3.18 Provisions and contingencies
A provision is recognised in the standalone financial
statements where there exists a present obligation as
a result of a past event, the amount of which can be
reliably estimated, and it is probable that an outflow
of resources would be necessitated in order to settle
the obligation. 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 liability. When discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost. Provisions are reviewed
at each balance sheet date and adjusted to reflect
the current best estimates. Contingent liabilities are
not recognised but are disclosed in the notes unless
the outflow of resources is considered to be remote.
Contingent assets are neither recognised nor disclosed
in the standalone financial statements.
3.19 Equity, reserves and dividend payments
Equity shares are classified as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax,
from the proceeds.
Retained earnings include current and prior period
retained profits. All transactions with owners of the
Company are recorded separately within equity.
Dividend payable to equity shareholders are included in
other liabilities when the dividends have been approved
in a general meeting prior to the reporting date.
3.20 Earnings per share
Basic earnings or loss per share are calculated by dividing
the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. The weighted
average number of equity shares outstanding during
the period is adjusted for events such as bonus issue,
bonus element in a rights issue, share split, and reverse
share split (consolidation of shares) that have changed
the number of equity shares outstanding, without a
corresponding change in resources.
For the purpose of calculating diluted earnings or loss per
share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number
of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
3.21 Fair value measurement
The Company measures financial instruments such
as investments in mutual funds, investment in certain
equity shares etc. at fair value at each balance sheet
date.
Fair value is the price that would be received to sell an
asset or paid to transfer a liability at the measurement
date.
All assets and liabilities for which fair value is measured
or disclosed in the standalone financial statements are
categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in
active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is unobservable.
For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as
explained above.
3.22 Financial instruments
I. Financial assets
a. Initial recognition and measurement
All financial assets are recognised initially at fair
value plus, in case of financial assets not recorded
at fair value through profit or loss, transaction
costs that are attributable to the acquisition of
the financial asset, which are not at fair value
through profit and loss, are added to fair value on
initial recognition. Transaction costs of financial
assets carried at fair value through profit or loss
are expensed in statement of profit and loss.
However, trade receivable that do not contain a
significant financing component are measured at
transaction price
b. Subsequent measurement
(i) Financial assets carried at amortised cost
A financial asset is subsequently measured at
amortised cost if it is held within a business
model whose objective is to hold the asset in
order to collect contractual cash flows and the
contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest on
the principal amount outstanding.
(ii) Financial assets at fair value through
other comprehensive income (FVTOCI)
A financial asset is subsequently measured
at fair value through other comprehensive
income if it is held within a business model
whose objective is achieved by both
collecting contractual cash flows and selling
financial assets and the contractual terms of
the financial asset give rise on specified dates
to cash flows that are solely payments of
principal and interest on the principal amount
outstanding.
(iii) Financial assets at fair value through
profit or loss (FVTPL)
A financial asset which is not classified in any
of the above categories are subsequently fair
valued through statement of profit and loss.
c. Impairment of financial assets
(i) The Company assesses on a forward
looking basis the expected credit losses
(ECL) associated with its assets measured
at amortised cost and assets measured at
fair value through other comprehensive
income. The impairment methodology
applied depends on whether there has
been a significant increase in credit risk.
Note 40 details how the Company determines
whether there has been a significant
increase in credit risk.
(ii) Investments in subsidiaries, associates and
joint ventures are carried at cost/deemed
cost applied on transition to Ind AS, less
accumulated impairment losses, if any.
Where an indication of impairment exists, the
carrying amount of investment is assessed
and an impairment provision is recognised,
if required immediately to its recoverable
amount, being the higher of value in use or
fair value less costs to sell. On disposal of
such investments, difference between the
net disposal proceeds and carrying amount is
recognised in the statement of profit and loss.
d. De-recognition of financial assets
A financial asset is derecognised when:
• The Company has transferred the right to
receive cash flows from the financial assets or
• Retains the contractual rights to receive the
cash flows of the financial assets, but assumes
a contractual obligation to pay the cash flows to
one or more recipients.
Where the entity transfers the financial asset, it
evaluates the extent to which it retains the risk and
rewards of the ownership of the financial assets. If
the entity transfers substantially all the risks and
rewards of ownership of the financial asset, the
entity shall derecognise the financial asset and
recognise separately as assets or liabilities any
rights and obligations created or retained in the
transfer. If the entity retains substantially all the
risks and rewards of ownership of the financial
asset, the entity shall continue to recognise the
financial asset.
Where the entity has neither transferred a financial
asset nor retains substantially all risks and rewards
of the ownership of the financial asset, the financial
asset is derecognised if the Company has not
retained control of the financial assets. Where the
Company retains control of the financial assets,
the asset is continued to be recognised to the
extent of continuing involvement in the financial
asset.
II. Financial liabilities
a. Initial recognition and subsequent measurement
All financial liabilities are recognized initially at fair
value and in case of borrowings and payables, net
of directly attributable cost.
Financial liabilities are subsequently carried
at amortized cost using the effective interest
method. For trade and other payables maturing
within one year from the balance sheet date, the
carrying amounts approximate fair value due to
the short maturity of these instruments. Changes
in the amortised value of liability are recorded as
finance cost.
III. Fair value of financial instruments
In determining the fair value of its financial instruments,
the Company uses a variety of methods and
assumptions that are based on market conditions and
risks existing at each reporting date. The methods used
to determine fair value include discounted cash flow
analysis, available quoted market prices. All methods
of assessing fair value result in general approximation
of value, and such value may vary from actual realization
on future date.
IV. Offsetting of financial instruments
Financial assets and financial liabilities are offset and the
net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net
basis, to realise the assets and settle the liabilities
simultaneously.
3.23 Derivative financial instruments
The Company enters into a variety of derivative financial
instruments to manage its exposure to interest rate and
foreign exchange rate risks, including foreign exchange
forward contracts, interest rate swaps and cross
currency swaps.
Derivatives are initially recognised at fair value at the
date the derivative contracts are entered into and are
subsequently re-measured to their fair value at the end
of each reporting period. The resulting gain or loss is
recognised in statement of profit and loss immediately
unless the derivative is designated and effective as a
hedging instrument, in which event the timing of the
recognition in the statement of profit and loss depends
on the nature of the hedging relationship and the nature
of the hedged item.
3.24 Significant accounting judgements, estimates
and assumptions
The preparation of the Company's standalone financial
statements requires management to make judgments,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure
of contingent liabilities. 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.
Estimates and assumptions
The key assumptions concerning the future and
other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are
described below. The Company based its assumptions
and estimates on parameters available when the
standalone financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in
the assumptions when they occur.
(i) Estimation of defined benefit obligation
The cost of the defined benefit plan and other
post-employment benefits and the present value
of such obligation 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 attrition rate. 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.
(ii) Estimation of current tax and deferred tax
Management judgment is required for the
calculation of provision for income - taxes and
deferred tax assets and liabilities. The Company
reviews at each balance sheet date the carrying
amount of deferred tax assets. The factors used
in estimates may differ from actual outcome which
could lead to adjustment to the amounts reported
in the standalone financial statements.
(iii) Useful lives of depreciable assets
Management reviews its estimate of the useful
lives of depreciable assets at each reporting
date, based on the expected utility of the assets.
Uncertainties in these estimates relate to
technological obsolescence that may change the
utility of certain property, plant and equipment.
(iv) Impairment of trade receivables
Trade receivables do not carry any interest and
are stated at their normal value as reduced by
appropriate allowances for estimated irrecoverable
amounts. Individual trade receivables are written
off when management deems them not to be
collectible. Impairment is recognised based on the
expected credit losses, which are the present value
of the cash shortfall over the expected life of the
financial assets.
(v) Fair value measurement
Management uses valuation techniques to
determine the fair value of financial instruments
(where active market quotes are not available)
and non-financial assets. This involves developing
estimates and assumptions consistent with how
market participants would price the instrument.
Management bases its assumptions on observable
data as far as possible but this is not always
available. In that case management uses the best
information available. Estimated fair values may
vary from the actual prices that would be achieved
in an arm's length transaction at the reporting date
(refer note 40).
(vi) Impairment of Goodwill
Goodwill is tested for impairment on an annual
basis and whenever there is an indication that the
recoverable amount of a cash generating unit is
less than its carrying amount based on a number
of factors including operating results, business
plans, future cash flows and economic conditions.
The recoverable amount of cash generating
units is determined based on higher of value-in¬
use and fair value less cost to sell. The goodwill
impairment test is performed at the level of the
cash-generating unit or groups of cash-generating
units which are benefiting from the synergies of
the acquisition and which represents the lowest
level at which goodwill is monitored for internal
management purposes.
Market related information and estimates are
used to determine the recoverable amount. Key
assumptions on which management has based
its determination of recoverable amount include
estimated long term growth rates, weighted
average cost of capital and estimated operating
margins. Cash flow projections take into account
past experience and represent management's
best estimate about future developments.
(c) Terms and rights attached to equity shares
The Company has issued only one class of equity shares having par value of H 2 per share. Each holder of equity share is
entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the
board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of
liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after
settling of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
Nature and purpose of other reserves:
1. Capital reserve is created on cancellation of equity shares consequent to the Scheme of Arrangement approved by the
National Company Law Tribunal.
2. Securities premium account is used to record the premium on issue of shares. The same is utilised in accordance with
the provisions of the Act.
3. General reserves was created by transferring certain amount out of profits at the time of distribution of dividend in the
past.
Warranty claims:
The provision for warranty claims represent the present value of best estimate of the future outflow of economic benefits
that will be required under the Company obligations for warranties under the local sale of goods. The estimate has been
made based on historical warranty trends and may vary as a result of new materials, services or other events. Assumptions
used to calculate the provision for warranties were based on current sales levels and current information available about
returns based on warranty period of certain products up to 2 years.
(e) There is no change in statutory enacted income-tax rate during the financial year.
NOTE 40 FINANCIAL INSTRUMENTS AND RISK REVIEW
Capital management
The Company manages its capital to be able to continue as a going concern while maximising the returns to shareholders
through optimisation of the debt and equity balance. The capital structure consists of debt which includes the borrowings as
disclosed in note 25 and net off cash and cash equivalents as disclosed in note 13 and equity attributable to equity holders
of the Company, comprising issued share capital, reserves and retained earnings as disclosed in the Statement of changes
in equity. For the purpose of calculating gearing ratio, debt is defined as non current and current borrowings (excluding
derivatives). Equity includes all capital and reserves of the Company attributable to equity holders of the Company. The
Company is not subject to externally imposed capital requirements. The Board reviews the capital structure and cost of
capital on an annual basis but has not set specific targets for gearing ratios. The risks associated with each class of capital
are also considered as part of the risk reviews presented to the Audit Committee and the Board of Directors.
Financial risk management objective
The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit
risk and liquidity risk. The Company is not engaged in speculative treasury activities but seeks to manage risk and optimise
interest and commodity pricing through proven financial instruments.
The use of any derivative is approved by the management, which provide guidelines on the acceptable levels of interest rate
risk, credit risk, foreign exchange risk and liquidity risk and the range of hedging requirement against these risks.
Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to financial loss. The Company is exposed to credit risk for receivables, cash and cash equivalents, short term
investments, financial guarantee and derivative financial instruments.
Cash and cash equivalents and short term investments
The Company considers factors such as track record, size of institution, market reputation and service standard to select
the banks with which deposits are maintained. Generally the balances are maintained with the institutions with which the
Company has also availed borrowings. The Company does not maintain significant deposit balances other than those
required for its day to day operations.
Trade receivables
The Company extends credits to customer in normal course of the business. The Company considers the factors such as
credit track record in the market of each customer and past dealings for extension of credit to the customer. The Company
monitors the payment track record of each customer and outstanding customer receivables are regularly monitored. The
Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located at several
jurisdiction and industries and operate in large independent markets. The Company also takes advances and security deposits
from customers which mitigate the credit risk to an extent.
The average credit period taken on sales of goods is 30 to 90 days. Generally, no interest has been charged on the receivables.
Allowances against doubtful debts are recognised against trade receivables based on estimated irrecoverable amounts
determined by reference to past default experience of the counterparty and an analysis of the counterparty's current financial
position.
Before accepting any new customer, the Company uses an internal credit system to assess the potential customer's credit
quality and defines credit limits by customer. Limits attributed to customers are reviewed periodically. There is one customer
who represent more than 10 per cent of total net revenue from operations.
Expected credit loss
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on
a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking
information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as
given in the provision matrix. The provision matrix at the end of the reporting period is as follows:
Liquidity risk
Liquidity risk reflects the risk that the Company will have insufficient resources to meet its financial liabilities as they fall due.
The Company's objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements. The
Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The
current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors
rolling forecasts of its liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities so that it does not breach borrowing limits.
The table below provides undiscounted cash flows towards non-derivative financial liabilities into relevant maturity based
on the remaining period at the balance sheet date to the contractual maturity date and, where applicable, their effective
interest rates.
Market risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk,
including:
Forward foreign exchange contract to hedge the exchange rate risk arising on the export of its products.
Currency risk
The Company undertakes various transactions denominated in foreign currencies, consequently, exposure to exchange
rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign
exchange contracts.
The Company transacts business primarily in Indian Rupee, USD, EUR. The Company has foreign currency payables and
receivables and is therefore, exposed to foreign exchange risk. Certain transactions of the Company act as a natural hedge
as a portion of both assets and liabilities are denominated in similar foreign currencies. For the remaining exposure to foreign
exchange risk, the Company adopted a policy of selective hedging based on risk perception of the management.
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end
of the reporting period are as follows:
NOTE 40 FINANCIAL INSTRUMENTS AND RISK REVIEW (CONTD.)Sensitivity analysis
The following table demonstrates the sensitivity of profit and equity in USD and EUR to the Indian Rupee with all other
variables held constant. The impact on the Company's profit before tax and other comprehensive income due to changes
in the fair value of monetary assets and liabilities is given below:
This is mainly attributable to the exposure outstanding on foreign currency receivables and payables in the Company at the
end of each reporting period.
Interest rate risk
The Company's exposure to the risk of changes in market interest rates relates primarily to long term debts. Its objective
in managing its interest rate risk is to ensure that it always maintain sufficient head room to cover interest payment from
anticipated cash flows which is regularly reviewed by the board/nominated committee as well.
The following table demonstrates the sensitivity in the interest rate with all other variables held constant. The impact on the
Company's profit before tax and other comprehensive income due to changes in the interest rates is given below :
Commodity risk
The Company is exposed to the movement in the price of traded goods in the domestic and international markets. The
Company has in place policies to manage exposure of fluctuation in the prices of traded goods. The Company enter into
contracts for procurement traded goods, most of the transactions are short term fixed price contract and a few transactions
are long term fixed price contracts.
NOTE 41 EMPLOYEE BENEFITSA. Defined contribution plan
The Company operates defined contribution retirement benefit plans for all employees. The Provident Fund contributions
are made to Regional Provident Fund, the Company has no further obligations beyond its monthly contributions.
The Company's contribution to Provident Fund and Superannuation Fund aggregating to H 168.42 lakh (previous year
H 197.76 lakh) has been recognised in the Statement of Profit and Loss under the head Employee Benefits Expense.
B. Defined benefit plans
Gratuity
The Company operates a gratuity plan covering qualifying employees. The benefit payable is the greater of the amount
calculated as per The Code on Social Security, 2020 or the Company Scheme applicable to the employee. The benefit
vests upon completion of five years of continuous service and once vested it is payable to employees on retirement
or on termination of employment. In case of death while in service, the gratuity is payable irrespective of vesting.
The Company makes annual contribution to the group gratuity Scheme administered by the Birla Sun Life Insurance
Company Limited.
In the absence of average net profit calculated under section 198 of the Companies Act, 2013 during the immediately
preceding three years there is no obligation to spend on CSR activities under section 135 of Companies Act, 2013.
NOTE 49 LEASES
The Company recorded the lease liability at the present value of the future lease payments discounted at the incremental
borrowing rate and the right of use asset.
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease
transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All
other leases are classified as operating leases. For operating leases, rental income is recognized on a straight line basis
over the term of the relevant lease.
The Board of Directors in its meeting held on 28 May 2024 had decided to discontinue the Retail Business (the 'RB') the
approval for sale/liquidation of assets of RB, the preliminary financial impact of same was recognized in the quarter and year
ended 31 March 2024 and in subsequent quarters as and when occurred. The Company is continuing the process of sale/
liquidation of assets of RB and any further impact if any, will be accounted for in the respective period as and when occurred/
assessed. The assets and liabilities of Retail business have been disclosed as held for sale and disclosed separately in the
Balance Sheet as "Group of assets classified as held for sale " and "Liabilities associated with the group of assets classified
as held for sale" respectively.
The annual return of GST for FY 2025-26 is under process of filing with statutory authorities. The management believes
that there will not be any material impact over financial statements after financial submission/filing. The date of filing of GST
returns are 31 December 2026.
NOTE 56 RIGHT ISSUE OF EQUITY SHARES
a) The Committee of Directors (Rights Issue) at its meeting held on 18 October 2024, has inter alia considered and approved
the rights issue of 1,13,49,962 fully paid-up Equity Shares of Rights issue price of H220 per equity share [including a
premium of H 218 per Equity Share] on Rights basis to the eligible equity shareholders in the ratio of 119 rights equity
shares for every 758 equity shares held by the eligible equity shareholder for amount aggregating up to H24,969.92 lakh.
b) Proceeds from the rights issue have been utilised in the following manner:
The Company had incorporated a wholly owned subsidiary by the name of "HHIL Limited" on 4 March 2025 and subscribed
for 50,00,000 equity shares of H 2 each of HHIL Limited during the year ended 31 March 2025.
NOTE 58 EXCEPTIONAL ITEM
a) Based on an independent valuation report, the Company restated its investment in Hintastica Private Limited ("HPL")
recognizing an impairment loss under "Exceptional Items" amounting to H 3,919.86 lakh in the Standalone financial
statements (previous year H611.51 lakh).
b) To optimise focus on its core kitchen appliance segment, the Board of Directors, on 12th August 2025, had approved
the discontinuation of several high-loss product categories, including air purifiers, water purifiers, furniture fittings,
ceiling and other fans, and air coolers (except those sold through the e-commerce channel). This exit resulted in a net
exceptional charge of H4,427.50 lakh on standalone basis, comprising of H 1,363.05 lakh due to impairment of property,
plant and equipments and intangible assets, H2,497.49 lakh due to expected credit loss on trade receivables and H 566.96
lakh due to provision for inventory.
c) Following the notification of the four Labour Codes on 21 November 2025, the Company has assessed the financial
impact based on draft Central Rules and ICAI guidance. Consequently, an incremental liability of H 68.32 lakh on
standalone basis, towards employee benefit obligations (Gratuity and Compensated Absences) has been recognized
as an "Exceptional Item" for the year ended 31 March 2026. The Company will further evaluate and record necessary
adjustments as and when the final Central and State Rules are notified and further clarifications are issued by the
Government.
On 27 March 2025, the Board approved a Composite Scheme of Arrangement (the "Scheme") involving the Company
("Demerged Company/Remaining Transferor Company"), Hindware Limited ("Transferee Company") and HHIL Limited
("Resulting Company"). The Scheme provides for the demerger of the Consumer Products Business of the Demerged
Company and the amalgamation of the Remaining Transferor Company with and into Transferee Company with an Appointed
Date of 1 April 2025. The Company has received approval from BSE Limited and the National Stock Exchange of India
Limited (together, "the stock exchanges"). The Scheme received requisite approval from the unsecured creditors and equity
shareholders of the Company, as well as the unsecured creditors of the Transferee Company, during their respective NCLT
convened meetings held on 7 March 2026. The Scheme is subject to such other necessary approvals as may be required
and sanction thereof by the NCLT.
NOTE 60 AUDIT TRAIL
The Company has a widely used ERP as its accounting software for maintaining its books of account during the year ended
31 March 2026, which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the
year except (a) at database level the audit trail was not been enabled, (b) at application level, audit trail was not enabled for
relevant financial tables. Further the audit trail, to the extent maintained in the prior year has been preserved by the Company
as per the Statutory requirements for record retention. Further, audit trail feature hasn't been tempered with and the audit
trail has been preserved by the Company as per the statutory requirements for record retention.
The Company has enabled the audit trail (edit logs) functionality in its accounting software. However, the audit trail at
application level is not enabled for all relevant financial transactions and direct changes made at the underlying database
level, due to the direct impact of increase space utilization and the associated costs.
NOTE 61 OTHER DISCLOSURES
(a) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
beyond the statutory period.
(b) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
(c) There are no loans or advances in the nature of loans granted to Promoters, Directors, KMPs and their related parties (as
defined under Companies Act, 2013), either severally or jointly with any other person, that are: (a) repayable on demand;
or (b) without specifying any terms or period of repayment.
(d) The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of
the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
(e) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 to 1988)
and Rules made thereunder.
(f) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender or government
or any government authority.
(g) Utilisation of borrowed funds and share premium.
I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or
(ii) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether.recorded in writing or otherwise) that the Company shall:
(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(h) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act,
1961 (such as search or survey), that has not been recorded in the books of account.
Previous period figures have been regrouped/re-arranged wherever considered necessary to confirm to the
current year's classification.
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