Ind AS Transition

Impact to Standalone and

Consolidated financial results

Carborundum Universal Limited

Ind AS Transition
Impact to Standalone and
Consolidated financial results

Introduction to Ind AS and Applicability to CUMI

Presently the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting
Standards (Ind AS) which have been notified under the Companies (Indian Accounting Standards)
Rule,2015 (Ind AS Rules) of the Companies Act 2013. Ind AS has replaced the current IGAAP.

CUMI had Net worth of more than Rs. 500 Cr. as on 31st March 2014,
applicable to CUMI from FY 2016-17.

Accordingly, Ind AS is

Under Ind AS, once the Standards are applicable to the Parent, it extends to all its Subsidiaries, Joint
ventures and Associate. Accordingly, Ind AS is applicable to CUMI, its Subsidiaries, Joint ventures
and Associate from FY 2016-17.

2.

Implementation of Ind AS in CUMI Group

April 1,
2016

April 1, 2015
Transition
Date

March 31,
2017

March 31, 2017

Comparative Period

Final
Ind AS
reporting period

IndAS restated previous GAAP

Jun - 15

Sep - 15

Dec - 15

Jun - 16

Sep - 16

Ind AS financial statements for 201617 comprising of the following with

comparatives:
1.

Balance sheet as at and

statement of changes in equity for
the year ending March 31, 2017

2.

Statement of profit and loss for

the year ending March 31, 2017

3.

Statement of cash flows for the

year ending March 31, 2017

4.

Related notes to accounts for the

year ending March 31, 2017

5.

Opening balance sheet as of April

1, 2015

6.

Disclosures

Dec - 16

Comprehensive
Income
Reconciliation

Ind AS opening
balance sheet
Equity Reconciliation
Balance Sheet under Ind AS
3.

Apply accounting policy based on

Ind AS effective as of March 31,
2017

Areas of Impact Profit and Loss Account

Nature of Item

4.

Standalone

Consolidated

Revenue

Excise duty grossed up

Excise duty grossed up
Prompt payment discount [PPD] netted Prompt payment discount netted off
off
Revenue relating to Joint venture
excluded

Employee
Costs

Actuarial losses/(gains) on Long term Actuarial losses/(gains) on Long term

defined obligation benefits reclassified
defined obligation benefits reclassified
from PL to OCI
from PL to OCI
Employee stock option fair valuation Employee stock option fair valuation
impact
impact

Depreciation

Amortisation of Rentals relating to Lease Amortisation of Rentals relating to

hold Land reclassified to Other costs
Lease hold Land reclassified to Other
costs

Other costs

PPD reclassified and netted off against PPD reclassified and netted off
Revenue
against Revenue
Lease hold land rentals added from Lease hold land rentals added from
Depreciation
Depreciation

EPS

Consequential impact due to change in Consequential impact due to change

PAT
in PAT

Areas of Impact - Balance Sheet

Nature of Item

5.

Standalone

Consolidated

Other
Comprehensive
Income [OCI]

OCI includes :
OCI includes :
- Remeasurement of long term - Remeasurement of long term defined
defined benefit obligations
benefit obligations
- Impact of fair valuation of Non- - Impact of fair valuation of Noncurrent investments
current investments
- Impact of Hedging
- Impact of Hedging
- Share of OCI from JVs and
Associate
- Movement of Foreign currency
translation on consolidation of
overseas subsidiaries.

Reserves

Reclassification of Hedging Reserve Reclassification of Hedging Reserve

to OCI
to OCI
Foreign
Currency
Translation
Reserve as on 01.04.2015 made to
zero.

Lease Hold Land

Reclassified
to
Non-current
Prepayment expenses

: Reclassified
to
Non-current
Prepayment expenses

Areas of Impact Segmental Disclosures

Nature of Item
Segmental Revenue

Segmental Results

6.

Standalone

Consolidated

Excise duty grossed up

Excise duty grossed up
Prompt payment discount netted Prompt
payment
discount
off
netted off
Revenue relating to Joint
ventures
and
Associate
excluded
Segmental
ventures
excluded

Results of Joint
and
Associate

Control Assessment under Ind AS and its Impact

S.
No.

7.

Company Name

% holding by
CUMI as at
March 2015

Current
Classification

Current
Accounting
Method

Classification
under Ind AS

Accounting
method under
Ind AS

1.

Foskor Zirconia Pty Limited,

South Africa

51.00%

Subsidiary

Full
consolidation

Subsidiary

Full
consolidation

2.

Sterling Abrasives Limited

60.00%

Subsidiary

Full
consolidation

Subsidiary

Full
consolidation

3.

CUMI Australia Pty Limited,

Australia

51.22%

Subsidiary

Full
consolidation

Subsidiary

Full
consolidation

4.

Southern Energy
Development Corporation
Limited

84.76%

Subsidiary

Full
consolidation

Subsidiary

Full
consolidation

5.

Murugappa Morgan
Thermal Ceramics Limited

49.00%

Joint Venture

Proportionate
consolidation

Joint Venture

Equity
accounting

6.

Ciria India Limited

30.00%

Joint Venture

Proportionate
consolidation

Joint Venture

Equity
accounting

7.

Wendt India Limited

39.87%

Joint Venture

Proportionate
consolidation

Associate

Equity
accounting

No impact on control assessment of wholly owned subsidiaries

Standalone P & L IGAAP to Ind AS

S.No.

Particulars

Quarter ended
(Unaudited)
31.03.2016
IGAAP

3
4a
4b
5
6
7
8
9
10
11
12
13
8.

Income from Operations

a) Gross Sales / Income from Operations
Less: Excise duty
Net Sales
b) Other Operating Income
Total Income from Operations (net)
Expenses
a) Cost of materials consumed
b) Purchase of stock-in-trade
c) Changes in inventories
d) Excise duty on sales
e) Employee benefits expense
f) Depreciation and amortisation expense
g) Power & Fuel
h) Other expenses
Total expenses
Profit from operations before other income, finance costs
and exceptional items(1-2)
Other income
Exchange gain/(loss) (net)
Profit before finance costs (3+4a+4b)
Finance costs
Profit from ordinary activities before tax (5-6)
Tax expense
Net Profit after tax (7-8)
Other comprehensive income
Total Comprehensive income
Paidup EquityShareCapital (Face value-Re.1 per share)
Earnings per share (Rs.) not annualised
- Basic
- Diluted

Adjts.

Year ended
(Unaudited)
30.06.2015

IND AS

IGAAP

Adjts.

INR Lakhs

(Unaudited)
31.03.2016
IND AS

IGAAP

Adjts.

IND AS

37,049
2,712
34,337
614
34,951

(201)
(2,712)
2,511
2,511

36,848
36,848
614
37,462

30,690
2,305
28,385
436
28,821

(174) 30,516
(2,305)
2,131 30,516
436
2,131 30,952

138,334
10,235
128,099
1,829
129,928

(746)
(10,235)
9,489
9,489

137,588
137,588
1,829
139,417

11,593
2,908
604
3,294
1,594
3,018
8,010
31,021

2,712
14
(2)
(199)
2,525

11,593
2,908
604
2,712
3,308
1,592
3,018
7,811
33,546

11,190
1,462
(971)
3,352
1,464
3,017
6,416
25,930

1 11,191
48,861
1,462
7,611
(971)
(696)
2,305
2,305
20
3,372
14,145
36
1,500
6,216
5
3,022
11,752
(165) 6,251
28,409
2,202 28,132 116,298

10,235
57
(9)
(737)
9,546

48,861
7,611
(696)
10,235
14,202
6,207
11,752
27,672
125,844

3,930

(14)

3,916

2,891

(71)

2,820

13,630

(57)

13,573

763
(20)
4,673
304
4,369
1,443
2,926
2,926
1,884

(14)
(14)
(14)
(422)
(437)

763
(20)
4,659
304
4,355
1,443
2,912
(422)
2,490
1,884

723
79
3,693
157
3,536
1,055
2,481
2,481
1,882

(12)
(83)
(83)
(83)
970
887

711
79
3,610
157
3,453
1,055
2,398
970
3,368
1,882

3,840
153
17,623
890
16,733
5,105
11,628
11,628
1,884

(57)
(57)
(57)
377
320

3,840
153
17,566
890
16,676
5,105
11,571
377
11,948
1,884

1.55
1.54

1.32
1.32

1.27
1.27

6.18
6.16

1.55
1.55

6.15
6.13

Standalone Financials Impacted Areas

Particulars
Revenue from operations :
Net Sales reported as per IGAAP
Add : Excise duty on Sales
Less : Prompt payment discount
Gross Sales as per Ind AS
Employee Benefits expense :
Employee Benefits expense reported as per IGAAP
Add : Valuation impact on Employee Benefits
Add : Impact on merger of CRIL with CUMI
Employee Benefits expense as per Ind AS
Depreciation and Amortisation expense :
Depreciation expense reported as per IGAAP
Less : Amortisation of Lease hold land rentals trfd. to
Other expense
Add : Impact on merger of CRIL with CUMI
Depreciation and Amortisation expense as per Ind AS
Other expense :
Other expense reported as per IGAAP
Add : Amortisation of Lease hold land rentals trfd. to Other
expense
Add: Impact on merger of CRIL with CUMI
Less : Prompt payment discount
Other expense as per Ind AS

9.

Quarter ended
Q4 1516
Q1 1516

Year ended
FY 1516

34,337
2,712
201
36,848

28,385
2,305
174
30,516

128,099
10,235
746
137,588

3,294
14
3,308

3,352
14
6
3,372

14,145
57
14,202

1,594

1,464

6,216

1,592

38
1,500

6,207

8,010

6,416

28,409

201
7,811

7
174
6,251

746
27,672

INR Lakhs

Standalone Segmental Profitability & ROCE under IGAAP & Ind AS

Particulars

Q1 1617
IND AS

Segment Revenue
Abrasives
Ceramics
Electrominerals
Total
Less: Inter-Segment Revenue
Income from operations
Segment Results
Abrasives
Ceramics
Electrominerals
Total

10.

Quarter ended
(Unaudited)
(Unaudited)
31.03.2016
30.06.2015
IGAAP
Adjts
IND AS
IGAAP
Adjts
IND AS

Year ended
(Unaudited)
31.03.2016
IGAAP
Adjts
IND AS

20,847
9,193
7,973
38,013
2,299
35,714

19,462
8,774
8,009
36,245
1,908
34,337

1,609
458
444
2,511
2,511

21,071
9,232
8,453
38,756
1,908
36,848

16,019
7,453
6,781
30,253
1,868
28,385

1,310
453
368
2,131
2,131

17,329
7,906
7,149
32,384
1,868
30,516

72,604
31,895
31,269
135,768
7,669
128,099

5,831
1,935
1,723
9,489
9,489

78,435
33,830
32,992
145,257
7,669
137,588

2,519
1,143
610
4,272

2,612
1,325
414
4,351

2,612
1,325
414
4,351

1,956
895
819
3,670

(57)
(57)

1,956
895
762
3,613

9,375
3,975
3,337
16,687

9,375
3,975
3,337
16,687

Segmental Profits as % of
Segmental Revenue
Abrasives
Ceramics
Electrominerals

12.1%
12.4%
7.7%

13.4%
15.1%
5.2%

Segmental Capital Employed

Abrasives
Ceramics
Electrominerals
Unallocable
Total

32,956
28,642
24,385
21,079
107,062

33,009
27,544
24,003
21,053
105,609

Segmental Profits as % of
Segmental Capital Employed
Abrasives
Ceramics
Electrominerals

30.6%
16.0%
10.0%

31.7%
19.2%
6.9%

12.4%
14.4%
4.9%

1,120
1,120

33,009
27,544
24,003
22,173
106,729

31.7%
19.2%
6.9%

12.2%
12.0%
12.1%

32,121
25,489
16,679
20,474
94,763

24.4%
14.0%
19.6%

11.3%
11.3%
10.7%

1,640
821
2,461

32,121
25,489
18,319
21,295
97,224

24.4%
14.0%
16.6%

12.9%
12.5%
10.7%

33,009
27,544
24,003
21,053
105,609

28.4%
14.4%
13.9%

12.0%
11.8%
10.1%

1,120
1,120

33,009
27,544
24,003
22,173
106,729

28.4%
14.4%
13.9%

INR Lakhs

Standalone Segmental Impacted areas

Particulars

Segmental Revenue :
Revenue as per IGAAP
Add : Excise Duty on sales
Less : Prompt payment discount
Revenue as per Ind AS

11.

Quarter ended
Year ended
(Unaudited)
(Unaudited)
(Unaudited)
31.03.2016
30.06.2015
31.03.2016
Abrasive Ceramics EMD Abrasive Ceramics EMD Abrasive Ceramics EMD
19,462
1,797
188
21,071

8,774
470
12
9,232

8,009 16,019
445
1,464
1
154
8,453 17,329

7,453
472
19
7,906

6,781 72,604
369
6,522
1
691
7,149 78,435

Segmental Results :
Results as per IGAAP
Add : Loss on Merger of CRIL

2,612

1,325

414

1,956

895

819
(57)

Results as per Ind AS

2,612

1,325

414

1,956

895

762

31,895
1,988
53
33,830

31,269
1,725
2
32,992

9,375

3,975

3,337

9,375

3,975

3,337

INR Lakhs

Consolidated P & L IGAAP to Ind AS

S.No.

Particulars

Quarter ended

IGAAP
1

3
4a
4b
5
6
7
8
9
10
11
12
13
14
15
16

12.

Income from Operations

a) Gross Sales (inclusive of exice duty)
Less : Excise duty
Net Sales
b) Other Operating Income
Total Income from Operations
Expenses
a) Cost of materials consumed
b) Purchase of stock-in-trade
c) Changes in inventories
d) Excise duty on Sales
e) Employee benefits expense
f) Depreciation and amortisation expense
g) Power & Fuel
h) Other expenses
Total expenses
Profit from operations before other income and
finance costs (1-2)
Other income
Exchange gain/(loss) (net)
Profit before finance costs (3+4a+4b)
Finance costs
Profit from ordinary activities before tax
Tax expense
Net Profit after tax (7-8)
Add : Share of profit from associate and Joint Ventures
Minority Interest
Net Profit after tax and minority interest (9+10-11)
Add : Other Comprehensive income
Total Comprehensive income (12+13)
Paid up Equity Share Capital(Face value-Re.1 per
share)
Earnings per share (Rs.) not annualised
- Basic
- Diluted

(Unaudited)
31.03.2016
Adjts

IND AS

Year ended

IGAAP

(Unaudited)
30.06.2015
Adjts

IND AS

IGAAP

(Unaudited)
31.03.2016
Adjts

INR Lakhs
IND AS

55,872
3,034
52,838
676
53,514

(3,449)
(3,034)
(415)
(9)
(424)

52,423
52,423
667
53,090

51,385
2,640
48,745
834
49,579

(3,781)
(2,640)
(1,141)
(16)
(1,157)

47,604
47,604
818
48,422

217,245
11,606
205,639
2,795
208,434

(14,801)
(11,606)
(3,195)
(73)
(3,269)

202,444
202,444
2,722
205,166

15,654
3,635
206
6,350
2,351
5,471
12,901
46,568

(959)
(212)
243
2,838
(485)
(195)
(278)
(1,149)
(198)

14,695
3,423
449
2,838
5,865
2,156
5,193
11,752
46,371

13,259
2,687
(530)
6,829
2,339
7,414
11,924
43,922

(799)
(202)
8
2,423
(456)
(175)
(293)
(966)
(461)

12,460
2,485
(522)
2,423
6,373
2,164
7,121
10,958
43,462

60,414
11,869
(8)
27,152
9,443
25,350
50,866
185,086

(3,496)
(759)
142
10,767
(1,902)
(743)
(1,138)
(4,183)
(1,311)

56,918
11,110
134
10,767
25,250
8,700
24,212
46,683
183,774

6,946

(226)

6,719

5,657

(696)

4,960

23,348

(1,957)

21,392

724
(444)
7,226
519
6,707
2,365
4,342

601
(464)
6,856
518
6,338
2,190
4,148
240
373
4,015
1,980
5,995

317
297
6,271
526
5,745
2,121
3,624
299
3,325
3,325

(81)
(15)
(792)
(792)
(282)
(509)
502
2
(9)
2,412
2,403

236
282
5,478
526
4,952
1,839
3,113
502
301
3,314
2,412
5,726

1,785
1,528
26,661
2,273
24,388
8,953
15,435

368
3,974
3,974

(123)
(20)
(368)
(1)
(367)
(175)
(193)
240
5
42
1,980
2,022

1,156
14,279
14,279

(325)
(38)
(2,320)
(1)
(2,319)
(812)
(1,507)
1,576
9
60
(1,740)
(1,680)

1,460
1,490
24,342
2,272
22,070
8,141
13,929
1,576
1,165
14,340
(1,740)
12,600

1,884

1,884

1,882

1,882

1,884

1,884

2.13
2.13

1.77
1.76

1.76
1.76

7.58
7.57

2.11
2.11

7.62
7.60

Consolidated IGAAP to Ind AS FY 2015-16

IGAAP

Particulars
Gross Sales/Income from Operations
Less: Excise duty recovered
Net Sales/Income from Operations
Other Operating Income
Total Income
Expenditure
a) Consumption of raw materials
b) Purchase of traded goods
c) (Increase)/decrease in stock
d) Excise duty on sales
e) Employees cost
f) Depreciation
g) Power & Fuel
h) Other expenditure
h) Total
Profit from Operations before Other
Income, Interest & Exceptional Items
Other Income
Exchange Gain/ (loss)
Profit before Interest & Exceptional
Items
Interest
Profit from ordinary activities before tax
Tax expense
Net Profit from ordinary activities after
tax
Add: Share of Profit / (Loss) from Associate
Less: Minority Interest
Net Profit after tax

13.

FY
2015-16
217,245
11,606
205,639
2,795
208,434
60,414
11,869
(8)

INDAS

Joint
Ind AS
Venture
impact of
elimination
JVs

Valuation
Prompt
Excise
impact on
payment
duty
employee
discount
benefits

Tax impact on
URP on
Reserves of
stock
Associate

INR Lakhs
Leasehold
Land

FY
2015-16
202,444

(13,174)
(74)
(13,247)

10,767

(788)

10,767

(788)

202,444
2,722
205,166

(788)
(788)

56,918
11,110
134
10,767
25,250
8,700
24,212
46,683
183,774

27,152
9,443
25,350
50,866
185,086

(3,496)
(759)
143
(1,938)
(724)
(1,138)
(3,416)
(11,328)

23,348
1,785
1,528

(1,919)
(325)
(38)

26,661
2,273
24,388
8,953

(2,283)
(2,283)
(790)

15,435

(1,494)

1,156
14,279

1,494
-

10,767
36
(20)

36

20
-

(36)

21,392
1,460
1,490

(36)

(36)

84

(106)

24,342
2,272
22,070
8,141

(36)

(84)

106

13,929

106

1,576
1,165
14,340

10,767

83
83

(36)

(84)

Consolidated Segmental Revenue & Results

Particulars

Quarter ended

IGAAP

IND AS

IGAAP

(Unaudited)
30.06.2015
Adjts

IND AS

IGAAP

Year ended
(Unaudited)
31.03.2016
Adjts

INR Lakhs
IND AS

Segment Revenue
Abrasives
Ceramics
Electrominerals
Others
Total

23,421
12,316
18,245
1,484
55,466

350
(1,209)
444
(415)

23,771
11,107
18,689
1,484
55,051

21,232
11,181
17,872
1,151
51,436

175
(1,683)
368
(1,141)

21,407
9,498
18,240
1,151
50,296

91,167
46,775
73,142
5,148
216,232

1,005
(5,922)
1,723
(3,195)

92,172
40,853
74,865
5,148
213,038

Less: Inter-Segment Revenue

Net Sales / Income from operations

2,628
52,838

(415)

2,628
52,423

2,691
48,745

1
(1,142)

2,692
47,604

10,593
205,639

1
(3,196)

10,594
202,444

Segment Results
Abrasives
Ceramics
Electrominerals
Others
Total

2,475
1,830
2,696
171
7,172

(89)
(213)
7
(295)

2,386
1,617
2,703
171
6,877

1,893
1,656
3,205
96
6,850

(161)
(580)
1
(741)

1,732
1,076
3,205
97
6,110

8,885
6,568
12,689
539
28,681

(560)
(1,559)
7
(2,113)

8,325
5,009
12,696
539
26,569

519

(1)

518

526

526

2,273

(1)

2,272

(54)

75

21

579

53

632

2,020

Less: (i) Finance costs

(ii) Other unallocable expenses /
(income)

207

2,227

Profit before tax

6,707

(369)

6,338

5,745

(793)

4,952

24,388

(2,318)

22,070

Less : Tax expense

2,365

(175)

2,190

2,121

(282)

1,839

8,953

(812)

8,141

240

240

502

502

368

373

299

301

3,974

40

4,015

3,325

(10)

3,314

Add : Share of profit from Associate & Joint

ventures
Less : Minority interest

14.

(Unaudited)
31.03.2016
Adjts

Profit after tax , share of profit from

associate/joint venture and minority
interest

1,576

1,576

1,156

1,165

14,279

61

14,340

Consolidated Segmental Profitability & ROCE

Particulars

Year ended
(Unaudited)
31.03.2016
IGAAP
IND AS

Segment Revenue
Abrasives
Ceramics
Electrominerals
Others
Total

23,421
12,316
18,245
1,484
55,466

23,771
11,107
18,689
1,484
55,051

21,232
11,181
17,872
1,151
51,436

21,407
9,498
18,240
1,151
50,296

91,167
46,775
73,142
5,148
216,232

92,172
40,853
74,865
5,148
213,038

Segment Results
Abrasives
Ceramics
Electrominerals
Others
Total

2,475
1,830
2,696
171
7,172

2,386
1,617
2,703
171
6,877

1,893
1,656
3,205
96
6,850

1,732
1,076
3,205
97
6,110

8,885
6,568
12,689
539
28,681

8,325
5,009
12,696
539
26,569

51,061
39,980
50,261
15,504
156,806

47,197
35,580
50,262
24,375
157,414

54,579
37,598
45,638
14,394
152,209

51,010
33,468
45,638
24,285
154,401

51,061
39,980
50,261
15,504
156,806

47,197
35,580
50,262
24,375
157,414

Capital employed
Abrasives
Ceramics
Electrominerals
Others (including un-allocable)
Total

15.

Quarter ended
(Unaudited)
(Unaudited)
31.03.2016
30.06.2015
IGAAP
IND AS
IGAAP
IND AS

Segmental Results as a % of Segmental Revenue

Abrasives
Ceramics
Electrominerals
Others

10.6%
14.9%
14.8%
11.5%

10.0%
14.6%
14.5%
11.5%

8.9%
14.8%
17.9%
8.3%

8.1%
11.3%
17.6%
8.4%

9.7%
14.0%
17.3%
10.5%

9.0%
12.3%
17.0%
10.5%

Segmental Results as a % of Capital employed

Abrasives
Ceramics
Electrominerals

19.4%
18.3%
21.5%

20.2%
18.2%
21.5%

13.9%
17.6%
28.1%

13.6%
12.9%
28.1%

17.4%
16.4%
25.2%

17.6%
14.1%
25.3%

INR Lakhs

Consolidated Segmental Revenue Impacted Areas

Q4 15-16
Abrasives
Ceramics
Electrominerals
Others
TOTAL

Q1 15-16
Abrasives
Ceramics
Electrominerals
Others
TOTAL
FY 15-16
Abrasives
Ceramics
Electrominerals
Others
TOTAL

16.

IGAAP
23,421
12,316
18,245
1,484
55,466

IGAAP
21,232
11,181
17,872
1,151
51,436
IGAAP
91,167
46,775
73,142
5,148
216,232

Elimination of Excise duty Prompt payment

JV
grossed up discount netted off
1,380
1,668

1,923
470
445

3,048

2,838

192
11
1

23,771
11,107
18,689
1,484
55,051

204

Elimination of Excise duty Prompt payment

JV
grossed up discount netted off
1,241
2,136

1,582
472
369

165
19
1

3,378

2,423

185

Elimination of Excise duty Prompt payment

JV
grossed up discount netted off
5,316
7,856

7,055
1,988
1,725

13,173

10,767

Ind AS

734
53
2
789

Ind AS
21,407
9,498
18,240
1,151
50,296
Ind AS
92,172
40,853
74,865
5,148
213,038

INR Lakhs

Disclaimer
Some of the statements in this communication may be forward looking statements within
the meaning of applicable laws and regulations. Actual results might differ substantially
from those expressed or implied.
The objective of this communication is to provide broad information on the impact of
transition to Ind AS on the Companys financials. The information presented in this
communication includes un-audited draft of Ind AS restated financial statements based on
our current best estimates or interpretation and may be affected by business or other
changes or by changes to Ind AS or the interpretation thereof published/notified hereafter.
Important developments that could affect the Companys operations include changes in the
industry structure, significant changes in political and economic environment in India and
overseas, tax laws, regulations, import duties, litigation and labour relations.

17.

Thank you

18.