c. Terms/ right attached to equity shares:

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. 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.

During the year ended 31st March 2016, the amount of per share dividend recognized as distributions to equity shareholders is Rs.NIL (Previous Year Rs. NIL)

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

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

e. Aggregate number of shares issued as fully paid up pursuant to contract without payment being received in cash or by way of bonus shares during the period of five years immediately preceding the date of Balance Sheet is prepared:

Deposits under stipulations of lending financial institutions and banks. Unsecured loans amounting to Rs.21,70,25,000 /- (previous year Rs. 16,73,40,000/-) from Sh. Dinesh Kumar Jain, one of the promoters carries an interest rate of 11% per annum and loans from all other Directors and other are interest free.

b. DEFERRED PAYMENT LIABILITIES

(i) Deferred payment credits from Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) are secured against the following properties:-

1. Plot no. 153, Sector 3 at IMT Manesar , Gurgaon

2. Plot no. 257, Sector 6 at IMT Manesar , Gurgaon

3. Working Housing unit at IMT Manesar , Gurgaon

4. Dormitory House at IMT Manesar , Gurgaon

a) The above properties shall continue to belong to HSIIDC until and unless the full price of the properties with interest and other amount, if any, due to HSIIDC is paid by the Company.

b) On the payment of total price of the properties, the HSIIDC would execute a deed of conveyance in favour of the Company.

i) The liability towards gratuity is as certified by the actuary.

ii) The Company provides for encashment of leave or leave with pay subject to certain rules. The employees are entitled to accumulate leave subject to certain limits for future encashment. The liability is provided based on numbers of days of unutilized leave at each Balance Sheet date as certified by an Actuary.

(a) Working capital limits from banks (secured)

1) Working capital limits from consortium banks are from Canara Bank and State Bank of India in the ratio of 70:30 and are secured by way of pari passu first charge against hypothecation of entire chargeable current assets i.e stock (including goods in transit) and book debts (present and future) of the Company and pari passu second charge on fixed assets of the Company consisting of land and building, plant and machinery and other fixed assets including capital work in progress (present and future) and guaranteed by Directors of the Company and their relatives. Working capital limits from consortium banks are further secured by way of equitable mortgage of:

1) Plant I and II of the Company. Property part of Khewat No 124/115, Khatoni No 171, Killa No 96/(713/2(3-8, 14/2 (10-3), 15/1(1-12)-17(9-4)-24(7-12) and Part of Khewat No 129/120, Khatoni No 183 min, Killa No 96(4/1(2-17)-7/3/1(4-1) situated at 8.5 lane Mile Stone, Village Totoli, Jind Road. Rohtak-124001 Haryana. Plant III of the Company. Plot no 153, Sector 3 IMT Manesar, Gurgaon-122050 Haryana measuring 4050 sq mtrs. Packaging Unit of the Company. Plot No 257 Sector 6 IMT Manesar Gurgaon-122050, Haryana (India) measuring 1800 sq mtrs. Plant IV of the Company. Part of Khewat No 141 Min. Khatoni No 176 Min, Killa No 122/1(5-4) and Part of Khewat No 140 Min, Khatoni No 175 Min Killa No 103/108(8-0), 11(8-0),20(8-0) and Part of Khewat No 103/1(8-0), 104(5/2(4-0), 5/3(2-0) and Part of Khewat No 140 N.H. 10 Near Sudhir Automotive NH-10, Kharwae Delhi Road Rohtak 124001 Haryana, measuring 45496 sq yards.

ii) Property situated at adjacent LPS Plant-II and near Canara Bank and Honda Showroom Hissar Road Industrial Area, Rohtak in the name of Smt. Sushila Devi Jain wife of Late Shri Bimal Prasad Jain measuring 10640 sq yards of land.

iii) Agriculture land part of Khewat no 97 Min, Khatoni no 117 Min. and Killa no 126/12/2/1(2-3) and part of Khewat no 90 Min,

Khatoni No 103 Min and Killa no 126/19/2(7-13), 22/1(6-5) and Part of Kheat no 88/97 Min, Khatoni no 10 Min and Killa no 126/22/2(1-8) 23(8-0) and part of Khewat no 97 Min, Khatoni no 117 Min and Killa no 147/1/(8-0)3(6-17)4(7-7) and part of Khewat no 91 Min, Khatoni no 103 Min and Killa no 147/3 Min Northern 4-9 situated at near LPS Bossard and Kharwar village Rohtak Delhi Road NH 10, Village Kharwar, Distt Rohtak, Haryana measuring 46125 acres.

iv) First pari passu charge with other consortium members on Dies and Tools capitalised during financial year 2010-2011 and 2011-12.

v) Exclusive charge on Dies and Tools capitalised during financial year 2012-13.

2) Working capital limits from Corporation Bank Limited (outside consortium) are secured against equitable mortgage of Industrial plot measuring 16 Kanal 3 Marla situated in the Revenue Village Kutana, Tehsil and District Rohtak, Hayana in the name of the Company.

3) Working capital limits from Kotak Mahindra Bank are secured against book debts of the Company namely Maruti Suzuki India Limited (MSIL) and Honda Motorcycle and Scooter India Private Limited (HMSI) and are further secured against personnel gurantees of Shri Lalit Kumar Jain, Shri Dinesh Kumar Jain, Shri Vijay Kumar Jain, and Shri Rajesh Jain, Directors of the Company.

b) Deposits from directors and others (unsecured)

1) Deposits are from directors and others and are repayable on demand.

2) Interest accrued and due Rs. 2, 03, 04,712/- (previous year 17,08,774/-) on Fixed Deposit from directors and others remained unpaid as on the Balance Sheet date.

c) Other loans and advances from Companies (unsecured)

1) Other loans and advances are from Companies and repayable on demand.

2) Interest accrued and due Rs.11, 00,000 /- (previous year Rs. 5, 14,110/) - remained unpaid as on the Balance sheet date.

b) Investor Protection and Education Fund is being credi ted by the amount of unclaimed dividend after seven years from the due date.

Th e Compa ny has teansferred and depos ited a sum of Rs. 3,92,280/- (previous year Rs. 4,27,991/-) out of unclaimed dividend pertaining to the F.Y. 2007-08 (previous year FY. 2006-07) to Investor Education and Protection Fund of the Central Government in accordance with the provisions of section 205C of the Companies Act, 1956.

c) Credit balance with HDFC Bank Umited,Rohtak is due to uncashed cheques.

d) T lif? Company has made a pr ovision of ex cis e desy payable amounti pg Rs 5, 34, 76,418/- (previous year Rs. 5,09,7-4,629/-) on oc:k;i of finished goods and scrap material at the end of th9 year. Excise duty is considered as an element of cost at the time of manufacture of goods.

e) Employees benefit expense e includes Rs. 1, 15, 12,608/- (Prev's oear Rs. 46, 36,000/-) payable to D irecrors of this Company.

f) Statutory dues ar e in respect of at ESI : Sales Tax, TDS, Service Tax, W ithnoidine Tax, Weeleh Tax, TC S, sa bour Welfar e Fund, Wark Contract Tax, Professional Tax, Interest on TDS, Interest on Income Tax, Income tax, Interest on Sales Tax, Interest on PF/ESI, R&D Cess and excise Duty.

g) Other payables include job work charges, repairs, audit fees, advertisement, rent, consultancy and other expenses payable.

Provisions are recognized for expenses such as gratuity, leave encashment, income tax and wealth tax. The provisions are recognized on the basis of past events and the probable settlement of the present obligation as a result of the past events during the financial year 2015-16.

- Rs. 1, 74, 77,093/- included in statutory dues under other current liabilities.

- Rs. 3, 06,508/- included in statutory dues under other current liabilities.

1. Depreciation has been provided as per useful life prescribed in Schedule II of Companies Act, 2013 as per written down value method except in case of Plant II, Manesar and Recoil Division where the depreciation has been provided on straight line method.

2. Additions in fixed assets include Rs. 3,84,11,005/- (previous year Rs 3,68,43,267/-) capitalized on account of borrowing costs in accordance with AS-16 "Borrowing Cost" (specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014).

3. Addition in Plant and Machinery includes a sum of Rs. 60, 64, 97,351/- on account of Dies and Tools capitalized during the year (refer note no. 33(4)).

4. Leasehold Offices Premises are in respect of office flats at Bangalore.

5. Freehold Offices Premises are in respect of office flats at Mumbai and Delhi.

6. Leasehold Land are in the nature of perpetual lease and hence not amortized.

7. Plant & Machinery include captial expenditure of Rs. Nil incurred during the year (previous year Rs. 1, 23, 26,476/-) on Research & Development.

8. Vehicles under finance lease are as under:

Gross Block Rs. 78, 30,189/- (Previous year Rs. 3, 60, 32,248/-)

Net Block Rs. 48, 94,448/- (Previous year Rs. 1, 94, 26,302/-)

9. Machines under finance lease are as under:

Gross Block Rs. 15, 65,758/- (Previous year Rs. 15, 65,758/-)

Net Block Rs. 8, 31,246/- (Previous year Rs. 13, 60,372/-)

10. Sales / adjustments include a sum of Rs. 21457668/- on account of excess depreciation charged in earlier years (refer note no 33(27)).

Note:

i. There was a labour strike in Unit 1 of the Company on 27/02/2016 and there was a shutdown of Plant for the period 04/03/2016 to 31/03/2016 due to various demands of workers. The shut down of the Plant was Struck down by Government of Haryana vide Order no. 15409-17 and the matter was referred for adjudication to Industrial Tribunal. The Company is contesting the case before Industrial Tribunal Labour Court, Rohtak and there is a contingent liability of Rs. 2, 30,35,314/- due to various demands by workers on the said account. Based on advise of Solicitors, the Company has adequately represented before judicial authorities and therefore expects no liability on this account and hence no provisions have been recognized. The detail of Contingent liability is as under:-

2. That there was a misappropriation of funds amounting to Rs. 1, 60, 59,342/- by an employee of the Company in the earlier years. An FIR was lodged with City Police Station, Rohtak on 22.06.2006. Investigations are being conducted. The hearing was conducted on 02.05.2011 in the Court of Chief Judicial Magistrate, Rohtak for the purpose of checking of challan and framing of charges against the employee. The next hearing is due on 18th July 2015 for argument on charge, in the court of Chief Judicial Magistrate. The Company had also filed a civil suit for recovery before the Delhi High Court on 13/09/2006. The aforesaid amount has been debited to concerned employee and shown under Short-term loans and advances. No provision for the same has been made since the Company expects to recover the entire amount.

3. Interest and other borrowing costs amounting to Rs 3,84,11,005/- (previous year Rs. 3,68,43,267/-) have been capitalized to the carrying cost of fixed assets and capital work- in- progress being financing costs directly attributable to the acquisition, construction or installation of the concerned qualifying assets till the date of its commercial use.

4. CHANGE IN ACCOUNTING POLICY:

The Company has changed its system of accounting in respect of amortization of dies and tools. As of 1st January, 2016, the inventory of dies and tools having a book value of Rs. 60,64,97,351/- have been capitalized under fixed assets and depreciated prospectively as per the rate and method prescribed under Schedule II of the Companies Act, 2013. In the earlier years, the same were amortized on the basis of their effective residual life based on technical assessment. The Company has changed its policy due to better and more appropriate presentation in accounts. In earlier years, the Company was unable to obtain technical assessment in respect of consumption of dies and tools as per the accounting policy of the Company resulting in charge of consumption of dies and tools to the statement of profit and loss on a non-scientific basis. The Statutory auditors have also given a modified opinion on the said matter in the auditor's report in the earlier years. The Company has therefore capitalized dies and tools and depreciated them on the basis of their useful life as per Schedule II of Companies Act, 2013. Due to such change:

a) The charge to Statement of Profit and Loss on account of consumptions of dies and tools is lower by Rs. 1,50,13,630/-.

b) Depreciation charge for the year is higher by Rs. 4, 10, 09,492/

c) The Net Loss of the year is higher by Rs. 2, 59, 95,862/-. The said change is likely to hold good in the future years also.

5. PRIOR PERIOD ITEMS:

a) The Company has recognized interest expense @ 18% on unsecured loans taken by the Company for the period from 20th November, 2012 to 31st March 2016. During the period the said interest was being provided @ 11%, however as per terms of the agreement filed before the CLB, differential interest @ 7% has been provided with retrospective effect from 20th November, 2012 therefore generating a prior period charge amounting to Rs. 91,24,932/-.

b) The Company has recovered cost of recharge amounting to Rs. 12, 02,328/- from LPS-Ejot Fastening Systems Private Limited in respect of common facilities and usage charges pertaining to financial year 2014-15.

c) The Company has received refund of interest amounting to Rs. 23, 78,025/- on foreign bills discounted with banks pertaining to financial year 2014-15.

6. EXCEPTIONAL ITEMS:

a) The Company has entered into a Share Purchase Agreement dated 10th March, 2016 with Sh. Rajesh Jain, Smt. Sandhya Jain, Sh. Rahul Jain, Smt. Samridhi Jain, M/s. Sun Shares Trading & Consultancy Private Limited and M/s. LPS Industrial Supplies Private Limited for sale of 100% stake in its Joint Venture, LPS Bossard Private Limited for a purchase consideration equivalent to Rs. 40, 18, 00,000/-. Pursuant to aforesaid sale of shares, the Company has received a sum of Rs.40,18,00,000/- against sale on 23,52,019 Equity shares of LPS Bossard Private Limited as aforesaid resulting in a Profit of Rs. 37,82,79,810/- on the said transaction being the difference between consideration received and historical cost of shares as on the date of transaction. The same has been disclosed as an Exceptional item in accordance with the requirement of Accounting Standard -5, "Net Profit or Loss for the period, Prior Period Items and Changes in Accounting policies" (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014). The closing date for the above transaction has been taken on 23rd March, 2016, being the date on which transfer of shares has been completed. Therefore, LPS Bossard Private Limited has ceased to be a joint venture company.

b) Inventories written down:

Work- in- Progress

The Company has identified dead and slow moving inventory under Work- in- progress having a book value of Rs. 5,45,83,125/- and after recognizing a scrap value of Rs. 43,67,760/- , the net write down of Rs. 5,02,15,365/- in the value of Work- in- progress has been treated as an exceptional item in accordance with Accounting Standard- 5, "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies", specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

Consumable stores and spare parts

The Company has identified dead and slow moving inventory under Consumable stores and spare parts having a book value of Rs. 6,97,35,433/- and after recognizing scrap value of Rs. 13,67,361/- , the net write down of Rs. 6,83,68,072/- in the value of Consumables stores and spare parts has been treated as an exceptional item in accordance with Accounting Standard- 5, "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies", specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

c) There was a labour strike in Unit 1 of the Company on the 27/02/2016 and there was a shutdown of Plant for the period from 04/03/2016 to 31/03/2016 due to various demands of workers. Due to strike, the following expenses incurred during the shut down period have been treated as exceptional items in pursuance of Accounting Standard-5-"Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies" (specified under Section 133 of Companies Act, 2013, read with Rule 7 of Companies (Account) Rules, 2014.

7. The Company has capitalized dies and tools amounting to Rs. Nil/- (previous year Rs. 2,16,34,049/-) relating to dies and tools purchased/ manufactured during the year.

8. Research and development expenses debited to the statement of profit and loss include the following:

10. Balances under Sundry Debtors and Sundry Creditors, loans and advances given by the Company and parties from whom unsecured loans have been taken are subject to confirmations and adjustments, if any, required upon such confirmations are not ascertainable and hence not provided for.

12. SEGMENT REPORTING:

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting", (specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014).

Primary-Business Segment

The Company is mainly engaged in the business of manufacture of high tensile fasteners. Since the Company is operating in a single line of product, there are no reportable primary segments.

Secondary-Geographical Segment

The analysis of geographical segment is based on geographical location of the customers. The following is the distribution of Company's consolidated revenue by geographical market, regardless of where the goods were produced.

13. In the opinion of the Board, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities have been made.

14. RELATED PARTY TRANSACTIONS:

The related parties as per the terms of Accounting Standard- 18, "Related Party Disclosures", (specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014) are disclosed below:-(a) Names of related parties and description of relationship:

15 In accordance with Accounting Standard- 28, "Impairment of Assets", (specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014) and made applicable from 1st day of April, 2004, the Company has assessed the potential generation of economic benefits from its business units as on the balance sheet date and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

16 Pursuant to Accounting Standard- 27, "Financial Reporting of Interests in Joint Ventures", (specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014), disclosures in respect of the said joint ventures are given below:

(i) a) Name of the Venture LPS Bossard Private Limited

b) Description of Interest Jointly Controlled Entity (upto 23rd March, 2016)

c) Country of Incorporation India

d) Proportion of ownership interest as at March 31, 2016 Nil

e) The Company has entered into a Share Purchase Agreement dated 10th March, 2016 with Sh. Rajesh Jain, Smt. Sandhya Jain, Sh. Rahul Jain, Smt. Samridhi Jain, M/s. Sun Shares Trading & Consultancy Private Limited and M/s. LPS Industrial Supplies Private Limited for the sale of 100% stake in its Joint Venture, LPS Bossard Private Limited

f) The Company's share in each of the assets, liabilities, incomes and expenses (each without elimination of the effect of transaction between the Company and the Joint Venture) related to its interest in Joint Venture, based on unaudited financial statements/ financial information as at 23rd March, 2016 are as under:

e) The Company's share in each of the assets, liabilities, incomes and expenses (each without elimination of the effect of transaction between the Company and the Joint Venture) related to its interest in Joint Venture, based on unaudited financial statements/ financial information as at 31st March, 2016 are as under:

17 Disclosures pursuant to Accounting Standard- 15, "Employee Benefits", (specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014) are given below:

DEFINED CONTRIBUTION PLAN

Contribution to Defined Contribution Plan, recognized as expense for the year is as under:

DEFINED BENEFIT PLAN

The employee's Gratuity Fund Scheme, which is defined benefit plan, is managed by trust maintained with Life Insurance Corporation of India (LIC). The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Gratuity:-

The employees' Gratuity Fund Scheme, which is a defined benefit plan, is managed by the trust maintained with Life insurance Corporation of India (LIC). The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

NOTES:

1. The plan assets are maintained with Life Insurance Corporation of India (LIC).

2. The Company expects to contribute Rs. 75.00 lacs (previous year Rs. 50.00 lacs) to the plan during the next financial year.

3. The estimates of rate is escalation in salary's considered in actuarial valuation are after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the Actuary.

4. The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risk, historical results of return on plan assets and the Company's policy for the plan assets management.

Leave Encashment:-

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

NOTES:

1. The estimates of rate is escalation in salary's considered in actuarial valuation are after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the Actuary.

2. Since the liability is not funded, thereby information with regard to the plan assets has not been furnished. The estimates of rates of escalation in salary considered in actuarial valuation after taking into account inflation seniority, promotion and other relevant factors including supply and demand in the employment market.

3. DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT, 2013.

Particulars of Loans Given:

4. Deferred tax assets in respect of timing differences capable of reversal in future and carried forward losses under the Income Tax Act, 1961 has not been recognised in view of absence of virtual certainty supported by convincing evidence that sufficient taxable income will be available in future for reversal of deferred tax assets. The total deferred tax assets not recognized amounting to Rs. 15, 91, 21,514/- (previous year Rs. 12, 01, 39,276/-) as on 31.03.2016.

5 . During the year, the Company has valued the inventory of finished goods at 57% and semi-finished goods at 66% less on the price-list and special items have been valued at 22% less in the case of finished goods of the selling price and 31% less in case of semi-finished goods. The exact cost of each item is not ascertainable in case of finished goods and semi-finished goods in view of multiple sizes and nature of products. However, the management believes that its impact on financial statements is not likely to be material on adoption of actual cost vis-a-vis the Standard Costing adopted by the Company. The Company plans to review its standard costing system based on the overall cost data every year.

6. CORPORATE SOCIAL RESPONSIBILITY:

The Company does not satisfy the criteria for spending on CSR activities as provided under section 135 of the Companies Act, 2013. Therefore no provision towards Corporate Social Responsibility (CSR) has been made.

7. The Company had made a provision of ' 18,06,164/- towards income tax liability for the financial year 2014-15 and recognized MAT credit entitlement towards the same. However, due to nonpayment of statutory dues before due date of filing of income tax return for the assessment year 2015-16 and resulting disallowances under section 40(ia) of the Income Tax Act, 1961, the Company has made an estimated provision of ' 2,50,00,000/- towards income tax liability on the said account.

8. The Company has calculated to date item-wise depreciation on plant and machinery and it was observed that depreciation amounting to Rs. 2,14,57,668/- was provided excess vis a vis the depreciation policy of the Company. The said amount has been duly derecognized in the financial statements.

28. The Company has adopted component accounting as required under schedule II of Companies Act, 2013 and AS 10 (Rev.), from 1st April, 2015. The Company has identified and determined cost of each component/part of the assets separately. if the component/part has a cost which is significant to the total cost of the asset and has useful life that is materially different from that of the remaining assets. However, no such component has been identified which is significant to the respective asset and has a useful life different from that of the remaining asset.

9. As per the transfer pricing norms prescribed under Section 92 of the Income Tax Act, 1961, the Company is required to use certain specified methods in computing arm's length price of international transactions and specified domestic transactions between the associated enterprises and maintain prescribed information and documents relating to such transactions. The appropriate methods to be adopted will depend on the nature of transaction/ class of transaction, class of associated persons, functions performed and other factors, which have been prescribed. The Company is in the process of conducting a transfer pricing study for the current financial year. Accordingly, these financial statements do not include any adjustments for the transfer pricing implications, if any.

10. The Company has taken various residential/commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry. There are no restrictions placed upon the Company by entering into these leases and there are no subleases. Lease payments recognized in the statement of profit and loss as an expense for the year is Rs. 70,54,373/-(previous year Rs. 68,25,151/-).

11. The Company has also taken few commercial premises under non-cancellable operating leases. There are no restrictions placed upon the Company by entering into these leases and there are no subleases. Normally there are renewal and escalation clauses in these contracts. The total of future minimum lease payments in respect of such leases is as follows:

12. The figures for the previous year has been regrouped/reclassified wherever necessary to make them comparable with those of the current year.

13. Figures have been rounded off to the nearest rupees upto two decimal places.

14. Note No. 1 to 33 form an integral part of the balance sheet and statement of profit and loss.

The accompanying notes form an integral part of the standalone financial statements.