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UltraTech Cement Ltd.
Market Cap. (Rs.) 111754.27 Cr. P/BV 4.24 Book Value (Rs.) 960.63
52 Week High/Low (Rs.) 4600/3563 FV/ML 10/1 P/E(X) 50.29
Bookclosure 18/07/2018 EPS (Rs.) 80.92 Div Yield (%) 0.26
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

Note 1 - Movement of provisions during the year as required by Ind AS - 37 “Provisions, Contingent Liabilities and Contingent Asset" specified under Section 133 of the Companies Act, 2013:

(b) The Company has filed appeals with the Competition Appellate Tribunal (“COMPAT") against two orders of the Competition Commission of India (“CCI") dated August 31, 2016 and January 19, 2017, and as per the directions of COMPAT, deposited RS, 117.55 Crores, being 10% of the penalty imposed by CCI under its order dated August 31, 2016. COMPAT has granted a stay on both the CCI orders. The Government has made changes in the constitution and operations of Tribunals, under which all matters with COMPAT have been transferred to the National Company Law Appellate Tribunal (“NCLAT"). Hearing of order dated August 31, 2016 is completed at NCLAT and order is awaited. The Company, backed by legal opinion, believes that it has a good case in both the matters and accordingly no provision has been made in the accounts.

(c) Guarantees:

The Company has issued corporate guarantees as under:

(i) In favour of the Banks / Lenders on behalf of some of its Subsidiaries and Joint Venture (JV), as mentioned below, for the purposes of replacing old loans, acquisition financing, working capital and other general corporate purposes:

- Bhaskarpara Coal Company Limited (JV) RS, 4.00 Crores (March 31, 2017 RS, 4.00 Crores).

- UltraTech Cement Middle East Investment Limited and its subsidiaries: Equivalent to USD 395.66 Million (RS, 2,578.71 Crores) {March 31, 2017 USD 381.91 Million RS, 2,476.69 Crores)}.

(These Corporate Guarantees are issued in different currencies viz. USD, UAE Dirham, Bangladesh Taka, Omani Riyal etc.)

(ii) In favour of the Government Authority of an amount not exceeding RS, 3.00 Crores (March 31, 2017 RS, 3.00 Crores) towards exemption from payment of excise duty.

(iii) In favour of the Bank, for assistance in arrangement of interest bearing loan of RS, Nil Crores (March 31, 2017 RS, 500.00 Crores) to JAL.

(iv) Letter of comfort in favour of Binani Industries Ltd. (“BIL"), assuring arrangements of funds amounting to I 7,266.00 Crores, to be used by BIL in support of its application seeking termination of insolvency proceedings relating to its subsidiary Binani Cement Limited (“BCL") which was admitted by the National Company Law Tribunal, Kolkata Bench in terms of the provisions of the Insolvency and Bankruptcy Code and acquiring 98.43% equity shares of BCL, being the total holding of BIL in BCL. This is subject to termination of Insolvency proceedings, entering into definitive agreement and other customary and relevant statutory approvals which are in process.

NOTE 2 - CAPITAL AND OTHER COMMITMENTS :

Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) RS, 867.73 Crores. (March 31, 2017 RS, 943.28 Crores).

NOTE 3 -

The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of mining lease in the name of the Company's wholly-owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited (“GKUPL") and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease and thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the new policy related to transfer of new mining lease, based on which the Company has requested the State Government to consider reinstatement of the mines in its favour.

NOTE 4 - ACQUISITION OF IDENTIFIED CEMENT UNITS OF JAL AND JCCL (Ind AS 103):

(A) Pursuant to the Scheme of Arrangement between the Company, JAL, JCCL and their respective shareholders and creditors (“the Scheme"), the Company has acquired identified cement units of JAL and JCCL on June 29, 2017 at an enterprise valuation of ' 16,189.00 Crores having total cement capacity of 21.2 MTPA including 4 MTPA under construction. The acquisition provides the Company a geographic market expansion with entry into high growth markets where it needed greater reinforcement and creating synergies in manufacturing, distribution and logistics which offers many advantages. This will also create value for shareholders with the ready to use assets reducing time to markets, availability of land, mining leases, fly ash and railway infrastructure leading to overall operating costs advantage.

(B) Fair Value of the Consideration transferred:

Against the total enterprise value of RS, 16,189.00 Crores, the Company has taken over borrowings of RS, 10,189.00 Crores and negative working capital of RS, 1,375.00 Crores from JAL and JCCL. After taking these liabilities into account, effective purchase consideration of RS, 4,625.00 Crores has been discharged as under:

(C) Acquired Receivables:

As on the date of acquisition, gross contractual amount of the acquired Trade Receivables and Other Financial Assets was RS, 17.07 Crores against which no provision has been considered since fair value of the acquired receivables are equal to carrying value as on the date of acquisition.

(F) acquisition related costs:

Acquisition related costs of RS, 5.57 Crores (March 31, 2017 RS, 14.33 Crores) have been recognized under Miscellaneous Expenses and Rates and Taxes in the Statement of Profit and Loss. The stamp duty paid / payable on transfer of the assets RS, 226.28 Crores has been charged to the Statement of Profit and Loss and has been shown as an exceptional item.

(G) The Company runs an integrated operation with material movement across geographies and a common sales organization responsible for existing business as well as acquired business. Therefore, separate sales information for the acquired business is not exactly available and accordingly disclosures for revenue and profit / loss of the acquired business since acquisition date have not been made.

Further, it is impracticable to provide revenue and profit / loss of the combined entity for the current year as though the acquisition date had been April 01, 2017 since these amounts relating to the acquired business for the period prior to the acquisition date are not readily available with the Company.

note 36 - employee BENEFITs (ind as 19):

(A) Defined Benefit Plans:

(a) gratuity

The gratuity payable to employees is based on the employee's service and last drawn salary at the time of leaving the services of the Company and is in accordance with the Rules of the Company for payment of gratuity.

Inherent risk

The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth, change in demographic experience, inadequate return on underlying plan assets. This may result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum in nature, the plan is not subject to any longevity risks.

(b) Pension

The Company considers pension for some of its employees at senior management based on the period of service and contribution for the Company.

(c) Post-retirement Medical Benefits

The Company provides post-retirement medical benefits to certain ex-employees who were transferred under the Scheme of arrangement for acquiring Larsen & Toubro cement business and eligible for such benefits from earlier Company.

(xi) Basis used to determine Expected Rate of Return on Plan Assets:

Expected rate of return on Plan Assets is based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations.

(xii) Salary Escalation Rate:

The estimates of future salary increases are considered taking into account inflation, seniority, promotion and other relevant factors.

(xiii) Asset Liability matching strategy:

The money contributed by the Company to the Gratuity fund to finance the liabilities of the plan has to be invested.

The trustees of the plan have outsourced the investment management of the fund to an insurance Company. The insurance Company in turn manages these funds as per the mandate provided to them by the trustees and the asset allocation which is within the permissible limits prescribed in the insurance regulations. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset liability matching strategy.

There is no compulsion on the part of the Company to fully prefund the liability of the Plan. The Company's philosophy is to fund these benefits based on its own liquidity and the level of underfunding of the plan.

(xiv) The Company's expected contribution during next year is RS, Nil Crores (March 31, 2017 RS, Nil Crores).

(d) Provident Fund:

The Company is liable for any shortfall in the fund assets based on the Government specified rate of return. Such shortfall, if any, is recognized in the Statement of Profit and Loss as an expense in the year of incurring the same.

Amount recognized as an expense and included in Note 29 under the head “Contribution to Provident and other Funds" of Statement of Profit and Loss RS, 85.97 Crores (March 31, 2017 RS, 71.02 Crores).

The actuary has provided for a valuation and based on the below provided assumption there is no interest shortfall as at March 31, 2018 and March 31, 2017.

(B) Amount recognized as an expense in respect of Compensated Absences is RS, 14.97 Crores March 31, 2017 RS,27.85 Crores).

(C) Amount recognized as expense for other long term employee benefits is RS, 0.87 Crores (March 31, 2017 RS, 0.77 Crores).

NOTE 5 - SEGMENT REPORTING (Ind AS 108):

The Company has presented segment information in the consolidated financial statements which are presented in the same financial report. Accordingly, as per Ind AS 108 'Operating Segments', no disclosures related to segments are presented in these standalone financial statements.

Terms and Conditions of transactions with Related Parties:

The sales to and purchases from related parties are made in the normal course of business and on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

For the year ended March 31, 2018, the Company has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

(D) fair Valuation:

No options were granted during the year. Weighted Average Fair value of the options granted previous year I 2,366.93.

The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant using the Black-Scholes Model.

The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant:

(a) for Esos 2006:

1. Risk Free Rate - 8% (Tranche I-V), 8.14% (Tranche VI)

2. Option Life - Vesting period (1 Year) Average of exercise period

3. Expected Volatility* - Tranche-I: 0.49, Tranche-II: 0.52,Tranche-III: 0.30,

Tranche-IV: 0.30, Tranche-V: 0.30, Tranche-VI: 0.25

4. Expected Growth in Dividend - 20%

(b) for Esos 2013:

1. Risk Free Rate - 8.5% (Tranche I), 7.8% (Tranche II-III), 8.56% (Tranche IV)

7.6% (Tranche V), 6.74% (Tranche VI)

2. Option Life - (a) For Options - Vesting period (1 Year) Average of exercise period

(b) For RSU - Vesting period (3 Years) Average of exercise period

3. Expected Volatility* - Tranche-I: 0.29, Tranche-II: 0.27, Tranche-III: 0.28, Tranche-IV: 0.60

Tranche-V: 0.60, Tranche-VI: 0.61

4. Expected Growth in Dividend - Tranche -I: 20%, Tranche II-III: 15%, Tranche-IV: 5%, Tranche-V: 5%,

Tranche-VI: 5%

* Expected volatility on the Company's stock price on National Stock Exchange based on the data commensurate with the expected life of the options/RSU's up to the date of grant.

NOTE 8 (B) - FAIR VALUE MEASUREMENTS (Ind AS 113):

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the current market condition regardless of whether that price is directly observable or estimated using other valuation techniques.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the reporting date.

Level 2: The fair value of financial instruments that are not traded in an active market (For example traded bonds, over the counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on company specific estimates. The mutual fund units are valued using the closing Net Asset Value. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

The management assessed that cash and bank balances, trade receivables, trade payables, cash credits, commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

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

(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset value at the reporting date.

(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves and an appropriate discount factor.

(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange rates and interest rate curve of the respective currencies.

(d) The fai r value of currency swap is calculated as the present value determined using forward exchange rates, currency basis spreads between the respective currencies, interest rate curves and an appropriate discount factor.

(e) The fai r value of foreign currency option contracts is determined using the Black Scholes valuation model.

(f) The fai r value of commodity swaps is calculated as the present value determined using the forward price and interest rate curve of the respective currency.

(g) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The discount rates used is based on management estimates.

The significant unobservable inputs used in the fair value measurement of the fair value hierarchy together with a quantitative sensitivity analysis as at March 31, 2018 and March 31, 2017 are as shown below:

note 9 - financial RIsK management objectives (Ind As 107):

The Company's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the company's operations. The company's principal financial assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that derive directly from its operations.

The Company's activities exposes it to market risk, liquidity risk and credit risk. Company's overall risk management focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the company. The company uses derivative financial instruments, such as foreign exchange forward contracts, foreign currency option contracts, principal only swaps that are entered to hedge foreign currency risk exposure, interest rate swaps to hedge variable interest rate exposure and commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

The Company has standard operating procedures and investment policy for deployment of surplus liquidity, which allows investment in debt securities and mutual fund schemes of debt categories only and restricts the exposure in equity markets.

Compliances of these policies and principles are reviewed by internal auditors on periodical basis.

The Corporate treasury team updates the Audit Committee on a quarterly basis about the implementation of the above policies. It also updates to the Internal Risk Management Committee of the Company on periodical basis about the various risks to the business and status of various activities planned to mitigate the risks.

I) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, commodity prices, 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, payables and borrowings.

A) Foreign Currency Risk:

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels, raw materials and spare parts, capital expenditure, exports of cement and the Company's net investments in foreign subsidiaries.

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company follows established risk management policies and standard operating procedures. It uses derivative instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.

B) Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's short term borrowing (excluding commercial paper) with floating interest rates. For all long-term borrowings with floating rates, the risk of variation in the interest rates is mitigated through interest rate swaps. The Company constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

Note: If the rate is decreased by 100 bps profit will increase by an equal amount.

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. Further, the calculations for the unhedged floating rate borrowing have been done on the notional value of the foreign currency (excluding the revaluation).

(B) cash Flow hedges: The Company has raised foreign currency external commercial borrowings and to mitigate the risk of foreign currency and floating interest rates the Company has taken forward contracts, currency swaps, interest rates swaps and principal only swaps. The Company is following hedge accounting for all the foreign currency borrowings raised on or after April 01, 2015 based on qualitative approach. The Company assesses hedge effectiveness based on following criteria:

(i) an economic relationship between the hedged item and the hedging instrument

(ii) the effect of credit risk; and

(iii) assessment of the hedge ratio

The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio of 1:1. The Company's policy is to match the critical terms of the forward exchange contracts to match with the hedged item.

C) Commodity price risk management:

Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices linked to various external factors, which can affect the production cost of the Company. Since the Energy costs is one of

NOTE 10 - FINANCIAL RISK MANAGEMENT OBJECTIVES (Ind AS 107): (Continued)

the primary costs drivers, any fluctuation in fuel prices can lead to drop in operating margin. To manage this risk, the Company enters into forward covers for imported coal, enter into long-term supply agreement for pet coke, identifying new sources of supply etc. While forward covers are prevailing in the markets for coal but in case of pet coke no such derivative available; it has to be procured at spot prices. Additionally, processes and policies related to such risks are reviewed and controlled by senior management and fuel requirement are monitored by the central procurement team.

II) Credit Risk Management:

Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing / investing activities, including deposits with banks, mutual fund investments, and investments in debt securities, foreign exchange transactions and financial guarantees. The Company has no significant concentration of credit risk with any counterparty.

Trade receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each customer and based on the evaluation credit limit of each customer is defined. Wherever the Company assesses the credit risk as high the exposure is backed by either bank guarantee / letter of credit or security deposits.

Total Trade receivable as on March 31, 2018 is RS, 1,714.20 Crores (March 31, 2017 RS, 1,276.17 Crores)

The Company does not have higher concentration of credit risks to a single customer. A single largest customer has total exposure in sales 1.9% (March 31, 2017 2.2%) and in receivables 8.7% (March 31, 2017 7.7%).

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

As per policy receivables are classified into different buckets based on the overdue period ranging from 6 months - one year to more than two years. There are different provisioning norms for each bucket which are ranging from 20% to 100%.

Investments, Derivative Instruments, Cash and Cash Equivalent and Bank Deposit

Credit Risk on cash and cash equivalent, deposits with the banks / financial institutions is generally low as the said deposits have been made with the banks / financial institutions who have been assigned high credit rating by international and domestic rating agencies.

Credit Risk on Derivative Instruments are generally low as Company enters into the Derivative Contracts with the reputed Banks and Financial Institutions.

Investments of surplus funds are made only with approved Financial Institutions / Counterparty. Investments primarily include investment in units of mutual funds, Quoted Bonds, Non-Convertible Debentures issued by Government / Semi Government Agencies / PSU Bonds / High Investment grade corporate etc. These Mutual Funds and Counterparties have low credit risk.

Total Non-current and current investments as on March 31, 2018 is RS, 6,162.90 Crores (March 31, 2017 RS, 7,408.67 Crores)

III) Liquidity risk management:

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company's treasury team is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company's liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities and investments held for managing the risk at the reporting date based on contractual undiscounted payments.

NOTE 11 - CAPITAL MANAGEMENT (IND AS 1):

The Capital management objective of the Company is to (a) maximize shareholder value and provide benefits to other stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.

For the purposes of the Group's capital management, capital includes issued equity share capital, share premium and all other equity.

The Company monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits divided by total equity.

In addition, the Company has financial covenants relating to the borrowing facilities that it has taken from the lenders like interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Company.

NOTE 12 - RESEARCH AND DEVELOPMENT:

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit and Loss is RS, 14.04 Crores. (March 31, 2017 RS, 13.31 Crores).

NOTE 13 - CORPORATE SOCIAL RESPONSIBILITY:

Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses in the Statement of Profit and Loss is RS,60.71 Crores (March 31, 2017 RS,54.15 Crores) and account of capital expenditure RS, 0.96 Crores (March 31, 2017 RS, Nil Crores).

The amount required to be spent under Section 135 of the Companies Act, 2013 for the year ended March 31, 2018 is RS, 58.91 Crores (March 31, 2017 RS, 53.36 Crores) i.e. 2% of average net profits for last three financial years, calculated as per section 198 of the Companies Act, 2013.

note 14 - government grant (IND as 20):

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion Scheme of RS, 300.55 Crores (March 31, 2017 RS, 126.38 Crores).

(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a government grant and the difference between the fair value and nominal value as on date is recognized as an income. Accordingly, an amount of RS, 3.86 Crores (March 31, 2017: RS, 17.82 Crores) has been recognized as an income. Every year charge in fair value is accounted for as an interest expense.

(c) Interest, Wages Expenses and Repairs to plant and machinery are net of subsidy received, under State Investment Promotion Scheme of RS, 5.81 Crores (March 31, 2017 RS, 26.91 Crores), RS, Nil Crores (March 31, 2017 RS, 3.70 Crores) and RS, 0.98 Crores (March 31, 2017 RS, 1.55 Crores) respectively.

NoTE 15 - Assets Held For Disposal (IND As 105):

The Company has identified certain assets like Aggregate Mines, Vibrating Mill, Pre Grinders for cement mill etc which are available for sale in its present condition. The Company is committed to plan the sale of asset and an active programme to locate a buyer and complete the plan have been initiated. The Company expects to dispose of these assets within twelve months from its classification.

(b) Operating lease payment recognized in the Statement of Profit and Loss amounting to RS, 141.32 Crores (March 31, 2017 RS, 130.35 Crores)

(c) General Description of leasing agreements:

- Leased Assets: Land, Godowns, Offices, Flats, Machinery and Others.

- Future Lease rentals are determined on the basis of agreed terms.

- At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving notice in writing.

- Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed terms.

NOTE 16 -

In March 2018, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) Amendment Rules, 2018, notifying Ind AS 115 'Revenue from Contracts with Customers', which replaces Ind AS 11 'Construction Contracts' and Ind AS 18 'Revenue'. Except for the disclosure requirements, the new standard will not materially impact the Company's financial statements. The amendment will come into force from April 01, 2018.

NOTE 17 -

Effective July 01, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. Hence revenue from operations for the year ended March 31, 2018 is not comparable with the previous year corresponding figures.

NOTE 18 -

a) Other income for year ended March 31, 2018 includes reversal of earlier years provision of Rs, 103.79 Crores related to contribution towards District Mineral Fund (DMF) under the Mines and Mineral (Development and Regulation) Amendment Act, 2015, on the basis of Supreme Court Judgment dated October 13, 2017 (March 31, 2017 Rs, Nil Crores).

b) Other income for year ended March 31, 2017 includes Rs, 137.77 Crores being provisions no longer required.

NOTE 19-

Previous year figures have been regrouped / reclassified wherever necessary to correspond with current year classification / disclosure.

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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
Achievers Commercial Pvt Ltd (ACPL) Members of MCX, ACE and NSEL. | SEBI Registration No. INZ000050830 | ACE: ACEL/TMC/CORP/0194 | NSEL: 40020 | SCORES
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