iii)ComponentsofDefinedbenefitcost&23($#4$<& M%(A%&E,:(H*?%,$
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L7$$#4'!?#$3*%#!L(.' !CHBF! !CHEE! !CHAC! CHDE`&.'!?#$3*%#!L(.' !CHDI! !CHDB! - - T:&*4O!c!)(..!(4!?#''9#+#4'. - - - - P#*+07$.#+#4'!?#$3*%#!L(.' - - - - Foreign Exchange Difference !TCHCXO - - - B"$(1&=%3A4:%&9"H$ &PJQI& &IJP/& &PJKP& &PJIS&Interest Expense on Defined benefit obligation !CHFA! !CHAI! !CHCX! CHCBK4'#$#.'!TK4%(+#O!(4!`9&4!8..#'. - - - - K4'#$#.'!TK4%(+#O!(4!P#*+07$.#+#4'!P*2/'. - - - - Interest Expense on (Asset Ceiling) / Onerous Liability - - - - B"$(1&7%$&D,$%3%H$&9"H$ &PJ.K& &PJK/& &PJPZ& &PJPY&Reimbursement of Other Long Term Benefits - !CHCX! - - Defined Benefit Cost included in the Statement ofProfitandLoss
&IJP/& &IJ..& &PJKZ& &PJK/&
Remeasurements - Due to Demographic Assumptions - - - - Remeasurements - Due to Financial Assumptions - !CHDD! - !CHCD!Remeasurements - Due to Experience Adjustments !TDHBAO !CHFB! !TCHCWO !TCHCEO (Return) on Plan Assets (Excluding Interest Income) - - - - !TP#'7$4O!(4!P#*+07$.#+#4'!P*2/'. - - - - L/&42#.!*4!8..#'!L#*9*42!c!]4#$(7.!)*&0*9*'1 - - - - B"$(1& !%?%(H#3%?%,$H& 4,& C$*%3& 9"?)3%*%,H4A%&D,:"?%
(1.62) &PJ/Q& (0.09) (0.07)
TotalDefinedBenefitCostrecognisedintheStatementofProfitandLossandOtherComprehensiveIncome (0.58) &IJSI& PJIY& &PJIQ&
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Notes to the Financial statements
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(iv) NetdefinedBenefitLiability/(Asset)reconciliation
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NetDefinedBenefitLiability/(Asset)atthebeginning IHBE FHAC !CHEB! !CHEB!Defined Benefit Cost included in the Statement of Profit &4,!9(..
DHCI DHFF !CHAX! !CHAI!
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!TDHBAO CHIV !TCHCWO !TCHCVO
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3.3DisclosureasperIndAS108“OperatingSegment”5/#!:$(7@e.!(@#$&'*42!.#2+#4'.!&$#!#.'&09*./#,!(4!'/#!0&.*.!(;!'/(.#!%(+@(4#4'.!(;!'/#!2$(7@!'/&'!&$#!#3&97&'#,!regularly by the Executive Committee (the ‘Chief Operating Decision Maker’ as defined in Ind AS 108 - ‘Operating Segments’), in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal business reporting .1.'#+.H
The Group has four principal operating and reporting segments; viz. Shipping, Offshore, Coal mining, trading and logistic.
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3.9RelatedPartyDisclosures:0& &M4H$&"-&!%1($%F&U(3$4%HD& O%<&'(,(5%34(1&U%3H",,%11 Mr. H.K Mittal - Executive Chairman2 Mr. Shalabh Mittal - Chief Executive Officer 3 Mr. Rajendra Kothari - Chief Financial Officer (effective from 01.02.2018)4 Mr. Kiran Vaidya - Chief Financial Officer (upto 31.01.2018)5 Mr. Suhas Pawar - Company Secretary (upto 26.03.2018)B! "$H!8,*@!"*''&9V! ".H!8$%/&4&!"*''&9E! ".H!?/$7'*!"*''&9W! "$H!84*9!S/&44&DC! ".H!8$%/&4&!Q/(9#DD! "$H!8,*'1&!Q#.&*DA! ".H
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&*#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
B. Detailsoftransactionswiththeotherparties T!"*4!%$($#O7(?%&"-&$*%&B3(,H(:$4",& &=#GH4F4(3<&9"?)(,4%H& &E,$%3)34H%H&"A%3&;*4:*&
O%<&'(,(5%34(1&U%3H",,%1&exercisesignificant
:",$3"1&
&E,$%3)34H%H&"A%3&;*4:*&@43%:$"3HW!%1($4A%&"-&
@43%:$"3HWO%<&'(,(5%34(1&U%3H",,%1W!%1($4A%&"-&O%<&'(,(5%34(1&U%3H",,%1&exercisesignificant
influence.
&B"$(1
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D,$%3%H$&D,:"?%&"))!)(2*.'*%.!`3'!)',H - - - - - !DHAB! - !DHAB!B"$(1 &R&&& &R&&& &R&&& &R&&& &R&&& &IJKY& &R&&& &IJKY&
=%3A4:%H&!%,F%3%F&[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !IHFC! !ADHVB! - - !IHFC! !ADHVB!B"$(1 &R&&& &R&&& &/J.P& &KIJQY& &R&&& &R&&& &/J.P& &KIJQY&
0,,#(1&'(4,$%,(,:%&9*(35%H&[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !IHAA! - - - !IHAA! - B"$(1 &R&&& &R&&& &/JKK& &R&&& &R&&& &R&&& &/JKK& &R&&&
9",$34G#$4",&$"&9=!`$#+!`74*'&!6(74,&'*(4 !CHDF! !CHDF!B"$(1 &R&&& &R&&& &R&&& &PJI.& &R&&& &R&&& &R&&& &PJI.&
=*(3%H& )1%F5%F& -"3& 1"(,& (5(4,H$&H*(3%H"$H!JHS!"*''&9! !EXHIX! !VBHEE! !EXHIX! !VBHEE!"$.H!8$%/&4&!"*''&9! !BFHAC! !DWHDF! !BFHAC! !DWHDF!8J"!K43#.'+#4'.!`$*3&'#!)*+*'#, !FFHDV! !XHDF! !FFHDV! !XHDF!B"$(1 &R&&& &R&&& &ISIJSK& &IPIJI/& &R&&& &R&&& &ISIJSK& &IPIJI/&
E8)%,H%H&4,:#33%F&3%)(4F84d7$!6#$'*9*g#$.!`$*3&'#!)*+*'#, - - !CHCA! !CHCF! - - !CHCA! !CHCF
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Notes to the Financial statements
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7(?%&"-&$*%&B3(,H(:$4",& &=#GH4F4(3<&9"?)(,4%H& &E,$%3)34H%H&"A%3&;*4:*&O%<&'(,(5%34(1&U%3H",,%1&
exercisesignificant:",$3"1&
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@43%:$"3HWO%<&'(,(5%34(1&U%3H",,%1W!%1($4A%&"-&O%<&'(,(5%34(1&U%3H",,%1&exercisesignificant
influence.
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&U3%A4"#H&X%(3
OutstandingBalancesason31.03.20189()4$(1&0FA(,:%H[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !DEHVV! !AVHXW! - - !DEHVV! !AVHXW!&B"$(1& &R&&& &R&&& &ISJQQ& 27.59 &R&&& &R&&& &ISJQQ& 27.59
B3(F%&(,F&C$*%3&U(<(G1%H[&*'&$4&!"&$*4#!K4;$&.'$7%'7$#!)*+*'#,! - - !CHEE! !DHWD! - - !CHEE! !DHWD!Oil Max Energy Private Limited - - - !CHDD! !AHCC! !FHCC! !AHCC! !FHDD!&B"$(1& &R&&& &R&&& &PJSS& &KJPK& &KJPP& &.JPP& &KJSS& &ZJPK&
@%)"H4$&24A%,Oil Max Energy Private Limited - - !CHXC! !CHXC! !CHXC! !CHXC!&B"$(1& &R&&& &R&&& &PJZP& &PJZP& &R&&& &R&&& &PJZP& &PJZP&!%?#,%3($4",&)(4F&$"&V%<&'(,(5%?%,$&U%3H",,%1
BHEV !DAHFB! BHEV !DAHFB!
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S#1!"&4&2#$*&9!`#$.(44#9!&4,!P#9&'*3#.!(;!`$(+('($.!</(!&$#!74,#$!'/#!#+@9(1+#4'!(;!'/#!L(+@&41!&$#!#4'*'9#,!'(!@(.'!#+@9(1+#4'!benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in the Ind AS financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.
C) SittingFeesPaidtoNon-ExecutiveDirectors! T!"!*4!%$($#OL7$$#4'!b#&$! `$#3*(7.!b#&$
Q*$#%'($!?*''*42!!6##. !CHFD! !CHAI
.JIP& In the case of a subsidiary,during the financial year ended 2016-17, the Director General of Hydrocarbons (DGH) invoked a Bank :7&$&4'##!(;!!" 4.69 crore due to expiry of Phase -I of the Production Sharing Contract (‘PSC’) in relation to an Onshore Block (Identified as Block CB-ONN-2005/3) in Ahmedabad and Mahesana districts in the State of Gujarat.
8.!@#$!'/#!.70.*,*&$1>!'/#!,#9&1!/(<#3#$!/&.!0##4!&''$*07'&09#!'(!'/#!,#9&1.!*4!2$&4'.!(;!\43*$(4+#4'&9!L9#&$&4%#!T\LO!;$(+!the Ministry of Environment and Forests (MOEF) and Geo-Technical Data (GTD) from the Directorate General of Hydrocarbons TQ:JO!01!D>AVC!,&1.>!'/#!.70.*,*&$1!<&.!74&09#!'(!%(++#4%#!,$*99*42!(@#$&'*(4.!*4!'/#!.&*,!M9(%dH!5/#!.70.*,*&$1!/&.!$#^7#.'#,!DGH to consider the work done by it as fulfilment of Minimum Work Programme in cognizance of delays in giving permissions and allow it to enter into the Phase -II of the PSC
The subsidiary has obtained a legal opinion in this matter and on the basis of the said opinion, is confident that it has adequate 2$(74,.!'(!%(4'#.'!'/#!%&.#!&.!'/#!`?L!/&.!@$(3*.*(4.!;($!'/#!.70.*,*&$1!'(!#4'#$!'/#!`/&.#!KK!(;!'/#!`?L!&4,!&%%($,*4291!4(!provision is required to be made in the financial statements.
Notes to the Financial statements
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3.11 DisclosureasperIndAS11“Constructioncontracts”(A) OperatingLease(asLessee):
T!"!*4!L$($#ODisclosuresinrespectofcancellableagreementsforofficepremisestakenonlease X%(3&E,F%F
.IR'(3RKPIS .IR'(3RKPIQL(4'$&%'!$#3#47#!$#%(24*.#,!,7$*42!'/#!1#&$ !FAHIE! !AXHWX!Aggregate of contract costs incurred and recognised profits (less recognised losses) upto the $#@($'*42!,&'#
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8,3&4%#.!$#%#*3#,!;($!%(4'$&%'.!*4!@$(2$#.. !FCHBC! !FCHBC!P#'#4'*(4!+(4#1!;($!%(4'$&%'.!*4!@$(2$#.. !UK)! UK):$(..!&+(74'!,7#!;$(+!%7.'(+#$.!;($!%(4'$&%'!<($d!T&..#'O !ACBHVE! !AAEHDE!:$(..!&+(74'!,7#!'(!%7.'(+#$.!;($!%(4'$&%'!<($d!T9*&0*9*'1O !UK)! UK)
3.12 DisclosureasperIndAS17“Leases”: (A) Operatinglease(asLessee):
Disclosures in respect of cancellable agreements for office premises taken on leaseC)%3($4,5&M%(H%H 0H&($
.IR'(3RKPIS .IR'(3RKPIQDisclosuresinrespectofcancellableagreementsforofficepremisestakenonlease - -
T*O Lease payments recognized in the Statement of Profit and Loss FHVE FHIVT**O Significant leasing arrangements
5/#!:$(7@!/&.!2*3#4!$#;74,&09#!*4'#$#.'!;$##!.#%7$*'1!,#@(.*'.!74,#$!'/#!&2$##+#4'.H FHAW - 5/#! 9#&.#! &2$##+#4'.! &$#! 7@! '(! I! '(! FB! +(4'/.H! 5/#.#! &2$##+#4'.! &9.(! @$(3*,#,! ;($!@#$*(,*%&9!*4%$#&.#!*4!$#4'H
- -
T***O Future minimum lease payments under non-cancellable agreements - - U('!9&'#$!'/&4!(4#!1#&$ !CHAI! CHAELater than one year and not later than five years UK) CHDILater than five years UK) UK)
(B)Operatinglease(asLessor):Disclosures in respect of cancellable agreements for office given on lease
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T&O! ]@#$&'*42!)#&.#.Disclosures in respect of cancellable agreements for office given on lease
T*O Lease receipt recognized in the Statement of Profit and Loss CHBC CHBCT**O Future minimum lease receivable under non-cancellable agreements
U('!9&'#$!'/&4!(4#!1#&$ CHEI CHBCLater than one year and not later than five years DHFX CHBCLater than five years UK) UK)
2%,%3(1&@%H:34)$4",&"-&1%(H4,5&(33(,5%?%,$T*O!)#&.#,!8..#'.G!`$#+*.#.>!:(,(<4T**O!67'7$#!9#&.#!$#4'&9.!&$#!,#'#$+*4#,!(4!'/#!0&.*.!(;!&2$##,!'#$+.
.JI. Exceptional item as at March 31, 2018 !"!UK)!T`HbH!!" 9.16 crore) relates to termination of cash flow hedge contracts.
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
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.JI/DisclosurerequiredunderSection22oftheMicro,SmallandMediumEnterprisesDevelopmentAct,2006K4;($+&'*(4!$#9&'#,!'(!"*%$(!&4,!?+&99!\4'#$@$*.#.>!&.!@#$!'/#!"*%$(>!?+&99!&4,!"#,*7+!\4'#$@$*.#.!Q#3#9(@+#4'!8%'>!2006 (MSME Development Act), are given below. The information given below have been determined to the extent such enterprises have been identified on the basis of information available with the Group:
T!"!*4!L$($#O8.!&'
31-Mar-2018 31-Mar-2017T*O `$*4%*@&9!&+(74'!(7'.'&4,*42 !U*9! !U*9!T**O K4'#$#.'!(4!`$*4%*@&9!&+(74'!,7# !U*9! !U*9!T***O K4'#$#.'!&4,!`$*4%*@&9!&+(74'!@&*,!0#1(4,!&@@(*4'+#4'!,&1 !U*9! !U*9!T*3O 5/#!&+(74'!(;!*4'#$#.'!,7#!&4,!@&1&09#!;($!'/#!@#$*(,!(;!,#9&1!*4!+&d*42!@&1+#4'!T</*%/!
/&3#!0##4!@&*,!07'!0#1(4,!'/#!&@@(*4'#,!,&'#!,7$*42!'/#!1#&$O!07'!<*'/(7'!&,,*42!'/#!amount of interest specified under MSME Development Act
!U*9! !U*9!
T3O 5/#!&+(74'!(;!*4'#$#.'!&%%$7#,!&4,!$#+&*4*42!74@&*,!&'!'/#!#4,!(;!'/#!1#&$ !U*9! !U*9!T3KO 5/#!&+(74'!(;!;7$'/#$!*4'#$#.'!$#+&*4*42!,7#!&4,!@&1&09#!#3#4!*4!'/#!.7%%##,*42!1#&$.>!
74'*9!.7%/!,&'#!</#4!'/#!*4'#$#.'!,7#.!&.!&0(3#!&$#!&%'7&991!@&*,!'(!'/#!?+&99!#4'#$@$*.#>!for the purpose of disallowance as a deductible expenditure under Section 23 of MSME Q#3#9(@+#4'!8%'H!!
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.JIZ&B",,(5%&B(8&!%H%3A%In terms of section 115VT of the Income Tax Act, 1961, with respect to the shipping activities of the group in India, it is required to transfer a minimum of 20% of book profits from the tonnage tax activities in tonnage tax reserve which are '(!0#!7'*9*.#,!;($!&%^7*$*42!4#<!./*@.!<*'/*4!E!1#&$.!(;!.7%/!'$&4.;#$H!5/#!:$(7@!/&.!'$&4.;#$$#,!!"!U*9!T`$#3*(7.!b#&$!!"!Nil ) to Tonnage Tax Reserve as company has incurred a book loss (on standalone basis) of !"!DIAHEI!%$($#!T`$#3*(7.!b#&$!!" 29.55 crore) .During the year, the group has transfered the utilised Tonnage Tax Reserve to General Reserve, </*%/!/&,!0##4!7'*9*.#,!;($!'/#!@7$%/&.#!(;!,$#,2#$.!*4!'/#!#&$9*#$!1#&$.H
.JIY&D,:"?%&B(8&%8)%,H% (A) TaxExpensesrecognisedinthestatementofProfit&Loss
T!"!*4!L$($#OU(3$4:#1(3H 9#33%,$&X%(3 U3%A4"#H&X%(3ProfitbeforeTax !TADVHFDO XCHCDD,:"?%&B(8&E8)%,H%H !TAHFEO !TVCHIBOIncome not subject to tax !CHCW! !AWHEW!Difference in books and tax depreciation !DFHFV! !FHFI!Gain attributable to tonnage tax activity !CHEC! !CHWA!Non Qualifying Income & Expense under Tonnage Tax !DHAC! !CHCE!Non-deductible expenses !XHDB! !XDHDV!]'/#$. !DHED! !BHFX!Earlier year Tax Provision !ICHDV! !TCHCEOIncomeTax&DifferedTaxExpense &YPJK/& &KIJKI&EffectiveTaxRate RKQJQKa /KJ/Ia
(B) DeferredTaxasperIndAS12“IncomeTaxes (i) Deferredtaxliability(net)includedinthebalancesheetcomprisesofthefollowing:
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@%-%33%F&$(8&(HH%$HQ#@$#%*&'*(4 !TCHAWO CHCB !TCHAFOEmployee Benefits !TCHBFO CHCE !TCHXXO@%-%33%F&$(8&14(G414$4%H)(42!5#$+!`$(3*.*(4.!&4,!?/($'!5#$+!`$(3*.*(4. !CHCA! !CHCA!6($#*24!.(7$%#!K4%(+#!1#'!'(!0#!$#+*''#, !IHEI! !TFHFBO !DHIE!Netdeferredtaxliability/(asset) !FHWI! !TFHAAO !CHVA!
Notes to the Financial statements
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(ii) Deferredtaxliability(net)includedinthebalancesheetcomprisesofthefollowing: T!"!*4!L$($#OU(3$4:#1(3H Asat31stMarch,
KPIQ93%F4$W&
(charge)in=$($%?%,$&"-&ProfitandLoss
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Deferredtax(assets)/liabilities_4&0.($0#,!Q#@$#%*&'*(4 TCHAWO !CHCB! - TCHAFOProvision for post retirement benefits TCHBDO !TCHDAO !CHAC! TCHXFO6($#*24!.(7$%#!K4%(+#!1#'!'(!0#!$#+*''#,!c!('/#$. IHEI! !CHEE! !TIHAIO DHIE!B"$(1 3.94 PJSK (4.04) PJQK
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Deferredtax(assets)/liabilities_4&0.($0#,!Q#@$#%*&'*(4 TCHAXO !TCHCXO - !TCHFCOProvision for post retirement benefits TCHICO !TCHAFO !CHCA! !TCHBDO6($#*24!.(7$%#!K4%(+#!1#'!'(!0#!$#+*''#,!c!('/#$. FHEB !DHIX! !TCHIVO !IHEI!B"$(1 .JKI &IJIQ& (0.45) 3.94
3.17CorporateSocialResponsibility(CSR)! :$(..!&+(74'!$#^7*$#,!'(!0#!.@#4'!01!'/#!K4,*&4!#4'*'*#.!(;!'/#!:$(7@!&.!@#$!.#%'*(4!DFX!(;!'/#!L(+@&4*#.!8%'!ACDF>!
,7$*42!'/#!1#&$!!"UK)H
.JIS&Q7$*42!'/#!1#&$!'/#!:$(7@!/&.!.(9,!Q$1!M79d!L&$$*#$!Y"H5H!?$*!`$#+!`(($3&Z>!07*9'!*4!DWWI>!'&4d#$!Y"H5H!J&$./&!`$#+Z!07*9'!*4!DWWFH!89.(>!'/#!:$(7@!/&.!#4'#$#,!*4'(!&2$##+#4'!(;!.&9#!,&'#,!"&$%/!DW>!ACDE!;($!.&9#!(;!"H![H![$*4,&!07*9'!in 1997 and deliver the vessel on April 2, 2018, which has been classified as “Non – Current Asset Held for Sale” as &'!"&$%/!FD>!ACDEH!]4!.7%/!'$&4.&%'*(4.>!'/#!:$(7@!/&.!&%%(74'#,!;($!&22$#2&'#!9(..!(;!!"!BXHCI!%$($#!(4!.&9#!&4,!impairment of Asset classified as Held for Sale, classified under the head of “other expenses”.
3.19!K4!$#.@#%'!(;!Y?&2&$!?&+$&'Z!\`L!@$(i#%'>!'/#!:$(7@!/&,!*4%7$$#,!&,,*'*(4&9!%(.'!(;!!"DEHXW!%$($#!(4!&%%(74'!(;!%#$'&*4!3&$*&'*(4.!*4!'/#!.%(@#!(;!'/#!@$(i#%'H!6(99(<*42!@$7,#4'*&9!&%%(74'*42!4($+.>!'/#!:$(7@!/&.!$#%(24*g#,!'/#!&0(3#!costs in its Consolidated Statement of Profit and Loss. Corresponding Revenue shall be recognized once the variations ($,#$.!&$#!&@@$(3#,!01!'/#!%7.'(+#$
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The Group financial risk management is an integral part of how to plan and execute its business strategies. The Group’s financial risk management policy is set by the Risk Management committee
The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and )(&4.!&4,!0($$(<*42.H
The Group manages market risk through Risk Management committee, which evaluates and exercises independent %(4'$(9!(3#$!'/#!#4'*$#!@$(%#..!(;!+&$d#'!$*.d!+&4&2#+#4'H!5/#!%(++*''##!$#%(++#4,.!$*.d!+&4&2#+#4'!(0i#%'*3#.!&4,!@(9*%*#.>!</*%/!&$#!&@@$(3#,!01!P*.d!"&4&2#+#4'!&4,!M(&$,H
& (J& '(3V%$&!4HV
i) Interestraterisk Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate
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Notes to the Financial statements
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5('&9!M($$(<*42. !D>VAEHCA! D>EFEHWIo!(;!M($$(<*42.!(7'!(;!&0(3#!0#&$*42!3&$*&09#!$&'#!(;!K4'#$#.' EXo EXo
The Group is exposed to interest rate risk as it borrow funds at floating interest rates. The interest rate risk is +&4&2#,!01!+(4*'($*42!'/#!:$(7@e.!9#3#9!(;!0($$(<*42.!@#$*(,*%&991!&4,!.'$7%'7$*42!*'.!0($$(<*42.!(4!3&$1*42!+&'7$*'*#.!&4,!*4'#$#.'!$&'#!'#$+.H
The sensitivity analysis below has been determined based on the exposure to interest rates at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the 0&9&4%#!./##'!,&'#!<&.!(7'.'&4,*42!;($!'/#!</(9#!1#&$H
8!XC!0&.*.!@(*4'! *4%$#&.#!($!,#%$#&.#!*.!7.#,!</#4!$#@($'*42!*4'#$#.'!$&'#!$*.d!&4,!$#@$#.#4'.!+&4&2#+#4'e.!&..#..+#4'!(;!'/#!$#&.(4&091!@(..*09#!%/&42#!*4!*4'#$#.'!$&'#.H
K;!*4'#$#.'!$&'#.!/&,!0##4!XC!0&.*.!@(*4'.!/*2/#$c9(<#$!&4,!&99!('/#$!3&$*&09#.!<#$#!/#9,!%(4.'&4'>!'/#!:$(7@e.!9(..!;($!'/#!1#&$!#4,#,!"&$%/!FD>!ACDE!<(79,!*4%$#&.#c,#%$#&.#!01!!"VHFX!L$($#!T@$#3*(7.!1#&$!!"VHEA!L$($#OH!5/*.!*.!mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings.
ii) MaritimeRisk
The operations of the Group may be exposed to piracy, war, sabotage and terrorism risk at sea which could @('#4'*&991!,*.$7@'!'/#!(@#$&'*(4.!(;!'/#!:$(7@H!89.(>!'/#!:$(7@e.!3#..#9.!&$#!.7.%#@'*09#!'(!&$$#.'.!01!+&$*'*+#!claimants which could result in significant loss for the Group. In times of emergency or wars, the Government %(79,!,#+&4,!'/#!:$(7@e.!3#..#9.!<*'/(7'!&,#^7&'#!%(+@#4.&'*(4H
iii) BusinessRisk
i) RiskrelatingtoExploration,Developmentandproduction.
5/#!:$(7@!/&.!'<(!(*9!09(%d.! *4! '/#!L&+0&1!M&.*4!&4,! *4!(4#!(;! '/#+!<#!/&3#!&44(74%#,!,*.%(3#$1!(;!superior quality oil with oil flowing to surface at the time of testing of Wells. While the oil price has been 3(9&'*9#!*4!'/#!@&.'>!M$#4'!L$7,#!&@@#&$.!'(!/&3#!0##4!.'&0*9*g#,!0#'<##4!_?q!XC!'(!_?q!BC!@#$!0&$$#9!(3#$!last year. Even otherwise, in subsidiary’s context, the risk of fluctuations in Oil Price is contained since the quality of Oil discovered in subsidiary’s blocks (light and sweet crude - 410 API) is better than that of Brent L$7,#!TM$#4'!L$7,#!0#*42!FEC!8`KO!&4,!'/#$#;($#!#4i(1.!@$#+*7+!(3#$!M$#4'H
Project Specific Risk:
L7$$#4'91>!(@#$&'*(4.!&$#!74,#$<&1!'(!&%%(+@9*./!,$*99*42!&4,!'#.'*42!%&+@&*24! *4!(4#!(;!(7$!]*9!M9(%d.H!With an increase in Oil Price, there are possibilities of non-availability of Drilling Rigs and associated services. 89.(!@$*%*42!;($!.7%/!.#$3*%#.!+&1!*4%$#&.#!.*4%#!+&41!,$*99*42!%(+@&4*#.e!]*9!P*2.!&$#!%7$$#4'91!*4!&!%(9,!.'&%d! %(4,*'*(4H!J(<#3#$>! '/*.!P*.d! *.! %(4'&*4#,!(<*42! '(! '/#! ;&%'! '/&'! .70.*,*&$1!/&.!#4'#$#,! *4'(! )(42!5#$+.!%(4'$&%'.!<*'/!*'.!3#4,($.!'(!#4.7$#!&3&*9&0*9*'1!(;!.#$3*%#.!'*99!'/#!,$*99*42!%&+@&*24!*.!&%%(+@9*./#,H
ii) RiskrelatingtoConstructionContract
L7$$#4'91!<#!&$#!(@#$&'*42!]4#!@$(i#%'!&4,!#43*.&2*42!.*+*9&$!(@@($'74*'*#.!*4!4#&$!;7'7$#H
Project Specific Risk
5/#!@$(i#%'!*.!&'!*'.!'&*9!#4,!(;!%(+@9#'*(4!&4,!<#!#43*.&2#!4(!+&i($!$*.d!*4!*4%$#&.#!(;!^7&4'*'*#.c@$*%#.!(;!P&<!"&'#$*&9.!($!?#$3*%#.!&.!'/#!.&+#!&$#!$#3*#<#,!(4!&!%(4'*47(7.!0&.*.H!5/#$#!+&1!0#!&!$*.d!(;!+*47.%79#!*4%$#&.#!*4!%(.'!(;!'(<*42!&4,!%(++*..*(4*42!&2&*4.'!'/#!07,2#'!,#@#4,*42!(4!<#&'/#$!%(4,*'*(4.H!J(<#3#$>!these costs may be extremely insignificant to the project risk.
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&!)!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
iv) PriceRisk
The Group is engaged in the business of commodity transportation of crude oil, petroleum products, coal, iron-($#!#'%!</*%/! *43(93#.!&!/*2/! 9#3#9!(;!,#@#4,#4%#!(4! '/#!@$(,7%'*(4!(;!(*9! &4,!2&.H! 5/7.>!,#+&4,! *4! '/#.#!.#%'($.!<*99!/&3#!&!,*$#%'!*+@&%'!(4!'/#!07.*4#..!(;!'/#!:$(7@H!8!,#%9*4#!*4!'/#!,#+&4,!;($!(*9>!%(&9!($!*$(4!#'%!will adversely affect the business of the Group. Thus, often, the factors affecting the supply and demand for '/#!3#..#9!&$#!0#1(4,! '/#!%(4'$(9!(;! '/#!:$(7@!&.! '/#!4&'7$#>! '*+*42!&4,!,#2$##!(;!%/&42#.! *4! '/#! *4,7.'$1!%(4,*'*(4.!%&44('!0#!;($#.##4!&4,!&$#!74@$#,*%'&09#H
! ! ]'/#$!@$*%#!$*.dG
The Group is not exposed to any significant equity price risks arising from equity investments, as on March 31, ACDEH!\^7*'1!*43#.'+#4'.!&$#!/#9,!;($!.'$&'#2*%!$&'/#$!'/&4!'$&,*42!@7$@(.#.H!5/#!:$(7@!,(#.!4('!&%'*3#91!'$&,#!*4!'/#.#!*43#.'+#4'.H
! ! \^7*'1!@$*%#!.#4.*'*3*'1!&4&91.*.G
There is no exposure to equity price risks as at the reporting date or as at the previous reporting date.
v) Foreigncurrencyrisk
! ! 6($#*24!%7$$#4%1!$*.d!+&*491!&$*.#.!;$(+!'$&4.&%'*(4.!74,#$'&d#4!01!&4!(@#$&'*42!74*'!,#4(+*4&'#,!*4!%7$$#4%*#.!other than its functional currency. Exposure to foreign currency risk is mitigated by natural hedges of matching $#3#47#.!&4,!%(.'.H
The carrying amounts of the Group’s financial assets and financial liabilities denominated in foreign currencies &'!'/#!$#@($'*42!,&'#!&$#!&.!;(99(<.G
!"!*4!%$($#@%$(41H&W&9#33%,:< 0H&($@%$(41H .IR'(3RKPIS .IR'(3RKPIQ5$&,#!P#%#*3&09#.
- USD !AFHCX! !XHAV!L&./!&4,!L&./!#^7*3&9#4'.
- USD !FHFE! !CHXX!]'/#$!6*4&4%*&9!8..#'.
- USD !FWIHDW! !AAEHEV!- SGD !CHCB! - - Euro !AHFI! - - GBP !CHCA! - - JPY !CHCC! - Other non-current assets- USD !CHEA! -
M($$(<*42.- USD !EAEHEX! !WDBHAI!
5$&,#!`&1&09#.- USD !BAHFF! - ]'/#$!6*4&4%*&9!)*&0*9*'*#.- USD !IFHWA! !ABHXF!- SGD !CHAC! !CHDX!- AED !CHCI!- Euro !CHCE!- GBP !CHAD!- JPY !CHCI!- Others !AHIB!
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&!*!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
& =%,H4$4A4$<&0,(1<H4H6 A 5% strengthening / weakening of Indian Rupee against key currencies to which the Group is exposed (net of hedge,
if any), with all other variables being held constant, would have led to approximately a gain / loss of !"AFHVW!%$($#!T`$#3*(7.!b#&$!G!!"!FXHIC!%$($#OH
& GJ& 93%F4$&!4HV! ! L$#,*'!$*.d!&$*.#.!;$(+!'/#!@(..*0*9*'1!'/&'!'/#!%(74'#$!@&$'1!+&1!4('!0#!&09#!'(!.#''9#!'/#*$!(09*2&'*(4.!&.!&2$##,H!
To manage this, the Group periodically assesses the financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.
Financial assets are written off when where there are no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where loans or receivables have been written off, the Group %(4'*47#.!'(!#42&2#!*4!#4;($%#+#4'!&%'*3*'1!'(!&''#+@'!'(!$#%(3#$!'/#!$#%#*3&09#!,7#H!=/#4!.7%/!$#%(3#$*#.!&$#!made, these are then recognized as income in the statement of profit and loss.
The Group measures the expected credit loss of trade receivables based on historical trend, industry practices &4,!'/#!07.*4#..!#43*$(4+#4'!*4!</*%/!'/#!#4'*'1!(@#$&'#.H
& & 05%4,5&"-&0::"#,$H&!%:%4A(G1%H& !"!*4!%$($#U(3$4:#1(3H 0H&($&.IH$&'(3:*&
KPIS0H&($&.IH$&'(3:*&
KPIQ)#..!'/&4!DEC!,&1. DAFHVW AFIHBC"($#!'/&4!DEC!,&1. DWVHWX DXXHBB
Financial assets are considered to be of good quality and there is no significant increase in credit risk
& & :J& M4\#4F4$<&!4HV Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
&3&*9&0*9*'1!(;!;74,*42!'/$(72/!&4!&,#^7&'#!&+(74'!(;!%(++*''#,!%$#,*'!;&%*9*'*#.!'(!+##'!(09*2&'*(4.!</#4!,7#!&4,! '(! %9(.#!(7'!+&$d#'!@(.*'*(4.H!Q7#! '(! '/#!,14&+*%!4&'7$#!(;! '/#!74,#$91*42!07.*4#..#.>!:$(7@!treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management +(4*'($.! $(99*42! ;($#%&.'.! (;! '/#!:$(7@e.! 9*^7*,*'1! @(.*'*(4! T%(+@$*.*42! '/#! 74,$&<4! 0($$(<*42! ;&%*9*'*#.!below) and cash and cash equivalents on the basis of expected cash flows.
The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the cash flows of financial liabilities based on the earliest date on which the :$(7@!%&4!0#!$#^7*$#,!'(!@&1G
MaturityAnalysisofSignificantFinancialLiabilities!"!*4!%$($#
Asat31stMarch,2018 9",$3(:$#(1&9(H*&>1";HB"$(1 ^)&$"&I&<%(3 IR.&<%(3H .RZ&<%(3H '"3%&$*(,&Z&
<%(3H>4,(,:4(1&D,H$3#?%,$HM($$(<*42.! D>VAEHCA WVXHID XAXHVI AABHEB -5$&,#!`&1&09#. ABXHAW ABXHAW - - - Other financial liabilities !VFHBD! !FDHBD! !IAHCC! - -
2,066.92 1,272.32 &ZYQJQ/& &KKYJSY& &R&&&
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&!!!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!%$($#Asat31stMarch,2017 9",$3(:$#(1&9(H*&>1";H
B"$(1 ^)&$"&I&<%(3 IR.&<%(3H .RZ&<%(3H '"3%&$*(,&Z&<%(3H
6*4&4%*&9!K4.'$7+#4'.M($$(<*42.! D>EFEHWI BVDHDI VVCHAV FFXHCX BAHIW5$&,#!`&1&09#. DEWHAD DEWHAD - - - Liability towards cash flow /#,2#
XHIW XHIW - - -
Other financial liabilities VFXHEA BWFHFV !IAHIX! - - 2,769.46 1,559.20 &SIKJQK& &..ZJPZ& 62.49
.JKI&9()4$(1&'(,(5%?%,$
! 6($!'/#!@7$@(.#!(;!:$(7@e.!%&@*'&9!+&4&2#+#4'>!%&@*'&9!*4%97,#.!*..7#,!%&@*'&9!&4,!&99!('/#$!#^7*'1!$#.#$3#.!&''$*07'&09#!'(!'/#!#^7*'1!./&$#/(9,#$.!(;!'/#!:$(7@H!5/#!@$*+&$1!(0i#%'*3#!(;!'/#!:$(7@!</#4!+&4&2*42!%&@*'&9!*.!'(!.&;#27&$,!*'.!ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value.
! 8.!&'!"&$%/!FD>!ACDE>!'/#!:$(7@!/&.!(491!(4#!%9&..!(;!#^7*'1!./&$#.!&4,!/&.!,#0'>!%(4.#^7#4'!'(!.7%/!%&@*'&9!.'$7%'7$#>!there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Group allocates its capital for distribution of dividend or re-investment into business based on its long term financial plans.
! 5/#!,#0'!#^7*'1!;($!'/#!1#&$!*.!&.!74,#$G!"!*4!%$($#
8.!&'31-Mar-2018 31-Mar-2017
M($$(<*42.!T!" in crore) - (A) D>VAEHCA D>EFEHWI
5('&9!\^7*'1!!T!" in crore) - (B) D>CDFHBX D>CIWHEIQ#0'!\^7*'1!P&'*(!T8cMO DHVC DHVX
.JKK Having regard to the ongoing Income tax disputes and assessment proceedings of various years as well as pending reconciliation of the Income Tax assets, the management has made an estimated provision of !"!ICHDV!%$($#!!*4!'/#!financial statements.
.JK.!5/#!M(&$,!(;!Q*$#%'($.!&'! *'.!+##'*42!/#9,!(4!6#0$7&$1!DI>!ACDE>!&@@$(3#,! '/#!?%/#+#!(;!8$$&42#+#4'!0#'<##4!"#$%&'($!)*+*'#,!TYL(+@&41Z!($!YQ#+#$2#,!L(+@&41ZO!&4,!"#$%&'($!Q$#,2*42!`$*3&'#!)*+*'#,!TY"Q`)Z!($!YP#.79'*42!L(+@&41ZO!&4,!'/#*$!$#.@#%'*3#!./&$#/(9,#$.!TY'/#!?%/#+#ZO!7c.!AFC!'(!AFA!(;!'/#!L(+@&4*#.!8%'!ACDF!TY'/#!8%'ZO!&4,!('/#$!&@@9*%&09#!@$(3*.*(4.!(;!'/#!8%'H!`7$.7&4'!'(!'/#!.&*,!.%/#+#!(;!,$#,2*42!07.*4#..!(;!'/#!L(+@&41>!*.!@$(@(.#,!'(!0#!,#+#$2#,!*4'(!"Q`)>!&!</(991!(<4#,!.70.*,*&$1!(;!'/#!L(+@&41H
3.24DisruptionofBusinessofitsIndonesianEntitiesoperatingcoalmine:!K4!?#@'#+0#$!ACDV>!'/#!2$(7@!/&,!%/&42#,!!its directors and senior management, which has led to certain disruption of operation of the business for approximately X!+(4'/.H!6(99(<*42!'/#!%/&42#!(;!'/#!.70.*,*&$*#.!,*$#%'($.!&4,!.#4*($!+&4&2#+#4'>!%#$'&*4!@$(%##,*42.!/&3#!0##4!filed by new management of the subsidiaries, ultimate parent company and shareholder of the said subsidiaries in ?*42&@($#!&4,! K4,(4#.*&!&2&*4.'!.(+#!(;! '/#! ;($+#$!,*$#%'($.!(;! '/#!.&*,!.70.*,*&$*#.>!</(!/&3#! *4! '7$4! *4*'*&'#,!3&$*(7.!@$(%##,*42.!&2&*4.'!'/#!%(+@&41>!./&$#/(9,#$.!(;!'/#!:$(7@!&4,!79'*+&'#!@&$#4'!%(+@&41H!5/#!.70.*,*&$*#.!/&3#!$#.7+#,!*'.!(@#$&'*(4!(4!k&47&$1!DX>!ACDEH
The subsidiaries had incurred expenses of !" 31.08 Crore for its fixed contractual commitment, salary cost, professional fees, consumable, maintenance, incremental legal expense and other overheads etc.
Management believes that the above disruption of operation has no significant impact on the subsidiaries operation *4! '/#! ;7'7$#H!8.!(;! '/#! *..7&4%#!,&'#! '/#!,*.@7'#!0#'<##4!79'*+&'#!@&$#4'!L(+@&41!&4,! ;($+#$!,*$#%'($.!(;! '/#!.70.*,*&$*#.!&$#!74,#$!$#3*#<!(;!&99!@&$'*#.!;($!.#''9#+#4'H
!"#$#%"$&'()$)*+*#),'-'./#,/&"0$)*0
Notes to the Financial statements
&!"!!-!!8447&9!P#@($'!&4,!8%%(74'.!KPIQRIS
.JKZ!5/#!:$(7@!,(#.!4('!/&3#!&41! 9(42!'#$+!%(4'$&%'.! *4%97,*42!,#$*3&'*3#!%(4'$&%'.!&.!&'!"&$%/!FD>!ACDE!</#$#*4!'/#!:$(7@!*.!$#^7*$#,!'(!+&d#!@$(3*.*(4!'(<&$,.!&41!;($#.##&09#!9(..#.H
.JKY&>(43&A(1#%&&?%(H#3%?%,$H
! >4,(,:4(1&D,H$3#?%,$H
The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instruments are disclosed in Note 1.26 to the financial statements.
(a) Thecarryingvalueoffinancialinstrumentsbycategoriesisasfollows-! ! ! !!!!!!!!!!"!*4!%$($#`&$'*%79&$. 8.!&'
31-Mar-2018 31-Mar-2017
>4,(,:4(1&(HH%$H6'%(H#3%F&($&(?"3$4H%F&:"H$ !!!!L&./!&4,!%&./!#^7*3&9#4'.! AAHIB WFHEEM&4d!0&9&4%#.!('/#$!'/&4!L&./!&4,!%&./!#^7*3&9#4'.! DCXHWE FXHXF)(&4. DFHWE DDHFE5$&,#!$#%#*3&09#. FADHVI FWCHAB]'/#$!6*4&4%*&9!&..#'. EWHVI VAHFAAtfairvaluethroughprofitandlossK43#.'+#4'!*4!"7'7&9!674,. !ACXHVF! !DEXHEB!B"$(1 759.63 789.22>4,(,:4(1&14(G414$4%H6'%(H#3%F&($&(?"3$4H%F&:"H$M($$(<*42.! D>VAEHCA D>EFEHWIOther financial liabilities VFHBD VFXHEA5$&,#!&4,!('/#$!@&1&09#.! ABXHAW DEWHADAtfairvaluethroughprofitandlossQ#$*3&'*3#. !CHCC! !XHIW!B"$(1 2,066.92 2,769.46
! ! L&$$1*42!&+(74'.!(;!'$&,#!$#%#*3&09#.>!%&./!&4,!%&./!#^7*3&9#4'.!&4,!'$&,#!@&1&09#.!&.!&'!"&$%/!FD>!ACDE!&4,!March 31, 2017 approximate the fair values because of their short term nature. Difference between carrying amounts and fair values of other bank balances, borrowings, and other financial liabilities subsequently measured at amortised cost is not significant in each of the years presented.
(b) FairValueHierarchy:! ! 5/#!;&*$!3&97#!/*#$&$%/1!*.!0&.#,!(4!*4@7'.!'(!3&97&'*(4!'#%/4*^7#.!'/&'!&$#!7.#,!'(!+#&.7$#!;&*$!3&97#!'/&'!&$#!
#*'/#$!(0.#$3&09#!($!74(0.#$3&09#!&4,!%(4.*.'.!(;!'/#!;(99(<*42!'/$##!9#3#9.G - Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities - Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability,
#*'/#$!,*$#%'91!T*H#H!&.!@$*%#.O!($!*4,*$#%'91!T*H#H!,#$*3#,!;$(+!@$*%#.O - Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are determined
*4!</(9#!($! *4!@&$'!7.*42!&!3&97&'*(4!+(,#9!0&.#,!(4!&..7+@'*(4.!'/&'!&$#!4#*'/#$!.7@@($'#,!01!@$*%#.! ;$(+!(0.#$3&09#!%7$$#4'!+&$d#'!'$&4.&%'*(4.!*4!'/#!.&+#!*4.'$7+#4'!4($!&$#!'/#1!0&.#,!(4!&3&*9&09#!+&$d#'!,&'&H
!"!*4!%$($#At31stMarch,2018 M%A%1&I M%A%1&K M%A%1&. B"$(1FinancialinstrumentsatfairvaluethroughprofitorlossK43#.'+#4'.!*4!+7'7&9!;74,.!! - - !ACXHVF! !ACXHVF!Derivative financial liabilities - - - - B"$(1 &R&&& &R&&& &KPZJQ.& &KPZJQ.&
Notes to the Financial statements
!"#$%&'($!)*+*'#,!-!!&!#!!!"#$%&'()%"*+
,)#-'+./01$%1*$! 2('(3()%./4$-)%(5 !"#$#%"$&'()$)*+*#),
!"!*4!%$($#At31stMarch,2017 M%A%1&I M%A%1&K M%A%1&. B"$(1FinancialinstrumentsatfairvaluethroughprofitorlossK43#.'+#4'.!*4!+7'7&9!;74,.!! - - !DEXHEB! !DEXHEB!Derivative financial liabilities - !XHIW! - XHIWB"$(1 &R&&& 5.49 &ISZJSY& 191.35
! The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following +#'/(,.!&4,!&..7+@'*(4.!<#$#!7.#,!'(!#.'*+&'#!'/#!;&*$!3&97#.G
a) The fair value of loans from banks and other financial indebtedness as well as other non current financial liabilities is estimated by discounting future cash flows using rates currently available for debt or similar terms &4,!$#+&*4*42!+&'7$*'*#.H
! 0O! Q#$*3&'*3#!*4.'$7+#4'.!/&3#!0##4!;&*$!3&97#,!(4!'/#!$#@($'*42!,&'#!(4!'/#!0&.*.!(;!^7('#.!@$(3*,#,!01!'/#!'/*$,!party qualified valuer / market participants.
3.27RecentIndianAccountingStandards(IndAS)-Issuedbutnotyeteffective
! Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new and amendments to Ind ASs which the Indian entities have not applied as they are effective ;($!&447&9!@#$*(,.!0#2*44*42!(4!($!&;'#$!8@$*9!D>!ACDEG
! K4,!8?!DDX!P#3#47#!;$(+!L(4'$&%'.!<*'/!L7.'(+#$.
Ind AS 21 The Effect of Changes in Foreign Exchange Rates
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Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation”
Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ (;!'/#!2((,.!($!.#$3*%#.!74,#$91*42!'/#!@&$'*%79&$!@#$;($+&4%#!(09*2&'*(4!*.!'$&4.;#$$#,!'(!'/#!%7.'(+#$H!5/#!:$(7@!*.!evaluating possible impact of Ind AS 115 and will make necessary adjustments in FY-2018-19. based on the preliminary evaluation the said entities do not expect the impact of the adoption of the new standard to be material on its retained #&$4*42.!&4,!'(!*'.!4#'!*4%(+#!(4!&4!(42(*42!0&.*.H
! Ind AS 21 – The Effect of Changes in Foreign Exchange Rates
The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If '/#$#!&$#!+79'*@9#!@&1+#4'.!($!$#%#*@'.!*4!&,3&4%#>!&!,&'#!(;!'$&4.&%'*(4!*.!#.'&09*./#,!;($!#&%/!@&1+#4'!($!$#%#*@'H!The Group is evaluating the impact of this amendment on its financial statements.”
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Notes to the Financial statements
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