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Company Information

Home » Market » Company Information

Godawari Power & Ispat Ltd.

Dec 03
262.10 -0.95 ( -0.36 %)
 
VOLUME : 21246
Prev. Close 263.05
Open Price 260.50
TODAY'S LOW / HIGH
260.00
 
 
 
267.10
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
104.89
 
 
 
460.00
Dec 03
262.15 -1.00 ( -0.38 %)
 
VOLUME : 144193
Prev. Close 263.15
Open Price 263.00
TODAY'S LOW / HIGH
261.10
 
 
 
267.10
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
105.56
 
 
 
462.00
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Market Cap. ( ₹ ) 3694.87 Cr. P/BV 1.81 Book Value ( ₹ ) 144.50
52 Week High/Low ( ₹ ) 462/106 FV/ML 5/1 P/E(X) 5.79
Bookclosure 27/10/2021 TTM EPS ( ₹ ) 86.51 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

1. corporate information

Godawari Power & Ispat Ltd. (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act. It’s shares are listed on two stock exchanges in India. The company is mainly engaged in Generation of Electricity, Mining of Iron Ore and Manufacturing of Iron Ore Pellets, Sponge Iron, Steel Billets, Wire Rods, H.B. Wire and Ferro Alloys.

The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report.

2. significant accounting policies

2.1 basis of preparation and presentation

i) The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules,2015 and guidelines issued by the Securities and Exchange Board of India (SEBI).

ii) The standalone financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have been measured at fair value:

- Certain financial assets and liabilities (including derivative instruments) and

- Defined benefit plans - plan assets

iii) Company’s financial statements are presented in Indian Rupees (‘), which is also its functional currency.

2.2 KEY ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the Company’s financial statements requires management to make judgement, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

a) Depreciation / amortisation and useful lives of property plant and equipment / intangible assets

Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking into account estimated residual value. The estimated useful lives and residual values of the assets are reviewed annually in order to determine the amount of depreciation / amortisation to be recorded during any reporting period. The useful lives and residual values are based on the Company’s historical experience with similar assets and take into account anticipated technological changes and other related matters. The depreciation / amortisation for future periods is revised if there are significant changes from previous estimates.

b) recoverability of trade receivable

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision against those receivables is required. Factors considered include the period of overdues, the amount and timing of anticipated future payments and the probability of default.

c) provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of resources resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

d) impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or Cash Generating Units (CGU’s) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or a groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.

e) Measurement of defined benefit obligations

The measurement of defined benefit and other post-employment benefits obligations are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

investments given as security

* Out of 17847000 equity shares, 1 1957970 (7520970) equity shares pledged for the credit facilities sanctioned to Godawari Green Energy Limited. ** 11800000 (0) equity shares are pledged for the credit facilities availed by the company.

* Out of 8065000 equity shares, 4113150 (0) equity shares are pledged for the credit facilities sanctioned to Ardent Steel Limited.

b. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribtion of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

e. Apart from authorised equity share capital, the company is also having authorised preference share capital consisting 3200000 preference shares of Rs.10/-each as on 31.03.2018 and 31.03.2017.

Security and terms & conditions for above loans:

a. 12% redeemable non-convertible debentures ‘A’ Series are secured by First Pari passu charge on the fixed assets of the Company both present & future and 2nd pari passu charge on the current assets of the Company both present & future.

b. 12.75% redeemable non-convertible debentures ‘B’ Series are secured by Pari passu first charge on the tangible fixed assets of the Company.

c. 12.90% redeemable non-convertible debentures ‘C’ Series are secured by Pari passu first charge on the fixed assets of the Company & pari passu second charge on the current assets of the Company.

d. The rupee term loans agreegating to Rs.1314.05 Cr (Previous year Rs.1231.39 Cr) (including current maturities of Rs. 80.87 Cr (Previous year Rs.16.58 Cr) classified under ‘other financial liabilities’ in note 18) are secured by a first pari passu charge over immovable and movable assets of the company, both present and future, subject to prior charge in favour of working capital bankers of the Company over the current assets i.e. stocks of raw materials, finished goods, stock in process, stores & consumables, trade receivables for securing working capital facilities availed from the banks. The rupee term loans are also secured by personal guarantee of promoter directors of the Company & their relatives and by 2nd pari passu charge on pledge of 77,80,245 equity shares of the Company held by the promoters.

e. The foreign currency term loan (ECB) aggregating to Rs. Nil (Previous year Rs. 81.75 Cr) (including current maturities of Rs. Nil (Previous year Rs. 0.86 Cr) classified under ‘other financial liabilities’ in note 18) are secured by a first pari passu charge over immovable and movable fixed assets of the company, both present and future. This Loan is also secured by personal guarantee of the Managing Director of the Company.

f. Other loans from banks and financial institution are secured by hypothecation and mortgage of specific assets from various banks. Repayment terms for above loans:

a. The outstanding amount of Non Convertible Debentures are repayable in 168 monthly instalments which shall be ended on 31st March 2032.

b. Rupee term loan outstanding aggregating to Rs. 1230.92 crores are repayable in 168 monthly instalments which shall be ended on 31st March 2032.

c. Rupee term loan outstanding agreegating to Rs. 83.13 crores are repayable in 88 monthly instalments which shall be ended on 31st March 2026.

Terms & Conditions of secured Loans

1. The cash credit facilities from Banks are secured by first pari passu charge over entire current assets i.e. stocks of raw materials, finished goods, stock in process, stores & consumables, trade receivables of the Company and second charge over the other movable assets and immovable assets of the Company.

2. The above credit facilities are also secured by personal guarantee of promoter directors of the Company.

3. The working capital facilities (including cash credit) are also secured in line with rupee term loans by pledge of 77,80,245 equity shares of the company held by the promoters.

3. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS ARE NOT PROVIDED FOR IN RESPECT OF :-

i) Counter Guarantees given to banks against Bank guarantees issued by the Company Banker aggregate to Rs. 2754 lacs (Previous Year Rs. 1304 lacs.)

ii) Disputed liability of Rs. 681.59 lacs (Previous Year Rs. 302.21 lacs) on account of Service Tax against which the company has preferred an appeal.

iii) Disputed liability of Rs. 280.53 lacs (Previous Year Rs. 63.00 lacs) on account of CENVAT against which the company has preferred an appeal.

iv) Disputed liability of Rs. 413.90 lacs (Previous Year Rs. 22.87 lacs) on account of Sales Tax against which the company has preferred an appeal.

v) Disputed liability of Rs. 39.35 lacs (Previous Year Rs. 390.76) on account of Income Tax against which the company has preferred an appeal.

vi) Disputed liability of Rs.10 lacs (Previous Year Rs. 43.64 lacs) on account of Custom Duty against which the company has preferred an appeal.

vii) Disputed energy development cess demanded by the Chief Electrical Inspector, Govt. of Chhattisgarh Rs. 4224.19 lacs (Previous Year Rs. 3740.60 lacs). The Hon’ble High Court of Chhattisgarh has held the levy of cess as unconstitutional vide its order dated 20th June,2008. The State Govt. has filed a Special Leave Petition before Hon’ble Supereme Court, which is pending for final disposal.

viii) Disputed demand of Rs. 758 lacs (Previous Year Rs. 758 lacs) from Chhattisgarh State Power Distribution Company Limited relating to cross subsidy on power sold under open access during the financial year 2009-10. The company has contested the demand and obtained stay from CSERC and expect a favourable decision in favour of company.

ix) Disputed demand of Rs. 522.24 lacs from Mining Department of Chhattisgarh against which the company has preferred an appeal.

x) Estimated amount of contracts remaining to be executed on capital accounts Rs. 2902 lacs (Previous Year Rs. 2095 lacs).

4. During the financial year 2015-16, a search operation was conducted in the premises of the company u/s 132 of the Income Tax Act, 1961. The settlement proceedings are pending before the competent authority. The company does not foresee any further liability on this account.

5. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS:

a. Defined Contribution plan:

Amount of Rs. 590.06 lacs (P.Y. Rs. 401.26 lacs) is recognised as an expenses and included in employee benefit expense as under the following defined contribution plans (Refer Note no 24).

b. Defined benefit plan:

Gratuity:

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The Gratuity plan provides a lumpsum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 days salary for each completed year of service subject to a maximum of Rs.20 Lacs. Vesting occurs upon completion of five continuous years of service in accordance with Indian law.

6. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED UNDER SECTION 186 (4) OF THE COMPANIES ACT, 2013.

Investment made are given under the respective heads. Further the company has not given any guarantee.

Loan given by the Company in respect of loans as at 31st March, 2018

7. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES

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

The Company is exposed to the following risks from its use of financial instruments:

- Credit risk

- Liquidity risk

- Interest rate risk

- Currency risk

- Price risk

The Company’s board of directors has overall responsibility for the establishment and oversight of the company’s risk management framework. This note presents information about the risks associated with its financial instruments, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital.

Credit Risk

The Company is exposed to credit risk as a result of the risk of counterparties non performance or default on their obligations. The Company’s exposure to credit risk primarily relates to investments, accounts receivable and cash and cash equivalents. The Company monitors and limits its exposure to credit risk on a continuous basis. The Company’s credit risk associated with accounts receivable is primarily related to party not able to settle their obligation as agreed. To manage this the Company periodically reviews the finanial reliability of its customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of accounts receivables.

Trade receivables

Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment and expected credit loss.

Loans and Advances

Financial assets in the form of loans and advances are written off when there is no reasonable expectations of recovery. Where recoveries are made, these are recognise as income in the statement of profit and loss. The company measures the expected credit loss of dues based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and passed trends. Based on historical data, loss on collection of dues is not material hence no additional provisions considered.

Bank, Cash and cash equivalents

Bank, Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant risk of change in value or credit risk.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

Liquidity risk

The Company is exposed to liquidity risk related to its ability to fund its obligations as they become due. The Company monitors and manages its liquidity risk to ensure access to sufficient funds to meet operational and financial requirements. The Company has access to credit facilities and debt capital markets and monitors cash balances daily. In relation to the Company’s liquidity risk, the Company’s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions as they fall due while minimizing finance costs, without incurring unacceptable losses or risking damage to the Company’s reputation.

Financing arrangements

The Company has access to following undrawn borrowing facilities at the end of the reporting period:

Interest rate risk

Interest rate risk is the risk that an upward movement in the interest rate would adversley effect the borrowing cost of the company. The Company is exposed to long term and short-term borrowings, Commercial Paper Program. The Company manages interest rate risk by monitoring its mix of fixed and floating rate instruments, and taking action as necessary to maintain an appropriate balance.

The exposure of the Company’s borrowings to interest rate changes at the end of the reporting period are as follows:

forex exposure risk

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through purchases from overseas suppliers in various foreign currencies.

Foreign currency exchange rate exposure is partly balanced by purchasing of goods in the respective currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies to foreign currency risk.

price RISK:

The entity is exposed to equity price risk, which arised out from FVTPL quoted equity shares and FVTOCI quoted and unquoted equity shares including preference instrument. The management monitors the proportion of equity securities in its investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the management. The primary goal of the entity’s investment strategy is to maximize investments returns.

Sensitivity Analysis for price Risk:

Equity Investments carried at FVTOCI are not listed on the stock exchange. For equity investments classified as at FVTOCI, the impact of a 2 % in the index at the reporting date on profit & loss would have been an increase of Rs.12.86 lacs (2016-17: Rs. 10.90 lacs); an equal change in the opposite direction would have decreased profit and loss.

8. CAPITAL MANAGEMENT

The Company’s main objectives when managing capital are to:

- ensure sufficient liquidity is available (either through cash and cash equivalents, investments or committed credit facilities) to meet the needs of the business;

- ensure compliance with covenants related to its credit facilities; and

- minimize finance costs while taking into consideration current and future industry, market and economic risks and conditions.

- safeguard its ability to continue as a going concern

- to maintain an efficient mix of debt and equity funding thus achieving an optimal capital structure and cost of capital.

The Board of Directors has the primary responsibility to maintain a strong capital base and reduce the cost of capital through prudent management of deployed funds and leveraging opportunities in domestic and international financial markets so as to maintain investor, creditor and market confidence and to sustain future development of the business.

For the purpose of Company’s capital management, capital includes issued capital and all other equity reserves. The Company manages its capital structure in light of changes in the economic and regulatory environment and the requirements of the financial covenants.

The Company manages its capital on the basis of net debt to equity ratio which is net debt (total borrowings net of cash and cash equivalents) divided by total equity

During the year the company has complied with major covenants of the terms of sanction of the loan facilities throughout the year.

9. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to the short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counter party. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniquie:

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

Level 2 : other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly of indirectly

Level 3 : techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data

During the reporting period ending 31st March, 2018 and 31st March, 2017, there were no transfers between Level 1 and Level 2 fair value measurements.

10. The company is entitled to Renewable Energy Certificates (REC) against captive generation & consumption of Bio-Mass Power. The floor price for trading of REC’s was earlier determined by Central Electricity Regulatory Commission (CERC) @ Rs. 1500 per REC, However, CERC has revised the floor price of REC @ Rs. 1000/- per REC w.e.f.1st April, 2017, which has been subesequently challenged in a petition in the Appellate Tribunal. The Hon’able Supreme Court in response to the petition filed by Green Energy Association had granted stay on CERC order for revision in price till final verdict of the Appellate Tribunal. The Appellate Tribunal recently vide its order dated 12th April,2018 has upheld the earlier order of CERC with respect to revision of price from Rs.1500/- to Rs. 1000/-. However, an appeal is being preferred before Hon’ble Supereme Court against the order of the Appellate Tribunal. In view of recent Appellate Tribunal order and as a matter of abandon caution, the company has accounted for the difference in the value of REC to the net realizable value during the year and charged Rs. 19.08 crores as an exceptional expense related to RECs generated upto 31.03.2017 and Rs. 4.28 crores related to current financial year to the revenue account.

11. The exceptional items of Rs. 5.52 crores (net) includes income of Rs. 13.56 crores pertains to compensation received from equipment supplier under the performance contract and expense of Rs.19.08 crores on account of RECs as stated in note-36 above.

12. INFORMATION ON RELATED PARTY DISCLOSURES ARE GIVEN BELOW :

i) Related parties

a) subsidiaries

Godawari Green Energy Limited

Godawari Clinkers & Cement Limited (Wholly owned) (Closed) Krishna Global Minerals Limited (Wholly owned) (Closed)

Godawari Integrated Steels (India) Limited (Wholly owned) (Closed) Godawari Energy Limited Ardent Steel Limited

b) Associates

-- Jagdamba Power & Alloys Limited -- Chhattisgarh Ispat Bhumi Limited -- Hira Ferro Alloys Limited

c) other Related parties -- Hira Cement Limited -- Raipur Complex

d) Joint Ventures

-- Raipur Infrastructure Company Limited -- Chhattisgarh Captive Coal Mining Limited

e) Key Management personnel

-- Shri B.L. Agrawal (Managing Director)

-- Shri Abhishek Agrawal (Whole Time Director) -- Shri Dinesh Agrawal (Whole Time Director)

-- Shri Vinod Pillai (Whole Time Director)

-- Shri Sanjay Bothra (CFO)

-- Shri Y.C. Rao (Company Secretary)

-- Shri Vivek Agrawal (Chief Operational Officer)

13. SEGMENT-WISE REVENUE RESULTS :

Basis of preparation :

i) Business segments of the company have been identified as distinguishable components that are engaged in a group of related product and that are subject to risks and returns different from other business segments. Accordingly Steel and Electricity have been identified as the business segments.

ii) The geographic segments identified as secondary segments are “Domestic Market” and “Export Market”. Since there is no Export Market Revenue, the same has not been disclosed. The entire capital employed is within India.

14. UNHEDGED FOREIGN CURRENCY EXPOSURE

Foreign currency exposure that are not hedged by any derivative instruments or Forward Contracts as at 31st March,2018 amount to Rs. 2598.07 lacs (Previous Year Rs. 8174.60 lacs)

15. During the year the company has incurred Rs. 291.07 lacs on account of Corporate Social Responsibility Activities. According to provisions of section 135 of the Companies Act, 2013, the company is not required to spent any amount based on the average net profits/loss of the previous three years. The break-up of amount spent during the year are as follows:

16. The Board of Directors of the company has approved the scheme of amalgamation of its associate company “Jagdamba Power & Alloys Ltd” from appointed date 01.04.2017 in the meeting held on 20.02.2018 subject to obtaining of necessary regulatory approvals. Pending such approvals no adjustment has been made in the books of account during the year.

17. DISCLOSURE PURSUANT TO REGULATION 34 (3) AND 53(F) AND PARA A OF SCHEDULE-V OF SEBI (LODR) REGULATION, 2015:

Loans and Advances in the nature of loans given

18. PREVIOUS YEAR FIGURES HAVE BEEN REGROUPPED OR REARRANGED WHEREVER NECESSARY.