CORPORATE INFORMATION

BOARD OF DIRECTORS Mr. P.D. Karandikar – Chairman Mr. T. Shivaraman - Managing Director & CEO Mr. M. Amjat Shariff - Joint Managing Director Mr. R. Sundararajan - Director Mr. S. Krishnamurthy – Director (Resigned w.e.f. 12.06.2018) Mr. S. Bapu - Director Ms. Chandra Ramesh – Director Mr. Surender Singh – Nominee Director – Oriental Bank of Commerce

CHIEF FINANCIAL OFFICER Mr. R.S. Chandrasekharan

VICE PRESIDENT & COMPANY SECRETARY Mr. K. Suresh

AUDITORS M/s. MSKA & Associates , Chartered Accountants, 5th Floor, Main Building, Guna Complex, New no 443&445, Old no 304&305, Mount Road, Teynampet, Chennai- 600 018, Tamil Nadu

BANKERS Bank Name Oriental Bank of Commerce Punjab National Bank Central Bank of India Axis Bank Limited IDBI Bank Limited State Bank of India The South Indian Bank Ltd ICICI Bank limited Allahabad Bank Bank Of Maharashtra Bank Of India Indusind Bank Limited Lakshmi Vilas Bank Limited Corporation Bank Dena Bank Federal Bank Limited Yes Bank Limited IFCI Factors DBS Bank Limited

REGISTERED OFFICE 4th Floor, Sigappi Achi Building, Door No. 18/3, Rukmini Lakshmipathi Salai, Egmore, Chennai - 600 008. Contents

Chairman’s Message ...... 2

Financial Performance - Standalone ...... 3

Notice of Eighteenth Annual General Meeting ...... 4

Management Discussion and Analysis ...... 12

Directors’ Report...... 17

Corporate Governance Report ...... 37

Auditor’s Report on Standalone Ind AS Financial Statements ...... 57

Standalone Balance Sheet ...... 64

5VCPFCNQPG5VCVGOGPVQH2TQſVCPF.QUU ...... 65

Standalone Cash Flow ...... 67

Notes on Standalone Financial Statements ...... 69

Auditor’s Report on Consolidated IndAS Financial Statements ...... 123

Consolidated Balance Sheet ...... 128

%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF.QUU ...... 129

Consolidated Cash Flow...... 131

Notes on Consolidated Financial Statements...... 133

1 Chairman’s Message

Dear Shareholders,

6JGRCUV[GCTJCUDGGPPQVCDNGCUVJG%QORCP[JCUDGGPCDNGVQTGVWTPVQRTQſVCDKNKV[ 6JKUKUFWGVQVJGKPETGCUGFVWTPQXGTCPFUKIPKſECPVTGFWEVKQPKPVJGKPVGTGUVDWTFGP The order backlog is healthy.The Company has received orders worth over Rs.680 crores during the year mainly in the Water segment. The consolidated order book of the company stands at Rs. 2688 Crores which gives good visibility for the next couple of years.

There has been a substantial increase in investments by the government, both at the centre and the states in infrastructure development. Projects in the road and water UGEVQTJCXGDGGPVJGRCTVKEWNCTHQEWU6JKUJCUJCFCUKIPKſECPVRQUKVKXGKORCEVQPQWT QTFGTKPƀQY6JKUJCUEQORGPUCVGFHQTVJGUNQYFQYPKPECRGZKPVJGUVGGNCPFRQYGT sectors. The progress on the international project is also satisfactory.

The outlook is promising and we can look forward to sustained business in the coming years.

At this juncture, I wish to express my gratitude and appreciation towards our employees, customers, business associates, suppliers and bankers who have stood by us during VJGUGVT[KPIVKOGU.CUVN[+YQWNFNKMGVQVJCPMQWTUJCTGJQNFGTUHQTVJGKTWPUVKPVGF support.

Yours sincerely,

P D Karandikar (Din No.02142050) Chairman

2 Financial Performance - Standalone `KP.CMJU

5VCVGOGPVQH2TQſV 2012-13 2013-14 2008-09 2009-10 2010-11 2011-12 2014-15 2015-16 2016-17 2017-18 and Loss (15 months) (9 months )

Gross Sales 91,876.55 111,051.76 128,216.76 138,220.03 170,512.96 49,509.13 54,765.89 54759.98 51968.59 61504.33

Other Income 518.87 1,121.47 4,304.33 2,568.56 6,034.80 2,677.59 1,102.75 11302.86 8783.11 10,533.10

Interest 1,085.33 4,171.62 8,571.74 19,687.19 41,093.80 19,075.02 19,086.66 27172.81 29,758.80 10350.66

2TQſV$GHQTG6CZCVKQP 6,293.11 6,712.02 9,482.80 3,913.32 -30,512.94 -42,544.12 -25,261.56 -24403.07 -22231.92 2425.9

2TQſV#HVGT6CZCVKQP 4,001.68 4,466.03 6,961.29 2,550.75 -26,286.12 -43,936.96 -25,285.17 -24403.07 -15091.76 1,076.09

Balance Sheet 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Fixed Assets (Net) 10,655.23 14,170.20 13,612.79 12,625.13 5,386.39 6,984.05 7,040.53 5,521.30 6,087.37 5,579.13

Investments (Current 17,201.22 21,064.28 26,757.40 28,981.59 24,433.41 4,549.39 4,549.39 542.32 133.45 130.75 and Non current)

Net Deferred Tax -1,542.80 -2,802.13 -2,893.64 -3,073.33 1,392.84 - - 41,425.79 48,973.51 47,623.70

Net Assets(Current and 88,876.75 142,355.03 193,380.78 151,749.91 214,796.57 229,957.83 255,198.02 212842.95 198541.37 179344.2 Non Current)

Share Capital 4,334.89 4,391.38 4,426.24 4,434.43 4,435.82 34,435.82 38,635.82 33062.64 93696.79 97,152.90

Other Equity 33,380.25 37,619.10 44,217.91 46,314.34 20,030.22 -23,906.74 -32,437.77 -40,377.11 19,166.57 25,779.23

.QCP(WPFU 26,543.87 63,092.12 121,223.23 179,350.36 155,973.70 172,420.29 212,142.24 187,888.42 83,618.97 79,328.47

3 Notice of Eighteenth Annual General Meeting NOTICE is hereby given that the Eighteenth Annual General and such other consents and permission as may be Meeting of the Members of the Company will be held at necessary, consent of the board of directors be and 3.00 PM on Friday, the 3rdAugust 2018 at Sri Krishna Gana is hereby accorded for the re-appointment of Shri .T Sabha, 20, Maharajapuram Santhanam Road, T. Nagar, Shivaraman, DIN: 01312018, as Managing Director & Chennai – 600 017 to transact the business the following CEO of the Company for a period of 3 years with effect business: from 20.9.2018 to 19.9.2021 on the remuneration and terms & conditions as mentioned in the explanatory ORDINARY BUSINESS: statement placed before the members of the Company.

1. To receive, consider and adopt the Directors’ Report ő4'51.8'& (746*'4 6*#6 KP VJG GXGPV QH NQUU and Standalone and Consolidated Audited Financial QTKPCFGSWCE[QHRTQſVUKPCP[ſPCPEKCN[GCTFWTKPI st Statements of the Company for the year ended 31 the aforesaid period, the Company shall pay to March, 2018 and the reports of the Auditors thereon. Mr. T Shivaraman remuneration and perquisites not exceeding the ceiling limit laid down in Section II of 2. Re- Appointment of Mr R Sundararajan (DIN Part II of Schedule V of the Companies Act, 2013, as 00498404) as a Director may be decided by the Board of Directors”. 6QEQPUKFGTCPFKHFGGOGFſVVQRCUUVJGHQNNQYKPICU  ő4'51.8'&(746*'46*#6VJG$QCTFQH&KTGEVQTU an Ordinary Resolution of the Company be and are hereby authorised to vary RESOLVED THAT Mr. R. Sundararajan holding any of the terms of remuneration in consultation with DIN(00498404) who retires by rotation and being Managing Director & CEO provided such variation is eligible for re-appointment be and is hereby re- in accordance with the provisions of Schedule V of the appointed as a Director of the liable to retire by rotation Companies Act, 2013 and/ or the provisions of law as may be applicable thereto from time to time.” SPECIAL BUSINESS:  6Q EQPUKFGT CPF KH VJQWIJV HKV VQ RCUU  VJG  6QEQPUKFGTCPFKHVJQWIJVſVVQRCUUYKVJQTYKVJQWV HQNNQYKPITGUQNWVKQPCUC5RGEKCN4GUQNWVKQP OQFKſECVKQP U VJGHQNNQYKPITGUQNWVKQPCUCP1TFKPCT[ Resolution: RESOLVED THAT pursuant to the provisions of Sections 196, 197 & 203 read with Schedule V and RESOLVED THAT pursuant to Section 148(3) and other applicable provisions, if any, of the Companies all other applicable provision of the Companies Act, Act, 2013 (“the Act”), The Companies (Appointment 2013 read with Rule 14 of the Companies (Audit and Remuneration of Managerial Personnel) Rules, and Auditors) Rules, 2014, (including any statutory  KPENWFKPI CP[ UVCVWVQT[ OQFKſECVKQPU QT TG OQFKſECVKQP U QTTGGPCEVOGPVVJGTGQHHQTVJGVKOG enactment(s) thereof for the time being in force), being in force), the remuneration of Rs.50000/- subject to approval of members in the general meeting 4WRGGU ſHV[ VJQWUCPF QPN[  GZENWUKXG QH VCZGU CU and such other consents and permission as may be may be applicable) and payment of such out of pocket necessary, consent of the board of directors be and expenses approved by the Board of Directors to be paid is hereby accorded for the re-appointment of Shri .M to Mr.G Sundaresan, Cost Accountant (Membership Amjat Shariff, (DIN: 00009562), as Joint Managing No: 11733), for conduct of the audit of the cost Director of the Company for a period of 3 years with CEEQWPVKPITGEQTFUQHVJG%QORCP[HQTVJGſPCPEKCN effect from 20.9.2018 to 19.9.2021 on the remuneration year ending 31st/CTEJDGCPFKUJGTGD[TCVKſGF and terms & conditions as mentioned in the explanatory CPFEQPſTOGF statement placed before the members of the Company.

 6QEQPUKFGTCPFKHVJQWIJVſVVQRCUUVJGHQNNQYKPI ő4'51.8'&(746*'46*#6KPVJGGXGPVQHNQUUQT resolution as a Special Resolution KPCFGSWCE[QHRTQſVUKPCP[ſPCPEKCN[GCTFWTKPIVJG aforesaid period, the Company shall pay to Mr. M Amjat RESOLVED THAT pursuant to the provisions of Shariff remuneration and perquisites not exceeding the Sections 196, 197 & 203 read with Schedule V and ceiling limit laid down in Section II of Part II of Schedule other applicable provisions, if any, of the Companies V of the Companies Act, 2013, as may be decided by Act, 2013 (“the Act”), The Companies (Appointment the Board of Directors”. and Remuneration of Managerial Personnel) Rules,  KPENWFKPI CP[ UVCVWVQT[ OQFKſECVKQPU QT TG ő4'51.8'&(746*'46*#6VJG$QCTFQH&KTGEVQTU enactment(s) thereof for the time being in force), of the Company be and are hereby authorised to vary subject to approval of members in the general meeting

4 any of the terms of remuneration in consultation with 6 Corporate members intending to send their authorised Joint Managing Director provided such variation is in representatives to attend the Meeting are requested accordance with the provisions of Schedule V of the VQUGPFVQVJG%QORCP[CEGTVKſGFEQR[QHVJG$QCTF Companies Act, 2013 and/ or the provisions of law as Resolution authorizing their representatives to attend may be applicable thereto from time to time.” and vote on their behalf at the Meeting.

By Order of the Board of Directors 7 Pursuant to Sections 101 and 136 of the Companies Act, 2013 read with Rules made thereunder, companies %JGPPCK -574'5* can serve Annual Reports and other communications th 7 June, 2018 Vice President & Company Secretary through electronic mode to those Members who have registered their email addresses either with Notes the Company/Registrar or with the Depository A member entitled to attend and vote at the meeting Participant(s). Members who have not registered their is entitled to appoint a proxy to attend and vote on a email addresses with the Company can now register poll only instead of Him/Her. The proxy need not be VJGUCOGD[UWDOKVVKPICFWN[ſNNGFKPTGSWGUVHQTO a member of the Company. A blank form of proxy is with the Registrar. GPENQUGFJGTGYKVJCPFKHKPVGPFGFVQDGWUGFKVUJQWNF DGTGVWTPGFFWN[EQORNGVGFCVVJG4GIKUVGTGF1HſEGQH Members holding shares in demat form are requested the Company not later than forty-eight hours before the to register their email addresses with their Depository scheduled time of the commencement of 18th Annual Participant(s) only. General Meeting. The Register of Members and the Share Transfer 1 At the 17th AGM, M/s MSKA & Associattes, (ICAI Books of the Company shall remain closed Monday, Firm Registration No.10504716) were appointed as 30th July 2018 to Friday, 3rd August, 2018 (both days Statutory Audtiors of the Company for a period of 5 inclusive), for the purpose of Annual General Meeting. years untill the conclusion of the 22nd AGM of the Company. 8 Members are requested to notify the change in their address, if any, immediately, so that all The ratification of their appointment pursuant to communications can be sent to the latest address. In Section 139 of the Companies Act, 2013 is not case of members holding shares in physical form, all TGSWKTGFKPVGTOUQH0QVKſECVKQP0Q51 ' FCVGF intimations regarding change of address and change 07.05.2018 issued by the Ministry of Corporate Affairs of bank account details are to be sent to M/s. Cameo and accordingly, the item has not been included in the %QTRQTCVG5GTXKEGU.VF5WDTCOCPKCP$WKNFKPI0Q Ordinary Business of this AGM Notice. %NWD*QWUG4QCF%JGPPCK/GODGTUYJQ hold shares in electronic form, are requested to notify 2 A person can act as a proxy on behalf of members not any change in their particulars like change in address, GZEGGFKPIſHV[CPFJQNFKPIKPVJGCIITGICVGPQVOQTG bank particulars etc. to their Depository Participants than 10% of the total share capital of the company immediately. carrying voting rights. A member holding more than 10% of the total share capital of the company carrying 9 Pursuant to provisions of Section 125 of the Companies voting rights may appoint a single person as proxy and Act, 2013, dividend which remain unpaid/unclaimed such person shall not act as proxy for any other person for a period of 7 years from the date of transfer of the orshareholder. same to the Company’s unpaid dividend account shall be transferred to the Investor Education and Protection 3 The statement pursuant to Section 102 of the Fund (IEPF) established by the Central Government. Companies Act, 2013, relating to the Special Business is annexed herewith. The following are the details of the dividends paid by the Company and respective due dates for claim by 4 During the period beginning 24 hours before the time the Shareholders: ſZGF HQT VJG EQOOGPEGOGPV QH VJG    OGGVKPI CPF ending with the conclusion of the meeting, a member (QTVJG(;VJGCOQWPVQH7PENCKOGF&KXKFGPF would be entitled to inspect the proxies lodged at has been transferred to IEPF, and the shares are in any time during the business hours of the Company, the process of transfer provided not less than three days of notice in writing is given to theCompany. No claim shall lie against IEPF or the Company for the amounts so transferred prior to 31st March, 2017, nor 5 Members / proxies should bring the duly filled shall any payment be made in respect of such claim. Attendance Slip enclosed here with to attend the meeting. Members who have not encashed their dividend

5 warrants are requested to lodge their claims with the entitled to receive such communication in physical Company. form, upon making a request for the same, by post free of cost. For any communication, the shareholders 10 Copies of the Annual Report 2018 are being sent by may also send requests to the Company’s Registrars electronic mode only to all the members, who’s Email /U%COGQ%QTRQTCVG5GTXKEGU.KOKVGFCVGXQVKPI" IDs are registered with the Company/Depository cameoindia.com Participants for communication purposes unless any member has requested for a hard copy of the same. In 13 All documents referred to in the Notice will be available the case of members holding shares in physical mode HQTKPURGEVKQPCVVJG%QORCP[ŏUTGIKUVGTGFQHſEGFWTKPI whose Email IDs are registered with the Company/ normal business hours on working days up to the date 4GIKUVTCTU/U%COGQ %QTRQTCVG 5GTXKEGU .KOKVGF of the AGM. and have given consent for receiving communication electronically, copies of the Annual Report 2018 are 14 Voting through Electronic means being sent by electronic mode only. For members who (i) Pursuant to the provisions of Section 108 and other have not registered their Email Addresses, the Board applicable provisions, if any, of the Companies Act, of Directors have decided to circulate the Abridged 2013 and Rule 20 of the Companies (Management Annual Report containing salient features of the and Administration) Rules, 2014, as substituted by DCNCPEG UJGGV CPF UVCVGOGPV QH RTQſV CPF NQUU CPF the Companies (Management and Administration) other documents to the shareholders for the Financial Amendment Rules, 2015 and Regulation 44 of the Year 2017-18, as per the provisions of Section 136(1) .KUVKPI 4GIWNCVKQPU CPF 5GETGVCTKCN 5VCPFCTF QP of the Companies Act, 2013, Rule 10 of Companies General Meetings (SS-2) issued by the Institute of (Accounts of Companies) Rules, 2014 and Regulation Company Secretaries of India ,the Company is pleased QHVJG.KUVKPI4GIWNCVKQPU/GODGTUYJQFGUKTGVQ to provide to the members the facility to exercise obtain the full version of the Annual Report may write their right to vote at the 18th Annual General Meeting VQ VJG %QORCP[ 5GETGVCT[ CV VJG 4GIKUVGTGF HſEG (AGM) by electronic means. The members may cast Full version of the Annual Report is also available on their votes using an electronic voting system from a VJG %QORCP[ŏU YGDUKVG  *;2'4.+0- őJVVRYYY place other than the venue of the Meeting (‘remote shriramepc.com” www.shriramepc.com. e-voting’). 11 The Notice of the 18th Annual General Meeting of (ii) The members attending the Meeting who have not cast the Company inter alia indicating the process and their vote by remote e-voting shall be able to vote at manner of e-voting along with Attendance Slip and the Meeting. Proxy Form, is being sent by electronic mode to all the members whose Email addresses are registered (iii) The members who have cast their vote by remote with the Company/ Depository Participants unless e-voting may also attend the Meeting, but shall not be anymember has requested for a hard copy of the entitled to cast their vote again. same. In the case of members holding shares in physical mode whose Email IDs are registered with (iv) The Company has engaged the services of Central the Company/RegistrarsM/s.Cameo Corporate &GRQUKVQT[5GEWTKVKGU.KOKVGF %&5. CUVJG#IGPE[ 5GTXKEGU.KOKVGFCPFJCXGIKXGPEQPUGPVHQTTGEGKXKPI to provide e-votingfacility. communication electronically, the Notice of the 18th Annual General Meeting of the Company inter alia (v) The Company has appointed Mr. R Sridharan, indicating the process and manner of e-voting along Practicing Company Secretary (Membership No. with Attendance Slip and Proxy Form, is being sent by FCS 4775) of R Sridharan &Associates, Company electronic mode. For members who have not registered Secretaries as the Scrutinizer to scrutinize the remote their Email addresses, physical copies of the aforesaid e-voting process in a fair and transparent manner and documents are being sent by the permittedmode. he has communicated his willingness to be appointed and will be available for the same purpose. 12 Members may also note that the Notice of the 18th Annual General Meeting and the Annual Report 2018 (vi) Voting rights shall be reckoned on the paid up value will also be available on the Company’s website www. of shares registered in the name of the member / shriramepc.com for their download. The physical copies DGPGſEKCNQYPGT KPECUGQHGNGEVTQPKEUJCTGJQNFKPI  of the aforesaid documents will also be available at the as on the cut-off date i.e 27.07.2018. %QORCP[ŏU4GIKUVGTGF1HſEGKP%JGPPCKHQTKPURGEVKQP (vii) A person, whose name is recorded in the register of during normal business hours on working days. Even OGODGTUQTKPVJGTGIKUVGTQHDGPGſEKCNQYPGTU after registering for e-communication, members are maintained by the depositories as on the cut-off date,

6 i.e. 27.07.2018 only shall be entitled to avail the facility for facilitating e-voting for AGM. The instructions of remotee-voting. for e-voting are as under:

(viii) Any person who becomes a member of the Company a. In case of Members receiving an e-mail from after dispatch of the Notice of the Meeting and holding %&5. shares as on the cut-off date i.e., 27.07.2018 may QDVCKPVJG7UGT+&CPFRCUUYQTFKPVJGOCPPGTCU K1RGPVJG2&(ſNGŎ5'2%G8QVKPIRFHŏCVVCEJGF mentioned below: to the e-mail, using your Client ID / Folio No. as RCUUYQTF 6JG 2&( ſNG EQPVCKPU [QWT 7UGT +& (a) If e-mail address or mobile number of the member and Password for e-voting. Please note that the is registered against Folio No. / DP ID Client ID, Password provided in PDF is an ‘Initial Password’. then on the home page of https://evoting. com the member may click “Forgot Password” and enter  KK .CWPEJCPKPVGTPGVDTQYUGTCPFQRGPJVVRUYYY Folio No.or DP ID Client ID and PAN to generate GXQVKPI%&5.EQO apassword.  KKK %NKEMQP5JCTGJQNFGT.QIKP (b) Member may call Central Depository Securities KX+PUGTVŎ7UGT+&ŏCPFŎ+PKVKCN2CUUYQTFŏCUPQVGFKP .KOKVGF %&5. VQNNHTGGPWODGT UVGR K CDQXGCPFENKEMŎ.QIKPŏ (c) Member may send an e-mail request to evoting. v. Password change menu will appear. Change the com. If the member is already registered Password with a new Password of your choice. YKVJ05&.GXQVKPIRNCVHQTOVJGPJGECPWUG Please keep a note of the new Password. JKUGZKUVKPI7UGT+&CPFRCUUYQTFHQTECUVKPI the vote through remotee-voting. 1. It is strongly recommended not to share your Password with any person and take utmost care (ix) The remote e-voting facility will be available during the VQMGGRKVEQPſFGPVKCN following period: XK*QOGRCIGQHGXQVKPIYKNNQRGP%NKEMQPG8QVKPI Commencement of remote e-voting: From 9.00 a.m. - Active Voting Cycles. (IST) on 31.07.2018  XKK 5GNGEVŎ'8'0ŏQH5JTKTCO'2%.KOKVGF 'PF QH TGOQVG GXQVKPI  7R VQ  RO +56  QP 02.08.2018 , viii. Now you are ready for e-voting as ‘Cast Vote’ page opens. The remote e-voting will not be allowed beyond the aforesaid date and time and the e-voting module shall ix. Cast your vote by selecting appropriate option DGFKUCDNGFD[%&5.WRQPVJGGZRKT[QHVJGCHQTGUCKF CPF ENKEM QP Ŏ5WDOKVŏ %NKEM QP Ŏ%QPſTOŏ YJGP period. prompted.

(ii) The Scrutinizer, after scrutinising the votes cast at Z7RQP EQPHKTOCVKQP VJG OGUUCIG Ŏ8QVG ECUV the meeting and through remote e-voting, will, within successfully’ will be displayed. 48 hours of conclusion of the Meeting, make a consolidated scrutinizer’s report and submit the same xi. Once you have voted on the resolution, you will to the Chairman. The results declared along with the not be allowed to modify your vote. consolidated scrutinizer’s report shall be placed on the website of the Company www.shriramepc.com and on xii. Institutional shareholders (i.e. other than VJG YGDUKVG QH %&5. JVVRUYYYGXQVKPIKPFKCEQO KPFKXKFWCNU*7(04+GVE CTGTGSWKTGFVQUGPF The results shall simultaneously be communicated to scanned copy (PDF/JPG Format) of the relevant the StockExchange. $QCTF 4GUQNWVKQP #WVJQTKV[ .GVVGT CNQPI YKVJ attested specimen signature of the duly authorised (iii) Subject to receipt of requisite number of votes, signatory(ies) who are authorised to vote, to the the resolutions shall be deemed to be passed on the 5ETWVKPK\GTD[CPGOCKNCVUETWVKPK\GT"UPCEQPGV date of the meeting i.e.3rd August, 2018. YKVJCEQR[OCTMGFVQGXQVKPI"EFUNEQKP

(vi) Instructions and other information relatingto (a) In case of Shareholders receiving physical copy remotee-voting: of the Notice of AGM and Attendance Slip

A. I. The Company has entered into an arrangement (i) Initial Password is provided, as follows, at the YKVJ%GPVTCN&GRQUKVQT[5GEWTKVKGU.KOKVGF %&5.  bottom of the Attendance Slip.

7 EVEN (E-Voting 75'4+& PASSWORD Event Number) – – –

(ii) Please follow all steps from Sr. No. (ii) to Sr. No. (xii) above, to cast vote.

II In case of any queries, you may refer to the ‘Frequently Asked Questions’ (FAQs) and ‘e-voting user manual’ available KPVJGFQYPNQCFUUGEVKQPQH%&5.ŏUGXQVKPIYGDUKVGYYYGXQVKPIEFUNEQO

++++H[QWCTGCNTGCF[TGIKUVGTGFYKVJ05&.HQTGXQVKPIVJGP[QWE  CPWUG[QWTGZKUVKPI7UGT+&CPF2CUUYQTFHQTECUVKPI vote.

IV The voting rights shall be as per the number of equity share held by the Member(s) as on 27thJuly 2018. Members are eligible to cast vote electronically only if they are holding shares as on that date.

8 6JGGXQVKPIOQFWNGUJCNNDGFKUCDNGFD[%&5.CVROQPVJGUCOGFC[

By Order of the Board

K Suresh Chennai Vice President & 7th June, 2018 Company Secretary

4GIKUVGTGF1HſEG Sigappi Achi Building, 4th Floor, 4WMOKPK.CMUJOKRCVJK4QCF Egmore, Chennai-600008 %+0.602.% Tel:+91(44)49015678 Fax: 91(44)4901 5655 'OCKNKPXGUVQTTGNCVKQPU"UJTKTCOGREEQO Website: www.shriramepc.com

8 56#6'/'0627457#06615'%6+101(6*'%1/2#0+'5#%6

#UTGSWKTGFWPFGT5GEVKQPQHVJG%QORCPKGU#EV #EV VJGHQNNQYKPIUVCVGOGPVUGVUQWVCNNOCVGTKCNHCEVU TGNCVKPIVQVJGDWUKPGUUGUOGPVKQPGFWPFGTKVGOPQUCPFQHVJG#EEQORCP[KPI0QVKEG ITEM NO 2 6JG $QCTF TGEQOOGPFU VJG TCVKſECVKQP QH TGOWPGTCVKQP st Mr.R. Sundararajan is liable to retire by rotation at this AGM RC[CDNGVQ%QUV#WFKVQTUHQTVJGſPCPEKCN[GCTGPFKPI pursuant to Section 152(6) of the Companies Act 2013 March, 2018. and being eligible has offered himself for re-appointment. Memorandum of Interest The Company has received the requisite consent and None of the Directors or Key Managerial Personnel of disclosures from him the company or their relatives is interested or concerned, Mr. R. Sundararajan was born on 28th #RTKN  *G KU ſPCPEKCNN[QTQVJGTYKUGKPVJGCHQTGUCKF1TFKPCT[4GUQNWVKQP C /GEJCPKECN 'PIKPGGT HTQO VJG ,CFJCXRWT 7PKXGTUKV[ ITEM NO.4 Calcutta, and an MBA from Indian Institute of Management, The Board vide its Resolution dated 7th June 2018 had Ahmedabad. Mr. Sundararajan comes with a rich experience approved the re-appointment of Mr. T Shivaraman as QHQXGT[GCTU*GJCUURGCTJGCFGFUKIPKſECPVVGEJPQNQI[ the Managing Director & CEO of the Company for a innovations and foreign collaborations in this sector. further period of 3 years from 20th September 2018 to 19th Earlier, Mr. Sundararajan was the Executive Vice President- September 2021. 5VTCVGIKE $WUKPGUU 2NCPPKPI QH /CVTKZ .CDQTCVQTKGU .VF The present reappointment for a further period of 3 years will *GKUEWTTGPVN[#FXKUQTVQ5JTKTCO)TQWRQH%QORCPKGU be on the increased remuneration as recommended by the Chennai and on the Board of several reputed Companies Nomination & Remuneration Committee and approved by NKMG 4#/$#. .KOKVGF /GFKURCP .KOKVGF  1TKGPV )TGGP the Board on 30.5.2017 with an increase of 10% every year. RQYGTEQORCP[.KOKVGF6CMGUQNWVKQPUNKOKVGF6GPUJK .KHGECTG2TKXCVG.KOKVGF5JTKTCO%TGFKVEQORCP[.KOKVGF Gross Annual Salary (Basic Pay) CPF0#/16GEJQPQNQIKGU+PFKC2TKXCVG.KOKVGF 4U 4WRGGU(QTV['KIJV.CMJUQPN[ *GJCUVTCXGNNGFCTQWPFVJGYQTNFCVVGPFGFKPVGTPCVKQPCN CATEGORY “A” conferences and interacted with major international *QWUG4GPV#NNQYCPEG.GCXG6TCXGN%QPEGUUKQP/GFKECN pharmaceutical manufacturers. Reimbursement, fees of clubs and personal Accident nd *G KU UGTXKPI CU C &KTGEVQT QH VJG %QORCP[ UKPEG  Insurance as under. October, 2005. K  *QWUKPI *GKUCOGODGTQHVJGHQNNQYKPI%QOOKVVGGU+PXGUVOGPV Committee 2. Nomination & Remuneration Committee 3. #PPWCN*QWUG4GPV#NNQYCPEG4U Stakeholder Relationship Committee (ii) Medical re-imbursement- Rs.15000/- per annum *G JQNFU  UJCTGU KP VJG %QORCP[ CPF JCU PQ KKK  .GCXG6TCXGN%QPEGUUKQP4URGTCPPWO relationship, inter-se, with any other Directors of the (iv) Club fees: Company. Fees of clubs subject to a maximum of 2 clubs and ITEM NO.3 amount not exceeding Rs 50,000/ p.a. This will not Pursuant to Section 148(3) and all other applicable include admission and life membership. provisions of the Companies Act, 2013 read with Rule 14 of (v) Personal Accident Insurance: the Companies (Audit and Auditors) Rules, 2014, (including CP[UVCVWVQT[OQFKſECVKQP U QTTGGPCEVOGPVVJGTGQHHQTVJG Premium not to exceed Rs.15000/- p.a. time being in force) has approved the appointment of Mr. (vi) Contribution to Provident Fund: 12% of Basic- G Sundaresan, Cost Accountant (Membership No: 11733 Rs.576000/- p.a as Cost Auditor to conduct the audit of cost records of the (vii) Commission: 0.5% of Net profit upto a limit not %QORCP[HQTVJGſPCPEKCN[GCTGPFKPIQPst March 2018 exceeding Rs.20,00,000/- in a year on a remuneration of Rs.50000/-(exclusive of GST as may be applicable) and payment of such out of pocket expenses. CATEGORY “B” 6JGTGOWPGTCVKQPRC[CDNGVQVJGEQUVCWFKVQTUJCNNDGTCVKſGF Gratuity payable Rs.154000/- per annum. by the shareholders of the Company. CATEGORY “C” Accordingly, consent of members is sought for passing an 1TFKPCT[4GUQNWVKQPHQTTCVKſECVKQPQHTGOWPGTCVKQPRC[CDNG Provision for car for use on Company’s business and VQVJG%QUV#WFKVQTHQTVJGſPCPEKCN[GCTGPFKPIst March, telephone at residence will not be considered as perquisites. 2018 in terms of Section 148(3) and all other applicable Personal long distance calls on telephone and use of car provisions of the Companies Act, 2013 read with Rule 14 of for private purposes shall be billed by the Company to MD the Companies (Audit and Auditors) Rules, 2014. & CEO.

9 Annual Increment: To be decided by the Nomination and ITEM NO. 5 Remuneration Committee subject to a maximum of 10% The Board vide its Resolution dated 7th June 2018 had per year. approved the re-appointment of Mr. M Amjat Shariff, Joint .GCXG'PVKVNGOGPV#URGTTWNGUQHVJG%QORCP[ Managing Director of the Company for a further period of 3 th th The perquisites mentioned above are interchangeable years from 20 September 2018 to 19 September 2021. within the overall ceiling of the Annual salary of Managing The present reappointment for a further period of 3 years will Director& CEO. be on the increased remuneration as recommended by the Mr. T Shivaraman is a B. Tech (Chemical Engineering) and Nomination & Remuneration Committee and approved by CP/5HTQO++6*GUVCTVGFJKUECTGGTCUCOCPCIGOGPV the Board on 30.5.2017 with an increase of 10% every year. 6TCKPGGKP+%++PFKC.VFCVVJGKT(GTVKNK\GT2NCPVKP-CPRWT Gross Annual Salary (Basic Pay) *G JCU OQTG  [GCTUŏ GZRGTKGPEG KP RNCPV QRGTCVKQPU 4U 4WRGGU(QTV['KIJV.CMJUQPN[ CPF RTQLGEV GPIKPGGTKPI *G JCU DGGP KPXQNXGF YKVJ VJG CATEGORY “A” '2%$WUKPGUUUKPEG*GKUYGNNXGTUGFKPVGEJPKECN handling of projects, studying its viability and feasibility *QWUG4GPV#NNQYCPEG.GCXG6TCXGN%QPEGUUKQP/GFKECN has no relationship, inter-se, with any other Directors of Reimbursement, fees of clubs and personal Accident the Company. Mr. T Shivaraman is a Director of Orient Insurance as under. )TGGP2QYGT%QORCP[.KOKVGFCPFKUC/GODGTKP%54 XKKK *QWUKPI Committee of the Company. #PPWCN*QWUG4GPV#NNQYCPEG4U 9JGTGKPCP[ſPCPEKCN[GCTFWTKPIVJGEWTTGPE[QHVGPWTG (ix) Medical re-imbursement- Rs.15000/- per annum QH VJG /CPCIKPI &KTGEVQT VJG %QORCP[ JCF PQ RTQſVU Z  .GCXG6TCXGN%QPEGUUKQP4URGTCPPWO or inadequate profits, the Company would pay Mr. T Shivaraman, remuneration, perquisites not exceeding the (xi) Club fees: ceiling laid down in Section II of Part II of Schedule V of Fees of clubs subject to a maximum of 2 clubs and amount the Companies Act, 2013, and as would be decided by the not exceeding Rs 50,000/ p.a. This will not include Board of Directors. admission and life membership. The terms and conditions of remuneration may be varied (xii) Personal Accident Insurance: from time to time by the Board as it may, in its discretion, Premium not to exceed Rs.15000/- p.a. FGGOſVKPEQPUWNVCVKQPYKVJ/CPCIKPI&KTGEVQTRTQXKFGF (xiii) Contribution to Provident Fund: 12% of Basic- such variation is in accordance with the provisions of Rs.576000/- p.a Schedule V of the Companies Act, 2013 and/ or the provisions of law as may be applicable thereto from time (xiv) Commission: 0.5% of Net profit upto a limit not to time. exceeding Rs.20,00,000/- in a year The Managing Director shall not be entitled to receive any CATEGORY “B” fees for attending the Meetings of the Board of Directors of Gratuity payable Rs.154000/- per annum. the Company or Committees thereof. CATEGORY “C” The remuneration package of Mr. T Shivaraman and other Provision for car for use on Company’s business and details such as remuneration, service contract, notice period, telephone at residence will not be considered as perquisites. etc. have been disclosed above. The Company does not Personal long distance calls on telephone and use of car have any scheme for grant of stock options. for private purposes shall be billed by the Company to and The Board recommends the approval by the members of Joint Managing Director. the re-appointment of Mr. T Shivaraman as the Managing Annual Increment: To be decided by the Nomination and Director & CEO and payment of remuneration to him. Remuneration Committee subject to a maximum of 10% Mr. T Shivaraman is concerned or interested in the said per year. resolution at item no. 4 accompanying notice. .GCXG'PVKVNGOGPV#URGTTWNGUQHVJG%QORCP[ The above may be treated as an abstract of the terms of The perquisites mentioned above are interchangeable within re-appointment payable to Mr. T Shivaraman, as Managing the overall ceiling of the Annual salary of Joint Managing Director as required, pursuant to section 196 of the Director. Companies Act, 2013. Mr. M Amjat Shariff is basically a Chemical Engineer with Memorandum of Interest /6GEJ %JGO  ++6 %JGPPCK  *G UVCTVGF JKU ECTGGT CU Except Mr T. Sivaraman, being the Appointee, none of the Chief Engineer and was involved in design and installation Directors or Key Managerial Personnel of the company of hi-tech projects for a variety of industrial applications in QTVJGKTTGNCVKXGUKUKPVGTGUVGFQTEQPEGTPGFſPCPEKCNN[QT the areas of fertilizer, chemical, ferrous and non-ferrous and otherwise in the aforesaid Special Resolution. QVJGTKPFWUVTKGU*GJCUQXGT[GCTUŏGZRGTKGPEGKPRTQLGEV

10 GZGEWVKQPUCNGUOCTMGVKPICPFEQTRQTCVGRNCPPKPI*GJCU The Board recommends the approval by the members of the specialized in core sector, executing and management of re-appointment of Mr. Mr. M Amjat Shariff as Joint Managing RTQLGEVURCTVKEWNCTN[TGNCVGFVQUVGGNEQRRGTCPFRQYGT*G Director and payment of remuneration to him. has vast experience in imparting training to professionals Mr. M Amjat Shariff is concerned or interested in the said and has no relationship, inter-se, with any other Directors resolution at item no.5 accompanying notice. of the Company. Mr. M Amjat Shariff is not a Director in any The above may be treated as an abstract of the terms of QVJGT.KUVGF'PVKV[CPFKUCNUQPQVC/GODGTQHCP[QHVJG re-appointment payable to Mr. M Amjat Shariff, as Joint Committees of the Company. Managing Director as required, pursuant to section 196 of 9JGTGKPCP[ſPCPEKCN[GCTFWTKPIVJGEWTTGPE[QHVGPWTG the Companies Act, 2013. of the Joint Managing Director, the Company had no Memorandum of Interest RTQſVUQTKPCFGSWCVGRTQſVUVJG%QORCP[YQWNFRC[/T M Amjat Shariff, remuneration, perquisites not exceeding Except Mr M. Amjat Shariff, being the Appointee, none of the ceiling laid down in Section II of Part II of Schedule V the Directors or Key Managerial Personnel of the company of the Companies Act, 2013, and as would be decided by QTVJGKTTGNCVKXGUKUKPVGTGUVGFQTEQPEGTPGFſPCPEKCNN[QT the Board of Directors. otherwise in the aforesaid Special Resolution. The terms and conditions of remuneration may be varied from time to time by the Board as it may, in its discretion, deem fit, in consultation with Joint Managing Director By Order of the Board provided such variation is in accordance with the provisions of Schedule V of the Companies Act, 2013 and/ or the K Suresh provisions of law as may be applicable thereto from time Chennai Vice President & to time. 7th June, 2018 Company Secretary The Joint Managing Director shall not be entitled to receive any fees for attending the Meetings of the Board of Directors of the Company or Committees thereof. 4GIKUVGTGF1HſEG Sigappi Achi Building, 4th Floor, The remuneration package of Mr. M Amjat Shariff and other details such as remuneration, service contract, notice period, 4WMOKPK.CMUJOKRCVJK4QCF etc. have been disclosed above. The Company does not Egmore, Chennai-600008. have any scheme for grant of stock options.

11 Management Discussion and Analysis FY - 2017-18 %QORCP[1XGTXKGY Estate Investment Trusts and Infrastructure Investment Trusts to improve the availability and sources of capital *GCFSWCTVGTGF KP %JGPPCK 6COKN 0CFW 5JTKTCO '2% while optimizing costs. .KOKVGF 5'2%  KU QPG QH VJG EQWPVT[ŏU NGCFKPI UGTXKEG provider of integrated design, engineering, procurement, In addition, it is also undertaking measures towards construction and project management services for water and improving the ease of doing business, reducing government waste-water treatment plants and infrastructure, process intervention in the business and opening up new sectors. and metallurgy plants, power plants, and mines and mineral processing. +PFWUVT[1XGTXKGYEQXGTKPIMG[UGEVQTU SEPC has a proven track record, having executed some of operations of the most complex and technically challenging projects 9CVGTCPFYCUVGYCVGT across the country and overseas. Projects are being executed in Africa and the Middle East. The Indian water market size is estimated to be about $ 30 billion. Due to the central and state governments’ renewed vigour in propounding the reduction and eventual elimination 'EQPQOKE1XGTXKGY of pollution in India’s rivers, the wastewater treatment Global Economic Scenario sector is expected to grow faster than water treatment. The revival in the global economy is expected to be sustained The pollution of India’s rivers has become critical, and the over the next couple of years and may even accelerate government is leaping into action in an attempt to tackle given the likely momentum in export dependent emerging it. Only around 30% of wastewater generated in India is market and developing economies (EMDEs) thanks to VTGCVGFCPFOKNNKQPUQHNKVTGUQHWPVTGCVGFYCUVGYCVGTƀQY a rebound in commodity prices. Further, implementation into rivers every day. The pollution of India’s rivers has of structural reforms undertaken across developed and become critical, and the government is taking rapid action developing economies is expected to lead to an improved in an attempt to tackle this problem. ITQYVJ VTCLGEVQT[ *QYGXGT VJG KPETGCUKPI ENCOQWT HQT · Key focus areas: equipment supply, public private RTQVGEVKQPKUOIGQRQNKVKECNVGPUKQPUCPFſPCPEKCNKPUVCDKNKV[ partnerships for water supply and distribution, water could derail the growth potential. treatment plants and water EPC (engineering, procurement The World Bank forecasts global economic growth to and construction) business and integrated water resource edge up to 3.1 percent in 2018 after a much stronger- management for utilities than-expected 2017, as the recovery in investment, manufacturing, and trade continues. Growth in advanced economies is expected to moderate slightly to 2.2 percent in 2018, as central banks are preparing to gradually withdraw the accommodative policies undertaken post crisis following stabilizing of economy. Growth in emerging market and developing economies as a whole is projected to strengthen to 4.5 percent in 2018, as activity in commodity exporters continues to recover amid ſTOKPIRTKEGU

Domestic Economic Scenario Government initiatives According to The World Bank, the Indian economy is 6JG %GPVTG JCU CNNQECVGF QH 4U  ETQTG 75 likely to grow at 7.6 % in 2017-18 and 7.8 % in 2018-19, billion) to the Ministry of Water Resources in FY 2016-17 retaining its tag of being the fastest growing major economy and shrugging off any slowdown concerns caused by 6JG%GPVTG#NNQECVKQPQH4UETQTG 75DKNNKQP  Government’s demonetization program. The economy is in FY 2016-17 expected to revert to its historical growth rate on the back Swachh Bharat Abhiyan (Clean India Campaign), of implementation of structural reforms and likely pick up in the country’s biggest drive to improve sanitation and consumption. Early signs of revival are visible in the form ENGCPNKPGUU75DKNNKQPJCUDGGPCNNQECVGFHQTVJG%NGCP of uptick in industrial output and improving performance of Ganga programme for the next 5 years core sectors. The Government is also targeting inclusive growth through its various schemes such as Jan Dhan, #URGTVJG7PKQPDWFIGVCNNVJGŎCEVKXGŏKTTKICVKQP Digital India & Sagar Mala. Further, it is also working on projects are to be placed under the Accelerated Irrigation addressing the concerns grappling the banking sector by $GPGſV 2TQITCOOG #+$2  QP HCUV VTCEM CPF TCKUG VJG undertaking measures towards deepening the debt markets, TGSWKTGF4UETQTGVQſPCPEGVJTQWIJDWFIGVCT[CPF promoting newer funding avenues / instruments like Real extra-budgetary resources

12 Metallurgy to Mr Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, Renewable Energy and Mines, Government The growth in the Indian steel sector has been to a large of India. extent driven by domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the In September 2017, the Government of India launched the steel sector has been one of the major contributors to India’s Saubhagya scheme to provide electricity connections to over manufacturing output. 40 million families in rural and urban areas by December CVCEQUVQH75DKNNKQP The Indian steel industry is highly modernized with most of the leading players deploying state of the art technology. Market Size 7UCIGQHNCVGUVVGEJPQNQI[JCUTGUWNVGFKPJKIJGTGHſEKGPEKGU and output levels. India’s crude steel output grew 5.87 per +PFKCPRQYGTUGEVQTKUWPFGTIQKPICUKIPKſECPVEJCPIGVJCV cent year-on-year to 101.227 million tonnes (MT) in CY JCU TGFGſPGF VJG KPFWUVT[ QWVNQQM 5WUVCKPGF GEQPQOKE 2017. Crude steel production reached 93.183 MT during growth continues to drive electricity demand in India. The #RTKN(GDTWCT[6QVCNEQPUWORVKQPQHſPKUJGFUVGGN Government of India’s focus on attaining ‘Power for all’ stood at 81.943 MT during April-February 2017-18 has accelerated capacity addition in the country. At the Steel industry and its associated mining and metallurgy same time, the competitive intensity is increasing at both sectors have seen a number of major investments and VJGOCTMGVCPFUWRRN[UKFGU HWGNNQIKUVKEUſPCPEGUCPF developments in the recent past. Some of the other recent manpower). government initiatives in this sector are as follows: Total installed capacity of power stations in India stood at Government of India’s focus on infrastructure is aiding 334,146.91 Megawatt (MW) as on February, 2018. the boost in demand for steel. Also, likely acceleration The Ministry of Power has set a target of 1,229.4 billion units in rural economy and infrastructure is expected to lead $7 QHGNGEVTKEKV[VQDGIGPGTCVGFKPVJGſPCPEKCN[GCT to growth in demand for steel. 18. The annual growth rate in renewable energy generation 6JG 7PKQP %CDKPGV )QXGTPOGPV QH +PFKC CRRTQXGF VJG has been estimated to be 27 per cent and 18 per cent for National Steel Policy (NSP) 2017, in its attempt to create a conventional energy. globally competitive steel industry in the country. NSP 2017 The Indian solar industry has installed a total of 2,247 targets 300 million tonnes (MT) steel-making capacity and megawatts (MW) in the third quarter of 2017, from 1,947 160 kgs per capita steel consumption by 2030. MW in the second quarter of 2017. The cumulative installed Road ahead ECRCEKV[TGCEJGF/9KPVJGſTUVPKPGOQPVJUQH India is expected to become the second largest steel covering more than one-third of total new power capacity producer in the world by 2018, based on increased capacity addition in 2017. addition in anticipation of upcoming demand, and the new The total estimated potential of tidal energy in India is about UVGGNRQNKE[VJCVJCUDGGPCRRTQXGFD[VJG7PKQP%CDKPGV 8,000 megawatt (MW), of which 7,000 MW is in the Gulf of in May 2017, is expected to boost India’s steel production. Kambhat, 1,200 MW is in the Gulf of Kutch and 100 MW in is It aims to achieve 300 million tonnes of annual steel the Gangetic Delta. production by 2025-30. 2QYGT The Road Ahead Power is one of the most critical components of infrastructure The Government of India has released its roadmap to crucial for the economic growth and welfare of nations. The achieve 175 GW capacity in renewable energy by 2022, existence and development of adequate infrastructure is which includes 100 GW of solar power and 60 GW of essential for sustained growth of the Indian economy. YKPFRQYGT6JG7PKQP)QXGTPOGPVQH+PFKCKURTGRCTKPI a ‘rent a roof’ policy for supporting its target of generating +PFKCŏURQYGTUGEVQTKUQPGQHVJGOQUVFKXGTUKſGFKPVJG 40 gigawatts (GW) of power through solar rooftop projects world. Sources of power generation range from conventional by 2022. sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as Coal-based power generation capacity in India, which wind, solar, and agricultural and domestic waste. Electricity currently stands at 192 GW is expected to reach 330-441 demand in the country has increased rapidly and is expected GW by 2040##. to rise even further in the years to come. In order to meet the increasing demand for electricity in the country, sizeable The 2026 forecast for India’s non-hydro renewable energy capacity addition is required. capacity has been increased to 155 GW from 130 GW on the back of more than expected solar installation rates and India ranks third among 40 countries in EY’s Renewable successful wind energy auctions#. Energy Country Attractiveness Index, on back of strong focus by the Government on promoting renewable energy India’s installed solar power capacity reached 14,771.69 as and implementation of projects in a time bound manner. of September 2017. th Further, India has moved up 73 spots to rank 26 in the The Government’s immediate goal is to generate two trillion World Bank’s list of electricity accessibility in 2017, according units (kilowatt hours) of energy by 2019, which would

13 entail doubling the current production capacity to provide (KPCPEKCN2QUKVKQP5'2%ŏUſPCPEKCNUVTGPIVJKUEWTTGPVN[ 24x7electricity for residential, industrial, commercial and subdued due to impact of external environment and agriculture use. circumstances on its business performance. While the promoters have infused additional funds in the Company, it Key Developments - Company KUUVGCFKN[TGUVTWEVWTKPIUKUſPCPEKCNRQUKVKQPYKVJVJGUWRRQTV QHNGPFGTU#UKVKORTQXGUKVUſPCPEKCNRQUKVKQPKVCDKNKV[VQ 6JG%QORCP[JCUVWTPGFRTQſVCDNGHQTVJGRCUV[GCTNCTIGN[FWG compete for business will be enhanced. to the increased turnover and the reduction in interest outgo. The overseas project in the Middle East has contributed Opportunities – UKIPKſECPVN[VQVJG%QORCP[ŏUVWTPQXGT Domestic Market

SWOT Analysis – The Government of India is taking every possible initiative to boost the infrastructure sector. Strengths – +PXGUVOGPVU KP GZEGUU QH 4U  NCMJ ETQTG 75  5VTQPI 2TQOQVGT 5WRRQTV Ō 5'2% KU RCTV QH 58. C billion) are required in the countrys infrastructure to increase conglomerate with presence across varied business the growth of GDP and connect and integrate countrys segments like real estate, information technology and transport network. ſPCPEKCNUGTXKEGU6JGUWRRQTVQHHGTGFJCUDGGPGZVTGOGN[ valuable and has aided in business sustenance during Ŗ$WFIGVCT[CNNQECVKQPHQTKPHTCUVTWEVWTGKUUGVCV4U extremely challenging periods in recent times. NCMJETQTG 75DKNNKQP HQT Ŗ#NNVKOGJKIJCNNQECVKQPUJCXGDGGPOCFGVQVJGTCKN 6GEJPKECN2TQſEKGPE[Ō5'2%ŏUGHſEKGPE[KPRTQXKFKPIJKIJ and road sectors. end designing and engineering solutions have enabled it Ŗ7PFGT VJG 5OCTV %KVKGU /KUUKQP RTQLGEVU YQTVJ 4U to carve out a niche for itself in domestic and international 2,350 crore (369.43 million) have been completed market. The Company’s ability to offer cost effective CPFRTQLGEVUYQTVJETQTG 75DKNNKQP CTG solutions to its clients facilitates them to improve their under progress. A total of 99 cities have been selected competitive positioning, maximize assets and increase under the mission with an outlay of Rs 2.04 lakh crore long term business success. Further, SEPC’s capability in 75DKNNKQP  offering customized solutions helps it to differentiate itself HTQO VJG TGUV 6JG EQPƀWGPEG QH UWEJ HCEVQTU TGUWNVU KP Around 35,000 km of road construction has been approved securing repeat orders from its clients. under the Phase-1 of the Bharatmala Pariyojana at an GUVKOCVGFEQUVQH4UNCMJETQTG 75DKNNKQP Well established in sectors with high potential – SEPC has developed strong expertise and offerings catering to International Market sectors such as water and waste-water distribution and water treatment plants, process and metallurgy projects, The overseas project in the Middle East for constructing especially in the steel sector, mines & mineral processing Balance of Plant (BoP) for 1.2 MTPA Mini Mill Project in and power plants including renewable energy. The water Sohar, Sultanate of Oman through its 100 % subsidiary, sector especially enjoy high potential and provides the 5*4+4#/'2%(<'5*#4,#*KURTQITGUUKPIYGNN EQORCP[UKIPKſECPVQRRQTVWPKV[HQTHWTVJGTITQYVJKP+PFKC The company continues to look for increasing the proportion and overseas market. of international projects with better margins, which will Skilled Management – A strong management is a backbone negate the lower margins in domestic orders. of any successful organization. SEPC’s management team EQORTKUGUQHSWCNKſGFRGTUQPPGNYKVJTKEJGZRGTKGPEGYJQ Wider Offerings have been instrumental in guiding the Company through SEPC has broadened its offerings over the years by not only UQOG QH VJG OQUV EJCNNGPIKPI CPF FKHſEWNV VKOGU HQT VJG becoming horizontally integrated but by also venturing into EPC Industry. Also, the management is equally supported newer segments. Expertise across multiple verticals has not by its Board of directors, with both teams working towards only enabled the Company to lower its concentration risk ensuring growth and development of the business of the but the same has also enabled SEPC accrue synergetic Company. DGPGſVUHQTKVUGZKUVKPIEQTGDWUKPGUU

Weakness – Threats – Cyclical nature of business– Despite offering solutions and Regulatory & Political Risk services across various sectors, the Company’s success is dependent upon the business climate and health of The Company functions in a dynamic and ever changing the overall economy. Any slowdown in domestic or global business environment, wherein any sudden withdrawal business environment might result in clients delaying or or policy cancellation can have an adverse impact on the curtailing their expansion plan in turn affecting the growth businesses overall operations. In addition, higher level of our business. of regulations can also have an adverse impact on the %QORCP[ŏURTQſVCDKNKV[

14 Increasing Competition 2TQſVafter Tax – The company reported loss of Rs. 2.09 *GKIJVGPGF EQORGVKVKQP TGUWNVU KP KPETGCUGF DKFFKPI HQT Cr for the current year as against the loss of Rs. 137.44 Cr projects which in turn forces companies to bid for projects during the previous year. at unviable margins. In addition, increased competition Equity –The Company’s share capital increased by 3.69% ECPJCXGCPGICVKXGKORCEVQPRTQſVCDKNKV[QYKPIVQNQYGT during 2018-19 mainly on account of the conversion of loans revenue generation and greater operating cost. into equity by the bankers and 35 crores equity infusion by a private Company. Reserves & surplus increased by 26.69 % SEPC Outlook during the year due to a securities premium on conversion The Company has been going through challenging time of loans into equity. over the past few years, a consequence of slowing capex Loan – The loans (short term and long term) outstanding activities and higher interest environment in the country. as on 31.03.2018 is Rs. 793.28 Crores compared to the Subdued economic activities resulted in clients cancelling position as on 31.03.2017 of Rs. 836.18 crores. Cash and or delaying their expansion plans in turn affecting the bank balance as of 31.03. 2018 stood at Rs. 23.73 crore TGXGPWG XKUKDKNKV[ CPF ECUJ ƀQYU E[ENG QH VJG %QORCP[ (Rs. 55.43 crore) resulting in a net debt at Rs. 769.55 crore On the other hand, debt commitments in terms of interest (Rs. 780.75 crores) expenses kept on mounting leading to tightening of liquidity RQUKVKQPCPFRTQſVCDKNKV[GTQUKQPQHVJGDWUKPGUU*QYGXGT %QORCP[1XGTXKGY KPCDKFVQTGXKXGVJGDWUKPGUUCPFTGUVQTGKVUſPCPEKCNUVJG Company has undertaken a series of measures directed Your Company offers services relating to industrial VQYCTFUKORTQXKPIKVUQRGTCVKQPCNGHſEKGPEKGUEWVVKPIFQYP processes, metallurgy, thermal power plants, biomass power on expenses and negotiating with the bankers for securing plants, Mines and Mineral processing, water and waste and better terms on existing debt. The promoters as well have water management and distribution systems. shown their faith in the business and continued to offer support in monetary and non-monetary terms. The faith was 2TQEGUU/GVCNNWTI[/KPKPI4QRGYC[ equally replicated by our clients who despite the current SEPC provides turnkey contracting solutions comprising situation had little hesitation in awarding contracts to the of designing, engineering and construction for Ferrous Company - a testament to our project execution capability. & Non Ferrous Industries, Cement Plants, Coke Oven & The Company’s strategic initiatives are also ably supported By-product Plants, Process Plants and material handling, by improving macro environment on the back of supportive Mining & Ropeway. policies of the government. The Company’s broad range of metallurgical process design The Company is optimistic that the above factors will help it options helps reduce risk, enhance value and maximize emerge as a stronger and more focused EPC player. return. SEPC’s has strategic tie-ups with renowned global players Financial Performance in this segment Revenue –Total income during the year stood at Rs. 828.86 The Company’s client roster comprises of renowned brands crore, higher by 11.37% when compared with Rs. 744.22 NKMG )TCUKO /#.%1 5#+. 4+0. 0/&% *KPFWUVCP crore generated during corresponding period last year. Copper, Kerala Feeds etc. Other Income – Other income comprising mainly of interest income for the period stood at Rs.105.36 crore as against Rs. in crs. Rs. 87.83 crore. Palani Ropeway 72 Expenditure – Total expenditure before interest and depreciation for the year stood at Rs. 813.22 crore compared *KPFWUVJCP%QRRGT.VFŌ/KPKPI 25 to Rs.737.19 crore during the previous year. The increase in expenditure by 10.31% is less than the increase in revenue of 11.37% during the same period. 2QYGT2TQLGEVU Interest – Interest expense for the year stood at Rs. 103.73 SEPC is amongst the few players in the country that are crore as against Rs. 297.62 crore. The decrease has been actively involved in building broad range of energy projects. primarily on account of conversion of loans into equity. 9KVJ UKIPKſECPV GZRGTVKUG CPF GZRGTKGPEG KP GZGEWVKPI Depreciation - Depreciation expense for the year stood at complex power projects across conventional and renewable Rs. 5.86 crore as against Rs. 6.08 crore. projects the Company is more than just a contractor. Provision for Taxation – During the year the current Water and Waste Water Management VCZCVKQP KU 0+. 2TGXKQWU ;GCT 0KN  6JG RTQXKUKQP HQT Deferred tax is made for Rs. 13.50 crore compared to SEPC provides turnkey design – build environmental 4U  ETQTGOCKPN[QPCEEQWPVQHRTQſVUOCFGFWTKPI projects related to water and waste water treatment, the year. management and water distribution system.

15 SEPC is amongst the leading player offering technologies Company, it has idGPVKſGF1EEWRCVKQPCN*GCNVJ5CHGV[ and services that help municipal and industrial customers as one of its focus areas. Various training programmes meet their wastewater treatment requirements. have been conducted at the sites such as behavior DCUGFUCHGV[VTCKPKPIRTQITCO8KUKDNG5CHGV[.GCFGTUJKR The company undertakes municipal services projects and RTQITCO.QIKUVKEU5CHGV[RTQITCOGVE6JGCEEQWPVCDKNKV[ is involved in EPC projects for water treatment plants, structure has also been strengthened by integrating underground drainage systems, wells and pump houses and pipe rehabilitation systems. 1*5 EQORGVGPEKGU KPVQ VJG LQD FGUETKRVKQPU QH CNN .KPG Management and Safety Professionals. During the year, the Company has received the following orders: Internal Control Systems and their Adequacy Domestic orders The Company has an Internal Control System, commensurate Water and Infrastructure projects with the size, scale and complexity of its operations. To Rs. in crs maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of 69#&*QUWTŌ&TKPMKPIYCVGT5WRRN[ 83 the Board. -7+&(%&CXCPCIGTGŌ&TKPMKPI9CVGT5WRRN[ 83 The Internal Audit Department monitors and evaluates Town Municipal Council- Byadgi – 24 X 7 VJG GHſECE[ CPF CFGSWCE[ QH KPVGTPCN EQPVTQN U[UVGO KP 38 Water supply the Company, its compliance with operating systems, $7+&%1Ō)C[C:9CVGTUWRRN[ 312 accounting procedures and policies at all project sites of the Company. Based on the report of internal audit DWSD-Baghmara 84 function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Risk Management and Internal Controls 5KIPKſECPVCWFKVQDUGTXCVKQPUCPFEQTTGEVKXGCEVKQPUVJGTGQP are presented to the Audit Committee of the Board. Risk Management Your Company’s risk management policy, approved by the Board of Directors supports business endurance and Human Resources ensures achievement of strategic goals. The purpose of SEPC recognizes that its employees are its key assets and risk assessment is to identify and analyze risks that could that the Company’s eventual performance is dependent on CHHGEVVJGCEJKGXGOGPVQHURGEKſGFVCTIGVUCPFVQKFGPVKH[ its ability to motivate and retain quality people. measures to reduce risks. Many initiatives have been taken to support business Project Risks: VJTQWIJ QTICPK\CVKQPCN GHſEKGPE[ RTQEGUU EJCPIG CPF The Infrastructure Industry is going through tough times and XCTKQWUGORNQ[GGGPICIGOGPVRTQITCOOGU#UKIPKſECPV VJG%QORQWPF#PPWCN)TQYVJ4CVG %#)4 HQTVJGPGZVſXG effort has also been undertaken to develop leadership as years is expected to be ~6.5 %. In the execution of large well as technical/functional capabilities in order to meet projects there could be exposure to time and cost overruns. future talent requirement. To mitigate these risks, the project management team and 6JG%QORCP[ŏU*4RTQEGUUGUHQNNQYCPKORTQXGFJKTKPICPF the project accounting and governance framework has on-boarding, fair and transparent performance evaluation and been further strengthened. The Company has developed talent management process, and market aligned policies. CUGRCTCVGUVTWEVWTGCV2TQLGEVUKVGUYKVJFGſPGFTQNGUCPF accountability of individuals especially for large projects. Leadership Development Competition Risks: As a part of leadership development, a number of senior, The Infrastructure Industry is intensely competitive with OKFFNG CPF QVJGT GORNQ[GGU CTG KFGPVKſGF HQT CFFKVKQPCN the foray of new entrants and some of the existing players responsibilities or are assigned to small independent adopting inorganic growth strategies. To mitigate this risk, RTQLGEVUYJKEJCTGRNCPPGFHQTKFGPVKſGFVCNGPV the Company is leveraging on its expertise, experience and it’s created opportunities to enlarge product portfolio and The Company also imparts necessary training and service offerings. GFWECVKQPQPKVUGORNQ[GGUKPVJGCTGCQH*GCNVJ5CHGV[ and environment. OH&S Risks: As of March 2018, the Company’s total human capital Safety of employees and workers is of utmost importance comprising of experienced and well skilled employees to the Company. To reinforce the safety culture in the stood at 441.

16 Directors’ Report

Dear Shareholder, Your Directors present the Eighteenth Annual Report together with the Audited Financial Statements of your Company for VJGſPCPEKCN[GCTGPFGFst March, 2018.

FINANCIAL RESULTS (`KP.CMJU

Consolidated Consolidated Standalone Standalone (12 months) (12 months) (12 months) (12 months) 2017-18 2016-17 2017-18 2016-17 Total Income 82886.63 74422.23 61504.33 51968.59 2TQſVDGHQTG+PVGTGUV&GRTGEKCVKQP 12100.22 9077.92 2827.60 (649.06) tax and extra-ordinary items Interest & depreciation 10959.00 30370.17 10934.80 30365.97 2TQſVDGHQTGVCZDGHQTG 1141.21 (20884.69) 2425.90 (2231.93.) extra-ordinary items Provision for taxation 1350.71 (7547.72) 1349.81 (7547.72) 2TQſVCHVGTVCZGZVTCQTFKPCT[KVGOU (209.50) (13744.53) 1076.09 (15091.76) Balance brought forward from last (170611.57) (156867.04) (167166.73) (152074.97) year 2TQſVCXCKNCDNGHQTCRRTQRTKCVKQP (170821.07) (170611.57) (166090.64) (167166.73) Transfer to general reserves – – – – Surplus carried forward (170821.07) (170611.57) (166090.64) (167166.73)

OPERATING RESULTS & PERFORMANCE Domestic orders &WTKPIVJGſPCPEKCN[GCTGPFGF/CTEJVJGEQORCP[ Water and Infrastructure projects ` In crs had recorded a total income at Rs. 615.04 Crores as against Rs. 519.69 Crores in the previous year on a standalone 69#&*QUWTŌ&TKPMKPIYCVGT5WRRN[ 83 DCUKU2TQſVYCUCV4UNCMJUCUCICKPUVCNQUUQH -7+&(% &CXCPCIGTG Ō &TKPMKPI 9CVGT Rs.22231.92 Crs. during the Corresponding period. 83 Supply 2TQſVCHVGTVCZYCUCV4UETQTGUEQORCTGFVQCNQUU in the previous year of Rs. 1509176 lakhs. Town Municipal Council- Byadgi – 24 X 7 38 Water supply BUSINESS HIGHLIGHTS $7+&%1Ō)C[C:9CVGTUWRRN[ 312 During the past year, the operations of the Company showed improvement with the overseas project at Muscat DWSD-Baghmara 84 Oman showing good progress. After more than 5 years, the Other orders received %QORCP[JCFCPQRGTCVKPIRTQſV6JGKPVGTGUVUCXKPIUYGTG UKIPKſECPV*QYGXGTVJG%QORCP[EQPVKPWGFVQDGWPFGT Palani Ropeway 72 some stress primarily due to delays in approval and release of enhanced limits from Banks which affected the domestic *KPFWUVJCP%QRRGT.VFŌ/KPKPI 25 QRGTCVKQPUCPFVJGECUJƀQYU Company’s Standalone Order Book was over Rs. 2081.37 During the year, your company was awarded domestic crores as at March 31, 2018 and the consolidated order orders worth approx. Rs.700 crores.Significant orders book Rs. 2668 crores. include the following:

17 BASRA PROJECT The above key risks are closely tracked for timely mitigation. This contract was awarded in December 2011 to (where the Competition Risks: Company has a 50% Stake) MSJV for a total contract value QH/KNN756JGYQTMYCUYKVJFTCYPD[)QXGTPCVGQH The Infrastructure Industry is intensely competitive. To Basra(GOB) in February 2014 citing reasons of delay. In the mitigate this risk, the company is leveraging on its expertise, Court of cessation, the court held that the work withdrawal experience to increase market share, enhance brand equity was due to “impossibility of implementation of contract” – / visibility and enlarge product portfolio and service offerings. Akin to force majeure and remanded the case to the local court to determine compensation. Based on negotiation with Occupational Health &Safety (OHS) Risks: the GOB, the Contract has been restored to MSJV. The Contract will be executed through a local partner. Safety of employees and workers is of utmost importance to the company. To reinforce the safety culture in the BUSINESS RISK MANAGEMENT EQORCP[KVJCUKFGPVKſGFQEEWRCVKQPCNJGCNVJUCHGV[CU Pursuant to the requirement of Regulation 21 of SEBI one of its focus areas. Various training programmes have .KUVKPI 1DNKICVKQPU #PF &KUENQUWTG 4GSWKTGOGPVU  been conducted at the sites such as behaviour based safety Regulations, 2015, the Company has constituted Business training program, visible safety leadership program, logistics Risk Management Committee. The details of Committee safety program etc. and its terms of reference are set out in the Corporate Governance Report forming part of the Directors’ Report. ECONOMIC SCENARIO AND OUTLOOK The Company has a robust Business Risk Management Global growth is expected to be sustained over the next (BRM) framework to identify, evaluate, treat and Report couple of years—and even accelerate somewhat in business risks. This framework seeks to create transparency, emerging market and developing economies (EMDEs) minimize adverse impact on the business objectives and thanks to a rebound in commodity prices. Although near- enhance the Company’s competitive advantage. The term growth could surprise on the upside, the global outlook DWUKPGUU TKUM HTCOGYQTM FGſPGU VJG TKUM OCPCIGOGPV is still subject to substantial downside risks, including the approach across the enterprise at various levels including RQUUKDKNKV[QHſPCPEKCNUVTGUUKPETGCUGFRTQVGEVKQPKUOCPF documentation and reporting. The framework has different rising geopolitical tensions. Early signs of revival are getting risk models which help in identifying risks trend, exposure visible in the form of uptick in industrial output and declining and potential impact analysis at a Company level as well unemployment rate. as business segments and its mitigation plans. BUSINESS OVERVIEW The business risks identified by the Company and its mitigation plans are as under: Your Company operates in the turnkey contracts business. Project Risks: The turnkey contracts business cover the engineering, In the context of the projects being executed, the Company procurement and construction projects, which include reviews the risks associated with a project in all the following renewable energy projects like biomass-based power aspects, but not restricted to: plants, metallurgical and process plant projects and municipal services projects like water and wastewater Ŗ %NKGPV TGNCVGF FGVCKNU UWEJ CU ſPCPEKCN ENQUWTG QH VJG treatment plants, water and sewer infrastructure and pipe project, creditworthiness and reputation of the client rehabilitation. before even signing of the contract. The order backlog was over Rs. 2668 crores as on March Ŗ 'UVKOCVKQP TKUM NKMG RTKEG CPF SWCPVKV[ XCTKCPEGU 31, 2018. EQPVKPIGPE[ RTQXKUKQP HQTGZ ƀWEVWCVKQP QP C RGTKQFKE basis. GREEN INITIATIVE IN CORPORATE GOVERNANCE Ŗ %QOOGTEKCNTKUMUNKMGVCZGUCPFFWVKGURC[OGPVVGTOU The Ministry of Corporate Affairs (MCA) has through Circular bank guarantee requirements No.17/2011 pronounced a Green initiative in Corporate Ŗ 1TICPKUCVKQPCN TKUMU NKMG CXCKNCDKNKV[ QH VGEJPKECN CPF Governance that allows Companies to send notices/ managerial resources, gap funding needs, consortium documents to shareholders electronically. The Green partners roles and responsibilities. Initiative endeavors to reduce consumption of paper, in turn preventing deforestation and contributes towards a green Ŗ 2GTHQTOCPEG TKUM NKMG CEJKGXCDKNKV[ QH IWCTCPVGG and clean environment. In support of the initiative announced parameters, time schedule, warranty and defect liability by MCA, your Company will send notices convening Annual obligations. General Meeting, Audited Financial Statements, Directors Ŗ +PVGTHCEKPITKUMUNKMGEQQTFKPCVKQPYKVJOWNVKRNGCIGPEKGU Report and Auditors’ Report etc in electronic form in the for approvals and clearance EWTTGPVſPCPEKCN[GCT;QWT%QORCP[YQWNFNKMGVQEQPVKPWG the Green Initiative further and requests all shareholders to Ŗ )GQITCRJKETKUMUNKMGWPHCXQWTCDNGYGCVJGTEQPFKVKQPU opt for electronic documents. GCTVJSWCMGƀQQFUGVE

18 *QYGXGT QP TGSWGUV D[ CP[ OGODGT QH VJG %QORCP[ YJKEJ UETWVKPK\GU CNN VJG ſPCPEKCN VTCPUCEVKQPU VJGTG CTG Statutory Authority interested in obtaining full text of CNUQRTQEGUUGUNCKFFQYPNGCFKPIVQ%(1%'1EGTVKſECVKQP VJG ſPCPEKCN UVCVGOGPVU VJGUG FQEWOGPVU YKNN DG OCFG to Board on the adequacy of Internal Financial Controls as available for examination, at its registered office. On YGNNCUKPVGTPCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPI personal request by any shareholder, a physical copy of the Annual Accounts need to be provided. Pursuant to this, a APPOINTMENT OF DIRECTORS UVCVGOGPVUWOOCTK\KPIVJGſPCPEKCNTGUWNVUQHVJG5WDUKFKCT[ Mr. R Sundararajan, Director (DIN: 00498404) will retire by is attached to the Consolidated Financial Statement. rotation pursuant to Section 152(6) of the Companies Act, 2013 at the ensuing Annual General Meeting and being SUBSIDIARY eligible, offers himself for re-appointment. 5*4+4#/'2%(<'5*#4,#* EVALUATION OF BOARD’S PERFORMANCE During the year, the progress of the contract execution for constructing Balance of Plant (BoP) for 1.2 MTPA Mini Mill As per the provisions of Section 134(3) (p) of the Companies Project in Sohar, Sultanate of Oman has been satisfactory. #EV  CPF 5'$+ .KUVKPI 1DNKICVKQPU CPF &KUENQUWTG Nearly 40% of the project has been completed. Requirements) Regulations, 2015, the Board has carried out an ASSOCIATES annual performance evaluation of its own performance, HALDIA COKE & CHEMICALS PVT. LTD (HCCL) the directors individually as well as the evaluation of the working of its Audit Committee, Nomination & Remuneration 6JG%QORCP[JCUDGGPTGHGTTGFVQ0%.6CPFVJGRNCPUCTG Committee and Risk Management Committee and being drawn for settlement with the creditors. Stakeholders Relationship Committee. The manner in which the evaluation has been carried out has been explained in DIVIDEND the Corporate Governance Report. The Board has decided not to recommend a Dividend. FAMILIARIZATION PROGRAMME FOR INDEPENDENT SHARE CAPITAL DIRECTORS The authorized and paid-up capital of your Company is The details of familiarization programmes for Independent Rs.1050 crs and Rs.971.53 crores respectively. Directors of the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company st The shareholding pattern as on 31 March 2018 is as under: operates, business model of the Company and related matters are put up on the website of the Company at the Sl Shareholders % holding following link: http://www.shriramepc.com/Companies-Act- 1 58..VF RTQOQVGTU 28.76 2013-Compliance.aspx

2 Bankers 67.25 DECLARATION BY INDEPENDENT DIRECTORS The total networth of the Company as at 31st March, 2018 The Company has received necessary declaration from on Standalone basis was Rs.1229.32 Crores. each Independent Director of the Company under Section 149(7) of the Companies Act, 2013 (Act) stating that the DETAILS OF DEPOSITS Independent Directors of the Company met with the criteria of Independence laid down in Section 149(6) of the Act and The Company has not accepted any Deposits covered 4GIWNCVKQPQH5'$+ .KUVKPI1DNKICVKQPUCPF&KUENQUWTG under Section 73 of the Companies Act, 2013 read with the Requirements) Regulations, 2015. Companies (Acceptance of Deposits) Rules, 2014. REMUNERATION POLICY 2#46+%7.#45 1( .1#05 )7#4#06''5 14 INVESTMENTS Pursuant to Section 178(3) of the Companies Act, 2013, the Board on the recommendation of the Nomination & 6JGFGVCKNUQH.QCPU)WCTCPVGGUCPF+PXGUVOGPVUEQXGTGF Remuneration Committee framed a policy for selection and under the provisions of Section 186 of the Companies Act, appointment of Directors, Key Managerial Personnel and 2013 are given in the notes to the Financial Statements. other employees and their remuneration. The details of the Remuneration Policy are stated in the DETAILS OF ADEQUACY OF INTERNAL FINANCIAL Corporate Governance Report. CONTROLS

In addition to the Internal Controls on Operations, the Board NUMBER OF MEETINGS OF THE BOARD JCUNCKFGORJCUKUQPCFGSWCVGKPVGTPCNſPCPEKCNEQPVTQNUVQ During the year 2017-18, 5(Five) meetings of the Board of GPUWTGVJCVVJGſPCPEKCNCHHCKTUQHVJG%QORCP[CTGECTTKGF Directors were held on 30th May 2017, 24th August 2017, out with due diligence. Apart from Internal Audit function 13th September 2017, 7th December 2017, 14th February

19 2018.The Audit Committee had met Four (4) times on 30th transactions which are of a foreseen and repetitive nature. May 2017, 13th September 2017, 7th December 2017, 14th The transactions entered into pursuant to the omnibus February 2018. The details of the said meetings are given approval so granted are audited and a statement giving in the Corporate Governance Report. The intervening gap details of all related party transactions is placed before the between the Meetings was within the period prescribed audit committee and the board of directors for their approval under the Companies Act, 2013. on a quarterly basis. All transactions with Related Parties entered during the DIRECTORS’ RESPONSIBILITY STATEMENT ſPCPEKCN[GCTYGTGKPVJGQTFKPCT[EQWTUGQHDWUKPGUUCPF To the best of their knowledge and belief and according to QPCPCTOŏUNGPIVJDCUKU6JGTGCTGPQOCVGTKCNN[UKIPKſECPV the information and explanations obtained by them, your related party transactions made by the Company with its Directors make the following statements in terms of Section Promoters, Directors, Key Managerial Personnel or their 134(3)(c) of the Companies Act, 2013: relatives which may have a potential conflict with the interest of the Company at large. There are no contracts or a. that in the preparation of the annual accounts for the arrangements entered into with Related Parties during the year ended March 31, 2018, the applicable accounting year to be disclosed under Sections 188(1) and 134(h) of standards had been followed along with proper the Companies Act, 2013 in form AOC-2. explanation relating to material departures, if any; The policy on related party transactions as approved by b. that the directors had selected such accounting policies the board is uploaded on the company’s website at the as mentioned in Note No: 2 of the Financial Statements following link. http://www.shriramepc.com/Companies-Act- and applied them consistently and judgement and 2013-Compliance.aspx estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company ':2.#0#6+10514%1//'0651037#.+(+%#6+105 CUCV/CTEJCPFQHVJG2TQſVQHVJG%QORCP[ RESERVATIONS OR ADVERSE REMARKS OR for the year ended on that date; DISCLAIMER MADE BY THE STATUTORY AUDITORS AND THE PRACTISING COMPANY SECRETARY IN E VJCVVJGFKTGEVQTUJCFVCMGPRTQRGTCPFUWHſEKGPVECTG THEIR REPORT for the maintenance of adequate accounting records in The explanations/commentsmade by the Board relating to accordance with the provisions of the Companies Act, SWCNKſECVKQPTGUGTXCVKQPUQTCFXGTUGTGOCTMUOCFGD[VJG 2013 for safeguarding the assets of the Company and for Statutory Auditors and the Practising Company Secretary preventing and detecting fraud and other irregularities; in their respective reports are furnished below: d. that the directors had prepared the annual accounts on QUALIFICATIONS OF STATUTORY AUDITORS a going concern basis; /CPCIGOGPVŏUTGURQPUGVQ#WFKVQTUSWCNKſECVKQP G VJCVVJGFKTGEVQTUJCFNCKFFQYPKPVGTPCNſPCPEKCNEQPVTQNU to be followed by the Company and that such internal (KPCPEKCN#UUGVU.QCPU 0QP%WTTGPV KPENWFG4U ſPCPEKCN EQPVTQNU CTG CFGSWCVG CPF YGTG QRGTCVKPI .CMJU /CTEJ    4U  .CMJU  KPENWFKPI effectively. interest accrued up to March 31, 2016), and Other Trade Receivables under “Other Non-Current Financial Assets” f. that the directors had devised proper systems to ensure KPENWFGPGVCOQWPVQH4U.CMJU /CTEJ compliance with the provisions of all applicable laws 4U.CMJU FWGHTQO.GKVYKPF5JTKTCO/CPWHCEVWTKPI and that such systems were adequate and operating 2XV.KOKVGF .5/.  CTGNCVGFRCTV[ #URCTVQHVJG%QTRQTCVG effectively. &GDV4GUVTWEVWTKPI %&4 RCEMCIGGPVGTGFKPVQD[.5/. with its bankers, the dues to SEPC is subordinated to the RELATED PARTY TRANSACTIONS dues to Bankers and hence expected to be recovered before March 2030. Considering the extended repayment period All related party transactions that were entered into during and future business potential for Wind Energy Business, the VJGſPCPEKCN[GCTYGTGQPCPCTOŏUNGPIVJDCUKUCPFYGTG OCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGFWGU6JGCWFKVQTU in the ordinary course of business. There were no materially JCXGSWCNKſGFVJKUOCVVGTKPVJGKTTGRQTVHQTVJG[GCTGPFGF UKIPKſECPVTGNCVGFRCTV[VTCPUCEVKQPUOCFGD[VJGEQORCP[ /CTEJ6JGUCOGJCXGCNUQDGGPSWCNKſGFKPVJG with promoters, directors, key managerial personnel or other previous year. FGUKIPCVGFRGTUQPUYJKEJOC[JCXGCRQVGPVKCNEQPƀKEVYKVJ the interest of the company at large. None of the Directors QUALIFICATIONS BY THE SECRETARIAL AUDITORS had any pecuniary relationships or transactions vis-à-vis Management response to point no.1 the Company other than sitting fees and reimbursement of expenses incurred, if any, for attending the Board meetings. Since the Company has a networth of more than Rs.500 crores, it becomes mandatory requirement for a CSR All related party transactions are placed before the audit committee to be formed. The Company has formed the committee for review and approval as per terms of the Policy Committee on 7/6/2018. The policy of the CSR Committee for dealing with related parties.Prior omnibus approval of will be recommended by the Committee to the Board for the audit committee is obtained on a quarterly basis for the their approval at the next Board meeting.

20 Management response to point no.2 VIGIL MECHANISM

6JG %QORCP[ JCU CNTGCF[ VTCPUHGTTGF VJG 7PRCKF The Company has devised a vigil mechanism in pursuance 7PENCKOGF COQWPVU VKNN  CPF JCU VCMGP UVGRU VQ of provisions of Section 177(10) of the Companies Act, 2013 transfer the underlying shares for the above mentioned for Directors and employees to report genuine concerns or years to IEPF. For the year 2010-11, the Company is grievances to the Audit Committee in this regard and details VTCPUHGTTKPI 7PRCKF 7PENCKOGF COQWPVU CNQPI YKVJ VJG whereof are available on the Company’s website. underlying shares. NOMINATION AND REMUNERATION COMMITTEE Management response to point no.3 Pursuant to Section 178 of the Companies Act, 2013, The Company has appointed the Company Secretary as the during the year, the Board had reconstituted the Nomination 0QFCNQHſEGTCVVJG$QCTFOGGVKPIJGNFQPHQTVJG and Remuneration Committee consisting of the following purpose of co-ordination with IEPF Authority. members: 1. Ms. Chandra Ramesh - Chairman Management response to point no.4 2. Mr. P D Karandikar - Member *QYGXGT HQT VJG RWTRQUGU QH SWQTWO VJG %JCKTOCPŏU presence has not been taken into account. 3. Mr R. Sundararajan - Member The said committee has been empowered and authorized Management response to point no.5 to exercise powers as entrusted under the provisions of Section 178 of the Companies Act, 2013. The Company The Company shall ensure henceforth that the statutory had laid out the policy on director’s appointment and deadline is adhered to. TGOWPGTCVKQPKPENWFKPIETKVGTKCHQTFGVGTOKPKPISWCNKſECVKQPU Management response to point no.6 positive attributes, independence of a director and other matters provided under sub section 3 of Section 178 of the The Scrutinizer Report received from Practicing Company Companies Act, 2013. Secretary has been corrected in tune with Section 110 of the Policy on Criteria for Board Nomination and Remuneration is Companies Act, 2013 read with Rule 22 of the Companies available in the website of the Company under the link http:// (Management and Administration) Rules, 2014. www.shriramepc.com/Companies-Act-2013-Compliance. Management response to point no.7 aspx

The Company has noted the same and shall ensure that the CORPORATE SOCIAL RESPONSIBILITY (CSR) name of Top 10 employees in terms of remuneration drawn is disclosed in the current annual report. Corporate Social Responsibility Committee is formed based on the networth of the Company as per the Companies MATERIAL CHANGES AND COMMITMENTS AFFECTING (Corporate Social Responsibility Policy) Rules, 2014. THE FINANCIAL POSITION BETWEEN THE END OF THE The CSR Policy shall be framed and recommended to the FINANCIAL YEAR AND THE DATE OF THE REPORT Board for their approval in the forthcoming meeting. There are no material changes or commitments affecting The CSR Committee consists of following Members : VJGſPCPEKCNRQUKVKQPQHVJG%QORCP[DGVYGGPVJGGPFQH 1. Mr. P D Karandikar - Chairman VJGſPCPEKCN[GCTCPFVJGFCVGQHVJKUTGRQTV 2. Mr. T Shivaraman - Member COMPOSITION OF AUDIT COMMITTEE 3. Ms. Chandra Ramesh - Member

Pursuant to Section 177 of the Companies Act, 2013, during SIGNIFICANT & MATERIAL ORDERS PASSED BY THE the year, the Audit Committee was reconstituted* by the REGULATORS Board of Directors which consists of the following members: 6JG%QORCP[TGEGKXGF0%.6QTFGTUCUOGPVKQPGFDGNQY 1. Mr. P D Karandikar - Chairman 1. The Company received an Order No. CP/537(IB)/CB/2017 th 2. Mr. S Krishnamurthy - Member dated 10 #WIWUVHTQOVJG0CVKQPCN%QORCP[.CY Tribunal, Division Bench, Chennai pertaining to Rio Glass 3. Mr. S Bapu - Member 5QNCT5#%QPUGSWGPVN[VJG0%.#6QPJCU set aside the impugned order dated 10/8/2017 passed by 4. Ms. Chandra Ramesh - Member the learned adjudicating Authority in CP/537(IB)/CB/2017. *on 4th May 2018 2. The Company received an Order No. CP/714(IB)/CB/2017 th The Board has accepted the recommendations of the Audit dated 17 /C[HTQOVJG0CVKQPCN%QORCP[.CY Committee and there were no incidences of deviation from Tribunal, Division Bench, Chennai pertaining to Asset UWEJ TGEQOOGPFCVKQPU FWTKPI VJG ſPCPEKCN [GCT WPFGT %CTG4GEQPUVTWEVKQP'PVGTRTKUGU.KOKVGF%QPUGSWGPVN[ review. the CIRP proceedings have been stayed by the National

21 %QORCP[.CY#RRGNNCVG6TKDWPCNFCVGFQPVJG CORPORATE GOVERNANCE Company appeal (AT)(Ins) No.241/2018. All material information was circulated to the directors before the meeting or placed at the meeting, including minimum LISTING AGREEMENT information required to be made available to the Board as The Securities and Exchange Board of India (SEBI), on prescribed under Part A of Schedule II of Sub- Regulation 2nd5GRVGODGTKUUWGF5'$+ .KUVKPI1DNKICVKQPUCPF QH4GIWNCVKQPQHVJG.KUVKPI4GIWNCVKQPU Disclosure Requirements) Regulations, 2015 with the aim In terms of Regulation 34 of the Securities and Exchange VQEQPUQNKFCVGCPFUVTGCONKPGVJGRTQXKUKQPUQHVJG.KUVKPI $QCTF QH +PFKC .KUVKPI 1DNKICVKQPU CPF &KUENQUWTG Agreement for different segments of capital markets to Requirements) Regulations, 2015 a Report on Corporate ensure better enforceability. The said regulations were )QXGTPCPEG CNQPI YKVJ C %GTVKſECVG HTQO VJG 2TCEVKEKPI effective from 1st December, 2015 and accordingly all listed %QORCP[ 5GETGVCT[ EQPſTOKPI VJG EQORNKCPEG YKVJ VJG entities were required to enter into the listing agreement conditions of Corporate Governance as stipulated under within six months from the effective date. The Company 2CTV'QH5EJGFWNG8QH5WD4GIWNCVKQP  QHVJG.KUVKPI GPVGTGF KPVQ .KUVKPI #ITGGOGPVU YKVJ $5' .KOKVGF CPF Regulations is attached to this report. 0CVKQPCN5VQEM'ZEJCPIGQH+PFKC.KOKVGFFWTKPI&GEGODGT 2015. ABRIDGED ANNUAL REPORT In terms of the provision of Section 136(1) of the Companies AUDITORS Act, 2013, Rule 10 of Companies (Accounts of Companies) The Company’s auditors, M/s. MSKA & Associates (ICAI 4WNGUCPF4GIWNCVKQPQHVJG.KUVKPI4GIWNCVKQPU Firm Registration Number- 105047W have already been the Board of Directors has decided to circulate the Abridged appointed for a period of 5 years at the last Annual General Annual Report containing salient features of the balance Meeting held on August 24, 2017. UJGGVCPFUVCVGOGPVQHRTQſVCPFNQUUCPFQVJGTFQEWOGPVU to the shareholders for the Financial Year 2017-18, under 6JGTCVKſECVKQPQHVJGKTCRRQKPVOGPVRWTUWCPVVQ5GEVKQP the relevant laws. Members who desire to obtain the full of the Companies Act, 2013 is not required in terms of the version of the Annual Report may write to the Company TGEGPV/%#0QVKſECVKQPFCVGF 5GETGVCT[CVVJGTGIKUVGTGFQHſEG COST AUDITORS Full version of the Annual Report is also available on the %QORCP[ŏUYGDUKVG*;2'4.+0-őJVVRYYYUJTKTCOGRE Pursuant to Section 148 of the Companies Act, 2013 (Act) com” www.shriramepc.com. read with Rule 14 of Companies (Auditand Auditors) Rules, 2014, (Rules) Mr. G Sundaresan, CMA (Membership PROTECTION OF WOMEN AT WORK PLACE No:11733) was appointed as Cost Auditor of the company for the financial year 2018-19 on a remuneration of 6JG %QORCP[ JCU KP RNCEG CP #PVK 5GZWCN *CTCUUOGPV Rs.50,000/-. In terms of the Act and Rules referred above Policy in line with the requirements of The Sexual the remuneration payable to the cost auditor is required *CTCUUOGPV QH 9QOGP CV VJG YQTMRNCEG 2TGXGPVKQP to be placed before the members in a general meeting for Prohibition & Redressal) Act, 2013. VJGKTTCVKſECVKQP Internal Complaints Committee (ICC) has been set up to #EEQTFKPIN[CTGUQNWVKQPUGGMKPIOGODGTŏUTCVKſECVKQPHQT redress complaints received regarding sexual harassment. the remuneration payable to Mr. G Sundaresan, CMA, Cost All employees (permanent, contractual, temporary and Auditor is included at Item No.3 of the notice convening the trainees) are covered under this policy. annual general meeting. The following is the summary of sexual harassment complaints during the year 2017-18. SECRETARIAL AUDIT No. of complaints received – Nil Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and No. of complaints disposed off– Not Applicable Remuneration of Managerial Personnel) Rules, 2014, the company has appointed Messrs R Sridharan & Associates, '0'4); %105'48#6+10 6'%*01.1); C ſTO QH %QORCP[ 5GETGVCTKGU KP 2TCEVKEG VQ WPFGTVCMG ABSORPTION AND FOREIGN EXCHANGE EARNINGS the Secretarial Audit of the Company. The Report of the AND OUTGO Secretarial Auditor is annexed herewith. The information on conservation of energy, technology absorption and foreign exchange earnings and outgo MANAGEMENT DISCUSSION AND ANALYSIS REPORT stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Management Discussion and Analysis Report for the year Rules, 2014, is given below: WPFGTTGXKGYKPVGTOUQH4GIWNCVKQPQH5'$+ .KUVKPI Obligations and Disclosure Requirements) Regulations, Earnings in Foreign Currency: Nil 2015 forms part of this Annual Report. Expenditure in Foreign Currency: Rs. 487.98 lakhs

22 4U+P.CMJU EXTRACT OF ANNUAL RETURN Travelling and conveyance 68.45 The details forming part of the extract of the Annual Return Professional and consultation fees 45.57 in the prescribed form MGT 9 as per Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies Erection, Construction & Operation Expenses 14.35 (Management and Administration) Rules, 2014 is annexed Others 359.60 and forms part of this Report. Total 487.98

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES In terms of the provisions of Section 197(12) of the Companies Act 2013 read with Rules 5(2) and 5(3) of the Companies #RRQKPVOGPV CPF 4GOWPGTCVKQP QH /CPCIGTKCN 2GTUQPPGN  4WNGU  KPENWFKPI CP[ UVCVWVQT[ OQFKſECVKQP U  QT TG enactment(s) thereof for the time being in force) a statement showing the names of top ten employees of the Company in terms of remuneration drawn and other particulars of the employees drawing remuneration in excess of the limits set out in said rules are givenbelow “Annexure-A” Statement containing the particulars of employees in accordance with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 or amendments made thereto:

Date of Remu- Nature of 3WCNKſEC- Last Sl commence- Age Name neration employ- Designation tions & employment No ment of (Years) received ment experience held employment Executive B.Tech., M.S. Saag RR Infra 1 R. Sriram 10000040 Regular 26/02/2009 53 Director - 30 Years .VF/& Group Finan- BE/ ICWA/ V. Jayanaray- 2 7200000 Regular cial Control- ACS - 40 02/07/2007 64 President-NEPC anan ler Years Executive $'/'%* Tata Projects 3 K.P. Mishra 6500040 Consultant 01/11/2013 65 Director 40 Years *'#&5$7 Joint M Tech - 38 President-TTG 4 M.A. Shariff 5611002 Regular Managing 12/06/2000 63 Years +PFWUVTKGU.VF Director Managing Chief of technical $6'%*/5 5 T Shivaraman 5515002 Regular Director & 02/01/1992 52 services-Shriram 28 Years CEO 6QYGT6GEJ.VF General Man- Sr Vice $'/'%* ager in Shriram 6 D. Arivalagan 4429740 Regular 01/08/2007 60 President 35 Years PPR Technology 2 .VF BCOM/ Corporate Finan- Chief FCA/DI R.S. Chan- cial Controller- 7 4344360 Regular Financial PIFR(ACCA- 06/02/2012 58 drasekeran Shasun Pharma- 1HſEGT 7-  EGWVKECNU.VF Years #)/+84%. Srikanth Var- Sr Vice $'%+8+. 8 4025040 Regular 30/09/2013 48 Infrastructure & adhan President Years projects

23 Date of Remu- Nature of 3WCNKſEC- Last Sl commence- Age Name neration employ- Designation tions & employment No ment of (Years) received ment experience held employment Sr Vice $'/'%* AGM-Jindal 9 K. Chinnaraju 3543816 Regular 22/01/2007 61 President 24 Years 5VCKPNGUU.VF Manager-NAMA Chemicals groups, Jubail BE - R. Venkatara- Vice Chemical Indus- 10 3491508 Regular %*'/+%#. 18/10/2010 53 manan President tries Company - 30 Years (JANA), King- dom of Saudi Arabia Notes: (i) The remuneration shown above comprises salary allowances perquisites performance linked incentive/ Exgratiamedical Company’s contribution to provident fund and all other reimbursements if any. (ii) None of the employees is related to any director of the Company.

CONSOLIDATED FINANCIAL STATEMENTS the Shareholders of the company for their continued support even during these testing period. Further, the Directors also Pursuant to Section 129(3) of the Companies Act, 2013 wish to thank the customers and suppliers for their continued #EV  CPF 5'$+ .KUVKPI 4GIWNCVKQPU VJG EQPUQNKFCVGF cooperation and support. The Directors further wishes to financial statements prepared in accordance with the place on record their appreciation to all employees at all Indian Accounting Standards prescribed by the Institute of levels for their commitment and their contribution. Chartered Accountants of India, is provided in the Annual Report. Pursuant to the provisions of Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, CUVCVGOGPVEQPVCKPKPIUCNKGPVHGCVWTGUQHVJGſPCPEKCN statements of the Company’s subsidiaries, Associates in For and on behalf of the Board (QTO#1%KUCVVCEJGFVQVJGſPCPEKCNUVCVGOGPVUQHVJG Company. P D Karandikar APPRECIATION & ACKNOWLEDGEMENTS 7th June 2018 (DIN: 02142050) The Directors wish to thank the bankers for their continued Chennai Chairman assistance and support. The Directors also wish to thank

24 FORM MGT-9 'ZVTCEVQH#PPWCN4GVWTPCUQPVJGſPCPEKCN[GCTGPFGFQP/CTEJ [Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS: i CIN .602.%

ii Registration Date 12th June 2000

iii Name of the Company 5JTKTCO'2%.KOKVGF

iv Category / Sub-Category of the Company %QORCP[ .KOKVGF D[ 5JCTGU  +PFKCP Non-Government Company

v #FFTGUUQHVJG4GIKUVGTGFQHſEGCPFEQPVCEVFGVCKNU Sigapi Achi Building, 4th Floor No.18/3 Rukmani .CMUJOKRCVJK4QCF'IOQTG%JGPPCK

vi Whether listed company Yes / No Yes

vii Name, Address and Contact details of Registrar and Transfer %COGQ%QTRQTCVG5GTXKEGU.KOKVGF Agent, if any Subramanian Building, V Floor 0Q%NWD*QWUG4QCF Chennai 600 002 India Tel: (91 44) 2846 0390 / 40020700 (Board) Fax: (91 44) 2846 0129 'OCKNUJTKTCOGRE"ECOGQKPFKCEQO Website: www.cameoindia.com Contact Person: Mr. R.D. Ramasamy

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10 % or more of the total turnover of the company shall be stated:- Sl Name and description of main NIC code of the % to total turnover of the No. products / services product/ service Company 1 EPC 4220 100%

+++ 2#46+%7.#451(*1.&+0)57$5+&+#4;#0&#551%+#6'%1/2#0+'5 Holding/ % of Sl Name and address of Applicable CIN/GLN Subsidiary/ shares no the company section Associate held 1 58..VF#PICRRC Naicken Street, Chennai- 7602.% *QNFKPI 28.76% 2(46) 600001 2 5JTKTCO'2%(<' NA Subsidiary 100% 2(87) Sharjah 3 5JTKTCO'2%#TMCP..% Step down NA - 2(87) Muscat subsidiary 4 *CNFKC%QMG%JGOKECNU 2XV.VF5KICRK#EJK Building, 4th Floor 76026% Associate 48.48% 2(6) No.18/3, Rukmani .CMUJOKRCVJK4QCF Egmore, Chennai-600 008

25 IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) K  %CVGIQT[YKUG5JCTG*QNFKPI  0COGQHVJG%QORCP[  5*4+4#/'2%.+/+6'& Face Value : 10/- Paidup Shares as on 01-Apr-2017 : 971529018 Paidup Shares as on 31-Mar-2018 : 971529018 For the Period From : 01-Apr-2017 To : 31-Mar-2018

Cate No. of shares held at the beginning of the year No. of shares held at the end of the year % Change gory Category of Shareholder during code % of Total % of Total the year Demat Physical Total Demat Physical Total Shares Shares A. SHAREHOLDING OF PROMOTER AND PROMOTER GROUP 1. INDIAN a. +0&+8+&7#.5*+0&770&+8+&'& 0 0 0 0.0000 0 0 0 0.0000 0.0000 (#/+.; b. %'064#.)18'40/'06 0 0 0 0.0000 0 0 0 0.0000 0.0000 STATE GOVERNMENT(S) c. BODIES CORPORATE 279391356 0 279391356 29.8187 279391356 0 279391356 28.7579 -1.0608 d. (+0#0%+#.+056+676+105 0 0 0 0.0000 0 0 0 0.0000 0.0000 BANKS e. #0;16*'4

SUB - TOTAL (A)(1) 279391356 0 279391356 29.8187 279391356 0 279391356 28.7579 -1.0608

2. FOREIGN a. +0&+8+&7#.5 010 0 0 0 0.0000 0 0 0 0.0000 0.0000 4'5+&'06+0&+8+&7#.5 (14'+)0+0&+8+&7#.5 b. BODIES CORPORATE 0 0 0 0.0000 0 0 0 0.0000 0.0000 c. +056+676+105 0 0 0 0.0000 0 0 0 0.0000 0.0000 d. 37#.+(+'&(14'+)0+08'5614 0 0 0 0.0000 0 0 0 0.0000 0.0000 e. #0;16*'4

SUB - TOTAL (A)(2) 0 0 0 0.0000 0 0 0 0.0000 0.0000

TOTAL SHARE HOLDING OF 279391356 0 279391356 29.8187 279391356 0 279391356 28.7579 -1.0608 PROMOTER AND PROMOTER GROUP (A) = (A)(1)+(A)(2)

B. PUBLIC SHAREHOLDING 1. +056+676+105 a. /767#.(70&576+ 0 0 0 0.0000 0 0 0 0.0000 0.0000 b. (+0#0%+#.+056+676+105 631962111 0 631962111 67.4476 653681924 0 653681924 67.2838 -0.1638 BANKS c. %'064#.)18'40/'06 0 0 0 0.0000 0 0 0 0.0000 0.0000 STATE GOVERNMENT(S) d. 8'0674'%#2+6#.(70&5 0 0 0 0.0000 0 0 0 0.0000 0.0000 e. +0574#0%'%1/2#0+'5 0 0 0 0.0000 0 0 0 0.0000 0.0000

26 IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Contd.)

Cate No. of shares held at the beginning of the year No. of shares held at the end of the year % Change gory Category of Shareholder during code % of Total % of Total the year Demat Physical Total Demat Physical Total Shares Shares f. (14'+)0+056+676+10#. 0 0 0 0.0000 0 0 0 0.0000 0.0000 INVESTORS g. (14'+)08'0674' 0 0 0 0.0000 0 0 0 0.0000 0.0000 %#2+6#.+08'56145 h. 37#.+(+'&(14'+)0+08'5614 0 0 0 0.0000 0 0 0 0.0000 0.0000 i. #0;16*'4 Foreign Portfolio 0 0 0 0.0000 13494 0 13494 0.0013 0.0013 Investor (Corporate) Category I Foreign Portfolio 8140 0 8140 0.0008 454227 0 454227 0.0467 0.0459 Investor (Corporate) Category II Foreign Portfolio 1123364 0 1123364 0.1199 824914 0 824914 0.0849 -0.0350 Investor (Corporate) Category III 1131504 0 1131504 0.1208 1292635 0 1292635 0.1330 0.0122

SUB - TOTAL (B)(1) 633093615 0 633093615 67.5683 654974559 0 654974559 67.4168 -0.1515

2. 010+056+676+105 a. BODIES CORPORATE 4073416 0 4073416 0.4347 16943340 0 16943340 1.7439 1.3092 b. +0&+8+&7#.5 ++0&+8+&7#.5*#4'*1.&'45 7034263 1236 7035499 0.7509 10640248 1561 10641809 1.0953 0.3444 *1.&+0)01/+0#.5*#4'%#2+6#. 726145.#-* +++0&+8+&7#.5*#4'*1.&'45 5233574 0 5233574 0.5586 7079989 0 7079989 0.7287 0.1701 *1.&+0)01/+0#.5*#4'%#2+6#. +0':%'551(45.#-* c. 37#.+(+'&(14'+)0+08'5614 0 0 0 0.0000 0 0 0 0.0000 0.0000 d. #0;16*'4 %.'#4+0)/'/$'45 145598 0 145598 0.0155 126919 0 126919 0.0130 -0.0025 &+4'%6145#0&6*'+44'.#6+8'5 14100 20 14120 0.0015 579449 20 579469 0.0596 0.0290 FOREIGN CORPORATE BODIES 6730090 0 6730090 0.7183 608000 0 608000 0.0625 -0.6558 *+0&770&+8+&'&(#/+.+'5 445515 0 445515 0.0475 810060 0 810060 0.0833 0.0358 NON RESIDENT INDIANS 142379 0 142379 0.0152 373517 0 373517 0.0384 0.0232 647565 662779 0 662779 0.0707 0 0 0 0.0000 -0.0707 8140461 20 8140481 0.8688 2215270 20 2215290 0.2280 -0.6408

SUB - TOTAL (B)(2) 24481714 1256 24482970 2.6130 37161522 1581 37163103 3.8252 1.2122

TOTAL PUBLIC SHAREHOLDING 657575329 1256 657576585 70.1813 692136081 1581 692137662 71.2420 1.0607 (B) = (B)(1)+(B)(2)

TOTAL (A)+(B) 936966685 1256 936967941 100.0000 971527437 1581 971529018 100.0000 0.0000

27 IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Contd.)

Cate No. of shares held at the beginning of the year No. of shares held at the end of the year % Change gory Category of Shareholder during code % of Total % of Total the year Demat Physical Total Demat Physical Total Shares Shares C. SHARES HELD BY CUSTODIANS AND AGAINST WHICH DEPOSITORY RECEIPTS HAVE BEEN ISSUED

Promoter and Promoter Group 0 0 0 0.0000 0 0 0 0.0000 0.0000 Public 0 0 0 0.0000 0 0 0 0.0000 0.0000 TOTAL CUSTODIAN (C) 0 0 0 0.0000 0 0 0 0.0000 0.0000

GRAND TOTAL (A)+(B)+(C) 936966685 1256 936967941 100 971527437 1581 971529018 100.0000 0.0000 ii) Shareholding of promoters 0COGQHVJG%QORCP[5*4+4#/'2%.+/+6'& Sl Shareholder's Shareholding at the beginning of the year Shareholding at the end of the year No Name '% of shares '% of shares '% of total '% of total '% change in Pledged pledged / pledged / Pledged Shares No of shares of No of shares of shareholding Shares encumbered encumbered FOLIO/DP_CL_ID PAN at end of shares the shares the during the at beginning of to to the Year company company year the Year total shares total shares

1 58..+/+6'& 159538459 16.4213 8.6832 273516953 28.1532 14.6665 11.7318 'IN30002011730413 AAACS7696D 84360560 142489592 *#8+0)5#/' PAN 1 58. 5874403 0.6046 0.0000 5874403 0.6046 0.0000 0.0000 '1301490000019372 AAACS7696D 0 0 KKK %JCPIGKP2TQOQVGTU 5JCTGJQNFKPI RNGCUGURGEKH[KHVJGTGKUPQEJCPIG Name of the Company : SHRIRAM EPC LIMITED

Shareholding Cumulative at the Shareholding beginning of during the the year year

'% of total '% of total shares of shares of Sl No Name of the Share holder No of shares No of shares FOLIO/DP_CL_ID PAN the the company company 1 58..+/+6'& At the beginning of the year 01-Apr-2017 159538459 16.4213 159538459 16.4213 'IN30002011730413 AAACS7696D Purchase 08-Sep-2017 113978494 11.7318 273516953 28.1532 At the end of the Year 31-Mar-2018 273516953 28.1532 273516953 28.1532 *#8+0)5#/'2#0 1 58. At the beginning of the year 01-Apr-2017 5874403 0.6046 5874403 0.6046 '1301490000019372 AAACS7696D At the end of the Year 31-Mar-2018 5874403 0.6046 5874403 0.6046

28 KX  5JCTGJQNFKPI2CVVGTPQHVQRVGPUJCTGJQNFGTU QVJGTVJCP&KTGEVQTU2TQOQVGTUCPF*QNFGTUQH)&4UCPF#&4U

Name of the Company : SHRIRAM EPC LIMITED Shareholding at the Cumulative Shareholding beginning of the year during the year

'% of total '% of total Sl No Name of the Share holder No of shares shares of No of shares shares of FOLIO/DP_CL_ID PAN the company the company 1 %'064#.$#0-1(+0&+# At the beginning of the year 01-Apr-2017 91973534 9.4668 91973534 9.4668 IN30081210491515 AAACC2498P Purchase 08-Dec-2017 1596742 0.1643 93570276 9.6312 At the end of the Year 31-Mar-2018 93570276 9.6312 93570276 9.6312

2 14+'06#.$#0-1(%1//'4%' At the beginning of the year 01-Apr-2017 68993466 7.1015 68993466 7.1015 IN30002010060150 AAACO0191M Purchase 08-Dec-2017 116024 0.0119 69109490 7.1134 At the end of the Year 31-Mar-2018 69109490 7.1134 69109490 7.1134

3 56#6'$#0-1(2#6+#.# At the beginning of the year 01-Apr-2017 64466433 6.6355 64466433 6.6355 IN30378610000279 AACCS0143D Purchase 08-Dec-2017 124876 0.0128 64591309 6.6484 At the end of the Year 31-Mar-2018 64591309 6.6484 64591309 6.6484 *#8+0)5#/'2#0

3 STATE BANK OF TRAVANCORE At the beginning of the year 01-Apr-2017 43664378 4.4943 43664378 4.4943 IN30378610000262 AAGCS9120G Purchase 08-Dec-2017 509777 0.0524 44174155 4.5468 At the end of the Year 31-Mar-2018 44174155 4.5468 44174155 4.5468 *#8+0)5#/'2#0

3 STATE BANK OF MYSORE At the beginning of the year 01-Apr-2017 16476207 1.6959 16476207 1.6959 IN30081210491164 AACCS0155P Purchase 08-Dec-2017 393172 0.0404 16869379 1.7363 At the end of the Year 31-Mar-2018 16869379 1.7363 16869379 1.7363

4 +&$+$#0-.6& At the beginning of the year 01-Apr-2017 58644408 6.0363 58644408 6.0363 IN30081210495586 AABCI8842G Purchase 08-Dec-2017 986775 0.1015 59631183 6.1378 At the end of the Year 31-Mar-2018 59631183 6.1378 59631183 6.1378

5 270,#$0#6+10#.$#0- At the beginning of the year 01-Apr-2017 54190436 5.5778 54190436 5.5778 IN30081210501028 AAACP0165G Purchase 08-Dec-2017 1092502 0.1124 55282938 5.6903 At the end of the Year 31-Mar-2018 55282938 5.6903 55282938 5.6903

6 6*'5176*+0&+#0$#0-.6& At the beginning of the year 01-Apr-2017 39642196 4.0803 39642196 4.0803 IN30009511274987 AABCT0022F Purchase 08-Dec-2017 163130 0.0167 39805326 4.0971 At the end of the Year 31-Mar-2018 39805326 4.0971 39805326 4.0971

29 KX  5JCTGJQNFKPI2CVVGTPQHVQRVGPUJCTGJQNFGTU QVJGTVJCP&KTGEVQTU2TQOQVGTUCPF*QNFGTUQH)&4UCPF#&4U (Contd.)

Shareholding at the Cumulative Shareholding beginning of the year during the year

'% of total '% of total Sl No Name of the Share holder No of shares shares of No of shares shares of FOLIO/DP_CL_ID PAN the company the company

7 #:+5$#0-.+/+6'& At the beginning of the year 01-Apr-2017 35608476 3.6651 35608476 3.6651 IN30048410820757 ###%7- Purchase 08-Dec-2017 55943 0.0057 35664419 3.6709 At the end of the Year 31-Mar-2018 35664419 3.6709 35664419 3.6709 *#8+0)5#/'2#0

7 #:+5$#0-.+/+6'& At the beginning of the year 01-Apr-2017 68449 0.0070 68449 0.0070 IN30048412622255 ###%7- Sale 28-Apr-2017 -15463 0.0015 52986 0.0054 Purchase 05-May-2017 45400 0.0046 98386 0.0101 Sale 12-May-2017 -19690 0.0020 78696 0.0081 Sale 19-May-2017 -1650 0.0001 77046 0.0079 Sale 26-May-2017 -46680 0.0048 30366 0.0031 Sale 02-Jun-2017 -3400 0.0003 26966 0.0027 Purchase 14-Jul-2017 6865 0.0007 33831 0.0034 Sale 04-Aug-2017 -19981 0.0020 13850 0.0014 Purchase 11-Aug-2017 20166 0.0020 34016 0.0035 Sale 18-Aug-2017 -100 0.0000 33916 0.0034 Sale 01-Sep-2017 -21066 0.0021 12850 0.0013 Purchase 08-Sep-2017 111 0.0000 12961 0.0013 Purchase 15-Sep-2017 34692 0.0035 47653 0.0049 Sale 29-Sep-2017 -33992 0.0034 13661 0.0014 Purchase 06-Oct-2017 34342 0.0035 48003 0.0049 Sale 13-Oct-2017 -500 0.0000 47503 0.0048 Sale 20-Oct-2017 -5021 0.0005 42482 0.0043 Purchase 27-Oct-2017 3121 0.0003 45603 0.0046 Sale 31-Oct-2017 -25632 0.0026 19971 0.0020 Purchase 03-Nov-2017 46783 0.0048 66754 0.0068 Purchase 10-Nov-2017 23756 0.0024 90510 0.0093 Sale 17-Nov-2017 -13683 0.0014 76827 0.0079 Sale 24-Nov-2017 -40718 0.0041 36109 0.0037 Sale 01-Dec-2017 -300 0.0000 35809 0.0036 Sale 08-Dec-2017 -15368 0.0015 20441 0.0021 Sale 15-Dec-2017 -8719 0.0008 11722 0.0012 Purchase 22-Dec-2017 21228 0.0021 32950 0.0033 Sale 29-Dec-2017 -26788 0.0027 6162 0.0006 Purchase 12-Jan-2018 55934 0.0057 62096 0.0063 Purchase 19-Jan-2018 26741 0.0027 88837 0.0091 Sale 25-Jan-2018 -15085 0.0015 73752 0.0075 Purchase 02-Feb-2018 11430 0.0011 85182 0.0087 Sale 09-Feb-2018 -7699 0.0007 77483 0.0079

30 KX  5JCTGJQNFKPI2CVVGTPQHVQRVGPUJCTGJQNFGTU QVJGTVJCP&KTGEVQTU2TQOQVGTUCPF*QNFGTUQH)&4UCPF#&4U (Contd.)

Shareholding at the Cumulative Shareholding beginning of the year during the year

'% of total '% of total Sl No Name of the Share holder No of shares shares of No of shares shares of FOLIO/DP_CL_ID PAN the company the company Sale 16-Feb-2018 -39691 0.0040 37792 0.0038 Sale 23-Feb-2018 -635 0.0000 37157 0.0038 Sale 02-Mar-2018 -6081 0.0006 31076 0.0031 Sale 09-Mar-2018 -7450 0.0007 23626 0.0024 Purchase 16-Mar-2018 2225 0.0002 25851 0.0026 Purchase 23-Mar-2018 129380 0.0133 155231 0.0159 Sale 30-Mar-2018 -65698 0.0067 89533 0.0092 At the end of the Year 31-Mar-2018 89533 0.0092 89533 0.0092 *#8+0)5#/'2#0

7 #:+5$#0-.+/+6'& At the beginning of the year 01-Apr-2017 0 0.0000 0 0.0000 IN30048413892539 ###%7- Purchase 20-Oct-2017 8456 0.0008 8456 0.0008 Sale 01-Dec-2017 -573 0.0000 7883 0.0008 Sale 15-Dec-2017 -300 0.0000 7583 0.0007 Sale 22-Dec-2017 -100 0.0000 7483 0.0007 Sale 29-Dec-2017 -1042 0.0001 6441 0.0006 Sale 25-Jan-2018 -1815 0.0001 4626 0.0004 Sale 09-Feb-2018 -100 0.0000 4526 0.0004 Sale 16-Feb-2018 -50 0.0000 4476 0.0004 Sale 02-Mar-2018 -1110 0.0001 3366 0.0003 At the end of the Year 31-Mar-2018 3366 0.0003 3366 0.0003

8 BANK OF INDIA At the beginning of the year 01-Apr-2017 27799489 2.8614 27799489 2.8614 IN30074910000012 AAACB0472C Purchase 08-Dec-2017 58249 0.0059 27857738 2.8674 At the end of the Year 31-Mar-2018 27857738 2.8674 27857738 2.8674

9 $#0-1(/#*#4#5*64# At the beginning of the year 01-Apr-2017 23941705 2.4643 23941705 2.4643 IN30038610000287 AACCB0774B Purchase 08-Dec-2017 456665 0.0470 24398370 2.5113 At the end of the Year 31-Mar-2018 24398370 2.5113 24398370 2.5113

10 6*'.#-5*/+8+.#5$#0-.+/+6'& At the beginning of the year 01-Apr-2017 22571978 2.3233 22571978 2.3233 IN30012611204350 AAACT4291P At the end of the Year 31-Mar-2018 22571978 2.3233 22571978 2.3233 NEW TOP 10 AS ON (31-Mar-2018)

31 IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Contd.)

(v)Shareholding of Directors and Key Managerial Personnel:

Name of the Company: SHRIRAM EPC LIMITED

Shareholding at the Cumulative Shareholding beginning of the year during the year Sl No Name of the Share holder No of shares '% of total No of shares '% of total FOLIO/DP_CL_ID PAN shares of shares of the company the company

1 4#0)#59#/;570#4#,#0 At the beginning of the year 01-Apr-2017 9800 0.0010 9800 0.0010 1203840000800556 AACPR1580Q At the end of the Year 31-Mar-2018 9800 0.0010 9800 0.0010

2 65*+8#4#/#0 At the beginning of the year 01-Apr-2017 3000 0.0003 3000 0.0003 IN30036022465056 AACPS3488G At the end of the Year 31-Mar-2018 3000 0.0003 3000 0.0003 *#8+0)5#/'2#0

2 65*+8#4#/#0 At the beginning of the year 01-Apr-2017 0 0.0000 0 0.0000 1203840001707045 AACPS3488G Purchase 30-Mar-2018 282675 0.0290 282675 0.0290 ' At the end of the Year 31-Mar-2018 282675 0.0290 282675 0.0290

3 65*+8#4#/#0 At the beginning of the year 01-Apr-2017 1000 0.0001 1000 0.0001 IN30036022567986 ###*6. At the end of the Year 31-Mar-2018 1000 0.0001 1000 0.0001

4 #/,#65*#4+((/ At the beginning of the year 01-Apr-2017 300 0.0000 300 0.0000 IN30131320668989 AAQPS9393A Purchase 30-Mar-2018 282674 0.0290 282974 0.0291 ' At the end of the Year 31-Mar-2018 282974 0.0291 282974 0.0291

5 -4+5*0#0574'5* At the beginning of the year 01-Apr-2017 50 0.0000 50 0.0000 IN30177414854843 ##/25. At the end of the Year 31-Mar-2018 50 0.0000 50 0.0000

6 #/,#65*#4+((/ At the beginning of the year 01-Apr-2017 10 0.0000 10 0.0000 00000006 At the end of the Year 31-Mar-2018 10 0.0000 10 0.0000

7 5*+8#4#/#06 At the beginning of the year 01-Apr-2017 10 0.0000 10 0.0000 00000040 At the end of the Year 31-Mar-2018 10 0.0000 10 0.0000

32 VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL # 4GOWPGTCVKQPVQ/CPCIKPI&KTGEVQTYJQNGVKOG&KTGEVQTUCPFQT/CPCIGT

Name of the MD/WTD Total Sl No Particulars of Remuneration T Shivaraman M Amjat Shariff Amount Rs. In lacs Rs. In lacs Rs. In lacs 1 Gross salary (a) Salary as per provisions contained in 44.00 44.00 88.00 section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) of the 11.41 12.11 23.52 Income-tax Act, 1961 E  2TQſVUKPNKGWQHUCNCT[WPFGTUGEVKQP   ––– of the Income-tax Act, 1961 2 Stock option – – – 3 Sweat Equity – – – 4 Commission – – – 5 Others (Contribution to PF & Superannuation) – – – Total (A) 55.41 56.11 111.52 Ceiling as per the Act 145.72 145.72 –

B. Remuneration to other Directors: S R R S Sunil K P D Chandra S Bapu Particulars of Ramakrishnan Sundararajan Krishnamurthy Kolangara Karandikar Ramesh Remuneration Chairman- Non Non Independent Nominee Independent Independent Independent Independent* Independent – Fee for attending 27,000 54000 67,500 40,500 40,500 67,500 67,500 Board / Committee meetings 27,000 81,000 54,000 27,000 72,000 72,000 Total 54,000 1,35,000 1,21,500 67,500 40,500 1,39,500 139,500 Max of Rs.1 Max of Rs.1 Max of Rs.1 Max of Rs.1 Max of Rs.1 Max of Rs.1 Max of Rs.1 Overall Ceiling as per lac per each lac per each lac per each lac per each lac per each lac per each lac per each the Act meeting of meeting of meeting of meeting of meeting of meeting of meeting of the board / the board / the board / the board / the board / the board / the board / committee committee committee committee committee committee committee * Non-Executive Non-Independent Director

33 C. Remuneration to Key Managerial Personnel Other than MD/Manager/WTD: Name of the KMP Particulars of Remuneration R S Chandrasekharan K Suresh TotalAmount 1 Gross salary Amount (Rs. In lacs) Amount (Rs. In lacs) Amount (Rs. In lacs) (a) Salary as per provisions contained in section 40.16 33.69 73.85 17(1) of the Income-tax Act, 1961 (b) Value of perquisites u/s 17(2) of the Income-tax –– – Act, 1961 E 2TQſVUKPNKGWQHUCNCT[WPFGTUGEVKQP  QHVJG –– – Income-tax Act, 1961 2 Stock option –– – 3 Sweat Equity –– – 4 Commission –– – 5 Others (Contribution to PF & Superannuation) –– – Total (A) 40.16 33.69 73.85

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: There were no penalties / punishment / compounding of offences for breach of any section of Companies Act against VJG%QORCP[QTKVU&KTGEVQTUQTQVJGTQHſEGTUKPFGHCWNVKHCP[FWTKPIVJG[GCT

Annexure to the Directors’ Report Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 i. Ratio of the remuneration of each Executive Director to the median remuneration of the Employees of VJG%QORCP[HQTVJGſPCPEKCN[GCTVJGRGTEGPVCIGKPETGCUGKPTGOWPGTCVKQPQH%JKGH'ZGEWVKXG 1HſEGT%JKGH(KPCPEKCN1HſEGTCPFQVJGT'ZGEWVKXG&KTGEVQTCPF%QORCP[5GETGVCT[FWTKPIVJGſPCPEKCN year 2016-17.

Ratio of remuneration of each Percentage Remuneration Sl No Name of Director/KMP Designation Director to median increase in (Rs.in lacs) remuneration of Remuneration Employees I Non-Executive Directors II Executive Directors 1 T Shivaraman Managing Director & CEO 55.41 13.35 27.00% 2 M Amjat Shariff Joint Managing Director 56.11 13.52 21.60% III Governed under remuneration structure 3 R S Chandrasekharan %JKGH(KPCPEKCN1HſEGT 40.16 9.68 0+. Vice President & Company 4 K Suresh 33.69 8.12 0+. Secretary

Note: a) The Non-Executive Directors of the Company are entitled for sitting fee as per the statutory provisions. The details of remuneration of Non- executive Directors are provided in the Corporate Governance report. The ratio of remuneration and percentage increase for Non-Executive Directors Remuneration is therefore not considered for the above purpose. b) Percentage increase in remuneration indicates annual target total compensation increases, as approved by the Nomination CPF4GOWPGTCVKQP%QOOKVVGGQHVJG%QORCP[FWTKPIVJGſPCPEKCN[GCT

34  KK 6JGRGTEGPVCIGKPETGCUGKPVJGOGFKCPTGOWPGTCVKQPQH'ORNQ[GGUHQTVJGſPCPEKCN[GCTYCU iii. The Company has 441 permanent Employees on the rolls of Company as on 31st March, 2018 iv. Relationship between average increase in remuneration and Company’s performance: The reward philosophy of the Company is to provide market competitive total reward opportunity that has a strong linkage to and drives performance culture. Every year, the salary increase for the Company are decided on the basis of a benchmarking GZGTEKUGVJCVKUWPFGTVCMGPYKVJUKOKNCTRTQſNGQTICPK\CVKQPU6JGſPCNUCNCT[KPETGCUGUIKXGPCTGCHWPEVKQPQH Company’s market competitiveness in this comparator group as well as overall business affordability. v. Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company: In line with Company’s reward philosophy, merit increases of its Employees including Key Managerial Personnel are directly linked to individual performance as well as that of the Company business. The increase in the remuneration of the Managing Director & CEO and Joint Managing Director for the year was approved by the Nomination & Remuneration Committee at their meeting held on 30th May 2017. vi. The Market Capitalisation of the Company as on 31st March, 2018 was Rs. 2427.50 crore vii. Average percentage increase made in the salaries of Employees other than the managerial personnel in the ſPCPEKCN[GCTYCU0+.YJGTGCUVJGKPETGCUGKPVJG/CPCIKPI&KTGEVQT%'1CPF,QKPV/CPCIKPI&KTGEVQT remuneration was 27% and 21.60% respectively. viii. The key parameters for any variable component of remuneration: Variable compensation is an integral part of our total reward package for all Employees including Executive &KTGEVQTU#VVJGUVCTVQHVJG[GCTGXGT['ORNQ[GG KPENWFKPI'ZGEWVKXG&KTGEVQTU JCXGVJG-4#UſZGFCPFVJGKT roles assigned for the year in addition to their job fundamentals. These are drawn from the organizational strategic plan and are then reviewed for consistency and stretch. The Company’s targets are a combination of goals such as Sales Growth, Operating Margin etc. ix. The ratio of the remuneration of the highest paid Director to that of the Employees who are not Directors but receive remuneration in excess of the highest paid Director during the year: Managing Director & CEO - 0.55 Joint Managing Director - 0.56  Z +VKUJGTGD[CHſTOGFVJCVVJGTGOWPGTCVKQPRCKFFWTKPIVJG[GCTKUCURGTVJG4GOWPGTCVKQP2QNKE[QHVJG%QORCP[

35 Form AOC-1 2WTUWCPVVQſTUVRTQXKUQVQUWDUGEVKQP  QHUGEVKQPTGCFYKVJTWNGQH%QORCPKGU #EEQWPVU 4WNGU 5VCVGOGPVEQPVCKPKPIUCNKGPVHGCVWTGUQHVJGſPCPEKCNUVCVGOGPVQH subsidiaries/associate companies/joint ventures

Part “A”: Subsidiaries (Information in respect of each subsidiary to be presented with amounts in Rs.) Sl. No. Particulars Details 1 Name of the subsidiary 5JTKTCO'2%(<' 2 Reporting period for the subsidiary concerned, if different from the holding NA company’s reporting period 3 Reporting currency and Exchange rate as on the last date of the relevant AED Financial year in the case of foreign subsidiaries 4 Share capital Rs 24,25,939 5 Reserves & surplus Rs (13,89,94,493) 6 Total assets Rs 5,04,92,25,798 7 6QVCN.KCDKNKVKGU Rs 5,18,55,63,794 8. Investments Rs 2,98,47,626 9. Turnover Rs 1,65,70,03,887 10. 2TQſVDGHQTGVCZCVKQP Rs (13,02,69,351) 11. Provision for taxation Nil 12 2TQſVCHVGTVCZCVKQP Rs (13,02,69,351) 13. Proposed Dividend --- 14. % of shareholding 100% Notes: The following information shall be furnished at the end of the statement: 1. Names of subsidiaries which are yet to commence operations 2. Names of subsidiaries which have been liquidated or sold during the year.

Part “B”: Associates and Joint Ventures Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures Name of associates/Joint Ventures *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF .CVGUVCWFKVGF$CNCPEG5JGGV&CVG 31.03.2018 2. Shares of Associate/Joint Ventures held by the company on the year end Amount of Investment in Associates/Joint Venture Rs 4007.22 lakhs 'ZVGPFQH*QNFKPI 48.48% &GUETKRVKQPQHJQYVJGTGKUUKIPKſECPVKPƀWGPEG NA 4. Reason why the associate/joint venture is not consolidated The carrying value of the investment as at 31st March 2015, after recognizing the group's share QH NQUU KP VJG #UUQEKCVG WR VQ VJCV FCVG YCU 0+. Considering the erosion of net worth and continu- ing losses being incurred by it, the group's share of losses in the associate for the current year has PQVDGGPTGEQIPK\GFKPVJGUGEQPUQNKFCVGFſPCPEKCN

5. Net worth attributable to shareholding as per latest audited Nil Balance Sheet 2TQſV.QUUHQTVJG[GCT i. Considered in Consolidation NA ii. Not Considered in Consolidation Nil 1. Names of associates or joint ventures which are yet to commence operations. 2. Names of associates or joint ventures which have been liquidated or sold during the year. 0QVG6JKU(QTOKUVQDGEGTVKſGFKPVJGUCOGOCPPGTKPYJKEJVJG$CNCPEG5JGGVKUVQDGEGTVKſGF

36 CORPORATE GOVERNANCE REPORT 1. Company’s practice on Corporate composition of Board is in conformity with Regulation  QH 5'$+ .KUVKPI 1DNKICVKQPU CPF &KUENQUWTG Governance Requirements) Regulations, 2015. Details of the The Company has consistently aimed at developing composition of the Board of Directors are given in a formalised system of Corporate Governance. We Table 1. believe that it is imperative and non-negotiable for a Information provided to the Board world class Company to adopt transparent accounting policies, appropriate disclosure norms, best-in-class Among others, information supplied to the Board board practices and consistent high standards of includes: corporate conduct towards its stakeholders. a) Annual operating plans of businesses and The Company adopts the Corporate Governance budgets and any updates thereof; D[ CFQRVKPI RTCEVKEGU OCPFCVGF KP 5'$+ .KUVKPI b) Capital budgets and any updates thereof; Obligations and Disclosure Requirements) Regulations, 2015 under Corporate Governance and c) Quarterly results for the Company and business by establishing procedures and systems to be fully segments; compliant with it. Periodic review of the procedures d) Minutes of the meetings of the Audit Committee, and systems are done in order to ensure continued other Committees of the Board and minutes of relevance, effectiveness and responsiveness to the meetings of Subsidiary Companies; needs of the Shareholders. e) The information on recruitment and remuneration The Company adopts practices mandated in SEBI QHUGPKQTQHſEGTULWUVDGNQYVJGNGXGNQH$QCTF .KUVKPI 1DNKICVKQPU CPF &KUENQUWTG 4GSWKTGOGPVU  including the appointment or removal of Chief Regulations, 2015 under Corporate Governance and (KPCPEKCN1HſEGTCPF%QORCP[5GETGVCT[ by establishing procedures and systems to be fully compliant with it. Periodic review of the procedures f) Show cause, demand, prosecution notices and and systems are done in order to ensure continued penalty notices, which are materially important; relevance, effectiveness and responsiveness to the needs of the Shareholders. g) Fatal or serious accidents, dangerous QEEWTTGPEGU CP[ OCVGTKCN GHƀWGPV QT RQNNWVKQP The Company discloses information regarding its problems; ſPCPEKCNRQUKVKQPRGTHQTOCPEGCPFQVJGTXKVCNOCVVGTU with transparency, fairness and accountability on h) #P[ OCVGTKCN FGHCWNV KP ſPCPEKCN QDNKICVKQPU VQ timely basis and the Company is in compliance and by the Company or substantial non-payment with the requirements stipulated under SEBI for goods sold by the Company; .KUVKPI 1DNKICVKQPU CPF &KUENQUWTG 4GSWKTGOGPVU  i) Any issue, which involves possible public or Regulations, 2015 with regard to the Corporate product liability claims of substantial nature, )QXGTPCPEG CRRNKECDNG HQT VJG ſPCPEKCN [GCT  including any judgment or order, which may 18. have passed strictures on the conduct of the BOARD OF DIRECTORS Company or taken an adverse view regarding another enterprise that can have negative Composition of Board implications on the Company; Presently the Board comprises of eight directors of Making of loans and investment of surplus funds; which Managing Director and Joint Managing Director has Two Executive Directors. Out of the Six Non- k) General notices of interests of Directors; Executive Directors, three (3) including one-woman l) Constitution/Reconstitution of Board director are independent Directors and three (3) non Committees; independent director. The Board has an optimum combination of Executive, Independent directors. m) Appointment, remuneration and resignation of The composition of the Board is in conformity with Directors; Regulation 17 (1) of the regulations. n) Dividend declaration; The Company has an appropriate size of the Board o) 5KIPKſECPV EJCPIGU KP CEEQWPVKPI RQNKEKGU CPF HQTUVTCVGIKEFKUEWUUKQPCPFCXCKNUDGPGſVQHFKXGTUG internal controls; experience and viewpoints. p) Details of any joint venture or collaboration All directors are individuals of integrity and courage, agreements; with relevant skills and experience to bring judgment to bear on the business of the Company. The q) Transactions that involve substantial payment

37 towards goodwill, brand equity or intellectual a) are person of integrity and possesses relevant property; expertise and experience; r) 5KIPKſECPVNCDQWTRTQDNGOUCPFVJGKTRTQRQUGF b) (i) are not a promoter of the Company or its holding, UQNWVKQPUCP[UKIPKſECPVFGXGNQROGPVQPJWOCP subsidiary or associate Company; resources, industrial relations front like signing (ii) are not related to promoters or directors in the of wage agreement, implementation of voluntary Company, its holding, subsidiary or associate retirement scheme etc.; Company; s) Sale of material nature of investments, c) apart from receiving director’s remuneration, has subsidiaries, assets which are not in the normal or had no material pecuniary relationship with course of business; the Company, its holding, subsidiary or associate Company or their promoters or directors, during the t) Quarterly details of foreign exchange exposures VYQKOOGFKCVGN[RTGEGFKPIſPCPEKCN[GCTUQTFWTKPI and the steps taken by management to limit the VJGEWTTGPVſPCPEKCN[GCT risks of adverse exchange rate movement, if material; d) none of whose relatives has or had pecuniary relationship or transaction with the Company, its u) Non-compliance of any regulatory, statutory holding, subsidiary or associate Company or their nature or listing regulations and shareholders’ promoters or directors, amounting to 2% (Two per service, such as non-payment of dividend, delay cent) or more of its gross turnover or total income or ` in share transfer, if any, and others;  4WRGGU(KHV[.CMJUQPN[ QTUWEJJKIJGT v) Declaration of Independent Directors at the time amount as may be prescribed, whichever is lower, of appointment / annual declaration; FWTKPIVJGVYQKOOGFKCVGN[RTGEGFKPIſPCPEKCN[GCTU QTFWTKPIVJGEWTTGPVſPCPEKCN[GCT w) Takeover of a Company or acquisition of a e) who, neither himself/herself, nor any of his/her controlling of a substantial stake in another relatives: Company; (i) holds or has held the position of a key managerial x) #RRQKPVOGPV QH CPF ſZKPI QH TGOWPGTCVKQP QH personnel or is or has been employee of the the Auditors as recommended by the Audit Company or its holding, subsidiary or associate Committee; %QORCP[ KP CP[ QH VJG VJTGG ſPCPEKCN [GCTU y) #PPWCN ſPCPEKCN TGUWNVU QH VJG %QORCP[ KOOGFKCVGN[ RTGEGFKPI VJG ſPCPEKCN [GCT KP Auditors’ Report and the Report of the Board of which he/she is proposed to be appointed; Directors; (ii) is or has been an employee or proprietor or z) %QORNKCPEG %GTVKſECVGU HQT CNN VJG NCYU CU C RCTVPGT KP CP[ QH VJG VJTGG ſPCPEKCN [GCTU applicable to the Company; and KOOGFKCVGN[ RTGEGFKPI VJG ſPCPEKCN [GCT KP which he/she is proposed to be appointed, of: aa) CSR activities carried out by the Company and expenditure made thereon. - C ſTO QH CWFKVQTU QT EQORCP[ UGETGVCTKGU in practice or cost auditors of the Company The Board of Directors of the Company is presented or its holding, subsidiary or associate with detailed notes, along with the agenda papers, well Company; or in advance of the meeting. All material information is incorporated in the agenda for facilitating meaningful - CP[ NGICN QT C EQPUWNVKPI ſTO VJCV JCU QT had any transaction with the Company, its and focused discussions at the meeting. Where holding, subsidiary or associate Company it is not practical to attach any document to the amounting to 10% (Ten percent) or more of agenda, the same is tabled before the meeting with VJGITQUUVWTPQXGTQHUWEJſTO VJGURGEKſETGHGTGPEGVQKVUGHHGEVKPVJGCIGPFC+P special and exceptional circumstances, additional or (iii) holds together with his/her relatives 2 (Two supplementary items on the agenda are permitted. percent) or more of the total voting power of the The Board periodically reviews compliance reports of Company; or laws applicable to the Company, prepared and placed (iv) is a Chief Executive or Director, by whatever before the Board by the Management. PCOGECNNGFQHCP[PQPRTQſVQTICPKUCVKQPVJCV INDEPENDENT DIRECTORS TGEGKXGU 6YGPV[ſXGRGTEGPV QTOQTGQH its receipts or corpus from the Company, any of As mandated by RGIWNCVKQP  QH 5'$+ .KUVKPI its promoters, directors or its holding, subsidiary Obligations and Disclosure Requirements) or associate Company or that holds 2% (Two Regulations, 2015 and the Companies Act, 2013, the percent) or more of the total voting power of the Independent Directors on the Board: Company;

38 (v) is a material supplier, service provider or the appropriate authorities of unethical behavior, actual customer or a lessor or lessee of the Company. or suspected, fraud or violation of the Company’s code of conduct or ethics policy andprovides safeguards against f) are not less than 21 (Twenty-one) years of age. victimization of employees who avail the mechanism. The Familiarization Program of Independent Directors policy permits all the directors and employeesto report their concerns directly to the Chairman of the Audit Committee of The Independent directors of SEPC are eminent the Company. The policy with thename and address of the RGTUQPCNKVKGU JCXKPI YKFG GZRGTKGPEG KP VJG ſGNF QH Chairman of the Audit Committee has been communicated DWUKPGUU ſPCPEG GFWECVKQP KPFWUVT[ EQOOGTEG CPF to the employees by uploading the same onthe website administration. Their presence on the Board has been of the Company. The employees can directly contact the advantageous and fruitful in taking business decisions. Chairman of the Audit Committee on the email address Independent Directors are appointed as per the Governance asmentioned in the `Whistle Blower Policy’ uploaded at the guidelines of the Company, with management expertise website of the Company. and widerange of experience. The Directors appointed by Performance evaluation of Independent Directors: the Board are given induction and orientation with respect to the Company’s vision, strategic direction, core values, The Nomination and Remuneration Committee evaluates KPENWFKPIGVJKEUEQTRQTCVGIQXGTPCPEGRTCEVKEGUſPCPEKCN the performance of Independent Directors based on their matters and business operations. The new Board members commitment towards attending the meetings of the Board/ are also requested to access the necessary documents / Committees, contribution and attention to the affairs of the brochures, Annual Reports and internal policies available Company and their overall performance apart from sitting at our website www.shriramepc.com to enable them to fees paid for eachBoard and committee meetings attended familiarize with the Company’s procedures and practices. by them. The evaluation mechanism of Independent Directors is detailed in Directors Report. Periodic presentations are made by Senior Management, Statutory and Internal Auditors at the Board/Committee Evaluation Process meetings onbusiness and performance updates of the In conformity with the requirement of the Act, the Company, global business environment, business risks performance evaluation of all the Independent Directors and its mitigation strategy, impactof regulatory changes shall be done by the entire Board of Directors, excluding QP UVTCVGI[ GVE &WTKPI VJG NCUV ſPCPEKCN [GCT YG JCF the director being evaluated. Independent Directors are QPG UWEJ RTQITCOOG QP VJ #WIWUV  7RFCVGU QP required to evaluate the performance of non – Independent relevant statutory changes encompassing important laws Directors and Board as a whole. The Independent Directors are regularly intimatedto the Independent directors. of the Company shall hold at least one meeting in a year to Prevention of Insider Trading exercise the functions as mentioned in Act. Pursuant to the SEBI (Prohibition of Insider Trading) To enable directors to evaluate their individual performance Regulations, 2015 and the guidelines received and as well as the collective performance of the Board and adopted by the Company. Code of Conduct for Prevention Chairperson, the Company has developed a framework of Insider Trading for prevention of insider trading is in for evaluating Board’s effectiveness, directors’ and place. The objective of the Code is to prevent purchase Chairperson’s performance. and / or sale of shares of theCompany by an insider on the CRITERIA DCUKUQHWPRWDNKUJGFRTKEGUGPUKVKXGKPHQTOCVKQP7PFGTVJKU %QFG &GUKIPCVGF RGTUQPU &KTGEVQTU #FXKUQTU 1HſEGTU A. Board and other concerned employees / persons) are prevented 1. The Board Meetings are conducted with from dealing in the Company’s shares during the closure UWHſEKGPVHQEWUQPKORQTVCPVOCVVGTUCPFXKGYU QH6TCFKPI9KPFQY6QFGCNKPUGEWTKVKGUDG[QPFURGEKſGF of all directors are considered before taking a NKOKVRGTOKUUKQPQH%QORNKCPEG1HſEGTKUCNUQTGSWKTGF#NN decision the designated employees are also required to disclose TGNCVGF KPHQTOCVKQP RGTKQFKECNN[ CU FGſPGF KP VJG %QFG 2. The Board composition has the right mix Directors and designated employees who buy and sell of knowledge and skills required to drive shares of the Company are prohibited from entering into organizational performance an opposite transaction i.e. sell or buy any shares of the 3. Meetings are scheduled with adequate notice Company during the next six months following the prior transactions. Directors and designated employees are also CPFCTGEQPFWEVGFCURGTFGſPGFUEJGFWNGU prohibited from taking positions in the derivatives segment 4. The Board meetings are adequate and directors of the Company shares. The aforesaid Code is available at are provided opportunity to suggest agenda the website of the Company www.shriramepc.com. items for the Board/Committees, allowing appropriate time for critical issues 9JKUVNG$NQYGT 5. The Board prioritizes organizational needs Your Company has established a mechanism called ‘Whistle Blower’ for directors and employees to report to 6. The Board provides feedback to management

39 7. The Board members are aware of their Roles, duties, responsibilities, liabilities and powers 8. 6JG $QCTF OCVGTKCNU UWHſEKGPVN[ EQXGTU VJG UWDLGEV CPF CTG UGPV CFGSWCVGN[ KP CFXCPEG VQ CNNQY $QCTF VQ understand the information 9. The Board is effective in establishing a corporate governance that promotes timely and effective disclosure, ſUECNCEEQWPVCDKNKV[JKIJGVJKECNUVCPFCTFUCPFEQORNKCPEGYKVJCRRNKECDNGNCYUCPFTGIWNCVKQPU 10. The internal control systems are effective for identifying material risks and reporting material violations of policies 11. The Board has the desired diversity in terms of expertise and knowledge, gender etc. to discharge its responsibilities 12. The minutes adequately captures the Board deliberations and directions and are circulated to the directors well in advance for their review 13. The management periodically updates the Board on the action taken on the directions given by the Board. (D) Other provisions as to Board and Committees The Board comprises of Mr. P D Karandikar, as Non-Executive Independent Chairman, Mr. T Shivaraman as Managing Director & CEO, Mr.M. Amjat Shariff, Joint Managing Director, Mr. S Krishnamurthy, Mr. R Sundararajan, Mr. S Bapu and Mrs. Chandra Ramesh as Non-Executive Directors. Mr. Surender Singh had been appointed as OBC nominee Director in May 2017. During the year 2017-18, 5(Five) meetings of the Board of Directors were held on 30th May 2017, 24th August 2017, 13th September 2017, 7th December 2017, 14th February 2017. The maximum time gap between any two consecutive meetings did not exceed 120 days. None of the Directors on the Board are Members of more than 10 Committees or Chairman of more than 5 Committees across all the companies in which they are Directors. Necessary disclosures regarding Committee positions in other public EQORCPKGUCUQP/CTEJJCXGDGGPOCFGD[VJG&KTGEVQTUCURGT.1&44GIWNCVKQPU Details of their Directorships and Chairmanship/Membership of Board Committees of the companies showing the positionas on 31 March, 2018 are given below:

**Member in Committees Directorships held as on -Position held in other Relationship March 31, 2018 in other +PFKCP2WDNKE.KOKVGF Name of Director Position with other +PFKCP2WDNKE.KOKVGF Companies Directors Companies* Member Chairman Mr. P D Karandikar Non – Executive None 2 2 -- (DIN: 02142050) Chairman Mr. T. Shivaraman Executive Managing None 2 1 ---- (DIN ; 01312018) Director& CEO Mr. M Amjat Shariff Executive Joint Man- None 1 -- --- (DIN:00009562) aging Director Mr. R. Sundararajan Non – Executive None 6 3 2 (DIN ; 00498404) Non- Independent Director Mr. S. Krishnamurthy Non – Executive None 2 2 2 (DIN : 00140414) Independent Director Mr. S Bapu Non- Independent None - - -- (DIN:02541697) Director Ms. Chandra Ramesh Non – Executive None - -- -- (DIN:00938694) Independent Director Mr. Surender Singh*** Non – Executive None - -- -- (DIN:07821680) Nominee Director -OBC *Includes Directorship in the Companies incorporated under the Companies Act, 1956 /2013. **Only membership in Audit Committee and Share Transfer and Investors’ Grievance Committee are considered. *** Appointed as Nominee Director of Oriental Bank of Commerce on 15th May 2017

40 Other Directorships do not include alternate directorships, 2. #NN OGODGTU QH CWFKV EQOOKVVGG UJCNN DG ſPCPEKCNN[ directorships of private limited companies, Section 8 literate and at least one member shall have accounting of CompaniesAct, 2013 / Section 25 of the Companies QTTGNCVGFſPCPEKCNOCPCIGOGPVGZRGTVKUG Act, 1956 and of companies incorporated outside India. 3. The Chairman of the Audit Committee shall be an Chairmanships/Membershipsof Board Committees include independent director; only Audit, Stakeholders Relationship and Nomination and Remuneration Committees of public limited companies. 4. The Chairman of the Audit Committee shall be present at Annual General Meeting to answer shareholder The Company has received declarations of independence queries; as prescribed under Section 149(6) & (7) of the Companies Act, 2013from Independent Directors. All requisite 5. The Audit Committee may invite such of the executives, declarations have been placed before the Board. as it considers appropriate (and particularly the head QHVJGſPCPEGHWPEVKQP VQDGRTGUGPVCVVJGOGGVKPIU No Director of the Company is related to any other Director of the Company. of the committee, but on occasions it may also meet without the presence of any executives of the Code of Conduct EQORCP[6JGſPCPEGFKTGEVQTJGCFQHKPVGTPCNCWFKV The Company has adopted a Code of Conduct (“the Code”) and a representative of the statutory auditor may for Directors and Senior Management of the Company. The be present as invitees for the meetings of the audit Code has been circulated to all the members of the Board committee; and Senior Management and the same is available on the 6. The Company Secretary shall act as the secretary to Company’s website at the link:www.shriramepc.com. the committee. The Board members and Senior Management personnel B. Meeting of Audit Committee JCXGCHſTOGFVJGKTEQORNKCPEGYKVJVJGEQFG#FGENCTCVKQP to this effect signed by the Chairman and Managing Director The Audit Committee should meet at least four times of the Company is contained in this Annual Report. in a year and not more than four months shall elapse between two meetings. The quorum shall be either two members or one third of the members of the audit 3. Board Committees committee whichever is greater, but there should be a 3.1 Audit Committee minimum of two independent members present. # 3WCNKſGFCPF+PFGRGPFGPV#WFKV%QOOKVVGG C. Powers of Audit Committee The Company complies with Section 177 of the The Audit Committee shall have powers, which Companies Act, 2013 as well as requirements under the should include the following: listing regulation 18 of the Regulations read with Part C 1. To investigate any activity within its terms of of Schedule II of the Regulations. pertaining to the Audit reference. Committee. Its functioning is as under: 2. To seek information from any employee. (i) The Audit Committee presently consists of the Four Non-Executive Directors, out of which three are 3. To obtain outside legal or other professional Independent Directors; advice. (ii) #NNOGODGTUQHVJG%QOOKVVGGCTGſPCPEKCNN[NKVGTCVG 4. To secure attendance of outsiders with relevant CPF JCXKPI VJG TGSWKUKVG ſPCPEKCN OCPCIGOGPV expertise, if it considers necessary. expertise; D .The role of the Audit Committee (iii) The Chairman of the Audit Committee is an Independent Director; 1. 1XGTUKIJV QH VJG EQORCP[ŏU ſPCPEKCN TGRQTVKPI RTQEGUUCPFVJGFKUENQUWTGQHKVUſPCPEKCNKPHQTOCVKQP (iv) The Chairman of the Audit Committee was not VQ GPUWTG VJCV VJG ſPCPEKCN UVCVGOGPV KU EQTTGEV present at the last Annual General Meeting held on UWHſEKGPVCPFETGFKDNG 24th August, 2017. 2. Recommendation for appointment, remuneration and (B) Terms of reference terms of appointment of auditors of the company; The terms of reference of the Audit Committee include 3. Approval of payment to statutory auditors for any inter-alia: other services rendered by the statutory auditors; A. The regulations governing the committee are: 4. 4GXKGYKPIYKVJVJGOCPCIGOGPVVJGCPPWCNſPCPEKCN 1. The audit committee shall have minimum three statements and auditor’s report thereon before directors as members. Two-thirds of the members of submission to the board for approval, with particular audit committee shall be independent directors. reference to:

41 o Matters required to be included in the Director’s control systems of a material nature and reporting the Responsibility Statement to be included in the matter to the board; Board’s report in terms of clause (c) of sub- 16. Discussion with statutory auditors before the audit section 3 of section 134 of the Companies Act, commences, about the nature and scope of audit as 2013 well as post-audit discussion to ascertain any area of o Changes, if any, in accounting policies and concern; practices and reasons for the same 17. To look into the reasons for substantial defaults in o Major accounting entries involving estimates the payment to the depositors, debenture holders, based on the exercise of judgment by shareholders (in case of non-payment of declared management dividends) and creditors; o 5KIPKſECPV CFLWUVOGPVU OCFG KP VJG ſPCPEKCN 18. Risk Management- To evaluate the Risk Management UVCVGOGPVUCTKUKPIQWVQHCWFKVſPFKPIU System including Risk Policy, Risk Process (Risk +FGPVKſECVKQP#UUGUUOGPV/KVKICVKQPCPF/QPKVQTKPI  o Compliance with listing and other legal and Risk Registers, laid down by the management; TGSWKTGOGPVUTGNCVKPIVQſPCPEKCNUVCVGOGPVU 18. To review the functioning of the Whistle Blower o Disclosure of any related party transactions mechanism; o 3WCNKſECVKQPUKPVJGFTCHVCWFKVTGRQTV 19. Approval of appointment of CFO (i.e., the whole- 5. Reviewing, with the management, the quarterly time Finance Director or any other person heading ſPCPEKCNUVCVGOGPVUDGHQTGUWDOKUUKQPVQVJGDQCTF VJG ſPCPEG HWPEVKQP QT FKUEJCTIKPI VJCV HWPEVKQP  for approval; CHVGT CUUGUUKPI VJG SWCNKſECVKQPU GZRGTKGPEG CPF background, etc. of the candidate; 6. Reviewing, with the management, the statement of uses / application of funds raised through an issue 20. Carrying out any other function as is mentioned in the (public issue, rights issue, preferential issue, etc.), terms of reference of the Audit Committee. the statement of funds utilized for purposes other %QORQUKVKQPPCOGUQH/GODGTUCPF%JCKTRGTUQPKVU than those stated in the offer document / prospectus meetings and attendance: / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of The composition of the Committee is Mr. P D Karandikar, a public or rights issue, and making appropriate Chairman, Mr. S Krishnamurthy Mr. S Bapu, and Ms. recommendations to the Board to take up steps in this Chandra Ramesh as members of the Committee. matter; During the year, 4 Audit Committee meetings were held 7. Review and monitor the auditor’s independence and on 30th May 2017,13th September 2017, 7thDecember 2017 performance, and effectiveness of audit process; and 14th February 2018.  #RRTQXCN QT CP[ UWDUGSWGPV OQFKſECVKQP QH The composition of the Audit Committee, which has been transactions of the company with related parties; reconstituted during the year and number of meetings attended by the Members during the year are given below: 9. Scrutiny of inter-corporate loans and investments; 10. Valuation of undertakings or assets of the company, Members No. of Meet- No. of Meet- wherever it is necessary; ings held ings Attended  'XCNWCVKQP QH KPVGTPCN ſPCPEKCN EQPVTQNU CPF TKUM Mr. P D Karandikar – Chairman 4 4 management systems; Mr. S Krishnamurthy – Member 4 4 12. Reviewing, with the management, performance Mr. S Bapu – Member 4 3 of statutory and internal auditors, adequacy of the internal control systems; Ms. Chandra Ramesh – Member 4 4 13. Reviewing the adequacy of internal audit function, Mr. S R Ramakrishnan- ** 4 1 if any, including the structure of the internal audit Mr. R Sundararajan – Member*** 4 4 FGRCTVOGPV UVCHſPI CPF UGPKQTKV[ QH VJG QHſEKCN heading the department, reporting structure coverage Mr. K Suresh, Company Secretary is the Secretary of the and frequency of internal audit; Audit Committee.  &KUEWUUKQP YKVJ KPVGTPCN CWFKVQTU QH CP[ UKIPKſECPV ** Mr. S R Ramakrishnan resigned from the Committee ſPFKPIUCPFHQNNQYWRVJGTGQP on 27.10.2017 Consequent on his resignation from the Company.  4GXKGYKPIVJGſPFKPIUQHCP[KPVGTPCNKPXGUVKICVKQPU by the internal auditors into matters where there is *** Mr. R Sunderarajan stepped down from the Audit suspected fraud or irregularity or a failure of internal Committee on 04.05.2018.

42 Nomination and Remuneration Committee Individual performance pay is determined by business performance and theperformance of the individuals (A) Constitution measured through the annual appraisal process. The Nomination and Remuneration Committee has been (E) Remuneration to Managing Director & CEO and reconstituted during the year and comprises of Mr. S Joint Managing Director Krishnamurthy, Mr. R Sundararajan, Ms. Chandra Ramesh as members of the Committee. (a) Mr. T Shivaraman is the Managing Director & Chief 'ZGEWVKXG 1HſEGT /&  %'1  QH VJG %QORCP[ 6JG (B) Terms of reference UCNCT[DGPGſVUCPFRGTSWKUKVGURCKFVQ/T65JKXCTCOCP Terms of reference of the Nomination and Remuneration /&%'1FWTKPIVJG[GCTYCU4U.CMJU Committee include: Details of Remuneration to MD & CEO Amount ( Rs / Lakh) 1. Formulation of the criteria for determining SWCNKſECVKQPU RQUKVKXG CVVTKDWVGU CPF KPFGRGPFGPEG Salary 44.00 of a director and recommend to the Board a policy, Allowances and Perquisites 11.41 relating to the remuneration of the directors, key Number of Shares held 286685 managerial personnel and other employees; (b) Mr. M Amjat Shariff, Joint Managing Director (JMD) of 2. Formulation of criteria for evaluation of Independent VJG%QORCP[6JGUCNCT[DGPGſVUCPFRGTSWKUKVGURCKFVQ Directors and the Board; Mr. Mr. M Amjat Shariff, JMD during the year 2017-18 was 3. Devising a policy on Board diversity; and 4U.CMJU +FGPVKH[KPI RGTUQPU YJQ CTG SWCNKſGF VQ DGEQOG Details of Remuneration to JMD Amount ( Rs / Lakh) directors and who may be appointed in senior Salary 44.00 management in accordance with the criteria laid down, and recommend to the Board their appointment Allowances and Perquisites 12.11 and removal. The company shall disclose the Number of Shares held 282984 remuneration policy and the evaluation criteria in its Annual Report. PARTICULARS OF REMUNERATION Meetings and attendance during the year: The information required under Section 197 of the Act and During the year, a meeting of Nomination and Remuneration the Rules made there-under, in respect of employees of Committee was held on 30thMay 2017. the Company, is follows: - The composition of the Nomination and Remuneration (a) the ratio of the remuneration of each director to the Committee and number of meetings attended by the median remuneration of the employees of the company for Members during the year are given below: VJGſPCPEKCN[GCT

Members No. of Meet- No. of Meet- Non-Executive Directors Ratio to Median ings held ings Attended Remuneration Ms. Chandra Ramesh – Chairman 1 1 Mr. S.R. Ramakrishnan 0.13 Mr. R Sundararajan – Member 1 1 Mr. R Sundararajan 0.35 Mr. S Krishnamurthy – Member 1 - Mr. S Krishnamurthy 0.31 Mr. S R Ramakrishnan - resigned 11Mr. S Bapu 0.19 from the Committee on 27.10.2017 Mr. Sunil Kumar Kolangara 0.01 (D) Remuneration policy Mr. P D Karandikar 0.34 The Remuneration policy of your Company is a Ms. Chandra Ramesh 0.34 comprehensive policy which is competitive, in consonance Mr. Surender Singh - with the industrypractices and rewards good performance Executive Directors of the employees of the Company. The policy ensures equality, fairness and consistencyin rewarding the Mr.T Shivaraman 13.35 employees on the basis of performance against set Mr.M Amjat Shariff 13.52 objectives. (b) the percentage increase in remuneration of each The Company endeavours to attract, retain, develop and &KTGEVQT %JKGH 'ZGEWVKXG 1HſEGT %JKGH (KPCPEKCN motivate a high performance workforce. The Company 1HſEGT%QORCP[5GETGVCT[QT/CPCIGTKHCP[KPVJG HQNNQYU CEQORGPUCVKQP OKZ QH ſZGF CPF XCTKCDNG RC[ ſPCPEKCN[GCT

43 Name of person % increase to (d) the number of permanent employees on the rolls of remuneration company: 441 Mr. S.R. Ramakrishnan 0+. (e) the explanation on the relationship between average increase in remuneration and company performance; Mr. R Sundararajan 0+. Mr. S Krishnamurthy 0+. The remuneration is in line with the market trends. In QTFGTVQGPUWTGVJCVTGOWPGTCVKQPTGƀGEVUEQORCP[ Mr. S Bapu 0+. performance, the performance pay is linked to Mr. Sunil Kumar Kolangara 0+. organization performance. Mr. P D Karandikar 0+. (f) Comparison of the remuneration of the Key Ms. Chandra Ramesh 0+. Managerial Personnel against the performance of the company; Mr. Surender Singh 0+. Mr.T Shivaraman, MD & CEO 27.00% Particulars Rs/l ac Mr.M. Amjat Shariff, JMD 21.60% Remuneration of Key Managerial Personnel 185.37 Mr. R Chandrasekharan, CFO 0+. -/2 FWTKPIſPCPEKCN[GCT CIITG- gated) Mr. K Suresh, VP & Company Secretary 0+. Revenue from operations 61,504.33 (c) the percentage increase in the median remuneration Remuneration (as % of revenue) 0.003% QH GORNQ[GGU KP VJG ſPCPEKCN [GCT YCU  /GFKCP remuneration 2016-17 Rs. 380063 compared to 2TQſVDGHQTGVCZ 2$6 2425.90 Rs.415380 for 2017-18 Remuneration (as % of PBT) 0.076%

Comparison of each remuneration of the Key Managerial Personnel against the performance of the Company

Particulars Managing Joint Chief Company Director & CEO Managing Financial Secretary Director 1HſEGT Rs. in lac Rs. in lac Rs. in lac Rs. in lac Remuneration 55.41 56.11 40.16 33.69 Revenue 61504.33 61504.33 61504.33 61504.33 Remuneration (as % of revenue) 0.0009% 0.0009% 0.006% 0.005% 2TQſVUDGHQTGVCZ 2$6 2425.90 2425.90 2425.90 2425.90 Remuneration (as % of PBT) 0.022% 0.023% 0.016% 0.014% (F) Remuneration to Non-Executive Directors Remuneration by way of Sitting Fees is paid to Directors at Rs.15, 000/- for attending each Meeting of the Board and Rs. 10,000/- for attending each Committee Meetings i.e. for Audit Committee, Stake holder’s relationship committee meeting, Nomination & Remuneration Committee, Borrowing Committee and Investment Committee meetings. Payment of sitting fee to the Non-Executive Directors for the year ended 31 March, 2018 are as under:

Audit Stakeholders Nomination & Board $QTTQYKPI Committee relationship remuneration meeting committee Names of Directors meeting committee Committee (net of TDS) (net of (net of TDS) (net of TDS) meeting (net Rs. TDS) Rs. Rs. Rs. of TDS)-Rs. P D Karandikar 67500 36000 36000 ------R Sundararajan 54000 36000 36000 9000 --- S Krishnamurthy 67500 36000 ------18000 S Bapu 40500 27000 ------Chandra Ramesh 67500 36000 9000 9000 18000 Surender Singh ------Mr. S R Ramakrishnan (resigned from the 27000 9000 9000 9000 --- Board/committee effective from 27.10.2017 Mr. Sunil Kolangara (resigned from the 40500 ------Board with effect from 09th January 2018.

44 Notes: the Shareholders to register their grievances to company’s website www.shriramepc.com. (i) The Non-Executive Directors have disclosed separately the shares held by them in the Company. (C) Complaints received and redressed during the year 2017-18 (ii) There has been no pecuniary relationship or transactions other than above of the Non-Executive Opening Received during Resolved during Closing Directors vis-à-vis theCompany during the year under Balance the year 2017-18 the year 2017-18 Balance review. 02 20 3.3 Stakeholders Relationship Committee Pursuant to Regulation 40(9 & (10) of the regulations, a (A) Composition, Members, its meetings and attendance EGTVKſECVGQPJCNH[GCTN[DCUKUEQPſTOKPIFWGEQORNKCPEG Stakeholders Relationship Committee comprises of share transferformalities by the Company from of Mr. R Sundararajan as Chairman with Mr. P D Practising Company Secretary has been submitted to the Karandikar and Ms. Chandra Ramesh as members of Stock Exchanges within stipulatedtime. the Committee. 3.4 Independent Directors Meeting The Committee is set up to monitor the process of Independent Directors are regularly updated on UJCTG VTCPUHGT KUUWG QH HTGUJ 5JCTG %GTVKſECVGU CU performance of each line of business of the Company, well as review of redressalof investors/shareholders strategy goingforward and new initiatives being taken/ grievances. The Committee would also recommend proposed to be taken by the Company. The Independent measures for overall improvement of the qualityof Directors Mr. S Krishnamurthy, Mr. P D Karandikar, and Investor services. Ms. Chandra Ramesh met on 14th February 2018 without any Senior Management Personnel. During the year, 4 meetings of the Stakeholders Relationship Committee were held on 30th May 2017, 4. Subsidiary Company 13th September 2017, 7th December 2017 and 14th (i) The Company does not have any Indian Subsidiary February 2018. Company. The composition of the Stakeholders Relationship Committee and number of meetings attended by the KK  6JG ſPCPEKCN UVCVGOGPVU QH VJG WPNKUVGF HQTGKIP Members during the year are given below: Subsidiary Company is being placed before the Board. 5. Disclosures No. of No. of Members Meetings (A) Basis of related party transactions Meetings held Attended (i) The statements containing the transactions with related Mr. R Sundararajan– Chairman 4 4 parties were submitted periodically to the Audit Committee. Mr. P D Karandikar- Member 4 4 (ii) There are no related party transactions that may have Mr. S R Ramakrishnan- Member* 41RQVGPVKCNEQPƀKEVYKVJVJGKPVGTGUVQHVJG%QORCP[CVNCTIG resigned on 27.10.2017 Ms. Chandra Ramesh- Member 41(iii) There were no material individual transactions with *appointed on 07.12.2017 related parties during the year, which were not in the normal courseof business as well as not on an arm’s length basis. $  0COGCPF&GUKIPCVKQPQHVJG%QORNKCPEG1HſEGT (iv) There is no non-compliance by the Company and no Mr K Suresh, Company Secretary has been penalties, strictures imposed on the Company by Stock FGUKIPCVGFCU%QORNKCPEG1HſEGTQHVJG%QORCP[KP Exchange orSEBI or any statutory authority, on any matter NKPGYKVJVJGTGSWKTGOGPVQH.KUVKPI#ITGGOGPVYKVJVJG related to capital market, during the last three years. Stock Exchanges and can be contacted at: (B) Disclosure of Accounting Treatment  5JTKTCO'2%.VF 4th Floor, Sigappi Achi Building, Your Company has not adopted any alternative accounting  &QQTPQ4WMOKPK.CMUJOKRCVJKUCNCK treatment prescribed differently from the Ind-AS. (Marshalls Road) (C) Board Disclosures - Risk Management Egmore, Chennai- 600 008. India The Risk Management is overseen by the Audit Committee Tel: (91 44) 4901 5678 of the Company on a continuous basis. The Committee Fax: (91 44) 4901 5655 oversees Company’s process and policies for determining  'OCKNUWTGUJ"UJTKTCOGREEQO risk tolerance and review management’s measurement Website: www.shriramepc.com andcomparison of overall risk tolerance to established +PCFFKVKQPVQVJGCDQXGGOCKNQHVJG%QORNKCPEG1HſEGT NGXGNU /CLQT TKUMU KFGPVKſGF D[ VJG DWUKPGUUGU CPF the Investors/Shareholders can also lodge their complaints, functions are systematically addressed through mitigating KHCP[CVKPHQ"UJTKTCOGREEQO#NKPMJCUDGGPRTQXKFGFVQ actions on a continuous basis. For details, please refer to

45 the Management Discussion and Analysis report which (H) Shareholders form part of the Board Report. The Company has laid (i) The quarterly results and presentations made by down procedures to inform the Board of Directors about the Company to analysts are put on the Company’s the Risk Management and its minimizationprocedures. websitewww.shriramepc.com under the Disclosure The Audit Committee and Board of Directors review these Requirements Section. procedures periodically. &  2TQEGGFU HTQO RWDNKE KUUWGU TKIJV KUUWGU (ii) The Company has also sent Annual Report through preferential issues etc. email to those Shareholders who have registered their email ids withDepositary Participant. &WTKPIVJG[GCT4UETQTGU CRRTQZ QH9%6. was converted by issuance of equity shares to the bankers. (iii) As per Section 152 (6) of the Companies Act, 2013, out of the total number of Directors, 2/3rd of the Directors (E) Secretarial Audit Report are liable to retire by rotation. Independent Directors are The Company has obtained Secretarial Audit Report not liable to retire by rotation. Out of the Non-Independent on quarterly/Annual basis from the Company Secretary Directors who are liable to retire by rotation, 1/3rd shall in practice forcompliance with Section 204(1) of the retire at every Annual General Meeting. Accordingly, Mr. %QORCPKGU #EV  .1&4 4GIWNCVKQPU  5'$+ R Sundararajan, Director (DIN: 00498404) will retire by Regulations on Takeover, Insider Tradingand Depositories rotation at the ensuing Annual General Meeting. A brief & Participants. A text of the Secretarial Audit Report is RTQſNGKURWDNKUJGFGNUGYJGTGKPVJG#PPWCN4GRQTV annexed. %'1CPF%(1%GTVKſECVKQP (F) Secretarial Standards The Managing Director & CEO and CFO of the Company The Company during the year under review has undertaken IKXGSWCTVGTN[CPPWCNEGTVKſECVKQPQPſPCPEKCNTGRQTVKPICPF the audit for compliance of Secretarial Standards and internalcontrols to the Board in terms of Regulation 17(8) proceduresfollowed by the Company in compliance with TGCFYKVJ2CTV$QH5EJGFWNG++QHVJG.KUVKPI4GIWNCVKQPU Secretarial Standards on Annual General meeting and 7. Compliance on Corporate Governance Board Meeting issued byInstitute of Company Secretaries of India. The Secretarial Standards Report is published The quarterly compliance report has been submitted to the elsewhere forming a part of this Report. Stock Exchanges where the Company’s equity shares are listed in therequisite format duly signed by the Compliance (G) Management Discussion and Analysis Report 1HſEGT2WTUWCPVVQ5EJGFWNG8QHVJG.1&44GIWNCVKQPU The Management Discussion and Analysis Report have  VJG 2TCEVKUKPI %QORCP[ 5GETGVCT[ŏU %GTVKſECVG been included separately in the Annual Report to the incompliance on conditions of Corporate Governance is Shareholders. annexed to this Report.

8. General Body Meetings

(A) Location and time of General Meetings held in the last 3 years:

Year Date Time Venue 2014-15 24.09.2015 10.00 AM 54+-4+5*0#)#0#5#$*#&40#..+)#0#8+*#4 /#*#4#,#274#/5#06*#0#/41#&60#)#4 %*'00#+Ō 2015-16 15.09.2016 10.20 AM 54+-4+5*0#)#0#5#$*#&40#..+)#0#8+*#4 /#*#4#,#274#/5#06*#0#/41#&60#)#4 %*'00#+Ō 2016-17 24.08.2017 3.05 PM 54+-4+5*0#)#0#5#$*#&40#..+)#0#8+*#4 /#*#4#,#274#/5#06*#0#/41#&60#)#4 %*'00#+Ō

46 (B) Special Resolution passedthrough postal Ballot- Deemed general meetings:

Year Date of meeting Section Particulars 2015-16 06-06-2015 62,42 Preferential issue to the CDR lenders in lieu of the Funded +PVGTGUV6GTO.QCP (+6. 62,42 2TGHGTGPVKCNKUUWGVQVJG%&4NGPFGTUKPNKGWQHVJGUCETKſEG 42,62(1)(c) Preferential issue to the promoters for the capital infusion of 389 crs 61 4GENCUUKſECVKQPQH#WVJQTKUGF%CRKVCN Section 13 & 14 Amendment to the memorandum & Articles of Association for the capital clause change Section 13 Amendment to the memorandum of Association-Object clause amendment 10-8-2015 Section 13 Amendment to the memorandum of Association-Object clause amendment Section 14 Adoption of new set of Articles as per the new Companies act 2013 &KUENQUWTGQHVJGWNVKOCVG$GPGſEKCNQYPGTURTGHGTGPVKCNKUUWG notice of PB notice -5th May 2015 Disclosure of the correct post issue shareholding pattern- - preferential issue- notice of PB notice -5th May 2015 Section 186 Increase in the limit of loans/investments 11-2-2016 62,42 Preferential issue to the CDR lenders in lieu of the Working %CRKVCN6GTO.QCP 9%6. 42,62(1)(c) Preferential issue to the promoters for the capital infusion upto 100 crs Section 13,14 Amendment to the memorandum & articles of Association- and clause V capital clause 2016-17 26-8-2016 62,42 Preferential issue to the CDR lenders in lieu of the Working %CRKVCN6GTO.QCP 9%6. 42,62(1)(c) Preferential issue to the promoters for the capital infusion upto Rs. 265 crs Section 61 and Increase of Authorised Capital and alteration of Memorandum of clause V Association 24-2-2017 62,42 Preferential issue to the CDR lenders in lieu of the Working %CRKVCN6GTO.QCP 9%6. DCUGFQPſPCNTGEQPEKNKCVKQP 62(1)(c) 2TGHGTGPVKCNKUUWGVQ-24+PXGUVOGPVU2.VFWRVQETU Section 61 Increase of Authorised Capital Section 13 & Alteration of Memorandum of Association Clause V 2017-18 04-05-2017 Section 62(1) Preferential Issue of equity shares on in terms of ICDR (c) 4GIWNCVKQPU QP EQPXGTUKQP QH VJG 9QTMKPI %CRKVCN 6GTO .QCP 9%6. VQ%&4.GPFGTUDCUGFQPVJGſPCNTGEQPEKNKCVKQP Section 62 Issue of equity shares on preferential basis to KPR Investments 2XV.VF Section 13, Increase of the Authorised Share Capital of the Company and Section 61 approval for alteration the Memorandum of Association of the Company Section 14 Amendment of Articles of Association by insertion of new Articles

47 9. Means of Communication The Company’s website is a comprehensive reference on the management, vision, mission, policies, corporate governance, corporatesustainability, investor relations, updates and news. The section on Investors serves to inform the shareholders, D[IKXKPIEQORNGVGſPCPEKCNFGVCKNU5JCTGJQNFKPI2CVVGTPUVQEQORN[YKVJ/%#)WKFGNKPGU6JGYGDUKVGEQXGTUCNNOCLQT press reports, releases, etc. The Company regularly interacts with the shareholders through the multiple channels of communication such as publication ofresults, Annual Report, press releases, Analysts Call after the Board Meeting and the Company’s website. The Company also informsthe Stock Exchanges in a prompt manner, all price sensitive information and all such other matters which in its opinion, are materialand relevant for the shareholders.

Quarterly report sent to each household of 6JGTGUWNVUQHVJG%QORCP[CTGRWDNKUJGFKPVJGPGYU Shareholders papers Quarterly results and in which newspaper normally Results are published in Financial Express (all editions) and in publishedin. Maalai Thamizhagam (Tamil - Chennai edition)

Any website where displayed Yes, the results are displayed on the Company’s website www. shriramepc.com 9JGVJGTKVCNUQFKURNC[UQHſEKCNPGYUTGNGCUGU Yes Whether the website displays the presentation made Yes to the institutional investors and to the analysts 10. General Shareholder Information Annual General Meeting: K &CVGVKOGCPF8GPWGWednesday, 3rd August, 2017 at 3.00 PM.  54+-4+5*0#)#0#5#$*#/#*#4#,#274#/5#06*#0#/41#&60#)#4%*'00#+Ō (ii) Financial Year: 1st April, 2017 to 31st March, 2018 (iii) Date of Book Closure: Monday,30th July 2018 to Friday, 3rd August, 2018(both days inclusive) (v) Listing The Stock Exchanges on which the Company’s shares are listed: C $5'.KOKVGF D 0CVKQPCN5VQEM'ZEJCPIGQH+PFKC.KOKVGF (vi) Stock Code $5'.KOKVGF 0CVKQPCN5VQEM'ZEJCPIGQH+PFKC.KOKVGF5*4+4#/'2% 6JG+5+0QHVJG%QORCP[HQTKVUUJCTGU+5+0+0'* (vii) Market price information a. The reported high and low closing prices during the year ended 31 March, 2018 on the National Stock Exchange and theBSE, where your Company’s shares are frequently traded vis-à-vis the Share Index, are given below:

BSE PRICE NSE PRICE Month High .QY High .QY Apr-17 29.30 26.90 29.60 26.80 May-17 30.00 24.15 29.45 24.45 Jun-17 28.20 22.70 28.30 23.55

48 Jul-17 27.30 23.00 27.25 23.55 Aug-17 24.70 19.55 23.90 19.50 Sep-17 22.95 19.70 22.75 19.6 Oct-17 23.45 17.20 23.60 17.20 Nov-17 22.00 19.00 22.00 19.15 Dec-17 33.90 20.00 33.90 20.05 Jan-18 33.80 27.25 33.70 27.05 Feb-18 35.50 24.00 35.55 23.95 Mar-18 32.55 24.95 32.60 24.50

(x) Registrars and Share Transfer Agents The Members are requested to correspond to the Company’s Registrars & Share Transfer Agents –Cameo Corporate 5GTXKEGU.KOKVGF Subramanian Building, V Floor 0Q%NWD*QWUG4QCF Chennai 600 002 India Tel: (91 44) 2846 0390 / 40020700 (Board) Fax: (91 44) 2846 0129 'OCKNUJTKTCOGRE"ECOGQKPFKCEQO Website: www.cameoindia.com Contact Person: Mr. R.D. Ramasamy SEBI Registration Number: INR000003753 ZK 5JCTGJQNFKPICUQP/CTEJ

DISTRIBUTION OF HOLDINGS AS ON 31.3.2018 Category (Amount) No. of Cases % of Cases Total Shares Amount % of Amount 1 - 5000 15955 75.75 2520477 25204770 0.26 5001 - 10000 2451 11.64 2146710 21467100 0.22 10001 - 20000 1178 5.59 1889179 18891790 0.19 20001 - 30000 443 2.10 1175412 11754120 0.12 30001 - 40000 187 0.89 678771 6787710 0.07 40001 - 50000 265 1.26 1281399 12813990 0.13 50001 - 100000 309 1.47 2368237 23682370 0.24 100001 - And Above 275 1.31 959468833 9594688330 98.76 Total : 21063 100 971529018 9715290180 100 D 5JCTGJQNFKPIRCVVGTPCUQP/CTEJ

NO.OF CATEGORY *1.&'45 616#.5*#4'5 61'37+6; Promoter 1 279391356 28.76 Director & Relatives 6 296794 0.03 Resident 20357 18599357 1.91 FI 2 394917 0.04

49 NRI 177 373517 0.04 Corporate Body 362 17551340 1.81 Clearing Member 69 126919 0.01 Bank 22 653287007 67.24 FPI 13 1292635 0.13 Employees 54 215176 0.02 616#. 21063 971529018 100 (c) Capital of the Company The authorized and paid-up capital of your Company is Rs.1050 crs and Rs.971.53 crores crores respectively. (d) 6QRVGP5JCTGJQNFGTUCUQP/CTEJ

TOP 10 SHAREHOLDERS AS ON 31.3.2018 5.01 (1.+1 %.+& 0#/'1(6*'*1.&'4 5 5*#4'5 % 1 IN300020 11730413 58..+/+6'& 279391356 28.76 2 IN303786 10000279 STATE BANK OF INDIA 125634843 12.93 3 IN300812 10491515 %'064#.$#0-1(+0&+# 93570276 9.63 4 IN300020 10060150 14+'06#.$#0-1(%1//'4%' 69109490 7.11 5 IN300812 10495586 +&$+$#0-.6& 59631183 6.14 6 IN300812 10501028 270,#$0#6+10#.$#0- 55282938 5.69 7 IN300095 11274987 6*'5176*+0&+#0$#0-.6& 39805326 4.10 8 IN300484 10820757 #:+5$#0-.+/+6'& 35664419 3.67 9 IN300749 10000012 BANK OF INDIA 27857738 2.87 10 IN300386 10000287 $#0-1(/#*#4#5*64# 24398370 2.51 616#. 810345939 83.41 (xii) Dematerialisation of shares and liquidity

SHAREHOLDING SUMMARY AS ON 31-Mar-2018 CATEGORY 011(*1.&'45 616#.215+6+105 1(*1.&+0)5 2*;5+%#. 129 1581 0.00 05&. 11853 943393912 97.10 %&5. 9081 28133525 2.90 616#. 21063 971529018 100 6JG%QORCP[ŏUUJCTGUECPDGVTCFGFQPN[KPFGOCVGTKCNKUGFHQTOCURGT5'$+PQVKſECVKQP6JG%QORCP[JCUGPVGTGF KPVQCP#ITGGOGPVYKVJ05&.CPF%&5.YJGTGD[UJCTGJQNFGTUJCXGVJGQRVKQPVQFGOCVGTKCNKUGVJGKTUJCTGUYKVJGKVJGTQH thedepositories. Equity shares are traded in BSE and NSE. (xiii) Plant locations The Company is not a manufacturing unit and thus not having any manufacturing Plant. (xiv) Address for correspondence The Company Secretary 5JTKTCO'2%.VF 4th Floor, Sigappi Achi Building, &QQTPQ4WMOKPK.CMUJOKRCVJKUCNCK /CTUJCNNU4QCF Egmore, Chennai- 600 008, India Tel: (91 44) 4901 5678 Fax: (91 44) 4901 5655

50 'OCKNUWTGUJ"UJTKTCOGREEQO Website: www.shriramepc.com (xv) Electronic Clearing Service (ECS) The Company is availing of the ECS facility to distribute dividend in main cities to those Members who have opted for it. 11. Reconciliation of Share Capital #U UVKRWNCVGF D[ 5'$+ C SWCNKſGF 2TCEVKUKPI %QORCP[ 5GETGVCT[ ECTTKGU QWV CWFKV QH 4GEQPEKNKCVKQP QH 5JCTG %CRKVCN VQTGEQPEKNGVJGVQVCNCFOKVVGFKUUWGFCPFNKUVGFECRKVCNYKVJ0CVKQPCN5GEWTKVKGU&GRQUKVQT[.KOKVGF 05&. CPF%GPVTCN &GRQUKVQT[5GTXKEGU +PFKC .KOKVGF %&5. CPF5VQEM'ZEJCPIGU &GVCKNUQHOCPFCVQT[TGSWKTGOGPVQH5'$+ .1&4 4GIWNCVKQPU

+&KUENQUWTGQPYGDUKVGKPVGTOUQH.KUVKPI4GIWNCVKQPU Item Compliancestatus(Yes/No/NA)

Details of business Yes Terms and conditions of appointment of independent directors Yes Composition of various committees of board of directors Yes Code of conduct of board of directors and senior management personnel Yes Details of establishment of vigil mechanism/Whistle Blower policy Yes Criteria of making payments to non-executive directors Yes Policy on dealing with related party transactions Yes Policy for determining ‘material’ subsidiaries Yes Details of familiarization programmes imparted to independent directors Yes %QPVCEVKPHQTOCVKQPQHVJGFGUKIPCVGFQHſEKCNUQHVJGNKUVGFGPVKV[YJQCTG Yes responsible for assisting and handling investor grievances email address for grievance redressal and other relevant details Yes Financial results Yes Share holding pattern Yes Details of agreements enteredin to with the media companies and/or thei Not Applicable rassociates New name and the old name of the listedentity Not Applicable ++#PPWCN#HſTOCVKQPU Particulars Regulation Number Compliancestatus (Yes/No/NA)

Independent director(s) have been ap- 16(1)(b)&25(6) Yes RQKPVGFKPVGTOUQHURGEKſGFETKVGTKCQHŎ KPFGRGPFGPEGŏCPFQTŎGNKIKDKNKV[ŏ Board composition 17(1) Yes Meeting of Board of directors 17(2) Yes Review of Compliance Reports 17(3) Yes Plans for orderly successionfor 17(4) Yes appointments Code of Conduct 17(5) Yes Fees/compensation 17(6) Yes Minimum Information 17(7) Yes %QORNKCPEG%GTVKſECVG 17(8) Yes Risk Assessment & Management 17(9) Yes

51 Performance Evaluation of Independent- 17(10) Yes Directors Composition of Audit Committee 18(1) Yes Meeting of Audit Committee 18(2) Yes Composition of nomination & remuneration- 19(1)&(2) Yes committee Composition of Stakeholder Relationship- 20(1)&(2) Yes Committee Composition androleofrisk management- 21(1),(2),(3),(4) Yes committee Vigil Mechanism 22 Yes Policy for related party Transaction 23(1),(5),(6),(7)&(8) Yes Prioror Omni bus approval of Audit Commitee 23(2),(3) Yes for all related party transactions Approval for material related party- 23(4) Yes transactions Composition of Board of Director 24(1) Yes sofunlisted material Subsidiary Other Corporate Governancerequirements 24(2),(3),(4),(5)&(6) Not Applicable withr espectto subsidiary of listedentity Maximum Directorship & Tenure 25(1)&(2) Yes Meeting of independ entdirectors 25(3)&(4) Yes Familiarization of independent directors 25(7) Yes Memberships in Committees 26(1) Yes #HſTOCVKQPYKVJEQORNKCPEGVQEQFG 26(3) Yes of conduct from members of Board of Directors and Seniormanagement personnel

Disclosure of Shareholding by Non- 26(4) Yes Executive Directors Policy withr espectto Obligation sofdi- 26(2)&26(5) Yes rectors and senior management

52 CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE %QTRQTCVG+FGPVKſECVKQP0Q.602.% To, The Members SHRIRAM EPC LIMITED Sigappi Achi Building, 4th Floor, 0Q4WMOKPK.CMUJOKRCVJK4QCF'IOQTG Chennai – 600008. We have examined all relevant records of 5JTKTCO'2%.KOKVGFJCXKPIKVU4GIKUVGTGF1HſEGCV5KICRRK#EJK$WKNFKPI VJ(NQQT0Q4WMOKPK.CMUJOKRCVJK4QCF'IOQTG%JGPPCKŌHQTVJGRWTRQUGQHEGTVKH[KPIEQORNKCPEGQH the conditions of Corporate Governance under Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) and para %&CPF'QH5EJGFWNG8VQVJG5'$+ .KUVKPI1DNKICVKQPUCPF&KUENQUWTG4GSWKTGOGPVU 4GIWNCVKQPUTGCFYKVJ 4GIWNCVKQP  QHVJG5'$+ .KUVKPI1DNKICVKQPUCPF&KUENQUWTG4GSWKTGOGPVU 4GIWNCVKQPUHQTVJGſPCPEKCN[GCT ended March 31, 2018. We have obtained all the information and explanations, which to the best of our knowledge and DGNKGHYGTGPGEGUUCT[HQTVJGRWTRQUGQHEGTVKſECVKQP The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the EQPFKVKQPUQH%QTRQTCVG)QXGTPCPEG6JKU%GTVKſECVGKUPGKVJGTCPCUUWTCPEGCUVQVJGHWVWTGXKCDKNKV[QHVJG%QORCP[PQT QHVJGGHſEKGPE[QTGHHGEVKXGPGUUYKVJYJKEJVJGOCPCIGOGPVJCUEQPFWEVGFVJGCHHCKTUQHVJG%QORCP[+VKUPGKVJGTCP CWFKVPQTCPGZRTGUUKQPQHQRKPKQPQPVJGſPCPEKCNUVCVGOGPVUQHVJG%QORCP[ In our opinion and to the best of our information and according to the explanations given to us and the representations made by the Directors and the Management, we certify that the Company has generally complied regarding the conditions QH%QTRQTCVG)QXGTPCPEGCUUVKRWNCVGFWPFGTVJG5'$+ .KUVKPI1DNKICVKQPUCPF&KUENQUWTG4GSWKTGOGPVU 4GIWNCVKQPU HQTVJGſPCPEKCN[GCTGPFGFUV/CTEJ For R.Sridharan & Associates Company Secretaries CS R. Sridharan Chennai CP No. 3239 June 7, 2018 FCS No. 4775 7+0560

DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANY’S CODE OF CONDUCT

This is to certify that the Company has laid down Code of Conduct for all Board Members and Senior Management of the Company and the copies of the same are uploaded on the website of the Company – www.shriramepc.com. (WTVJGTEGTVKſGFVJCVVJG/GODGTUQHVJG$QCTFQH&KTGEVQTUCPF5GPKQT/CPCIGOGPVRGTUQPPGNJCXGCHſTOGFJCXKPI complied with the Code applicable to them during the year ended 31 March, 2018. %JGPPCK 65*+8#4#/#0 June 7, 2018 Managing Director & CEO

53 Secretarial Audit Report for the Financial year ended 31st March, 2018 =2WTUWCPVVQ5GEVKQP  QHVJG%QORCPKGU#EVCPF4WNG0QQHVJG%QORCPKGU #RRQKPVOGPVCPF4GOWPGTCVKQPQH/CPCIGTKCN2GTUQPPGN 4WNGU?

To, a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) The Members, Regulations, 2011; Shriram EPC Limited Sigapi Achi Building, 4th Floor b) The Securities and Exchange Board of India 4WMOKPK.CMUJOKRCVJK4QCF (Prohibition of Insider Trading) Regulations, 2015; Egmore c) The Securities and Exchange Board of India Chennai – 600 008 (Issue of Capital and Disclosure Requirements) We have conducted the secretarial audit of the compliance Regulations, 2009; of applicable statutory provisions and the adherence to good d) During the period under review, the Company has EQTRQTCVG RTCEVKEGU D[ 5JTKTCO '2% .KOKVGF =%QTRQTCVG not allotted any shares to its employees under the +FGPVKHKECVKQP 0WODGT .602.%? Securities and Exchange Board of India (Share (hereinafter called “the Company”). Secretarial Audit was Based Employee Benefits) Regulations, 2014 conducted in a manner that provided us a reasonable basis and The Securities and Exchange Board of India for evaluating the corporate conducts/statutory compliances (Employee Stock Option Scheme and Employee and expressing our opinion thereon. Stock Purchase Scheme) Guidelines, 1999; $CUGF QP QWT XGTKſECVKQP QH %QORCP[ŏU DQQMU RCRGTU e) During the period under review, the Company OKPWVG DQQMU HQTOU CPF TGVWTPU ſNGF CPF QVJGT TGEQTFU has neither issued any debentures nor has any maintained by the Company and also the information outstanding debentures to be redeemed and RTQXKFGFD[VJG%QORCP[KVUQHſEGTUCIGPVUCPFCWVJQTK\GF hence the compliance of the provisions of the representatives during the conduct of secretarial audit, We Securities and Exchange Board of India (Issue and hereby report that in our opinion, the Company has, during .KUVKPIQH&GDV5GEWTKVKGU 4GIWNCVKQPUKUPQV VJGCWFKVRGTKQFEQXGTKPIVJGſPCPEKCN[GCTGPFGFQPst applicable; March, 2018 complied with the statutory provisions listed f) The Securities and Exchange Board of India hereunder and also that the Company has proper Board- (Registrars to an Issue and Share Transfer Agents) processes and compliance mechanism in place to the extent, Regulations, 1993 regarding the Companies Act in the manner and subject to the reporting made hereinafter: and dealing with client; We have examined the books, papers, minute books, g) During the year under review, the Company has HQTOUCPFTGVWTPUſNGFCPFQVJGTTGEQTFUOCKPVCKPGFD[VJG not delisted its Securities from any of the Stock st %QORCP[HQTVJGſPCPEKCN[GCTGPFGFQP March, 2018 Exchanges in which it is listed and hence the according to the provisions of: compliance of the provisions of the Securities (i) The Companies Act, 2013 (the Act) and the rules made and Exchange Board of India (Delisting of Equity there under and the Companies Act, 1956 to the extent Shares) Regulations, 2009 is not applicable; and applicable; h) The Company has not bought back any shares (ii) The Securities Contracts (Regulation) Act, 1956 during the period under review and hence the (‘SCRA’) and the rules made there under; provisions of compliance of the Securities and Exchange Board of India (Buyback of Securities) (iii) The Depositories Act, 1996 and the Regulations and Regulations, 1998 is not applicable; Bye-laws framed there under; XK  #UKPHQTOGFD[VJG/CPCIGOGPVPQURGEKſENCYUCEVU (iv) The Company has not dealt with the matters relating are applicable to the Company. to Foreign Direct Investment and Overseas Direct 9KVJTGURGEVVQ.CDQWT.CYUGVEDCUGFQPVJGKPHQTOCVKQP Investment and External Commercial Borrowings under GZRNCPCVKQPURTQXKFGFD[VJGOCPCIGOGPVCPFQHſEGTUQH FEMA and hence, the requirement of complying with VJG%QORCP[CPFRGTKQFKECNTGRQTVUCPFEGTVKſECVGURNCEGF the provisions of Foreign Exchange Management Act, before the Board of Directors, we report that adequate 1999 and the rules and regulations made thereunder systems are in place to monitor and ensure compliance of doesn’t arise; the above mentioned laws. (v) The following Regulations and Guidelines prescribed 9GHWTVJGTTGRQTVVJCVEQORNKCPEGQHCRRNKECDNGſPCPEKCNNCYU under the Securities and Exchange Board of India Act, including direct and indirect tax laws by the company has 1992 (‘SEBI Act’):- not been reviewed in this audit since the same has been

54 subject to review by statutory auditors and other designated 6. The Scrutinizer Report received from Practicing professionals. Company Secretary has not complied with Section 110 We have also examined compliance with the applicable of the Companies Act, 2013 read with Rule 22 of the clauses / regulations of the following: Companies (Management and Administration) Rules, 2014. (i) Secretarial Standards with respect to Meetings of Board of Directors (SS-1) and General Meetings 7. The company has not disclosed the names of Top (SS-2) issued by The Institute of Company 10 employees in terms of remuneration drawn as per Secretaries of India. Section 197(12) of Companies Act 2013 read with rule 5 of Companies(Appointment and Remuneration of  KK  6JG7PKHQTO.KUVKPI#ITGGOGPVGPVGTGFKPVQYKVJ Managerial Personnel) Rules 2014. $5'.KOKVGFCPF0CVKQPCN5VQEM'ZEJCPIGQH+PFKC .KOKVGF RWTUWCPV VQ VJG RTQXKUKQPU QH VJG 5'$+ We further report that .KUVKPI1DNKICVKQPUCPF&KUENQUWTG4GSWKTGOGPVU  The Board of Directors of the Company is constituted with Regulations, 2015. proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The change in the During the period under review the Company has generally composition of the Board of Directors that took place during complied with the provisions of the Act, Rules, Regulations, the period under review was carried out in compliance with Guidelines, Standards, etc. mentioned above except to the the provisions of the Act. extent as mentioned below: Adequate notice is given to all directors to schedule the 1. The Company has not constituted CSR Committee Board Meetings, agenda and detailed notes on agenda were and CSR Policy based on the Net worth of more than sent at least seven days in advance, and a system exists for 500 crores as per the Audited Balance Sheet as on UGGMKPICPFQDVCKPKPIHWTVJGTKPHQTOCVKQPCPFENCTKſECVKQPU 31/03/2017, as required under the provisions of Section on the agenda items before the meeting and for meaningful 135 of the Companies Act, 2013. participation at the meeting. There are certain businesses 2. The Company has not transferred the underlying that can be transacted through Video Conferencing / shares of unpaid or unclaimed dividend required to be Audio Visual means as provided for under the Companies transferred to IEPF, apart from the amount of unpaid Act, 2013 and the relevant Rules made there under. The or unclaimed dividend which, as per MCA vide its Company has convened & generally recorded in compliance 0QVKſECVKQPFCVGFth October, 2017 and section 124(6) with Rule 3 of Companies (Meetings of Board and its of Companies Act, 2013. Powers) Rules, 2014 businesses that have been transacted through Video Conferencing / Audio Visual means. 6JG%QORCP[JCUPQVPQOKPCVGFC0QFCN1HſEGTHQTVJG  purpose of co-ordination with IEPF Authority as per Rule $CUGFQPVJGXGTKſECVKQPQHVJGTGEQTFUCPFOKPWVGUVJG 7 of Investor Education and Protection Fund Authority decisions were carried out with the consent of the Board of (Accounting, Audit, Transfer and Refund) Rules, 2016. Directors / Committee Members and no Director / Member dissented on the decisions taken at such Board / Committee 4. The Company has approved Annual Financial Meetings. Further, in the minutes of the General Meeting Statements through video conferencing, where the including the resolutions passed through Postal Ballot, the Chairman participated through video conferencing. number of votes cast against the resolutions has been As per Section 173(2), of the Companies Act, Annual recorded. Financial Statements, are matters that cannot be dealt through Video conferencing. We further report that based on the review of compliance mechanism established by the Company, we are of the 5. The Company has disclosed beyond the prescribed time opinion that the management has adequate systems and NKOKVVJG5VC[QTFGTTGEGKXGFHTQO0%.#6YJKEJKPVJG processes commensurate with its size and operations, to opinion of the board of directors of the listed company, monitor and ensure compliance with all applicable laws, is material, in compliance with Regulation 30 of the rules, regulations and guidelines. 5'$+ .KUVKPI1DNKICVKQPUCPF&KUENQUWTG4GSWKTGOGPVU  We further report that during the audit period, the Company Regulations, 2015. has made the following preferential allotments relating to:

Date of No. of Face Value Premium S.No Nature of Allotment allotment Shares Per share per Share 1 %QPXGTUKQPQH(WPFGF+PVGTGUV6GTO.QCPVQ 6th April, 'SWKV[ 5JCTGU VQ %&4 .GPFGTU KP VGTOU QH 10,193 Rs.10/- Rs.22.98/- 2017 the CDR Scheme 2 %QPXGTUKQPQH5CETKſEGQP2TGHGTGPVKCN$CUKU 6th April, 24,03,425 Rs.10/- Rs.30.05/- VQ%&4.GPFGTUKPVGTOUQHVJG%&45EJGOG 2017 3 Conversion of the Working Capital Term 9th May, .QCP 9%6.  VQ %&4 .GPFGTU KP VGTOU QH 54,66,375 Rs.10/- Rs.13.25/- 2017 the CDR Scheme

55 Date of No. of Face Value Premium S.No Nature of Allotment allotment Shares Per share per Share 4 Conversion of the Working Capital Term 4th August, .QCP 9%6.  VQ %&4 .GPFGTU KP VGTOU QH 54,66,375 Rs.10/- Rs.13.25/- 2017 the CDR Scheme 5 Conversion of the Working Capital Term 11th August, .QCP 9%6.  VQ %&4 .GPFGTU KP VGTOU QH 48,11,134 Rs.10/- Rs.13.25/- 2017 the CDR Scheme 6 Conversion of the Working Capital Term 11th August, .QCP 9%6. VQ%QTRQTCVKQP$CPMKPVGTOU 1,44,16,429 Rs.10/- Rs.13.25/- 2017 of the CDR Scheme 7 Allotment of Equity Shares on preferential 27th DCUKUVQ-24+PXGUVOGPVU2.VF September, 1,29,19,896 Rs.10/- Rs.17.09/- 2017

Note: This Report is to be read with letter of even date by Secretarial Auditor, which is annexed as Annexure A and Forms an integral part of this report.

 (QT454+&*#4#0#551%+#6'5 COMPANY SECRETARIES  %5454+&*#4#0 CP No. 3239 2.#%'%*'00#+ (%50Q DATE:76*,70' 7+0560

‘Annexure A’

To,  9GJCXGPQVXGTKſGFVJGEQTTGEVPGUUCPFCRRTQRTKCVGPGUU of financial records and Books of Account of the The Members, company. Shriram EPC Limited Sigapi Achi Building, 4th Floor 4. Where ever required, we have obtained the Management 4WMOKPK.CMUJOKRCVJK4QCF representation about the compliance of laws, rules and Egmore regulations and happening of events etc. Chennai – 600008 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the 1WTTGRQTVQHGXGPFCVGKUVQDGTGCFCNQPIYKVJVJKU responsibility of the management. Our examination was letter. NKOKVGFVQVJGXGTKſECVKQPQHRTQEGFWTGUQPVGUVDCUKU 1. Maintenance of secretarial records is the responsibility 6. The Secretarial Audit report is neither an assurance of the management of the company. Our responsibility as to the future viability of the company nor of the is to express an opinion on these secretarial records GHſECE[QTGHHGEVKXGPGUUYKVJYJKEJVJGOCPCIGOGPV based on our audit. has conducted the affairs of the company. 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance  (QT454+&*#4#0#551%+#6'5 about the correctness of the contents of the Secretarial COMPANY SECRETARIES TGEQTFU 6JG XGTKſECVKQP YCU FQPG QP VGUV DCUKU VQ  %5454+&*#4#0 GPUWTG VJCV EQTTGEV HCEVU CTG TGƀGEVGF KP UGETGVCTKCN CP No. 3239 records. We believe that the processes and practices, 2.#%'%*'00#+ (%50Q we followed provide a reasonable basis for our opinion. DATE:76*,70' 7+0560

56 Independent Auditor’s Report to the Members of Shriram EPC Limited

1. Report on the Standalone Ind AS Financial UVCPFCNQPG +PF #5 ſPCPEKCN UVCVGOGPVU 6JG RTQEGFWTGU Statements selected depend on the auditor’s judgment, including the We have audited the accompanying standalone Ind assessment of the risks of material misstatement of the #5 ſPCPEKCN UVCVGOGPVU QH 5JTKTCO '2% .KOKVGF őVJG UVCPFCNQPG +PF #5 ſPCPEKCN UVCVGOGPVU YJGVJGT FWG Company”), which comprise the Balance Sheet as at March VQ HTCWF QT GTTQT +P OCMKPI VJQUG TKUM CUUGUUOGPVU VJG VJG5VCVGOGPVQH2TQſVCPF.QUU KPENWFKPI1VJGT CWFKVQTEQPUKFGTUKPVGTPCNſPCPEKCNEQPVTQNTGNGXCPVVQVJG Comprehensive Income), the Statement of Cash Flow %QORCP[ŏURTGRCTCVKQPQHVJGUVCPFCNQPG+PF#5ſPCPEKCN and the Statement of Changes in Equity for the year then statements that give a true and fair view in order to design GPFGFCPFCUWOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU CWFKVRTQEGFWTGUVJCVCTGCRRTQRTKCVGKPVJGEKTEWOUVCPEGU CPFQVJGTGZRNCPCVQT[KPHQTOCVKQP JGTGKPCHVGTTGHGTTGFVQ An audit also includes evaluating the appropriateness CUőUVCPFCNQPG+PU#5ſPCPEKCNUVCVGOGPVUŒ  of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s 2. Management’s Responsibility for the Standalone Directors, as well as evaluating the overall presentation of Ind AS Financial Statements VJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU The Company’s Board of Directors is responsible for the We believe that the audit evidence obtained by us, is OCVVGTU UVCVGF KP 5GEVKQP    QH VJG %QORCPKGU #EV UWHſEKGPV CPF CRRTQRTKCVG VQ RTQXKFG C DCUKU HQT QWT  őVJG#EVŒ YKVJTGURGEVVQVJGRTGRCTCVKQPQHVJGUG SWCNKſGFCWFKVQRKPKQPQPVJGUVCPFCNQPG+PF#5ſPCPEKCN UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUVJCVIKXGCVTWGCPF UVCVGOGPVU HCKT XKGY QH VJG ſPCPEKCN RQUKVKQP ſPCPEKCN RGTHQTOCPEG KPENWFKPI QVJGT EQORTGJGPUKXG KPEQOG ECUJ ƀQYU CPF $CUKUQH3WCNKſGF1RKPKQP changes in equity of the Company in accordance with the .QPI VGTO .QCPU CPF CFXCPEGU KPENWFG 4U  +PFKCP #EEQWPVKPI 5VCPFCTFU +PF #5  RTGUETKDGF WPFGT NCMJU /CTEJ   4U  NCMJU  KPENWFKPI UGEVKQP  QH VJG #EV TGCF YKVJ VJG %QORCPKGU +PFKCP interest accrued up to March 31,2016) and other trade Accounting Standards) Rules, 2015, as amended, and TGEGKXCDNGUKPENWFGPGVCOQWPVQH4UNCMJU /CTEJ QVJGTCEEQWPVKPIRTKPEKRNGUIGPGTCNN[CEEGRVGFKP+PFKC 4UNCMJU FWGHTQOTGNCVGFRCTV[&WG This responsibility also includes maintenance of adequate VQWPCXCKNCDKNKV[QHUWHſEKGPVCRRTQRTKCVGCWFKVGXKFGPEGVQ accounting records in accordance with the provisions of corroborate management’s assessment of recoverability the Act for safeguarding the assets of the Company and of the above said amounts and as these are outstanding for preventing and detecting frauds and other irregularities; for more than three years, we are unable to comment on selection and application of appropriate accounting policies; VJGTGEQXGTCDKNKV[QHVJGUCOG0QRTQXKUKQPYKVJTGURGEVVQ making judgments and estimates that are reasonable and VJGUCOGKUOCFGKPVJGDQQMUQHCEEQWPVU4GHGT0QVG prudent; and design, implementation and maintenance of QHVJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU CFGSWCVG KPVGTPCN ſPCPEKCN EQPVTQNU VJCV YGTG QRGTCVKPI 6JKU OCVVGT YCU CNUQ SWCNKſGF KP VJG TGRQTV QH VJG effectively for ensuring the accuracy and completeness predecessor auditors on the standalone Indian GAAP of the accounting records, relevant to the preparation and ſPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGF/CTEJ RTGUGPVCVKQPQHVJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU 3WCNKſGF1RKPKQP that give a true and fair view and are free from material OKUUVCVGOGPVYJGVJGTFWGVQHTCWFQTGTTQT In our opinion and to the best of our information and according to the explanations given to us, except for 3. Auditors’ Responsibility the possible effects of the matter described in the Basis 1WT TGURQPUKDKNKV[ KU VQ GZRTGUU CP QRKPKQP QP VJGUG HQT 3WCNKſGF 1RKPKQP RCTCITCRJ CDQXG VJG CHQTGUCKF UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUIKXGVJGKPHQTOCVKQP We have taken into account the provisions of the Act, the required by the Act in the manner so required and give accounting and auditing standards and matters which a true and fair view in conformity with the accounting are required to be included in the audit report under the principles generally accepted in India including the Ind AS, provisions of the Act and the Rules made thereunder and of the state of affairs of the Company as at March 31, 2018, VJG1TFGTKUUWGFWPFGTUGEVKQP  QHVJG#EV CPFKVURTQſV KPENWFKPIQVJGTEQORTGJGPUKXGKPEQOG KVU ECUJƀQYUCPFVJGEJCPIGUKPGSWKV[HQTVJG[GCTGPFGF 9GEQPFWEVGFQWTCWFKVQHVJGUVCPFCNQPG+PF#5ſPCPEKCN QPVJCVFCVG statements in accordance with the Standards on Auditing URGEKſGFWPFGT5GEVKQP  QHVJG#EV6JQUG5VCPFCTFU 6. Emphasis of Matters require that we comply with ethical requirements and plan 9GFTCYCVVGPVKQPVQVJGHQNNQYKPIOCVVGTUKPVJG0QVGUVQ and perform the audit to obtain reasonable assurance VJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU CDQWVYJGVJGTVJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU K0QVG PQ  TGICTFKPI FWGU COQWPVKPI VQ 4U CTGHTGGHTQOOCVGTKCNOKUUVCVGOGPV  NCMJU /CTEJ   4U  An audit involves performing procedures to obtain audit lakhs) in respect of project which is stalled due evidence about the amounts and the disclosures in the VQUVCVWVQT[FGNC[UHCEGFD[VJGEWUVQOGT#UVJG

57 customer has put in efforts to identify alternate %QORCPKGU +PFKCP #EEQWPVKPI 5VCPFCTFU  4WNGU options to complete the project, management is of CUCOGPFGF VJGXKGYVJCVKVYKNNDGCDNGVQTGCNK\GUWEJFWGU G  6JG OCVVGT FGUETKDGF KP $CUKU QH 3WCNKſGF 1RKPKQP  KK 0QVG PQ  TGICTFKPI FWGU COQWPVKPI VQ 4U paragraph above, in our opinion, may have an adverse  NCMJU /CTEJ   4U  GHHGEVQPVJGHWPEVKQPKPIQHVJG%QORCP[ lakhs) due from an associate and a subsidiary H 1P  VJG DCUKU QH VJG YTKVVGP TGRTGUGPVCVKQPU TGEGKXGF of the associate which has been outstanding for from the directors as on March 31, 2018 taken on OQTGVJCPVJTGG[GCTU$CUGFQPVJGWPFGTVCMKPI record by the Board of Directors, none of the directors given by the associate with respect to divestment KU FKUSWCNKſGF CU QP /CTEJ   HTQO DGKPI in its subsidiary and projected operations of mines, CRRQKPVGFCUCFKTGEVQTKPVGTOUQH5GEVKQP  QH ECUJƀQYUVJGCDQXGUVCVGFFWGUCTGEQPUKFGTGF VJG#EV to be realizable by the management I  6JG SWCNKſECVKQP TGNCVKPI VQ VJG OCKPVGPCPEG QH 1WTQRKPKQPKUPQVSWCNKſGFKPTGURGEVQHVJGUGOCVVGTU accounts and other matters connected therewith are 1VJGT/CVVGT CUUVCVGFKPVJG$CUKUHQT3WCNKſGF1RKPKQPRCTCITCRJ 6JG EQORCTCVKXG ſPCPEKCN KPHQTOCVKQP QH VJG %QORCP[ CDQXG for the year ended March 31, 2017 and the transition J  9KVJTGURGEVVQVJGCFGSWCE[QHVJGKPVGTPCNſPCPEKCN date opening balance sheet as at April 01, 2016 included EQPVTQNUQXGTſPCPEKCNTGRQTVKPIQHVJG%QORCP[CPF KP VJGUG UVCPFCNQPG +PF #5 ſPCPEKCN UVCVGOGPVU CTG the operating effectiveness of such controls, refer to our DCUGF QP VJG UVCVWVQT[ ſPCPEKCN UVCVGOGPVU RTGRCTGF KP UGRCTCVG4GRQTVKPő#PPGZWTG#Œ1WTTGRQTVGZRTGUUGU CEEQTFCPEG YKVJ VJG %QORCPKGU #EEQWPVKPI 5VCPFCTFU  C SWCNKſGF QRKPKQP QP VJG QRGTCVKPI GHHGEVKXGPGUU QH Rules, 2006 audited by the predecessor auditor whose VJG%QORCP[ŏUKPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCN report for the year ended March 31, 2017 and March 31, TGRQTVKPI 2016 dated May 30, 2017 and May 23, 2016 respectively K  9KVJ TGURGEV VQ VJG QVJGT OCVVGTU VQ DG KPENWFGF KP GZRTGUUGF CP SWCNKſGF QRKPKQP QP VJQUG UVCPFCNQPG the Auditor’s Report in accordance with Rule 11 of ſPCPEKCN UVCVGOGPVU CPF JCXG DGGP TGUVCVGF VQ EQORN[ VJG %QORCPKGU #WFKV CPF #WFKVQTU  4WNGU  YKVJ +PF #5 #FLWUVOGPVU OCFG VQ VJG RTGXKQWUN[ KUUWGF in our opinion and to the best of our information and UCKFſPCPEKCNKPHQTOCVKQPRTGRCTGFKPCEEQTFCPEGYKVJVJG CEEQTFKPIVQVJGGZRNCPCVKQPUIKXGPVQWU %QORCPKGU #EEQWPVKPI5VCPFCTFU 4WNGUVQEQORN[ YKVJ+PF#5JCXGDGGPCWFKVGFD[WU K6JG%QORCP[JCUFKUENQUGFVJGKORCEVQHRGPFKPI NKVKICVKQPUQPKVUſPCPEKCNRQUKVKQPKPKVUUVCPFCNQPG 1WTQRKPKQPQPVJGUVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU +PF#5ſPCPEKCNUVCVGOGPVUŌ4GHGT0QVGVQVJG KUPQVOQFKſGFKPTGURGEVQHVJKUOCVVGT UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVU 4GRQTVQP1VJGT.GICNCPF4GIWNCVQT[4GSWKTGOGPVU  KK 'ZEGRV HQT VJG RQUUKDNG GHHGEV QH VJG OCVVGTU  #UTGSWKTGFD[5GEVKQP  QHVJG#EVDCUGFQPQWT FGUETKDGFKPVJG$CUKUQH3WCNKſGFQRKPKQPCDQXG CWFKVYGTGRQTVVQVJGGZVGPVCRRNKECDNGVJCV the Company has made provision, as required C  9GJCXGUQWIJVCPFGZEGRVHQTVJGOCVVGTUFGUETKDGF under the applicable law or accounting standards, KP $CUKU HQT 3WCNKſGF 1RKPKQP RCTCITCRJ CDQXG for material foreseeable losses, if any, on long- obtained all the information and explanations which to term contracts including derivative contracts the best of our knowledge and belief were necessary  KKK 6JGTGJCUDGGPPQFGNC[KPVTCPUHGTTKPICOQWPVU HQTVJGRWTRQUGUQHQWTCWFKV required to be transferred, to the Investor Education D  'ZEGRVHQTVJGRQUUKDNGGHHGEVUQHVJGOCVVGTFGUETKDGF CPF2TQVGEVKQP(WPFD[VJG%QORCP[ KPVJG$CUKUHQT3WCNKſGF1RKPKQPRCTCITCRJCDQXGKP  #UTGSWKTGFD[VJG%QORCPKGU #WFKVQTŏU4GRQTV 1TFGT our opinion, proper books of account as required by  őVJG1TFGTŒ KUUWGFD[VJG%GPVTCN)QXGTPOGPV NCYJCXGDGGPMGRVD[VJG%QORCP[ in terms of sub-section 11 of section 143 of the Act, we E  6JG$CNCPEG5JGGVVJG5VCVGOGPVQH2TQſVCPF.QUU give in the ‘Annexure B’, a statement on the matters the Statement of Cash Flow and the Statement of URGEKſGFKPRCTCITCRJUCPFQHVJG1TFGT Changes in Equity dealt with by this Report are in CITGGOGPVYKVJVJGTGNGXCPVDQQMUQHCEEQWPV For MSKA & Associates F  'ZEGRVHQTVJGRQUUKDNGGHHGEVUQHVJGOCVVGTFGUETKDGF (Formerly known as MZSK & Associates) KPVJG$CUKUHQT3WCNKſGF1RKPKQPRCTCITCRJCDQXGKP Chartered Accountants QWTQRKPKQPVJGCHQTGUCKFUVCPFCNQPG+PF#5ſPCPEKCN +%#+(KTO4GIKUVTCVKQP0Q9 statements comply with the Accounting Standards URGEKſGFWPFGT5GEVKQPQHVJG#EVTGCFYKVJ4WNG Geetha Jeyakumar  QH VJG %QORCPKGU #EEQWPVU  4WNGU  CPF VJG 2NCEG%JGPPCK 2CTVPGT &CVG,WPG /GODGTUJKR0Q

58 #PPGZWTGő#ŒVQVJG+PFGRGPFGPV#WFKVQTŏU4GRQTV of even date on the Standalone Ind AS Financial Statements of Shriram EPC Limited =4GHGTTGFVQKPRCTCITCRJ J WPFGTŎ4GRQTVQP1VJGT.GICNCPF4GIWNCVQT[4GSWKTGOGPVUŏKPVJG+PFGRGPFGPV Auditors’ Report] Report on the Internal Financial Controls under Clause selected depend on the auditor’s judgement, including the (i) of Sub-section 3 of Section 143 of the Companies assessment of the risks of material misstatement of the Act, 2013 (“the Act”) ſPCPEKCNUVCVGOGPVUYJGVJGTFWGVQHTCWFQTGTTQT We have audited the internal financial controls over We believe that the audit evidence we have obtained is ſPCPEKCNTGRQTVKPIQH5JTKTCO'2%.KOKVGF őVJG%QORCP[Œ  UWHſEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQTQWTSWCNKſGF as of March 31, 2018 in conjunction with our audit of the CWFKVQRKPKQPQPVJG%QORCP[ŏUKPVGTPCNſPCPEKCNEQPVTQNU UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUQHVJG%QORCP[HQT U[UVGOQXGTſPCPEKCNTGRQTVKPI VJG[GCTGPFGFQPVJCVFCVG Meaning of Internal Financial Controls over Financial Management’s Responsibility for Internal Financial Reporting Controls A Company’s internal financial control over financial The Company’s Management is responsible for establishing reporting is a process designed to provide reasonable CPF OCKPVCKPKPI KPVGTPCN ſPCPEKCN EQPVTQNU DCUGF QP VJG CUUWTCPEGTGICTFKPIVJGTGNKCDKNKV[QHſPCPEKCNTGRQTVKPICPF KPVGTPCNEQPVTQNQXGTſPCPEKCNTGRQTVKPIETKVGTKCGUVCDNKUJGF VJGRTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUHQTGZVGTPCNRWTRQUGU by the Company considering the essential components of KPCEEQTFCPEGYKVJIGPGTCNN[CEEGRVGFCEEQWPVKPIRTKPEKRNGU KPVGTPCN EQPVTQN UVCVGF KP VJG )WKFCPEG 0QVG QP #WFKV QH A Company’s internal financial control over financial +PVGTPCN(KPCPEKCN%QPVTQNU1XGT(KPCPEKCN4GRQTVKPIKUUWGF TGRQTVKPIKPENWFGUVJQUGRQNKEKGUCPFRTQEGFWTGUVJCV   D[VJG+PUVKVWVGQH%JCTVGTGF#EEQWPVCPVUQH+PFKC +%#+  VJG pertain to the maintenance of records that, in reasonable ő)WKFCPEG0QVGŒ 6JGUGTGURQPUKDKNKVKGUKPENWFGVJGFGUKIP FGVCKN CEEWTCVGN[ CPF HCKTN[ TGƀGEV VJG VTCPUCEVKQPU CPF implementation and maintenance of adequate internal FKURQUKVKQPU QH VJG CUUGVU QH VJG EQORCP[   RTQXKFG ſPCPEKCNEQPVTQNUVJCVYGTGQRGTCVKPIGHHGEVKXGN[HQTGPUWTKPI reasonable assurance that transactions are recorded as VJGQTFGTN[CPFGHſEKGPVEQPFWEVQHKVUDWUKPGUUKPENWFKPI PGEGUUCT[VQRGTOKVRTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUKP adherence to Company’s policies, the safeguarding of its accordance with generally accepted accounting principles, assets, the prevention and detection of frauds and errors, and that receipts and expenditures of the company are the accuracy and completeness of the accounting records, being made only in accordance with authorizations of CPFVJGVKOGN[RTGRCTCVKQPQHTGNKCDNGſPCPEKCNKPHQTOCVKQP OCPCIGOGPVCPFFKTGEVQTUQHVJGEQORCP[CPF  RTQXKFG CUTGSWKTGFWPFGTVJG%QORCPKGU#EV reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Auditors’ Responsibility the company’s assets that could have a material effect on 1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJG%QORCP[ŏU VJGſPCPEKCNUVCVGOGPVU KPVGTPCN ſPCPEKCN EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI QH VJG +PJGTGPV.KOKVCVKQPUQH+PVGTPCN(KPCPEKCN%QPVTQNUQXGT %QORCP[DCUGFQPQWTCWFKV9GEQPFWEVGFQWTCWFKVKP Financial Reporting CEEQTFCPEG YKVJ VJG )WKFCPEG 0QVG CPF VJG 5VCPFCTFU on Auditing, issued by ICAI and deemed to be prescribed $GECWUG QH VJG KPJGTGPV NKOKVCVKQPU QH KPVGTPCN ſPCPEKCN WPFGTUGEVKQP  QHVJG#EVVQVJGGZVGPVCRRNKECDNG EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI KPENWFKPI VJG RQUUKDKNKV[ VQCPCWFKVQHKPVGTPCNſPCPEKCNEQPVTQNU6JQUG5VCPFCTFU of collusion or improper management override of controls, CPFVJG)WKFCPEG0QVGTGSWKTGVJCVYGEQORN[YKVJGVJKECN material misstatements due to error or fraud may occur and requirements and plan and perform the audit to obtain PQVDGFGVGEVGF#NUQRTQLGEVKQPUQHCP[GXCNWCVKQPQHVJG reasonable assurance about whether adequate internal KPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPIVQHWVWTG ſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPIYCUGUVCDNKUJGF RGTKQFU CTG UWDLGEV VQ VJG TKUM VJCV VJG KPVGTPCN ſPCPEKCN and maintained and if such controls operated effectively in EQPVTQN QXGT ſPCPEKCN TGRQTVKPI OC[ DGEQOG KPCFGSWCVG CNNOCVGTKCNTGURGEVU because of changes in conditions, or that the degree of EQORNKCPEGYKVJVJGRQNKEKGUQTRTQEGFWTGUOC[FGVGTKQTCVG 1WTCWFKVKPXQNXGURGTHQTOKPIRTQEGFWTGUVQQDVCKPCWFKV evidence about the adequacy of the internal financial $CUKUHQT3WCNKſGFQRKPKQP EQPVTQNUU[UVGOQXGTſPCPEKCNTGRQTVKPICPFVJGKTQRGTCVKPI According to the information and explanations given to us GHHGEVKXGPGUU1WTCWFKVQHKPVGTPCNſPCPEKCNEQPVTQNUQXGT and based on our audit, material weaknesses have been ſPCPEKCNTGRQTVKPIKPENWFGFQDVCKPKPICPWPFGTUVCPFKPIQH KFGPVKſGFKPVJGQRGTCVKPIGHHGEVKXGPGUUQHVJG%QORCP[ŏU KPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPICUUGUUKPI KPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPICUCV/CTEJ the risk that a material weakness exists, and testing and 31, 2018 in respect of provisioning of overdue receivables evaluating the design and operating effectiveness of and provisioning of advances which have been outstanding KPVGTPCNEQPVTQNDCUGFQPVJGCUUGUUGFTKUM6JGRTQEGFWTGU

 for a considerable period of time, which could potentially weaknesses described above on the achievement of the result in the Company not recognizing a provision for the objectives of the control criteria, the Company’s internal UCKFTGEGKXCDNGUCPFCFXCPEGU ſPCPEKCN EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI YGTG QRGTCVKPI GHHGEVKXGN[CUQH/CTEJ 9GJCXGEQPUKFGTGFVJGOCVGTKCNYGCMPGUUGUKFGPVKſGFCPF # ŎOCVGTKCN YGCMPGUUŏ KU C FGſEKGPE[ QT C EQODKPCVKQP reported above in determining the nature, timing, and extent QH FGſEKGPEKGU KP KPVGTPCN ſPCPEKCN EQPVTQN QXGT ſPCPEKCN of audit tests applied in our audit of the March 31, 2018 reporting, such that there is a reasonable possibility that a UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUQHVJG%QORCP[ material misstatement of the company’s annual or interim and these material weaknesses affects our opinion on the ſPCPEKCNUVCVGOGPVUYKNNPQVDGRTGXGPVGFQTFGVGEVGFQP UVCPFCNQPG+PF#5ſPCPEKCNUVCVGOGPVUQHVJG%QORCP[ CVKOGN[DCUKU 3WCNKſGF1RKPKQP For MSKA & Associates In our opinion, to the best of our information and accordingly (Formerly known as MZSK & Associates) to the explanations given to us, based on our audit, in all Chartered Accountants OCVGTKCN TGURGEVU OCKPVCKPGF CFGSWCVG KPVGTPCN ſPCPEKCN +%#+(KTO4GIKUVTCVKQP0Q9 EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI CU QH /CTEJ   DCUGFQPVJGKPVGTPCNEQPVTQNQXGTſPCPEKCNTGRQTVKPIETKVGTKC Geetha Jeyakumar established by the Company considering the essential 2NCEG%JGPPCK 2CTVPGT components of internal control stated in the Guidance &CVG,WPG /GODGTUJKR0Q 0QVG CPF GZEGRV HQT VJG RQUUKDNG GHHGEVU QH VJG OCVGTKCN

60 #PPGZWTGő$ŒVQVJG+PFGRGPFGPV#WFKVQTUŏ4GRQTVQH even date on the Standalone Financial Statements of Shriram EPC Limited for the year ended March 31, 2018 =4GHGTTGF VQ KP RCTCITCRJ  WPFGT Ŏ4GRQTV QP 1VJGT .GICN CPF 4GIWNCVQT[ 4GSWKTGOGPVUŏ KP VJG +PFGRGPFGPV Auditors’ Report] K  C  6JG EQORCP[ JCU OCKPVCKPGF RTQRGT TGEQTFU VQKP$CUKUQH3WCNKſGFQRKPKQPRCTCITCRJCDQXG showing full particulars including quantitative which have been outstanding for a considerable FGVCKNUCPFUKVWCVKQPQHſZGFCUUGVU period of time, and as explained to us, the Management has taken reasonable steps for  D  6JG ſZGF CUUGVU JCXG DGGP RJ[UKECNN[ XGTKſGF TGEQXGT[QHVJGRTKPEKRCNCOQWPVUCPFKPVGTGUV during the year by the management in accordance YKVJCTGIWNCTRTQITCOQHXGTKſECVKQPYJKEJKPQWT KX  +PQWTQRKPKQPCPFCEEQTFKPIVQVJGKPHQTOCVKQPCPF QRKPKQPRTQXKFGUHQTRJ[UKECNXGTKſECVKQPQHCNNVJG explanations given to us, the Company has complied ſZGFCUUGVUCVTGCUQPCDNGKPVGTXCNU#EEQTFKPI with the provisions of section 185 and 186 of the Act, to the information and explanation given to us, in respect of grant of loans, making investments, and no material discrepancies were noticed on such RTQXKFKPIIWCTCPVGGUCPFUGEWTKVKGUCUCRRNKECDNG XGTKſECVKQP X  +PQWTQRKPKQPCPFCEEQTFKPIVQVJGKPHQTOCVKQPCPF  E +P  TGURGEV QH KOOQXCDNG RTQRGTVKGU QH NCPF explanations given to us, the Company has not and building that have been taken on lease CEEGRVGFCP[FGRQUKVUFWTKPIVJG[GCT CPF FKUENQUGF CU (KZGF #UUGVU KP VJG ſPCPEKCN XK  9G JCXG DTQCFN[ TGXKGYGF VJG DQQMU QH CEEQWPV statements, the lease agreements are in the name relating to materials, labour and other items of cost of the Company, where the Company is the lessee OCKPVCKPGF D[ VJG %QORCP[ RWTUWCPV CU URGEKſGF KPVJGCITGGOGPV by the Central Government for the maintenance of  F  +OOQXCDNGRTQRGTVKGUQHNCPFCPFDWKNFKPIUYJQUG EQUVTGEQTFUWPFGTUWDUGEVKQP  QHUGEVKQPQH title deeds have been pledged with a bank as the Act and we are of the opinion that prima facie the security for term loans, are held in the name of the prescribed accounts and records have been made and Company based on the Mortgage deed executed OCKPVCKPGF9GJCXGPQVJQYGXGTOCFGCFGVCKNGF between the bank and the Company for which examination of the records with a view to determine EQPſTOCVKQPJCUDGGPQDVCKPGFHTQOVJGDCPM YJGVJGTVJG[CTGCEEWTCVGQTEQORNGVG KK  6JG%QORCP[FQGUPQVJCXGCP[KPXGPVQT[CPFJGPEG XKK  #EEQTFKPIVQVJGKPHQTOCVKQPCPFGZRNCPCVKQPUIKXGP TGRQTVKPIWPFGTENCWUG KK QHVJG%#41KUPQV VQWUKPTGURGEVQHUVCVWVQT[FWGU CRRNKECDNG  C  6JG %QORCP[ JCU IGPGTCNN[ DGGP TGIWNCT KP KKK  #EEQTFKPI VQ VJG KPHQTOCVKQP CPF GZRNCPCVKQP IKXGP depositing undisputed statutory dues, including to us, the Company has granted loans, secured or provident fund, employees’ state insurance, unsecured to Companies, Firms, Limited Liability income-tax, goods and service tax, sales-tax, Partnerships or other parties covered in the register service tax, duty of customs, duty of excise, value OCKPVCKPGFWPFGTUGEVKQPQHVJG%QORCPKGU#EV added tax, cess and other material statutory dues KPTGURGEVQHYJKEJ CRRNKECDNGVQKVVQVJGCRRTQRTKCVGCWVJQTKVKGU  C  6JG VGTOU CPF EQPFKVKQPU QH NQCPU ITCPVGF D[  D  6JGTG YGTG PQ WPFKURWVGF COQWPVU RC[CDNG the Company are, in our opinion, prima facie, not in respect of provident fund, employees’ state RTGLWFKEKCNVQVJG%QORCP[ŏUKPVGTGUV insurance, income-tax, goods and service tax, sales-tax, service tax, duty of customs, duty of  C  6JG UEJGFWNG QH TGRC[OGPV QH RTKPEKRCN CPF excise, value added tax, cess and other material payment of interest have not been stipulated and statutory dues in arrears as at March 31, 2018 for in the absence of such schedule, we are unable a period of more than six months from the date to comment on the regularity of repayments or VJG[DGECOGRC[CDNG TGEGKRVUQHRTKPEKRCNCOQWPVUCPFKPVGTGUV  E &GVCKNUQHFWGUQH+PEQOGVCZ5GTXKEGVCZCPF   E 6JGTG  CTG PQ QXGTFWG COQWPVU TGOCKPKPI Value added tax which have not been deposited outstanding as at the Balance Sheet date, except as on March 31, 2018 on account of disputes are HQTCPCOQWPVQH4U.CMJUCUTGHGTTGF IKXGPDGNQY

61 Period to Amount Amount which the Forum where dis- involved Unpaid Name of the statute Nature of dues amount pute is pending (Rs. In (Rs. In relates .CMJU .CMJU +PEQOG6CZ#EV Income Tax, In- 2012-13 Income Tax Appellate   terest and Pen- Tribunal alty 5GTXKEG6CZ %JCRVGT8QH Service Tax and 2006-07 to Customs Excise and   VJG(KPCPEG#EV Penalty 2012-13 Service Tax Appellate Tribunal 5GTXKEG6CZ %JCRVGT8QH Service Tax and VQ Commissioner of Ser-   VJG(KPCPEG#EV Penalty 2011-12 XKEG6CZ #RRGCNU Andhra Pradesh Value Value Added Tax CPF Supreme Court   Added Tax Act  6COKN 0CFW 8CNWG #FFGF Value Added Tax VQ *KIJ%QWTV   Tax Act 2014-15

West Bengal Value Added Value Added Tax 2007-08 West Bengal Com-   Tax Act mercial Taxes Ap- pellate & Revisional Board West Bengal Value Added Value Added Tax VQ ,QKPV %QOOKUUKQPGT   Tax Act 2012-13 #RRGCNU

West Bengal Value Added Value Added Tax 2012-13 ,QKPV %QOOKUUKQPGT   Tax Act #RRGCNU Maharashtra Value Added Value Added Tax 2010-11 Deputy Commissioner   Tax Act #RRGCNU 1TKUUC 8CNWG #FFGF 6CZ Value Added Tax 2011-12 and *KIJ%QWTV   Act 2012-13

XKKK +PQWTQRKPKQPCPFCEEQTFKPIVQVJGKPHQTOCVKQPCPF TGOWPGTCVKQPHTQO,WN[VQ/CTEJKUUWDLGEV explanations given to us, the Company has been VQVJGUJCTGJQNFGTUCRRTQXCN regular in repayment of dues to banks except for default ZKK  +PQWTQRKPKQPCPFCEEQTFKPIVQVJGKPHQTOCVKQPCPF QHRTKPEKRCNCPFKPVGTGUVVQCPGZVGPVQH4U GZRNCPCVKQPUIKXGPVQWUVJG%QORCP[KUPQVC0KFJK .CMJUYJKEJKUQWVUVCPFKPICUCV/CTEJ#NUQ %QORCP[ #EEQTFKPIN[ VJG RTQXKUKQPU UVCVGF KP 4GHGTVQ0QVGCPFQHVJGſPCPEKCNUVCVGOGPVU RCTCITCRJ ZKK QHVJG1TFGTCTGPQVCRRNKECDNGVQVJG The Company has not defaulted in repayment of loans %QORCP[ CPFDQTTQYKPIUVQſPCPEKCNKPUVKVWVKQPU6JG%QORCP[ JCUPQVKUUWGFCP[FGDGPVWTGUFWTKPIVJGEWTTGPV[GCT ZKKK #EEQTFKPIVQVJGKPHQTOCVKQPCPFGZRNCPCVKQPUIKXGPVQ us and based on our examination of the records of the KZ  6JG %QORCP[ FKF PQV TCKUG CP[ OQPG[ D[ YC[ QH Company, transactions with the related parties are in KPKVKCN RWDNKE QHHGT QT HWTVJGT RWDNKE QHHGT KPENWFKPI compliance with sections 177 and 188 of the Act where FGDV KPUVTWOGPVU  CPF VGTO NQCPU FWTKPI VJG [GCT applicable and details of such transactions have been #EEQTFKPIN[VJGRTQXKUKQPUUVCVGFKPRCTCITCRJ KZ  FKUENQUGFKPVJGſPCPEKCNUVCVGOGPVUCUTGSWKTGFD[VJG QHVJG1TFGTCTGPQVCRRNKECDNGVQVJG%QORCP[ CRRNKECDNGCEEQWPVKPIUVCPFCTFU Z  6Q VJG DGUV QH QWT MPQYNGFIG CPF CEEQTFKPI VQ VJG ZKX #EEQTFKPIVQVJGKPHQTOCVKQPCPFGZRNCPCVKQPUIKXGP information and explanations given to us, no fraud by to us and based on our examination of the records of the Company and no material fraud on the Company by the Company, the Company has made preferential KVUQHſEGTUQTGORNQ[GGUJCUDGGPPQVKEGFQTTGRQTVGF allotment of equity shares during the year to banks FWTKPIVJG[GCT CPF ſPCPEKCN KPUVKVWVKQPU 4GHGT 0QVG  VQ ſPCPEKCN ZK  #EEQTFKPIVQVJGKPHQTOCVKQPCPFGZRNCPCVKQPUIKXGP UVCVGOGPVU6JGUGCNNQVOGPVUYGTGOCFGCICKPUVVJG by the management, the managerial remuneration has UGEWTGF NQCPU HTQO DCPMU CPF ſPCPEKCN KPUVKVWVKQPU been paid/provided in accordance with the provisions borrowed in the earlier years to meet the working QHUGEVKQPTGCFYKVJ5EJGFWNG8VQVJG%QORCPKGU capital requirements of the company and accordingly #EV  *QYGXGT VJG KPETGCUG KP OCPCIGTKCN the compliance of the requirement of section 42 of the

62 Companies Act, 2013 do not, prima facie, appear to RCTCITCRJENCWUG ZXK QHVJG1TFGTCTGPQVCRRNKECDNG be applicable to the preferential allotment made during VQVJG%QORCP[ VJG[GCT ZX  #EEQTFKPIVQVJGKPHQTOCVKQPCPFGZRNCPCVKQPUIKXGP to us and based on our examination of the records of the Company, during the year the Company has not For MSKA & Associates entered into non-cash transactions with directors or (Formerly known as MZSK & Associates) persons connected with him and hence provisions Chartered Accountants QH5GEVKQPQHVJG%QORCPKGU#EVCTGPQV +%#+(KTO4GIKUVTCVKQP0Q9 CRRNKECDNG ZXK +P QWT QRKPKQP VJG %QORCP[ KU PQV TGSWKTGF VQ DG Geetha Jeyakumar registered under section 45 IA of the Reserve Bank of 2NCEG%JGPPCK 2CTVPGT +PFKC#EVCPFCEEQTFKPIN[VJGRTQXKUKQPUUVCVGFKP &CVG,WPG /GODGTUJKR0Q

63 Standalone Balance Sheet as at March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Notes As at As at As at 31-03-2018 31-03-2017 01-04-2016 ASSETS Non-current assets Property, plant and equipment 6    Capital work-in-progress    Intangible assets 7    Financial assets Investments 8    Loans     Trade Receivables 10    1VJGT(KPCPEKCN#UUGVU 10    &GHGTTGF6CZ#UUGVU 0GV 40    +PEQOG6CZ#UUGVU 0GV 12    1VJGT0QP%WTTGPV#UUGVU 11    Total Non-Current Assets 128,931.48 119,406.68 109,956.77 Current assets Inventories 13    Financial assets Trade receivables 14    Cash and cash equivalents 15    1VJGTDCPMDCNCPEGU 16    1VJGT(KPCPEKCN#UUGVU 17    1VJGTEWTTGPVCUUGVU 18    Total Current Assets 137,245.05 134,329.01 116,883.84 Total Assets 266,176.53 253,735.69 226,840.61 '37+6;#0&.+#$+.+6+'5 'SWKV[ Equity share capital     1VJGTGSWKV[ 20    6QVCN'SWKV[ 122,932.13 112,863.36 (7,314.47) .KCDKNKVKGU 0QP%WTTGPV.KCDKNKVKGU Financial liabilities Borrowings 21    1VJGTſPCPEKCNNKCDKNKVKGU 22    Provisions 23    1VJGTPQPEWTTGPVNKCDKNKVKGU 24    6QVCN0QP%WTTGPV.KCDKNKVKGU 47,770.50 53,699.95 159,908.04 Current liabilities Financial liabilities Borrowings 25    Trade payables 26    1VJGTſPCPEKCNNKCDKNKVKGU 27    1VJGTEWTTGPVNKCDKNKVKGU 28    Provisions     6QVCN%WTTGPV.KCDKNKVKGU 95,473.90 87,172.38 74,247.04 6QVCN.KCDKNKVKGU 143,244.40 140,872.33 234,155.08 6QVCN'SWKV[CPF.KCDKNKVKGU 266,176.53 253,735.69 226,840.61 5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2 6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU

As per our report of even date For MSKA & Associates For and on behalf of the Board of Directors %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

Geetha Jeyakumar T.Shivaraman Chandra Ramesh 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

64 5VCVGOGPVQH2TQſVCPF.QUU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Year ended Year ended Notes 31-Mar-18 31-Mar-17 Income Revenue from operations 30   1VJGTKPEQOG 31   Total income 72,037.43 60,751.70 Expenses Cost of materials consumed 32 - - 'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU 33   %JCPIGUKPKPXGPVQTKGUQHſPKUJGFIQQFUUVQEMKPVTCFGCPF 34   work-in-progress 'ORNQ[GGDGPGſVUGZRGPUG 35   Finance costs 36   Depreciation and amortization expense 37   1VJGTGZRGPUGU 38   Total expenses 69,611.53 82,983.62 2TQſV .QUU DGHQTGGZEGRVKQPCNKVGOUCPFVCZ   Exceptional items  -  2TQſV .QUU DGHQTGVCZ 2,425.90 (22,639.48) Income tax expense Current tax 40 - - Deferred tax   Total income tax expense 1,349.81 (7,547.72) 2TQſV .QUU HQTVJG[GCT 1,076.09 (15,091.76) 1VJGT%QORTGJGPUKXG+PEQOG 1VJGTEQORTGJGPUKXGKPEQOGPQVVQDGTGENCUUKſGFVQRTQſVQT NQUUKPUWDUGSWGPVRGTKQFU 4GOGCUWTGOGPVICKPU NQUUGU QPFGſPGFDGPGſVRNCPU 0GVQH6CZ   (CKT8CNWGQH'SWKV[+PUVTWOGPVUVJTQWIJ1%+    

1VJGT%QORTGJGPUKXG+PEQOGHQTVJG[GCT 56.34 6.12

Total Comprehensive Income for the year 1,132.43 (15,085.64) 'CTPKPIU .QUU RGTUJCTG $CUKEGCTPKPIU NQUU RGTUJCTG `)   &KNWVGFGCTPKPIU NQUU RGTUJCTG `)   (CEGXCNWGRGTGSWKV[UJCTG `)  

5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2

6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU

As per our report of even date For MSKA & Associates For and on behalf of the Board of Directors %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

Geetha Jeyakumar T.Shivaraman Chandra Ramesh 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

65 Statement of changes in equity for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) # 'SWKV[UJCTGECRKVCN As at 31-03-2018 As at 31-03-2017 Particulars No. of shares Amount No. of shares Amount 'SWKV[UJCTGUQH4UGCEJKUUWGFUWDUETKDGF and fully paid 1WVUVCPFKPICVVJG$GIKPPKPIQHVJG[GCT   330,626,422  #FF5JCTGUKUUWGFFWTKPIVJG[GCT 34,561,077    1WVUVCPFKPICVVJG'PFQHVJG[GCT 971,529,018 97,152.90 936,967,941 93,696.79 $ 1VJGTGSWKV[ %QORQPGPVUQH1VJGT%QORTGJGPUKXG Reserve and surplus Share Income Application Share Re-measurement 'SWKV[KPUVTWOGPVU Particulars money Securities Total options General Capital Retained ICKPU NQUUGU QP VJTQWIJ1VJGT pending premium outstanding reserve reserve earnings FGſPGFDGPGſV Comprehensive allotment account account plans (Net of Tax) Income Balance as at 1 April 2016       -   Loss for the year - - - - -   -  1VJGTEQORTGJGPUKXGKPEQOG - - - - -    Total other comprehensive 6,493.00 0.17 104,622.88 561.75 12.92 (167,166.73) (1.15) (55,462.75) income for the year Issue of Equity shares  -  - - -  -  Balance as at 31 March 2017 - 0.17 185,745.20 561.75 12.92 (167,166.73) (1.15) 19,166.57 2TQſV .QUU HQTVJG[GCT - - - - -  -  1VJGTEQORTGJGPUKXGKPEQOG - - - - -    Total other comprehensive - - - - - 1,076.09 59.04 (2.70) 1,132.43 income for the year Issue of Equity shares - -  - - - -  Balance as at 31 March 2018 - 0.17 191,225.43 561.75 12.92 (166,090.65) 73.46 (3.85) 25,779.23 6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU

As per our report of even date For MSKA & Associates For and on behalf of the Board of Directors %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

Geetha Jeyakumar T.Shivaraman Chandra Ramesh 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

66 5VCVGOGPVQHECUJƀQYUHQTVJG[GCTGPFGF/CTEJ #OQWPVKP` lakhs, unless otherwise stated) Particulars Year ended Year ended 31-Mar-18 31-Mar-17 %CUJƀQYHTQOQRGTCVKPICEVKXKVKGU Loss before tax    #FLWUVOGPVUHQT Depreciation and amortization expenses   Provision for Gratuity   Provision for Compensated Absences    Fair valuation of Investments  Provision for Investments  2TQXKUKQPHQTFQWDVHWNVTCFGCPF1VJGTTGEGKXCDNGUCPF.QCPUCPF   Advances Finance cost   Interest income      Liabilities written back      )CKP NQUUQPUCNGQHſZGFCUUGVU   1RGTCVKPIRTQſVDGHQTGYQTMKPIECRKVCNEJCPIGU 4,741.56 3,487.24

Changes in working capital +PETGCUG &GETGCUG KPVTCFGRC[CDNGU   &GETGCUG +PETGCUG KPKPXGPVQTKGU   &GETGCUG +PETGCUG KPVTCFGTGEGKXCDNGU    &GETGCUG +PETGCUG KPNQCPU      +PETGCUG &GETGCUG KPQVJGTEWTTGPVNKCDKNKVKGU   +PETGCUG &GETGCUG KPQVJGTPQPEWTTGPVNKCDKNKVKGU    +PETGCUG &GETGCUG KP5JQTV6GTORTQXKUKQPU     +PETGCUG &GETGCUG KP.QPI6GTORTQXKUKQPU     +PETGCUG &GETGCUG KPQVJGTſPCPEKCNNKCDKNVKGU     &GETGCUG +PETGCUG KPQVJGTſPCPEKCNCUUGVU   &GETGCUG +PETGCUG KPQVJGTEWTTGPVCUUGVU     &GETGCUG +PETGCUG KPPQPEWTTGPVCUUGVU       Cash generated used in operations 7,263.28 (6,479.65) Income tax paid     0GVECUJƀQYUWUGFKPQRGTCVKPICEVKXKVKGU # 6,657.65 (4,855.88)

%CUJƀQYHTQO+PXGUVKPICEVKXKVKGU Payment for property, plant and equipment and intangible assets     Movement in Bank balances not considered as Cash and cash equivalents    0GV Proceeds from sales of investments 2TQEGGFUHTQOUCNGFKURQUCNQHſZGFCUUGVU  -

67 5VCVGOGPVQHECUJƀQYUHQTVJG[GCTGPFGF/CTEJ #OQWPVKP` lakhs, unless otherwise stated)

0GVRTQEGGFUHTQOſZGFFGRQUKVU Interest received   0GVECUJƀQYHTQOKPXGUVKPICEVKXKVKGU $ 2,177.88 (560.86)

%CUJƀQYHTQO(KPCPEKPICEVKXKVKGU Proceeds from issuance of equity share capital   4GEGKRV 4GHWPF QH5JCTGCRRNKECVKQPOQPG[ -    2TQEGGFUHTQO5JQTVVGTODQTTQYKPIU PGV   Repayment of Long term borrowings     Movement in current maturities of long term borrowings Interest and Finance Charges Paid      0GVECUJƀQYHTQOſPCPEKPICEVKXKVKGU % (8,312.44) 5,677.21

0GVKPETGCUGKPECUJCPFECUJGSWKXCNGPVU # $ % 523.09 260.47 Cash and cash equivalents at the beginning of the year   Cash and cash equivalents at the end of the year  

%CUJCPFECUJGSWKXCNGPVUEQORTKUG Cash and Bank balances as per Balance Sheet   .GUU$CPMDCNCPEGUPQVEQPUKFGTGFCU%CUJCPFECUJGSWKXCNGPVUCU   FGſPGFKP#5%CUJ(NQY5VCVGOGPVU 4GHGTPQVG Total cash and bank balances at end of the year (Refer note 15) 2,125.64 1,602.50

Note: 5KIPKſECPV0QP%CUJ+VGOU Conversion of Funded Interest Term Loan into Equity   Conversion of Working Capital Term Loan into Equity   %QPXGTUKQPQH+PVGTGUV5CETKſEGKPVQ'SWKV[  

5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2

6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU

As per our report of even date For MSKA & Associates For and on behalf of the Board of Directors %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

Geetha Jeyakumar T.Shivaraman Chandra Ramesh 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

68 0QVGUHQTOKPIRCTVQH(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 1 General Information Accounting policies have been consistently applied to all the years presented except where a newly  5JTKTCO '2% .KOKVGF VJG ő%QORCP[Œ QT ő5'2%Œ  issued accounting standard is initially adopted or a which is a part of the Shriram EPC Group has diverse revision to an existing accounting standard requires KPVGTGUVUCETQUU2TQLGEV'PIKPGGTKPI%QPUVTWEVKQP CEJCPIGKPVJGCEEQWPVKPIRQNKE[JKVJGTVQKPWUG The company provides end-to-end solutions to engineering challenges, offering multi disciplinary (b) Basis of measurement design, engineering, procurement, construction and 6JG ſPCPEKCN UVCVGOGPVU JCXG DGGP RTGRCTGF RTQLGEVOCPCIGOGPVUGTXKEGU5'2%KUHQEWUGFQP on a historical cost convention on accrual basis, providing turnkey solutions for ferrous & non ferrous, GZEGRV EGTVCKP ſPCPEKCN CUUGVU CPF NKCDKNKVKGU cement, aluminum, copper and thermal power OGCUWTGF CV HCKT XCNWG 4GHGT #EEQWPVKPI plants, water treatment & transmission, renewable 2QNKE[ 0Q  QP ſPCPEKCN KPUVTWOGPVU  GPGTI[EQQNKPIVQYGTUOCVGTKCNJCPFNKPI

 5KIPKſECPVCEEQWPVKPIRQNKEKGU The carrying value of all the items of property, plant and equipment as on date of transition is considered  5KIPKſECPV CEEQWPVKPI RQNKEKGU CFQRVGF D[ VJG CUVJGFGGOGFEQUV EQORCP[CTGCUWPFGT #NN CUUGVU CPF NKCDKNKVKGU JCXG DGGP ENCUUKſGF CU 2.1 Basis of Preparation of Financial current or non-current as per the Company’s Statements operating cycle and other criteria set out in the 6JGſPCPEKCNUVCVGOGPVUJCXGDGGPRTGRCTGFWUKPI 5EJGFWNG +++ VQ VJG %QORCPKGU #EV  6JG UKIPKſECPV CEEQWPVKPI RQNKEKGU CPF OGCUWTGOGPV normal operating cycle of the entity for Construction DCUKU UWOOCTKUGF DGNQY 6JGUG YGTG WUGF contracts is the duration of 2 to 3 years depending VJTQWIJQWV CNN RGTKQFU RTGUGPVGF KP VJG ſPCPEKCN QPGCEJEQPVTCEV(QTCNNQVJGTUGIOGPVUVJGPQTOCN statements, except where the company has applied operating cycle has been considered as a duration certain accounting policies and exemptions upon QHOQPVJU VTCPUKVKQPVQ+PF#5CUUWOOCTKUGFKP0QVG  E  2TGUGPVCVKQPQHſPCPEKCNUVCVGOGPVU (a) Statement of Compliance with Ind AS The Balance Sheet and the Statement of 6JGUG ſPCPEKCN UVCVGOGPVU JCXG DGGP 2TQſV CPF .QUU CTG RTGRCTGF CPF RTGUGPVGF prepared in accordance with Indian Accounting in the format prescribed in the Schedule III 5VCPFCTFU +PF #5  PQVKſGF WPFGT 5GEVKQP VQ VJG %QORCPKGU #EV  őVJG #EVŒ  6JG  QH VJG %QORCPKGU #EV  VJG őŒ#EVŒŒ  UVCVGOGPV QH ECUJ ƀQYU JCU DGGP RTGRCTGF TGCF YKVJ VJG %QORCPKGU +PFKCP #EEQWPVKPI and presented as per the requirements 5VCPFCTFU  4WNGU  CPF %QORCPKGU +PFKCP QH +PF #5  ő5VCVGOGPV QH %CUJ ƀQYUŒ 6JG #EEQWPVKPI 5VCPFCTFU  #OGPFOGPV 4WNGU  disclosure requirements with respect to items in the Balance Sheet and Statement of 6JG FCVG QH VTCPUKVKQP VQ +PF #5 KU #RTKN   2TQſVCPF.QUUCURTGUETKDGFKPVJG5EJGFWNG+++VQ 6JG ſPCPEKCN UVCVGOGPVU WRVQ VJG [GCT GPFGF the Act, are presented by way of notes forming part March 31, 2017, were prepared in accordance QHVJGſPCPEKCNUVCVGOGPVUCNQPIYKVJVJGQVJGTPQVGU YKVJ VJG CEEQWPVKPI UVCPFCTFU PQVKſGF WPFGT VJG TGSWKTGFVQDGFKUENQUGFWPFGTVJGPQVKſGF#EEQWPVKPI %QORCPKGU #EEQWPVKPI 5VCPFCTFU  4WNGU  5VCPFCTFU CPF VJG 5'$+ .KUVKPI 1DNKICVKQPU CPF ő+)##2Œ  CPF QVJGT TGNGXCPV RTQXKUKQPU QH VJG &KUENQUWTG 4GSWKTGOGPVU  4GIWNCVKQPU  #EV 6JG ſIWTGU HQT VJG [GCT GPFGF /CTEJ  2017 have now been restated as per Ind AS to #OQWPVUKPVJGſPCPEKCNUVCVGOGPVUCTGRTGUGPVGF RTQXKFGEQORCTCDKNKV[6JGUGſPCPEKCNUUVCVGOGPVU in Indian Rupees in Lakhs rounded off to two have been approved for issue by the Board of decimal places as permitted by Schedule III to the &KTGEVQTU CV VJGKT OGGVKPI JGNF QP ,WPG   %QORCPKGU#EV2GTUJCTGFCVCCTGRTGUGPVGF KP+PFKCP4WRGGUVQVYQFGEKOCNRNCEGU 6JGUG ſPCPEKCN UVCVGOGPVU HQT VJG [GCT GPFGF  (d) Use of estimates /CTEJCTGVJGſTUVUGVQHſPCPEKCNUVCVGOGPVU RTGRCTGFKPCEEQTFCPEGYKVJ+PF#54GHGTPQVG 6JG RTGRCTCVKQP QH ſPCPEKCN UVCVGOGPVU KP for an explanation of how the Company has adopted conformity with Ind AS requires the Management +PF#5 to make estimate and assumptions that affect the

 reported amount of assets and liabilities as at the PPE measured as per I-GAAP less accumulated Balance Sheet date, reported amount of revenue depreciation and cumulative impairment on the and expenses for the year and disclosures of VTCPUKVKQP FCVG QH #RTKN   +P TGURGEV QH contingent liabilities as at the Balance Sheet revalued assets, the value as determined by valuers FCVG 6JG GUVKOCVGU CPF CUUWORVKQPU WUGF KP VJG as reduced by accumulated depreciation and CEEQORCP[KPIſPCPEKCNUVCVGOGPVUCTGDCUGFWRQP cumulative impairment is taken as cost on transition the Management’s evaluation of the relevant facts FCVG CPF EKTEWOUVCPEGU CU CV VJG FCVG QH VJG ſPCPEKCN Advances paid towards the acquisition of property, UVCVGOGPVU #EVWCN TGUWNVU EQWNF FKHHGT HTQO VJGUG plant and equipment outstanding at each balance GUVKOCVGU 'UVKOCVGU CPF WPFGTN[KPI CUUWORVKQPU UJGGVFCVGKUENCUUKſGFCUECRKVCNCFXCPEGUWPFGT CTG TGXKGYGF QP C RGTKQFKE DCUKU 4GXKUKQPU VQ other non-current assets and the cost of assets not accounting estimates, if any, are recognized in put to use before such date are disclosed under the year in which the estimates are revised and in Ŏ%CRKVCNYQTMKPRTQITGUUŏ CP[HWVWTG[GCTUCHHGEVGF4GHGT0QVGHQTFGVCKNGF FKUEWUUKQPQPGUVKOCVGUCPFLWFIOGPVU Depreciation methods, estimated useful lives  G  +PVGTGUVUKP,QKPV1RGTCVKQPU The Company depreciates property, plant and equipment over their estimated useful lives using When the Company has joint control of VJGUVTCKIJVNKPGOGVJQF6JGGUVKOCVGFWUGHWNNKXGU the arrangement based on contractually QHCUUGVUCTGCUHQNNQYU determined right to the assets and obligations for liabilities, it recognises such interests as joint 2TQRGTV[RNCPVCPFGSWKROGPV QRGTCVKQPU,QKPVEQPVTQNGZKUVUYJGPVJGFGEKUKQPU Leasehold improvement* Lease period or life about the relevant activities require unanimous of asset whichever is EQPUGPVQHVJGRCTVKGUUJCTKPIVJGEQPVTQN+PTGURGEV lower of its interests in joint operations, the Company Leasehold land 20 years recognises its share in assets, liabilities, income and Plant & Machinery 2 to 4 years GZRGPUGU NKPGD[NKPG KP VJG UVCPFCNQPG ſPCPEKCN statements of the entity which is party to such (WTPKVWTGCPFſZVWTGU 10 years joint arrangement which then becomes part of the 1HſEGGSWKROGPV 5 years EQPUQNKFCVGFſPCPEKCNUVCVGOGPVUQHVJG)TQWRYJGP Computers VJGſPCPEKCNUVCVGOGPVUQHVJG2CTGPV%QORCP[CPF - Servers 6 years KVUUWDUKFKCTKGUCTGEQODKPGFHQTEQPUQNKFCVKQP - End user devices such as 3 years laptops, desktops   2TQRGTV[RNCPVCPFGSWKROGPV 22' * Leasehold improvements are amortized over the lease Property, plant and equipment is recognised when it period, which corresponds with the useful lives of KURTQDCDNGVJCVHWVWTGGEQPQOKEDGPGſVUCUUQEKCVGF VJGCUUGVU YKVJVJGKVGOYKNNƀQYVQVJGEQORCP[CPFVJGEQUVQH VJGKVGOECPDGOGCUWTGFTGNKCDN[22'CTGUVCVGF Based on the technical experts assessment of useful at original cost net of taxes/duty credits availed , if life, certain items of property plant and equipment any less accumulated depreciation and cumulative are being depreciated over useful lives different KORCKTOGPVKHCP[22'CESWKTGFQPJKTGRWTEJCUG from the prescribed useful lives under Schedule II DCUKU CTG TGEQIPKUGF CV VJGKT ECUJ XCNWGU %QUV VQVJG%QORCPKGU#EV/CPCIGOGPVDGNKGXGU includes professional fees related to the acquisition that such estimated useful lives are realistic and of PPE and for qualifying assets, borrowing costs TGƀGEV HCKT CRRTQZKOCVKQP QH VJG RGTKQF QXGT YJKEJ capitalised in accordance with the company’s VJGCUUGVUCTGNKMGN[VQDGWUGF CEEQWPVKPIRQNKE[ Depreciation on addition to property plant and Subsequent costs are included in the asset’s equipment is provided on pro-rata basis from the carrying amount or recognized as a separate asset, FCVGQHCESWKUKVKQP&GRTGEKCVKQPQPUCNGFGFWEVKQP as appropriate, only when it is probable that future from property plant and equipment is provided up GEQPQOKE DGPGſVU CUUQEKCVGF YKVJ VJG KVGO YKNN to the date preceding the date of sale, deduction as ƀQYVQVJG%QORCP[CPFVJGEQUVQHVJGKVGOECP VJGECUGOC[DG)CKPUCPFNQUUGUQPFKURQUCNUCTG DGOGCUWTGFTGNKCDN[6JGECTT[KPICOQWPVQHCP[ determined by comparing proceeds with carrying component accounted for as a separate asset is COQWPV6JGUGCTGKPENWFGFKP5VCVGOGPVQH2TQſV FGTGEQIPK\GFYJGPTGRNCEGF#NNQVJGTTGRCKTUCPF CPF.QUUWPFGTŎ1VJGT+PEQOGŏ OCKPVGPCPEGCTGEJCTIGFVQ5VCVGOGPVQH2TQſVCPF Depreciation methods, useful lives and residual .QUUFWTKPIVJG[GCTKPYJKEJVJG[CTGKPEWTTGF XCNWGU CTG TGXKGYGF RGTKQFKECNN[ CV GCEJ ſPCPEKCN For transition to Ind AS, the Company has elected [GCTGPFCPFCFLWUVGFRTQURGEVKXGN[CUCRRTQRTKCVG to adopt as deemed cost, the carrying value of (TGGJQNFNCPFKUPQVFGRTGEKCVGF

70 2.3 Intangible Assets the transaction date and settlement date are TGEQIPKUGFKPVJG5VCVGOGPVQH2TQſVCPF.QUU Intangible assets are recognised when it is probable

VJCVVJGHWVWTGGEQPQOKEDGPGſVUVJCVCTGCVVTKDWVCDNG All monetary assets and liabilities in foreign VQVJGCUUGVYKNNƀQYVQVJGGPVGTRTKUGCPFVJGEQUVQH currencies are restated at the year end at VJGCUUGVECPDGOGCUWTGFTGNKCDN[+PVCPIKDNGCUUGVU the exchange rate prevailing at the year end are stated at original cost, net of tax/duty credits and the exchange differences are recognised availed, if any less accumulated amortization and KP VJG 5VCVGOGPV QH 2TQſV CPF .QUU EWOWNCVKXG KORCKTOGPV #FOKPKPUVTCVKXG CPF QVJGT

IGPGTCN QXGTJGCF GZRGPUGU VJCV CTG URGEKſECNN[ 0QPOQPGVCT[ KVGOU VJCV CTG OGCUWTGF KP attributable to the acquisition of intangible assets terms of historical cost in a foreign currency are allocated and capitalized as part of cost of the CTGPQVTGVTCPUNCVGF KPVCPIKDNGCUUGV 2.5 Fair value measurement Transition to Ind AS The Company maintains accounts on accrual basis  1PVTCPUKVKQPVQ+PF#5VJG%QORCP[JCUGNGEVGFVQ following the historical cost convention, except for continue with the carrying value of its all intangible EGTVCKP ſPCPEKCN KPUVTWOGPVU VJCV CTG OGCUWTGF CV assets recognised as at 1 April 2016 measured as fair value in accordance with Ind AS and certain per the Indian GAAP and use that carrying value as items of property, plant and equipment that were VJGFGGOGFEQUVQHVJGKPVCPIKDNGCUUGVU revalued in earlier years in accordance with the The Company amortized intangible assets over their +)##2 RTKPEKRNGU 6JG ECTT[KPI XCNWG QH CNN VJG GUVKOCVGFWUGHWNNKXGUWUKPIVJGUVTCKIJVNKPGOGVJQF items of property, plant and equipment as on date of The estimated useful lives of intangible assets are VTCPUKVKQPKUEQPUKFGTGFCUVJGFGGOGFEQUV CUHQNNQYU Fair value is the price that would be received to sell Intangible assets an asset or paid to transfer a liability in an orderly transaction between market participants at the Technical know how 5 to 10 years OGCUWTGOGPVFCVG6JGHCKTXCNWGOGCUWTGOGPVKU Computer Software 5 years based on the presumption that the transaction to sell VJGCUUGVQTVTCPUHGTVJGNKCDKNKV[VCMGURNCEGGKVJGT As at the end of each accounting year, the Company f In the principal market for the asset or liability, reviews the carrying amounts of its PPE and or Intangible Assets to determine whether there is any indication that those assets have suffered an f In the absence of a principal market, in the KORCKTOGPVNQUU+HUWEJKPFKECVKQPGZKUVUVJG22' most advantageous market for the asset or and Intangible Assets are tested for impairment, so NKCDKNKV[CEEGUUKDNGVQVJG%QORCP[ CUVQFGVGTOKPGVJGKORCKTOGPVNQUUKHCP[)QQFYKNN The Company uses valuation techniques that are CPF+PVCPIKDNG#UUGVUYKVJKPFGſPKVGNKHGCTGVGUVGF appropriate in the circumstances and for which HQTKORCKTOGPVGCEJ[GCT UWHſEKGPVFCVCCTGCXCKNCDNGVQOGCUWTGHCKTXCNWG 2.4 Foreign Currency Transactions maximizing the use of relevant observable inputs CPFOKPKOK\KPIVJGWUGQHWPQDUGTXCDNGKPRWVU6JG (a) Functional and presentation currency Company’s management determines the policies +VGOU KPENWFGF KP VJG ſPCPEKCN UVCVGOGPVU CPFRTQEGFWTGUHQTHCKTXCNWGOGCUWTGOGPV are measured using the currency of the Fair value measurements under Ind AS primary economic environment in which the are categorised as below based on the GPVKV[ QRGTCVGU ŎVJG HWPEVKQPCN EWTTGPE[ŏ  degree to which the inputs to the fair value 6JG ſPCPEKCN UVCVGOGPVU CTG RTGUGPVGF KP OGCUWTGOGPVUCTGQDUGTXCDNGCPFVJGUKIPKſECPEGQH +PFKCP TWRGG +04  YJKEJ KU VJG %QORCP[ŏU VJGKPRWVUVQVJGHCKTXCNWGOGCUWTGOGPVKPKVUGPVKTGV[ HWPEVKQPCNCPFRTGUGPVCVKQPEWTTGPE[

(b) Transactions and balances f.GXGNKPRWVUCTGSWQVGFRTKEGU WPCFLWUVGF  in active markets for identical assets or 1P KPKVKCN TGEQIPKVKQP CNN HQTGKIP EWTTGPE[ liabilities that the company can access at transactions are recorded by applying to measurement date; the foreign currency amount the exchange rate between the functional currency and fLevel  2 inputs are inputs, other than quoted the foreign currency at the date of the prices included in level 1, that are observable VTCPUCEVKQP )CKPU.QUUGU CTKUKPI QWV QH for the asset or liability, either directly or ƀWEVWCVKQP KP HQTGKIP GZEJCPIG TCVG DGVYGGP indirectly; and

71 f Level 3 inputs are unobservable inputs for the for work performed but yet to be paid by the valuation of assets/liabilities customer are disclosed in the Balance sheet CUVTCFGTGEGKXCDNGU6JGCOQWPVQHTGVGPVKQP 2.6 Revenue Recognition money held by the customers is disclosed as #4GXGPWG KU TGEQIPKUGF DCUGF QP VJG PCVWTG RCTVQHQVJGTEWTTGPVCUUGVUCPFKUTGENCUUKſGF of activity when consideration can be as trade receivables when it becomes due for reasonably measured and recovered with RC[OGPV TGCUQPCDNG EGTVCKPV[ 4GXGPWG KU OGCUWTGF Revenue from contracts from rendering at the fair value of the consideration received engineering design services and other services or receivable and is reduced for estimated which are directly related to construction of customer returns, rebates and other similar an asset is recognised on the same basis as CNNQYCPEGU UVCVGFKP $ CDQXG $4GXGPWG HTQO EQPUVTWEVKQP EQPVTCEVU   1VJGT1RGTCVKQPCN4GXGPWG project related activity and contracts for supply/commissioning of complex plant and 1VJGT 1RGTCVKQPCN 4GXGPWG TGRTGUGPVU GSWKROGPVKUTGEQIPKUGFCUHQNNQYU income earned from activities incidental to the business and is recognized when the right to (KZGF RTKEG EQPVTCEVU %QPVTCEV TGXGPWG KU receive income is established as per the terms recognised only to the extent of cost incurred QHEQPVTCEV till such time the outcome of the job cannot be ascertained reliably subject to condition that it   1VJGT+PEQOG KURTQDCDNGVJGUWEJEQUVYKNNDGTGEQXGTCDNG Interest Income is recognised on the basis When the outcome of the contract is of effective interest method as set out in Ind ascertained reliably, contract revenue is #5(KPCPEKCN+PUVTWOGPVUCPFYJGTGPQ recognised at cost of work performed on the UKIPKſECPV WPEGTVCKPV[ CU VQ OGCUWTCDKNKV[ QT contract plus proportionate margin, using the EQNNGEVCDKNKV[GZKUVU RGTEGPVCIGQHEQORNGVKQPOGVJQF2GTEGPVCIG of completion is the proportion of cost of work Dividend income is accounted in the period performed to date, to the total estimated in which the right to receive the same is EQPVTCEVUEQUV GUVCDNKUJGF The estimated outcome of a contract is 1VJGTKVGOUQHKPEQOGCTGCEEQWPVGFCUCPF considered reliable when all the following when the right to receive such income arises EQPFKVKQPUCTGUCVKUſGF CPFKVKURTQDCDNGVJCVVJGGEQPQOKEDGPGſVU   K 6JGCOQWPVQHTGXGPWGECPDGOGCUWTGF YKNN ƀQY VQ VJG %QORCP[ CPF VJG COQWPV QH reliably; KPEQOGECPDGOGCUWTGFTGNKCDN[   KK +V KU RTQDCDNG VJCV VJG GEQPQOKE DGPGſVU 2.7 Taxes CUUQEKCVGFYKVJVJGEQPVTCEVYKNNƀQYVQVJG Tax expense for the year, comprising current tax Company; and deferred tax, are included in the determination   KKK 6JG UVCIG QH EQORNGVKQP QH VJG EQPVTCEV QHVJGPGVRTQſVQTNQUUHQTVJG[GCT at the end of the reporting period can be (a) Current income tax measured reliably; and   KX 6JG EQUVU KPEWTTGF QT VQ DG KPEWTTGF KP Current tax assets and liabilities are measured respect of the contract can be measured at the amount expected to be recovered or TGNKCDN[ RCKFVQVJGVCZCVKQPCWVJQTKVKGU6JGVCZTCVGU and tax laws used to compute the amount Expected loss, if any, on a contract is are those that are enacted or substantively recognised as expense in the period in which GPCEVGF CV VJG [GCT GPF FCVG %WTTGPV VCZ it is foreseen, irrespective of the stage of assets and tax liabilities are offset where the EQORNGVKQPQHVJGEQPVTCEV entity has a legally enforceable right to offset For contracts where progress billing exceeds and intends either to settle on a net basis, the aggregate of contract costs incurred to-date or to realize the asset and settle the liability CPFTGEQIPKUGFRTQſVU QTTGEQIPKUGFNQUUGU UKOWNVCPGQWUN[ as the case may be), the surplus is shown (b) Deferred tax CU VJG COQWPV FWG VQ EWUVQOGTU #OQWPVU received before the related work is performed Deferred income tax is provided in full, using are disclosed in the Balance sheet as a liability the balance sheet approach, on temporary VQYCTFU CFXCPEG TGEGKXGF #OQWPVU DKNNGF differences arising between the tax bases

72 of assets and liabilities and their carrying Leases of property, plant and equipment where the COQWPVU KP ſPCPEKCN UVCVGOGPVU &GHGTTGF Company, as lessee, has substantially all the risks income tax is also not accounted for if it arises CPFTGYCTFUQHQYPGTUJKRCTGENCUUKſGFCUſPCPEG from initial recognition of an asset or liability in a NGCUGU(KPCPEGNGCUGUCTGECRKVCNK\GFCVVJGNGCUGŏU transaction other than a business combination inception at the fair value of the leased property or, that at the time of the transaction affects if lower, the present value of the minimum lease PGKVJGT CEEQWPVKPI RTQſV PQT VCZCDNG RTQſV RC[OGPVU 6JG EQTTGURQPFKPI TGPVCN QDNKICVKQPU VCZNQUU &GHGTTGFKPEQOGVCZKUFGVGTOKPGF PGVQHſPCPEGEJCTIGUCTGKPENWFGFKPDQTTQYKPIU WUKPI VCZ TCVGU CPF NCYU  VJCV JCXG DGGP QT QVJGT ſPCPEKCN NKCDKNKVKGU CU CRRTQRTKCVG 'CEJ enacted or substantially enacted by the end of lease payment is allocated between the liability and the year and are expected to apply when the ſPCPEG EQUV 6JG ſPCPEG EQUV KU EJCTIGF VQ VJG related deferred income tax asset is realised 5VCVGOGPVQH2TQſVCPF.QUUQXGTVJGNGCUGRGTKQF QTVJGFGHGTTGFKPEQOGVCZNKCDKNKV[KUUGVVNGF so as to produce a constant periodic rate of interest on the remaining balance of the liability for each Deferred tax assets are recognised for all RGTKQF deductible temporary differences and unused 2.9 Exceptional items tax losses only if it is probable that future taxable amounts will be available to utilize An item of income or expense which by its size, VJQUG VGORQTCT[ FKHHGTGPEGU CPF NQUUGU type or incidence requires disclosure in order to improve an understanding of the performance of the Management periodically evaluates positions company is treated as an exceptional item and the taken in tax returns with respect to situations UCOGKUFKUENQUGFKPVJGPQVGUVQCEEQWPVU in which applicable tax regulation is subject  +ORCKTOGPVQHPQPſPCPEKCNCUUGVU VQ KPVGTRTGVCVKQP +V GUVCDNKUJGU RTQXKUKQPU where appropriate on the basis of amounts The Company assesses at each year end expected to be paid to the tax authorities whether there is any objective evidence that a PQP ſPCPEKCN CUUGV QT C ITQWR QH PQP ſPCPEKCN Deferred tax assets and liabilities are offset CUUGVU KU KORCKTGF +H CP[ UWEJ KPFKECVKQP GZKUVU when there is a legally enforceable right to the Company estimates the asset’s recoverable offset current tax assets and liabilities and COQWPV CPF VJG COQWPV QH KORCKTOGPV NQUU when the deferred tax balances relate to the UCOGVCZCVKQPCWVJQTKV[ An impairment loss is calculated as the difference between an asset’s carrying amount and recoverable Current and deferred tax is recognized in 5VCVGOGPV QH 2TQſV CPF .QUU GZEGRV VQ VJG COQWPV .QUUGU CTG TGEQIPK\GF KP 5VCVGOGPV QH extent that it relates to items recognised in 2TQſV CPF .QUU CPF TGƀGEVGF KP CP CNNQYCPEG other comprehensive income or directly in CEEQWPV 9JGP VJG %QORCP[ EQPUKFGTU VJCV VJGTG GSWKV[+PVJKUECUGVJGVCZKUCNUQTGEQIPKUGF are no realistic prospects of recovery of the asset, in other comprehensive income or directly in VJGTGNGXCPVCOQWPVUCTGYTKVVGPQHH+HVJGCOQWPV GSWKV[TGURGEVKXGN[ of impairment loss subsequently decreases and the decrease can be related objectively to an event  .GCUGU occurring after the impairment was recognised, As a lessee then the previously recognised impairment loss KU TGXGTUGF VJTQWIJ 5VCVGOGPV QH 2TQſV CPF .QUU  .GCUGU KP YJKEJ C UKIPKſECPV RQTVKQP QH VJG TKUMU and rewards of ownership are not transferred to the The recoverable amount of an asset or cash- %QORCP[ CU C NGUUGG CTG ENCUUKſGF CU QRGTCVKPI IGPGTCVKPI WPKV CU FGſPGF DGNQY  KU VJG ITGCVGT NGCUGU 2C[OGPVU OCFG WPFGT QRGTCVKPI NGCUGU of its value in use and its fair value less costs to PGV QH CP[ KPEGPVKXGU TGEGKXGF HTQO VJG NGUUQT  UGNN+PCUUGUUKPIXCNWGKPWUGVJGGUVKOCVGFHWVWTG CTG EJCTIGF VQ 5VCVGOGPV QH 2TQſV CPF .QUU QP ECUJ ƀQYU CTG FKUEQWPVGF VQ VJGKT RTGUGPV XCNWG a straight-line basis over the period of the lease WUKPI C RTGVCZ FKUEQWPV TCVG VJCV TGƀGEVU EWTTGPV unless the payments are structured to increase in market assessments of the time value of money NKPGYKVJGZRGEVGFIGPGTCNKPƀCVKQPVQEQORGPUCVG CPFVJGTKUMUURGEKſEVQVJGCUUGV(QTVJGRWTRQUG HQTVJGNGUUQTŏUGZRGEVGFKPƀCVKQPCT[EQUVKPETGCUGU of impairment testing, assets are grouped together Also initial direct cost incurred in operating lease into the smallest group of assets that generates such as commissions, legal fees and internal costs ECUJ KP ƀQYU HTQO EQPVKPWKPI WUG VJCV CTG NCTIGN[ KUTGEQIPKUGFKOOGFKCVGN[KPVJG5VCVGOGPVQH2TQſV KPFGRGPFGPVQHVJGECUJKPƀQYUQHQVJGTCUUGVUQT CPF.QUU ITQWRUQHCUUGVU VJGőECUJIGPGTCVKPIWPKVŒ 

73 2.11 Provisions and contingent liabilities c) funding related commitment to subsidiary, associate and joint venture companies; and Provisions are recognized when there is a present obligation as a result of a past event, it is probable d) other non-cancellable commitments, if any, to VJCV CP QWVƀQY QH TGUQWTEGU GODQF[KPI GEQPQOKE the extent they are considered material and DGPGſVUYKNNDGTGSWKTGFVQUGVVNGVJGQDNKICVKQPCPF TGNGXCPVKPVJGQRKPKQPQHOCPCIGOGPV there is a reliable estimate of the amount of the  1VJGT EQOOKVOGPVU TGNCVGF VQ UCNGURTQEWTGOGPVU QDNKICVKQP 2TQXKUKQPU CTG OGCUWTGF CV VJG DGUV made in the normal course of business are not estimate of the expenditure required to settle the FKUENQUGFVQCXQKFGZEGUUKXGFGVCKNU RTGUGPVQDNKICVKQPCVVJG$CNCPEGUJGGVFCVG If the effect of the time value of money is material,  %CUJCPFECUJGSWKXCNGPVU provisions are discounted using a current pre- Cash and cash equivalent in the balance sheet VCZ TCVG VJCV TGƀGEVU YJGP CRRTQRTKCVG VJG TKUMU comprise cash at banks, cash on hand, cheques in URGEKſE VQ VJG NKCDKNKV[ 9JGP FKUEQWPVKPI KU WUGF VTCPUKVCPFFGOCPFFGRQUKVUYKVJDCPMU the increase in the provision due to the passage of VKOGKUTGEQIPK\GFCUCſPCPEGEQUV  (QTVJGRWTRQUGUQHVJGECUJƀQYUVCVGOGPV%CUJ CPF%CUJGSWKXCNGPVUCTGUJQTVVGTODCNCPEGU YKVJ The Company records a provision for an original maturity of three months or less from FGEQOOKUUKQPKPI EQUVU &GEQOOKUUKQPKPI EQUVU the date of acquisition), highly liquid investments are provided at the present value of expected that are readily convertible into known amounts of costs to settle the obligation using estimated cash ECUJ CPF YJKEJ CTG UWDLGEV VQ KPUKIPKſECPV TKUM QH ƀQYUCPFCTGTGEQIPK\GFCURCTVQHVJGEQUVQHVJG EJCPIGUKPXCNWG RCTVKEWNCTCUUGV6JGECUJƀQYUCTGFKUEQWPVGFCVC EWTTGPVRTGVCZTCVGVJCVTGƀGEVUVJGTKUMUURGEKſEVQ  %CUJƀQYUVCVGOGPV VJGFGEQOOKUUKQPKPINKCDKNKV[6JGWPYKPFKPIQHVJG discount is expensed as incurred and recognized in Statement of Cash Flows is prepared segregating VJGUVCVGOGPVQHRTQſVCPFNQUUCUCſPCPEGEQUV VJGECUJƀQYUKPVQQRGTCVKPIKPXGUVKPICPFſPCPEKPI The estimated future costs of decommissioning are CEVKXKVKGU %CUJ ƀQY HTQO QRGTCVKPI CEVKXKVKGU KU TGXKGYGF CPPWCNN[ CPF CFLWUVGF CU CRRTQRTKCVG reported using indirect method, adjusting the net Changes in the estimated future costs or in the RTQſVHQTVJGGHHGEVUQH discount rate applied are added to or deducted from VJGEQUVQHVJGCUUGV KEJCPIGU FWTKPI VJG RGTKQF KP KPXGPVQTKGU and operating receivables and payables Contingent liabilities are disclosed when there transactions of a non-cash nature; is a possible obligation arising from past events, VJG GZKUVGPEG QH YJKEJ YKNN DG EQPſTOGF QPN[ D[  KK PQPECUJ KVGOU UWEJ CU FGRTGEKCVKQP the occurrence or non occurrence of one or more provisions, deferred taxes, unrealised foreign uncertain future events not wholly within the control currency gains and losses, and undistributed of the Company or a present obligation that arises RTQſVUQHCUUQEKCVGUCPF from past events where it is either not probable that  KKK CNNQVJGTKVGOUHQTYJKEJVJGECUJGHHGEVUCTG CPQWVƀQYQHTGUQWTEGUYKNNDGTGSWKTGFVQUGVVNGQTC KPXGUVKPIQTſPCPEKPIECUJƀQYU TGNKCDNGGUVKOCVGQHVJGCOQWPVECPPQVDGOCFG Provisions, contingent liabilities and contingent 2.15 Financial instruments CUUGVU CTG TGXKGYGF CV GCEJ $CNCPEG 5JGGV FCVG  # ſPCPEKCN KPUVTWOGPV KU CP[ EQPVTCEV VJCV IKXGU Where the unavoidable costs of meeting the TKUGVQCſPCPEKCNCUUGVQHQPGGPVKV[CPFCſPCPEKCN obligations under the contract exceed the economic NKCDKNKV[QTGSWKV[KPUVTWOGPVQHCPQVJGTGPVKV[ DGPGſVU GZRGEVGF VQ DG TGEGKXGF WPFGT UWEJ contract, the present obligation under the contract is (a) Financial assets TGEQIPKUGFCPFOGCUWTGFCUCRTQXKUKQP  K  +PKVKCNTGEQIPKVKQPCPFOGCUWTGOGPV 2.12 Commitments #V KPKVKCN TGEQIPKVKQP ſPCPEKCN CUUGV KU Commitments are future liabilities for contractual measured at its fair value plus, in the case GZRGPFKVWTGENCUUKſGFCPFFKUENQUGFCUHQNNQYU QH C ſPCPEKCN CUUGV PQV CV HCKT XCNWG VJTQWIJ a) estimated amount of contracts remaining to be RTQſVQTNQUUVTCPUCEVKQPEQUVUVJCVCTGFKTGEVN[ executed on capital account and not provided CVVTKDWVCDNG VQ VJG CESWKUKVKQP QH VJG ſPCPEKCN for; CUUGV 6TCPUCEVKQP EQUVU QH ſPCPEKCN CUUGVU ECTTKGFCVHCKTXCNWGVJTQWIJRTQſVQTNQUUCTG b) uncalled liability on shares and other GZRGPUGFKPVJG5VCVGOGPVQH2TQſVCPF.QUU investments partly paid;

74  KK  5WDUGSWGPVOGCUWTGOGPV ETGFKVNQUU '%. OQFGNHQTOGCUWTGOGPVCPF TGEQIPKVKQP QH KORCKTOGPV NQUU QP ſPCPEKCN For purposes of subsequent measurement, assets that are measured at amortized cost ſPCPEKCN CUUGVU CTG ENCUUKſGF KP HQNNQYKPI CPF(81%+ ECVGIQTKGU (QTTGEQIPKVKQPQHKORCKTOGPVNQUUQPſPCPEKCN a) at amortized cost; or assets and risk exposure, the Company b) at fair value through other comprehensive determines that whether there has been a income; or UKIPKſECPVKPETGCUGKPVJGETGFKVTKUMUKPEGKPKVKCN TGEQIPKVKQP +H ETGFKV TKUM JCU PQV KPETGCUGF   E CVHCKTXCNWGVJTQWIJRTQſVQTNQUU UKIPKſECPVN[OQPVJ'%.KUWUGFVQRTQXKFG 6JG ENCUUKſECVKQP FGRGPFU QP VJG GPVKV[ŏU HQT KORCKTOGPV NQUU *QYGXGT KH ETGFKV TKUM DWUKPGUU OQFGN HQT OCPCIKPI VJG ſPCPEKCN JCU KPETGCUGF UKIPKſECPVN[ NKHGVKOG '%. KU assets and the contractual terms of the cash WUGF+HKPUWDUGSWGPV[GCTUETGFKVSWCNKV[QH ƀQYUŒ the instrument improves such that there is no NQPIGTCUKIPKſECPVKPETGCUGKPETGFKVTKUMUKPEG #OQTVK\GF EQUV Assets that are held for initial recognition, then the entity reverts to EQNNGEVKQP QH EQPVTCEVWCN ECUJ ƀQYU YJGTG recognizing impairment loss allowance based VJQUG ECUJ ƀQYU TGRTGUGPV UQNGN[ RC[OGPVU QPOQPVJ'%. of principal and interest are measured at COQTVK\GF EQUV +PVGTGUV KPEQOG HTQO VJGUG Life time ECLs are the expected credit losses ſPCPEKCNCUUGVUKUKPENWFGFKPſPCPEGKPEQOG resulting from all possible default events over WUKPIVJGGHHGEVKXGKPVGTGUVTCVGOGVJQF '+4  VJG GZRGEVGF NKHG QH C ſPCPEKCN KPUVTWOGPV The 12 month ECL is a portion of the lifetime Fair value through other comprehensive ECL which results from default events that are KPEQOG (81%+  #UUGVU VJCV CTG JGNF HQT RQUUKDNGYKVJKPOQPVJUCHVGTVJG[GCTGPF EQNNGEVKQP QH EQPVTCEVWCN ECUJ ƀQYU CPF HQT UGNNKPIVJGſPCPEKCNCUUGVUYJGTGVJGCUUGVUŏ ECL is the difference between all contractual ECUJ ƀQYU TGRTGUGPV UQNGN[ RC[OGPVU QH ECUJ ƀQYU VJCV CTG FWG VQ VJG %QORCP[ KP principal and interest, are measured at fair accordance with the contract and all the value through other comprehensive income ECUJ ƀQYU VJCV VJG GPVKV[ GZRGEVU VQ TGEGKXG (81%+  /QXGOGPVU KP VJG ECTT[KPI COQWPV KG CNN UJQTVHCNNU  FKUEQWPVGF CV VJG QTKIKPCN CTG VCMGP VJTQWIJ 1%+ GZEGRV HQT VJG '+4 9JGP GUVKOCVKPI VJG ECUJ ƀQYU CP recognition of impairment gains or losses, entity is required to consider all contractual interest revenue and foreign exchange gains VGTOU QH VJG ſPCPEKCN KPUVTWOGPV KPENWFKPI and losses which are recognized in Statement RTGRC[OGPVGZVGPUKQPGVE QXGTVJGGZRGEVGF QH 2TQſV CPF .QUU 9JGP VJG ſPCPEKCN CUUGV NKHGQHVJGſPCPEKCNKPUVTWOGPV*QYGXGTKPTCTG is derecognized, the cumulative gain or loss ECUGUYJGPVJGGZRGEVGFNKHGQHVJGſPCPEKCN RTGXKQWUN[ TGEQIPK\GF KP 1%+ KU TGENCUUKſGF instrument cannot be estimated reliably, then HTQO GSWKV[ VQ 5VCVGOGPV QH 2TQſV CPF .QUU the entity is required to use the remaining CPF TGEQIPK\GF KP QVJGT ICKPU NQUUGU  EQPVTCEVWCNVGTOQHVJGſPCPEKCNKPUVTWOGPV +PVGTGUVKPEQOGHTQOVJGUGſPCPEKCNCUUGVUKU '%. KORCKTOGPV NQUU CNNQYCPEG QT TGXGTUCN  included in other income using the effective recognized during the year is recognized as KPVGTGUVTCVGOGVJQF KPEQOGGZRGPUGKPVJGUVCVGOGPVQHRTQſVCPF (CKT XCNWG VJTQWIJ RTQſV QT NQUU Assets that NQUU+PDCNCPEGUJGGV'%.HQTſPCPEKCNCUUGVU do not meet the criteria for amortized cost or measured at amortized cost is presented as (81%+ CTG OGCUWTGF CV HCKT XCNWG VJTQWIJ CP CNNQYCPEG KG CU CP KPVGITCN RCTV QH VJG RTQſV QT NQUU +PVGTGUV KPEQOG HTQO VJGUG measurement of those assets in the balance ſPCPEKCNCUUGVUKUKPENWFGFKPQVJGTKPEQOG UJGGV6JGCNNQYCPEGTGFWEGUVJGPGVECTT[KPI COQWPV7PVKNVJGCUUGVOGGVUYTKVGQHHETKVGTKC The company has currently excercised the Company does not reduce impairment VJG KTTGXQECDNG QRVKQP VQ RTGUGPV KP 1VJGT CNNQYCPEGHTQOVJGITQUUECTT[KPICOQWPV comprehensive Income, subsequent changes KPVJG(CKTXCNWGQH'SWKV[+PUVTWOGPVU5WEJ KX  >GEQIPKVKQPQHſPCPEKCNCUUGVU an election has been made on instrument-by- KPUVTWOGPV DCUKU 6JG ENCUUKſECVKQP KU OCFG  # ſPCPEKCN CUUGV KU FGTGEQIPK\GF QPN[ YJGP QPKPKVKCNTGEQIPKVKQPCPFKUKTTGXQECDNG  C VJG TKIJVU VQ TGEGKXG ECUJ ƀQYU HTQO VJG ſPCPEKCNCUUGVKUVTCPUHGTTGFQT  KKK  +ORCKTOGPVQHſPCPEKCNCUUGVU +P CEEQTFCPEG YKVJ +PF #5  (KPCPEKCN b) retains the contractual rights to receive Instruments, the Company applies expected VJG ECUJ ƀQYU QH VJG ſPCPEKCN CUUGV DWV

75 assumes a contractual obligation to pay the TGEQIPKVKQPQHCPGYNKCDKNKV[6JGFKHHGTGPEGKPVJG ECUJƀQYUVQQPGQTOQTGTGEKRKGPVU respective carrying amounts is recognized in the 5VCVGOGPVQH2TQſVCPF.QUUCUſPCPEGEQUVU  9JGTG VJG ſPCPEKCN CUUGV KU VTCPUHGTTGF VJGP KP VJCV ECUG ſPCPEKCN CUUGV KU FGTGEQIPK\GF QPN[ KH F  1HHUGVVKPIſPCPEKCNKPUVTWOGPVU substantially all risks and rewards of ownership Financial assets and liabilities are offset and the net QH VJG ſPCPEKCN CUUGV KU VTCPUHGTTGF 9JGTG VJG amount is reported in the balance sheet where there entity has not transferred substantially all risks and is a legally enforceable right to offset the recognized TGYCTFU QH QYPGTUJKR QH VJG ſPCPEKCN CUUGV VJG amounts and there is an intention to settle on a ſPCPEKCNCUUGVKUPQVFGTGEQIPK\GF net basis or realize the asset and settle the liability (b) Financial liabilities UKOWNVCPGQWUN[ 6JG NGICNN[ GPHQTEGCDNG TKIJV OWUV not be contingent on future events and must be K  +PKVKCNTGEQIPKVKQPCPFOGCUWTGOGPV enforceable in the normal course of business and in  (KPCPEKCNNKCDKNKVKGUCTGENCUUKſGFCVKPKVKCNTGEQIPKVKQP the event of default, insolvency or bankruptcy of the CUſPCPEKCNNKCDKNKVKGUCVHCKTXCNWGVJTQWIJRTQſVQT %QORCP[QTVJGEQWPVGTRCTV[ NQUUCPFCVCOQTVK\GFEQUVCUCRRTQRTKCVG  'ORNQ[GG$GPGſVU  #NNſPCPEKCNNKCDKNKVKGUCTGTGEQIPK\GFKPKVKCNN[CVHCKT (a) Short-term obligations value and, in the case of borrowings and payables, PGVQHFKTGEVN[CVVTKDWVCDNGVTCPUCEVKQPEQUVU Liabilities for wages and salaries, including non- OQPGVCT[ DGPGſVU VJCV CTG GZRGEVGF VQ DG UGVVNGF KK  5WDUGSWGPVOGCUWTGOGPV wholly within 12 months after the end of the year  6JGOGCUWTGOGPVQHſPCPEKCNNKCDKNKVKGUFGRGPFUQP in which the employees render the related service VJGKTENCUUKſECVKQPCUFGUETKDGFDGNQY are recognized in respect of employees’ services up to the end of the year and are measured at the  (KPCPEKCNNKCDKNKVKGUCVHCKTXCNWGVJTQWIJRTQſVQTNQUU amounts expected to be paid when the liabilities  (KPCPEKCN NKCDKNKVKGU CV HCKT XCNWG VJTQWIJ RTQſV QT CTGUGVVNGF6JGNKCDKNKVKGUCTGRTGUGPVGFCUEWTTGPV NQUUKPENWFGſPCPEKCNNKCDKNKVKGUJGNFHQTVTCFKPICPF GORNQ[GGDGPGſVQDNKICVKQPUKPVJGDCNCPEGUJGGV ſPCPEKCNNKCDKNKVKGUFGUKIPCVGFWRQPKPKVKCNTGEQIPKVKQP D  1VJGTNQPIVGTOGORNQ[GGDGPGſVQDNKICVKQPU CU CV HCKT XCNWG VJTQWIJ RTQſV QT NQUU 5GRCTCVGF GODGFFGF FGTKXCVKXGU CTG CNUQ ENCUUKſGF CU JGNF K  &GſPGFEQPVTKDWVKQPRNCP for trading unless they are designated as effective  2TQXKFGPV (WPF %QPVTKDWVKQP VQYCTFU RTQXKFGPV JGFIKPI KPUVTWOGPVU )CKPU QT NQUUGU QP NKCDKNKVKGU fund is made to the regulatory authorities, where the held for trading are recognized in the Statement of %QORCP[JCUPQHWTVJGTQDNKICVKQPU5WEJDGPGſVU 2TQſVCPF.QUU CTGENCUUKſGFCU&GſPGF%QPVTKDWVKQP5EJGOGUCU  .QCPUCPFDQTTQYKPIU the Company does not carry any further obligations, apart from the contributions made on a monthly After initial recognition, interest-bearing loans and DCUKUYJKEJCTGEJCTIGFVQVJG5VCVGOGPVQH2TQſV borrowings are subsequently measured at amortized CPF.QUU EQUV WUKPI VJG '+4 OGVJQF )CKPU CPF NQUUGU CTG TGEQIPK\GF KP 5VCVGOGPV QH 2TQſV CPF .QUU YJGP  'ORNQ[GGŏU5VCVG+PUWTCPEG5EJGOG%QPVTKDWVKQP the liabilities are derecognized as well as through towards employees’ state insurance scheme is VJG '+4 COQTVK\CVKQP RTQEGUU #OQTVK\GF EQUV KU made to the regulatory authorities, where the calculated by taking into account any discount or %QORCP[JCUPQHWTVJGTQDNKICVKQPU5WEJDGPGſVU premium on acquisition and fees or costs that are CTGENCUUKſGFCU&GſPGF%QPVTKDWVKQP5EJGOGUCU CPKPVGITCNRCTVQHVJG'+46JG'+4COQTVK\CVKQPKU the Company does not carry any further obligations, KPENWFGFCUſPCPEGEQUVUKPVJG5VCVGOGPVQH2TQſV apart from the contributions made on a monthly CPF.QUU DCUKUYJKEJCTGEJCTIGFVQVJG5VCVGOGPVQH2TQſV CPF.QUU KKK  >GEQIPKVKQP KK  &GſPGFDGPGſVRNCPU  # ſPCPEKCN NKCDKNKV[ KU FGTGEQIPK\GF YJGP VJG obligation under the liability is discharged or  )TCVWKV[ 6JG %QORCP[ RTQXKFGU HQT ITCVWKV[ C ECPEGNNGF QT GZRKTGU 9JGP CP GZKUVKPI ſPCPEKCN FGſPGF DGPGſV RNCP VJG Ŏ)TCVWKV[ 2NCPŒ  EQXGTKPI liability is replaced by another from the same eligible employees in accordance with the Payment lender on substantially different terms, or the terms QH )TCVWKV[ #EV  6JG )TCVWKV[ 2NCP RTQXKFGU QH CP GZKUVKPI NKCDKNKV[ CTG UWDUVCPVKCNN[ OQFKſGF a lump sum payment to vested employees at UWEJ CP GZEJCPIG QT OQFKſECVKQP KU VTGCVGF CU retirement, death, incapacitation or termination of the derecognition of the original liability and the employment, of an amount based on the respective GORNQ[GGŏU UCNCT[ 6JG %QORCP[ŏU NKCDKNKV[ KU

76 CEVWCTKCNN[ FGVGTOKPGF WUKPI VJG 2TQLGEVGF to equity shareholders and the weighted average 7PKV %TGFKV OGVJQF  CV VJG GPF QH GCEJ [GCT number of shares outstanding during the year is Actuarial losses/gains are recognized in the other adjusted for the effects of all dilutive potential equity comprehensive income in the year in which they UJCTGUŒ CTKUG  5KIPKſECPV CEEQWPVKPI LWFIOGPVU GUVKOCVGU CPF  %QORGPUCVGF #DUGPEGU #EEWOWNCVGF assumptions compensated absences, which are expected 6JG RTGRCTCVKQP QH ſPCPEKCN UVCVGOGPVU TGSWKTGU to be availed or encashed within 12 months management to make judgments, estimates and from the end of the year are treated as short assumptions that affect the reported amounts of revenues, VGTO GORNQ[GG DGPGſVU 6JG QDNKICVKQP VQYCTFU expenses, assets and liabilities, and the accompanying the same is measured at the expected cost of FKUENQUWTGU CPF VJG FKUENQUWTG QH EQPVKPIGPV NKCDKNKVKGU accumulating compensated absences as the 7PEGTVCKPV[CDQWVVJGUGCUUWORVKQPUCPFGUVKOCVGUEQWNF additional amount expected to be paid as a result result in outcomes that require a material adjustment to the QH VJG WPWUGF GPVKVNGOGPV CU CV VJG [GCT GPF carrying amount of assets or liabilities affected in future

[GCTU Accumulated compensated absences, which are expected to be availed or encashed beyond 12 3.1 Estimates and assumptions months from the end of the year end are treated as The key assumptions concerning the future and QVJGTNQPIVGTOGORNQ[GGDGPGſVU6JG%QORCP[ŏU other key sources of estimation uncertainty at the NKCDKNKV[KUCEVWCTKCNN[FGVGTOKPGF WUKPIVJG2TQLGEVGF [GCTGPFFCVGVJCVJCXGCUKIPKſECPVTKUMQHECWUKPI 7PKV%TGFKVOGVJQF CVVJGGPFQHGCEJ[GCT#EVWCTKCN a material adjustment to the carrying amounts of losses/gains are recognized in the statement of CUUGVUCPFNKCDKNKVKGUYKVJKPVJGPGZVſPCPEKCN[GCT RTQſVCPFNQUUKPVJG[GCTKPYJKEJVJG[CTKUG CTG FGUETKDGF DGNQY 6JG %QORCP[ DCUGF KVU  .GCXGUWPFGTFGſPGDGPGſVRNCPUECPDGGPECUJGF assumptions and estimates on parameters available QPN[QPFKUEQPVKPWCVKQPQHUGTXKEGD[GORNQ[GG YJGP VJG ſPCPEKCN UVCVGOGPVU YGTG RTGRCTGF Existing circumstances and assumptions about The obligation is measured at the present value of future developments, however, may change due to VJG GUVKOCVGF HWVWTG ECUJ ƀQYU WUKPI C FKUEQWPV market changes or circumstances arising that are rate based on the market yield on government DG[QPFVJGEQPVTQNQHVJG%QORCP[5WEJEJCPIGU securities of a maturity period equivalent to the CTGTGƀGEVGFKPVJGCUUWORVKQPUYJGPVJG[QEEWT YGKIJVGF CXGTCIG OCVWTKV[ RTQſNG QH VJG FGſPGF DGPGſVQDNKICVKQPUCVVJG$CNCPEG5JGGVFCVG C  6CZGU  %QPVTKDWVGFGSWKV[ Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable  'SWKV[UJCTGUCTGENCUUKſGFCUGSWKV[UJCTGECRKVCN RTQſVYKNNDGCXCKNCDNGCICKPUVYJKEJVJGNQUUGUECP Incremental costs directly attributable to the issue DG WVKNK\GF 5KIPKſECPV OCPCIGOGPV LWFIOGPV KU of new shares or options are shown in equity as a required to determine the amount of deferred tax FGFWEVKQPPGVQHVCZHTQOVJGRTQEGGFU assets that can be recognized, based upon the likely 2.18 Earnings Per Share VKOKPICPFVJGNGXGNQHHWVWTGVCZCDNGRTQſVUVQIGVJGT YKVJHWVWTGVCZRNCPPKPIUVTCVGIKGU Basic earnings per share is calculated by dividing VJGPGVRTQſVQTNQUUHQTVJG[GCTCVVTKDWVCDNGVQGSWKV[ D  &GſPGF DGPGſV RNCPU ITCVWKV[ DGPGſVU CPF NGCXG shareholders by the weighted average number of encashment) GSWKV[UJCTGUQWVUVCPFKPIFWTKPIVJG[GCT'CTPKPIU  6JG EQUV QH VJG FGſPGF DGPGſV RNCPU UWEJ CU considered in ascertaining the Company’s earnings gratuity and leave encashment are determined RGTUJCTGKUVJGPGVRTQſVQTNQUUHQTVJG[GCTCHVGT WUKPI CEVWCTKCN XCNWCVKQPU #P CEVWCTKCN XCNWCVKQP deducting preference dividends and any attributable involves making various assumptions that may VCZ VJGTGVQ HQT VJG [GCT 6JG YGKIJVGF CXGTCIG FKHHGTHTQOCEVWCNFGXGNQROGPVUKPVJGHWVWTG6JGUG number of equity shares outstanding during the include the determination of the discount rate, future year and for all the years presented is adjusted UCNCT[ KPETGCUGU CPF OQTVCNKV[ TCVGU &WG VQ VJG for events, such as bonus shares, other than the complexities involved in the valuation and its long- conversion of potential equity shares, that have VGTO PCVWTG C FGſPGF DGPGſV QDNKICVKQP KU JKIJN[ changed the number of equity shares outstanding, UGPUKVKXG VQ EJCPIGU KP VJGUG CUUWORVKQPU #NN without a correspondKPI EJCPIG KP TGUQWTEGU CUUWORVKQPUCTGTGXKGYGFCVGCEJ[GCTGPF

The principal assumptions are the discount and For the purpose of calculating diluted earnings per UCNCT[ITQYVJTCVG6JGFKUEQWPVTCVGKUDCUGFWRQP UJCTGVJGPGVRTQſVQTNQUUHQTVJG[GCTCVVTKDWVCDNG the market yields available on government bonds at

77 the accounting date with a term that matches that with carrying value for all of its property, plant QHNKCDKNKVKGU5CNCT[KPETGCUGTCVGVCMGUKPVQCEEQWPV and equipment as recognized in its Indian QHKPƀCVKQPUGPKQTKV[RTQOQVKQPCPFQVJGTTGNGXCPV )##2 ſPCPEKCN UVCVGOGPVU CU KVU FGGOGF HCEVQTUQPNQPIVGTODCUKU cost at the date of transition after making CFLWUVOGPVU HQT FGEQOOKUUKQPKPI NKCDKNKVKGU E  %QPUVTWEVKQP%QPVTCEVU This exemption can also be used for intangible Recognizing construction contract revenue requires assets covered by Ind AS 38, Intangible UKIPKſECPV LWFIGOGPV KP FGVGTOKPKPI CEVWCN YQTM #UUGVUCPFKPXGUVOGPVRTQRGTVKGU#EEQTFKPIN[ performed and the estimated costs to complete the management has elected to measure all of VJGYQTMRTQXKUKQPHQTTGEVKſECVKQPEQUVUXCTKCVKQP its property, plant and equipment, investment ENCKOUGVE properties and intangible assets at their Indian )##2ECTT[KPIXCNWG F  4GEQIPKVKQP QH FGHGTTGF VCZ CUUGVU The extent to which deferred tax assets can be  D  +ORCKTOGPVQH(KPCPEKCN#UUGVU recognized is based on an assessment of the The Company has applied the impairment probability that future taxable income will be TGSWKTGOGPVU QH +PF #5  TGVTQURGEVKXGN[ available against which the deductible temporary however, as permitted by Ind AS 101, it has differences and tax loss carryforwards can be used reasonable and supportable information WVKNK\GF+PCFFKVKQPUKIPKſECPVLWFIOGPVKUTGSWKTGF that is available without undue cost or effort in assessing the impact of any legal or economic to determine the credit risk at the date that NKOKVUQTWPEGTVCKPVKGUKPXCTKQWUVCZLWTKUFKEVKQPU ſPCPEKCNKPUVTWOGPVUYGTGKPKVKCNN[TGEQIPKUGF 4. Standards (including amendments) issued but not in order to compare it with the credit risk at yet effective VJG VTCPUKVKQP FCVG (WTVJGT VJG )TQWR JCU not undertaken an exhaustive search for The standards and interpretations that are issued, but not information when determining, at the date of [GV GHHGEVKXG WR VQ VJG FCVG QH KUUWCPEG QH VJG ſPCPEKCN transition to Ind ASs, whether there have been UVCVGOGPVUCTGFKUENQUGFDGNQY6JG%QORCP[KPVGPFUVQ UKIPKſECPVKPETGCUGUKPETGFKVTKUMUKPEGKPKVKCN adopt these standards, if applicable, when they become TGEQIPKVKQPCURGTOKVVGFD[+PF#5 GHHGEVKXG /CPFCVQT[ 'ZGORVKQP QP ſTUVVKOG 5. First-time adoption of Ind-AS adoption of Ind AS 6JGUGſPCPEKCNUVCVGOGPVUCTGVJGſTUVUGVQH+PF#5ſPCPEKCN  C  'UVKOCVGU UVCVGOGPVU RTGRCTGF D[ VJG %QORCP[ #EEQTFKPIN[ VJG %QORCP[JCURTGRCTGFſPCPEKCNUVCVGOGPVUYJKEJEQORN[ An entity’s estimates in accordance with Ind with Ind AS applicable for year ending on 31 March AS at the date of transition to Ind AS shall 2018, together with the comparative year data as at and be consistent with estimates made for the for the year ended 31 March 2017, as described in the same date in accordance with Indian GAAP UKIPKſECPVCEEQWPVKPIRQNKEKGU+PRTGRCTKPIVJGUGſPCPEKCN CHVGTCFLWUVOGPVUVQTGƀGEVCP[FKHHGTGPEGKP statements, the Company’s opening balance sheet was accounting policies), unless there is objective prepared as at 1 April 2016, being the Company’s date GXKFGPEGVJCVVJQUGGUVKOCVGUYGTGKPGTTQT QH VTCPUKVKQP VQ +PF #5 6JKU PQVG GZRNCKPU VJG RTKPEKRCN Ind AS estimates as at 1 April 2016 are adjustments made by the Company in restating its Indian consistent with the estimates as at the same )##2ſPCPEKCNUVCVGOGPVUKPENWFKPIVJGDCNCPEGUJGGVCU FCVGOCFGKPEQPHQTOKV[YKVJ+PFKCP)##26JG CV#RTKNCPFVJGſPCPEKCNUVCVGOGPVUCUCVCPFHQT Company made estimates for following items in VJG[GCTGPFGF/CTEJ accordance with Ind AS at the date of transition 'ZGORVKQPUCXCKNGFQPſTUVVKOGCFQRVKQP CUVJGUGYGTGPQVTGSWKTGFWPFGT+PFKCP)##2 of Ind AS K +ORCKTOGPV QH ſPCPEKCN CUUGVU DCUGF QP GZRGEVGFETGFKVNQUUOQFGN Ind AS 101, First-time Adoption of Indian #EEQWPVKPI 5VCPFCTFU CNNQYU ſTUV   KK (CKTXCNWCVKQPQHEQORQWPFKPUVTWOGPV time adopters certain exemptions from   KKK (862.ŌFGDVUGEWTKVKGU the retrospective application of certain TGSWKTGOGPVUWPFGT+PF#56JG%QORCP[JCU   KX (861%+ŌFGDVUGEWTKVKGU CEEQTFKPIN[CRRNKGFVJGHQNNQYKPIGZGORVKQPU   X 'HHGEVKXGKPVGTGUVTCVGWUGFKPECNEWNCVKQPQH  C  &GGOGF%QUV UGEWTKV[FGRQUKV Since there is no change in the functional  D >GEQIPKVKQPQHſPCPEKCNCUUGVUCPFſPCPEKCN currency, the Company has elected to continue liabilities

78 # ſTUVVKOG CFQRVGT UJQWNF CRRN[ VJG The Company has elected to apply the FGTGEQIPKVKQP TGSWKTGOGPVU KP +PF #5  FGTGEQIPK\G RTQXKUKQPU QH +PF #5  Financial Instruments, prospectively to prospectively from the date of transition to Ind transactions occurring on or after the date of #5 VTCPUKVKQP 6JGTGHQTG KH C ſTUVVKOG CFQRVGT FGTGEQIPK\GF PQPFGTKXCVKXG ſPCPEKCN CUUGVU  E %NCUUKſECVKQP  CPF OGCUWTGOGPV QH ſPCPEKCN QT PQPFGTKXCVKXG ſPCPEKCN NKCDKNKVKGU WPFGT assets its Indian GAAP as a result of a transaction Ind AS 101, First-time Adoption of Indian that occurred before the date of transition, it Accounting Standards, requires an entity UJQWNF PQV TGEQIPK\G VJQUG ſPCPEKCN CUUGVU VQ CUUGUU ENCUUKſECVKQP CPF OGCUWTGOGPV CPF NKCDKNKVKGU WPFGT +PF #5 WPNGUU VJG[ QH ſPCPEKCN CUUGVU KPXGUVOGPV KP FGDV qualify for recognition as a result of a later instruments) on the basis of the facts and VTCPUCEVKQPQTGXGPV #ſTUVVKOGCFQRVGTVJCV circumstances that exist at the date of wants to apply the derecognition requirements VTCPUKVKQPVQ+PF#5 KP +PF #5  (KPCPEKCN +PUVTWOGPVU retrospectively from a date of the entity’s  F  'SWKV[KPUVTWOGPVUCV(861%+ choosing may only do so, provided that the KPHQTOCVKQP PGGFGF VQ CRRN[ +PF #5  The Company has designated investment (KPCPEKCN+PUVTWOGPVUVQſPCPEKCNCUUGVUCPF in equity shares other than associate and ſPCPEKCN NKCDKNKVKGU FGTGEQIPK\GF CU C TGUWNV LQKPV XGPVWTGU CU CV (861%+ QP VJG DCUKU QH of past transactions was obtained at the time facts and circumstances that existed at the QH KPKVKCNN[ CEEQWPVKPI HQT VJQUG VTCPUCEVKQPU VTCPUKVKQPFCVG

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 ` 5.3 Reconciliations #OQWPVKP lakhs, unless otherwise stated) The following reconciliations provides the effect of transition to Ind AS from Indian GAAP in accordance with Ind AS (KTUVVKOG#FQRVKQPQH+PFKCP#EEQWPVKPI5VCPFCTFU (a)(i)Effect of Ind AS adoption on Balance Sheet as at 31st March, 2016 0QVGUVQſTUV Indian Ind AS Ind AS time adoption GAAP* #FLWUVOGPVU

ASSETS Non-Current Assets Property, plant and equipment  -  Capital work-in-progress  -  Intangible assets  -  Financial assets Investments G K    Loans G KK    Trade Receivables  -  1VJGT(KPCPEKCN#UUGVU G KK G KX    &GHGTTGFVCZCUUGV PGV G KKK -   +PEQOG6CZ#UUGVU 0GV  -  1VJGT0QP%WTTGPV#UUGVU G KK    Total Non-Current Assets 158,450.90 (48,494.13) 109,956.77

Current assets Inventories  -  Financial assets - - - Trade receivables G KK    Cash and cash equivalents  -  1VJGT$CPM$CNCPEGU  -  Loans - - - 1VJGT(KPCPEKCN#UUGVU  -  1VJGTEWTTGPVCUUGVU G KK    Total Current Assets 130,008.61 (13,124.77) 116,883.84 Total Assets 288,459.51 (61,618.90) 226,840.61

'37+6;#0&.+#$+.+6+'5 'SWKV[ Equity share capital  -  1VJGTGSWKV[    6QVCN'SWKV[ 45,687.80 (53,002.27) (7,314.47)

.KCDKNKVKGU 0QP%WTTGPV.KCDKNKVKGU Financial liabilities Borrowings G KX    1VJGTſPCPEKCNNKCDKNKVKGU G XK     Provisions  -  1VJGTPQPEWTTGPVNKCDKNKVKGU  -  6QVCN0QP%WTTGPV.KCDKNKVKGU 168,524.67 (8,616.63) 159,908.04

Current liabilities Financial liabilities Borrowings  -  Trade payables  - 

80 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 0QVGUVQſTUV Indian Ind AS Ind AS time adoption GAAP* #FLWUVOGPVU 1VJGTſPCPEKCNNKCDKNKVKGU  -  1VJGTEWTTGPVNKCDKNKVKGU  -  Provisions  -  6QVCN%WTTGPV.KCDKNKVKGU 74,247.04 - 74,247.04 6QVCN.KCDKNKVKGU 242,771.71 (8,616.63) 234,155.08 6QVCN'SWKV[CPF.KCDKNKVKGU 288,459.51 (61,618.90) 226,840.61 6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUG QHVJKUPQVG (a)(ii)4GEQPEKNKCVKQPQHGSWKV[CUCV/CTEJ 0QVGUVQſTUV Indian #FLWUVOGPVU Ind AS Particilars time adoption GAAP* ASSETS Non-Current Assets Property, plant and equipment  -  Capital work-in-progress  -  Intangible assets  -  Financial assets - - - Investments G K      Loans G KK      Trade Receivables  -  1VJGT(KPCPEKCN#UUGVU G KK G KX     

&GHGTTGFVCZCUUGV .KCDKNKVKGU  PGV G KKK -   +PEQOG6CZ#UUGVU 0GV  -  1VJGT0QP%WTTGPV#UUGVU G KK      Total Non-Current Assets 153,837.27 (34,430.59) 119,406.68

Current assets Inventories  -  Financial assets - - Trade receivables G KK      Cash and cash equivalents  -  1VJGT$CPM$CNCPEGU  -  Loans - - - 1VJGT(KPCPEKCN#UUGVU  -  1VJGTEWTTGPVCUUGVU G KK       Total Current Assets 145,493.72 (11,164.70) 134,329.01 Total Assets 299,330.98 (45,595.29) 253,735.69

'37+6;#0&.+#$+.+6+'5 'SWKV[ Equity share capital  -  1VJGTGSWKV[      6QVCN'SWKV[ 157,777.69 (44,914.33) 112,863.36

.KCDKNKVKGU 0QP%WTTGPV.KCDKNKVKGU Financial liabilities Borrowings G KX     1VJGTſPCPEKCNNKCDKNKVKGU G XK     

81 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

0QVGUVQſTUV Indian #FLWUVOGPVU Ind AS Particilars time adoption GAAP* Provisions  -  1VJGTPQPEWTTGPVNKCDKNKVKGU  -  6QVCN0QP%WTTGPV.KCDKNKVKGU 54,380.91 (680.96) 53,699.95

Current liabilities Financial liabilities Borrowings  -  Trade payables  -  1VJGTſPCPEKCNNKCDKNKVKGU  -  1VJGTEWTTGPVNKCDKNKVKGU  -  Provisions  -  6QVCN%WTTGPV.KCDKNKVKGU 87,172.38 - 87,172.38 6QVCN.KCDKNKVKGU 141,553.29 (680.96) 140,872.33

6QVCN'SWKV[CPF.KCDKNKVKGU 299,330.98 (45,595.29) 253,735.69

6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQH VJKUPQVG

(b) Reconciliation of loss for the year ended March 31, 2017 0QVGUVQſTUV Indian Particulars #FLWUVOGPVU Ind AS time adoption GAAP*

Income Revenue from operations  -  1VJGTKPEQOG G KK    Total income 53,000.00 7,751.70 60,751.70

Expenses 'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU  -  %JCPIGUKPKPXGPVQTKGUQHſPKUJGFIQQFUUVQEMKPVTCFG  -  and work-in-progress 'ORNQ[GGDGPGſVUGZRGPUG G X    Finance costs G KX    Depreciation and amortization expense  -  1VJGTGZRGPUGU G KK G XK    Total expenses 75,766.02 7,217.60 82,983.62

.QUUDGHQTGGZEGRVKQPCNKVGOUCPFVCZ    Exceptional items  -  .QUUDGHQTGVCZ (23,173.58) 534.10 (22,639.48)

Income tax expense Current tax - - - Deferred tax G KKK -   Total income tax expense - (7,547.72) (7,547.72)

.QUUHQTVJG[GCT (23,173.58) (8,081.82) (15,091.76)

1VJGTEQORTGJGPUKXGKPEQOG

82 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 0QVGUVQſTUV Indian Particulars #FLWUVOGPVU Ind AS time adoption GAAP* 1VJGTEQORTGJGPUKXGKPEQOGPQVVQDGTGENCUUKſGFVQRTQſVQTNQUUKPUWDUGSWGPVRGTKQFU Loss of Investments carried at fair value G K -  

4GOGCUWTGOGPVICKPUQPFGſPGFDGPGſVRNCPU G X -  

1VJGTEQORTGJGPUKXGKPEQOGHQTVJG[GCT - 6.12 6.12

Total other comprehensive loss for the year (23,173.58) (8,087.94) (15,085.64)

6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUG QHVJKUPQVG

E 4GEQPEKNKCVKQPQHRTQſVQTNQUUHQTVJG[GCTGPFGF/CTEJ

0QVGUVQſTUV As at As at Particulars time adoption 31-03-2017 01-04-2016 1VJGT'SWKV[CURGT2TGXKQWU)##2 +PFKCP)##2 64,080.90 12,625.16

Adjustment 1) Impact of provision for expected credit loss G KK    2) Impact on account of derecognition of loans pursuant to conversion to G KX    equity and on application of effective interest rate 3) Impact of fair valuation of investments G K    4) Deferred Tax on the above adjustments and on unabsorbed losses G KKK     1VJGTU G XK    (44,914.33) (53,002.27)

1VJGT'SWKV[CURGT+PF#5 19,166.57 (40,377.11)

83 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

(d) +ORCEVQH+PF#5CFQRVKQPQPECUJƀQYUVCVGOGPVUHQTVJG[GCTGPFGF/CTEJ

Particulars Indian GAAP* #FLWUVOGPVU Ind AS

0GVECUJƀQYHTQOQRGTCVKPICEVKXKVKGU      0GVECUJƀQYHTQOKPXGUVKPICEVKXKVKGU    0GVECUJƀQYHTQOſPCPEKPICEVKXKVKGU   

0GVKPETGCUG FGETGCUG KPECUJCPFECUJGSWKXCNGPVU 260.07 0.36 260.43 Cash and cash equivalents as at 1 April 2016     %CUJCPFECUJGSWKXCNGPVUCUCV/CTEJ 1,620.83 (18.33) 1,602.50

6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQH VJKUPQVG

(e) 0QVGUVQſTUVVKOGCFQRVKQP

(i) 6JG%QORCP[JCUXCNWGF+PXGUVOGPVU QVJGTVJCP+PXGUVOGPVKPYJQNN[QYPGFUWDUKFKCT[CPFCUUQEKCVGYJKEJCTG CEEQWPVGFCVEQUV CVHCKTXCNWG+ORCEVQHHCKTXCNWGEJCPIGUCUQPVJGFCVGQHVTCPUKVKQPKUTGEQIPKUGFKPQRGPKPI TGUGTXGUCPFEJCPIGUVJGTGCHVGTCTGTGEQIPKUGFKP1VJGT%QORTGJGPUKXG+PEQOG (ii) 6JGRTQXKUKQPKUOCFGCICKPUVVTCFGTGEGKXCDNGUWPDKNNGFTGXGPWGCPFNQCPUDCUGFQPőGZRGEVGFETGFKVNQUUŒOQFGN CURGT+PF#57PFGT+)##2VJGRTQXKUKQPYCUOCFGYJGPVJGTGEGKXCDNGNQCPVWTPGFFQWDVHWNPQPRGTHQTOKPI CUUGVDCUGFQPVJGCUUGUUOGPVQPECUGVQECUGDCUKUCPFCRRNKECDNGTGIWNCVKQPU (iii)Deferred tax under Ind AS has been recognised for temporary differences between tax base and the book base of the relevant assets and liabilities on account of opening transition adjustments, on the date of transition, with consequential KORCEVVQVJG5VCVGOGPVQH2TQſVCPF.QUUHQTVJGUWDUGSWGPVRGTKQFU7PFGT+)##2VJGFGHGTTGFVCZYCUCEEQWPVGF DCUGFQPVKOKPIFKHHGTGPEGUKORCEVKPIVJG5VCVGOGPVQH2TQſVCPF.QUUHQTVJGRGTKQF (iv)7PFGT+PF#5DQTTQYKPIEQUVKUECNEWNCVGFHQNNQYKPIGHHGEVKXGTCVGQHKPVGTGUV '+4 OGVJQFCUFGUETKDGFWPFGT+PF #57PFGT+)##2DQTTQYKPIEQUVYCUEQORWVGFD[CRRN[KPIVJGEQWRQPTCVGVQVJGRTKPEKRCNCOQWPVHQTVJG RGTKQFYKVJEQPUGSWGPVKCNKORCEVKPVJGCUUGVKVGOUYJGTGDQTTQYKPIEQUVKUECRKVCNKUGFKPXGPVQTKUGF$QTTQYKPIUCTG recognised at fair value at the inception and subsequently at amortised cost with interest recognised based on EIR OGVJQF (v) $QVJWPFGT+)##2CPF+PF#5VJG%QORCP[TGEQIPKUGFEQUVUTGNCVGFVQKVURQUVGORNQ[OGPVFGſPGFDGPGſVRNCPQP CPCEVWCTKCNDCUKU7PFGT+)##2VJGGPVKTGEQUVKPENWFKPICEVWCTKCNICKPUCPFNQUUGUCTGEJCTIGFVQRTQſVQTNQUU 7PFGT+PF#5TGOGCUWTGOGPVUCTGTGEQIPKUGFKOOGFKCVGN[KPVJGDCNCPEGUJGGVYKVJCEQTTGURQPFKPIFGDKVQTETGFKV VQTGVCKPGFGCTPKPIUVJTQWIJ1VJGT%QORTGJGPUKXG+PEQOG (vi)7PFGT+)##2QRGTCVKPINGCUGTGPVCNUYGTGUVTCKIJVNKPGFQXGTVJGNGCUGRGTKQF7PFGT+PF#5KHVJGRC[OGPVUD[ VJGNGUUGGCTGUVTWEVWTGFVQKPETGCUGKPNKPGYKVJGZRGEVGFIGPGTCNKPƀCVKQPVQEQORGPUCVGHQTVJGNGUUQTŏUGZRGEVGF KPƀCVKQPCT[EQUVNGCUGTGUGTXGUJQWNFPQVDGDQQMGF%QPUGSWGPVVQVJKUEJCPIGVJGCOQWPVQHTGVCKPGFGCTPKPIUJCU DGGPFGETGCUGF#NUQWPFGT+PF#5TGPVHTGGRGTKQFKUUVTCKIJVNKPGFQXGTVJGNGCUGVGTOCUVJGUCOGKUEQPUKFGTGF CUKPEGPVKXG

84 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 6 2TQRGTV[RNCPVCPFGSWKROGPV%WTTGPV;GCT Gross block Depreciation Net block As at As at As at As at For As at #FFKVKQPU &GFWEVKQPU 31st As at &GFWEVKQPU 31st 31st Block of Assets 1 April the 31 March #FLWUVOGPVU #FLWUVOGPVU March 1 April 2017 #FLWUVOGPVU March March 2017 year 2017 2018 2018 2018 1YPGFCUUGVU Freehold land  - -  - - -   Leasehold  - -    -    Improvements Buildings  - -    -    Plant and Machinery  -    -     4GHGTVQ0QVG  below) Furniture and   -    -    Fixtures 1HſEG'SWKROGPV   -    -    Computers   -    -    8GJKENGU 4GHGTVQ           0QVGDGNQY Total 6,596.98 80.81 21.76 6,656.03 589.41 567.52 16.85 1,140.08 5,515.95 6,007.57

2TQRGTV[RNCPVCPFGSWKROGPV2TGXKQWU;GCT Gross block Depreciation Net block Block of Assets As at #FFKVKQPU &GFWEVKQPU As at As at For &GFWEVKQPU As at As at As at 1 April #FLWUVOGPVU #FLWUVOGPVU 31 1 April 2016 the #FLWUVOGPVU 31 March 31 March 1 April 2016 March year 2017 2017 2016 2017

1YPGFCUUGVU Freehold land  - -  - - - -   Leasehold  -   -  -    Improvements Buildings   -  -  -    Plant and Machinery  -  -  -     4GHGTVQ0QVG  below) Furniture and     -      Fixtures 1HſEG'SWKROGPV   -  -  -    Computers   -  -  -    8GJKENGU 4GHGTVQ   -  -  -    0QVGDGNQY Total 5,423.97 1,193.42 20.41 6,596.98 - 589.63 0.22 589.41 6,007.57 5,423.97

85 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 6.1 &GVCKNUQH#UUGVUVCMGPWPFGTſPCPEGNGCUG `+P.CMJU Block of Assets 31-Mar-18 31-Mar-17 1-Apr-16

Plant and Machinery Gross Block    Accumulated Depreciation   - 0GV$QQMXCNWG    Vehicles Gross Block    Accumulated Depreciation   - 0GV$QQMXCNWG   

6.2 %QUVCUCV/CTEJCPF#RTKNQHKPFKXKFWCNCUUGVUJCUDGGPTGENCUUKſGFYJGTGXGTPGEGUUCT[

7 Intangible assets - Current Year

Gross block Depreciation Net block Addi- Deduc- As at Deduc- As at As at As at As at Block of Assets As at VKQPU VKQPU 31st For the VKQPU 31st 31st 31 1 April 1 April 2017 #FLWUV- #FLWUV- March year #FLWUV- March March March 2017 ments ments 2018 ments 2018 2018 2017 Computer Software  - -   - -    Technical Knowhow  - -    -    Total 97.34 - - 97.34 17.54 16.62 - 34.16 63.18 79.80 Intangible assets - Previous Year Gross block Depreciation Net block Addi- Deduc- As at Deduc- As at As at As at As at Block of Assets As at VKQPU VKQPU 31 For the VKQPU 31 31 1 April 1 April 1 April 2016 #FLWUV- #FLWUV- March year #FLWUV- March March 2016 2016 ments ments 2017 ments 2017 2017 Computer Software  - -  -  -    Technical Knowhow  - -  -  -    Total 97.34 - - 97.34 - 17.54 - 17.54 79.80 97.34

86 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018

#OQWPVKP` lakhs, unless otherwise stated) 8 Financial Assets- Investments (Non Current) As at As at As at 31 March 2018 31 March 2017 1 April 2016

# Investment in wholly owned Subsidiary carried at cost 'SWKV[UJCTG 2TGXKQWU[GCT'SWKV[UJCTG QH#'&    KP5JTKTCO'2% (<'

$ Investment in Associate - Non Trade

7PSWQVGF 'SWKV[5JCTGU 2TGXKQWU[GCT'SWKV[    Shares) of `GCEJHWNN[RCKFWRKP*CNFKC%QMGCPF %JGOKECNU2TKXCVG.KOKVGF 4GHGT0QVGDGNQY .GUU2TQXKUKQPHQT&KOKPKVKQPKPXCNWGQH+PXGUVOGPVU    - - - % +PXGUVOGPVUKP1VJGTU6TCFG(CKTXCNWGVJTQWIJ1VJGT Comprehensive Income

Quoted 'SWKV[5JCTGU 2TGXKQWU[GCT'SWKV[5JCTGU     of `GCEJHWNN[RCKFWRKP1TKGPV)TGGP2QYGT%QORCP[ Limited 7PSWQVGF 'SWKV[UJCTGU 2TGXKQWU[GCT'SWKV[UJCTGU     QH GCEJHWNN[RCKFKP*GZC9KPF(CTO2TKXCVG.KOKVGF

'SWKV[UJCTGU 2TGXKQWU[GCT'SWKV[    Shares) of ` 10/- each fully paid up in Leitwind Shriram Manufacturing Private Limited .GUU2TQXKUKQPHQT&KOKPKVKQPKPXCNWGQH+PXGUVOGPVU 4GHGT   - 0QVGDGNQY - - 407.56

Total 130.75 133.45 549.32

Aggregate book value of: Quoted investments    7PSWQVGFKPXGUVOGPVU   

Aggregate amount of impairment in value of Investments   

8.1 1HVJGCDQXG'SWKV[5JCTGUJCXGDGGPRNGFIGFYKVJCNGPFGTHQTOQPKGUDQTTQYGFD[VJGCUUQEKCVG 8.2 6JG%QORCP[BUKPXGUVOGPVKP.GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF CTGNCVGFRCTV[ KU`NCMJU Considering the erosion of net worth and continuing losses being incurred by it, the Management is of the opinion that VJGFKOKPWVKQPKPECTT[KPIXCNWGQHVJGKPXGUVOGPVKPVJCVGPVKV[KUQVJGTVJCPVGORQTCT[KPPCVWTG%QPUGSWGPVN[VJG company has made a provision for diminution, for the said amount and disclosed the same under exceptional item in VJGUVCVGOGPVQH2TQſVCPF.QUU

87 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 9 0QP%WTTGPV(KPCPEKCNCUUGVU.QCPU As at As at As at 31 March 2018 31 March 2017 1 April 2016 7PUGEWTGFEQPUKFGTGFIQQF Considered Good    Considered doubtful   

.GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU    

Total 40,625.03 37,082.10 33,196.45

9.1 .QCPUKPENWFGUFWGHTQO Particulars As at As at As at 31 March 2018 31 March 2017 1 April 2016

i) Private Companies in which directors are Interested: *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF -   *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF   

KK 1VJGT4GNCVGF2CTVKGU SVL Limited -  - Ennore Coke Limited    Leitwind Shriram Manufacturing Private Limited    5JTKTCO'2%(<' -   Bharath Wind Farm Limited   

10 1VJGT0QP%WTTGPV(KPCPEKCNCUUGVU As at As at As at 31 March 2018 31 March 2017 1 April 2016

Trade Receivables - Retention Money Considered Good    Considered doubtful    .GUU2TQXKUKQPHQTFQWDVHWNTGEGKXCDNGU      17,879.05 10,843.19 11,314.69

6TCFG4GEGKXCDNGU1VJGTU Considered doubtful    .GUU2TQXKUKQPHQTFQWDVHWNTGEGKXCDNGU      - - - 1VJGT(KPCPEKCN#UUGVU Deposits    1VJGTTGEGKXCDNGU 4GHGT0QVGDGNQY    4,740.27 5,756.53 5,853.75

Total 22,619.32 16,599.72 17,168.44

10.1 1VJGT4GEGKXCDNGUKPENWFGUCPCOQWPVQH`.CMJU /CTEJ`.CMJUCPF#RTKN `  .CMJU  VJG DCNCPEG EQPUKFGTCVKQP TGEGKXCDNG HTQO /[ *QOG +PFWUVTKGU .KOKVGF ő/*+.Œ  VQYCTFU VJG XCNWGQHEGTVCKPTGEGKXCDNGUFWGHTQO5TGG,C[CLQVJK%GOGPVU.KOKVGF ő5,%.Œ VCMGPQXGTD[/*+.RWTUWCPVVQCP CITGGOGPVFCVGF#WIWUVGPVGTGFKPVQYKVJVJGO6JKUCOQWPVJCUDGGPFGRQUKVGFKPC,QKPV'UETQY#EEQWPV VQDGTGEGKXGFD[VJG%QORCP[CHVGTEQORNGVKQPQHEGTVCKPHQTOCNKVKGUQH5TGG,C[CLQVJK%GOGPVU.KOKVGF

88 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 11 1VJGT0QP%WTTGPV#UUGVU As at As at As at 31 March 2018 31 March 2017 1 April 2016

7PDKNNGF4GXGPWG    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU     

Total 9,320.42 8,103.03 7,044.64

12 Income Tax Assets (Net) As at As at As at 31 March 2018 31 March 2017 1 April 2016

#FXCPEG6CZ 0GVQH2TQXKUKQPHQT6CZ`NCMJU /CTEJ    31, 2017 and April 01, 2016 - `NCMJU

Total 3,018.29 2,412.66 4,036.43

13 Inventories As at As at As at 31 March 2018 31 March 2017 1 April 2016 4CYOCVGTKCNKPUVQEM 8CNWGFCVNQYGTQHEQUVCPFPGV - -  realizable value) 9QTMKPRTQITGUUKPUVQEM 8CNWGFCVNQYGTQHEQUVCPFPGV    realizable value)

Total 3,765.57 3,813.96 4,544.01

14 Trade receivables As at As at As at 31 March 2018 31 March 2017 1 April 2016 7PUGEWTGF -Considered good    -Considered doubtful    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUUGU      Total 37,978.29 48,235.08 30,640.57

14.1Trade Receivables include due from related parties amounting to `.CMJU /CTEJ` Lakhs and April 01, 2016 - `.CMJU 14.2Trade Receivables include `.CMJU /CTEJCPF#RTKN` 2,460 Lakhs) being amounts due HTQOCEQORCP[VQYCTFUUCNGQH9KPF'PGTI[)GPGTCVQTUKPGCTNKGT[GCTU%QPUKFGTKPIVJGHWVWTGDWUKPGUURQVGPVKCN QHVJG%QORCP[CPFVJGXCNWGQHKVUWPFGTN[KPICUUGVUVJGFWGUCTGEQPUKFGTGFHWNN[TGCNK\CDNG 15 Cash and bank balances As at As at As at 31 March 2018 31 March 2017 1 April 2016 %CUJCPFECUJGSWKXCNGPVU Balances with banks In current accounts    &GRQUKV#EEQWPV 1TKIKPCNOCVWTKV[QHOQPVJUQTNGUU    /CTIKP/QPG[ 1TKIKPCNOCVWTKV[QHOQPVJUQTNGUU    Cash on hand    Total 2,125.64 1,602.50 1,342.07

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) As at As at As at 16 1VJGT$CPM$CNCPEGU 31 March 2018 31 March 2017 1 April 2016 7PRCKF&KXKFGPF#EEQWPV    &GRQUKV#EEQWPV 1TKIKPCNOCVWTKV[QHOQTGVJCPOQPVJU    /CTIKP/QPG[ 1TKIKPCNOCVWTKV[QHOQTGVJCPOQPVJU   

Total 3,697.92 4,542.48 3,736.36

As at As at As at 17 1VJGT%WTTGPV(KPCPEKCNCUUGVU 31 March 2018 31 March 2017 1 April 2016 Security deposits    +PVGTGUVCEETWGFQPſZGFFGRQUKVU -   Dues from CDR Bankers on account of excess recoveries   - Interest recoverable from CDR Bankers - - 

Trade Receivable - Retention monies   

Total 8,024.93 11,117.49 11,332.92

As at As at As at 18 1VJGTEWTTGPVCUUGVU 31 March 2018 31 March 2017 1 April 2016 Advances to Employees    Balance with Government Authorities    Prepaid Expenses   

7PDKNNGF4GXGPWG    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU     

Advances to Suppliers - Considered good    - Considered doubtful    .GUU2TQXKUKQPHQTFQWDVHWN#FXCPEGU    12,869.41 12,836.69 13,215.63

1VJGT#FXCPEGU   

Total 81,652.70 65,017.50 65,287.91

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018

#OQWPVKP` lakhs, unless otherwise stated) 19 'SWKV[5JCTGECRKVCN As at As at As at Particulars 31 March 2018 31 March 2017 01 April 2016 Authorized  /CTEJ    #RTKN 'SWKV[5JCTGUQH` 10 each 105,000.00 100,000.00 41,000.00 Issued, subscribed and paid up  /CTEJ#RTKN    330,626,422) equity shares of ` 10 each fully paid 97,152.90 93,696.79 33,062.64

(a) 4GEQPEKNKCVKQPQH'SWKV[UJCTGUQWVUVCPFKPICVVJGDGIKPPKPICPFCVVJGGPFQHVJG[GCT

As at As at As at 31 March 2018 31 March 2017 01 April 2016 Particulars Number of Amount Number of Amount Number of Amount shares shares shares 1WVUVCPFKPICVVJGDGIKPPKPIQHVJG[GCT   330,626,422  86,358,184  #FF+UUWGFFWTKPIVJG[GCT 34,561,077    244,268,238  1WVUVCPFKPICVVJGGPFQHVJG[GCT 971,529,018 97,152.90 936,967,941 93,696.79 330,626,422 33,062.64

(b) Details of shareholders holding more than 5% shares As at 31 March As at 31 March As at 31 March 2018 2017 2016 Name of Shareholder 0QQH5JCTGU % holding 0QQH5JCTGU % holding 0QQH5JCTGU % holding 'SWKV[5JCTGU 58..KOKVGF 4GHGT0QVG$GNQY     165,412,862  State Bank of India 125,634,843  Central Bank of India     17,506,860  1TKGPVCN$CPMQH%QOOGTEG     32,026,835  State Bank of Patiala -  64,466,433  - - IDBI Bank Limited   58,644,408  - - 2WPLCD0CVKQPCN$CPM     - -

(c) Details of shares held by Promoter - Investing Party As at 31 March As at 31 March As at 31 March 2018 2017 2016 Name of Shareholder 0QQH5JCTGU % holding 0QQH5JCTGU % holding 0QQH5JCTGU % holding 58..KOKVGF 4GHGT0QVGDGNQY     165,412,862  0QVG58.EGCUGFVQDGVJG*QNFKPI%QORCP[YKVJGHHGEVHTQO,WN[EQPUGSWGPVVQKUUWGQHUJCTGUVQ%&4NGPFGTUQPEQPXGTUKQPQHYQTMKPIECRKVCNVGTO NQCPKPVQ'SWKV[5JCTGU

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) (d) 2TGHGTGPVKCNKUUWGQH'SWKV[FWTKPIVJG[GCTGPFGF/CTEJ Particulars No of Shares Face value of ` Premium Total 

KPR Investments Private Limited     Lender Banks - Conversion of Funded     +PVGTGUV6GTO.QCP (+6. Lender Bank - Conversion of Interest 2,403,425    5CETKſEG Lender Banks - Conversion of Working     %CRKVCN6GTO.QCP 9%6. Total 34,561,077 3,456.11 5,480.23 8,936.34

(e) 2TGHGTGPVKCNKUUWGQH'SWKV[FWTKPIVJG[GCTGPFGF/CTEJ Particulars No of Shares Face value of ` Premium Total 

Promoter - SVL Limited     Lender Banks - Conversion of Funded     +PVGTGUV6GTO.QCP (+6. Lender Bank - Conversion of Interest     5CETKſEG Lender Banks - Conversion of Working 484,621,073    %CRKVCN6GTO.QCP 9%6. Total 606,341,519 60,634.16 81,122.32 141,756.48

(f) 6GTOUTKIJVUCVVCEJGFVQVJGUJCTGU The Company has issued equity shares having a par value of `RGTUJCTG#NNVJGUGUJCTGUJCXGVJGUCOG TKIJVUCPFRTGHGTGPEGUYKVJTGURGEVVQRC[OGPVQHFKXKFGPFTGRC[OGPVQHECRKVCNCPFXQVKPITKIJVU In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets QHVJGEQORCP[CHVGTFKUVTKDWVKQPQHCNNRTGHGTGPVKCNCOQWPVU6JGFKUVTKDWVKQPYKNNDGKPRTQRQTVKQPVQVJGPWODGTQH GSWKV[UJCTGUJGNFD[VJGUJCTGJQNFGTU 6JG%QORCP[JCUQPN[QPGENCUUQHUJCTGECRKVCNKGGSWKV[UJCTGUJCXKPIHCEGXCNWGQH`RGTUJCTG'CEJ JQNFGTQHGSWKV[UJCTGKUGPVKVNGFVQQPGXQVGRGTUJCTG

(g) The Authorised Equity Share Capital has been increased to `.CMJUYKVJGHHGEVHTQOVJ/C[

(h) &KUENQUWTGTGSWKTGFKPVGTOUQH%NCWUG#QH%JCRVGT:+++QP)WKFGNKPGUHQTRTGHGTGPVKCNKUUWGU5'$+ &KUENQUWTGCPF+PXGUVQT2TQVGEVKQP )WKFGNKPGUHQTRTGHGTGPVKCNKUUWGRTQEGGFU

Particulars Proceeds of Issue Purpose KPR Investments Private Limited Business needs and exigencies Conversion of FITL Conversion of interest on WCTL, into Equity, to reduce ECUJQWVƀQYQPCEEQWPVQHKPVGTGUV %QPXGTUKQPQH+PVGTGUVUCETKſEG Conversion of monies already borrowed and fully utilised for business purposes Conversion of WCTL Re-compense liability converted into Equity by a lender Total 8,936.34

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018

#OQWPVKP` lakhs, unless otherwise stated) 20 1VJGTGSWKV[ (A) The Company has preference share capital having a par value of ` 10 per share, referred to herein as preference share capital As at As at As at Particular 31 March 2018 31 March 2017 01 April 2016 Authorized  /CTEJ#RTKN    30,000,000) Convertible Preference Shares of ` 100 each Total 30,000.00 30,000.00 30,000.00

(B) 1VJGTGSWKV[ %CRKVCN4GUGTXG 4GHGT0QVG KKK DGNQY    5GEWTKVKGURTGOKWOTGUGTXG 4GHGT0QVG K DGNQY    )GPGTCNTGUGTXG 4GHGT0QVG KK DGNQY    &GſEKVKPVJG5VCVGOGPVQH2TQſVCPF.QUU 4GHGT0QVG KX     below) 'ORNQ[GG5VQEMQRVKQPUQWVUVCPFKPICEEQWPV '511#     4GHGT0QVG X DGNQY 5JCTGCRRNKECVKQPOQPG[RGPFKPICNNQVOGPV 4GHGT0QVG XK  - -  below) 4GOGCUWTGOGPVICKPU NQUUGU QPFGſPGFDGPGſVRNCPU   - 0GVQH6CZ  4GHGT0QVG XKKK DGNQY +PXGUVOGPVU(861%+4GUGTXGQPGSWKV[KPUVTWOGPVU 4GHGT    0QVG XKK DGNQY Total 25,779.23 19,166.57 (40,377.11)

(i) Securities premium reserve As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FF5GEWTKVKGURTGOKWOETGFKVGFQPKUUWGQHUJCTGU   Closing balance 191,225.43 185,745.20

(ii) General reserve As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FFKVKQPU 6TCPUHGTU - - Closing balance 561.75 561.75

(iii) Capital Reserve As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FFKVKQPU 6TCPUHGTU - - Closing balance  

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) (iv) &GſEKVKPVJG5VCVGOGPVQH2TQſVCPF.QUU As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FF0GV2TQſV NQUU HQT[GCT   Closing balance (166,090.65) (167,166.74) (v) Employee Stock options outstanding account As at As at 31 March 2018 31 March 2017 1RGPKPI$CNCPEG   #FFKVKQPU 6TCPUHGTU - - Closing Balance 0.17 0.17

(vi) Share application money pending allotment &WTKPIVJG[GCTGPFGF/CTEJVJG%QORCP[TGEGKXGF NCMJUHTQOKVURTQOQVGTCPFGTUVYJKNGJQNFKPI %QORCP[58.NKOKVGFVQYCTFUUWDUETKRVKQPQH'SWKV[QP2TGHGTGPVKCNDCUKU6JGCRRTQXCNQHUJCTGJQNFGTUHQTVJKU RTQRQUGFRTGHGTGPVKCNKUUWGYCUQDVCKPGFD[VJG%QORCP[VJTQWIJCRQUVCNDCNNQVQPVJ(GDTWCT[6JGUJCTGU YGTGCNNQVVGFFWTKPIVJG[GCTCHVGTTGEGKRVQHTGIWNCVQT[CRRTQXCNU

(vii) +PXGUVOGPVU(861%+4GUGTXGQPGSWKV[KPUVTWOGPVU As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   (CKTXCNWCVKQPEJCPIGUHQTVJG[GCT PGVQHVCZ    -Transfer to equity on disposal of investments - - Closing balance (3.85) (1.15) +PENWFGUEWOWNCVKXGHCKTXCNWCVKQPEJCPIGUKPGSWKV[UJCTGU PGVQHVCZ 

(viii) 4GOGCUWTGOGPV ICKP NQUUQPRQUVGORNQ[OGPVDGPGſVQDNKICVKQP PGV As at As at of tax) 31 March 2018 31 March 2017 1RGPKPI$CNCPEG  - Additions   Closing Balance 73.46 14.42

Nature and Purpose of Reserves

Securities premium reserve 5GEWTKVKGU RTGOKWO TGUGTXG KU WUGF VQ TGEQTF VJG RTGOKWO QP KUUWG QH UJCTGU 6JG TGUGTXG YKNN DG WVKNKUGF KP CEEQTFCPEGYKVJRTQXKUKQPUQHVJG#EV

General Reserve The Company created a General Reserve in earlier years pursuant to the provisions of the Companies Act wherein EGTVCKPRGTEGPVCIGQHRTQſVUYGTGTGSWKTGFVQDGVTCPUHGTTGFVQ)GPGTCN4GUGTXGDGHQTGFGENCTKPIFKXKFGPFU#URGT VJG%QORCPKGU#EVVJGTGSWKTGOGPVVQVTCPUHGTRTQſVUVQ)GPGTCN4GUGTXGKUPQVOCPFCVQT[)GPGTCN4GUGTXG KUCHTGGTGUGTXGCXCKNCDNGVQVJG%QORCP[

Capital reserve %CRKVCNTGUGTXGYCUETGCVGFWPFGTVJGRTGXKQWU)##2QWVQHVJGRTQſVGCTPGFHTQOCURGEKſEVTCPUCEVKQPQHECRKVCN PCVWTG%CRKVCNTGUGTXGKUPQVCXCKNCDNGHQTVJGFKUVTKDWVKQPVQVJGUJCTGJQNFGTU

Employee Stock options outstanding account The reserve is used to recognize the grant date fair value of the options issued to employees under Company’s 'ORNQ[GG5VQEM1RVKQP2NCP

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018

#OQWPVKP` lakhs, unless otherwise stated) 21 Non-current borrowings As at As at As at 31 March 2018 31 March 2017 01 April 2016 Secured - At Amortized Cost From Banks - Term Loans    - Working Capital Term Loans    - Funded Interest Term Loans    (TQO1VJGTU - Working Capital Term Loans    - Funded Interest Term Loans   

Unsecured Loans from related parties  - 

1VJGTU (KPCPEG.GCUG1DNKICVKQPU   

Total 28,164.58 34,415.46 142,408.69

21.1 Terms of Repayment and Security details

S.No As at As at As at Interest Terms of Secured by 31 March 31 March 01 April Rate Repayment 2018 2017 2016 Term Loans     32 structured Primary- Exclusive from Banks quarterly charge on 5 Wind instalments, Energy Generator of commencing /9HTQO.GKVYKPF HTQO,WPG Shriram Manufacturing 2016 and 2TKXCVG.KOKVGF ending with /CTEJ Term Loans     32 structured First Pari Passu from Banks quarterly Charge over the instalments, RQQNGFCUUGVUKG commencing CNNOQXGCDNG DQVJ HTQO,WPG ſZGFEWTTGPVCPFPQP 2016 and current assets) and ending with immovable assets of /CTEJ VJG%QORCP[ Working     32 structured First Pari Passu Capital Term quarterly Charge over the Loan from instalments, RQQNGFCUUGVUKG Banks commencing CNNOQXGCDNG DQVJ HTQO,WPG ſZGFEWTTGPVCPFPQP 2016 and current assets) and ending with immovable assets of /CTEJ VJG%QORCP[

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Funded     32 structured First Pari Passu Interest Term quarterly Charge over the Loan from instalments, RQQNGFCUUGVUKG Banks commencing CNNOQXGCDNG DQVJ HTQO,WPG ſZGFEWTTGPVCPFPQP 2016 and current assets) and ending with immovable assets of /CTEJ VJG%QORCP[ Finance     36 to 60 Secured by Vehicles Lease Months RWTEJCUGFWPFGT*KTG 1DNKICVKQPU Purchase Scheme from Bank Working     32 structured First Pari Passu Capital Term quarterly Charge over the Loan from instalments, RQQNGFCUUGVUKG 1VJGTU commencing CNNOQXGCDNG DQVJ HTQO,WPG ſZGFEWTTGPVCPFPQP 2016 and current assets) and ending with immovable assets of /CTEJ VJG%QORCP[ Working -    Against 5GEWTGFD[URGEKſE Capital Term collection charge on retention Loan from of retention debtors 1VJGTU debtors Working     Against 5GEWTGFD[URGEKſE Capital Term collection charge on retention Loan from of retention debtors 1VJGTU debtors Funded     32 structured First Pari Passu Interest Term quarterly Charge over the Loan from instalments, RQQNGFCUUGVUKG 1VJGTU commencing CNNOQXGCDNG DQVJ HTQO,WPG ſZGFEWTTGPVCPFPQP 2016 and current assets) and ending with immovable assets of /CTEJ VJG%QORCP[ 27,356.50 34,925.16 142,485.17

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018

21.2 Corporate Debt Restructuring C$CUGFQPVJG%QTRQTCVG&GDV4GUVTWEVWTKPI2TQRQUCN %&42TQRQUC  N QHVJG%QORCP[CRRTQXGFKPCPGCTNKGT[GCT the Company was required to repay `NCMJUGCEJ[GCTVQYCTFUTGRC[OGPVQH9%6.*QYGXGTVJG%QORCP[ QPVJ#RTKNUWDOKVVGFCRTQRQUCNVQ1$%CPFCNNQVJGT%&4NGPFGTUHQTEQPXGTUKQPQHVJGGPVKTGCOQWPVQH 9%6.TGƀGEVGFCDQXGKPVQGSWKV[GHHGEVKXGUV#RTKNCVCRTKEGVQDGFGVGTOKPGFKPCEEQTFCPEGYKVJ5'$+  +UUWGQH%CRKVCNCPF&KUENQUWTG 4GIWNCVKQPU VJG4GIWNCVKQPU VJGRTKEGFGVGTOKPGFKPCEEQTFCPEGYKVJVJG Regulations was ` KPENWUKQPQHRTGOKWOQH`RGTUJCTG 6JG%QORCP[QDVCKPGFCRRTQXCNQH%&4 NGPFGTUQPVJ#WIWUVYJGTGKP%&4NGPFGTUCITGGFVQEQPXGTVVJGKTGPVKTG9%6.FWGUCIITGICVKPIVQ `  NCMJU VQ 'SWKV[ #EEQTFKPIN[ FWTKPI VJG RTGXKQWU [GCT  %&4 NGPFGTU EQPXGTVGF VJG 9%6. FWGU aggregating to `NCMJUKPVQGSWKV[ 1WVQHVJGDCNCPEGCOQWPVQH`NCMJU`.CMJUYCUEQPXGTVGFFWTKPIVJGEWTTGPV[GCTCVCRTKEG VQDGFGVGTOKPGFKPCEEQTFCPEGYKVJ5'$+ +UUWGQH%CRKVCNCPF&KUENQUWTG 4GIWNCVKQPU VJG4GIWNCVKQPU VJG price determined in accordance with the Regulations was ` KPENWUKQPQHRTGOKWOQH`RGTUJCTG 

D#URGTVJG/CUVGT4GUVTWEVWTKPI#ITGGOGPV /4# CUYGNNCUVJG  RTQXKUKQPUQHVJG/CUVGT%KTEWNCTQP%QTRQTCVG Debt Restructuring issued by the Reserve bank of India, give a right to the CDR Lenders to get a recompense of their YCKXGTUCPFUCETKſEGUOCFGCURCTVQHVJG%&4RTQRQUCN6JGVQVCNCOQWPVQHTGEQORGPUGRC[CDNGVQ%&4NGPFGTU at the time of exit of the CDR, as contained in the MRA is `NCMJU6JGRTGUGPVXCNWGQHUWEJTGEQORGPUGCU at 31st March 2015 was `NCMJU&WTKPIVJGRTGXKQWU[GCTEGTVCKP%&4NGPFGTUCITGGFVQVCMGGSWKV[KPVJG company in lieu of recompense, to the extent of `NCMJURC[CDNGVQVJGOCPFVJGEQORCP[JCUCNNQVVGFGSWKV[ UJCTGUKPHWNNUGVVNGOGPVQHVJGUCKFTGEQORGPUGCOQWPV#EEQTFKPIN[VJGEQORCP[JCUPQHWTVJGTNKCDKNKV[VQYCTFU TGEQORGPUG

E1PGQHVJGNGPFGTYJQYCUPQVRCTVQHVJG%&4JCFUQNFVJGNQCP  UVQ#UUGV%CTG4GEQPUVTWEVKQP'PVGTRTKUG #%4'  5WDUGSWGPVVQ[GCTGPF#%4'JCFſNGFCRGVKVKQPYKVJ0CVKQPCN%QORCP[.CY6TKDWPCN ő0%.6Œ HQTKPKVKCVKQPQH %QTRQTCVG+PUQNXGPE[4GUQNWVKQP2TQEGUUCICKPUVVJG%QORCP[6JG0CVKQPCN%QORCP[.CY#RRGNNCVG6TKDWPCN 0%.#6 XKFGKVUQTFGTFCVGF/C[UVC[GFVJGQRGTCVKQPQH%QTRQTCVG+PUQNXGPE[4GUQNWVKQP2TQEGUU %+42  QTFGTGFD[VJG*QPŏDNG%QORCP[.CY6TKDWPCN%JGPPCK 0%.6 XKFGKVUQTFGTFCVGF/C[

F6JGEQPXGTUKQPQHNQCPUVQGSWKV[UJCTGECRKVCND[EGTVCKPDCPM  UJCXGPQV[GVDGGPTGEQIPK\GFD[NGPFGTUCPFVJGUG CTGUWDLGEVVQTGEQPEKNKCVKQPU

G #NNCOQWPVUFWGWPFGT%&4CTGEQXGTGFD[%QTRQTCVG)WCTCPVGGQH58..KOKVGF2TQOQVGT

H 'SWKV[UJCTGUQHVJG%QORCP[JCXGDGGPRNGFIGFYKVJVJG%&4NGPFGTUD[58..KOKVGF2TQOQVGT

21.3 The Company has defaulted in repayment of loans and interest in respect of the following:

Particulars 2TKPEKRCN+PVGTGUV Period of Delay As at March 31, 2018 6GTO.QCPUHTQO banks: Central Bank of Principal FC[U  India +PVGTGUV KPENWFKPIQXGTFWGRGPCNKPVGTGUV FC[U  YJGTGEJCTIGFD[VJG$CPM 4GHGT0QVG

DBS +PVGTGUV KPENWFKPIQXGTFWGRGPCNKPVGTGUV Ranging between  YJGTGEJCTIGFD[VJG$CPM 4GHGT0QVG CPFFC[U

Total 1,435.99

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) As at As at As at 22 1VJGTſPCPEKCNNKCDKNKVKGU 31 March 2018 31 March 2017 01 April 2016

Security Deposit Received -   Sundry Creditors- Retention    Total 5,955.85 5,199.36 3,979.34

As at As at As at 23 .QPI6GTO2TQXKUKQPU 31 March 2018 31 March 2017 01 April 2016

Provision for gratuity   

Total 532.27 449.21 283.65

As at As at As at 24 1VJGTPQPEWTTGPVNKCDKNKVKGU 31 March 2018 31 March 2017 01 April 2016

Advance from Customers   

Total 13,117.80 13,635.92 13,236.36

As at As at As at 25 Short -term borrowings (Secured) 31 March 2018 31 March 2017 01 April 2016

From bank %CUJ%TGFKVCPF1XGTFTCHVHCEKNKVKGU 4GHGT    0QVG

From others %CUJ%TGFKVCPF1XGTFTCHVHCEKNKVKGU 4GHGT    0QVG $W[GTU%TGFKVHTQO$CPMU 4GHGT    0QVG

(KPCPEGNGCUGQDNKICVKQPU 4GHGT0QVG   

Total 51,163.89 49,203.50 45,479.73

25.1 (KTUV2CTK2CUUW%JCTIGQXGTVJGRQQNGFCUUGVUKGCNNOQXGCDNG DQVJſZGFEWTTGPVCPFPQPEWTTGPVCUUGVU CPF KOOQXCDNGCUUGVUQHVJG%QORCP[

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) As at As at As at 26 Trade payables 31 March 2018 31 March 2017 01 April 2016

Total outstanding dues of micro enterprises and - - - small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises Acceptances    1VJGTVJCP#EEGRVCPEGU    Total 31,462.42 25,637.00 20,428.06

26.1 Based on the information available with the Company, there are no outstanding dues and payments made to CP[ UWRRNKGT QH IQQFU CPF UGTXKEGU DG[QPF VJG URGEKſGF RGTKQF WPFGT /KETQ 5OCNN CPF /GFKWO 'PVGTRTKUGU &GXGNQROGPV#EV=/5/'&#EV?6JGTGKUPQKPVGTGUVRC[CDNGQTRCKFVQCP[UWRRNKGTUWPFGTVJGUCKF#EV

As at As at As at 27 1VJGTſPCPEKCNNKCDKNKVKGU 31 March 2018 31 March 2017 01 April 2016

Current Maturities of Long Term Debts - From banks    (TQO1VJGTU    +PVGTGUVUCETKſEGRC[CDNG 4GHGT0QVGDGNQY -  - Interest accrued and due on borrowings    7PENCKOGF&KXKFGPF   

Total 3,532.92 4,045.68 613.42

27.1 Pursuant to the resolution passed on April 06, 2017 by the Board of Directors, the Company issues 2,403,425 GSWKV[UJCTGUVQVJG%&4$CPMGTUVQYCTFU+PVGTGUV5CETKſEGRC[CDNGVQVJGOKPTGURGEVQH%CUJ%TGFKVHCEKNKVKGUHQT the year ended March 31, 2016 at a price of `RGTUJCTGCIITGICVKPIVQ`.CMJU

As at As at As at 28 1VJGTEWTTGPVNKCDKNKVKGU 31 March 2018 31 March 2017 01 April 2016

Advance from customers    Statutory dues payable    Advance Billing  - 

Total 8,899.01 7,836.93 7,300.86

As at As at As at 29 Short Term Provisions 31 March 2018 31 March 2017 01 April 2016

Provision for gratuity    Provision for Compensated Absences    Total 415.66 449.27 424.97

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Year ended Year ended 30 Revenue from operations March 31, 2018 March 31, 2017

Revenue from Engineering and Construction Contracts  

1VJGT1RGTCVKPI4GXGPWG %QORCP[ŏUUJCTGKPRTQſVQH+PVGITCVGF,QKPV8GPVWTGU  - /CPCIGOGPVCPF6GEJPKECN(GGU 4GHGT0QVGDGNQY  -

Total 61,504.33 51,968.59

30.1 &WTKPI VJG [GCT %QORCP[ JCU GPVGTGF KPVQ CP #ITGGOGPV YKVJ KVU 9JQNN[ 1YPGF 5WDUKFKCT[ HQT EJCTIG QH /CPCIGOGPVCPF6GEJPKECN(GGUVQYCTFUXCTKQWUUWRRQTVUGTXKEGURTQXKFGFD[VJG%QORCP[#EEQTFKPIN[FGDKV PQVGUJCXGDGGPTCKUGFFWTKPIVJG[GCTHQTVJGUGTXKEGUTGPFGTGFFWTKPIRTGXKQWU[GCTCPFEWTTTGPV[GCT

Year ended Year ended 31 1VJGTKPEQOG March 31, 2018 March 31, 2017

Interest income - Bank deposits / Margin Money deposits   - Income Tax Refunds -  - Interest income on Financial Assets   Liabilities written back   2TQſVQPUCNGQHſZGFCUUGVU  - Miscellaneous income   Total 10,533.10 8,783.11

Year ended Year ended 32 Cost of materials consumed March 31, 2018 March 31, 2017 Inventory at the beginning of the year -  #FF2WTEJCUGU6TCPUHGTU -  .GUU+PXGPVQT[CVVJGGPFQHVJG[GCT - Total - -

Year ended Year ended 33 'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU March 31, 2018 March 31, 2017

Cost of Materials and Labour   1VJGT%QPVTCEV4GNCVGF%QUVU   Commercial Taxes   Total 47,916.68 39,730.16

100 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

Year ended Year ended 34 Change in Inventories of Contract Work in Progress March 31, 2018 March 31, 2017 Inventories at the beginning of the year    

.GUU+PXGPVQTKGUCVVJGGPFQHVJG[GCT    

0GVFGETGCUG   Total 48.39 510.05

Year ended Year ended 35 'ORNQ[GGDGPGſVUGZRGPUG March 31, 2018 March 31, 2017

Salaries, wages, bonus and other allowances   %QPVTKDWVKQPVQ2TQXKFGPVCPF1VJGTHWPFU 4GHGTPQVG   Staff welfare expenses   Total 4,577.23 4,109.13

Year ended Year ended 36 Finance costs March 31, 2018 March 31, 2017

Interest on Cash Credits   Interest on Term Loans   +PVGTGUV1VJGTU   Total 10,350.66 29,758.80

Year ended Year ended 37 Depreciation and amortization expense March 31, 2018 March 31, 2017 &GRTGEKCVKQP 4GHGTPQVG   #OQTVK\CVKQP 4GHGTPQVG   Total 584.14 607.17

101 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Year ended Year ended 38 1VJGTGZRGPUGU March 31, 2018 March 31, 2017

Electricity and water   Rates and taxes   Rent   Repairs and Maintenance: - - Building   Plant and Machinery, Equipments   1VJGTU   #WFKVQTU 4GOWPGTCVKQP 4GHGT0QVGPQDGNQY   Bank Charges, Letter of Credit / Guarantee charges   Travel and conveyance   Insurance premium   Printing & Stationery   Communication, broadband and internet expenses   Sitting Fees   Consultancy charges   Legal Expenses   Advertisement   Donation   .QUUQPUCNGQHſZGFCUUGVU -  2TQXKUKQPHQTFQWDVHWNVTCFGCPF1VJGTTGEGKXCDNGUCPF.QCPUCPF   Advances Miscellaneous Expenses   Total 6,134.43 8,268.31

38.1 The following is the break-up of Auditors remuneration (exclusive of GST) Year ended Year ended Particulars March 31, 2018 March 31, 2017 As auditor: Statutory audit   1VJGTOCVVGTU   Reimbursement of expenses   Total 30.55 42.94

39 Exceptional items Year ended Year ended Particulars March 31, 2018 March 31, 2017 2TQXKUKQPHQT&KOWPKVKQPKPVJG8CNWGQH+PXGUVOGPVU 4GHGT0QVGPQ -  below) Total - 407.56

39.1 Considering the erosion of net worth and continuing losses being incurred by Leitwind Shriram Manufacturing 2TKXCVG.KOKVGF CTGNCVGFRCTV[ VJG/CPCIGOGPVQRKPGFVJCVVJGFKOKPWVKQPKPECTT[KPIXCNWGQHVJGKPXGUVOGPV in that entity was other than temporary in nature and accordingly, the Company made a provision for diminution CPFFKUENQUGFVJGUCOGWPFGTGZEGRVKQPCNKVGOUKPVJGUVCVGOGPVQH2TQſVCPF.QUUHQTVJG[GCTGPFGF/CTEJ 

102 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 40 Income Tax

(A) %QORQPGPVUQH&GHGTTGF6CZ#UUGVUCPF.KCDKNKVKGUTGEQIPKUGFKP$CNCPEG5JGGV Year ended Year ended Year ended Particulars March 31, March 31, April 01, 2018 2017 2016 Deferred tax assets 1P2TQXKUKQPHQTGORNQ[GGDGPGſVU    1P+ORCKTOGPVNQUUTGEQIPKUGF    1P7PCDUQTDGFFGRTGEKCVKQPCPFECTT[HQTYCTFDWUKPGUUNQUUGU    48,038.22 49,374.64 44,699.64 Deferred tax liabilities 1P2TQRGTV[2NCPVCPF'SWKROGPV    1P1VJGTU -   414.52 401.13 3,273.85

Deferred tax asset, net 47,623.70 48,973.51 41,425.79

(B) Reconciliation of deferred tax assets (net): Year ended Year ended Particulars March 31, March 31, 2018 2017

1RGPKPIDCNCPEG  

6CZCUUGVTGEQIPK\GFKP5VCVGOGPVQH2TQſVCPF.QUU  

Closing balance 47,623.70 48,973.51

(C) Tax losses of `NCMJU /CTEJ`NCMJU#RTKN`NCMJU CTGCXCKNCDNG HQTQHHUGVVKPIHQTCOCZKOWORGTKQFQHGKIJV[GCTUCICKPUVHWVWTGVCZCDNGRTQſVUQHVJG%QORCP[&GHGTTGFVCZCUUGVU JCXGPQVDGGPTGEQIPK\GFKPTGURGEVQHVJGUGNQUUGUCUVJG[OC[PQVDGWUGFVQQHHUGVVCZCDNGRTQſVUCPFVJGTGCTG PQQVJGTVCZRNCPPKPIQRRQTVWPKVKGUQTQVJGTGXKFGPEGQHTGEQXGTCDKNKV[KPVJGPGCTHWVWTG+HVJG%QORCP[YGTGCDNG to recognize all unrecognized deferred tax assets, the loss would decreased by `NCMJU /CTEJ `NCMJU 

103 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

(D) Reconciliation of tax charge Year ended Year ended Particulars March 31, March 31, 2018 2017

C 2TQſV .QUU DGHQTGVCZ 2,425.90 (22,639.48) D %QTRQTCVG6CZ4CVGCURGT+PEQOG6CZ#EV   E 6CZQP#EEQWPVKPI2TQſV E   C   D  847.61 (7,910.24)

F 6CZCFLWUVOGPVU

K 6CZQPUJCTGQHRTQſVKP,QKPV1RGTCVKQPU6CZQP+PEQOG'ZGORV  - from Tax KK 6CZGHHGEVQPKORCKTOGPVNQUUGUTGEQIPKUGFCPFQPYJKEJFGHGTTGF   tax asset is not recognised KKK 6CZGHHGEVQHNQUUGUQHEWTTGPV[GCTQPYJKEJPQFGHGTTGFVCZ   DGPGſVKUTGEQIPKUGF KX 6CZGHHGEVQHXCTKQWUQVJGTKVGOU  

6QVCNGHHGEVQH6CZ#FLWUVOGPVU 5WOQH K VQ KX 502.20 362.52

G 6CZGZRGPUGUTGEQIPKUGFFWTKPIVJG[GCT G   E   F   

(f) Effective Tax Rate  H   G  C  55.64% 33.34%

41 Basic and Diluted Earnings Per Share (EPS) computed in accordance with Indian Accounting Standard (Ind AS) 33 "Earnings Per Share":

March 31, March 31, Particulars 2018 2017

Basic EPS 2TQſV .QUU CHVGT6CZCURGT#EEQWPVU ` lakhs) A   9GKIJVGF#XGTCIG0WODGTQH'SWKV[5JCTGU1WVUVCPFKPI B   Basic EPS (`) A/B 0.12 (2.68)

Diluted EPS 2TQſV .QUU CHVGT6CZCURGT#EEQWPVU ` lakhs) A   9GKIJVGF#XGTCIG0WODGTQH'SWKV[5JCTGU1WVUVCPFKPI B   Diluted EPS (`) A/B 0.12 (2.68)

104 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 42 Disclosures pursuant to Ind AS 11 “Construction Contracts”:

S. Particulars 2017-18 2016-17 1-Apr-16 No 1 %QPVTCEVTGXGPWGTGEQIPKUGFHQTVJGſPCPEKCN[GCT   0QV Applicable 2 #IITGICVGCOQWPVQH%QPVTCEVEQUVUKPEWTTGFCPFTGEQIPK\GFRTQſVU    NGUU recognized losses) upto the reporting date 3 Advances received for contracts in progress    4 Retention amount by customers for contracts in progress    5 )TQUUCOQWPVFWGHTQOEWUVQOGTUHQTEQPVTCEVYQTM #UUGV    6 )TQUUCOQWPVFWGVQEWUVQOGTUHQTEQPVTCEVYQTM .KCDKNKV[  - 

43 &KUENQUWTGRWTUWCPVVQ+PF#5'ORNQ[GG$GPGſVU

(A) &GſPGF%QPVTKDWVKQP2NCPU During the year, the Company has recognized the following amounts March 31, March 31, KPVJG5VCVGOGPVQH2TQſVCPF.QUUŌ 2018 2017

Employers’ Contribution to Provident Fund and Employee State   +PUWTCPEG 4GHGTPQVG

(B) &GſPGFDGPGſVRNCPU 7PHWPFGF Risks associated with plan provisions 8CNWCVKQPUCTGDCUGFQPEGTVCKPCUUWORVKQPUYJKEJCTGF[PCOKEKPPCVWTGCPFXCT[QXGTVKOG#UUWEJ%QORCP[KU GZRQUGFVQXCTKQWUTKUMUCUHQNNQYU Investment risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular KPXGUVOGPV Interest risk:6JGRNCPGZRQUGUVJG%QORCP[VQVJGTKUMQHHCNNKPKPVGTGUVTCVGU#HCNNKPKPVGTGUVTCVGUYKNNTGUWNVKPCP KPETGCUGKPVJGWNVKOCVGEQUVQHRTQXKFKPIVJGCDQXGDGPGſVCPFYKNNVJWUTGUWNVKPCPKPETGCUGKPVJGXCNWGQHVJGNKCDKNKV[ Salary Escalation Risk:6JGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVRNCPKUECNEWNCVGFYKVJVJGCUUWORVKQPQHUCNCT[ KPETGCUGTCVGQHRNCPRCTVKEKRCPVUKPHWVWTG&GXKCVKQPKPVJGTCVGQHKPETGCUGQHUCNCT[KPHWVWTGHQTRNCPRCTVKEKRCPVUHTQO VJGTCVGQHKPETGCUGKPUCNCT[WUGFVQFGVGTOKPGVJGRTGUGPVXCNWGQHQDNKICVKQPYKNNJCXGCDGCTKPIQPVJGRNCPŏUNKCDKNKV[ Demographic Risk:6JG%QORCP[JCUWUGFEGTVCKPOQTVCNKV[CPFCVVTKVKQPCUUWORVKQPUKPXCNWCVKQPQHVJGNKCDKNKV[6JG )TQWRKUGZRQUGFVQVJGTKUMQHCEVWCNGZRGTKGPEGVWTPKPIQWVVQDGYQTUGEQORCTGFVQVJGCUUWORVKQP

+PTGURGEVQHVJGRNCPKP+PFKCVJGOQUVTGEGPVCEVWCTKCNXCNWCVKQPQHVJGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVQDNKICVKQP YGTGECTTKGFQWVCUCV/CTEJD[/T5-TKUJPCP(GNNQYQHVJG+PUVKVWVGQH#EVWCTKGUQH+PFKC6JGRTGUGPV XCNWGQHVJGFGſPGFDGPGſVQDNKICVKQPCPFVJGTGNCVGFEWTTGPVUGTXKEGEQUVCPFRCUVUGTXKEGEQUVYGTGOGCUWTGFWUKPI VJGRTQLGEVGFWPKVETGFKVOGVJQF 0QQVJGTRQUVTGVKTGOGPVDGPGſVUCTGRTQXKFGFVQVJGUGGORNQ[GGU

105 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) i) Actuarial assumptions 31-Mar-18 31-Mar-17 &KUEQWPVTCVG RGTCPPWO   Rate of increase in Salary   Expected average remaining working lives of +PF   +PF   GORNQ[GGU [GCTU table table

Attrition rate  

ii) %JCPIGUKPVJGRTGUGPVXCNWGQHFGſPGF DGPGſVQDNKICVKQP .QPI6GTO%QORGPUCVGF Gratuity Absences 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 Present value of obligation at the beginning     of the year Interest cost     Past service cost - - - - Current service cost     Curtailments - - - - Settlements - - - - $GPGſVURCKF     Actuarial gain on obligations     Present value of obligation at the end of the 555.06 467.06 392.88 431.42 year* +PENWFGFKPRTQXKUKQPHQTGORNQ[GGDGPGſVU 4GHGTPQVGUCPF

iii) 'ZRGPUGTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſV Gratuity .QPI6GTO%QORGPUCVGF CPF.QUU Absences 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 Current service cost     Past service cost - - - - Interest cost     Expected return on plan assets - - - - Actuarial gain on obligations     Settlements - - - - Curtailments - - - - Total expenses recognized in the Statement 93.47 171.09 55.42 242.90 2TQſVCPF.QUU

iv) Assets and liabilities recognized in the Gratuity .QPI6GTO%QORGPUCVGF Balance Sheet: Absences 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 Present value of unfunded obligation as at the     end of the year 7PTGEQIPK\GFCEVWCTKCN ICKPU NQUUGU - - - - Unfunded net liability recognized in Balance (555.06) (467.06) (392.88) (431.42) Sheet* +PENWFGFKPRTQXKUKQPHQTGORNQ[GGDGPGſVU 4GHGTPQVGUCPF

106 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) v) #SWCPVKVCVKXGUGPUKVKXKV[CPCN[UKUHQTUKIPKſECPVCUUWORVKQPCUCV/CTEJKUCUUJQYPDGNQY

+ORCEVQPFGſPGFDGPGſVQDNKICVKQP 31-Mar-18

Discount rate KPETGCUG  FGETGCUG 

Rate of increase in salary KPETGCUG  FGETGCUG 

vi) /CVWTKV[RTQſNGQHFGſPGFDGPGſVQDNKICVKQP Period 31-Mar-18

By the end of the First Year  Between Year 1 and Year 2  Between Year 2 and Year 3  Between Year 3 and Year 4  Between Year 4 and Year 5  Between Year 5 and Year 10 

44 &KUENQUWTGKPTGURGEVQHNGCUGURWTUWCPVVQ+PFKCP#EEQWPVKPI5VCPFCTF +PF#5 .GCUGU

1RGTCVKPINGCUGUYJGTG%QORCP[KUCNGUUGG 6JGEQORCP[JCUQRGTCVKPINGCUGCTTCPIGOGPVURTKOCTKN[HQTQHſEGRTGOKUGUVJGNGCUGRGTKQFQHYJKEJKUCDQWV VQ[GCTU6JGQRGTCVKPINGCUGRC[OGPVUTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUCOQWPVVQ NCMJU /CTEJ NCMJU KPENWFGFKP0QVG6JGHWVWTGGZRGEVGFOKPKOWONGCUGRC[OGPVUWPFGTQRGTCVKPI NGCUGUCTGIKXGPDGNQY6JGVGTOUQHNGCUGKPENWFGVGTOUQHTGPGYCNKPETGCUGKPTGPVUKPHWVWTGRGTKQFUYJKEJCTGKP NKPGYKVJIGPGTCNKPƀCVKQPCPFVGTOUQHECPEGNNCVKQP

Future minimum rentals payable under non-cancellable operating leases are, as follows:

31-Mar-18 31-Mar-17 Within one year   #HVGTQPG[GCTDWVPQVOQTGVJCPſXG[GCTU   /QTGVJCPſXG[GCTU - - Total 591.09 591.09

107 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) Yearwise future minimum lease rental As at March 31, 2018 As at March 31, 2017 payments on contracts: Particulars Total Present Total Present Minumum Value of Minumum Value of Lease Minimum Lease Minimum Payments Lease Payments Lease Payments Payments

Within one year     #HVGTQPG[GCTDWVPQVOQTGVJCPſXG[GCTU     /QTGVJCPſXG[GCTU - - - - Total 24.50 21.62   .GUU(WVWTG(KPCPEG%JCTIGU  -  - Present Value of Minimum lease payments 21.62 21.62 8.22 8.22

45 &KUENQUWTGQH4GNCVGF2CTVKGUTGNCVGFRCTV[VTCPUCEVKQPURWTUWCPVVQ+PF#5 "Related Party Disclosures"

# .KUVQHTGNCVGFRCTVKGUCPFFGUETKRVKQPQHTGNCVKQPUJKRCUKFGPVKſGFCPFEGTVKſGFD[VJG %QORCP[

Investing Party SVL Limited

Subsidiary 5JTKTCO'2%(<'5JCTLCJ

Step Down Subsidiary Shriram EPC Arkan LLC

Subsidiary of Investing Party Shriram SEPL Composites Private Limited $JCTCV%QCN%JGOKECNU.KOKVGF $%%.

'PVGTRTKUGUWPFGTVJGLQKPVEQPVTQNQHVJGKPXGUVKPIRCTV[ Leitwind Shriram Manufacturing Private Limited *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF

Associates *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF 'PPQTG%QMG.KOKVGF 5WDUKFKCT[QH*CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF 9GNNOCP%QMG+PFKC.KOKVGF 5WDUKFKCT[QH*CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF

Key management personnel 65JKXCTCOCP/CPCIKPI&KTGEVQT /#OLCF5JCTKHH,QKPV/CPCIKPI&KTGEVQT

1VJGTGPVGTRTKUGUWPFGTVJGEQPVTQNQHVJGMG[OCPCIGOGPVRGTUQPPGN 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF Bharath Wind Farm Limited Clarion Windfarms Private Limited Beta Wind Farm Private Limited 1TKGPV'EQ'PGTI[2TKXCVG.KOKVGF

,QKPV1RGTCVKQPU .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8 5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8 5'2%&45+62.,8

108 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

$ Details of transactions with related party in the ordinary course of business for the year ended:

K Investing Party 31-Mar-18 31-Mar-17 Expenses incurred and recoverable -  Interest Expense -  Transfer of Advances / Receivables   +PXGUVOGPVUKP'SWKV[5JCTGU KPENWFKPIRTGOKWO -  .QCP4GEGKXGF 0GV  -

KK Subsidiary

Progressive billings/Revenue  - Management Fees  - Expenses incurred by the party  -

KKK Step Down Subsidiary

Management Fees  - Expenses incurred by the party  -

KX Subsidiary of Investing Party

5JTKTCO5'2.%QORQUKVGU2TKXCVG.KOKVGF Progressive billings/Revenue -  Purchases of Goods and Services   Expenses incurred and recoverable  

X 'PVGTRTKUGUWPFGTVJGLQKPVEQPVTQNQHVJGKPXGUVKPIRCTV[

C .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF 6TCPUHGTQH%WTTGPV#UUGVUCPF%WTTGPV.KCDKNVKVGU 0GV -  Expenses incurred and recoverable  

C *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF Purchases of Goods and Services   Expenses incurred - 

XK Associates C 'PPQTG%QMG.KOKVGF Expenses incurred  

XKK Key Management Personnel (KMP) Compensation of key management personnel* 65JKXCTCOCP   /#OLCF5JCTKHH   * Subject to shareholders approval in the ensuing Annual general meeting

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) XKKK 1VJGTGPVGTRTKUGUWPFGTVJGEQPVTQNQHVJGMG[OCPCIGOGPVRGTUQPPGN

C 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF

Expenses incurred and recoverable  

D $JCTCVJ9KPF(CTO.KOKVGF

Provision for Doubtful advances - 

KZ ,QKPV1RGTCVKQPU

C .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8

%QORCP[ŏUUJCTGKPRTQſVQH+PVGITCVGF,QKPV8GPVWTGU  - Progressive billings / Revenue  -

D 5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8

Progressive billings / Revenue  -

E 5'2%&45+62.,8

Progressive billings / Revenue  -

% #OQWPVFWG VQ HTQOTGNCVGFRCTV[CUQP

K Particulars 31-Mar-18 31-Mar-17 1-Apr-16 #FXCPEGU $QTTQYKPIU  SVL Limited    .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF 0GVQH2TQXKUKQPHQT    Expected Credit Loss of `.CMJU /CTEJ` Lakhs & March 31, 2016 `.CMJU *CNFKC%QMGU%JGOKECNU2TKXCVG.KOKVGF 0GVQH2TQXKUKQPHQT    Expected Credit Loss of `.CMJU /CTEJ` .CMJU/CTEJ `.CMJU 'PPQTG%QMG.KOKVGF 0GVQH2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUUQH`    .CMJU /CTEJ`.CMJU/CTEJ `.CMJU Bharat Wind Farm Limited    1TKGPV)TGGP2QYGT%QORCP[.KOKVGF   

4GEGKXCDNGU 2C[CDNGU  Leitwind Shriram Manufacturing Private Limited    5JTKTCO'2%(<'5JCTLCJ    Shriram EPC Arkan LLC  - - 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF   

110 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8   - 5'2%&45+62.,8  - - .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8  - - *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF    Ennore Coke Limited    Beta Wind Farm Private Limited    Wellman Coke India Limited    *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF    Shriram SEPL Composites Private Limited   

(ii) Corporate Guarantees given by the Company 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF   

& The Company accounts for costs incurred by Related parties based on the actual invoice/debit notes raised and CEETWCNUCUEQPſTOGFD[UWEJRCTVKGU6JGTGNCVGFRCTVKGUJCXGEQPſTOGFVQVJG/CPCIGOGPVVJCVCUCV/CTEJ 2018, March 31, 2017 and April 01, 2016 there are no further amounts payable to/receivable from them, other than FKUENQUGFCDQXG

46 Dues from Subsidiaries and Associates - Disclosure under clause 32 of the listing agreement

46.1 Maximum amount outstanding at any time during the year:

Particulars 31-Mar-18 31-Mar-17 1-Apr-16 Subsidiary 5JTKTCO'2%(<'5JCTLCJ   -

Step Down Subsidiary Shriram EPC Arkan LLC  - -

Associates *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF    Ennore Coke Limited    Wellman Coke India Limited   

111 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

46.2 Full particulars of loans given, investment made, guarantees given, security provided together with purpose in terms of section 186 (4) of the Companies Act, 2013 :

Investments Made: *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF  Related Party To carry on the business of manufacture of Low Ash Metallurgical Coke *GZC9KPFHTCO2TKXCVG.KOKVGF  Part of the To carry on the business of Shriram Group Generation of Power Leitwind Shriram Manufacturing Private Limited  Related Party To carry on the manufacture of Wind Energy Generators 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF  Related Party To carry on the business of Generation of Power 5JTKTCO'2%(<'5JCTLCJ  Related Party To carry on Engineering, procurement and construction DWUKPGUU

.QCPU)KXGP *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF  Related Party Business needs and contingencies *GZC9KPFHTCO2TKXCVG.KOKVGF  Part of the Business needs and Shriram Group contingencies Leitwind Shriram Manufacturing Private Limited  Related Party Business needs and contingencies 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF  Related Party Business needs and contingencies Ennore Coke Limited  Related Party Business needs and contingencies 5JTKTCO'2%(<'5JCTLCJ  Related Party Business needs and contingencies

Guarantees Given: 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF  Related Party For monies borrowed by the related party 47 Segment reporting 6JG%JKGH1RGTCVKPI&GEKUKQP/CMGT %1&/ TGXKGYUVJGQRGTCVKQPUQHVJG%QORCP[HQTVJG[GCTGPFGF/CTEJ CUQPGQRGTCVKPIUGIOGPVDGKPI%QPUVTWEVKQP%QPVTCEVU*GPEGPQUGRCTCVGRTKOCT[UGIOGPVKPHQTOCVKQPJCU DGGPHWTPKUJGFJGTGYKVJCUTGSWKTGFD[+PF#51RGTCVKPIUGIOGPV*QYGXGT)GQITCRJKECN5GIOGPVUDGKPI UGEQPFCT[UGIOGPVUCTGFKUENQUGFDGNQY Particulars 31-Mar-18 31-Mar-17 1-Apr-16

Rest of the World Revenue  - 0QV#RRNKECDNG Assets    Capital Expenditure - - 0QV#RRNKECDNG

India Revenue   0QV#RRNKECDNG Assets    Capital Expenditure   0QV#RRNKECDNG

112 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 48 Expenditure in Foreign Currency

Particulars 2017-18 2016-17 Professsional & Consultancy Fees   Material Consumed in Execution of Engineering Contracts   'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZR   Travelling & Conveyance   1VJGTU   Total 487.98 2,944.02

49 Fair Value Measurement

6JGHQNNQYKPIVCDNGRTGUGPVUHCKTXCNWGJKGTCTEJ[QHCUUGVUCPFNKCDKNKVKGUOGCUWTGFCVHCKTXCNWGQPCTGEWTTKPIDCUKU

31-Mar-18 Carrying Amount Fair Value Total Particulars Note Financial Mandatorily 1VJGT Total .GXGN .GXGN .GXGN Assets at CV(862. Financial carrying 1 2 3 amortised liabilities at value cost amortised cost

Assets Financial Assets Measured at Fair Value Investments 8 - - - -  - - 40.36

Financial Assets not Measured at Fair Value* Investments 8 ------ 90.39 Loans   - -  - - - - Trade Receivables 10  - -  - - - - &14 Cash and Cash 15  - -  - - - - Equivalents 1VJGT$CPMDCNCPEGU 16  - -  - - - - 1VJGTſPCPEKCNCUUGVU 10  - -  - - - - &17 Total 115,071.13 - - 115,071.13 40.36 - 90.39 130.75

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV Measured at Fair Value* 0QP%WTTGPV$QTTQYKPIU 21 - -   - - - - Current Borrowings 25 - -   - - - - Trade payables 26 - -   - - - - 1VJGTſPCPEKCNNKCDKNKVKGU 22 & - -   - - - - 27 Total - - 120,279.66 120,279.66 - - - -

113 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 31-Mar-17 Carrying Amount Fair Value 1VJGT Financial Financial Total Particulars Note Assets at Mandatorily .GXGN .GXGN .GXGN Total liabilities at carrying amortised CV(862. 1 2 3 amortised value cost cost

Assets Financial Assets Measured at Fair Value Investments 8 - - - -  - - 43.06

Financial Assets not Measured at Fair Value* Investments 8 ------ 90.39 Loans    Trade Receivables 10  - -  - - - - &14 Cash and Cash 15  - -  - - - - Equivalents 1VJGT$CPMDCNCPEGU 16  - -  - - - - 1VJGTſPCPEKCNCUUGVU 16  - -  - - - - &17 Total 117,965.31 - - 117,965.31 - - 90.39 90.39

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV measured at fair value* 0QP%WTTGPV$QTTQYKPIU 21 - -   - - - - Current Borrowings 25 - -   - - - - Trade payables 26 - -   - - - - 1VJGTſPCPEKCNNKCDKNKVKGU 22 & - -   - - - - 27 Total - - 118,501.01 118,501.01 - - - -

114 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 1-Apr-16 Carrying Amount Fair Value 1VJGT Financial Financial Total Particulars Note Assets at Mandatorily .GXGN .GXGN .GXGN Total liabilities at carrying amortised CV(862. 1 2 3 amortised value cost cost

Assets Financial Assets Measured at Fair Value Investments 8 - - - -  - - 

Financial Assets not Measured at Fair Value* Investments 8 ------  Loans    Trade Receivables 10  - -  - - - - &14 Cash and Cash 15  - -  - - - - Equivalents 1VJGT$CPMDCNCPEGU 16  - -  - - - - 1VJGTſPCPEKCNCUUGVU 10  - -  - - - - &17 Total 97,416.80 - - 97,416.80 - - 497.95 497.95

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV measured at fair value * 0QP%WTTGPV$QTTQYKPIU 21 - -   - - - - Current Borrowings 25 - -   - - - - Trade payables 26 - -   - - - - 1VJGTſPCPEKCNNKCDKNKVKGU 22 & - -   - - - - 27 Total - - 212,909.24 212,909.24 - - - - * The Company has not disclosed the fair value for Financial instruments mentioned above because their carrying amounts are a reasonable CRRTQZKOCVKQPQHHCKTXCNWG

115 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) 50 (KPCPEKCNTKUMOCPCIGOGPVQDLGEVKXGUCPFRQNKEKGU

6JG %QORCP[ KU GZRQUGF VQ XCTKQWU ſPCPEKCN TKUMU 6JGUG TKUMU CTG ECVGIQTK\GF KPVQ OCTMGV TKUM ETGFKV TKUM CPF NKSWKFKV[TKUM6JG%QORCP[ UTKUMOCPCIGOGPVKUEQQTFKPCVGFD[VJG$QCTFQH&KTGEVQTUCPFHQEWUGUQPUGEWTKPI NQPIVGTOCPFUJQTVVGTOECUJƀQYU6JG%QORCP[FQGUPQVGPICIGKPVTCFKPIQHſPCPEKCNCUUGVUHQTURGEWNCVKXG RWTRQUGU

(A) Market risk /CTMGVTKUMKUVJGTKUMVJCVVJGHCKTXCNWGQHHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUGQHEJCPIGU KPOCTMGVRTKEGU/CTMGVTKUMEQORTKUGUVJTGGV[RGUQHTKUMKPVGTGUVTCVGTKUMEWTTGPE[TKUMCPFQVJGTRTKEGTKUMUWEJCU GSWKV[RTKEGTKUMCPFEQOOQFKV[TKUM(KPCPEKCNKPUVTWOGPVUCHHGEVGFD[OCTMGVTKUMKPENWFGDQTTQYKPIUCPFFGTKXCVKXG ſPCPEKCNKPUVTWOGPVU

(i) Interest rate risk +PVGTGUVTCVGTKUMKUVJGTKUMVJCVVJGHCKTXCNWGQTHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUGQH EJCPIGUKPOCTMGVKPVGTGUVTCVGU6JG%QORCP[ŏUQWVUVCPFKPIFGDVKPNQECNEWTTGPE[KUQPſZGFTCVGDCUKUCPFJGPEG PQVUWDLGEVVQKPVGTGUVTCVGTKUM

(ii) Foreign currency risk (QTGKIPEWTTGPE[TKUMKUVJGTKUMVJCVVJGHCKTXCNWGQTHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUGQH EJCPIGUKPHQTGKIPGZEJCPIGTCVGU6JG%QORCP[ŏUGZRQUWTGVQVJGTKUMQHEJCPIGUKPHQTGKIPGZEJCPIGTCVGUTGNCVGU RTKOCTKN[VQVJG%QORCP[ŏUQRGTCVKPICEVKXKVKGU YJGPTGXGPWGQTGZRGPUGKUFGPQOKPCVGFKPCFKHHGTGPVEWTTGPE[HTQO VJG%QORCP[ŏUHWPEVKQPCNEWTTGPE[ 

6JGPGVGZRQUWTGVQHQTGKIPEWTTGPE[KPTGURGEVQHTGEQIPK\GFſPCPEKCNCUUGVUTGEQIPK\GFſPCPEKCNNKCDKNKVKGUCPF FGTKXCVKXGUKUCUHQNNQYU

C (QTYCTFGZEJCPIGEQPVTCEVUGPVGTGFKPVQD[VJG%QORCP[CPFQWVUVCPFKPICUQP/CTEJ0KN /CTEJ '741CPF#RTKN75& b) Foreign Currency exposure

Particulars 31-Mar-18 Amount in Foreign Currency ` Currency (In In lakhs .CMJU Bank Balances IQD 2.69 0.13 USD 0.16 10.93

Buyers Credit '741 30.84 2,482.54

6TCFG2C[CDNGU KPENWFKPI2C[CDNGUQPRWTEJCUGQHſZGF USD 22.73 1,481.07 assets) AUD 0.36 17.88 EUR 14.02 1,128.69 SGD 0.01 0.74 GBP 0.03 2.71 AED 0.00 0.06 IQD 226.41 12.44 KWD 0.0012 0.26

6TCFGCPF1VJGT4GEGKXCDNGU USD 69.92 4,556.49 EUR 5.84 469.86 AUD 9.33 600.11

116 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

Particulars 31-Mar-17 Amount in Foreign Currency In ` lakhs Currency (In .CMJU  Bank Balances IQD  

Buyers Credit '741  

6TCFG2C[CDNGU KPENWFKPI2C[CDNGUQPRWTEJCUGQHſZGFCUUGVU 75&   #7&   '74   SGD   GBP   1/4  

6TCFGCPF1VJGT4GEGKXCDNGU 75&   '741   #7&  

Particulars 1-Apr-16 Amount in Foreign Currency In ` lakhs Currency (In .CMJU  Bank Balances IQD  

Buyers Credit '741  

6TCFG2C[CDNGU KPENWFKPI2C[CDNGUQPRWTEJCUGQHſZGFCUUGVU  75&  

#7&   '74   SGD   GBP  

6TCFGCPF1VJGT4GEGKXCDNGU 75&   '741   #7&  

117 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated) $ Credit risk 6JG %QORCP[ŏU EWUVQOGT RTQſNG KPENWFG RWDNKE UGEVQT GPVGTRTKUGU UVCVG QYPGF EQORCPKGU CPF NCTIG RTKXCVG EQTRQTCVGU#EEQTFKPIN[VJG%QORCP[ŏUEWUVQOGTETGFKVTKUMKUNQY6JG%QORCP[ŏUCXGTCIGRTQLGEVGZGEWVKQPE[ENG KUCTQWPFVQOQPVJU)GPGTCNRC[OGPVVGTOUKPENWFGOQDKNKUCVKQPCFXCPEGOQPVJN[RTQITGUURC[OGPVUYKVJC ETGFKVRGTKQFTCPIKPIHTQOVQFC[UCPFEGTVCKPTGVGPVKQPOQPG[VQDGTGNGCUGFCVVJGGPFQHVJGRTQLGEV+PUQOG ECUGUTGVGPVKQPUCTGUWDUVKVWVGFYKVJDCPMEQTRQTCVGIWCTCPVGGU6JG%QORCP[JCUCFGVCKNGFTGXKGYOGEJCPKUOQH QXGTFWGEWUVQOGTTGEGKXCDNGUCVXCTKQWUNGXGNUYKVJKPQTICPKUCVKQPVQGPUWTGRTQRGTCVVGPVKQPCPFHQEWUHQTTGCNKUCVKQP The Company provides for doubtful receivables/advances and expected credit loss based on 12 months and NKHGVKOGGZRGEVGFETGFKVNQUUDCUKUHQTHQNNQYKPIſPCPEKCNCUUGVU 31-Mar-18 Particulars Estimated Gross 2TQXKUKQP Carrying amount net of Carrying Amount at 'ZRGEVGF%TGFKV.QUU impairment provision default Trade receivables    7PDKNNGF4GXGPWG    Advances to Suppliers   

31-Mar-17 Particulars Estimated Gross 2TQXKUKQP Carrying amount net of Carrying Amount at 'ZRGEVGF%TGFKV.QUU impairment provision default Trade receivables    7PDKNNGF4GXGPWG    Advances to Suppliers   

1-Apr-16 Particulars Estimated Gross 2TQXKUKQP Carrying amount net of Carrying Amount at 'ZRGEVGF%TGFKV.QUU impairment provision default Trade receivables    7PDKNNGF4GXGPWG    Advances to Suppliers   

4GEQPEKNKCVKQPQH2TQXKUKQPCPF'ZRGEVGF%TGFKV.QUU1VJGTſPCPEKCNCUUGVU

Particulars Trade receivables Unbilled Revenue Advances to Suppliers Provision and Expected Credit 5,329.42 11,982.07 1,355.56 .QUUQP#RTKN Allowance for Doubtful Debts  -  Interest income on Financial Assets   - Provision and Expected Credit 5,485.96 10,207.15 1,640.30 .QUUQP/CTEJ Allowance for Doubtful Debts  - - Interest income on Financial Assets   - Provision and Expected Credit 5,389.50 9,728.82 1,640.30 .QUUQP/CTEJ % Liquidity risk 6JG%QORCP[OCPCIGUNKSWKFKV[TKUMD[OCKPVCKPKPIUWHſEKGPVECUJCPFD[JCXKPICEEGUUVQHWPFKPIVJTQWIJCP CFGSWCVGCOQWPVQHEQOOKVVGFETGFKVNKPGU)KXGPVJGPGGFVQHWPFFKXGTUGRTQLGEVUCPFVQOGGVVJGFGDVUGTXKEKPI QDNKICVKQPUQHVJG%QORCP[VJG%QORCP[OCKPVCKPUƀGZKDKNKV[KPHWPFKPIVJTQWIJEQOOKVVGFETGFKVNKPGUUJQTVVGTO DQTTQYKPIUCPFVTCFGTGEGKXCDNGU/CPCIGOGPVTGIWNCTN[OQPKVQTUVJGRQUKVKQPQHECUJCPFECUJGSWKXCNGPVUXKU´XKU RTQLGEVKQPUCUUGUUOGPVQHOCVWTKV[RTQſNGUQHſPCPEKCNCUUGVUCPFſPCPEKCNNKCDKNKVKGUKPENWFKPIFGDVſPCPEKPIRNCPU 118 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

6JGVCDNGDGNQYUWOOCTK\GUVJGOCVWTKV[RTQſNGQHVJG%QORCP[ŏUſPCPEKCNNKCDKNKVKGU

.GUUVJCP 3 to 12 1 to 5 years More than 5 Total months months years 31-Mar-18 Short term borrowings -  - -  Long-term borrowings      Trade payables -  - -  1VJGTſPCPEKCNNKCDKNKV[ -  - -  548.56 87,804.91 23,882.30 2,088.04 114,323.81

31-Mar-17 Short term borrowings -  - -  Long-term borrowings      Trade payables -  - -  1VJGTſPCPEKCNNKCDKNKV[ -  - -  232.14 84,004.50 16,449.23 12,615.77 113,301.64

1-Apr-16 Short term borrowings -  - -  Long-term borrowings      Trade payables -  - -  1VJGTſPCPEKCNNKCDKNKV[ -  - -  783.62 69,552.41 78,499.16 60,094.71 208,929.90

51 Capital management For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all QVJGTGSWKV[TGUGTXGUCVVTKDWVCDNGVQVJGGSWKV[JQNFGTU6JGRTKOCT[QDLGEVKXGQHVJG%QORCP[ŏUECRKVCNOCPCIGOGPV KUVQOCZKOK\GVJGUJCTGJQNFGTXCNWGCPFVQGPUWTGVJG%QORCP[ UCDKNKV[VQEQPVKPWGCUCIQKPIEQPEGTP

6JG%QORCP[JCUPQVFKUVTKDWVGFCP[FKXKFGPFVQKVUUJCTGJQNFGTU6JG%QORCP[OQPKVQTU0GV&GDVVQ%CRKVCNTCVKQ KGVQVCNFGDVKPRTQRQTVKQPVQKVUQXGTCNNſPCPEKPIUVTWEVWTGKGGSWKV[CPFFGDV6QVCNFGDVEQORTKUGUQHVGTONQCPU CPFECUJETGFKVU6JG%QORCP[OCPCIGUVJGECRKVCNUVTWEVWTGCPFOCMGUCFLWUVOGPVUVQKVKPVJGNKIJVQHEJCPIGU KPGEQPQOKEEQPFKVKQPUCPFVJGTKUMEJCTCEVGTKUVKEUQHVJGWPFGTN[KPICUUGVU

31-Mar-18 31-Mar-17 1-Apr-16 Total equity K 122,932.13 112,863.36 (7,314.47) Total debt KK    Cash and Cash Equivalents KKK    0GV&GDV KX   KK  KKK 77,866.79 82,520.71 186,876.94 Total Capital X   K   KX    0GV&GDVVQ%CRKVCNTCVKQ KX  X   

0QEJCPIGUYGTGOCFGKPVJGQDLGEVKXGURQNKEKGUQTRTQEGUUGUHQTOCPCIKPIECRKVCNFWTKPIVJG[GCTUGPFGF/CTEJ /CTEJCPF#RTKN

 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018 #OQWPVKP` lakhs, unless otherwise stated)

52 &KUENQUWTGURWTUWCPVVQ+PF#5ő2TQXKUKQPU%QPVKPIGPV.KCDKNKVKGUCPF%QPVKPIGPV#UUGVUŒ

Movement in Provisions:

Provision Provision for Expected Credit Provision for Particulars for Doubtful .QUUGU Advances Receivables Current Non-Current Non-Current Current 1RGPKPI$CNCPEGCUQP#RTKN 17,311.50 85,132.51 3,157.00 1,355.56 #FF#FFKVKQPCN2TQXKUKQPFWTKPIVJG[GCT   -  .GUU+PVGTGUVKPEQOGQP(KPCPEKCN   - - Assets Closing Balance as on March 31, 2017 15,693.12 81,350.48 3,157.00 1,640.30 #FF#FFKVKQPCN2TQXKUKQPFWTKPIVJG[GCT  -  - .GUU+PVGTGUVKPEQOGQP(KPCPEKCN   - - Assets Closing Balance as on March 31, 2018 15,118.33 74,648.59 3,798.11 1,640.30

53 %QPVKPIGPV.KCDKNKVKGUCPF%QOOKVOGPVU

(a) %QPVKPIGPV.KCDKNKVKGU As at As at As at Particulars 31st March, 31st March, 1st April, 2018 2017 2016

a) Corporate Guarantees issued to a related party    b) Claims against the Company not acknowledged as debts    c) Central Excise, Service Tax and customs Duties demands contested    in Appeals , not provided for d) Disputed VAT/ Central Sales tax demands contested in Appeals, not    provided for e) Income tax demands contested in Appeals, not provided for   

/CPCIGOGPVKUQHVJGQRKPKQPVJCVVJG#RRGCNURTGHGTTGFD[VJG%QORCP[YKNNDGFGEKFGFKPKVUHCXQWT(WVWTGECUJ QWVƀQYUKPTGURGEVQHVJGCDQXGOCVVGTUCTGFGVGTOKPCDNGQPN[QPTGEGKRVQHLWFIOGPVUFGEKUKQPURGPFKPICV XCTKQWUHQTWOUCWVJQTKVKGU

(b) Commitments As at As at As at Particulars 31st March, 31st March, 1st April, 2018 2017 2016

Estimated amount of contracts remaining unexecuted on capital    CEEQWPV PGVQHCFXCPEGURCKF CPFPQVRTQXKFGFHQT

120 0QVGUHQTOKPIRCTVQHVJG(KPCPEKCN5VCVGOGPVU for the year ended March 31, 2018  (KPCPEKCN#UUGVU.QCPU 0QP%WTTGPV KPENWFG`.CMJU /CTEJ`.CMJU  KPENWFKPIKPVGTGUV CEETWGFWRVQ/CTEJ CPF1VJGT6TCFG4GEGKXCDNGUWPFGTő1VJGT0QP%WTTGPV(KPCPEKCN#UUGVUŒKPENWFG net amount of `.CMJU /CTEJ`.CMJU FWGHTQO.GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG .KOKVGF .5/.  CTGNCVGFRCTV[ #URCTVQHVJG%QTRQTCVG&GDV4GUVTWEVWTKPI %&4 RCEMCIGGPVGTGFKPVQD[.5/. with its bankers, the dues to SEPC is subordinated to the dues to Bankers and hence expected to be recovered before /CTEJ%QPUKFGTKPIVJGGZVGPFGFTGRC[OGPVRGTKQFCPFHWVWTGDWUKPGUURQVGPVKCNHQT9KPF'PGTI[$WUKPGUU VJGOCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGFWGU6JGCWFKVQTUJCXGSWCNKſGFVJKUOCVVGTKPVJGKTTGRQTVHQTVJG[GCT GPFGF/CTEJ6JGUCOGJCXGCNUQDGGPSWCNKſGFKPVJGRTGXKQWU[GCT  6JG%QORCP[GPVGTGFKPVQCEQPVTCEVVQEQPUVTWEV#OOQPKCRNCPVHQT$JCTCVJ%QCNCPF%JGOKECNU.KOKVGF $%%.  TGNCVGFRCTV[ 6JGRTQLGEVKUUVCNNGFFWGVQFGNC[UKPUVCVWVQT[CRRTQXCNU6JGVQVCNGZRQUWTGKPVJKURTQLGEVTGEQTFGF WPFGT7PDKNNGF4GXGPWGCPF%QPVTCEV9QTM+P2TQITGUUKU`.CMJU /CTEJ`.CMJU  Considering the positive development in BCCL’s efforts in identifying alternate options to complete the project, the management is of the view that BCCL will be in a position to complete the Ammonia Plant project and thereby the %QORCP[YKNNDGCDNGVQTGCNK\GVJGUGCOQWPVUKPHWNN  (KPCPEKCN#UUGVU.QCPU 0QP%WTTGPV KPENWFG`NCMJU /CTEJ`.CMJU FWGHTQOCP CUUQEKCVGEQORCP[CPFKVUUWDUKFKCT[+PQTFGTVQUGEWTGVJGUGFWGUVJGEQORCP[JCUGPVGTGFKPVQCPCTTCPIGOGPV YKVJVJGUCKFCUUQEKCVGCPFCPQVJGTYJQNN[QYPGFUWDUKFKCT[QHVJGCUUQEKCVG GPICIGFKPEQCNOKPKPIQRGTCVKQPU KP75# #URGTVJGCTTCPIGOGPVVJGEQORCP[JCUCESWKTGFCDUQNWVGCPFWPEQPFKVKQPCNOKPKPIQRGTCVKQPTKIJVUVQ GZRNQKVVJGEQMKPIEQCNTGUGTXGUQHVJGUCKFUWDUKFKCT[CPFVJGTKIJVVQUWTRNWUECUJƀQYU CHVGTOGGVKPIUWDUKFKCT[ŏU NGPFGTUCPFQVJGTEQOOKVOGPVU VQVJGGZVGPVQHVJGCDQXGOGPVKQPGFFWGU#NUQVJGCUUQEKCVGEQORCP[JCUIKXGPCP undertaking that it will not divest its holdings in the said subsidiary company, without the prior consent of the company VKNNVJGFWGUVQVJGEQORCP[CTGUGVVNGF&WTKPI1EVQDGTVJGYJQNN[QYPGFUWDUKFKCT[QHVJGCUUQEKCVGFGEKFGF VQKFGPVKH[DW[GTUHQTVJGEQCNOKPKPIQRGTCVKQPU$CUGFQPVJGRTQLGEVGFQRGTCVKQPUQHVJGOKPGUCPFEQPUGSWGPVKCN RTQLGEVGFECUJƀQYUTGCNKUCDNGRTKEGQPUCNGQHVJGEQCNOKPGUQWVUVCPFKPIFWGUCUCV/CTEJKUGZRGEVGF VQDGHWNN[TGEQXGTCDNG  6JG%QORCP[YCUKPVJGEQWTUGQHGZGEWVKPIRTQLGEVHQT)QXGTPQTCVGQH$CUTC)QXGTPOGPVQH+TCS ŎVJGEWUVQOGTŏ  6JGTGYGTGUQOGFGNC[UKPEQOOGPEGOGPVQHVJGRTQLGEVFWGVQTGIWNCVQT[EQORNKCPEGU*QYGXGTVJGUCKFEQPVTCEVJCU DGGPECPEGNNGFD[VJG%WUVQOGTFWTKPI(GDTWCT[5WDUGSWGPVVQ[GCTGPF6JG)QXGTPQTCVGQH$CUTC)QXGTPOGPV QH+TCSJCUTGXQMGFVJGYQTMYKVJFTCYCNCPFRGTOKVVGFUWDEQPVTCEVKPIQHDCNCPEGYQTMUVQCNQECNEQPVTCEVQTCV+TCS The construction activities have been resumed by the said contractor and Company is in the process of withdrawing CNNNGICNECUGUCPFTGEQXGT[QHFWGU6JGVQVCNCOQWPVUFWGVQ%QORCP[TGEQTFGFWPFGT6TCFG4GEGKXCDNGU7PDKNNGF TGXGPWG CHVGTGZENWFKPIVJGOCTIKPYJKEJJCUDGGPYTKVVGPQHH CPF1VJGT(KPCPEKCN#UUGVU 0QPEWTTGPV CIITGICVGVQ `.CMJU /CTEJ`.CMJU %QPUKFGTKPIVJGUVGRUVCMGPD[VJG%QORCP[VJGOCPCIGOGPV KUEQPſFGPVQHTGCNK\KPIVJGOQPKGUCPFFQPQVGZRGEVCP[UJQTVHCNNKPTGCNK\CVKQPQHVJGFWGU(QTVJGCDQXGTGCUQPU VJGOCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGOQPKGUCPFFQPQVGZRGEVCP[UJQTVHCNNKPTGCNK\CVKQP  6JG$QCTFFWN[VCMKPIKPVQCEEQWPVCNNVJGTGNGXCPVFKUENQUWTGUOCFGJCUCRRTQXGFVJGUGſPCPEKCNUVCVGOGPVUKPKVU OGGVKPIJGNFQP,WPG  6JGRTGXKQWU[GCT+)##2ſIWTGUJCXGDGGPTGENCUUKſGFTGITQWRGFVQOCMGVJGOEQORCTCDNGYKVJ+PF#5RTGUGPVCVKQP

As per our report of even date For MSKA & Associates For and on behalf of the Board of Directors %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

Geetha Jeyakumar T.Shivaraman Chandra Ramesh 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

121 122 +PFGRGPFGPV#WFKVQTUŏ4GRQTVVQVJG/GODGTUQH 5JTKTCO'2%.KOKVGF

1. Report on the Consolidated Ind AS Financial RTQXKUKQPUQHVJG#EVVJGCEEQWPVKPICPFCWFKVKPIUVCPFCTFU Statements CPFOCVVGTUYJKEJCTGTGSWKTGFVQDGKPENWFGFKPVJGCWFKV TGRQTVWPFGTVJGRTQXKUKQPUQHVJG#EVCPFVJG4WNGUOCFG We have audited the accompanying consolidated Ind AS VJGTGWPFGT ſPCPEKCNUVCVGOGPVUQH5JTKTCO'2%.KOKVGF JGTGKPCHVGT TGHGTTGFVQCUőVJG*QNFKPI%QORCP[Œ CPFKVUUWDUKFKCTKGU We conduEVGFQWTCWFKVKPCEEQTFCPEGYKVJVJG5VCPFCTFUQP VJG*QNFKPI%QORCP[CPFKVUUWDUKFKCT[VQIGVJGTTGHGTTGF #WFKVKPIURGEKſGFWPFGT5GEVKQP  QHVJG#EV6JQUG VQ CU őVJG )TQWRŒ  CPF KVU CUUQEKCVG YJKEJ EQORTKUG VJG 5VCPFCTFUTGSWKTGVJCVYGEQORN[YKVJGVJKECNTGSWKTGOGPVU %QPUQNKFCVGF $CNCPEG 5JGGV CU CV /CTEJ   VJG CPF RNCP CPF RGTHQTO VJG CWFKV VQ QDVCKP TGCUQPCDNG %QPUQNKFCVGF 5VCVGOGPV QH 2TQHKV CPF .QUU KPENWFKPI CUUWTCPEGCDQWVYJGVJGTVJGEQPUQNKFCVGF+PF#5ſPCPEKCN QVJGT EQORTGJGPUKXG KPEQOG  VJG %QPUQNKFCVGF %CUJ UVCVGOGPVUCTGHTGGHTQOOCVGTKCNOKUUVCVGOGPV (NQY5VCVGOGPVVJG%QPUQNKFCVGF5VCVGOGPVQH%JCPIGU KP 'SWKV[ HQT VJG [GCT VJGP GPFGF CPF C UWOOCT[ QH #P CWFKV KPXQNXGU RGTHQTOKPI RTQEGFWTGU VQ QDVCKP CWFKV VJG UKIPKſECPV CEEQWPVKPI RQNKEKGU CPF QVJGT GZRNCPCVQT[ GXKFGPEG CDQWV VJG COQWPVU CPF VJG FKUENQUWTGU KP VJG KPHQTOCVKQP JGTGKPCHVGTTGHGTTGFVQCUőVJGEQPUQNKFCVGF+PF EQPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVU6JGRTQEGFWTGU #5ſPCPEKCNUVCVGOGPVUŒ  UGNGEVGFFGRGPFQPVJGCWFKVQTUŏLWFIOGPVKPENWFKPIVJG CUUGUUOGPV QH VJG TKUMU QH OCVGTKCN OKUUVCVGOGPV QH VJG 2. Management’s Responsibility for the Consolidated EQPUQNKFCVGF +PF #5 ſPCPEKCN UVCVGOGPVU YJGVJGT FWG Ind AS Financial Statements VQ HTCWF QT GTTQT +P OCMKPI VJQUG TKUM CUUGUUOGPVU VJG CWFKVQTEQPUKFGTUKPVGTPCNſPCPEKCNEQPVTQNTGNGXCPVVQVJG 6JG*QNFKPI%QORCP[ŏU$QCTFQH&KTGEVQTUKUTGURQPUKDNG *QNFKPI %QORCP[ŏU RTGRCTCVKQP QH VJG EQPUQNKFCVGF +PF HQTVJGRTGRCTCVKQPQHVJGUGEQPUQNKFCVGF+PF#5ſPCPEKCN #5 ſPCPEKCN UVCVGOGPVU VJCV IKXG C VTWG CPF HCKT XKGY KP UVCVGOGPVUKPVGTOUQHVJGTGSWKTGOGPVUQHVJG%QORCPKGU #EV JGTGKPCHVGTTGHGTTGFVQCUőVJG#EVŒ VJCVIKXGC QTFGT VQ FGUKIP CWFKV RTQEGFWTGU VJCV CTG CRRTQRTKCVG KP VTWG CPF HCKT XKGY QH VJG EQPUQNKFCVGF ſPCPEKCN RQUKVKQP VJGEKTEWOUVCPEGU#PCWFKVCNUQKPENWFGUGXCNWCVKPIVJG EQPUQNKFCVGF HKPCPEKCN RGTHQTOCPEG KPENWFKPI QVJGT CRRTQRTKCVGPGUU QH VJG CEEQWPVKPI RQNKEKGU WUGF CPF VJG EQORTGJGPUKXG KPEQOG  EQPUQNKFCVGF ECUJ HNQYU CPF TGCUQPCDNGPGUUQHVJGCEEQWPVKPIGUVKOCVGUOCFGD[VJG EQPUQNKFCVGFUVCVGOGPVQHEJCPIGUKPGSWKV[QHVJG)TQWR *QNFKPI%QORCP[ŏU$QCTFQH&KTGEVQTUCUYGNNCUGXCNWCVKPI KPENWFKPI KVU CUUQEKCVG KP CEEQTFCPEG YKVJ VJG +PFKCP VJGQXGTCNNRTGUGPVCVKQPQHVJGEQPUQNKFCVGF+PF#5ſPCPEKCN #EEQWPVKPI5VCPFCTFU +PF#5 RTGUETKDGFWPFGTUGEVKQP UVCVGOGPVU QHVJG#EVTGCFYKVJVJG%QORCPKGU +PFKCP#EEQWPVKPI 9GDGNKGXGVJCVVJGCWFKVGXKFGPEGQDVCKPGFD[WUCPFVJG 5VCPFCTFU 4WNGUCUCOGPFGFCPFQVJGTCEEQWPVKPI CWFKVGXKFGPEGQDVCKPGFD[VJGQVJGTCWFKVQTUKPVGTOUQH RTKPEKRNGUIGPGTCNN[CEEGRVGFKP+PFKC6JGTGURGEVKXG$QCTF VJGKTTGRQTVUTGHGTTGFVQKPQVJGTOCVVGTRCTCITCRJDGNQY QH&KTGEVQTUQHVJG%QORCP[KPENWFGFKPVJG)TQWRCPFQH KU UWHſEKGPV CPF CRRTQRTKCVG VQ RTQXKFG C DCUKU HQT QWT KVUCUUQEKCVGCTGTGURQPUKDNGHQTOCKPVGPCPEGQHCFGSWCVG CEEQWPVKPI TGEQTFU KP CEEQTFCPEG YKVJ VJG RTQXKUKQPU QH SWCNKſGFCWFKVQRKPKQPQPVJGEQPUQNKFCVGF+PF#5ſPCPEKCN VJG#EVHQTUCHGIWCTFKPIVJGCUUGVUQHVJG)TQWRCPFKVU UVCVGOGPVU CUUQEKCVG HQT RTGXGPVKPI CPF FGVGEVKPI HTCWFU CPF QVJGT KTTGIWNCTKVKGUVJGUGNGEVKQPCPFCRRNKECVKQPQHCRRTQRTKCVG  $CUKUQH3WCNKſGF1RKPKQP CEEQWPVKPIRQNKEKGUOCMKPILWFIOGPVUCPFGUVKOCVGUVJCV .QPIVGTO.QCPUCPFCFXCPEGUKPENWFG4UNCMJU CTGTGCUQPCDNGCPFRTWFGPVCPFVJGFGUKIPKORNGOGPVCVKQP /CTEJ   4U  NCMJU  KPENWFKPI KPVGTGUV CPF OCKPVGPCPEG QH CFGSWCVG KPVGTPCN ſPCPEKCN EQPVTQNU CEETWGFWRVQ/CTEJ CPFQVJGTVTCFGTGEGKXCDNGU VJCVYGTGQRGTCVKPIGHHGEVKXGN[HQTGPUWTKPIVJGCEEWTCE[ KPENWFGPGVCOQWPVQH4UNCMJU /CTEJ4U CPFEQORNGVGPGUUQHVJGCEEQWPVKPITGEQTFUTGNGXCPVVQ NCMJU FWGHTQOTGNCVGFRCTV[&WGVQWPCXCKNCDKNKV[ VJGRTGRCTCVKQPCPFRTGUGPVCVKQPQHVJGEQPUQNKFCVGF+PF#5 QH UWHHKEKGPV CRRTQRTKCVG CWFKV GXKFGPEG VQ EQTTQDQTCVG ſPCPEKCNUVCVGOGPVUVJCVIKXGCVTWGCPFHCKTXKGYCPFCTG OCPCIGOGPVŏUCUUGUUOGPVQHTGEQXGTCDKNKV[QHVJGCDQXG HTGGHTQOOCVGTKCNOKUUVCVGOGPVYJGVJGTFWGVQHTCWFQT GTTQTYJKEJJCXGDGGPWUGFHQTVJGRWTRQUGQHRTGRCTCVKQP UCKFCOQWPVUCPFCUVJGUGCTGQWVUVCPFKPIHQTOQTGVJCP QH VJG EQPUQNKFCVGF +PF #5 ſPCPEKCN UVCVGOGPVU D[ VJG VJTGG[GCTUYGCTGWPCDNGVQEQOOGPVQPVJGTGEQXGTCDKNKV[ &KTGEVQTUQHVJG*QNFKPI%QORCP[CUCHQTGUCKF QHVJGUCOG0QRTQXKUKQPYKVJTGURGEVVQVJGUCOGKUOCFG KPVJGDQQMUQHCEEQWPVU4GHGT0QVGQHVJG%QPUQNKFCVGF 3. Auditors’ Responsibility +PF#5ſPCPEKCNUVCVGOGPVU

1WT TGURQPUKDKNKV[ KU VQ GZRTGUU CP QRKPKQP QP VJGUG 6JKU OCVVGT YCU CNUQ SWCNKHKGF KP VJG TGRQTV QH VJG EQPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV RTGFGEGUUQT CWFKVQTUŏ QP VJG %QPUQNKFCVGF +PFKCP )##2 +P EQPFWEVKPI QWT CWFKV YG JCXG VCMGP KPVQ CEEQWPV VJG ſPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGF/CTEJ

123  3WCNKſGF1RKPKQP EQPUQNKFCVGF +PF #5 ſPCPEKCN UVCVGOGPVU 6JG ſPCPEKCNUVCVGOGPVQHVJGUWDUKFKCT[JCXGDGGP +P QWT QRKPKQP CPF VQ VJG DGUV QH QWT KPHQTOCVKQP CPF CWFKVGFD[VJGQVJGTCWFKVQTUYJQUGTGRQTVUJCXG CEEQTFKPIVQVJGGZRNCPCVKQPUIKXGPVQWUCPFDCUGFQPVJG DGGPHWTPKUJGFVQWUD[VJGOCPCIGOGPVCPFQWT EQPUKFGTCVKQPQHTGRQTVUQHVJGQVJGTCWFKVQTUQPUGRCTCVG QRKPKQPQPVJKUUVCVGOGPVKPUQHCTCUKVTGNCVGUVQ ſPCPEKCN UVCVGOGPVU QH VJG UWDUKFKCT[ TGHGTTGF VQ KP VJG VJGCOQWPVUCPFFKUENQUWTGUKPENWFGFKPTGURGEV 1VJGT /CVVGTU RCTCITCRJ DGNQY GZEGRV HQT VJG RQUUKDNG QHVJKUUWDUKFKCT[CPFQWTTGRQTVKPVGTOUQHUWD GHHGEVUQHVJGOCVVGTFGUETKDGFKPVJG$CUKUHQT3WCNKſGF UGEVKQP  QH5GEVKQPQHVJG#EVKPUQHCTCUKV 1RKPKQPRCTCITCRJCDQXGVJGCHQTGUCKF%QPUQNKFCVGF+PF TGNCVGUVQVJGCHQTGUCKFUWDUKFKCT[KUDCUGFUQNGN[ #5 ſ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ƀQYUCPF%QPUQNKFCVGFUVCVGOGPV +PF#5ſPCPEKCNUVCVGOGPVUJCXGDGGPRTGRCTGF QHEJCPIGUKPGSWKV[HQTVJG[GCTGPFGFQPVJCVFCVG CHVGTCFLWUVKPIVJGRTGXKQWUN[KUUWGFEQPUQNKFCVGF ſPCPEKCNUVCVGOGPVURTGRCTGFKPCEEQTFCPEGYKVJ 6. Emphasis of Matters VJG %QORCPKGU #EEQWPVKPI 5VCPFCTFU  4WNGU  VQ EQORN[ YKVJ +PF #5 6JG RTGXKQWUN[ 9GFTCYCVVGPVKQPVQVJGHQNNQYKPIOCVVGTUKPVJG0QVGUVQ KUUWGF EQPUQNKFCVGF ſPCPEKCN UVCVGOGPVU YGTG VJG%QPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVU CWFKVGFD[VJGRTGFGEGUUQTCWFKVQTYJQUGTGRQTVU  K 0QVGPQTGICTFKPIGTQUKQPQH0GVYQTVJCPF HQTVJG[GCTUGPFGF/CTEJCPF/CTEJ EQPVKPWKPINQUUGUDGKPIKPEWTTGFD[VJGCUUQEKCVG   FCVGF /C[   CPF /C[  DCUGFQPVJGWPCWFKVGFſPCPEKCNUVCVGOGPVUCU TGURGEVKXGN[GZRTGUUGFCSWCNKſGFQRKPKQP RTGRCTGFD[VJG/CPCIGOGPVQHVJCVCUUQEKCVGHQT QP VJQUG EQPUQNKFCVGF HKPCPEKCN UVCVGOGPVU VJG[GCTGPFGF/CTEJCPF/CTEJ #FLWUVOGPVU OCFG VQ VJG RTGXKQWUN[ KUUWGF #EEQTFKPIN[VJG)TQWRŏUUJCTGQHNQUUGUKP EQPUQNKFCVGFſPCPEKCNUVCVGOGPVUVQEQORN[YKVJ VJGCUUQEKCVGHQTVJGEWTTGPV[GCTJCUPQVDGGP +PF#5JCXGDGGPCWFKVGFD[WU TGEQIPK\GFKPVJG%QPUQNKFCVGF+PF#5ſPCPEKCN 1WTQRKPKQPQPVJG%QPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVU UVCVGOGPVU CDQXG CPF QWT TGRQTV QP 1VJGT .GICN CPF 4GIWNCVQT[  KK 0QVG  PQ  TGICTFKPI FWGU COQWPVKPI VQ 4U 4GSWKTGOGPVUDGNQYKUPQVOQFKſGFKPTGURGEVQHVJGCDQXG  NCMJU /CTEJ   4U  OCVVGTUYKVJTGURGEVVQQWTTGNKCPEGQPVJGYQTMFQPGCPF NCMJU KPTGURGEVQHRTQLGEVYJKEJKUUVCNNGFFWG VJGTGRQTVUQHVJGQVJGTCWFKVQTUCPFQPVJGEQORCTCVKXG VQUVCVWVQT[FGNC[UHCEGFD[VJGEWUVQOGT#UVJG ſPCPEKCNKPHQTOCVKQP EWUVQOGTJCURWVKPGHHQTVUVQKFGPVKH[CNVGTPCVG  4GRQTVQP1VJGT.GICNCPF4GIWNCVQT[4GSWKTGOGPVU QRVKQPUVQEQORNGVGVJGRTQLGEVOCPCIGOGPVKU QHVJGXKGYVJCVKVYKNNDGCDNGVQTGCNK\GUWEJFWGU #UTGSWKTGFD[5GEVKQP  QHVJG#EVDCUGFQPQWTCWFKV CPFQPVJGEQPUKFGTCVKQPQHVJGTGRQTVQHQVJGTCWFKVQTUQP  KKK 0QVG  PQ  TGICTFKPI FWGU COQWPVKPI VQ 4U UGRCTCVG ſPCPEKCN UVCVGOGPVU QH VJG UWDUKFKCT[ TGHGTTGF NCMJU /CTEJ4U VQKPVJG1VJGT/CVVGTURCTCITCRJCDQXGYGTGRQTVVQVJG NCMJU  FWG HTQO CP CUUQEKCVG CPF C UWDUKFKCT[ GZVGPVCRRNKECDNGVJCV QHVJGCUUQEKCVGYJKEJJCUDGGPQWVUVCPFKPIHQT OQTGVJCPVJTGG[GCTU$CUGFQPVJGWPFGTVCMKPI  C  9G JCXG UQWIJV CPF GZEGRV HQT VJG OCVVGTU IKXGPD[VJGCUUQEKCVGYKVJTGURGEVVQFKXGUVOGPV FGUETKDGF KP VJG $CUKU HQT 3WCNKHKGF QRKPKQP KP KVU UWDUKFKCT[ CPF RTQLGEVGF QRGTCVKQPU QH RCTCITCRJCDQXGQDVCKPGFCNNVJGKPHQTOCVKQPCPF OKPGU ECUJƀQYU VJG CDQXG UVCVGF FWGU CTG GZRNCPCVKQPYJKEJVQVJGDGUVQHQWTMPQYNGFIG EQPUKFGTGFVQDGTGCNK\CDNGD[VJGOCPCIGOGPV CPF DGNKGH YGTG PGEGUUCT[ HQT VJG RWTRQUGU QH QWT CWFKV QH VJG CHQTGUCKF EQPUQNKFCVGF +PF #5 1WTQRKPKQPKUPQVSWCNKſGFKPTGURGEVQHVJGUGOCVVGTU ſPCPEKCNUVCVGOGPVU  1VJGT/CVVGTU  D +PQWTQRKPKQPGZEGRVHQTVJGRQUUKDNGGHHGEVUQH  K  9G FKF PQV CWFKV VJG (KPCPEKCN UVCVGOGPVU QH VJG OCVVGT FGUETKDGF KP VJG DCUKU HQT SWCNKſGF QPG UWDUKFKCT[ EQORCP[ KPENWFKPI UVGR FQYP QRKPKQP RCTCITCRJ CDQXG RTQRGT DQQMU QH UWDUKFKCT[  YJQUG ſPCPEKCN UVCVGOGPVU TGƀGEVU CEEQWPVCUTGSWKTGFD[NCYTGNCVKPIVQRTGRCTCVKQP VQVCNCUUGVUQH4U.CMJUCUCV/CTEJ QH VJG CHQTGUCKF EQPUQNKFCVGF +PF #5 ſPCPEKCN VQVCNTGXGPWGUQH4U.CMJU UVCVGOGPVUJCXGDGGPMGRVUQHCTCUKVCRRGCTU CPFPGV%CUJQWVƀQYQH4U.CMJUHQT HTQO QWT GZCOKPCVKQP QH VJQUG DQQMU CPF VJG VJG[GCTGPFGFQPVJCVFCVGCUEQPUKFGTGFKPVJG TGRQTVUQHVJGQVJGTCWFKVQTU

  E 6JG%QPUQNKFCVGF$CNCPEG5JGGVVJG%QPUQNKFCVGF  QRKPKQP QP VJG QRGTCVKPI GHHGEVKXGPGUU QH VJG 5VCVGOGPV QH 2TQſV CPF .QUU KPENWFKPI 1VJGT *QNFKPI%QORCP[ŏUKPVGTPCNſPCPEKCNEQPVTQNUQXGT %QORTGJGPUKXG+PEQOG VJG%QPUQNKFCVGF%CUJ ſPCPEKCNTGRQTVKPI (NQY5VCVGOGPVCPF%QPUQNKFCVGF5VCVGOGPVQH %JCPIGUKP'SWKV[FGCNVYKVJD[VJKU4GRQTVCTG  K  9KVJTGURGEVVQVJGQVJGTOCVVGTUVQDGKPENWFGFKP KPCITGGOGPVYKVJVJGTGNGXCPVDQQMUQHCEEQWPV VJG#WFKVQTŏU4GRQTVKPCEEQTFCPEGYKVJ4WNGQH OCKPVCKPGFHQTVJGRWTRQUGQHRTGRCTCVKQPQHVJG VJG%QORCPKGU #WFKVCPF#WFKVQTŏU 4WNGU EQPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVU CUCOGPFGFKPQWTQRKPKQPCPFVQVJGDGUVQHQWT KPHQTOCVKQP CPF CEEQTFKPI VQ VJG GZRNCPCVKQPU  F  +PQWTQRKPKQPGZEGRVHQTVJGRQUUKDNGGHHGEVUQHVJG IKXGPVQWU OCVVGTFGUETKDGFKPVJGDCUKUHQTSWCNKſGFQRKPKQP RCTCITCRJCDQXGVJGCHQTGUCKFEQPUQNKFCVGF+PF   K 6JGEQPUQNKFCVGF+PF#5ſPCPEKCNUVCVGOGPVU  #5ſPCPEKCNUVCVGOGPVUEQORN[YKVJVJG+PFKCP FKUENQUG VJG KORCEV QH RGPFKPI NKVKICVKQPU #EEQWPVKPI5VCPFCTFURTGUETKDGFWPFGT5GEVKQP QPVJGEQPUQNKFCVGFſPCPEKCNRQUKVKQPQHVJG QHVJG#EV )TQWRŌ4GHGT0QVGVQVJGEQPUQNKFCVGF +PF#5ſPCPEKCNUVCVGOGPVU  G  6JG OCVVGTU FGUETKDGF KP $CUKU QH 3WCNKHKGF 1RKPKQP RCTCITCRJ CDQXG KP QWT QRKPKQP OC[   KK 'ZEGRVHQTVJGRQUUKDNGGHHGEVUQHVJGOCVVGTU JCXGCPCFXGTUGGHHGEVQPVJGHWPEVKQPKPIQHVJG FGUETKDGF KP VJG $CUKU QH 3WCNKſGF 1RKPKQP %QORCP[ CDQXG VJG )TQWR JCU OCFG RTQXKUKQPU CU TGSWKTGF WPFGT VJG CRRNKECDNG .CY QT VJG  H 1P  VJG DCUKU QH VJG YTKVVGP TGRTGUGPVCVKQPU #EEQWPVKPI5VCPFCTFUHQTOCVGTKCNHQTGUGGCDNG TGEGKXGF HTQO VJG FKTGEVQTU QH VJG *QNFKPI NQUUGUKHCP[QPNQPIVGTOEQPVTCEVUKPENWFKPI %QORCP[CUQP/CTEJVCMGPQPTGEQTF FGTKXCVKXGEQPVTCEVU D[VJG$QCTFQH&KTGEVQTUQHVJG*QNFKPI%QORCP[ PQPGQHVJGFKTGEVQTUCTGFKUSWCNKſGFCUQP/CTEJ   KKK 6JGTG JCU DGGP PQ FGNC[ KP VTCPUHGTTKPI HTQODGKPICRRQKPVGFCUCFKTGEVQTKP COQWPVU TGSWKTGF VQ DG VTCPUHGTTGF VQ VJG VGTOUQH5GEVKQP  QHVJG#EV +PXGUVQT 'FWECVKQP CPF 2TQVGEVKQP (WPF D[ VJG*QNFKPI%QORCP[  I 6JGSWCNKſECVKQPTGNCVKPIVQVJGOCKPVGPCPEGQH CEEQWPVUCPFQVJGTOCVVGTUEQPPGEVGFVJGTGYKVJ For MSKA & Associates CTGCUUVCVGFKPVJG$CUKUQH3WCNKſGF1RKPKQP (Formerly known as MZSK & Associates) 2CTCITCRJCDQXG %JCTVGTGF#EEQWPVCPVU  J  9KVJ TGURGEV VQ VJG CFGSWCE[ QH VJG KPVGTPCN (KTOŏU4GIKUVTCVKQP0Q9  ſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPICPFVJG QRGTCVKPI GHHGEVKXGPGUU QH UWEJ EQPVTQNU TGHGT Geetha Jeyakumar VQ QWT UGRCTCVG 4GRQTV KP ő#PPGZWTG #Œ YJKEJ 2NCEG%JGPPCK 2CTVPGT KUDCUGFQPVJGCWFKVQTUŏTGRQTVUQHVJG*QNFKPI &CVG,WPG /GODGTUJKR0Q %QORCP[ QWT TGRQTV GZRTGUUGU CP SWCNKHKGF

 #PPGZWTGő#ŒVQVJG+PFGRGPFGPV#WFKVQTŏU4GRQTV 4GHGTTGFVQKPRCTCITCRJ J WPFGTŎ4GRQTVQP1VJGT.GICNCPF4GIWNCVQT[4GSWKTGOGPVUŏUGEVKQPQHQWTTGRQTVQH GXGPFCVG 

4GRQTVQPVJG+PVGTPCN(KPCPEKCN%QPVTQNU1XGT(KPCPEKCN VJGTKUMVJCVCOCVGTKCNYGCMPGUUGZKUVUCPFVGUVKPICPF Reporting under Clause (i) of Sub-section 3 of Section GXCNWCVKPI VJG FGUKIP CPF QRGTCVKPI GHHGEVKXGPGUU QH 143 of the Companies Act, 2013 (“the Act”) KPVGTPCNEQPVTQNDCUGFQPVJGCUUGUUGFTKUM6JGRTQEGFWTGU UGNGEVGFFGRGPFQPVJGCWFKVQTUŏLWFIGOGPVKPENWFKPIVJG +P EQPLWPEVKQP YKVJ QWT CWFKV QH VJG EQPUQNKFCVGF +PF #5 CUUGUUOGPV QH VJG TKUMU QH OCVGTKCN OKUUVCVGOGPV QH VJG ſPCPEKCN UVCVGOGPVU QH VJG %QORCP[ CU QH CPF HQT VJG ſPCPEKCNUVCVGOGPVUYJGVJGTFWGVQHTCWFQTGTTQT [GCTGPFGF/CTEJYGJCXGCWFKVGFVJGKPVGTPCN ſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPIQH5JTKTCO'2% 9G DGNKGXG VJCV VJG CWFKV GXKFGPEG YG JCXG QDVCKPGF KU .KOKVGF JGTGKPCHVGTTGHGTTGFVQCUőVJG*QNFKPI%QORCP[Œ  UWHſEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQTQWTSWCNKſGF CUQHVJCVFCVG CWFKVQRKPKQPQPVJGKPVGTPCNſPCPEKCNEQPVTQNUU[UVGOQXGT ſPCPEKCNTGRQTVKPIQHVJG*QNFKPI%QORCP[ Management’s Responsibility for Internal Financial Controls /GCPKPIQH+PVGTPCN(KPCPEKCN%QPVTQNU1XGT(KPCPEKCN Reporting 6JGTGURGEVKXG$QCTFQH&KTGEVQTUQHVJG*QNFKPI%QORCP[ CTG TGURQPUKDNG HQT GUVCDNKUJKPI CPF OCKPVCKPKPI KPVGTPCN #EQORCP[ŏUKPVGTPCNſPCPEKCNEQPVTQNQXGTſPCPEKCNTGRQTVKPI ſPCPEKCNEQPVTQNUDCUGFQPVJGKPVGTPCNEQPVTQNQXGTſPCPEKCN KU C RTQEGUU FGUKIPGF VQ RTQXKFG TGCUQPCDNG CUUWTCPEG TGRQTVKPIETKVGTKCGUVCDNKUJGFD[VJGTGURGEVKXG%QORCPKGU TGICTFKPI VJG TGNKCDKNKV[ QH HKPCPEKCN TGRQTVKPI CPF VJG EQPUKFGTKPI VJG GUUGPVKCN EQORQPGPVU QH KPVGTPCN EQPVTQN RTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUHQTGZVGTPCNRWTRQUGUKP UVCVGFKPVJG)WKFCPEG0QVGQP#WFKVQH+PVGTPCN(KPCPEKCN CEEQTFCPEGYKVJIGPGTCNN[CEEGRVGFCEEQWPVKPIRTKPEKRNGU %QPVTQNU1XGT(KPCPEKCN4GRQTVKPIKUUWGFD[VJG+PUVKVWVGQH # EQORCP[ŏU KPVGTPCN HKPCPEKCN EQPVTQN QXGT HKPCPEKCN %JCTVGTGF#EEQWPVCPVUQH+PFKC +%#+ 6JGUGTGURQPUKDKNKVKGU TGRQTVKPIKPENWFGUVJQUGRQNKEKGUCPFRTQEGFWTGUVJCV   KPENWFG VJG FGUKIP KORNGOGPVCVKQP CPF OCKPVGPCPEG QH RGTVCKPVQVJGOCKPVGPCPEGQHTGEQTFUVJCVKPTGCUQPCDNG CFGSWCVG KPVGTPCN ſPCPEKCN EQPVTQNU VJCV YGTG QRGTCVKPI FGVCKN CEEWTCVGN[ CPF HCKTN[ TGƀGEV VJG VTCPUCEVKQPU CPF GHHGEVKXGN[ HQT GPUWTKPI VJG QTFGTN[ CPF GHſEKGPV EQPFWEV FKURQUKVKQPU QH VJG CUUGVU QH VJG EQORCP[   RTQXKFG QH KVU DWUKPGUU KPENWFKPI CFJGTGPEG VQ VJG TGURGEVKXG TGCUQPCDNG CUUWTCPEG VJCV VTCPUCEVKQPU CTG TGEQTFGF CU EQORCP[ŏU RQNKEKGU VJG UCHGIWCTFKPI QH KVU CUUGVU VJG PGEGUUCT[VQRGTOKVRTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUKP RTGXGPVKQPCPFFGVGEVKQPQHHTCWFUCPFGTTQTUVJGCEEWTCE[ CEEQTFCPEGYKVJIGPGTCNN[CEEGRVGFCEEQWPVKPIRTKPEKRNGU CPFEQORNGVGPGUUQHVJGCEEQWPVKPITGEQTFUCPFVJGVKOGN[ CPF VJCV TGEGKRVU CPF GZRGPFKVWTGU QH VJG EQORCP[ CTG RTGRCTCVKQP QH TGNKCDNG ſPCPEKCN KPHQTOCVKQP CU TGSWKTGF DGKPI OCFG QPN[ KP CEEQTFCPEG YKVJ CWVJQTKUCVKQPU QH WPFGTVJG%QORCPKGU#EV OCPCIGOGPVCPFFKTGEVQTUQHVJGEQORCP[CPF  RTQXKFG TGCUQPCDNG CUUWTCPEG TGICTFKPI RTGXGPVKQP QT VKOGN[ Auditors’ Responsibility FGVGEVKQPQHWPCWVJQTKUGFCESWKUKVKQPWUGQTFKURQUKVKQPQH 1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJGKPVGTPCN VJGEQORCP[ŏUCUUGVUVJCVEQWNFJCXGCOCVGTKCNGHHGEVQP ſPCPEKCN EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI QH VJG *QNFKPI VJGſPCPEKCNUVCVGOGPVU %QORCP[DCUGFQPQWTCWFKV9GEQPFWEVGFQWTCWFKVKP +PJGTGPV.KOKVCVKQPUQH+PVGTPCN(KPCPEKCN%QPVTQNU1XGT CEEQTFCPEG YKVJ VJG )WKFCPEG 0QVG QP #WFKV QH +PVGTPCN Financial Reporting (KPCPEKCN%QPVTQNU1XGT(KPCPEKCN4GRQTVKPI VJGő)WKFCPEG 0QVGŒ  KUUWGF D[ VJG +PUVKVWVG QH %JCTVGTGF #EEQWPVCPVU $GECWUG QH VJG KPJGTGPV NKOKVCVKQPU QH KPVGTPCN ſPCPEKCN QH+PFKCCPFVJG5VCPFCTFUQP#WFKVKPIRTGUETKDGFWPFGT EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI KPENWFKPI VJG RQUUKDKNKV[ 5GEVKQP  QHVJG%QORCPKGU#EVVQVJGGZVGPV QHEQNNWUKQPQTKORTQRGTOCPCIGOGPVQXGTTKFGQHEQPVTQNU CRRNKECDNGVQCPCWFKVQHKPVGTPCNſPCPEKCNEQPVTQNU6JQUG OCVGTKCNOKUUVCVGOGPVUFWGVQGTTQTQTHTCWFOC[QEEWTCPF 5VCPFCTFUCPFVJG)WKFCPEG0QVGTGSWKTGVJCVYGEQORN[ PQVDGFGVGEVGF#NUQRTQLGEVKQPUQHCP[GXCNWCVKQPQHVJG YKVJGVJKECNTGSWKTGOGPVUCPFRNCPCPFRGTHQTOVJGCWFKV KPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPIVQHWVWTG VQQDVCKPTGCUQPCDNGCUUWTCPEGCDQWVYJGVJGTCFGSWCVG RGTKQFU CTG UWDLGEV VQ VJG TKUM VJCV VJG KPVGTPCN ſPCPEKCN KPVGTPCN HKPCPEKCN EQPVTQNU QXGT HKPCPEKCN TGRQTVKPI YCU EQPVTQN QXGT ſPCPEKCN TGRQTVKPI OC[ DGEQOG KPCFGSWCVG GUVCDNKUJGFCPFOCKPVCKPGFCPFKHUWEJEQPVTQNUQRGTCVGF DGECWUG QH EJCPIGU KP EQPFKVKQPU QT VJCV VJG FGITGG QH GHHGEVKXGN[KPCNNOCVGTKCNTGURGEVU EQORNKCPEGYKVJVJGRQNKEKGUQTRTQEGFWTGUOC[FGVGTKQTCVG

1WTCWFKVKPXQNXGURGTHQTOKPIRTQEGFWTGUVQQDVCKPCWFKV $CUKUHQT3WCNKſGF1RKPKQP GXKFGPEG CDQWV VJG CFGSWCE[ QH VJG KPVGTPCN HKPCPEKCN EQPVTQNUU[UVGOQXGTſPCPEKCNTGRQTVKPICPFVJGKTQRGTCVKPI 9KVJ TGURGEV VQ VJG *QNFKPI %QORCP[ CEEQTFKPI VQ VJG GHHGEVKXGPGUU1WTCWFKVQHKPVGTPCNſPCPEKCNEQPVTQNUQXGT KPHQTOCVKQP CPF GZRNCPCVKQP IKXGP VQ WU CPF DCUGF QP ſPCPEKCNTGRQTVKPIKPENWFGFQDVCKPKPICPWPFGTUVCPFKPIQH QWTCWFKVOCVGTKCNYGCMPGUUGUJCXGDGGPKFGPVKſGFKPVJG KPVGTPCNſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPICUUGUUKPI QRGTCVKPIGHHGEVKXGPGUUQHVJG*QNFKPI%QORCP[ŏUKPVGTPCN

 ſPCPEKCNEQPVTQNUQXGTſPCPEKCNTGRQTVKPICUCV/CTEJ %QPVTQNU1XGT(KPCPEKCN4GRQTVKPIKUUWGFD[VJG+PUVKVWVGQH KPTGURGEVQHRTQXKUKQPKPIQHQXGTFWGTGEGKXCDNGUCPF %JCTVGTGF#EEQWPVCPVUQH+PFKCCPFGZEGRVHQTVJGRQUUKDNG RTQXKUKQPKPIHQTCFXCPEGUYJKEJJCXGDGGPQWVUVCPFKPIHQT GHHGEVUQHVJGOCVGTKCNYGCMPGUUGUFGUETKDGFKP$CUKUHQT CEQPUKFGTCDNGRGTKQFQHVKOGYJKEJEQWNFRQVGPVKCNN[TGUWNV 3WCNKſGF1RKPKQPRCTCITCRJCDQXGQPVJGCEJKGXGOGPVQH KPVJG*QNFKPI%QORCP[PQVTGEQIPKUKPICRTQXKUKQPHQTVJG VJGQDLGEVKXGUQHVJGEQPVTQNETKVGTKCVJG*QNFKPI%QORCP[ŏU UCKFTGEGKXCDNGUCPFCFXCPEGU KPVGTPCN ſPCPEKCN EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI YGTG QRGTCVKPIGHHGEVKXGN[CUQH/CTEJ # ŎOCVGTKCN YGCMPGUUŏ KU FGſEKGPE[ QT C EQODKPCVKQP QH FGHKEKGPEKGU KP KPVGTPCN HKPCPEKCN EQPVTQN QXGT HKPCPEKCN 9G JCXG EQPUKFGTGF VJG OCVGTKCN YGCMPGUUGU KFGPVKſGF TGRQTVKPIUWEJVJCVVJGTGKUCTGCUQPCDNGRQUUKDKNKV[VJCVC CPFTGRQTVGFCDQXGKPFGVGTOKPKPIVJGPCVWTGVKOKPICPF OCVGTKCNOKUUVCVGOGPVQHVJG%QORCP[ŏUCPPWCNQTKPVGTKO GZVGPVQH#WFKVVGUVCRRNKGFKPQWTCWFKVQH%QPUQNKFCVGF+PF ſPCPEKCNUVCVGOGPVUYKNNPQVDGRTGXGPVGFQTFGVGEVGFQP #5(KPCPEKCNUVCVGOGPVUQHVJG*QNFKPI%QORCP[HQTVJG CVKOGN[DCUKU [GCTGPFGF/CTEJCPFVJGOCVGTKCNYGCMPGUUGU CHHGEVUQWTQRKPKQPQPVJGUCKF%QPUQNKFCVGF+PF#5ſPCPEKCN 3WCNKſGF1RKPKQP UVCVGOGPVUQHVJG*QNFKPI%QORCP[ +PQWTQRKPKQPVQVJGDGUVQHQWTKPHQTOCVKQPCPFCEEQTFKPI For MSKA & Associates VQVJGGZRNCPCVKQPUIKXGPVQWUVJG*QNFKPI%QORCP[KPCNN (Formerly known as MZSK & Associates) OCVGTKCN TGURGEVU OCKPVCKPGF CFGSWCVG KPVGTPCN ſPCPEKCN %JCTVGTGF#EEQWPVCPVU EQPVTQNU QXGT ſPCPEKCN TGRQTVKPI CU QH /CTEJ   (KTOŏU4GIKUVTCVKQP0Q9  DCUGF QP VJG ETKVGTKC HQT KPVGTPCN ſPCPEKCN EQPVTQN QXGT ſPCPEKCNTGRQTVKPIGUVCDNKUJGFD[VJGTGURGEVKXGEQORCPKGU Geetha Jeyakumar EQPUKFGTKPI VJG GUUGPVKCN EQORQPGPVU QH KPVGTPCN EQPVTQN 2NCEG%JGPPCK 2CTVPGT UVCVGFKPVJG)WKFCPEG0QVGQP#WFKVQH+PVGTPCN(KPCPEKCN &CVG,WPG /GODGTUJKR0Q

 %QPUQNKFCVGF$CNCPEG5JGGVCUCV/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at As at Particulars Notes 31-03-2018 31-03-2017 01-04-2016 ASSETS Non-Current Assets 2TQRGTV[RNCPVCPFGSWKROGPV     %CRKVCNYQTMKPRTQITGUU    +PVCPIKDNGCUUGVU     Financial Assets Investments     .QCPU     6TCFG4GEGKXCDNGU     1VJGTſPCPEKCNCUUGVU     &GHGTTGF6CZ#UUGVU 0GV     +PEQOG6CZ#UUGVU 0GV 12    1VJGT0QP%WTTGPV#UUGVU 11    Total Non-Current Assets 165,818.16 119,384.48 109,932.51 Current Assets +PXGPVQTKGU 13    Financial Assets 6TCFGTGEGKXCDNGU     %CUJCPFECUJGSWKXCNGPVU     1VJGT$CPM$CNCPEGU     1VJGT(KPCPEKCNCUUGVU     1VJGTCWTTGPVCUUGVU     Total Current Assets 149,286.31 167,149.60 116,842.22 Total Assets 315,104.47 286,534.08 226,774.73 '37+6;#0&.+#$+.+6+'5 'SWKV[ 'SWKV[UJCTGECRKVCN     1VJGTGSWKV[     6QVCN'SWKV[ 122,965.01 114,070.25 (7,411.11) .KCDKNKVKGU 0QPEWTTGPV.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGU $QTTQYKPIU 21    1VJGTſPCPEKCNNKCDKNKVKGU 22    2TQXKUKQPU 23    1VJGTPQPEWTTGPVNKCDKNKVKGU     6QVCN0QP%WTTGPV.KCDKNKVKGU 49,576.81 53,699.96 159,908.04 %WTTGPV.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGU $QTTQYKPIU     6TCFGRC[CDNGU     1VJGTſPCPEKCNNKCDKNKVKGU     1VJGTEWTTGPVNKCDKNKVKGU     2TQXKUKQPU     6QVCN%WTTGPV.KCDKNKVKGU 142,562.65 118,763.87 74,277.80 6QVCN.KCDKNKVKGU 192,139.46 172,463.83 234,185.84 6QVCN'SWKV[CPF.KCDKNKVKGU 315,104.47 286,534.08 226,774.73 5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2 6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU #URGTQWTTGRQTVQHGXGPFCVG For MSKA & Associates (QTCPFQPDGJCNHQHVJG$QCTFQH&KTGEVQTU %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

)GGVJC,G[CMWOCT 65JKXCTCOCP %JCPFTC4COGUJ 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

 %QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF.QUU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF Year ended Year ended Particulars Notes 31 March 18 31 March 17 Income 4GXGPWGHTQOQRGTCVKQPU    1VJGTKPEQOG 31   Total income 93,422.49 83,205.38

Expenses %QUVQHOCVGTKCNUEQPUWOGF 32   'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU 33   %JCPIGUKPKPXGPVQTKGUQHſPKUJGFIQQFUUVQEMKPVTCFGCPFYQTMKP    RTQITGUU 'ORNQ[GGDGPGſVUGZRGPUG    Finance costs    &GRTGEKCVKQPCPFCOQTVK\CVKQPGZRGPUG    1VJGTGZRGPUGU    Total expenses 92,281.28 104,090.07

2TQſV .QUU DGHQTGGZEGRVKQPCNKVGOUCPFVCZ   'ZEGRVKQPCNKVGOU    2TQſV .QUU DGHQTGVCZ 1,141.21 (21,292.25)

Income tax expense  %WTTGPVVCZ   &GHGTTGFVCZ   Total income tax expense 1,350.71 (7,547.72)

.QUUHQTVJG[GCT (209.50) (13,744.53)

1VJGTEQORTGJGPUKXGKPEQOG 1VJGTEQORTGJGPUKXGKPEQOGPQVVQDGTGENCUUKſGFVQRTQſVQTNQUUKP UWDUGSWGPVRGTKQFU 4GOGCUWTGOGPVICKPUQPFGſPGFDGPGſVRNCPU   (CKT8CNWGQH'SWKV[+PUVTWOGPVUVJTQWIJ1%+  

1VJGTEQORTGJGPUKXGKPEQOGHQTVJG[GCT 56.34 6.12

6QVCNQVJGTEQORTGJGPUKXGNQUUHQTVJG[GCT (153.16) (13,738.41)

'CTPKPIU .QUU RGTUJCTG $CUKEGCTPKPIU NQUU RGTUJCTG `   &KNWVGFGCTPKPIU NQUU RGTUJCTG `   (CEGXCNWGRGTGSWKV[UJCTG `   5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2 6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU #URGTQWTTGRQTVQHGXGPFCVG For MSKA & Associates (QTCPFQPDGJCNHQHVJG$QCTFQH&KTGEVQTU %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

)GGVJC,G[CMWOCT 65JKXCTCOCP %JCPFTC4COGUJ 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

 %QPUQNKFCVGF5VCVGOGPVQHEJCPIGUKPGSWKV[HQTVJG

[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF (A) 'SWKV[UJCTGECRKVCN 31-Mar-18 31-Mar-17 No. of shares Amount No. of shares Amount 1WVUVCPFKPICVVJGDGIKPPKPIQHVJG[GCT 'SWKV[UJCTGUQH     `GCEJKUUWGFUWDUETKDGFCPFHWNN[RCKF #FF5JCTGUKUUWGFFWTKPIVJG[GCT     1WVUVCPFKPICVVJGGPFQHVJG[GCT 971,529,018 97,152.90 936,967,941 93,696.79

(B) 1VJGTGSWKV[ %QORQPGPVUQH1VJGT 4GUGTXGCPFUWTRNWU %QORTGJGPUKXG+PEQOG Share Foreign Re- Application Share currency measurement 'SWKV[ Share of Particulars money options Securities monetary Non - ICKPU instruments Total General Capital TGUGTXGU Retained pending out- premium items Controlling (losses) VJTQWIJ1VJGT TGUGTXG TGUGTXG from an earnings allotment standing TGUGTXG translation Interest QPFGſPGF %QORTGJGPUKXG Associate account difference DGPGſVRNCPU Income account (Net of Tax)

Balance as at 1 April 6,493.00 0.17 104,622.88 561.75 12.92 (5.57) 4,700.99 - (156,867.04) - 7.15 (40,473.75) 2016 .QUUHQTVJG[GCT             1VJGTEQORTGJGPUKXG            income Total other EQORTGJGPUKXGKPEQOG 6,493.00 0.17 104,622.88 561.75 12.92 (49.26) 4,700.99 0.00 (170,611.57) 14.42 (1.15) (54,255.85) (loss) for the year

+UUWGQH'SWKV[UJCTGU             Balance as at 31 March - 0.17 185,745.20 561.75 12.92 (49.26) 4,700.99 - (170,611.57) 14.42 (1.15) 20,373.46 2017

.QUUHQTVJG[GCT             1VJGTEQORTGJGPUKXG             income Total other EQORTGJGPUKXGKPEQOG - - - - - (15.31) - 126.89 (209.50) 59.04 (2.70) (41.58) (loss) for the year

+UUWGQHGSWKV[UJCTGU   Balance as at 31 March - 0.17 191,225.43 561.75 12.92 (64.57) 4,700.99 126.89 (170,821.07) 73.46 (3.85) 25,812.11 2018 #URGTQWTTGRQTVQHGXGPFCVG For MSKA & Associates (QTCPFQPDGJCNHQHVJG$QCTFQH&KTGEVQTU %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

)GGVJC,G[CMWOCT 65JKXCTCOCP %JCPFTC4COGUJ 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

 %QPUQNKFCVGF5VCVGOGPVQH%CUJƀQYU

HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF Particulars Year ended Year ended 31-Mar-18 31-Mar-17 %CUJƀQYHTQOQRGTCVKPICEVKXKVKGU 2TQſV .QUU DGHQTGVCZ 1,141.21 (21,292.25) #FLWUVOGPVUHQT &GRTGEKCVKQPCPFCOQTVK\CVKQPGZRGPUGU   2TQXKUKQPHQT)TCVWKV[   2TQXKUKQPHQT%QORGPUCVGF#DUGPEGU    (CKTXCNWCVKQPQH+PXGUVOGPVU   2TQXKUKQPHQT+PXGUVOGPVU   2TQXKUKQPHQTFQWDVHWNVTCFGCPF1VJGTTGEGKXCDNGUCPF.QCPUCPF   Advances Finance cost   +PVGTGUVKPEQOG    &GHGTTGFTGPV .KCDKNKVKGUYTKVVGPDCEM    )CKP NQUUQPUCNGQHſZGFCUUGVU    1RGTCVKPIRTQſVDGHQTGYQTMKPIECRKVCNEJCPIGU 3,481.07 4,838.65

Changes in working capital &GETGCUG +PETGCUG KPKPXGPVQTKGU   &GETGCUG +PETGCUG KPVTCFGTGEGKXCDNGU   &GETGCUG +PETGCUG KPNQCPU    &GETGCUG +PETGCUG KPQVJGTſPCPEKCNCUUGVU   &GETGCUG +PETGCUG KPQVJGTEWTTGPVCUUGVU   &GETGCUG +PETGCUG KPPQPEWTTGPVCUUGVU     +PETGCUG &GETGCUG KPVTCFGRC[CDNGU   +PETGCUG &GETGCUG KPQVJGTEWTTGPVNKCDKNKVKGU   +PETGCUG &GETGCUG KPQVJGTPQPEWTTGPVNKCDKNKVKGU    +PETGCUG &GETGCUG KP5JQTV6GTORTQXKUKQPU    +PETGCUG &GETGCUG KP.QPI6GTORTQXKUKQPU   +PETGCUG &GETGCUG KPQVJGTſPCPEKCNNKCDKNVKGU   Cash generated used in operations 3,363.90 (375.39) +PEQOGVCZRCKF    0GVECUJƀQYUWUGFKPQRGTCVKPICEVKXKVKGU # 2,758.27 1,248.38

%CUJƀQYHTQO+PXGUVKPICEVKXKVKGU 2C[OGPVHQTRTQRGTV[RNCPVCPFGSWKROGPVCPFKPVCPIKDNGCUUGVU    /QXGOGPVKP$CPMDCNCPEGUPQVEQPUKFGTGFCU%CUJCPFECUJ   GSWKXCNGPVU 0GV 2TQEGGFUHTQOUCNGUQHKPXGUVOGPVU   2TQEGGFUHTQOUCNGFKURQUCNQHſZGFCUUGVU   0GVRTQEGGFUHTQOſZGFFGRQUKVU   +PVGTGUVTGEGKXGF   0GVECUJƀQYHTQOKPXGUVKPICEVKXKVKGU $ 2,135.01 (563.27)

%CUJƀQYHTQO(KPCPEKPICEVKXKVKGU 2TQEGGFUHTQOKUUWCPEGQHGSWKV[UJCTGECRKVCN  

131 4GEGKRV 4GHWPF QH5JCTGCRRNKECVKQPOQPG[    2TQEGGFUHTQO5JQTVVGTODQTTQYKPIU PGV   4GRC[OGPVQH.QPIVGTODQTTQYKPIU    4GFGORVKQPQH2TGHGTGPEGUJCTGU /QXGOGPVKPEWTTGPVOCVWTKVKGUQHNQPIVGTODQTTQYKPIU +PVGTGUVCPF(KPCPEG%JCTIGU2CKF    0GVECUJƀQYHTQOſPCPEKPICEVKXKVKGU % (8,063.17) 3,508.59

0GVKPETGCUGKPECUJCPFECUJGSWKXCNGPVU # $ %   %CUJCPFECUJGSWKXCNGPVUCVVJGDGIKPPKPIQHVJG[GCT   %CUJCPFECUJGSWKXCNGPVUCVVJGGPFQHVJG[GCT 2,373.38 5,543.27

%CUJCPFECUJGSWKXCNGPVUEQORTKUG %CUJCPFECUJGSWKXCNGPVUCURGT$CNCPEG5JGGV   .GUU$CPMDCNCPEGUPQVEQPUKFGTGFCU%CUJCPFECUJGSWKXCNGPVU   CUFGſPGFKP#5%CUJ(NQY5VCVGOGPVU 4GHGT0QVG Total cash and bank balances at end of the year (Refer Note 15) 2,373.38 5,543.27

Note: 5KIPKſECPV0QP%CUJ+VGOU %QPXGTUKQPQH(WPFGF+PVGTGUV6GTO.QCPKPVQ'SWKV[   %QPXGTUKQPQH9QTMKPI%CRKVCN6GTO.QCPKPVQ'SWKV[   %QPXGTUKQPQH+PVGTGUV5CETKſEGKPVQ'SWKV[  

5WOOCT[QHUKIPKſECPVCEEQWPVKPIRQNKEKGU 2

6JGCEEQORCP[KPIPQVGUCTGCPKPVGITCNRCTVQHVJGſPCPEKCNUVCVGOGPVU

#URGTQWTTGRQTVQHGXGPFCVG For MSKA & Associates (QTCPFQPDGJCNHQHVJG$QCTFQH&KTGEVQTU %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

)GGVJC,G[CMWOCT 65JKXCTCOCP %JCPFTC4COGUJ 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

132 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

1A General Information QHJQNFKPICPFXQVKPI %QWPVT[QH RQYGT 5JTKTCO '2% .KOKVGF VJG ő%QORCP[Œ QT ő5'2%Œ  0COGQHVJGGPVKV[ 4GNCVKQPUJKR YJKEJKUCRCTVQHVJG5JTKTCO'2%)TQWRJCUFKXGTUG +PEQTRQTCVKQP /CTEJ /CTEJ KPVGTGUVUCETQUU2TQLGEV'PIKPGGTKPI%QPUVTWEVKQP   7PKVGF#TCD 6JG EQORCP[ RTQXKFGU GPFVQGPF UQNWVKQPU VQ 5JTKTCO'2% (<'  5WDUKFKCT[   GPIKPGGTKPI EJCNNGPIGU QHHGTKPI OWNVK FKUEKRNKPCT[ 'OKTCVGU FGUKIP GPIKPGGTKPI RTQEWTGOGPV EQPUVTWEVKQP CPF *CNFKC%QMGCPF RTQLGEV OCPCIGOGPV UGTXKEGU 5'2% KU HQEWUGF QP %JGOKECNU2TKXCVG.KOKVGF Associate India   RTQXKFKPIVWTPMG[UQNWVKQPUHQTHGTTQWUPQPHGTTQWU 4GHGT0QVG KKK CDQXG EGOGPVCNWOKPWOEQRRGTCPFVJGTOCNRQYGTRNCPVU QHJQNFKPICPFXQVKPI YCVGT VTGCVOGPV  VTCPUOKUUKQP TGPGYCDNG GPGTI[ 0COGQHVJG %QWPVT[QH RQYGT 4GNCVKQPUJKR EQQNKPIVQYGTUOCVGTKCNJCPFNKPI entity +PEQTRQTCVKQP /CTEJ /CTEJ 1B Principles of Consolidation   5JTKTCO 5WDUKFKCT[QH 6JG %QPUQNKFCVGF (KPCPEKCN UVCVGOGPVU TGNCVG VQ '2%#TMCP /WUECV1OCP   UWDUKFKCT[ 5JTKTCO'2%.KOKVGF VJGŎ%QORCP[ŏ CPFKVUUWDUKFKCT[ ..% %QORCP[6JG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVUJCXG 'PPQTG 5WDUKFKCT[QH DGGPRTGRCTGFQPVJGHQNNQYKPIDCUKU %QMG India   Associate  K  6JG (KPCPEKCN UVCVGOGPVU QH VJG UWDUKFKCT[ .KOKVGF Wellman EQORCP[KPVJGEQPUQNKFCVKQPCTGFTCYPWRVQVJG 5WDUKFKCT[QH %QMG+PFKC India   UCOGTGRQTVKPIFCVGCUVJCVQHVJG%QORCP[KG Associate /CTEJ .KOKVGF  KK  6JG (KPCPEKCN UVCVGOGPVU QH VJG %QORCP[ CPF XK  6JGTGUWNVUCPFſPCPEKCNRQUKVKQPQHHQTGKIPQRGTCVKQPU KVUUWDUKFKCT[EQORCP[JCXGDGGPEQODKPGFQP YKVJHWPEVKQPCNEWTTGPE[FKHHGTGPVHTQOVJGRTGUGPVCVKQP CNKPGD[NKPGDCUKUD[CFFKPIVQIGVJGTNKMGKVGOU EWTTGPE[CTGVTCPUNCVGFKPVQVJGRTGUGPVCVKQPEWTTGPE[ QHCUUGVUNKCDKNKVKGUKPEQOGCPFGZRGPUGUCHVGT CUHQNNQYU GNKOKPCVKPI KPVTCITQWR DCNCPEGU KPVTCITQWR  C #UUGVU CPF NKCDKNKVKGU HQT GCEJ EQPUQNKFCVGF VTCPUCEVKQPU CPF TGUWNVKPI WPTGCNKUGF RTQſVU QT UVCVGOGPV QH HKPCPEKCN RQUKVKQP RTGUGPVGF CTG NQUUGUWPNGUUEQUVECPPQVDGTGEQXGTGF VTCPUNCVGF CV VJG ENQUKPI TCVG CV VJG FCVG QH VJCV EQPUQNKFCVGFUVCVGOGPVQHſPCPEKCNRQUKVKQP  KKK 6JG  EQPUQNKFCVGF ſPCPEKCN UVCVGOGPVU KPENWFG VJGUJCTGQHRTQſVNQUUQHVJGCUUQEKCVGEQORCP[  D +PEQOG CPF GZRGPUGU HQT GCEJ EQPUQNKFCVGF YJKEJ JCXG DGGP CEEQWPVGF HQT WUKPI GSWKV[ UVCVGOGPVQHEQORTGJGPUKXGKPEQOGCTGVTCPUNCVGF OGVJQF#EEQTFKPN[VJGUJCTGQHRTQſVNQUUQHVJG CVCXGTCIGGZEJCPIGTCVGU WPNGUUCXGTCIGTCVGKU CUUQEKCVG EQORCPKGU VJG NQUU DGKPI TGUVTKEVGF PQVCTGCUQPCDNGCRRTQZKOCVKQPQHVJGEWOWNCVKXG VQ VJG EQUV QH +PXGUVOGPV  JCU DGGP CFFGF VQ GHHGEV QH VJG TCVGU RTGXCKNKPI QP VJG VTCPUCEVKQP FGFWEVGF HTQO VJG EQUV QH +PXGUVOGPV (QT VJG FCVGU KP YJKEJ ECUG KPEQOG CPF GZRGPUGU TGCUQPUUVCVGFKP0QVG0QVJGITQWRŏUUJCTG CTG VTCPUNCVGF CV VJG TCVG QP VJG FCVGU  QH VJG QHNQUUGUKPKVU#UUQEKCVGHQTVJG[GCTJCXGPQV VTCPUCEVKQPU CPF DGGPKPVJGUGEQPUQNKFCVGFſPCPEKCNUVCVGOGPVU  E #NNTGUWNVKPIGZEJCPIGFKHHGTGPEGUCTGTGEQIPKUGF  KX  6JGFKHHGTGPEGDGVYGGPVJGEQUVQH+PXGUVOGPVUKP KPQVJGTEQORTGJGPUKXGKPEQOG VJG#UUQEKCVGCPFVJGUJCTGQHPGVCUUGVUCVVJG  5KIPKſECPVCEEQWPVKPIRQNKEKGU VKOGQHCESWKUKVKQPQHVJGUJCTGUKPVJG#UUQEKCVGKU 5KIPKſECPVCEEQWPVKPIRQNKEKGUCFQRVGFD[VJGEQORCP[ KFGPVKſGFKPVJG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVU CTGCUWPFGT CU)QQFYKNNECRKVCNTGUGTXGCUVJGECUGOC[DG 2.1 Basis of Preparation of Financial Statements  X 6JGHQNNQYKPIUWDUKFKCT[CPF#UUQEKCVGJCXGDGGP  EQPUKFGTGFKPVJGRTGRCTCVKQPQHVJG%QPUQNKFCVGF 6JGCDTKFIGFEQPUQNKFCVGFſPCPEKCNUVCVGOGPVUJCXG Financial stateOGPVU DGGPRTGRCTGFKPCEEQTFCPEGYKVJVJGTGSWKTGOGPVU

133 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ QH 4WNG  QH VJG %QORCPKGU #EEQWPVU  4WNGU VTCPUKVKQP KU EQPUKFGTGF CU VJG FGGOGF EQUV  CU TGHGTTGF VQ KP ſTUV RTQXKUQ VQ UWDUGEVKQP   QH UGEVKQP  QH VJG %QORCPKGU #EV  #NNCUUGVUCPFNKCDKNKVKGUJCXGDGGPENCUUKſGFCU CPF QP VJG DCUKU QH VJG EQORNGVG UGV QH CWFKVGF EWTTGPV QT PQPEWTTGPV CU RGT VJG %QORCP[ŏU EQPUQNKFCVGF HKPCPEKCN UVCVGOGPVU HQT VJG [GCT QRGTCVKPI E[ENG CPF QVJGT ETKVGTKC UGV QWV KP GPFGF  /CTEJ  RTGRCTGF KP CEEQTFCPEG VJG 5EJGFWNG +++ VQ VJG %QORCPKGU #EV  YKVJ +PFKCP #EEQWPVKPI 5VCPFCTFU +PF #5  PQVKſGF 6JG PQTOCN QRGTCVKPI E[ENG QH VJG GPVKV[ HQT WPFGT5GEVKQPQHVJG%QORCPKGU#EV VJG %QPUVTWEVKQPEQPVTCEVUKUVJGFWTCVKQPQHVQ ő#EVŒ  TGCF YKVJ VJG %QORCPKGU +PFKCP #EEQWPVKPI [GCTUFGRGPFKPIQPGCEJEQPVTCEV(QTCNNQVJGT 5VCPFCTFU  4WNGU  CPF %QORCPKGU +PFKCP UGIOGPVUVJGPQTOCNQRGTCVKPIE[ENGJCUDGGP #EEQWPVKPI 5VCPFCTFU  #OGPFOGPV 4WNGU   EQPUKFGTGFCUCFWTCVKQPQHOQPVJU 6JG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVUQHVJG)TQWR JCXG DGGP RTGRCTGF WUKPI UKIPKHKECPV CEEQWPVKPI E  2TGUGPVCVKQPQHſPCPEKCNUVCVGOGPVU RQNKEKGUCPFOGCUWTGOGPVDCUKUUWOOCTKUGFDGNQY 6JG %QPUQNKFCVGF $CNCPEG 5JGGV CPF VJG 6JGUGYGTGWUGFVJTQWIJQWVCNNRGTKQFURTGUGPVGFKP %QPUQNKFCVGF 5VCVGOGPV QH 2TQHKV CPF .QUU VJGſPCPEKCNUVCVGOGPVUGZEGRVYJGTGVJGEQORCP[ CTG RTGRCTGF CPF RTGUGPVGF KP VJG HQTOCV JCUCRRNKGFEGTVCKPCEEQWPVKPIRQNKEKGUCPFGZGORVKQPU RTGUETKDGFKPVJG5EJGFWNG+++VQVJG%QORCPKGU WRQPVTCPUKVKQPVQ+PF#5CUUWOOCTKUGFKP0QVG #EV  őVJG #EVŒ  6JG %QPUQNKFCVGF (a) Statement of Compliance with Ind AS UVCVGOGPV QH ECUJ HNQYU JCU DGGP RTGRCTGF CPF RTGUGPVGF CU RGT VJG TGSWKTGOGPVU QH +PF 6JGUG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVUQHVJG #5ő5VCVGOGPVQH%CUJƀQYUŒ6JGFKUENQUWTG )TQWRJCXGDGGPRTGRCTGFKPCEEQTFCPEGYKVJ TGSWKTGOGPVU YKVJ TGURGEV VQ KVGOU KP VJG +PFKCP #EEQWPVKPI 5VCPFCTFU +PF #5  PQVKſGF %QPUQNKFCVGF $CNCPEG 5JGGV CPF %QPUQNKFCVGF WPFGT5GEVKQPQHVJG%QORCPKGU#EV VJG 5VCVGOGPV QH 2TQHKV CPF .QUU CU RTGUETKDGF ő#EVŒ TGCFYKVJVJG%QORCPKGU +PFKCP#EEQWPVKPI KP VJG 5EJGFWNG +++ VQ VJG #EV CTG RTGUGPVGF 5VCPFCTFU 4WNGUCPF%QORCPKGU +PFKCP D[ YC[ QH PQVGU HQTOKPI RCTV QH VJG ſPCPEKCN #EEQWPVKPI5VCPFCTFU #OGPFOGPV4WNGU UVCVGOGPVUCNQPIYKVJVJGQVJGTPQVGUTGSWKTGF VQ DG FKUENQUGF WPFGT VJG PQVKſGF #EEQWPVKPI 6JGFCVGQHVTCPUKVKQPVQ+PF#5KU#RTKN 5VCPFCTFUCPFVJG5'$+ .KUVKPI1DNKICVKQPUCPF 6JG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVUWRVQVJG &KUENQUWTG 4GSWKTGOGPVU  4GIWNCVKQPU  [GCT GPFGF /CTEJ   YGTG RTGRCTGF KP CEEQTFCPEGYKVJVJGCEEQWPVKPIUVCPFCTFUPQVKſGF #OQWPVUKPVJG%QPUQNKFCVGFſPCPEKCNUVCVGOGPVU WPFGT VJG %QORCPKGU #EEQWPVKPI 5VCPFCTFU  CTG RTGUGPVGF KP +PFKCP 4WRGGU KP .CMJU 4WNGU   ő+)##2Œ  CPF QVJGT TGNGXCPV TQWPFGFQHHVQVYQFGEKOCNRNCEGUCURGTOKVVGF RTQXKUKQPU QH VJG #EV 6JG ſIWTGU HQT VJG [GCT D[5EJGFWNG+++VQVJG%QORCPKGU#EV2GT GPFGF/CTEJJCXGPQYDGGPTGUVCVGF UJCTGFCVCCTGRTGUGPVGFKP+PFKCP4WRGGUVQVYQ CU RGT +PF #5 VQ RTQXKFG EQORCTCDKNKV[ 6JGUG FGEKOCNRNCEGU %QPUQNKFCVGF ſPCPEKCNU UVCVGOGPVU JCXG DGGP CRRTQXGFHQTKUUWGD[VJG$QCTFQH&KTGEVQTUCV (d) Use of estimates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b) Basis of measurement CU CV VJG $CNCPEG 5JGGV FCVG 6JG GUVKOCVGU and assumptions used in the accompanying 6JG %QPUQNKFCVGF ſPCPEKCN UVCVGOGPVU QH VJG %QPUQNKFCVGFſPCPEKCNUVCVGOGPVUCTGDCUGFWRQP )TQWRJCXGDGGPRTGRCTGFQPCJKUVQTKECNEQUV VJG/CPCIGOGPVŏUGXCNWCVKQPQHVJGTGNGXCPVHCEVU EQPXGPVKQP QP CEETWCN DCUKU  GZEGRV %GTVCKP CPFEKTEWOUVCPEGUCUCVVJGFCVGQHVJGſPCPEKCN ſPCPEKCN CUUGVU CPF NKCDKNKVKGU OGCUWTGF CV HCKT UVCVGOGPVU#EVWCNTGUWNVUEQWNFFKHHGTHTQOVJGUG XCNWG 4GHGT0QVGHQT(KPCPEKCN+PUVTWOGPVU  GUVKOCVGU'UVKOCVGUCPFWPFGTN[KPICUUWORVKQPU

CTG TGXKGYGF QP C RGTKQFKE DCUKU 4GXKUKQPU VQ 6JG ECTT[KPI XCNWG QH CNN VJG KVGOU QH CEEQWPVKPIGUVKOCVGUKHCP[CTGTGEQIPK\GFKP RTQRGTV[ RNCPV CPF GSWKROGPV CU QP FCVG QH

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

VJG[GCTKPYJKEJVJGGUVKOCVGUCTGTGXKUGFCPFKP CPFEWOWNCVKXGKORCKTOGPVKUVCMGPCUEQUVQP CP[HWVWTG[GCTUCHHGEVGF4GHGT0QVGHQTFGVCKNGF VTCPUKVKQPFCVG FKUEWUUKQPQPGUVKOCVGUCPFLWFIOGPVU #FXCPEGURCKFVQYCTFUVJGCESWKUKVKQPQHRTQRGTV[ G  +PVGTGUVUKP,QKPV1RGTCVKQPU RNCPVCPFGSWKROGPVQWVUVCPFKPICVGCEJDCNCPEG UJGGVFCVGKUENCUUKſGFCUECRKVCNCFXCPEGUWPFGT 9JGP VJG )TQWR JCU LQKPV EQPVTQN QH VJG QVJGTPQPEWTTGPVCUUGVUCPFVJGEQUVQHCUUGVU CTTCPIGOGPVDCUGFQPEQPVTCEVWCNN[FGVGTOKPGF PQV RWV VQ WUG DGHQTG UWEJ FCVG CTG FKUENQUGF TKIJVVQVJGCUUGVUCPFQDNKICVKQPUHQTNKCDKNKVKGU WPFGTŎ%CRKVCNYQTMKPRTQITGUUŏ KVTGEQIPKUGUUWEJKPVGTGUVUCULQKPVQRGTCVKQPU ,QKPVEQPVTQNGZKUVUYJGPVJGFGEKUKQPUCDQWVVJG   &GRTGEKCVKQPOGVJQFUGUVKOCVGFWUGHWNNKXGU TGNGXCPVCEVKXKVKGUTGSWKTGWPCPKOQWUEQPUGPVQH 6JG )TQWR FGRTGEKCVGU RTQRGTV[ RNCPV CPF VJGRCTVKGUUJCTKPIVJGEQPVTQN+PTGURGEVQHKVU GSWKROGPVQXGTVJGKTGUVKOCVGFWUGHWNNKXGUWUKPI KPVGTGUVUKPLQKPVQRGTCVKQPUVJG)TQWRTGEQIPKUGU VJG UVTCKIJV NKPG OGVJQF 6JG GUVKOCVGF WUGHWN KVU UJCTG KP CUUGVU NKCDKNKVKGU KPEQOG CPF NKXGUQHCUUGVUCTGCUHQNNQYU GZRGPUGUNKPGD[NKPGKPVJGUVCPFCNQPGſPCPEKCN UVCVGOGPVU QH VJG GPVKV[ YJKEJ KU RCTV[ VQ UWEJ 2TQRGTV[RNCPVCPFGSWKROGPV LQKPVCTTCPIGOGPVYJKEJVJGPDGEQOGURCTVQHVJG EQPUQNKFCVGF ſPCPEKCN UVCVGOGPVU QH VJG )TQWR .GCUGJQNFKORTQXGOGPV .GCUGRGTKQFQTNKHGQH YJGP VJG ſPCPEKCN UVCVGOGPVU QH VJG *QNFKPI CUUGVYJKEJGXGTKUNQYGT %QORCP[CPFKVUUWDUKFKCTKGUCTGEQODKPGFHQT 2NCPV/CEJKPGT[ VQ[GCTU EQPUQNKFCVKQP (WTPKVWTGCPFſZVWTGU [GCTU  2TQRGTV[RNCPVCPFGSWKROGPV 22' 1HſEGGSWKROGPV [GCTU 2TQRGTV[ RNCPV CPF GSWKROGPV KU TGEQIPKUGF %QORWVGTU YJGPKVKURTQDCDNGVJCVHWVWTGGEQPQOKEDGPGſVU 5GTXGTU [GCTU CUUQEKCVGFYKVJVJGKVGOYKNNƀ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ŏUCEEQWPVKPIRQNKE[5WDUGSWGPV VJGRTGUETKDGFWUGHWNNKXGUWPFGT5EJGFWNG++VQVJG EQUVUCTGKPENWFGFKPVJGCUUGVŏUECTT[KPICOQWPV %QORCPKGU #EV  /CPCIGOGPV DGNKGXGU VJCV QTTGEQIPK\GFCUCUGRCTCVGCUUGVCUCRRTQRTKCVG UWEJGUVKOCVGFWUGHWNNKXGUCTGTGCNKUVKECPFTGƀGEVHCKT QPN[ YJGP KV KU RTQDCDNG VJCV HWVWTG GEQPQOKE CRRTQZKOCVKQPQHVJGRGTKQFQXGTYJKEJVJGCUUGVUCTG DGPGſVUCUUQEKCVGFYKVJVJGKVGOYKNNƀQYVQVJG NKMGN[VQDGWUGF )TQWRCPFVJGEQUVQHVJGKVGOECPDGOGCUWTGF TGNKCDN[6JGECTT[KPICOQWPVQHCP[EQORQPGPV &GRTGEKCVKQP QP CFFKVKQP VQ RTQRGTV[ RNCPV CPF CEEQWPVGFHQTCUCUGRCTCVGCUUGVKUFGTGEQIPK\GF GSWKROGPVKURTQXKFGFQPRTQTCVCDCUKUHTQOVJGFCVG YJGPTGRNCEGF#NNQVJGTTGRCKTUCPFOCKPVGPCPEG QH CESWKUKVKQP &GRTGEKCVKQP QP UCNGFGFWEVKQP HTQO CTG EJCTIGF VQ %QPPUQNKFCVGF 5VCVGOGPV QH RTQRGTV[RNCPVCPFGSWKROGPVKURTQXKFGFWRVQVJGFCVG 2TQſVCPF.QUUFWTKPIVJG[GCTKPYJKEJVJG[CTG RTGEGFKPIVJGFCVGQHUCNGFGFWEVKQPCUVJGECUGOC[ KPEWTTGF DG)CKPUCPFNQUUGUQPFKURQUCNUCTGFGVGTOKPGFD[ EQORCTKPIRTQEGGFUYKVJECTT[KPICOQWPV6JGUGCTG (QTVTCPUKVKQPVQ+PF#5VJG%QORCP[JCUGNGEVGF KPENWFGFKPVJG%QPUQNFKCVGF5VCVGOGPVQH2TQſVCPF VQCFQRVCUFGGOGFEQUVVJGECTT[KPIXCNWGQH .QUUWPFGTŎ1VJGT+PEQOGŏ 22'OGCUWTGFCURGT+)##2NGUUCEEWOWNCVGF FGRTGEKCVKQPCPFEWOWNCVKXGKORCKTOGPVQPVJG &GRTGEKCVKQPOGVJQFUWUGHWNNKXGUCPFTGUKFWCNXCNWGU VTCPUKVKQP FCVG QH #RTKN  +P TGURGEV QH CTGTGXKGYGFRGTKQFKECNN[CVGCEJſPCPEKCN[GCTGPF TGXCNWGF CUUGVU VJG XCNWG CU FGVGTOKPGF D[ CPFCFLWUVGFRTQURGEVKXGN[CUCRRTQRTKCVG(TGGJQNF XCNWGTUCUTGFWEGFD[CEEWOWNCVGFFGRTGEKCVKQP NCPFKUPQVFGRTGEKCVGF

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 2.3 Intangible Assets KP VJG %QPUQNKFCVGF 5VCVGOGPV QH 2TQſV CPF .QUU #NNOQPGVCT[CUUGVUCPFNKCDKNKVKGUKPHQTGKIPEWTTGPEKGU +PVCPIKDNGCUUGVUCTGTGEQIPKUGFYJGPKVKURTQDCDNG CTG TGUVCVGF CV VJG [GCT GPF CV VJG GZEJCPIG TCVG VJCVVJGHWVWTGGEQPQOKEDGPGſVUVJCVCTGCVVTKDWVCDNGVQ RTGXCKNKPICVVJG[GCTGPFCPFVJGGZEJCPIGFKHHGTGPEGU VJGCUUGVYKNNƀQYVQVJGGPVGTRTKUGCPFVJGEQUVQHVJG CTGTGEQIPKUGFKPVJG5VCVGOGPVQH2TQſVCPF.QUU CUUGVECPDGOGCUWTGFTGNKCDN[+PVCPIKDNGCUUGVUCTG

UVCVGFCVQTKIKPCNEQUVPGVQHVCZFWV[ETGFKVUCXCKNGFKH 0QPOQPGVCT[ KVGOU VJCV CTG OGCUWTGF KP VGTOU QH CP[ NGUU CEEWOWNCVGF COQTVK\CVKQP CPF EWOWNCVKXG JKUVQTKECNEQUVKPCHQTGKIPEWTTGPE[CTGPQVTGVTCPUNCVGF KORCKTOGPV#FOKPKUVTCVKQPCPFQVJGTIGPGTCNQXGTJGCF GZRGPUGUVJCVCTGURGEKſECNN[CVVTKDWVCDNGVQCESWKUKVKQP  (CKTXCNWGOGCUWTGOGPV QHKPVCPIKDNGCUUGVUCTGCNNQECVGFCPFECRKVCNKUGFCUC 6JG )TQWR OCKPVCKPU KVU CEEQWPVU QP CEETWCN DCUKU RCTVQHVJGEQUVQHVJGKPVCPIKDNGCUUGVU HQNNQYKPIJKUVQTKECNEQUVEQPXGPVKQPGZEGRVHQTEGTVCKP Transition to Ind AS ſ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ntangible assets DCUGFQPVJGRTGUWORVKQPVJCVVJGVTCPUCEVKQPVQUGNN 6GEJPKECNMPQYJQY VQ[GCTU VJGCUUGVQTVTCPUHGTVJGNKCDKNKV[VCMGURNCEGGKVJGT %QORWVGT5QHVYCTG [GCTU f+PVJGRTKPEKRCNOCTMGVHQTVJGCUUGVQTNKCDKNKV[QT #U CV VJG GPF QH GCEJ CEEQWPVKPI [GCT VJG )TQWR TGXKGYUVJGECTT[KPICOQWPVUQHKVU22'CPFKPVCPIKDNG f+P VJG CDUGPEG QH C RTKPEKRCN OCTMGV KP VJG OQUV CUUGVU VQ FGVGTOKPG YJGVJGT VJGTG KU CP[ KPFKECVKQP CFXCPVCIGQWU OCTMGV HQT VJG CUUGV QT NKCDKNKV[ VJCVVJQUGCUUGVUJCXGUWHHGTGFCPKORCKTOGPVNQUU+H CEEGUUKDNGVQVJG%QORCP[ UWEJKPFKECVKQPGZKUVUVJG22'CPFKPVCPIKDNGCUUGVU 6JG %QORCP[ WUGU XCNWCVKQP VGEJPKSWGU VJCV CTG CTG VGUVGF HQT KORCKTOGPV UQ CU VQ FGVGTOKPG VJG CRRTQRTKCVG KP VJG EKTEWOUVCPEGU CPF HQT YJKEJ KORCKTOGPV NQUU KH CP[ )QQFYKNN CPF VJG KPVCPIKDNG UWHſEKGPV FCVC CTG CXCKNCDNG VQ OGCUWTG HCKT XCNWG CUUGVU YKVJ KPFGſPKVG NKHG CTG VGUVGF HQT KORCKTOGPV OCZKOK\KPI VJG WUG QH TGNGXCPV QDUGTXCDNG KPRWVU GCEJ[GCT CPFOKPKOK\KPIVJGWUGQHWPQDUGTXCDNGKPRWVU6JG 2.4 Foreign Currency Transactions %QORCP[ŏUOCPCIGOGPVFGVGTOKPGUVJGRQNKEKGUCPF RTQEGFWTGUHQTHCKTXCNWGOGCUWTGOGPV  C  (WPEVKQPCNCPFRTGUGPVCVKQPEWTTGPE[ (CKTXCNWGOGCUWTGOGPVUWPFGT+PF#5CTGECVGIQTKUGF +VGOU KPENWFGF KP VJG HKPCPEKCN UVCVGOGPVU CTG CUDGNQYDCUGFQPVJGFGITGGVQYJKEJVJGKPRWVUVQ OGCUWTGFWUKPIVJGEWTTGPE[QHVJGRTKOCT[GEQPQOKE VJGHCKTXCNWGOGCUWTGOGPVUCTGQDUGTXCDNGCPFVJG GPXKTQPOGPVKPYJKEJVJGGPVKV[QRGTCVGU ŎVJGHWPEVKQPCN UKIPKſECPEGQHVJGKPRWVUVQVJGHCKTXCNWGOGCUWTGOGPV EWTTGPE[ŏ 6JGſPCPEKCNUVCVGOGPVUCTGRTGUGPVGFKP KPKVUGPVKTGV[ +PFKCPTWRGG +04 YJKEJKUVJG%QORCP[ŏUHWPEVKQPCN CPFRTGUGPVCVKQPEWTTGPE[ f.GXGN  KPRWVU CTG SWQVGF RTKEGU WPCFLWUVGF  KP CEVKXG OCTMGVU HQT KFGPVKECN CUUGVU  D  6TCPUCEVKQPUCPFDCNCPEGU QT NKCDKNKVKGU VJCV VJG )TQWR ECP CEEGUU CV 1PKPKVKCNTGEQIPKVKQPCNNHQTGKIPEWTTGPE[VTCPUCEVKQPU OGCUWTGOGPVFCVG CTG TGEQTFGF D[ CRRN[KPI VQ VJG HQTGKIP EWTTGPE[ f.GXGNKPRWVUCTGKPRWVUQVJGTVJCPSWQVGFRTKEGU COQWPV VJG GZEJCPIG TCVG DGVYGGP VJG HWPEVKQPCN KPENWFGF KP NGXGN  VJCV CTG QDUGTXCDNG HQT VJG EWTTGPE[ CPF VJG HQTGKIP EWTTGPE[ CV VJG FCVG CUUGVQTNKCDKNKV[GKVJGTFKTGEVN[QTKPFKTGEVN[CPF QH VJG VTCPUCEVKQP )CKPU.QUUGU CTKUKPI QWV QH HNWEVWCVKQP KP HQTGKIP GZEJCPIG TCVG DGVYGGP VJG f.GXGN   KPRWVU CTG WPQDUGTXCDNG KPRWVU HQT VJG VTCPUCEVKQPFCVGCPFUGVVNGOGPVFCVGCTGTGEQIPKUGF XCNWCVKQPQHCUUGVUQTNKCDKNKVKGU

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ſ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ſVUYKNNƀQYVQVJG)TQWRCPF RNWURTQRQTVKQPCVGOCTIKPWUKPIVJGRGTEGPVCIGQH VJGCOQWPVQHKPEQOGECPDGOGCUWTGFTGNKCDN[ EQORNGVKQPOGVJQF2GTEGPVCIGQHEQORNGVKQPKUVJG RTQRQTVKQPQHEQUVQHYQTMRGTHQTOGFVQFCVGVQVJG 2.7 Taxes VQVCNGUVKOCVGFEQPVTCEVUEQUV 6CZGZRGPUGHQTVJG[GCTEQORTKUKPIEWTTGPVVCZCPF 6JG GUVKOCVGF QWVEQOG QH C EQPVTCEV KU EQPUKFGTGF FGHGTTGFVCZCTGKPENWFGFKPVJGFGVGTOKPCVKQPQHVJG TGNKCDNGYJGPCNNVJGHQNNQYKPIEQPFKVKQPUCTGUCVKUſGF PGVRTQſVQTNQUUHQTVJG[GCT  K 6JGCOQWPVQHTGXGPWGECPDGOGCUWTGTGNKCDN[ C  %WTTGPVKPEQOGVCZ  KK +V  KU RTQDCDNG VJCV VJG GEQPQOKE DGPGHKVU %WTTGPVVCZCUUGVUCPFNKCDKNKVKGUCTGOGCUWTGFCVVJG CUUQEKCVGFYKVJVJGEQPVTCEVYKNNƀQYVQVJG)TQWR COQWPVGZRGEVGFVQDGTGEQXGTGFQTRCKFVQVJGVCZCVKQP CWVJQTKVKGU6JGVCZTCVGUCPFVCZNCYUWUGFVQEQORWVG  KKK 6JGUVCIGQHEQORNGVKQPQHVJGEQPVTCEVCVVJGGPF  VJGCOQWPVCTGVJQUGVJCVCTGGPCEVGFQTUWDUVCPVKXGN[ QHVJGTGRQTVKPIRGTKQFECPDGOGCUWTGFTGNKCDN[ and GPCEVGFCVVJG[GCTGPFFCVG%WTTGPVVCZCUUGVUCPF VCZNKCDKNKVKGUCTGQHHUGVYJGTGVJGGPVKV[JCUCNGICNN[  KX  6JGEQUVUKPEWTTGFQTVQDGKPEWTTGFKPTGURGEVQH GPHQTEGCDNGTKIJVVQQHHUGVCPFKPVGPFUGKVJGTVQUGVVNG VJGEQPVTCEVECPDGOGCUWTGFTGNKCDN[ QPCPGVDCUKUQTVQTGCNK\GVJGCUUGVCPFUGVVNGVJG NKCDKNKV[UKOWNVCPGQWUN[ 'ZRGEVGF NQUUKH CP[  QP C EQPVTCEV KU TGEQIPKUGF CU GZRGPUG KP VJG RGTKQF KP YJKEJ KV KU HQTGUGGP D  &GHGTTGFVCZ KTTGURGEVKXGQHVJGUVCIGQHEQORNGVKQPQHVJGEQPVTCEV &GHGTTGF KPEQOG VCZ KU RTQXKFGF KP HWNN WUKPI VJG (QT EQPVTCEVU YJGTG RTQITGUU DKNNKPI GZEGGFU VJG DCNCPEG UJGGV CRRTQCEJ QP VGORQTCT[ FKHHGTGPEGU CIITGICVG QH EQPVTCEV EQUVU KPEWTTGF VQFCVG CPF CTKUKPIDGVYGGPVJGVCZDCUGUQHCUUGVUCPFNKCDKNKVKGU TGEQIPKUGFRTQſVU QTTGEQIPKUGFNQUUGUCUVJGECUG CPF VJGKT ECTT[KPI COQWPVU KP )TQWRŏU HKPCPEKCN OC[ DG  VJG UWTRNWU KU UJQYP CU VJG COQWPV FWG UVCVGOGPVU&GHGTTGFKPEQOGVCZKUCNUQPQVCEEQWPVGF VQ EWUVQOGTU #OQWPVU TGEGKXGF DGHQTG VJG TGNCVGF HQT KH KV CTKUGU HTQO KPKVKCN TGEQIPKVKQP QH CP CUUGV YQTMKURGTHQTOGFCTGFKUENQUGFKPVJG%QPUQNKFCVGF QT NKCDKNKV[ KP C VTCPUCEVKQP QVJGT VJCP C DWUKPGUU $CNCPEGUJGGVCUCNKCDKNKV[VQYCTFUCFXCPEGTGEGKXGF EQODKPCVKQPVJCVCVVJGVKOGQHVJGVTCPUCEVKQPCHHGEVU #OQWPVUDKNNGFHQTYQTMRGTHQTOGFDWV[GVVQDGRCKF PGKVJGTCEEQWPVKPIRTQſVPQTVCZCDNGRTQſV VCZNQUU  D[ VJG EWUVQOGT CTG FKUENQUGF KP VJG %QPUQNKFCVGF &GHGTTGFKPEQOGVCZKUFGVGTOKPGFWUKPIVCZTCVGU CPF $CNCPEG UJGGV CU VTCFG TGEGKXCDNGU6JG COQWPV QH NCYU VJCVJCXGDGGPGPCEVGFQTUWDUVCPVKCNN[GPCEVGF TGVGPVKQPOQPG[JGNFD[VJGEWUVQOGTUKUFKUENQUGF D[VJGGPFQHVJG[GCTCPFCTGGZRGEVGFVQCRRN[YJGP CURCTVQHQVJGTEWTTGPVCUUGVUCPFKUTGENCUUKſGFCU VJGTGNCVGFFGHGTTGFKPEQOGVCZCUUGVKUTGCNKUGFQTVJG VTCFGTGEGKXCDNGUYJGPKVDGEQOGUFWGHQTRC[OGPV FGHGTTGFKPEQOGVCZNKCDKNKV[KUUGVVNGF 4GXGPWGHTQOEQPVTCEVUHTQOTGPFGTKPIGPIKPGGTKPI &GHGTTGFVCZCUUGVUCTGTGEQIPKUGFHQTCNNFGFWEVKDNG FGUKIPUGTXKEGUCPFQVJGTUGTXKEGUYJKEJCTGFKTGEVN[ VGORQTCT[FKHHGTGPEGUCPFWPWUGFVCZNQUUGUQPN[KHKV

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ KURTQDCDNGVJCVHWVWTGVCZCDNGCOQWPVUYKNNDGCXCKNCDNG CP WPFGTUVCPFKPI QH VJG RGTHQTOCPEG QH VJG )TQWR VQWVKNK\GVJQUGVGORQTCT[FKHHGTGPEGUCPFNQUUGU KU VTGCVGF CU CP GZEGRVKQPCN KVGO CPF VJG UCOG KU FKUENQUGFKPVJGPQVGUVQCEEQWPVU /CPCIGOGPVRGTKQFKECNN[GXCNWCVGURQUKVKQPUVCMGPKP VCZTGVWTPUYKVJTGURGEVVQUKVWCVKQPUKPYJKEJCRRNKECDNG +ORCKTOGPVQHPQPſPCPEKCNCUUGVU VCZTGIWNCVKQPKUUWDLGEVVQKPVGTRTGVCVKQP+VGUVCDNKUJGU 6JG %QORCP[ CUUGUUGU CV GCEJ [GCT GPF YJGVJGT RTQXKUKQPUYJGTGCRRTQRTKCVGQPVJGDCUKUQHCOQWPVU VJGTG KU CP[ QDLGEVKXG GXKFGPEG VJCV C PQP ſPCPEKCN GZRGEVGFVQDGRCKFVQVJGVCZCWVJQTKVKGU CUUGVQTCITQWRQHPQPſPCPEKCNCUUGVUKUKORCKTGF &GHGTTGFVCZCUUGVUCPFNKCDKNKVKGUCTGQHHUGVYJGPVJGTG +HCP[UWEJKPFKECVKQPGZKUVUVJG%QORCP[GUVKOCVGU KUCNGICNN[GPHQTEGCDNGTKIJVVQQHHUGVEWTTGPVVCZCUUGVU VJG CUUGVŏU TGEQXGTCDNG COQWPV CPF VJG COQWPV QH CPFNKCDKNKVKGUCPFYJGPVJGFGHGTTGFVCZDCNCPEGUTGNCVG KORCKTOGPVNQUU VQVJGUCOGVCZCVKQPCWVJQTKV[ #P KORCKTOGPV NQUU KU ECNEWNCVGF CU VJG FKHHGTGPEG %WTTGPVCPFFGHGTTGFVCZKUTGEQIPK\GFKP5VCVGOGPV DGVYGGPCPCUUGVŏUECTT[KPICOQWPVCPFTGEQXGTCDNG QH2TQſVCPF.QUUGZEGRVVQVJGGZVGPVVJCVKVTGNCVGU COQWPV.QUUGUCTGTGEQIPK\GFKP5VCVGOGPVQH2TQſV VQKVGOUTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOGQT CPF.QUUCPFTGƀGEVGFKPCPCNNQYCPEGCEEQWPV9JGP FKTGEVN[KPGSWKV[+PVJKUECUGVJGVCZKUCNUQTGEQIPKUGF VJG %QORCP[ EQPUKFGTU VJCV VJGTG CTG PQ TGCNKUVKE KPQVJGTEQORTGJGPUKXGKPEQOGQTFKTGEVN[KPGSWKV[ RTQURGEVU QH TGEQXGT[ QH VJG CUUGV VJG TGNGXCPV TGURGEVKXGN[ COQWPVUCTGYTKVVGPQHH+HVJGCOQWPVQHKORCKTOGPV NQUUUWDUGSWGPVN[FGETGCUGUCPFVJGFGETGCUGECP  .GCUGU DG TGNCVGF QDLGEVKXGN[ VQ CP GXGPV QEEWTTKPI CHVGT As a lessee VJGKORCKTOGPVYCUTGEQIPKUGFVJGPVJGRTGXKQWUN[ TGEQIPKUGF KORCKTOGPV NQUU KU TGXGTUGF VJTQWIJ .GCUGU KP YJKEJ C UKIPKHKECPV RQTVKQP QH VJG TKUMU 5VCVGOGPVQH2TQſVCPF.QUU CPFTGYCTFUQHQYPGTUJKRCTGPQVVTCPUHGTTGFVQVJG %QORCP[ CU C NGUUGG CTG ENCUUKſGF CU QRGTCVKPI 6JGTGEQXGTCDNGCOQWPVQHCPCUUGVQTECUJIGPGTCVKPI NGCUGU2C[OGPVUOCFGWPFGTQRGTCVKPINGCUGU PGV WPKV CUFGſPGFDGNQY KUVJGITGCVGTQHKVUXCNWGKPWUG QHCP[KPEGPVKXGUTGEGKXGFHTQOVJGNGUUQT CTGEJCTIGF CPFKVUHCKTXCNWGNGUUEQUVUVQUGNN+PCUUGUUKPIXCNWG VQVJG%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF.QUUQPC KPWUGVJGGUVKOCVGFHWVWTGECUJƀQYUCTGFKUEQWPVGF UVTCKIJVNKPGDCUKUQXGTVJGRGTKQFQHVJGNGCUGWPNGUU VQ VJGKT RTGUGPV XCNWG WUKPI C RTGVCZ FKUEQWPV TCVG VJGRC[OGPVUCTGUVTWEVWTGFVQKPETGCUGKPNKPGYKVJ VJCVTGƀGEVUEWTTGPVOCTMGVCUUGUUOGPVUQHVJGVKOG GZRGEVGF IGPGTCN KPHNCVKQP VQ EQORGPUCVG HQT VJG XCNWG QH OQPG[ CPF VJG TKUMU URGEKſE VQ VJG CUUGV NGUUQTŏUGZRGEVGFKPƀCVKQPCT[EQUVKPETGCUGU (QT VJG RWTRQUG QH KORCKTOGPV VGUVKPI CUUGVU CTG ITQWRGFVQIGVJGTKPVQVJGUOCNNGUVITQWRQHCUUGVUVJCV #NUQ KPKVKCN FKTGEV EQUV KPEWTTGF KP QRGTCVKPI NGCUG IGPGTCVGUECUJKPƀQYUHTQOEQPVKPWKPIWUGVJCVCTG UWEJCUEQOOKUUKQPUNGICNHGGUCPFKPVGTPCNEQUVUKU NCTIGN[KPFGRGPFGPVQHVJGECUJKPƀQYUQHQVJGTCUUGVU TGEQIPKUGFKOOGFKCVGN[KPVJG%QPUQNKFCVGF5VCVGOGPV QTITQWRUQHCUUGVU VJGőECUJIGPGTCVKPIWPKVŒ  QH2TQſVCPF.QUU 2TQXKUKQPUCPFEQPVKPIGPVNKCDKNKVKGU .GCUGUQHRTQRGTV[RNCPVCPFGSWKROGPVYJGTGVJG %QORCP[ CU NGUUGG JCU UWDUVCPVKCNN[ CNN VJG TKUMU 2TQXKUKQPU CTG TGEQIPK\GF YJGP VJGTG KU C RTGUGPV CPF TGYCTFU QH QYPGTUJKR CTG ENCUUKſGF CU ſPCPEG QDNKICVKQPCUCTGUWNVQHCRCUVGXGPVKVKURTQDCDNGVJCV NGCUGU(KPCPEGNGCUGUCTGECRKVCNK\GFCVVJGNGCUGŏU CPQWVƀQYQHTGUQWTEGUGODQF[KPIGEQPQOKEDGPGſVU KPEGRVKQPCVVJGHCKTXCNWGQHVJGNGCUGFRTQRGTV[QT YKNN DG TGSWKTGF VQ UGVVNG VJG QDNKICVKQP CPF VJGTG KU KH NQYGT VJG RTGUGPV XCNWG QH VJG OKPKOWO NGCUG C TGNKCDNG GUVKOCVG QH VJG COQWPV QH VJG QDNKICVKQP RC[OGPVU6JGEQTTGURQPFKPITGPVCNQDNKICVKQPUPGV 2TQXKUKQPUCTGOGCUWTGFCVVJGDGUVGUVKOCVGQHVJG QH ſPCPEG EJCTIGU CTG KPENWFGF KP DQTTQYKPIU QT GZRGPFKVWTGTGSWKTGFVQUGVVNGVJGRTGUGPVQDNKICVKQPCV QVJGT ſPCPEKCN NKCDKNKVKGU CU CRRTQRTKCVG 'CEJ NGCUG VJG$CNCPEGUJGGVFCVG RC[OGPVKUCNNQECVGFDGVYGGPVJGNKCDKNKV[CPFſPCPEG +H VJG GHHGEV QH VJG VKOG XCNWG QH OQPG[ KU OCVGTKCN EQUV6JGſPCPEGEQUVKUEJCTIGFVQVJG%QPUQNKFCVGF RTQXKUKQPUCTGFKUEQWPVGFWUKPICEWTTGPVRTGVCZTCVG 5VCVGOGPVQH2TQſVCPF.QUUQXGTVJGNGCUGRGTKQFUQ VJCVTGƀGEVUYJGPCRRTQRTKCVGVJGTKUMUURGEKſEVQVJG CUVQRTQFWEGCEQPUVCPVRGTKQFKETCVGQHKPVGTGUVQP NKCDKNKV[9JGPFKUEQWPVKPIKUWUGFVJGKPETGCUGKPVJG VJGTGOCKPKPIDCNCPEGQHVJGNKCDKNKV[HQTGCEJRGTKQF RTQXKUKQPFWGVQVJGRCUUCIGQHVKOGKUTGEQIPK\GFCU 2.9 Exceptional items CſPCPEGEQUV #PKVGOQHKPEQOGQTGZRGPUGYJKEJD[KVUUK\GV[RG %QPVKPIGPV NKCDKNKVKGU CTG FKUENQUGF YJGP VJGTG KU QTKPEKFGPEGTGSWKTGUFKUENQUWTGKPQTFGTVQKORTQXG C RQUUKDNG QDNKICVKQP CTKUKPI HTQO RCUV GXGPVU VJG

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ GZKUVGPEG QH YJKEJ YKNN DG EQPHKTOGF QPN[ D[ VJG ICKPU CPF NQUUGU CPF WPFKUVTKDWVGF RTQſVU QH QEEWTTGPEGQTPQPQEEWTTGPEGQHQPGQTOQTGWPEGTVCKP CUUQEKCVGUCPF HWVWTG GXGPVU PQV YJQNN[ YKVJKP VJG EQPVTQN QH VJG KKKCNN QVJGT KVGOU HQT YJKEJ VJG ECUJ GHHGEVU CTG %QORCP[QTCRTGUGPVQDNKICVKQPVJCVCTKUGUHTQORCUV KPXGUVKPIQTſPCPEKPIECUJƀQYU GXGPVUYJGTGKVKUGKVJGTPQVRTQDCDNGVJCVCPQWVƀQYQH TGUQWTEGUYKNNDGTGSWKTGFVQUGVVNGQTCTGNKCDNGGUVKOCVG 2.15 Financial instruments QHVJGCOQWPVECPPQVDGOCFG #ſPCPEKCNKPUVTWOGPVKUCP[EQPVTCEVVJCVIKXGUTKUGVQ 2TQXKUKQPUEQPVKPIGPVNKCDKNKVKGUCPFEQPVKPIGPVCUUGVU CſPCPEKCNCUUGVQHQPGGPVKV[CPFCſPCPEKCNNKCDKNKV[QT CTGTGXKGYGFCVGCEJ$CNCPEG5JGGVFCVG9JGTGVJG GSWKV[KPUVTWOGPVQHCPQVJGTGPVKV[ WPCXQKFCDNGEQUVUQHOGGVKPIVJGQDNKICVKQPUWPFGTVJG (a) Financial assets EQPVTCEVGZEGGFVJGGEQPQOKEDGPGſVUGZRGEVGFVQDG TGEGKXGFWPFGTUWEJEQPVTCEVVJGRTGUGPVQDNKICVKQP K  +PKVKCNTGEQIPKVKQPCPFOGCUWTGOGPV WPFGTVJGEQPVTCEVKUTGEQIPKUGFCPFOGCUWTGFCUC RTQXKUKQP #V KPKVKCN TGEQIPKVKQP ſPCPEKCN CUUGV KU OGCUWTGF CV KVUHCKTXCNWGRNWUKPVJGECUGQHCſPCPEKCNCUUGVPQV 2.12 Commitments CVHCKTXCNWGVJTQWIJRTQſVQTNQUUVTCPUCEVKQPEQUVU VJCVCTGFKTGEVN[CVVTKDWVCDNGVQVJGCESWKUKVKQPQHVJG %QOOKVOGPVU CTG HWVWTG NKCDKNKVKGU HQT EQPVTCEVWCN ſPCPEKCNCUUGV6TCPUCEVKQPEQUVUQHſPCPEKCNCUUGVU GZRGPFKVWTGENCUUKſGFCPFFKUENQUGFCUHQNNQYU ECTTKGFCVHCKTXCNWGVJTQWIJRTQſVQTNQUUCTGGZRGPUGF  C  GUVKOCVGFCOQWPVQHEQPVTCEVUTGOCKPKPIVQDG KP%QPUQNKFCVGFUVCVGOGPVQHRTQſVCPFNQUU GZGEWVGFQPECRKVCNCEEQWPVCPFPQVRTQXKFGFHQT KK  5WDUGSWGPVOGCUWTGOGPV D WPECNNGFNKCDKNKV[QPUJCTGUCPFQVJGTKPXGUVOGPVU (QTRWTRQUGUQHUWDUGSWGPVOGCUWTGOGPVſPCPEKCN RCTVN[RCKF CUUGVUCTGENCUUKſGFKPHQNNQYKPIECVGIQTKGU  E HWPFKPI  TGNCVGF EQOOKVOGPV VQ UWDUKFKCT[  C CVCOQTVK\GFEQUVQT CUUQEKCVGCPFLQKPVXGPVWTGEQORCPKGUCPF  D CVHCKTXCNWGVJTQWIJQVJGTEQORTGJGPUKXGKPEQOG F QVJGTPQPECPEGNNCDNGEQOOKVOGPVUKHCP[VQVJG QT GZVGPVVJG[CTGEQPUKFGTGFOCVGTKCNCPFTGNGXCPV KPVJGQRKPKQPQHOCPCIGOGPV  E CVHCKTXCNWGVJTQWIJRTQſVQTNQUU %CUJCPFECUJGSWKXCNGPVU 6JG ENCUUKſECVKQP FGRGPFU QP VJG GPVKV[ŏU DWUKPGUU OQFGN HQT OCPCIKPI VJG HKPCPEKCN CUUGVU CPF VJG %CUJCPFECUJGSWKXCNGPVKPVJG%QPUQNKFCVGFDCNCPEG EQPVTCEVWCNVGTOUQHVJGECUJƀQYU UJGGVEQORTKUGECUJCVDCPMUECUJQPJCPFEJGSWGU KPVTCPUKVCPFFGOCPFFGRQUKVUYKVJDCPMU #OQTVK\GF EQUV #UUGVU VJCV CTG JGNF HQT EQNNGEVKQP QH EQPVTCEVWCN ECUJ ƀQYU YJGTG VJQUG ECUJ ƀQYU (QTVJGRWTRQUGQH%QPUQNKFCVGF%CUJƀQYUVCVGOGPV TGRTGUGPV UQNGN[ RC[OGPVU QH RTKPEKRCN CPF KPVGTGUV ECUJCPFECUJGSWKXCNGPVUCTGUJQTVVGTODCNCPEGU CTGOGCUWTGFCVCOQTVK\GFEQUV+PVGTGUVKPEQOGHTQO YKVJCPQTKIKPCNOCVWTKV[QHVJTGGOQPVJUQTNGUUHTQO VJGUGſPCPEKCNCUUGVUKUKPENWFGFKPſPCPEGKPEQOG VJG CESWKUKVKQP  JKIJN[ NKSWKF KPXGUVOGPVU VJCV CTG WUKPIVJGGHHGEVKXGKPVGTGUVTCVGOGVJQF '+4  TGCFKN[EQPXGTVKDNGKPVQMPQYPCOQWPVUQHECUJCPF YJKEJ CTG UWDLGEV VQ KPUKIPKſECPV TKUM QH EJCPIGU KP (CKT XCNWG VJTQWIJ QVJGT EQORTGJGPUKXG KPEQOG XCNWG (861%+  #UUGVU VJCV CTG JGNF HQT EQNNGEVKQP QH 2.14 Statement of Cash Flows: EQPVTCEVWCN ECUJ ƀQYU CPF HQT UGNNKPI VJG ſPCPEKCN CUUGVUYJGTGVJGCUUGVUŏECUJƀQYUTGRTGUGPVUQNGN[ %QPUQNKFCVGF 5VCVGOGPV QH %CUJ (NQYU KU RTGRCTGF RC[OGPVUQHRTKPEKRCNCPFKPVGTGUVCTGOGCUWTGFCVHCKT UGITGICVKPI VJG ECUJ ƀQYU KPVQ QRGTCVKPI KPXGUVKPI XCNWGVJTQWIJQVJGTEQORTGJGPUKXGKPEQOG (81%+  CPF ſPCPEKPI CEVKXKVKGU %CUJ ƀQY HTQO QRGTCVKPI /QXGOGPVUKPVJGECTT[KPICOQWPVCTGVCMGPVJTQWIJ CEVKXKVKGUKUTGRQTVGFWUKPIKPFKTGEVOGVJQFCFLWUVKPI 1%+GZEGRVHQTVJGTGEQIPKVKQPQHKORCKTOGPVICKPUQT VJGPGVRTQſVHQTVJGGHHGEVUQH NQUUGUKPVGTGUVTGXGPWGCPFHQTGKIPGZEJCPIGICKPU CPF NQUUGU YJKEJ CTG TGEQIPK\GF KP %QPUQNKFCVGF  KEJCPIGU  FWTKPI VJG RGTKQF KP KPXGPVQTKGU CPF 5VCVGOGPV QH 2TQHKV CPF .QUU 9JGP VJG HKPCPEKCN QRGTCVKPITGEGKXCDNGUCPFRC[CDNGUVTCPUCEVKQPU CUUGV KU FGTGEQIPK\GF VJG EWOWNCVKXG ICKP QT NQUU QHCPQPECUJPCVWTG RTGXKQWUN[TGEQIPK\GFKP1%+KUTGENCUUKſGFHTQOGSWKV[  KK PQPECUJKVGOUUWEJCUFGRTGEKCVKQPRTQXKUKQPU VQ %QPUQNKFCVGF 5VCVGOGPV QH 2TQſV CPF .QUU CPF FGHGTTGF VCZGU WPTGCNKUGF HQTGKIP EWTTGPE[ TGEQIPK\GF KP QVJGT ICKPU NQUUGU  +PVGTGUV KPEQOG

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ HTQOVJGUGſPCPEKCNCUUGVUKUKPENWFGFKPQVJGTKPEQOG COQTVK\GFEQUVKURTGUGPVGFCUCPCNNQYCPEGKGCUCP WUKPIVJGGHHGEVKXGKPVGTGUVTCVGOGVJQF KPVGITCNRCTVQHVJGOGCUWTGOGPVQHVJQUGCUUGVUKPVJG %QPUQNKFCVGFDCNCPEGUJGGV6JGCNNQYCPEGTGFWEGU (CKTXCNWGVJTQWIJRTQſVQTNQUU#UUGVUVJCVFQPQVOGGV VJGPGVECTT[KPICOQWPV7PVKNVJGCUUGVOGGVUYTKVG VJGETKVGTKCHQTCOQTVK\GFEQUVQT(81%+CTGOGCUWTGF QHHETKVGTKCVJG%QORCP[FQGUPQVTGFWEGKORCKTOGPV CVHCKTXCNWGVJTQWIJRTQſVQTNQUU+PVGTGUVKPEQOGHTQO CNNQYCPEGHTQOVJGITQUUECTT[KPICOQWPV VJGUGſPCPEKCNCUUGVUKUKPENWFGFKPQVJGTKPEQOG KX  >GEQIPKVKQPQHſPCPEKCNCUUGVU 6JGEQORCP[JCUEWTTGPVN[GZEGTEKUGFVJGKTTGXQECDNG QRVKQP VQ RTGUGPV KP 1VJGT EQORTGJGPUKXG +PEQOG  #ſPCPEKCNCUUGVKUFGTGEQIPK\GFQPN[YJGP UWDUGSWGPV EJCPIGU KP VJG (CKT XCNWG QH 'SWKV[  C  VJGTKIJVUVQTGEGKXGECUJƀQYUHTQOVJGſPCPEKCN +PUVTWOGPVU 5WEJ CP GNGEVKQP JCU DGGP OCFG QP CUUGVKUVTCPUHGTTGFQT KPUVTWOGPVD[KPUVTWOGPVDCUKU6JGENCUUKſECVKQPKU OCFGQPKPKVKCNTGEQIPKVKQPCPFKUKTTGXQECDNG D TGVCKPU VJG EQPVTCEVWCN TKIJVU VQ TGEGKXG VJG ECUJƀQYUQHVJGſPCPEKCNCUUGVDWVCUUWOGUC KKK  +ORCKTOGPVQHſPCPEKCNCUUGVU EQPVTCEVWCNQDNKICVKQPVQRC[VJGECUJƀQYUVQQPG +PCEEQTFCPEGYKVJ+PF#5(KPCPEKCN+PUVTWOGPVU QTOQTGTGEKRKGPVU VJG%QORCP[CRRNKGUGZRGEVGFETGFKVNQUU '%. OQFGN 9JGTGVJGſPCPEKCNCUUGVKUVTCPUHGTTGFVJGPKPVJCVECUG HQTOGCUWTGOGPVCPFTGEQIPKVKQPQHKORCKTOGPVNQUUQP ſPCPEKCNCUUGVKUFGTGEQIPK\GFQPN[KHUWDUVCPVKCNN[CNN ſPCPEKCNCUUGVUVJCVCTGOGCUWTGFCVCOQTVK\GFEQUV TKUMUCPFTGYCTFUQHQYPGTUJKRQHVJGſPCPEKCNCUUGV CPF(81%+ KU VTCPUHGTTGF 9JGTG VJG GPVKV[ JCU PQV VTCPUHGTTGF (QTTGEQIPKVKQPQHKORCKTOGPVNQUUQPſPCPEKCNCUUGVU UWDUVCPVKCNN[CNNTKUMUCPFTGYCTFUQHQYPGTUJKRQHVJG CPF TKUM GZRQUWTG VJG %QORCP[ FGVGTOKPGU VJCV ſPCPEKCNCUUGVVJGſPCPEKCNCUUGVKUPQVFGTGEQIPK\GF YJGVJGTVJGTGJCUDGGPCUKIPKſECPVKPETGCUGKPVJG (b) Financial liabilities ETGFKV TKUM UKPEG KPKVKCN TGEQIPKVKQP +H ETGFKV TKUM JCU PQVKPETGCUGFUKIPKſECPVN[OQPVJ'%.KUWUGFVQ K  +PKVKCNTGEQIPKVKQPCPFOGCUWTGOGPV RTQXKFG HQT KORCKTOGPV NQUU *QYGXGT KH ETGFKV TKUM (KPCPEKCNNKCDKNKVKGUCTGENCUUKſGFCVKPKVKCNTGEQIPKVKQP JCU KPETGCUGF UKIPKſECPVN[ NKHGVKOG '%. KU WUGF +H CUſPCPEKCNNKCDKNKVKGUCVHCKTXCNWGVJTQWIJRTQſVQTNQUU KPUWDUGSWGPV[GCTUETGFKVSWCNKV[QHVJGKPUVTWOGPV CPFCVCOQTVK\GFEQUVCUCRRTQRTKCVG KORTQXGU UWEJ VJCV VJGTG KU PQ NQPIGT C UKIPKſECPV KPETGCUGKPETGFKVTKUMUKPEGKPKVKCNTGEQIPKVKQPVJGPVJG #NN ſPCPEKCN NKCDKNKVKGU CTG TGEQIPK\GF KPKVKCNN[ CV HCKT GPVKV[TGXGTVUVQTGEQIPK\KPIKORCKTOGPVNQUUCNNQYCPEG XCNWGCPFKPVJGECUGQHDQTTQYKPIUCPFRC[CDNGU DCUGFQPOQPVJ'%. PGVQHFKTGEVN[CVVTKDWVCDNGVTCPUCEVKQPEQUVU .KHGVKOG'%.UCTGVJGGZRGEVGFETGFKVNQUUGUTGUWNVKPI KK  5WDUGSWGPVOGCUWTGOGPV HTQOCNNRQUUKDNGFGHCWNVGXGPVUQXGTVJGGZRGEVGFNKHGQH CſPCPEKCNKPUVTWOGPV6JGOQPVJ'%.KUCRQTVKQP 6JGOGCUWTGOGPVQHſPCPEKCNNKCDKNKVKGUFGRGPFUQP QHVJGNKHGVKOG'%.YJKEJTGUWNVUHTQOFGHCWNVGXGPVU VJGKTENCUUKſECVKQPCUFGUETKDGFDGNQY VJCVCTGRQUUKDNGYKVJKPOQPVJUCHVGTVJG[GCTGPF (KPCPEKCNNKCDKNKVKGUCVHCKTXCNWGVJTQWIJRTQſVQTNQUU '%. KU VJG FKHHGTGPEG DGVYGGP CNN EQPVTCEVWCN ECUJ (KPCPEKCNNKCDKNKVKGUCVHCKTXCNWGVJTQWIJRTQſVQTNQUU ƀQYU VJCV CTG FWG VQ VJG )TQWR KP CEEQTFCPEG YKVJ KPENWFGſPCPEKCNNKCDKNKVKGUJGNFHQTVTCFKPICPFſPCPEKCN VJG EQPVTCEV CPF CNN VJG ECUJ ƀQYU VJCV VJG GPVKV[ NKCDKNKVKGUFGUKIPCVGFWRQPKPKVKCNTGEQIPKVKQPCUCVHCKT GZRGEVU VQ TGEGKXG KG CNN UJQTVHCNNU  FKUEQWPVGF CV XCNWG VJTQWIJ RTQſV QT NQUU 5GRCTCVGF GODGFFGF VJGQTKIKPCN'+49JGPGUVKOCVKPIVJGECUJƀQYUCP FGTKXCVKXGUCTGCNUQENCUUKſGFCUJGNFHQTVTCFKPIWPNGUU GPVKV[KUTGSWKTGFVQEQPUKFGTCNNEQPVTCEVWCNVGTOUQHVJG VJG[CTGFGUKIPCVGFCUGHHGEVKXGJGFIKPIKPUVTWOGPVU ſPCPEKCNKPUVTWOGPV KPENWFKPIRTGRC[OGPVGZVGPUKQP )CKPU QT NQUUGU QP NKCDKNKVKGU JGNF HQT VTCFKPI CTG GVE QXGTVJGGZRGEVGFNKHGQHVJGſPCPEKCNKPUVTWOGPV TGEQIPK\GFKPVJG%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF *QYGXGTKPTCTGECUGUYJGPVJGGZRGEVGFNKHGQHVJG .QUU ſPCPEKCNKPUVTWOGPVECPPQVDGGUVKOCVGFTGNKCDN[VJGP VJGGPVKV[KUTGSWKTGFVQWUGVJGTGOCKPKPIEQPVTCEVWCN .QCPUCPFDQTTQYKPIU VGTOQHVJGſPCPEKCNKPUVTWOGPV #HVGT KPKVKCN TGEQIPKVKQP KPVGTGUVDGCTKPI NQCPU CPF '%.KORCKTOGPVNQUUCNNQYCPEG QTTGXGTUCN TGEQIPK\GF DQTTQYKPIUCTGUWDUGSWGPVN[OGCUWTGFCVCOQTVK\GF FWTKPI VJG [GCT KU TGEQIPK\GF CU KPEQOGGZRGPUG EQUV WUKPI VJG '+4 OGVJQF )CKPU CPF NQUUGU CTG KP VJG %QPUQNKFCVGF UVCVGOGPV QH RTQſV CPF NQUU +P TGEQIPK\GF KP %QPUQNKFCVGF 5VCVGOGPV QH 2TQſV CPF DCNCPEGUJGGV'%.HQTſPCPEKCNCUUGVUOGCUWTGFCV .QUU YJGP VJG NKCDKNKVKGU CTG FGTGEQIPK\GF CU YGNN

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ CUVJTQWIJVJG'+4COQTVK\CVKQPRTQEGUU#OQTVK\GF 'ORNQ[GGŏU 5VCVG +PUWTCPEG 5EJGOG %QPVTKDWVKQP EQUVKUECNEWNCVGFD[VCMKPIKPVQCEEQWPVCP[FKUEQWPV VQYCTFUGORNQ[GGUŏUVCVGKPUWTCPEGUEJGOGKUOCFG QTRTGOKWOQPCESWKUKVKQPCPFHGGUQTEQUVUVJCVCTG VQVJGTGIWNCVQT[CWVJQTKVKGUYJGTGVJG%QORCP[JCU CP KPVGITCN RCTV QH VJG '+4 6JG '+4 COQTVK\CVKQP PQ HWTVJGT QDNKICVKQPU 5WEJ DGPGſVU CTG ENCUUKſGF KU KPENWFGF CU HKPCPEG EQUVU KP VJG %QPUQNKFCVGF CU &GſPGF %QPVTKDWVKQP 5EJGOGU CU VJG %QORCP[ 5VCVGOGPVQH2TQſVCPF.QUU FQGU PQV ECTT[ CP[ HWTVJGT QDNKICVKQPU CRCTV HTQO VJGEQPVTKDWVKQPUOCFGQPCOQPVJN[DCUKUYJKEJCTG KKK  >GEQIPKVKQP EJCTIGFVQVJG%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF #ſPCPEKCNNKCDKNKV[KUFGTGEQIPK\GFYJGPVJGQDNKICVKQP .QUU WPFGT VJG NKCDKNKV[ KU FKUEJCTIGF QT ECPEGNNGF QT KK  &GſPGFDGPGſVRNCPU GZRKTGU9JGPCPGZKUVKPIſPCPEKCNNKCDKNKV[KUTGRNCEGF D[ CPQVJGT HTQO VJG UCOG NGPFGT QP UWDUVCPVKCNN[ )TCVWKV[6JG%QORCP[RTQXKFGUHQTITCVWKV[CFGſPGF FKHHGTGPV VGTOU QT VJG VGTOU QH CP GZKUVKPI NKCDKNKV[ DGPGſV RNCP VJG Ŏ)TCVWKV[ 2NCPŒ  EQXGTKPI GNKIKDNG CTG UWDUVCPVKCNN[ OQFKHKGF UWEJ CP GZEJCPIG QT GORNQ[GGUKPCEEQTFCPEGYKVJVJG2C[OGPVQH)TCVWKV[ OQFKſECVKQP KU VTGCVGF CU VJG FGTGEQIPKVKQP QH VJG #EV  6JG )TCVWKV[ 2NCP RTQXKFGU C NWOR UWO QTKIKPCNNKCDKNKV[CPFVJGTGEQIPKVKQPQHCPGYNKCDKNKV[ RC[OGPV VQ XGUVGF GORNQ[GGU CV TGVKTGOGPV FGCVJ 6JGFKHHGTGPEGKPVJGTGURGEVKXGECTT[KPICOQWPVUKU KPECRCEKVCVKQP QT VGTOKPCVKQP QH GORNQ[OGPV QH CP TGEQIPK\GFKPVJG%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF COQWPVDCUGFQPVJGTGURGEVKXGGORNQ[GGŏUUCNCT[ .QUUCUſPCPEGEQUVU 6JG%QORCP[ŏUNKCDKNKV[KUCEVWCTKCNN[FGVGTOKPGF WUKPI VJG2TQLGEVGF7PKV%TGFKVOGVJQF CVVJGGPFQHGCEJ F  1HHUGVVKPIſPCPEKCNKPUVTWOGPVU [GCT#EVWCTKCNNQUUGUICKPUCTGTGEQIPK\GFKPVJGQVJGT (KPCPEKCNCUUGVUCPFNKCDKNKVKGUCTGQHHUGVCPFVJGPGV EQORTGJGPUKXGKPEQOGKPVJG[GCTKPYJKEJVJG[CTKUG COQWPVKUTGRQTVGFKPVJG%QPUQNKFCVGFDCNCPEGUJGGV %QORGPUCVGF#DUGPEGU#EEWOWNCVGFEQORGPUCVGF YJGTGVJGTGKUCNGICNN[GPHQTEGCDNGTKIJVVQQHHUGVVJG CDUGPEGU YJKEJ CTG GZRGEVGF VQ DG CXCKNGF QT TGEQIPK\GFCOQWPVUCPFVJGTGKUCPKPVGPVKQPVQUGVVNG GPECUJGFYKVJKPOQPVJUHTQOVJGGPFQHVJG[GCTCTG QPCPGVDCUKUQTTGCNK\GVJGCUUGVCPFUGVVNGVJGNKCDKNKV[ VTGCVGFCUUJQTVVGTOGORNQ[GGDGPGſVU6JGQDNKICVKQP UKOWNVCPGQWUN[6JGNGICNN[GPHQTEGCDNGTKIJVOWUVPQV VQYCTFUVJGUCOGKUOGCUWTGFCVVJGGZRGEVGFEQUVQH DGEQPVKPIGPVQPHWVWTGGXGPVUCPFOWUVDGGPHQTEGCDNG CEEWOWNCVKPIEQORGPUCVGFCDUGPEGUCUVJGCFFKVKQPCN KPVJGPQTOCNEQWTUGQHDWUKPGUUCPFKPVJGGXGPVQH COQWPVGZRGEVGFVQDGRCKFCUCTGUWNVQHVJGWPWUGF FGHCWNVKPUQNXGPE[QTDCPMTWRVE[QHVJG)TQWRQTVJG GPVKVNGOGPVCUCVVJG[GCTGPF EQWPVGTRCTV[ #EEWOWNCVGF EQORGPUCVGF CDUGPEGU YJKEJ CTG 'ORNQ[GG$GPGſVU GZRGEVGFVQDGCXCKNGFQTGPECUJGFDG[QPFOQPVJU C  Short-term obligations HTQOVJGGPFQHVJG[GCTGPFCTGVTGCVGFCUQVJGTNQPI VGTO GORNQ[GG DGPGſVU 6JG %QORCP[ŏU NKCDKNKV[ KU .KCDKNKVKGU HQT YCIGU CPF UCNCTKGU KPENWFKPI PQP CEVWCTKCNN[FGVGTOKPGF WUKPIVJG2TQLGEVGF7PKV%TGFKV OQPGVCT[DGPGſVUVJCVCTGGZRGEVGFVQDGUGVVNGFYJQNN[ OGVJQF CVVJGGPFQHGCEJ[GCT#EVWCTKCNNQUUGUICKPU YKVJKPOQPVJUCHVGTVJGGPFQHVJG[GCTKPYJKEJVJG CTGTGEQIPK\GFKPVJGUVCVGOGPVQHRTQſVCPFNQUUKPVJG GORNQ[GGUTGPFGTVJGTGNCVGFUGTXKEGCTGTGEQIPK\GF [GCTKPYJKEJVJG[CTKUG KPTGURGEVQHGORNQ[GGUŏUGTXKEGUWRVQVJGGPFQHVJG [GCTCPFCTGOGCUWTGFCVVJGCOQWPVUGZRGEVGFVQDG .GCXGUWPFGTFGſPGDGPGſVRNCPUECPDGGPECUJGF RCKFYJGPVJGNKCDKNKVKGUCTGUGVVNGF6JGNKCDKNKVKGUCTG QPN[QPFKUEQPVKPWCVKQPQHUGTXKEGD[GORNQ[GGŒ RTGUGPVGFCUEWTTGPVGORNQ[GGDGPGſVQDNKICVKQPUKP 6JG QDNKICVKQP KU OGCUWTGF CV VJG RTGUGPV XCNWG QH VJGDCNCPEGUJGGV VJGGUVKOCVGFHWVWTGECUJƀQYUWUKPICFKUEQWPVTCVG D  1VJGTNQPIVGTOGORNQ[GGDGPGſVQDNKICVKQPU DCUGFQPVJGOCTMGV[KGNFQPIQXGTPOGPVUGEWTKVKGUQH COCVWTKV[RGTKQFGSWKXCNGPVVQVJGYGKIJVGFCXGTCIG  K &GſPGFEQPVTKDWVKQPRNCP OCVWTKV[RTQſNGQHVJGFGſPGFDGPGſVQDNKICVKQPUCVVJG 2TQXKFGPV(WPF%QPVTKDWVKQPVQYCTFURTQXKFGPVHWPFKU %QPUQNKFCVGF$CNCPEG5JGGVFCVG OCFGVQVJGTGIWNCVQT[CWVJQTKVKGUYJGTGVJG%QORCP[ JCUPQHWTVJGTQDNKICVKQPU5WEJDGPGſVUCTGENCUUKſGF %QPVTKDWVGFGSWKV[ CU &GſPGF %QPVTKDWVKQP 5EJGOGU CU VJG %QORCP[ 'SWKV[UJCTGUCTGENCUUKſGFCUGSWKV[UJCTGECRKVCN FQGU PQV ECTT[ CP[ HWTVJGT QDNKICVKQPU CRCTV HTQO +PETGOGPVCN EQUVU FKTGEVN[ CVVTKDWVCDNG VQ VJG KUUWG VJGEQPVTKDWVKQPUOCFGQPCOQPVJN[DCUKUYJKEJCTG QH PGY UJCTGU QT QRVKQPU CTG UJQYP KP GSWKV[ CU C EJCTIGFVQVJG%QPUQNKFCVGF5VCVGOGPVQH2TQſVCPF FGFWEVKQPPGVQHVCZHTQOVJGRTQEGGFU .QUU

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 2.18 Earnings Per Share ECPDGTGEQIPK\GFDCUGFWRQPVJGNKMGN[VKOKPICPF VJGNGXGNQHHWVWTGVCZCDNGRTQſVUVQIGVJGTYKVJHWVWTG $CUKE GCTPKPIU RGT UJCTG KU ECNEWNCVGF D[ FKXKFKPI VCZRNCPPKPIUVTCVGIKGU VJGPGVRTQſVQTNQUUHQTVJG[GCTCVVTKDWVCDNGVQGSWKV[ UJCTGJQNFGTU D[ VJG YGKIJVGF CXGTCIG PWODGT QH D  &GſPGF DGPGſV RNCPU ITCVWKV[ DGPGſVU CPF NGCXG GSWKV[UJCTGUQWVUVCPFKPIFWTKPIVJG[GCT'CTPKPIU GPECUJOGPV EQPUKFGTGF KP CUEGTVCKPKPI VJG %QORCP[ŏU GCTPKPIU 6JG EQUV QH VJG FGHKPGF DGPGHKV RNCPU UWEJ CU RGT UJCTG KU VJG PGV RTQſV QT NQUU HQT VJG [GCT CHVGT ITCVWKV[CPFNGCXGGPECUJOGPVCTGFGVGTOKPGFWUKPI FGFWEVKPIRTGHGTGPEGFKXKFGPFUCPFCP[CVVTKDWVCDNG CEVWCTKCN XCNWCVKQPU #P CEVWCTKCN XCNWCVKQP KPXQNXGU VCZVJGTGVQHQTVJG[GCT6JGYGKIJVGFCXGTCIGPWODGT OCMKPI XCTKQWU CUUWORVKQPU VJCV OC[ FKHHGT HTQO QHGSWKV[UJCTGUQWVUVCPFKPIFWTKPIVJG[GCTCPFHQT CEVWCN FGXGNQROGPVU KP VJG HWVWTG 6JGUG KPENWFG CNNVJG[GCTURTGUGPVGFKUCFLWUVGFHQTGXGPVUUWEJCU VJGFGVGTOKPCVKQPQHVJGFKUEQWPVTCVGHWVWTGUCNCT[ DQPWUUJCTGUQVJGTVJCPVJGEQPXGTUKQPQHRQVGPVKCN KPETGCUGUCPFOQTVCNKV[TCVGU&WGVQVJGEQORNGZKVKGU GSWKV[UJCTGUVJCVJCXGEJCPIGFVJGPWODGTQHGSWKV[ KPXQNXGFKPVJGXCNWCVKQPCPFKVUNQPIVGTOPCVWTGC UJCTGUQWVUVCPFKPIYKVJQWVCEQTTGURQPFKPIEJCPIG FGſPGFDGPGſVQDNKICVKQPKUJKIJN[UGPUKVKXGVQEJCPIGU KPTGUQWTEGU KPVJGUGCUUWORVKQPU#NNCUUWORVKQPUCTGTGXKGYGFCV (QT VJG RWTRQUG QH ECNEWNCVKPI FKNWVGF GCTPKPIU RGT GCEJ[GCTGPF UJCTGVJGPGVRTQſVQTNQUUHQTVJG[GCTCVVTKDWVCDNGVQ 6JGRTKPEKRCNCUUWORVKQPUCTGVJGFKUEQWPVCPFUCNCT[ GSWKV[UJCTGJQNFGTUCPFVJGYGKIJVGFCXGTCIGPWODGT ITQYVJTCVG6JGFKUEQWPVTCVGKUDCUGFWRQPVJGOCTMGV QHUJCTGUQWVUVCPFKPIFWTKPIVJG[GCTKUCFLWUVGFHQT [KGNFUCXCKNCDNGQPIQXGTPOGPVDQPFUCVVJGCEEQWPVKPI VJGGHHGEVUQHCNNFKNWVKXGRQVGPVKCNGSWKV[UJCTGU FCVGYKVJCVGTOVJCVOCVEJGUVJCVQHNKCDKNKVKGU5CNCT[ 5KIPKſECPVCEEQWPVKPILWFIOGPVUGUVKOCVGUCPF  KPETGCUGTCVGVCMGUKPVQCEEQWPVQHKPƀCVKQPUGPKQTKV[ assumptions RTQOQVKQP CPF QVJGT TGNGXCPV HCEVQTU QP NQPI VGTO DCUKU 6JGRTGRCTCVKQPQH%QPUQNKFCVGFſPCPEKCNUVCVGOGPVU TGSWKTGUOCPCIGOGPVVQOCMGLWFIOGPVUGUVKOCVGU E  %QPUVTWEVKQP%QPVTCEVU CPF CUUWORVKQPU VJCV CHHGEV VJG TGRQTVGF COQWPVU 4GEQIPK\KPI EQPUVTWEVKQP EQPVTCEV TGXGPWG TGSWKTGU QH TGXGPWGU GZRGPUGU CUUGVU CPF NKCDKNKVKGU CPF UKIPKHKECPV LWFIGOGPV KP FGVGTOKPKPI CEVWCN YQTM VJG CEEQORCP[KPI FKUENQUWTGU CPF VJG FKUENQUWTG RGTHQTOGF CPF VJG GUVKOCVGF EQUVU VQ EQORNGVG VJG QH EQPVKPIGPV NKCDKNKVKGU 7PEGTVCKPV[ CDQWV VJGUG YQTMRTQXKUKQPHQTTGEVKſECVKQPEQUVUXCTKCVKQPENCKOU CUUWORVKQPUCPFGUVKOCVGUEQWNFTGUWNVKPQWVEQOGU etc VJCV TGSWKTG C OCVGTKCN CFLWUVOGPV VQ VJG ECTT[KPI COQWPVQHCUUGVUQTNKCDKNKVKGUCHHGEVGFKPHWVWTG[GCTU F  4GEQIPKVKQPQHFGHGTTGFVCZCUUGVU

3.1 Estimates and assumptions 6JG GZVGPV VQ YJKEJ FGHGTTGF VCZ CUUGVU ECP DG TGEQIPK\GF KU DCUGF QP CP CUUGUUOGPV QH VJG 6JG MG[ CUUWORVKQPU EQPEGTPKPI VJG HWVWTG CPF RTQDCDKNKV[VJCVHWVWTGVCZCDNGKPEQOGYKNNDGCXCKNCDNG QVJGT MG[ UQWTEGU QH GUVKOCVKQP WPEGTVCKPV[ CV VJG CICKPUV YJKEJ VJG FGFWEVKDNG VGORQTCT[ FKHHGTGPEGU [GCTGPFFCVGVJCVJCXGCUKIPKſECPVTKUMQHECWUKPI CPFVCZNQUUECTT[HQTYCTFUECPDGWVKNK\GF+PCFFKVKQP C OCVGTKCN CFLWUVOGPV VQ VJG ECTT[KPI COQWPVU QH UKIPKHKECPV LWFIOGPV KU TGSWKTGF KP CUUGUUKPI VJG CUUGVUCPFNKCDKNKVKGUYKVJKPVJGPGZVſPCPEKCN[GCTCTG KORCEVQHCP[NGICNQTGEQPQOKENKOKVUQTWPEGTVCKPVKGU FGUETKDGFDGNQY6JG)TQWRDCUGFKVUCUUWORVKQPU KPXCTKQWUVCZLWTKUFKEVKQPU CPF GUVKOCVGU QP RCTCOGVGTU CXCKNCDNG YJGP VJG %QPUQNKFCVGF ſPCPEKCN UVCVGOGPVU YGTG RTGRCTGF 4. Standards (including amendments) issued but not 'ZKUVKPIEKTEWOUVCPEGUCPFCUUWORVKQPUCDQWVHWVWTG [GVGHHGEVKXG FGXGNQROGPVUJQYGXGTOC[EJCPIGFWGVQOCTMGV 6JG UVCPFCTFU CPF KPVGTRTGVCVKQPU VJCV CTG KUUWGF EJCPIGUQTEKTEWOUVCPEGUCTKUKPIVJCVCTGDG[QPFVJG DWV PQV [GV GHHGEVKXG WR VQ VJG FCVG QH KUUWCPEG EQPVTQNQHVJG%QORCP[5WEJEJCPIGUCTGTGƀGEVGF QH VJG HKPCPEKCN UVCVGOGPVU CTG FKUENQUGF DGNQY KPVJGCUUWORVKQPUYJGPVJG[QEEWT 6JG %QORCP[ KPVGPFU VQ CFQRV VJGUG UVCPFCTFU KH CRRNKECDNGYJGPVJG[DGEQOGGHHGEVKXG C  6CZGU a. Appendix B to Ind AS 21, Foreign currency &GHGTTGF VCZ CUUGVU CTG TGEQIPK\GF HQT WPWUGF VCZ VTCPUCEVKQPUCPFCFXCPEGEQPUKFGTCVKQP NQUUGU VQ VJG GZVGPV VJCV KV KU RTQDCDNG VJCV VCZCDNG RTQſVYKNNDGCXCKNCDNGCICKPUVYJKEJVJGNQUUGUECPDG 1P /CTEJ   /KPKUVT[ QH %QTRQTCVG #HHCKTU WVKNK\GF5KIPKſECPVOCPCIGOGPVLWFIOGPVKUTGSWKTGF ő/%#Œ JCUPQVKſGFVJG%QORCPKGU +PFKCP#EEQWPVKPI VQFGVGTOKPGVJGCOQWPVQHFGHGTTGFVCZCUUGVUVJCV 5VCPFCTFU  #OGPFOGPV 4WNGU  EQPVCKPKPI

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #RRGPFKZ$VQ+PF#5(QTGKIPEWTTGPE[VTCPUCEVKQPU DCNCPEGUJGGVYCURTGRCTGFCUCV#RTKNDGKPI CPF CFXCPEG EQPUKFGTCVKQP YJKEJ ENCTKſGU VJG FCVG VJGFCVGQHVTCPUKVKQPVQ+PF#56JKUPQVGGZRNCKPUVJG QH VJG VTCPUCEVKQP HQT VJG RWTRQUG QH FGVGTOKPKPI RTKPEKRCNCFLWUVOGPVUOCFGD[VJG)TQWRKPTGUVCVKPI VJGGZEJCPIGTCVGVQWUGQPKPKVKCNTGEQIPKVKQPQHVJG KVU +PFKCP )##2 ſPCPEKCN UVCVGOGPVU KPENWFKPI VJG TGNCVGFCUUGVGZRGPUGQTKPEQOGYJGPCPGPVKV[JCU %QPUQNKFCVGF DCNCPEG UJGGV CU CV  #RTKN  CPF TGEGKXGFQTRCKFCFXCPEGEQPUKFGTCVKQPKPCHQTGKIP %QPUQNKFCVGF ſPCPEKCN UVCVGOGPVU CU CV CPF HQT VJG EWTTGPE[6JGCOGPFOGPVYKNNEQOGKPVQHQTEGHTQO [GCTGPFGF/CTEJ #RTKN6JG%QORCP[KUEWTTGPVN[GXCNWCVKPIVJG  'ZGORVKQPUCXCKNGFQPſTUVVKOGCFQRVKQPQH TGSWKTGOGPVUQHCOGPFOGPVU6JG%QORCP[DGNKGXG Ind AS VJCVVJGCFQRVKQPQHVJKUCOGPFOGPVYKNNPQVJCXGC OCVGTKCNGHHGEVQPKVUſPCPEKCNUVCVGOGPVU +PF#5(KTUVVKOG#FQRVKQPQH+PFKCP#EEQWPVKPI 5VCPFCTFU CNNQYU HKTUVVKOG CFQRVGTU EGTVCKP D+PF  #5  4GXGPWG HTQO %QPVTCEV YKVJ GZGORVKQPU HTQO VJG TGVTQURGEVKXG CRRNKECVKQP QH Customers EGTVCKPTGSWKTGOGPVUWPFGT+PF#56JG%QORCP[JCU 1P /CTEJ   /KPKUVT[ QH %QTRQTCVG #HHCKTU CEEQTFKPIN[CRRNKGFVJGHQNNQYKPIGZGORVKQPU ő/%#Œ JCUPQVKſGFVJG+PF#54GXGPWGHTQO C  &GGOGF%QUV %QPVTCEVYKVJ%WUVQOGTU6JGEQTGRTKPEKRNGQHVJGPGY UVCPFCTFKUVJCVCPGPVKV[UJQWNFTGEQIPK\GTGXGPWGVQ SinceVJGTGKUPQEJCPIGKPVJGHWPEVKQPCNEWTTGPE[ FGRKEVVJGVTCPUHGTQHRTQOKUGFIQQFUQTUGTXKEGUVQ VJG %QORCP[ JCU GNGEVGF VQ EQPVKPWG YKVJ ECTT[KPI EWUVQOGTUKPCPCOQWPVVJCVTGƀGEVUVJGEQPUKFGTCVKQP XCNWGHQTCNNQHKVURTQRGTV[RNCPVCPFGSWKROGPVCU VQYJKEJVJGGPVKV[GZRGEVUVQDGGPVKVNGFKPGZEJCPIG TGEQIPK\GF KP KVU +PFKCP )##2 ſPCPEKCN UVCVGOGPVU HQTVJQUGIQQFUQTUGTXKEGU(WTVJGTVJGPGYUVCPFCTF CU KVU FGGOGF EQUV CV VJG FCVG QH VTCPUKVKQP CHVGT TGSWKTGU GPJCPEGF FKUENQUWTGU CDQWV VJG PCVWTG OCMKPICFLWUVOGPVUHQTFGEQOOKUUKQPKPINKCDKNKVKGU COQWPVVKOKPICPFWPEGTVCKPV[QHTGXGPWGCPFECUJ 6JKU GZGORVKQP ECP CNUQ DG WUGF HQT KPVCPIKDNG ƀQYUCTKUKPIHTQOVJGGPVKV[ŏUEQPVTCEVUYKVJEWUVQOGTU CUUGVUEQXGTGFD[+PF#5+PVCPIKDNG#UUGVUCPF 6JG UVCPFCTF RGTOKVU VYQ RQUUKDNG OGVJQFU QH KPXGUVOGPVRTQRGTVKGU#EEQTFKPIN[VJGOCPCIGOGPV VTCPUKVKQP JCUGNGEVGFVQOGCUWTGCNNQHKVURTQRGTV[RNCPVCPF GSWKROGPVKPXGUVOGPVRTQRGTVKGUCPFKPVCPIKDNGCUUGVU  K  4GVTQURGEVKXGCRRTQCEJ7PFGTVJKUCRRTQCEJ at thei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ſPCPEKCNKPUVTWOGPVUYGTGKPKVKCNN[TGEQIPKUGFKPQTFGT 6JGGHHGEVKXGFCVGHQTCFQRVKQPQH+PF#5KUſPCPEKCN VQEQORCTGKVYKVJVJGETGFKVTKUMCVVJGVTCPUKVKQPFCVG RGTKQFU DGIKPPKPI QP QT CHVGT #RTKN   6JG (WTVJGTVJG)TQWRJCUPQVWPFGTVCMGPCPGZJCWUVKXG %QORCP[KUEWTTGPVN[GXCNWCVKPIVJGTGSWKTGOGPVUQH UGCTEJ HQT KPHQTOCVKQP YJGP FGVGTOKPKPI CV VJG COGPFOGPVU6JG%QORCP[DGNKGXGVJCVVJGCFQRVKQP FCVG QH VTCPUKVKQP VQ +PF #5U YJGVJGT VJGTG JCXG QHVJKUCOGPFOGPVYKNNPQVJCXGCOCVGTKCNGHHGEVQPKVU DGGP UKIPKſECPV KPETGCUGU KP ETGFKV TKUM UKPEG KPKVKCN ſPCPEKCNUVCVGOGPVU TGEQIPKVKQPCURGTOKVVGFD[+PF#5 5. First-time adoption of Ind-AS /CPFCVQT['ZGORVKQPQPſTUVVKOGCFQRVKQPQH+PF  6JGUG %QPUQNKFCVGF HKPCPEKCN UVCVGOGPVU CTG VJG AS ſTUV UGV QH +PF #5 ſPCPEKCN UVCVGOGPVU RTGRCTGF D[ C  'UVKOCVGU VJG%QORCP[#EEQTFKPIN[VJG)TQWRJCURTGRCTGF EQPUQNKFCVGFſPCPEKCNUVCVGOGPVUYJKEJEQORN[YKVJ #P GPVKV[ŏU GUVKOCVGU KP CEEQTFCPEG YKVJ +PF #5 CV +PF#5CRRNKECDNGHQT[GCTGPFKPIQP/CTEJ VJG FCVG QH VTCPUKVKQP VQ +PF #5 UJCNN DG EQPUKUVGPV VQIGVJGTYKVJVJGEQORCTKVKXG[GCTFCVCCUCVCPFHQT YKVJGUVKOCVGUOCFGHQTVJGUCOGFCVGKPCEEQTFCPEG VJG[GCTGPFGF/CTEJCUFGUETKDGFKPVJG YKVJ +PFKCP )##2 CHVGT CFLWUVOGPVU VQ TGƀGEV CP[ UKIPKſECPV CEEQWPVKPI RQNKEKGU +P RTGRCTKPI VJGUG FKHHGTGPEG KP CEEQWPVKPI RQNKEKGU  WPNGUU VJGTG KU %QPUQNKFCVGFſPCPEKCNUVCVGOGPVUVJG)TQWRŏUQRGPKPI QDLGEVKXGGXKFGPEGVJCVVJQUGGUVKOCVGUYGTGKPGTTQT

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ +PF #5 GUVKOCVGU CU CV  #RTKN  CTG EQPUKUVGPV YKVJ GXGPV  # ſTUVVKOG CFQRVGT VJCV YCPVU VQ CRRN[ VJG VJGGUVKOCVGUCUCVVJGUCOGFCVGOCFGKPEQPHQTOKV[YKVJ FGTGEQIPKVKQP TGSWKTGOGPVU KP +PF #5 (KPCPEKCN +PFKCP)##26JG%QORCP[OCFGGUVKOCVGUHQTHQNNQYKPI +PUVTWOGPVUTGVTQURGEVKXGN[HTQOCFCVGQHVJGGPVKV[ŏU KVGOUKPCEEQTFCPEGYKVJ+PF#5CVVJGFCVGQHVTCPUKVKQPCU EJQQUKPIOC[QPN[FQUQRTQXKFGFVJCVVJGKPHQTOCVKQP VJGUGYGTGPQVTGSWKTGFWPFGT+PFKCP)##2 PGGFGFVQCRRN[+PF#5(KPCPEKCN+PUVTWOGPVUVQ  K  +ORCKTOGPVQHſPCPEKCNCUUGVUDCUGFQPGZRGEVGF ſPCPEKCNCUUGVUCPFſPCPEKCNNKCDKNKVKGUFGTGEQIPK\GF ETGFKVNQUUOQFGN CUCTGUWNVQHRCUVVTCPUCEVKQPUYCUQDVCKPGFCVVJG  KK  (CKTXCNWCVKQPQHEQORQWPFKPUVTWOGPV VKOGQHKPKVKCNN[CEEQWPVKPIHQTVJQUGVTCPUCEVKQPU  KKK  (862.ŌFGDVUGEWTKVKGU 6JG%QORCP[JCUGNGEVGFVQCRRN[VJGFGTGEQIPK\G RTQXKUKQPUQH+PF#5RTQURGEVKXGN[HTQOVJGFCVG  KX  (861%+ŌFGDVUGEWTKVKGU QHVTCPUKVKQPVQ+PF#5  X 'HHGEVKXG  KPVGTGUV TCVG WUGF KP ECNEWNCVKQP QH UGEWTKV[FGRQUKV E  %NCUUKſECVKQPCPFOGCUWTGOGPVQHſPCPEKCNCUUGVU D  >GEQIPKVKQPQHſPCPEKCNCUUGVUCPFſPCPEKCNNKCDKNKVKGU +PF#5(KTUVVKOG#FQRVKQPQH+PFKCP#EEQWPVKPI 5VCPFCTFUTGSWKTGUCPGPVKV[VQCUUGUUENCUUKſECVKQP # ſTUVVKOG CFQRVGT UJQWNF CRRN[ VJG FGTGEQIPKVKQP CPF OGCUWTGOGPV QH HKPCPEKCN CUUGVU KPXGUVOGPV TGSWKTGOGPVU KP +PF #5  (KPCPEKCN +PUVTWOGPVU KP FGDV KPUVTWOGPVU  QP VJG DCUKU QH VJG HCEVU CPF RTQURGEVKXGN[VQVTCPUCEVKQPUQEEWTTKPIQPQTCHVGTVJG EKTEWOUVCPEGUVJCVGZKUVCVVJGFCVGQHVTCPUKVKQPVQ+PF FCVG QH VTCPUKVKQP 6JGTGHQTG KH C ſTUVVKOG CFQRVGT #5 FGTGEQIPK\GFPQPFGTKXCVKXGſPCPEKCNCUUGVUQTPQP FGTKXCVKXGſPCPEKCNNKCDKNKVKGUWPFGTKVU+PFKCP)##2CU F  'SWKV[KPUVTWOGPVUCV(861%+ CTGUWNVQHCVTCPUCEVKQPVJCVQEEWTTGFDGHQTGVJGFCVG 6JG %QORCP[ JCU FGUKIPCVGF KPXGUVOGPV KP GSWKV[ QH VTCPUKVKQP KV UJQWNF PQV TGEQIPK\G VJQUG ſPCPEKCN UJCTGUQVJGTVJCPCUUQEKCVGCPFLQKPVXGPVWTGUCUCV CUUGVUCPFNKCDKNKVKGUWPFGT+PF#5 WPNGUUVJG[SWCNKH[ (861%+QPVJGDCUKUQHHCEVUCPFEKTEWOUVCPEGUVJCV HQT TGEQIPKVKQP CU C TGUWNV QH C NCVGT VTCPUCEVKQP QT GZKUVGFCVVJGVTCPUKVKQPFCVG

 0QVGUHQTOKPIRCTVQHVJG%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU

HQTVJG[GCTGPFGF/CTEJ ` 5.3 Reconciliations #OQWPVKP NCMJUWPNGUUQVJGTYKUGUVCVGF 6JGHQNNQYKPITGEQPEKNKCVKQPURTQXKFGUVJGGHHGEVQHVTCPUKVKQPVQ+PF#5HTQO+PFKCP)##2KPCEEQTFCPEGYKVJ+PF#5 (KTUVVKOG#FQRVKQPQH+PFKCP#EEQWPVKPI5VCPFCTFU (a)(i) Effect of Ind AS adoption on Balance Sheet as at 31st March, 2016 0QVGUVQſTUV Indian Ind AS Ind AS time adoption GAAP* #FLWUVOGPVU ASSETS Non-Current Assets 2TQRGTV[RNCPVCPFGSWKROGPV    %CRKVCNYQTMKPRTQITGUU    +PVCPIKDNGCUUGVU    Financial assets Investments G K    .QCPU G KK     6TCFG4GEGKXCDNGU    1VJGT(KPCPEKCN#UUGVU G KK G KX    &GHGTTGFVCZCUUGV PGV G KKK    +PEQOG6CZ#UUGVU 0GV    1VJGT0QP%WTTGPV#UUGVU G KK    Total Non-Current Assets 158,426.64 (48,494.13) 109,932.51

Current assets +PXGPVQTKGU    Financial assets   6TCFGTGEGKXCDNGU G KK    %CUJCPFECUJGSWKXCNGPVU    1VJGT$CPM$CNCPEGU    .QCPU    1VJGT(KPCPEKCN#UUGVU    1VJGTEWTTGPVCUUGVU G KK     Total Current Assets 129,966.99 (13,124.77) 116,842.22 Total Assets 288,393.63 (61,618.90) 226,774.73

'37+6;#0&.+#$+.+6+'5 'SWKV[ 'SWKV[UJCTGECRKVCN    1VJGTGSWKV[     6QVCN'SWKV[ 45,591.16 (53,002.27) (7,411.11)

.KCDKNKVKGU 0QP%WTTGPV.KCDKNKVKGU Financial liabilities $QTTQYKPIU G KX    1VJGTſPCPEKCNNKCDKNKVKGU G XK    2TQXKUKQPU    1VJGTPQPEWTTGPVNKCDKNKVKGU    6QVCN0QP%WTTGPV.KCDKNKVKGU 168,524.67 (8,616.63) 159,908.04

Current liabilities Financial liabilities $QTTQYKPIU    6TCFGRC[CDNGU    1VJGTſPCPEKCNNKCDKNKVKGU    1VJGTEWTTGPVNKCDKNKVKGU    2TQXKUKQPU    6QVCN%WTTGPV.KCDKNKVKGU 74,277.80 - 74,277.80 6QVCN.KCDKNKVKGU 242,802.47 (8,616.63) 234,185.84

6QVCN'SWKV[CPF.KCDKNKVKGU 288,393.63 (61,618.90) 226,774.73 6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQHVJKUPQVG  0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF C KK 4GEQPEKNKCVKQPQHGSWKV[CUCV/CTEJ 0QVGUVQ Particulars ſTUVVKOG Indian GAAP* #FLWUVOGPVU Ind AS adoption ASSETS Non-Current Assets 2TQRGTV[RNCPVCPFGSWKROGPV    %CRKVCNYQTMKPRTQITGUU    +PVCPIKDNGCUUGVU    Financial assets Investments G K    .QCPU G KK    6TCFG4GEGKXCDNGU    1VJGT(KPCPEKCN#UUGVU G KK G KX    &GHGTTGFVCZCUUGV .KCDKNKVKGU  PGV G KKK    +PEQOG6CZ#UUGVU 0GV    1VJGT0QP%WTTGPV#UUGVU G KK    Total Non-Current Assets 153,815.07 (34,430.59) 119,384.48 Current assets +PXGPVQTKGU    Financial assets   6TCFGTGEGKXCDNGU G KK     %CUJCPFECUJGSWKXCNGPVU    1VJGT$CPM$CNCPEGU    .QCPU    1VJGT(KPCPEKCN#UUGVU    1VJGTEWTTGPVCUUGVU G KK    Total Current Assets 178,314.30 (11,164.70) 167,149.60 Total Assets 332,129.37 (45,595.29) 286,534.08 '37+6;#0&.+#$+.+6+'5 'SWKV[ 'SWKV[UJCTGECRKVCN    1VJGTGSWKV[    6QVCN'SWKV[ 158,984.58 (44,914.33) 114,070.25 .KCDKNKVKGU 0QP%WTTGPV.KCDKNKVKGU (KPCPEKCN.CDKNKVKGU $QTTQYKPIU G KX    1VJGTſPCPEKCNNKCDKNKVKGU G XK    2TQXKUKQPU    1VJGTPQPEWTTGPVNKCDKNKVKGU    6QVCN0QP%WTTGPV.KCDKNKVKGU 54,380.91 (680.96) 53,699.96 Current liabilities Financial liabilities $QTTQYKPIU    6TCFGRC[CDNGU    1VJGTſPCPEKCNNKCDKNKVKGU    1VJGTEWTTGPVNKCDKNKVKGU    2TQXKUKQPU    6QVCN%WTTGPV.KCDKNKVKGU 118,763.87 0.00 118,763.87 6QVCN.KCDKNKVKGU 173,144.77 (680.96) 172,463.83 6QVCN'SWKV[CPF.KCDKNKVKGU 332,129.37 (45,595.29) 286,534.08 6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQHVJKUPQVG

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ D Reconciliation of loss for the year ended March 31, 2017 #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 0QVGUVQ Particulars ſTUVVKOG Indian GAAP* #FLWUVOGPVU Ind AS adoption Income 4GXGPWGHTQOQRGTCVKQPU    1VJGTKPEQOG G KK    Total income 75,453.68 7,751.70 83,205.38

Expenses 'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU    %JCPIGUKPKPXGPVQTKGUQHſPKUJGFIQQFUUVQEMKP    VTCFGCPFYQTMKPRTQITGUU 'ORNQ[GGDGPGſVUGZRGPUG G X    Finance costs G KX    &GRTGEKCVKQPCPFCOQTVK\CVKQPGZRGPUG    1VJGTGZRGPUGU G KK     G XK Total expenses 96,872.47 7,217.60 104,090.07

.QUUDGHQTGGZEGRVKQPCNKVGOUCPFVCZ    'ZEGRVKQPCNKVGOU    .QUUDGHQTGVCZ (21,826.35) 534.10 (21,292.25)

Income tax expense %WTTGPVVCZ    &GHGTTGFVCZ G KKK    Total income tax expense - (7,547.72) (7,547.72)

.QUUHQTVJG[GCT (21,826.31) 8,081.78 (13,744.53)

1VJGTEQORTGJGPUKXGKPEQOG 1VJGTEQORTGJGPUKXGKPEQOGPQVVQDGTGENCUUKſGF VQRTQſVQTNQUUKPUWDUGSWGPVRGTKQFU .QUUQH+PXGUVOGPVUECTTKGFCVHCKTXCNWG G K   

4GOGCUWTGOGPVICKPUQPFGſPGFDGPGſVRNCPU G X   

1VJGTEQORTGJGPUKXGKPEQOGHQTVJG[GCT - 6.12 6.12

6QVCNQVJGTEQORTGJGPUKXGNQUUHQTVJG[GCT (21,826.31) 8,087.90 (13,738.42)

6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQHVJKUPQVG

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ E 4GEQPEKNKCVKQPQH1VJGTGSWKV[CUCV/CTEJCPF#RTKN #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 0QVGUVQſTUV As at As at Particulars time adoption 31-03-2017 01-04-2016 1VJGT'SWKV[CURGT2TGXKQWU)##2 +PFKCP 65,288.79 12,528.52 GAAP) #FLWUVOGPV  +ORCEVQHRTQXKUKQPHQTGZRGEVGFETGFKVNQUU G KK     +ORCEVQPCEEQWPVQHFGTGEQIPKVKQPQHNQCPU RWTUWCPVVQEQPXGTUKQPVQGSWKV[CPFQPCRRNKECVKQP G KX    QHGHHGEVKXGKPVGTGUVTCVG  +ORCEVQHHCKTXCNWCVKQPQHKPXGUVOGPVU G K     &GHGTTGF6CZQPVJGCDQXGCFLWUVOGPVUCPFQP G KKK    WPCDUQTDGFNQUUGU  1VJGTU G XK    6QVCNCFLWUVOGPV (44,914.33) (53,002.27) 1VJGTGSWKV[CURGT+PF#5 20,373.46 (40,473.75)

F +ORCEVQH+PF#5CFQRVKQPQPECUJƀQYUVCVGOGPVUHQTVJG[GCTGPFGF/CTEJ 0QVGUVQ Particulars ſTUVVKOG Indian GAAP* #FLWUVOGPVU Ind AS adoption 0GVECUJƀQYHTQOQRGTCVKPICEVKXKVKGU      0GVECUJƀQYHTQOKPXGUVKPICEVKXKVKGU      0GVECUJƀQYHTQOſPCPEKPICEVKXKVKGU   

0GVKPETGCUG FGETGCUG KPECUJCPFECUJ 4,243.19 (49.50) 4,193.69 GSWKXCNGPVU %CUJCPFECUJGSWKXCNGPVUCUCV#RTKN      %CUJCPFECUJGSWKXCNGPVUCUCV/CTEJ 5,611.45 (68.20) 5,543.25 6JG+PFKCP)##2ſIWTGUJCXGDGGPTGENCUUKſGFVQEQPHQTOVQ+PF#5RTGUGPVCVKQPTGSWKTGOGPVUHQTVJGRWTRQUGQHVJKUPQVG

G  0QVGUVQſ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ſPGF TGEGKXCDNGUKPENWFKPIWPDKNNGFTGXGPWGDCUGFQPőGZRGEVGF DGPGſVRNCPQPCPCEVWCTKCNDCUKU7PFGT+)##2VJGGPVKTG ETGFKVNQUUŒOQFGNCURGT+PF#57PFGT+)##2 2TGXKQWU EQUVKPENWFKPICEVWCTKCNICKPUCPFNQUUGUCTGEJCTIGFVQ )##2  VJG RTQXKUKQP YCU OCFG YJGP VJG TGEGKXCDNG RTQſ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ſVCPF IGPGTCNKPƀCVKQPVQEQORGPUCVGHQTVJGNGUUQTŏUGZRGEVGF .QUU HQT VJG UWDUGSWGPV RGTKQFU 7PFGT +)##2 VJG KPƀCVKQPCT[ EQUV NGCUG TGUGTXG UJQWNF PQV DG DQQMGF FGHGTTGFVCZYCUCEEQWPVGFDCUGFQPVKOKPIFKHHGTGPEGU %QPUGSWGPVVQVJKUEJCPIGVJGCOQWPVQHTGVCKPGFGCTPKPIU KORCEVKPI VJG 5VCVGOGPV QH 2TQHKV CPF .QUU HQT VJG JCUDGGPFGETGCUGF#NUQWPFGT+PF#5TGPVHTGGRGTKQFKU RGTKQF UVTCKIJVNKPGFQXGTVJGNGCUGVGTOCUVJGUCOGKUEQPUKFGTGFCU KX  7PFGT+PF#5DQTTQYKPIEQUVKUECNEWNCVGFHQNNQYKPI KPEGPVKXG    2017 As at  31 March   2018 As at 31 March NCMJUWPNGUUQVJGTYKUGUVCVGF ` 2018 As at 31 March #OQWPVKP &GFWEVKQPU #FLWUVOGPVU year For the 2017 As at 1 April 2018 As at 31 March &GFWEVKQPU #FLWUVOGPVU Gross block Depreciation Net block #FFKVKQPU #FLWUVOGPVU                              2017 As at           1 April Current Year 1YPGFCUUGVU (TGGJQNFNCPF.GCUGJQNF +ORTQXGOGPVU $WKNFKPIU 2NCPVCPF/CEJKPGT[ 4GHGTVQ0QVG DGNQY (WTPKVWTGCPF (KZVWTGU  1HſEG'SWKROGPV%QORWVGTU8GJKENGU 4GHGTVQ 0QVGDGNQY    Total        6,599.04    124.04       21.76  6,701.32   589.41  567.52      16.85   1,140.08   5,561.24   6,009.63   2TQRGTV[RNCPVCPFGSWKROGPV 6 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

    2016 As at 1 April 2017 As at 31 March NCMJUWPNGUUQVJGTYKUGUVCVGF ` 2017 As at 31 March #OQWPVKP &GFWEVKQPU #FLWUVOGPVU year For the 2016 As at 1 April 2017 As at 31 March JCUDGGPTGENCUUKſGFYJGTGXGTPGEGUUCT[ &GFWEVKQPU #FLWUVOGPVU Gross block Depreciation Net block #FFKVKQPU #FLWUVOGPVU                              2016 As at 1 April           &GVCKNUQH#UUGVUVCMGPWPFGTſPCPEGNGCUG Block of AssetsPlant and Machinery )TQUU$NQEM#EEWOWNCVGF&GRTGEKCVKQP0GV$QQMXCNWGVehicles 31 March18)TQUU$NQEM 31 March 17#EEWOWNCVGF&GRTGEKCVKQP 1 April 16 0GV$QQMXCNWG                  %QUVCUCV/CTEJCPF#RTKNQHKPFKXKFWCNCUUGVU 2TGXKQWU;GCT 6.1 6.2 (WTPKVWTGCPF (KZVWTGU %QORWVGTU8GJKENGU 4GHGTVQ 0QVGDGNQY           1HſEG'SWKROGPV  Total  5,423.97  1,195.48  20.41  6,599.04  - 589.63  0.22  589.41  6,009.63 5,423.97  1YPGFCUUGVU (TGGJQNFNCPF.GCUGJQNF +ORTQXGOGPVU $WKNFKPIU 2NCPVCPF/CEJKPGT[ 4GHGTVQ0QVG DGNQY                    0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

 2017 2016 As at As at 1 April 31 March 2018 2017 As at As at 31 March 31 March 2018 2017 NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at ` 31 March 31 March #OQWPVKP &GFWEVKQPU &GFWEVKQPU #FLWUVOGPVU #FLWUVOGPVU year year For the For the 2017 2016 As at As at 1 April 1 April 2018 2017 As at As at 31 March 31 March &GFWEVKQPU &GFWEVKQPU #FLWUVOGPVU #FLWUVOGPVU Gross block Depreciation Net block Gross block Depreciation Net block #FFKVKQPU #FFKVKQPU #FLWUVOGPVU #FLWUVOGPVU                                       2017 2016 As at 1 April 1 April Current Year As at 2TGXKQWU;GCT Technical -PQYJQY Total 97.34 - - 97.34 17.54 16.62 - 34.16 63.18 79.80 %QORWVGT 5QHVYCTG Technical -PQYJQY Total 97.34 - - 97.34 - 17.54 - 17.54 79.80 97.34 %QORWVGT 5QHVYCTG 7 Intangible assets 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

8 (KPCPEKCN#UUGVU+PXGUVOGPVU 0QP%WTTGPV #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at As at Particulars 31 March 2018 31 March 2017 1 April 2016 # +PXGUVOGPVKP#UUQEKCVG0QP6TCFG 7PSWQVGF 'SWKV[5JCTGU 2TGXKQWU[GCT 'SWKV[5JCTGU QH`GCEJHWNN[RCKFWRKP*CNFKC%QMG    CPF%JGOKECNU2TKXCVG.KOKVGF 5JCTGQH.QUU    5JCTGQH4GUGTXGU    Total Share of Net Worth (4007.22) (4007.22) (4007.22) 0GV+PXGUVOGPVKP#UUQEKCVG - - -

$ +PXGUVOGPVUKP1VJGTU6TCFG(CKT8CNWG6JTQWIJ 1VJGT%QORTGJGPUKXG+PEQOG

Quoted 'SWKV[5JCTGU 2TGXKQWU[GCT'SWKV[ 5JCTGU QH`GCEJHWNN[RCKFWRKP1TKGPV)TGGP2QYGT    %QORCP[.KOKVGF 7PSWQVGF 'SWKV[UJCTGU 2TGXKQWU[GCT'SWKV[ UJCTGU QH`GCEJHWNN[RCKFWR*GZC9KPF(CTO2TKXCVG    .KOKVGF

'SWKV[UJCTGU 2TGXKQWU[GCT'SWKV[ 5JCTGU QH`GCEJHWNN[RCKFWRKP.GKVYKPF5JTKTCO    /CPWHCEVWTKPI2TKXCVG.KOKVGF .GUU2TQXKUKQPHQT&KOKPKVKQPKPXCNWGQH+PXGUVOGPVU    - - 407.56

Total 106.49 109.19 525.06

#IITGICVGDQQMXCNWGQH 3WQVGFKPXGUVOGPVU    7PSWQVGFKPXGUVOGPVU   

#IITGICVGCOQWPVQHKORCKTOGPVKPXCNWGQH    +PXGUVOGPVU

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

9 0QP%WTTGPV(KPCPEKCNCUUGVU.QCPU #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at As at Particulars 31 March 2018 31 March 2017 1 April 2016 Unsecured, considered good .QCPUCPFCFXCPEGUVQTGNCVGFRCTV[ %QPUKFGTGF)QQF    %QPUKFGTGFFQWDVHWN   

.GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU    Total 40,635.69 37,082.10 33,196.45

9.1 .QCPUKPENWFGFWGUHTQO As at As at As at Particulars 31 March 2018 31 March 2017 1 April 2016 K 2TKXCVG%QORCPKGUKPYJKEJFKTGEVQTUCTGKPVGTGUVGF *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF    *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF   

KK 1VJGT4GNCVGF2CTVKGU 58..KOKVGF -  - 'PPQTG%QMG.KOKVGF    .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF    $JCTCVJ9KPF(CTO.KOKVGF   

10 1VJGT0QP%WTTGPV(KPCPEKCNCUUGVU As at As at As at Particulars 31 March 2018 31 March 2017 1 April 2016

6TCFG4GEGKXCDNGU4GVGPVKQP/QPG[ %QPUKFGTGF)QQF    %QPUKFGTGFFQWDVHWN    .GUU2TQXKUKQPHQTFQWDVHWNTGEGKXCDNGU    17,879.05 10,843.19 11,314.69

6TCFG4GEGKXCDNGU1VJGTU %QPUKFGTGF)QQF    %QPUKFGTGFFQWDVHWN    .GUU2TQXKUKQPHQTFQWDVHWNTGEGKXCDNGU    - - - 1VJGT(KPCPEKCN#UUGVU &GRQUKVU    1VJGTTGEGKXCDNGU 4GHGT0QVG$GNQY    4,740.27 5,756.53 5,853.75

Total 22,619.32 16,599.72 17,168.44 ,

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 10.1 1VJGT4GEGKXCDNGUKPENWFGUCPCOQWPVQH4UNCMJU /CTEJ4UNCMJUCPF#RTKN 4UNCMJU VJGDCNCPEGEQPUKFGTCVKQPTGEGKXCDNGHTQO/[*QOG+PFWUVTKGU.KOKVGF ő/*+.Œ VQYCTFUVJG XCNWGQHEGTVCKPTGEGKXCDNGUFWGHTQO5TGG,C[CLQVJK%GOGPVU.KOKVGF ő5,%.Œ VCMGPQXGTD[/*+.RWTUWCPVVQCP CITGGOGPVFCVGF#WIWUVGPVGTGFKPVQYKVJVJGO6JKUCOQWPVJCUDGGPFGRQUKVGFKPC,QKPV'UETQY#EEQWPV VQDGTGEGKXGFD[VJG%QORCP[CHVGTEQORNGVKQPQHEGTVCKPHQTOCNKVKGUQH5TGG,C[CLQVJK%GOGPVU.KOKVGF #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 11 1VJGT0QP%WTTGPV#UUGVU As at As at As at 31 March 2018 31 March 2017 1 April 2016 7PDKNNGF4GXGPWG    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU   

Total 46,175.41 8,103.03 7,044.64

12 Income Tax Assets (Net) As at As at As at 31 March 2018 31 March 2017 1 April 2016

#FXCPEG6CZ 0GVQH2TQXKUKQPHQT6CZ4UNCMJU    /CTEJCPF#RTKN4UNCMJU

Total 3,018.29 2,412.66 4,036.43

13 +PXGPVQTKGU As at As at As at 31 March 2018 31 March 2017 1 April 2016 4CYOCVGTKCNKPUVQEM 8CNWGFCVNQYGTQHEQUVCPFPGV    TGCNK\CDNGXCNWG 9QTMKPRTQITGUUKPUVQEM 8CNWGFCVNQYGTQHEQUVCPFPGV    TGCNK\CDNGXCNWG

Total 3,765.58 3,813.96 4,544.01

14 6TCFGTGEGKXCDNG As at As at As at 31 March 2018 31 March 2017 1 April 2016 7PUGEWTGF %QPUKFGTGFIQQF    %QPUKFGTGFFQWDVHWN    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU    Total 36,353.46 48,235.08 30,640.57

 6TCFG4GEGKXCDNGUKPENWFGFWGHTQOTGNCVGFRCTVKGUCOQWPVKPIVQ`.CMJU /CTEJ` .CMJUCPF#RTKN`.CMJU  6TCFG4GEGKXCDNGUKPENWFGU4U.CMJU /CTEJCPF#RTKN4UNCMJU DGKPICOQWPVU FWG HTQOC EQORCP[ VQYCTFU UCNG QH9KPF 'PGTI[ )GPGTCVQTUKP GCTNKGT [GCTU %QPUKFGTKPI VJG HWVWTG DWUKPGUU RQVGPVKCNQHVJGEQORCP[CPFVJGXCNWGQHKVUWPFGTN[KPICUUGVUVJGFWGUCTGEQPUKFGTGFHWNN[TGCNK\CDNG

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 15 Cash and bank balances As at As at As at 31 March 2018 31 March 2017 1 April 2016 %CUJCPFECUJGSWKXCNGPVU Balances with banks +PEWTTGPVCEEQWPVU    &GRQUKV#EEQWPV 1TKIKPCNOCVWTKV[QHOQPVJUQTNGUU    /CTIKP/QPG[ 1TKIKPCNOCVWTKV[QHOQPVJUQTNGUU    %CUJQPJCPF    Total 2,373.38 5,543.27 1,349.57

16 1VJGT$CPM$CNCPEGU As at As at As at 31 March 2018 31 March 2017 1 April 2016 7PRCKF&KXKFGPF#EEQWPV    &GRQUKV#EEQWPV 1TKIKPCNOCVWTKV[QHOQTGVJCPOQPVJU    /CTIKP/QPG[ 1TKIKPCNOCVWTKV[QHOQTGVJCPOQPVJU    Total 3,697.92 4,542.84 3,736.36

17 1VJGT%WTTGPV(KPCPEKCNCUUGVU As at As at As at 31 March 2018 31 March 2017 1 April 2016 5GEWTKV[FGRQUKV    +PVGTGUVCEETWGFQPſZGFFGRQUKVU    &WGUHTQO%&4$CPMGTUQPCEEQWPVQHGZEGUUTGEQXGTKGU    +PVGTGUVTGEQXGTCDNGHTQO%&4$CPMGTU    6TCFG4GEGKXCDNG4GVGPVKQPOQPKGU   

Total 21,426.55 11,117.49 11,332.92

18 1VJGTEWTTGPVCUUGVU As at As at As at 31 March 2018 31 March 2017 1 April 2016 #FXCPEGUVQ'ORNQ[GGU    $CNCPEGYKVJ)QXGTPOGPV#WVJQTKVKGU    2TGRCKF'ZRGPUGU   

7PDKNNGF4GXGPWG    .GUU2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUU   

#FXCPEGUVQ5WRRNKGTU %QPUKFGTGFIQQF    %QPUKFGTGFFQWDVHWN    .GUU2TQXKUKQPHQTFQWDVHWN#FXCPEGU    12,886.13 20,015.46 13,166.51 1VJGT#FXCPEGU   

Total 81,669.42 93,896.96 65,238.79

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 19 'SWKV[UJCTGECRKVCN 6JG%QORCP[JCUQPN[QPGENCUUQHGSWKV[UJCTGECRKVCNJCXKPICRCTXCNWGQH`RGTUJCTGTGHGTTGFVQJGTGKPCU GSWKV[UJCTGU #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF Particulars As at As at As at 31 March 2018 31 March 2017 01 April 2016 Authorized  /CTEJ    #RTKN 'SWKV[5JCTGUQH`GCEJ 105,000.00 100,000.00 41,000.00

Issued, subscribed and paid up  /CTEJ#RTKN     GSWKV[UJCTGUQH`GCEJHWNN[RCKF 97,152.90 93,696.79 33,062.64

(a) 4GEQPEKNKCVKQPQH'SWKV[UJCTGUQWVUVCPFKPICVVJGDGIKPPKPICPFCVVJGGPFQHVJG[GCT

As at As at As at 31 March 2018 31 March 2017 01 April 2016 Particulars Number of Amount Number of Amount Number of Amount shares shares shares 1WVUVCPFKPICVVJGDGIKPPKPIQHVJG[GCT      #FF+UUWGFFWTKPIVJG[GCT     1WVUVCPFKPICVVJGGPFQHVJG[GCT 971,529,018 97,152.90 936,967,941 93,696.79 330,626,422 33,062.64

(b) Details of shareholders holding more than 5% shares As at As at As at Name of Shareholder 31 March 2018 31 March 2017 31 March 2016 0QQH5JCTGU % holding 0QQH5JCTGU % holding 0QQH5JCTGU % holding 'SWKV[5JCTGU 58..KOKVGF 4GHGT0QVG$GNQY       5VCVG$CPMQH+PFKC       %GPVTCN$CPMQH+PFKC       1TKGPVCN$CPMQH%QOOGTEG       5VCVG$CPMQH2CVKCNC       +&$+$CPM.KOKVGF       2WPLCD0CVKQPCN$CPM     - 

(c) &GVCKNUQHUJCTGUJGNFD[2TQOQVGT+PXGUVKPI2CTV[ As at As at As at Name of Shareholder 31 March 2018 31 March 2017 31 March 2016 0QQH5JCTGU % holding 0QQH5JCTGU % holding 0QQH5JCTGU % holding 58..KOKVGF 4GHGT0QVGDGNQY       0QVG58.EGCUGFVQDGVJG*QNFKPI%QORCP[YKVJGHHGEVHTQO,WN[EQPUGSWGPVVQKUUWGQHUJCTGUVQ%&4 NGPFGTUQPEQPXGTUKQPQHYQTMKPIECRKVCNVGTONQCPKPVQ'SWKV[5JCTG%CRKVCN

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ ` (d) 2TGHGTGPVKCNKUUWGQH'SWKV[FWTKPIVJG[GCTGPFGF/CTEJ #OQWPVKP NCMJUWPNGUUQVJGTYKUGUVCVGF (CEGXCNWGQH Particulars No of Shares Premium Total ` -24+PXGUVOGPVU2TKXCVG.KOKVGF     .GPFGT$CPMU%QPXGTUKQPQH(WPFGF     +PVGTGUV6GTO.QCP (+6. .GPFGT$CPMU%QPXGTUKQPQH+PVGTGUV     5CETKſEG .GPFGT$CPMU%QPXGTUKQPQH9QTMKPI     %CRKVCN6GTO.QCP 9%6. Total 34,561,077 3,456.11 5,480.23 8,936.34

(e) 2TGHGTGPVKCNKUUWGQH'SWKV[FWTKPIVJG[GCTGPFGF/CTEJ (CEGXCNWGQH Particulars No of Shares Premium Total ` 2TQOQVGT58..KOKVGF     .GPFGT$CPMU%QPXGTUKQPQH(WPFGF     +PVGTGUV6GTO.QCP (+6. .GPFGT$CPMU%QPXGTUKQPQH+PVGTGUV     5CETKſEG .GPFGT$CPMU%QPXGTUKQPQH9QTMKPI     %CRKVCN6GTO.QCP 9%6. Total 606,341,519 60,634.15 81,122.32 141,756.47

H  6GTOUTKIJVUCVVCEJGFVQVJGUJCTGU 6JG%QORCP[JCUKUUWGFGSWKV[UJCTGUJCXKPICRCTXCNWGQH`RGTUJCTG#NNVJGUGUJCTGUJCXGVJGUCOGTKIJVU CPFRTGHGTGPEGUYKVJTGURGEVVQRC[OGPVQHFKXKFGPFTGRC[OGPVQHECRKVCNCPFXQVKPITKIJVU +PVJGGXGPVQHNKSWKFCVKQPQHVJGEQORCP[VJGJQNFGTUQHGSWKV[UJCTGUYKNNDGGPVKVNGFVQTGEGKXGTGOCKPKPICUUGVUQH VJGEQORCP[CHVGTFKUVTKDWVKQPQHCNNRTGHGTGPVKCNCOQWPVU6JGFKUVTKDWVKQPYKNNDGKPRTQRQTVKQPVQVJGPWODGTQHGSWKV[ UJCTGUJGNFD[VJGUJCTGJQNFGTU 6JGEQORCP[JCUQPN[QPGENCUUQHUJCTGECRKVCN KG 'SWKV[UJCTGUJCXKPIHCEGXCNWGQH`RGTUJCTG'CEJJQNFGT QHGSWKV[UJCTGKUGPVKVNGFVQQPGXQVGRGTUJCTG I  6JG#WVJQTKUGF'SWKV[5JCTG%CRKVCNJCUDGGPKPETGCUGFVQ`.CMJUYKVJGHHGEVHTQOth/C[ J  &KUENQUWTGTGSWKTGFKPVGTOUQH%NCWUG#QH%JCRVGT:+++QP)WKFGNKPGUHQTRTGHGTGPVKCNKUUWGU5'$+ &KUENQUWTG CPF+PXGUVQT2TQVGEVKQP )WKFGNKPGUHQTRTGHGTGPVKCNKUUWGRTQEGGFU

Proceeds of Particulars Purpose Issue -24+PXGUVOGPVU2TKXCVG.KOKVGF  $WUKPGUUPGGFUCPFGZKIGPEKGU %QPXGTUKQPQH(+6.  %QPXGTUKQPQHKPVGTGUVQP9%6.KPVQ'SWKV[VQTGFWEG ECUJQWVƀQYQPCEEQWPVQHKPVGTGUV %QPXGTUKQPQH+PVGTGUVUCETKſEG  %QPXGTUKQPQHOQPKGUCNTGCF[DQTTQYGFCPFHWNN[WVKNKUGF HQTDWUKPGUURWTRQUGU %QPXGTUKQPQH9%6.  4GEQORGPUGNKCDKNKV[EQPXGTVGFKPVQ'SWKV[D[CNGPFGT Total 8,936.34

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 20 1VJGTGSWKV[ (A) 6JG %QORCP[ JCU RTGHGTGPEG UJCTG ECRKVCN JCXKPI C RCT XCNWG QH ` 10 per share, referred to herein as preference share capital #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at As at Particulars 31 March 2018 31 March 2017 01 April 2016 Authorized  /CTEJ#RTKN     %QPXGTVKDNG2TGHGTGPEG5JCTGUQH`GCEJ Total 30,000.00 30,000.00 30,000.00

(B) 1VJGTGSWKV[ As at As at As at 01 April Particulars 31 March 2018 31 March 2017 2016 5GEWTKVKGURTGOKWOTGUGTXG 4GHGT0QVG K DGNQY    )GPGTCNTGUGTXG 4GHGT0QVG KK DGNQY    %CRKVCN4GUGTXG 4GHGT0QVG KKK DGNQY    &GſEKVKPVJG5VCVGOGPVQH2TQſVCPF.QUU 4GHGT0QVG KX     DGNQY 'ORNQ[GG5VQEMQRVKQPUQWVUVCPFKPICEEQWPV 4GHGT0QVG X     DGNQY 5JCTGCRRNKECVKQPOQPG[RGPFKPICNNQVOGPV 4GHGT0QVG XK     DGNQY 4GOGCUWTGOGPVICKPUQPFGſPGFDGPGſVRNCPU 0GVQH6CZ     4GHGT0QVG XKKK DGNQY +PXGUVOGPVU(861%+4GUGTXGQPGSWKV[KPUVTWOGPVU 4GHGT    0QVG XKK DGNQY (QTGKIPEWTTGPE[OQPGVCT[KVGOUVTCPUNCVKQPFKHHGTGPEGCEEQWPV    4GHGT0QVG KZ DGNQY 5JCTGQHTGUGTXGUHTQOCP#UUQEKCVG    0QP%QPVTQNNKPI+PVGTGUV    6QVCN1VJGT'SWKV[ 25,812.11 20,373.46 (40,473.75)

(i) 5GEWTKVKGURTGOKWOTGUGTXG As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FF5GEWTKVKGURTGOKWOETGFKVGFQPKUUWGQHUJCTGU   Closing balance 191,225.43 185,745.20

(ii) )GPGTCNTGUGTXG As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FFKVKQPU 6TCPUHGTU   Closing balance 561.75 561.75

(iii) %CRKVCN4GUGTXG As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FFKVKQPU 6TCPUHGTU   Closing balance 12.92 12.92

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF KX &GſEKVKPVJG5VCVGOGPVQH2TQſVCPF.QUU As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   #FF0GVNQUUHQTVJG[GCT   Closing balance (170,821.07) (170,611.57)

X Employee Stock options outstanding account As at As at 31 March 2018 31 March 2017 1RGPKPI$CNCPEG   #FFKVKQPU 6TCPUHGTU   %NQUKPI$CNCPEG 0.17 0.17

XK Share application money pending allotment &WTKPIVJG[GCTGPFGF/CTEJVJG%QORCP[TGEGKXGF`NCMJUHTQOKVURTQOQVGTCPFGTUVYJKNGJQNFKPI %QORCP[58.NKOKVGFVQYCTFUUWDUETKRVKQPQH'SWKV[QP2TGHGTGPVKCNDCUKU6JGCRRTQXCNQHUJCTGJQNFGTUHQTVJKU RTQRQUGF RTGHGTGPVKCN KUUWG YCU QDVCKPGF D[ VJG %QORCP[ VJTQWIJ C RQUVCN DCNNQV QP VJ (GDTWCT[  6JG UJCTGUYGTGCNNQVVGFFWTKPIVJG[GCTCHVGTTGEGKRVQHTGIWNCVQT[CRRTQXCNU

XKK +PXGUVOGPVU(861%+4GUGTXGQPGSWKV[KPUVTWOGPVU As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   (CKTXCNWCVKQPEJCPIGUHQTVJG[GCT PGVQHVCZ    6TCPUHGTVQGSWKV[QPFKURQUCNQHKPXGUVOGPVU   Closing balance (3.85) (1.15) +PENWFGUEWOWNCVKXGHCKTXCNWCVKQPEJCPIGUKPGSWKV[UJCTGU PGVQHVCZ 

XKKK 4GOGCUWTGOGPVICKPUQPFGſPGFDGPGſVRNCPU 0GVQH6CZ  As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   Additions   %NQUKPIDCNCPEG 73.46 14.42

(ix) Foreign currency monetary items translation difference account As at As at 31 March 2018 31 March 2017 1RGPKPIDCNCPEG   Additions   %NQUKPIDCNCPEG (64.57) (49.26) 0CVWTGCPF2WTRQUGQH4GUGTXGU 5GEWTKVKGURTGOKWOTGUGTXG 5GEWTKVKGU RTGOKWO TGUGTXG KU WUGF VQ TGEQTF VJG RTGOKWO QP KUUWG QH UJCTGU 6JG TGUGTXG YKNN DG WVKNKUGF KP CEEQTFCPEGYKVJRTQXKUKQPUQHVJG#EV )GPGTCN4GUGTXG 6JG%QORCP[ETGCVGFC)GPGTCN4GUGTXGKPGCTNKGT[GCTURWTUWCPVVQVJGRTQXKUKQPUQHVJG%QORCPKGU#EVYJGTGKP EGTVCKPRGTEGPVCIGQHRTQſVUYGTGTGSWKTGFVQDGVTCPUHGTTGFVQ)GPGTCN4GUGTXGDGHQTGFGENCTKPIFKXKFGPFU#URGT VJG%QORCPKGU#EVVJGTGSWKTGOGPVVQVTCPUHGTRTQſVUVQ)GPGTCN4GUGTXGKUPQVOCPFCVQT[)GPGTCN4GUGTXG KUCHTGGTGUGTXGCXCKNCDNGVQVJG%QORCP[ %CRKVCNTGUGTXG 6JG%QORCP[ETGCVGFC)GPGTCN4GUGTXGKPGCTNKGT[GCTURWTUWCPVVQVJGRTQXKUKQPUQHVJG%QORCPKGU#EVYJGTGKP EGTVCKPRGTEGPVCIGQHRTQſVUYGTGTGSWKTGFVQDGVTCPUHGTTGFVQ)GPGTCN4GUGTXGDGHQTGFGENCTKPIFKXKFGPFU#URGT VJG%QORCPKGU#EVVJGTGSWKTGOGPVVQVTCPUHGTRTQſVUVQ)GPGTCN4GUGTXGKUPQVOCPFCVQT[)GPGTCN4GUGTXG KUCHTGGTGUGTXGCXCKNCDNGVQVJG%QORCP[ Employee Stock options outstanding account 6JGTGUGTXGKUWUGFVQTGEQIPK\GVJGITCPVFCVGHCKTXCNWGQHVJGQRVKQPUKUUWGFVQGORNQ[GGUWPFGT%QORCP[ŏU 'ORNQ[GG5VQEM1RVKQP2NCP  0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 21 Non-current borrowings As at As at As at 31 March 2018 31 March 2017 01 April 2016 Secured- At amortized cost From Banks 6GTO.QCPU    9QTMKPI%CRKVCN6GTO.QCPU    (WPFGF+PVGTGUV6GTO.QCPU    (TQO1VJGTU 9QTMKPI%CRKVCN6GTO.QCPU    (WPFGF+PVGTGUV6GTO.QCPU   

Unsecured .QCPUHTQOTGNCVGFRCTVKGU   

1VJGTU (KPCPEG.GCUG1DNKICVKQPU    Total 28,164.58 34,415.46 142,408.69 21.1 Terms of Repayment and Security details As at As at As at Interest Terms of Particulars 31 March 31 March 01 April Secured by Rate Repayment 2018 2017 2016 6GTO.QCPU    UVTWEVWTGF 2TKOCT['ZENWUKXGEJCTIGQP HTQO$CPMU SWCTVGTN[KPUVCNOGPVU 9KPF'PGTI[)GPGTCVQTQH EQOOGPEKPIHTQO /9HTQO.GKVYKPF5JTKTCO ,WPGCPFGPFKPI /CPWHCEVWTKPI2TKXCVG.KOKVGF YKVJ/CTEJ 6GTO.QCPU    UVTWEVWTGF (KTUV2CTK2CUUW%JCTIGQXGTVJG HTQO$CPMU SWCTVGTN[KPUVCNOGPVU RQQNGFCUUGVUKGCNNOQXGCDNG EQOOGPEKPIHTQO DQVJſZGFEWTTGPVCPFPQP ,WPGCPFGPFKPI EWTTGPVCUUGVU CPFKOOQXCDNG YKVJ/CTEJ CUUGVUQHVJG%QORCP[ 9QTMKPI    UVTWEVWTGF (KTUV2CTK2CUUW%JCTIGQXGTVJG %CRKVCN6GTO SWCTVGTN[KPUVCNOGPVU RQQNGFCUUGVUKGCNNOQXGCDNG .QCPHTQO EQOOGPEKPIHTQO DQVJſZGFEWTTGPVCPFPQP $CPMU ,WPGCPFGPFKPI EWTTGPVCUUGVU CPFKOOQXCDNG YKVJ/CTEJ CUUGVUQHVJG%QORCP[ Funded    UVTWEVWTGF (KTUV2CTK2CUUW%JCTIGQXGTVJG +PVGTGUV6GTO SWCTVGTN[KPUVCNOGPVU RQQNGF CUUGVU KG CNN OQXGCDNG .QCPHTQO EQOOGPEKPIHTQO DQVJ ſZGF EWTTGPV CPF PQP $CPMU ,WPGCPFGPFKPI EWTTGPV CUUGVU  CPF KOOQXCDNG YKVJ/CTEJ CUUGVUQHVJG%QORCP[ (KPCPEG.GCUG     VQ/QPVJU 5GEWTGFD[8GJKENGURWTEJCUGF 1DNKICVKQPU WPFGT*KTG2WTEJCUG5EJGOG HTQO$CPM 9QTMKPI     UVTWEVWTGF (KTUV2CTK2CUUW%JCTIGQXGTVJG %CRKVCN6GTO SWCTVGTN[KPUVCNOGPVU RQQNGFCUUGVUKGCNNOQXGCDNG .QCPHTQO EQOOGPEKPIHTQO DQVJſZGFEWTTGPVCPFPQP 1VJGTU ,WPGCPFGPFKPI EWTTGPVCUUGVU CPFKOOQXCDNG YKVJ/CTEJ CUUGVUQHVJG%QORCP[

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF As at As at As at Interest Terms of Particulars 31 March 31 March 01 April Secured by Rate Repayment 2018 2017 2016 9QTMKPI     #ICKPUVEQNNGEVKQPQH 5GEWTGFD[URGEKſEEJCTIGQP %CRKVCN6GTO TGVGPVKQPFGDVQTU TGVGPVKQPFGDVQTU .QCPHTQO 1VJGTU 9QTMKPI     #ICKPUVEQNNGEVKQPQH 5GEWTGFD[URGEKſEEJCTIGQP %CRKVCN6GTO TGVGPVKQPFGDVQTU TGVGPVKQPFGDVQTU .QCPHTQO 1VJGTU Funded    UVTWEVWTGF (KTUV2CTK2CUUW%JCTIGQXGTVJG +PVGTGUV6GTO SWCTVGTN[KPUVCNOGPVU RQQNGFCUUGVUKGCNNOQXGCDNG .QCPHTQO EQOOGPEKPIHTQO DQVJſZGFEWTTGPVCPFPQP 1VJGTU ,WPGCPFGPFKPI EWTTGPVCUUGVU CPFKOOQXCDNG YKVJ/CTEJ CUUGVUQHVJG%QORCP[ Total 27,356.50 34,925.16 1,42,485.17

21.2 Corporate Debt Restructuring C$CUGFQPVJG%QTRQTCVG&GDV4GUVTWEVWTKPI2TQRQUCN %&42TQRQUCN QHVJG%QORCP[CRRTQXGFKPCPGCTNKGT[GCT VJG%QORCP[YCUTGSWKTGFVQTGRC[`NCMJUGCEJ[GCTVQYCTFUTGRC[OGPVQH9%6.*QYGXGTVJG%QORCP[ QPth#RTKNUWDOKVVGFCRTQRQUCNVQ1$%CPFCNNQVJGT%&4NGPFGTUHQTEQPXGTUKQPQHVJGGPVKTGCOQWPVQH 9%6.TGƀGEVGFCDQXGKPVQGSWKV[GHHGEVKXGst#RTKNCVCRTKEGVQDGFGVGTOKPGFKPCEEQTFCPEGYKVJ5'$+ +UUWGQH%CRKVCNCPF&KUENQUWTG 4GIWNCVKQPU VJG4GIWNCVKQPU VJGRTKEGFGVGTOKPGFKPCEEQTFCPEGYKVJ VJG4GIWNCVKQPUYCU` KPENWUKQPQHRTGOKWOQH`RGTUJCTG 6JG%QORCP[QDVCKPGFCRRTQXCNQH %&4NGPFGTUQPth#WIWUVYJGTGKP%&4NGPFGTUCITGGFVQEQPXGTVVJGKTGPVKTG9%6.FWGUCIITGICVKPI to `NCMJUVQ'SWKV[#EEQTFKPIN[FWTKPIVJGRTGXKQWU[GCT%&4NGPFGTUEQPXGTVGFVJG9%6. FWGUCIITGICVKPIVQ`NCMJUKPVQGSWKV[ 1WVQHVJGDCNCPEGCOQWPVQH`NCMJU`.CMJUYCUEQPXGTVGFFWTKPIVJGEWTTGPV[GCTCV CRTKEGVQDGFGVGTOKPGFKPCEEQTFCPEGYKVJ5'$+ +UUWGQH%CRKVCNCPF&KUENQUWTG 4GIWNCVKQPU VJG 4GIWNCVKQPU VJGRTKEGFGVGTOKPGFKPCEEQTFCPEGYKVJVJG4GIWNCVKQPUYCU` KPENWUKQPQHRTGOKWOQH` RGTUJCTG  D#URGTVJG/CUVGT4GUVTWEVWTKPI#ITGGOGPV /4# CUYGNNCUVJGRTQXKUKQPUQHVJG/CUVGT%KTEWNCTQP%QTRQTCVG &GDV4GUVTWEVWTKPIKUUWGFD[VJG4GUGTXGDCPMQH+PFKCIKXGCTKIJVVQVJG%&4.GPFGTUVQIGVCTGEQORGPUG QHVJGKTYCKXGTUCPFUCETKſEGUOCFGCURCTVQHVJG%&4RTQRQUCN6JGVQVCNCOQWPVQHTGEQORGPUGRC[CDNGVQ %&4NGPFGTUCVVJGVKOGQHGZKVQHVJG%&4CUEQPVCKPGFKPVJG/4#KU`NCMJU6JGRTGUGPVXCNWGQH UWEJTGEQORGPUGCUCVst/CTEJYCU`NCMJU&WTKPIVJGRTGXKQWU[GCTEGTVCKP%&4NGPFGTU CITGGFVQVCMGGSWKV[KPVJGEQORCP[KPNKGWQHTGEQORGPUGVQVJGGZVGPVQH`NCMJURC[CDNGVQVJGO CPFVJGEQORCP[JCUCNNQVVGFGSWKV[UJCTGUKPHWNNUGVVNGOGPVQHVJGUCKFTGEQORGPUGCOQWPV#EEQTFKPIN[VJG EQORCP[JCUPQHWTVJGTNKCDKNKV[VQYCTFUTGEQORGPUG E1PGQHVJGNGPFGTYJQYCUPQVRCTVQHVJG%&4JCFUQNFVJGNQCPUVQ#UUGV%CTG4GEQPUVTWEVKQP'PVGTRTKUG #%4' 5WDUGSWGPVVQ[GCTGPF#%4'JCFſNGFCRGVKVKQPYKVJ0CVKQPCN%QORCP[.CY6TKDWPCN ő0%.6Œ  HQTKPKVKCVKQPQH%QTRQTCVG+PUQNXGPE[4GUQNWVKQP2TQEGUUCICKPUVVJG%QORCP[6JG0CVKQPCN%QORCP[.CY #RRGNNCVG6TKDWPCN 0%.#6 XKFGKVUQTFGTFCVGF/C[UVC[GFVJGQRGTCVKQPQH%QTRQTCVG+PUQNXGPE[ 4GUQNWVKQP2TQEGUU %+42 QTFGTGFD[VJG*QPŏDNG%QORCP[.CY6TKDWPCN%JGPPCK 0%.6 XKFGKVUQTFGTFCVGF /C[ F6JGEQPXGTUKQPQHNQCPUVQGSWKV[UJCTGECRKVCND[EGTVCKPDCPMUJCXGPQV[GVDGGPTGEQIPK\GFD[NGPFGTUCPF VJGUGCTGUWDLGEVVQTGEQPEKNKCVKQPU  G #NNCOQWPVUFWGWPFGT%&4CTGEQXGTGFD[%QTRQTCVG)WCTCPVGGQH58..KOKVGF2TQOQVGT H'SWKV[UJCTGUQHVJG%QORCP[JCXGDGGPRNGFIGFYKVJVJG%&4NGPFGTUD[58..KOKVGF2TQOQVGT

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

21.3 The Company has defaulted in repayment of loans and interest in respect of the following: As at Particulars 2TKPEKRCN+PVGTGUV Period of Delay March 31, 2018 6GTO.QCPUHTQO banks: %GPVTCN$CPMQH+PFKC 2TKPEKRCN FC[U  +PVGTGUV KPENWFKPIQXGTFWGRGPCNKPVGTGUV FC[U  YJGTGEJCTIGFD[VJG$CPM 4GHGT0QVG  &$5 +PVGTGUV KPENWFKPIQXGTFWGRGPCNKPVGTGUV 4CPIKPIDGVYGGP  YJGTGEJCTIGFD[VJG$CPM 4GHGT0QVG CPFFC[U 

Total 1,435.99

22 1VJGTſPCPEKCNNKCDKNKVKGU As at As at As at 31 March 2018 31 March 2017 01 April 2016 5GEWTKV[&GRQUKV4GEGKXGF    5WPFT[%TGFKVQTU4GVGPVKQP    Total 7,762.17 5,199.36 3,979.34

23 .QPI6GTO2TQXKUKQPU As at As at As at 31 March 2018 31 March 2017 01 April 2016 2TQXKUKQPHQTITCVWKV[    Total 532.27 449.21 283.65

24 1VJGTPQPEWTTGPVNKCDKNKVKGU As at As at As at 31 March 2018 31 March 2017 01 April 2016 #FXCPEGHTQO%WUVQOGTU    Total 13,117.79 13,635.93 13,236.36

25 Short - term borrowings (Secured) As at As at As at 31 March 2018 31 March 2017 01 April 2016 From bank %CUJ%TGFKVCPF1XGTFTCHVHCEKNKVKGU 4GHGT0QVG   

From others %CUJ%TGFKVCPF1XGTFTCHVHCEKNKVKGU 4GHGT0QVG   

$W[GTU%TGFKVHTQO$CPMU 4GHGT0QVG   

(KPCPEGNGCUGQDNKICVKQPU 4GHGT0QVG    Total 51,163.89 49,203.50 45,479.73

25.1 (KTUV2CTK2CUUW%JCTIGQXGTVJGRQQNGFCUUGVUKGCNNOQXGCDNG DQVJſZGFEWTTGPVCPFPQPEWTTGPVCUUGVU CPF KOOQXCDNGCUUGVUQHVJG%QORCP[

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

26 Trade payables As at As at As at 31 March 2018 31 March 2017 01 April 2016 6QVCNQWVUVCPFKPIFWGUQHOKETQGPVGTRTKUGUCPFUOCNN    GPVGTRTKUGU Acceptances    1VJGTVJCP#EEGRVCPEGU    Total 44,444.77 25,637.00 20,458.78

26.1 $CUGFQPVJGKPHQTOCVKQPCXCKNCDNGYKVJVJG%QORCP[VJGTGCTGPQQWVUVCPFKPIFWGUCPFRC[OGPVUOCFGVQCP[ UWRRNKGTQHIQQFUCPFUGTXKEGUDG[QPFVJGURGEKſGFRGTKQFWPFGT/KETQ5OCNNCPF/GFKWO'PVGTRTKUGU&GXGNQROGPV #EV=/5/'&#EV?6JGTGKUPQKPVGTGUVRC[CDNGQTRCKFVQCP[UWRRNKGTUWPFGTVJGUCKF#EV

27 1VJGTſPCPEKCNNKCDKNKVKGU As at As at As at 31 March 2018 31 March 2017 01 April 2016 %WTTGPV/CVWTKVKGUQH.QPI6GTO&GDVU (TQODCPMU    (TQO1VJGTU    +PVGTGUVUCETKſEGRC[CDNG 4GHGT0QVGDGNQY    +PVGTGUVCEETWGFDWVPQVFWGQPDQTTQYKPIU    7PENCKOGF&KXKFGPF    Total 3,532.92 4,045.68 613.42

27.1 2WTUWCPVVQVJGTGUQNWVKQPRCUUGFQP#RTKND[VJG$QCTFQH&KTGEVQTUVJG%QORCP[KUUWGUGSWKV[ UJCTGUVQVJG%&4$CPMGTUVQYCTFU+PVGTGUV5CETKſEGRC[CDNGVQVJGOKPTGURGEVQH%CUJ%TGFKVHCEKNKVKGUHQTVJG [GCTGPFGF/CTEJCVCRTKEGQH`RGTUJCTGCIITGICVKPIVQ`.CMJU

28 1VJGTEWTTGPVNKCDKNKVKGU As at As at As at 31 March 2018 31 March 2017 01 April 2016 #FXCPEGHTQOEWUVQOGTU    5VCVWVQT[FWGURC[CDNG    #FXCPEG$KNNKPI    Total 43,005.41 39,428.41 7,300.86

29 5JQTV6GTO2TQXKUKQPU As at As at As at 31 March 2018 31 March 2017 01 April 2016 2TQXKUKQPHQTITCVWKV[    2TQXKUKQPHQT%QORGPUCVGF#DUGPEGU    Total 415.66 449.28 425.01

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

30 4GXGPWGHTQOQRGTCVKQPU Year ended Year ended March 31, 2018 March 31, 2017

4GXGPWGHTQO'PIKPGGTKPICPF%QPUVTWEVKQP%QPVTCEVU  

1VJGT1RGTCVKPI4GXGPWG %QORCP[ŏUUJCTGKPRTQſVQH+PVGITCVGF,QKPV8GPVWTGU   Total 82,886.63 74,422.27

31 1VJGTKPEQOG Year ended Year ended March 31, 2018 March 31, 2017

+PVGTGUVKPEQOG $CPMFGRQUKVU/CTIKP/QPG[FGRQUKVU   +PEQOG6CZ4GHWPFU   +PVGTGUVKPEQOGQP(KPCPEKCN#UUGVU   .KCDKNKVKGUYTKVVGPDCEM   2TQſVQPUCNGQHſZGFCUUGVU  /KUEGNNCPGQWUKPEQOG   Total 10,535.86 8,783.11

32 Cost of materials consumed Year ended Year ended March 31, 2018 March 31, 2017 +PXGPVQT[CVVJGDGIKPPKPIQHVJG[GCT   #FF2WTEJCUGU6TCPUHGTU   .GUU+PXGPVQT[CVVJGGPFQHVJG[GCT Total - -

33 'TGEVKQP%QPUVTWEVKQP1RGTCVKQP'ZRGPUGU Year ended Year ended March 31, 2018 March 31, 2017

%QUVQH/CVGTKCNUCPF.CDQWT   1VJGT%QPVTCEV4GNCVGF%QUVU   %QOOGTEKCN6CZGU   Total 66,641.97 60,783.61 34 %JCPIGKP+PXGPVQTKGUQH%QPVTCEV9QTMKP2TQITGUU Year ended Year ended March 31, 2018 March 31, 2017 +PXGPVQTKGUCVVJGDGIKPPKPIQHVJG[GCT   3,813.96 4,324.01

.GUU+PXGPVQTKGUCVVJGGPFQHVJG[GCT   3,765.57 3,813.96

Net decrease 48.39 510.05 Total 48.39 510.05

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

35 'ORNQ[GGDGPGſVUGZRGPUG Year ended Year ended March 31, 2018 March 31, 2017

5CNCTKGUYCIGUDQPWUCPFQVJGTCNNQYCPEGU   %QPVTKDWVKQPVQ2TQXKFGPVCPFQVJGTHWPFU 4GHGTPQVG   5VCHHYGNHCTGGZRGPUGU   Total 4,838.49 4,126.78

36 Finance costs Year ended Year ended March 31, 2018 March 31, 2017

+PVGTGUVQP%CUJ%TGFKVU   +PVGTGUVQP6GTO.QCPU   +PVGTGUV1VJGTU   Total 10,373.24 29,761.93

37 Depreciation and amortization expense Year ended Year ended March 31, 2018 March 31, 2017 &GRTGEKCVKQP 4GHGTPQVG   #OQTVK\CVKQP 4GHGTPQVG   Total 585.76 608.24

38 1VJGTGZRGPUGU Year ended Year ended March 31, 2018 March 31, 2017

'NGEVTKEKV[CPFYCVGT   4CVGUCPFVCZGU   4GPV   Repairs and Maintenance:   $WKNFKPI   2NCPVCPF/CEJKPGT['SWKROGPVU   1VJGTU   #WFKVQTU 4GOWPGTCVKQP 4GHGT0QVGDGNQY   $CPM%JCTIGU.GVVGTQH%TGFKV)WCTCPVGGEJCTIGU   6TCXGNCPFEQPXG[CPEG   2QUVCIGCPFEQWTKGT   +PUWTCPEGRTGOKWO   2TKPVKPI5VCVKQPGT[   %QOOWPKECVKQPDTQCFDCPFCPFKPVGTPGVGZRGPUGU   Sitting Fees   .GICNCPFRTQHGUUKQPCNEJCTIGU   .GICN'ZRGPUGU   #FXGTVKUGOGPV   &QPCVKQP   .QUUQPUCNGQHſZGFCUUGVU  

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 1VJGTGZRGPUGU Particulars Year ended Year ended March 31, 2018 March 31, 2017 2TQXKUKQPHQTFQWDVHWNVTCFGCPF1VJGTTGEGKXCDNGUCPF.QCPUCPF#FXCPEGU  

/KUEGNNCPGQWU'ZRGPUGU   Total 9,793.43 8,299.46

38.16JGHQNNQYKPIKUVJGDTGCMWRQH#WFKVQTUTGOWPGTCVKQP GZENWUKXGQH)56 Particulars Year ended Year ended March 31, 2018 March 31, 2017 As auditor: 5VCVWVQT[CWFKV   1VJGTOCVVGTU   4GKODWTUGOGPVQHGZRGPUGU   Total 30.55 42.94

39 Exceptional items Particulars Year ended Year ended March 31, 2018 March 31, 2017 2TQXKUKQPHQT&KOWPKVKQPKPVJG8CNWGQH+PXGUVOGPVU 4GHGT0QVGDGNQY -  Total - 407.56 39.1%QPUKFGTKPIVJGGTQUKQPQHPGVYQTVJCPFEQPVKPWKPINQUUGUDGKPIKPEWTTGFD[.GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG .KOKVGF CTGNCVGFRCTV[ VJG/CPCIGOGPVQRKPGFVJCVVJGFKOKPWVKQPKPECTT[KPIXCNWGQHVJGKPXGUVOGPVKPVJCVGPVKV[ YCUQVJGTVJCPVGORQTCT[KPPCVWTGCPFCEEQTFKPIN[VJG%QORCP[OCFGCRTQXKUKQPHQTFKOKPWVKQPCPFFKUENQUGFVJG UCOGWPFGTGZEGRVKQPCNKVGOUKPVJGUVCVGOGPVQH2TQſVCPF.QUUHQTVJG[GCTGPFGF/CTEJ

40 Income Tax

# &GHGTTGFVCZTGNCVGUVQVJGHQNNQYKPI Particulars Year ended Year ended Year ended March 31, 2018 March 31, 2017 April 01, 2016

Deferred tax assets 1P2TQXKUKQPHQTGORNQ[GGDGPGſVU    1P+ORCKTOGPVNQUUTGEQIPKUGF    1P7PCDUQTDGFFGRTGEKCVKQPCPFECTT[HQTYCTFDWUKPGUU    losses 48,038.22 49,374.64 44,699.64 Deferred tax liabilities 1P2TQRGTV[2NCPVCPF'SWKROGPV    1P1VJGTU    414.52 401.13 3,273.85 Deferred tax asset, net 47,623.70 48,973.51 41,425.79

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF (B) Reconciliation of deferred tax assets (net): Year ended Year ended March 31, 2018 March 31, 2017

1RGPKPIDCNCPEG  

6CZCUUGVTGEQIPK\GFKP5VCVGOGPVQH2TQſVCPF.QUU  

%NQUKPIDCNCPEG 47,623.70 48,973.51

% 6CZNQUUGUQH`NCMJU /CTEJ`NCMJU#RTKN`NCMJU CTGCXCKNCDNG HQTQHHUGVVKPIHQTCOCZKOWORGTKQFQHGKIJV[GCTUCICKPUVHWVWTGVCZCDNGRTQſVUQHVJG%QORCP[&GHGTTGFVCZCUUGVU JCXGPQVDGGPTGEQIPK\GFKPTGURGEVQHVJGUGNQUUGUCUVJG[OC[PQVDGWUGFVQQHHUGVVCZCDNGRTQſVUCPFVJGTGCTG PQQVJGTVCZRNCPPKPIQRRQTVWPKVKGUQTQVJGTGXKFGPEGQHTGEQXGTCDKNKV[KPVJGPGCTHWVWTG+HVJG%QORCP[YGTGCDNGVQ TGEQIPK\GCNNWPTGEQIPK\GFFGHGTTGFVCZCUUGVUVJGNQUUYQWNFFGETGCUGFD[`NCMJU /CTEJ` NCMJU 

& Reconciliation of tax charge Year ended Year ended March 31, 2018 March 31, 2017

C 2TQſV .QUU DGHQTGVCZ 1,141.21 (21,292.25) D %QTRQTCVG6CZ4CVGCURGT+PEQOG6CZ#EV   E 6CZQP#EEQWPVKPI2TQſV  E   C   D  398.74 (7,439.51)

F 6CZCFLWUVOGPVU

K 6CZQPUJCTGQHRTQſVKP,QKPV1RGTCVKQPU6CZQP   +PEQOG'ZGORVHTQO6CZ KK 6CZGHHGEVQPKORCKTOGPVNQUUGUTGEQIPKUGFCPFQP   YJKEJFGHGTTGFVCZCUUGVKUPQVTGEQIPKUGF KKK 6CZGHHGEVQHNQUUGUQHEWTTGPV[GCTQPYJKEJPQFGHGTTGF   VCZDGPGſVKUTGEQIPKUGF KX 6CZGHHGEVQHXCTKQWUQVJGTKVGOU   KX 'HHGEVQHFKHHGTGPEGKPVCZTCVGUQHUWDUKFKCTKGUQRGTCVKPI   KPQVJGTLWTKUFKEVKQP

6QVCNGHHGEVQH6CZ#FLWUVOGPVU 5WOQH K VQ KX 951.97 (108.21)

G 6CZGZRGPUGUTGEQIPKUGFFWTKPIVJG[GCT  G   E   F   

H 'HHGEVKXG6CZ4CVG  H   G  C  118.36% 35.45%

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 41 Basic and Diluted Earnings Per Share (EPS) computed in accordanec with Indian Accounting Standard (Ind AS) 33 "Earnings Per Share": #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF Particulars 31 March 18 31 March 17 Basic EPS .QUUCHVGT6CZCURGT#EEQWPVU `.CMJU A   9GKIJVGFCXGTCIGPWODGTQH'SWKV[5JCTGUQWVUVCPFKPI $   Basic EPS (`) #$ (0.02) (2.44)

Diluted EPS .QUUCHVGT6CZCURGT#EEQWPVU `.CMJU A   9GKIJVGFCXGTCIGPWODGTQH'SWKV[5JCTGUQWVUVCPFKPI $   Diluted EPS (`) #$ (0.02) (2.44)

42 Disclosures pursuant to Ind AS 11 “Construction Contracts”:

S. Particulars 2017-18 2016-17 1-Apr-16 No 1 %QPVTCEVTGXGPWGTGEQIPKUGFHQTVJGſPCPEKCN[GCT   0QV#RRNKECDNG 2 #IITGICVGCOQWPVQH%QPVTCEVEQUVUKPEWTTGFCPFTGEQIPK\GF    RTQſVU NGUUTGEQIPK\GFNQUUGU WRVQVJGTGRQTVKPIFCVG 3 #FXCPEGUTGEGKXGFHQTEQPVTCEVUKPRTQITGUU     4GVGPVKQPCOQWPVD[EWUVQOGTUHQTEQPVTCEVUKPRTQITGUU     )TQUUCOQWPVFWGHTQOEWUVQOGTUHQTEQPVTCEVYQTM #UUGV     )TQUUCOQWPVFWGVQEWUVQOGTUHQTEQPVTCEVYQTM .KCDKNKV[  - 

43 &KUENQUWTGRWTUWTCPVVQ+PF#5'ORNQ[GG$GPGſVU

(A) &GſPGF%QPVTKDWVKQP2NCPU &WTKPIVJG[GCTVJG)TQWRJCUTGEQIPK\GFVJGHQNNQYKPICOQWPVUKPVJG 31-Mar-18 31-Mar-17 5VCVGOGPVQH2TQſVCPF.QUUŌ 'ORNQ[GTUŏ%QPVTKDWVKQPVQ2TQXKFGPV(WPFCPF'ORNQ[GG5VCVG+PUWTCPEG   4GHGTPQVG (B) &GſPGFDGPGſVRNCPU 7PHWPFGF 4KUMUCUUQEKCVGFYKVJRNCPRTQXKUKQPU 8CNWCVKQPUCTGDCUGFQPEGTVCKPCUUWORVKQPUYJKEJCTGF[PCOKEKPPCVWTGCPFXCT[QXGTVKOG#UUWEJVJG)TQWRKU GZRQUGFVQXCTKQWUTKUMUCUHQNNQYU +PXGUVOGPVTKUM6JGRTQDCDKNKV[QTNKMGNKJQQFQHQEEWTTGPEGQHNQUUGUTGNCVKXGVQVJGGZRGEVGFTGVWTPQPCP[RCTVKEWNCT KPXGUVOGPV Interest risk:6JGRNCPGZRQUGUVJG)TQWRVQVJGTKUMQHHCNNKPKPVGTGUVTCVGU#HCNNKPKPVGTGUVTCVGUYKNNTGUWNVKPCP KPETGCUGKPVJGWNVKOCVGEQUVQHRTQXKFKPIVJGCDQXGDGPGſVCPFYKNNVJWUTGUWNVKPCPKPETGCUGKPVJGXCNWGQHVJGNKCDKNKV[ Salary Escalation Risk:6JGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVRNCPKUECNEWNCVGFYKVJVJGCUUWORVKQPQHUCNCT[ KPETGCUGTCVGQHRNCPRCTVKEKRCPVUKPHWVWTG&GXKCVKQPKPVJGTCVGQHKPETGCUGQHUCNCT[KPHWVWTGHQTRNCPRCTVKEKRCPVU HTQOVJGTCVGQHKPETGCUGKPUCNCT[WUGFVQFGVGTOKPGVJGRTGUGPVXCNWGQHQDNKICVKQPYKNNJCXGCDGCTKPIQPVJGRNCPŏU NKCDKNKV[ Demographic Risk:6JG)TQWRJCUWUGFEGTVCKPOQTVCNKV[CPFCVVTKVKQPCUUWORVKQPUKPXCNWCVKQPQHVJGNKCDKNKV[6JG )TQWRKUGZRQUGFVQVJGTKUMQHCEVWCNGZRGTKGPEGVWTPKPIQWVVQDGYQTUGEQORCTGFVQVJGCUUWORVKQP +PTGURGEVQHVJGRNCPKP+PFKCVJGOQUVTGEGPVCEVWCTKCNXCNWCVKQPQHVJGRTGUGPVXCNWGQHVJGFGſPGFDGPGſVQDNKICVKQP YGTGECTTKGFQWVCUCV/CTEJD[/T5-TKUJPCP(GNNQYQHVJG+PUVKVWVGQH#EVWCTKGUQH+PFKC6JGRTGUGPV XCNWGQHVJGFGſPGFDGPGſVQDNKICVKQPCPFVJGTGNCVGFEWTTGPVUGTXKEGEQUVCPFRCUVUGTXKEGEQUVYGTGOGCUWTGF WUKPIVJGRTQLGEVGFWPKVETGFKVOGVJQF 0QQVJGTRQUVTGVKTGOGPVDGPGſVUCTGRTQXKFGFVQVJGUGGORNQ[GGU

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF K Actuarial assumptions 31-Mar-18 31-Mar-17 &KUEQWPVTCVG RGTCPPWO   4CVGQHKPETGCUGKP5CNCT[   'ZRGEVGFCXGTCIGTGOCKPKPIYQTMKPINKXGUQHGORNQ[GGU +PF  +PF   [GCTU VCDNG VCDNG #VVTKVKQPTCVG  

KK %JCPIGUKPVJGRTGUGPVXCNWGQHFGſPGFDGPGſV Gratuity Compensated Absences obligation 31 March 18 31 March 17 31 March 18 31 March 17 2TGUGPVXCNWGQHQDNKICVKQPCVVJGDGIKPPKPIQHVJG[GCT     +PVGTGUVEQUV     2CUVUGTXKEGEQUV     %WTTGPVUGTXKEGEQUV     %WTVCKNOGPVU     Settlements     $GPGſVURCKF     #EVWCTKCNICKPQPQDNKICVKQPU     2TGUGPVXCNWGQHQDNKICVKQPCVVJGGPFQHVJG[GCT 555.06 467.06 392.88 431.42 +PENWFGFKPRTQXKUKQPHQTGORNQ[GGDGPGſVU 4GHGTPQVGCPF

KKK 'ZRGPUGTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUU Gratuity Compensated Absences 31 March 18 31 March 17 31 March 18 31 March 17 %WTTGPVUGTXKEGEQUV     2CUVUGTXKEGEQUV     +PVGTGUVEQUV     'ZRGEVGFTGVWTPQPRNCPCUUGVU     #EVWCTKCNICKPQPQDNKICVKQPU     Settlements     %WTVCKNOGPVU     6QVCNGZRGPUGUTGEQIPK\GFKPVJG5VCVGOGPV2TQſVCPF.QUU 93.47 171.09 55.42 242.90

KX Assets and liabilities recognized in the Balance Sheet: Gratuity Compensated Absences 31 March 18 31 March 17 31 March 18 31 March 17 2TGUGPVXCNWGQHWPHWPFGFQDNKICVKQPCUCVVJGGPFQHVJG[GCT     7PTGEQIPK\GFCEVWCTKCN ICKPU NQUUGU     7PHWPFGFPGVCUUGV NKCDKNKV[ TGEQIPK\GFKP$CNCPEG5JGGV 555.06 467.06 392.88 431.42 +PENWFGFKPRTQXKUKQPHQTGORNQ[GGDGPGſVU 4GHGTPQVGCPF

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF X #SWCPVKVCVKXGUGPUKVKXKV[CPCN[UKUHQTUKIPKſECPVCUUWORVKQPCUCV/CTEJKUCUUJQYPDGNQY +ORCEVQPFGſPGFDGPGſVQDNKICVKQP 31 March 18 &KUEQWPVTCVG KPETGCUG  FGETGCUG 

4CVGQHKPETGCUGKPUCNCT[ KPETGCUG  FGETGCUG 

XK /CVWTKV[RTQſNGQHFGſPGFDGPGſVQDNKICVKQP ;GCT 31 March 18

$[VJGGPFQHſTUV[GCT  $GVYGGP;GCTCPF;GCT  $GVYGGP;GCTCPF;GCT  $GVYGGP;GCTCPF;GCT  $GVYGGP;GCTCPF;GCT  $GVYGGP;GCTCPF;GCT  44 &KUENQUWTGKPTGURGEVQHNGCUGURWTUWCPVVQ+PFKCP#EEQWPVKPI5VCPFCTF +PF#5 .GCUGU

1RGTCVKPINGCUGUYJGTG%QORCP[KUCNGUUGG 6JGEQORCP[JCUQRGTCVKPINGCUGCTTCPIGOGPVURTKOCTKN[HQTQHſEGRTGOKUGUVJGNGCUGRGTKQFQHYJKEJKUCDQWV VQ[GCTU6JGQRGTCVKPINGCUGRC[OGPVUTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUCOQWPVVQ`.CMJU /CTEJ`.CMJU KPENWFGFKP0QVG6JGHWVWTGGZRGEVGFOKPKOWONGCUGRC[OGPVUWPFGTQRGTCVKPI NGCUGUCTGIKXGPDGNQY 6JGVGTOUQHNGCUGKPENWFGVGTOUQHTGPGYCNKPETGCUGKPTGPVUKPHWVWTGRGTKQFUYJKEJCTGKPNKPGYKVJIGPGTCNKPƀCVKQP CPFVGTOUQHECPEGNNCVKQP

Future minimum rentals payable under non-cancellable operating leases are, as follows:

Particulars 31-Mar-18 31-Mar-17 9KVJKPQPG[GCT   #HVGTQPG[GCTDWVPQVOQTGVJCPſXG[GCTU   /QTGVJCPſXG[GCTU   6QVCN KP`  591.09 591.09

Year wise future minimum lease rental payments on As at March 31, 2018 As at March 31, 2017 contracts: Present Present Total Total Value of Value of Minumum Minumum Particulars Minimum Minimum .GCUG .GCUG .GCUG .GCUG Payments Payments Payments Payments

9KVJKPQPG[GCT     #HVGTQPG[GCTDWVPQVOQTGVJCPſXG[GCTU     /QTGVJCPſXG[GCTU     Total 24.50 21.62   .GUU(WVWTG(KPCPEG%JCTIGU    Present Value of Minimum lease payments 21.62 21.62 8.22 8.22

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 45 &KUENQUWTGQHTGNCVGFRCTVKGUTGNCVGFRCTV[VTCPUCEVKQPURWTUWCPVVQ+PF#54GNCVGF2CTV[&KUENQUWTGU

# .KUVQHTGNCVGFRCTVKGUCPFFGUETKRVKQPQHTGNCVKQPUJKRCUKFGPVKſGFCPFEGTVKſGFD[VJG%QORCP[ +PXGUVKPI2CTV[ 58..KOKVGF

5WDUKFKCT[QH+PXGUVKPI2CTV[ 5JTKTCO5'2.%QORQUKVGU2TKXCVG.KOKVGF $JCTCV%QCN%JGOKECNU.KOKVGF $%%.

'PVGTRTKUGUWPFGTVJGLQKPVEQPVTQNQHVJGKPXGUVKPI party: .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF

Associates *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF 'PPQTG%QMG.KOKVGF 5WDUKFKCT[QH*CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF 9GNNOCP%QMG+PFKC.KOKVGF 5WDUKFKCT[QH*CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF

Key management personnel 65JKXCTCOCP/CPCIKPI&KTGEVQT /#OLCF5JCTKHH,QKPV/CPCIKPI&KTGEVQT

1VJGTGPVGTRTKUGUWPFGTVJGEQPVTQNQHVJGMG[OCPCIGOGPVRGTUQPPGN 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF $JCTCVJ9KPF(CTO.KOKVGF %NCTKQP9KPFHCTOU2TKXCVG.KOKVGF $GVC9KPF(CTO2TKXCVG.KOKVGF 1TKGPV'EQ'PGTI[2TKXCVG.KOKVGF

,QKPV1RGTCVKQPU .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8 5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8 5'2%&45+62.,8

$ Details of transactions with related party in the ordinary course of business for the year ended:

Particulars 31-Mar-18 31-Mar-17 K +PXGUVKPI2CTV[ 'ZRGPUGUKPEWTTGFCPFTGEQXGTCDNG   +PVGTGUV'ZRGPUG   6TCPUHGTQH#FXCPEGU4GEGKXCDNGU   +PXGUVOGPVUKP'SWKV[5JCTGU KPENWFKPIRTGOKWO   .QCP4GEGKXGF 0GV  

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ Particulars 31-Mar-18 31-Mar-17 KK 5WDUKFKCT[QH+PXGUVKPI2CTV[ 5JTKTCO5'2.%QORQUKVGU2TKXCVG.KOKVGF 2TQITGUUKXGDKNNKPIU4GXGPWG   2WTEJCUGUQH)QQFUCPF5GTXKEGU   'ZRGPUGUKPEWTTGFCPFTGEQXGTCDNG  

KKK 'PVGTRTKUGUWPFGTVJGLQKPVEQPVTQNQHVJGKPXGUVKPIRCTV[

C .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF 6TCPUHGTQH%WTTGPV#UUGVUCPF%WTTGPV.KCDKNVKVGU 0GV   'ZRGPUGUKPEWTTGFCPFTGEQXGTCDNG  

C *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF 2WTEJCUGUQH)QQFUCPF5GTXKEGU   'ZRGPUGUKPEWTTGF  

KX Associates C 'PPQTG%QMG.KOKVGF 'ZRGPUGUKPEWTTGF  

X Key Management Personnel (KMP) Compensation of key management personnel* 65JKXCTCOCP   /#OLCF5JCTKHH   5WDLGEVVQUJCTGJQNFGTUCRRTQXCNKPVJGGPUWKPI#PPWCNIGPGTCNOGGVKPI

XK 1VJGTGPVGTRTKUGUWPFGTVJGEQPVTQNQHVJGMG[OCPCIGOGPVRGTUQPPGN

C 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF 'ZRGPUGUKPEWTTGFCPFTGEQXGTCDNG  

D $JCTCVJ9KPF(CTO.KOKVGF 2TQXKUKQPHQT&QWDVHWNCFXCPEGU  

XKK ,QKPV1RGTCVKQPU

C .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8 %QORCP[ŏUUJCTGKPRTQſVQH+PVGITCVGF,QKPV8GPVWTGU   2TQITGUUKXGDKNNKPIU4GXGPWG  

D 5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8 2TQITGUUKXGDKNNKPIU4GXGPWG  

E 5'2%&45+62.,8 2TQITGUUKXGDKNNKPIU4GXGPWG  

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

% #OQWPVFWG VQ HTQOTGNCVGFRCTV[CUQP #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF K Particulars 31-Mar-18 31-Mar-17 1-Apr-16 #FXCPEGU $QTTQYKPIU  58..KOKVGF    .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF 0GVQH2TQXKUKQPHQT    'ZRGEVGF%TGFKV.QUUQH`.CMJU /CTEJ` .CMJU/CTEJ`.CMJU *CNFKC%QMGU%JGOKECNU2TKXCVG.KOKVGF 0GVQH2TQXKUKQPHQT'ZRGEVGF    %TGFKV.QUUQH`.CMJU /CTEJ`.CMJU /CTEJ`.CMJU 'PPQTG%QMG.KOKVGF 0GVQH2TQXKUKQPHQT'ZRGEVGF%TGFKV.QUUQH`    .CMJU /CTEJ`.CMJU/CTEJ` .CMJU $JCTCV9KPF(CTO.KOKVGF    1TKGPV)TGGP2QYGT%QORCP[.KOKVGF   

4GEGKXCDNGU 2C[CDNGU  .GKVYKPF5JTKTCO/CPWHCEVWTKPI2TKXCVG.KOKVGF    1TKGPV)TGGP2QYGT%QORCP[.KOKVGF    5JTKTCO'2%'WTQVGEJ'PXKTQPOGPVCN2XV.VF,8    5'2%&45+62.,8    .CTUGP6QWDTQ.KOKVGF5JTKTCO'2%,8    *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF    'PPQTG%QMG.KOKVGF    $GVC9KPF(CTO2TKXCVG.KOKVGF    9GNNOCP%QMG+PFKC.KOKVGF    *COQP5JTKTCO%QVVTGNN2TKXCVG.KOKVGF    5JTKTCO5'2.%QORQUKVGU2TKXCVG.KOKVGF   

(ii) %QTRQTCVG)WCTCPVGGUIKXGPD[VJG%QORCP[ 1TKGPV)TGGP2QYGT%QORCP[.KOKVGF   

& 6JG%QORCP[CEEQWPVUHQTEQUVUKPEWTTGFD[4GNCVGFRCTVKGUDCUGFQPVJGCEVWCNKPXQKEGFGDKVPQVGUTCKUGFCPF CEETWCNUCUEQPſTOGFD[UWEJRCTVKGU6JGTGNCVGFRCTVKGUJCXGEQPſTOGFVQVJG/CPCIGOGPVVJCVCUCV/CTEJ /CTEJCPF#RTKNVJGTGCTGPQHWTVJGTCOQWPVURC[CDNGVQTGEGKXCDNGHTQOVJGOQVJGTVJCP FKUENQUGFCDQXG

46 Dues from Associates - Disclosure under clause 32 of the listing agreement 46.1 Maximum amount outstanding at any time during the year: Particulars 31-Mar-18 31-Mar-17 1-Apr-16 *CNFKC%QMGCPF%JGOKECNU2TKXCVG.KOKVGF    'PPQTG%QMG.KOKVGF    9GNNOCP%QMG+PFKC.KOKVGF   

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 46.2 (WNNRCTVKEWNCTUQHNQCPUIKXGPKPXGUVOGPVOCFGIWCTCPVGGUIKXGPUGEWTKV[RTQXKFGFVQIGVJGTYKVJ purpose in terms of section 186 (4) of the Companies Act, 2013 :

+PXGUVOGPVU/CFG *CNFKC%QMGCPF%JGOKECNU2TKXCVG  4GNCVGF2CTV[ 6QECTT[QPVJGDWUKPGUUQHOCPWHCEVWTGQH .KOKVGF .QY#UJ/GVCNNWTIKECN%QMG *GZC9KPFHTCO2TKXCVG.KOKVGF  2CTVQHVJG 6QECTT[QPVJGDWUKPGUUQH)GPGTCVKQPQH 5JTKTCO)TQWR 2QYGT .GKVYKPF5JTKTCO/CPWHCEVWTKPI  4GNCVGF2CTV[ 6QECTT[QPVJGOCPWHCEVWTGQH9KPF'PGTI[ 2TKXCVG.KOKVGF )GPGTCVQTU 1TKGPV)TGGP2QYGT%QORCP[  4GNCVGF2CTV[ 6QECTT[QPVJGDWUKPGUUQH)GPGTCVKQPQH .KOKVGF 2QYGT

.QCPU)KXGP *CNFKC%QMGCPF%JGOKECNU2TKXCVG  4GNCVGF2CTV[ $WUKPGUUPGGFUCPFEQPVKPIGPEKGU .KOKVGF *GZC9KPFHTCO2TKXCVG.KOKVGF  2CTVQHVJG $WUKPGUUPGGFUCPFEQPVKPIGPEKGU 5JTKTCO)TQWR .GKVYKPF5JTKTCO/CPWHCEVWTKPI  4GNCVGF2CTV[ $WUKPGUUPGGFUCPFEQPVKPIGPEKGU 2TKXCVG.KOKVGF 1TKGPV)TGGP2QYGT%QORCP[  4GNCVGF2CTV[ $WUKPGUUPGGFUCPFEQPVKPIGPEKGU .KOKVGF 'PPQTG%QMG.KOKVGF  4GNCVGF2CTV[ $WUKPGUUPGGFUCPFEQPVKPIGPEKGU

)WCTCPVGGU)KXGP 1TKGPV)TGGP2QYGT%QORCP[  4GNCVGF2CTV[ (QTOQPKGUDQTTQYGFD[VJGTGNCVGFRCTV[ .KOKVGF

47 Segment reporting 6JG%JKGH1RGTCVKPI&GEKUKQP/CMGT %1&/ TGXKGYUVJGQRGTCVKQPUQHVJG%QORCP[HQTVJG[GCTGPFGF/CTEJ CUQPGQRGTCVKPIUGIOGPVDGKPI%QPUVTWEVKQP%QPVTCEVU*GPEGPQUGRCTCVGRTKOCT[UGIOGPVKPHQTOCVKQPJCU DGGPHWTPKUJGFJGTGYKVJCUTGSWKTGFD[+PF#51RGTCVKPIUGIOGPV*QYGXGT)GQITCRJKECN5GIOGPVUDGKPI UGEQPFCT[UGIOGPVUCTGFKUENQUGFDGNQY

Particulars 31-Mar-18 31-Mar-17 1-Apr-16

Rest of the World 4GXGPWG   0QV#RRNKECDNG Assets    %CRKVCN'ZRGPFKVWTG   0QV#RRNKECDNG

India 4GXGPWG   0QV#RRNKECDNG Assets    %CRKVCN'ZRGPFKVWTG   0QV#RRNKECDNG

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 48 Fair Value Measurement 6JGHQNNQYKPIVCDNGRTGUGPVUHCKTXCNWGJKGTCTEJ[QHCUUGVUCPFNKCDKNKVKGUOGCUWTGFCVHCKTXCNWGQPCTGEWTTKPIDCUKU

31 March 18 Carrying Amount Fair Value Particulars Note Financial Mandatorily 1VJGT Total .GXGN .GXGN .GXGN Total Assets at CV(862. Financial carrying amortised liabilities at XCNWG cost amortised cost

Assets Financial Assets Measured at Fair Value Investments         

Financial Assets not Measured at Fair Value Investments          .QCPU          6TCFG4GEGKXCDNGU          %CUJCPF%CUJ'SWKXCNGPVU          1VJGT$CPMDCNCPEGU          1VJGTſPCPEKCNCUUGVU          Total 127,106.32 - - 127,106.32 - - 66.13 66.13

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV OGCUWTGFCVHCKTXCNWG 0QP%WTTGPV$QTTQYKPIU 21         %WTTGPV$QTTQYKPIU          6TCFGRC[CDNGU          1VJGTſPCPEKCNNKCDKNKVKGU          Total - - 135,068.33 135,068.33 - - - -

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

31 March 17 Carrying Amount Fair Value Particulars Note Financial Mandatorily 1VJGT Total .GXGN .GXGN .GXGN Total Assets at CV(862. Financial carrying amortised liabilities at XCNWG cost amortised cost

Assets Financial Assets Measured at Fair Value Investments         

Financial Assets not OGCUWTGFCVHCKTXCNWG Investments          .QCPU          6TCFG4GEGKXCDNGU          %CUJCPF%CUJ'SWKXCNGPVU          1VJGT$CPMDCNCPEGU          1VJGTſPCPEKCNCUUGVU          Total 123,120.49 - - 123,120.49 - - 66.13 66.13

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV OGCUWTGFCVHCKTXCNWG 0QP%WTTGPV$QTTQYKPIU 21         %WTTGPV$QTTQYKPIU          6TCFGRC[CDNGU          1VJGTſPCPEKCNNKCDKNKVKGU          Total - - 118,501.00 118,501.00 - - - -

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

1 April 16 Carrying Amount Fair Value Particulars Note Financial Mandatorily 1VJGT Total .GXGN .GXGN .GXGN Total Assets at CV(862. Financial carrying amortised liabilities at XCNWG cost amortised cost

Assets Financial Assets Measured at Fair Value Investments         

Financial Assets not OGCUWTGFCVHCKTXCNWG Investments          .QCPU          6TCFG4GEGKXCDNGU          %CUJCPF%CUJ'SWKXCNGPVU          1VJGT$CPMDCNCPEGU          1VJGTſPCPEKCNCUUGVU          Total 97,424.30 - - 97,424.30 - - 473.69 473.69

.KCDKNKVKGU (KPCPEKCN.KCDKNKVKGUPQV OGCUWTGFCVHCKTXCNWG 0QP%WTTGPV$QTTQYKPIU 21         %WTTGPV$QTTQYKPIU          6TCFGRC[CDNGU          1VJGTſPCPEKCNNKCDKNKVKGU          Total - - 212,939.96 212,939.96 - - - -

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

49 (KPCPEKCNTKUMOCPCIGOGPVQDLGEVKXGUCPFRQNKEKGU

6JG%QORCP[KUGZRQUGFVQXCTKQWUſPCPEKCNTKUMU6JGUGTKUMUCTGECVGIQTK\GFKPVQOCTMGVTKUMETGFKVTKUMCPF NKSWKFKV[TKUM6JG%QORCP[ UTKUMOCPCIGOGPVKUEQQTFKPCVGFD[VJG$QCTFQH&KTGEVQTUCPFHQEWUGUQPUGEWTKPI NQPIVGTOCPFUJQTVVGTOECUJƀQYU6JG%QORCP[FQGUPQVGPICIGKPVTCFKPIQHſPCPEKCNCUUGVUHQTURGEWNCVKXG RWTRQUGU

(A) Market risk /CTMGVTKUMKUVJGTKUMVJCVVJGHCKTXCNWGQHHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUGQHEJCPIGU KP OCTMGV RTKEGU /CTMGV TKUM EQORTKUGU VJTGG V[RGU QH TKUM KPVGTGUV TCVG TKUM EWTTGPE[ TKUM CPF QVJGT RTKEG TKUM UWEJCUGSWKV[RTKEGTKUMCPFEQOOQFKV[TKUM(KPCPEKCNKPUVTWOGPVUCHHGEVGFD[OCTMGVTKUMKPENWFGDQTTQYKPIUCPF FGTKXCVKXGſPCPEKCNKPUVTWOGPVU

(i) Interest rate risk +PVGTGUVTCVGTKUMKUVJGTKUMVJCVVJGHCKTXCNWGQTHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUG QHEJCPIGUKPOCTMGVKPVGTGUVTCVGU6JG%QORCP[ŏUQWVUVCPFKPIFGDVKPNQECNEWTTGPE[KUQPſZGFTCVGDCUKUCPF JGPEGPQVUWDLGEVVQKPVGTGUVTCVGTKUM

(ii) Foreign currency risk (QTGKIPEWTTGPE[TKUMKUVJGTKUMVJCVVJGHCKTXCNWGQTHWVWTGECUJƀQYUQHCſPCPEKCNKPUVTWOGPVYKNNƀWEVWCVGDGECWUG QHEJCPIGUKPHQTGKIPGZEJCPIGTCVGU6JG)TQWRŏUGZRQUWTGVQVJGTKUMQHEJCPIGUKPHQTGKIPGZEJCPIGTCVGUTGNCVGU RTKOCTKN[VQVJG)TQWRŏUQRGTCVKPICEVKXKVKGU YJGPTGXGPWGQTGZRGPUGKUFGPQOKPCVGFKPCFKHHGTGPVEWTTGPE[HTQO VJG)TQWRŏUHWPEVKQPCNEWTTGPE[ 

6JGPGVGZRQUWTGVQHQTGKIPEWTTGPE[KPTGURGEVQHFGTKXCVKXGUKUCUHQNNQYU

(QTYCTFGZEJCPIGEQPVTCEVUGPVGTGFKPVQD[VJG)TQWRCPFQWVUVCPFKPICUQP/CTEJ0KN /CTEJ'741CPF#RTKN75&

(B) Credit risk 6JG %QORCP[ŏU EWUVQOGT RTQſNG KPENWFG RWDNKE UGEVQT GPVGTRTKUGU UVCVG QYPGF EQORCPKGU CPF NCTIG RTKXCVG EQTRQTCVGU#EEQTFKPIN[VJG%QORCP[ŏUEWUVQOGTETGFKVTKUMKUNQY6JG%QORCP[ŏUCXGTCIGRTQLGEVGZGEWVKQPE[ENG KUCTQWPFVQOQPVJU)GPGTCNRC[OGPVVGTOUKPENWFGOQDKNKUCVKQPCFXCPEGOQPVJN[RTQITGUURC[OGPVUYKVJ CETGFKVRGTKQFTCPIKPIHTQOVQFC[UCPFEGTVCKPTGVGPVKQPOQPG[VQDGTGNGCUGFCVVJGGPFQHVJGRTQLGEV +P UQOG ECUGU TGVGPVKQPU CTG UWDUVKVWVGF YKVJ DCPMEQTRQTCVG IWCTCPVGGU 6JG %QORCP[ JCU C FGVCKNGF TGXKGY OGEJCPKUOQHQXGTFWGEWUVQOGTTGEGKXCDNGUCVXCTKQWUNGXGNUYKVJKPQTICPKUCVKQPVQGPUWTGRTQRGTCVVGPVKQPCPF HQEWUHQTTGCNKUCVKQP

6JG%QORCP[RTQXKFGUHQTFQWDVHWNTGEGKXCDNGUCFXCPEGUCPFGZRGEVGFETGFKVNQUUDCUGFQPOQPVJUCPFNKHGVKOG GZRGEVGFETGFKVNQUUDCUKUHQTHQNNQYKPIſPCPEKCNCUUGVU

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF

31 March 18 Estimated 2TQXKUKQP Carrying amount Gross Carrying Particulars Expected net of impairment Amount at %TGFKV.QUU RTQXKUKQP default 6TCFGTGEGKXCDNGU    7PDKNNGF4GXGPWG    #FXCPEGUVQ5WRRNKGTU   

31 March 17 Estimated 2TQXKUKQP Carrying amount Gross Carrying Particulars Expected net of impairment Amount at %TGFKV.QUU RTQXKUKQP default 6TCFGTGEGKXCDNGU    7PDKNNGF4GXGPWG    #FXCPEGUVQ5WRRNKGTU   

1 April 16 Estimated 2TQXKUKQP Carrying amount Gross Carrying Particulars Expected net of impairment Amount at %TGFKV.QUU RTQXKUKQP default 6TCFGTGEGKXCDNGU    7PDKNNGF4GXGPWG    #FXCPEGUVQ5WRRNKGTU   

4GEQPEKNKCVKQPQH2TQXKUKQPCPF'ZRGEVGF%TGFKV.QUU1VJGTſPCPEKCNCUUGVU

Trade Unbilled #FXCPEGUVQ Particulars TGEGKXCDNGU 4GXGPWG Suppliers 2TQXKUKQPCPF'ZRGEVGF%TGFKV.QUUQP#RTKN 5,329.42 11,982.07 1,355.56 #NNQYCPEGHQT&QWDVHWN&GDVU    +PVGTGUVKPEQOGQP(KPCPEKCN#UUGVU    2TQXKUKQPCPF'ZRGEVGF%TGFKV.QUUQP/CTEJ 5,485.96 10,207.15 1,640.30 #NNQYCPEGHQT&QWDVHWN&GDVU    +PVGTGUVKPEQOGQP(KPCPEKCN#UUGVU    2TQXKUKQPCPF'ZRGEVGF%TGFKV.QUUQP/CTEJ 5,389.49 9,728.82 1,640.30

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ (C) .KSWKFKV[TKUM 6JG %QORCP[ OCPCIGU NKSWKFKV[ TKUM D[ OCKPVCKPKPI UWHſEKGPV ECUJCPF D[ JCXKPI CEEGUU VQ HWPFKPI VJTQWIJ CP CFGSWCVGCOQWPVQHEQOOKVVGFETGFKVNKPGU)KXGPVJGPGGFVQHWPFFKXGTUGRTQLGEVUCPFVQOGGVVJGFGDVUGTXKEKPI QDNKICVKQPUQHVJG%QORCP[VJG%QORCP[OCKPVCKPUƀGZKDKNKV[KPHWPFKPIVJTQWIJEQOOKVVGFETGFKVNKPGUUJQTVVGTO DQTTQYKPIUCPFVTCFGTGEGKXCDNGU/CPCIGOGPVTGIWNCTN[OQPKVQTUVJGRQUKVKQPQHECUJCPFECUJGSWKXCNGPVUXKU ´XKURTQLGEVKQPUCUUGUUOGPVQHOCVWTKV[RTQſNGUQHſPCPEKCNCUUGVUCPFſPCPEKCNNKCDKNKVKGUKPENWFKPIFGDVſPCPEKPI RNCPU 6JGVCDNGDGNQYUWOOCTK\GUVJGOCVWTKV[RTQſNGQHVJG%QORCP[ŏUſPCPEKCNNKCDKNKVKGU #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF .GUUVJCP More than 5 Particulars 3 to 12 months 1 to 5 years Total months years 31-Mar-18 5JQTVVGTODQTTQYKPIU      .QPIVGTODQTTQYKPIU      6TCFGRC[CDNGU      1VJGTſPCPEKCNNKCDKNKV[      548.56 87,804.91 23,882.30 2,088.04 114,323.80

31-Mar-17 5JQTVVGTODQTTQYKPIU      .QPIVGTODQTTQYKPIU      6TCFGRC[CDNGU      1VJGTſPCPEKCNNKCDKNKV[      232.14 84,004.51 16,449.23 12,615.77 113,301.65

1-Apr-16 5JQTVVGTODQTTQYKPIU      .QPIVGTODQTTQYKPIU      6TCFGRC[CDNGU      1VJGTſPCPEKCNNKCDKNKV[      783.62 69,552.40 78,499.16 60,094.71 208,929.90

50 Capital management (QTVJGRWTRQUGQHVJG%QORCP[ŏUECRKVCNOCPCIGOGPVECRKVCNKPENWFGUKUUWGFGSWKV[ECRKVCNUJCTGRTGOKWOCPFCNN QVJGTGSWKV[TGUGTXGUCVVTKDWVCDNGVQVJGGSWKV[JQNFGTU6JGRTKOCT[QDLGEVKXGQHVJG%QORCP[ŏUECRKVCNOCPCIGOGPV KUVQOCZKOK\GVJGUJCTGJQNFGTXCNWGCPFVQGPUWTGVJG%QORCP[ UCDKNKV[VQEQPVKPWGCUCIQKPIEQPEGTP

6JG%QORCP[JCUPQVFKUVTKDWVGFCP[FKXKFGPFVQKVUUJCTGJQNFGTU6JG%QORCP[OQPKVQTU0GV&GDVVQ%CRKVCNTCVKQ KGVQVCNFGDVKPRTQRQTVKQPVQKVUQXGTCNNſPCPEKPIUVTWEVWTGKGGSWKV[CPFFGDV6QVCNFGDVEQORTKUGUQHVGTONQCPU CPFECUJETGFKVU6JG%QORCP[OCPCIGUVJGECRKVCNUVTWEVWTGCPFOCMGUCFLWUVOGPVUVQKVKPVJGNKIJVQHEJCPIGUKP GEQPQOKEEQPFKVKQPUCPFVJGTKUMEJCTCEVGTKUVKEUQHVJGWPFGTN[KPICUUGVU

Particulars 31-Mar-18 31-Mar-17 1-Apr-16 6QVCNGSWKV[ K 122,965.01 114,070.25 (7,411.11)

6QVCNFGDV KK    %CUJCPF%CUJ'SWKXCNGPVU KKK    0GV&GDV KX   KK  KKK 77,619.05 78,579.95 186,869.45

6QVCN%CRKVCN X   K   KX    0GV&GDVVQ%CRKVCNTCVKQ KX  X    0QEJCPIGUYGTGOCFGKPVJGQDLGEVKXGURQNKEKGUQTRTQEGUUGUHQTOCPCIKPIECRKVCNFWTKPIVJG[GCTUGPFGF/CTEJ /CTEJCPF#RTKN

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ #OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF 51 &KUENQUWTGURWTUWCPVVQ+PF#5ő2TQXKUKQPU%QPVKPIGPV.KCDKNKVKGUCPF%QPVKPIGPV#UUGVUŒ /QXGOGPVKP2TQXKUKQPU 2TQXKUKQP 2TQXKUKQP 2TQXKUKQPHQT'ZRGEVGF Particulars for Doubtful for %TGFKV.QUUGU 4GEGKXCDNGU #FXCPEGU Current Non-Current Non-Current Current 1RGPKPI$CNCPEGCUQP#RTKN 17,311.50 85,132.51 3,157.00 1,355.56 #FF#FFKVKQPCN2TQXKUKQPFWTKPIVJG[GCT     .GUU+PVGTGUVKPEQOGQP(KPCPEKCN#UUGVU    Closing Balance as on March 31, 2017 15,693.11 81,350.48 3,157.00 1,640.30 #FF#FFKVKQPCN2TQXKUKQPFWTKPIVJG[GCT     .GUU+PVGTGUVKPEQOGQP(KPCPEKCN#UUGVU    Closing Balance as on March 31, 2018 15,118.33 74,648.59 3,798.11 1,640.30

52 %QPVKPIGPV.KCDKNKVKGU#PF%QOOKVOGPVU

(a) %QPVKPIGPV.KCDKNKVKGU As at As at As at Particulars March 31,2018 March 31,2017 April 1,2016 %QTRQTCVG)WCTCPVGGUKUUWGFVQCTGNCVGFRCTV[    %NCKOUCICKPUVVJG%QORCP[PQVCEMPQYNGFIGFCUFGDVU    %GPVTCN'ZEKUG5GTXKEG6CZCPFEWUVQOU&WVKGUFGOCPFU    EQPVGUVGFKP#RRGCNUPQVRTQXKFGFHQT &KURWVGF8#6%GPVTCN5CNGUVCZFGOCPFUEQPVGUVGFKP    #RRGCNUPQVRTQXKFGFHQT +PEQOGVCZFGOCPFUEQPVGUVGFKP#RRGCNUPQVRTQXKFGFHQT    /CPCIGOGPVKUQHVJGQRKPKQPVJCVVJG#RRGCNURTGHGTTGFD[VJG%QORCP[YKNNDGFGEKFGFKPKVUHCXQWT(WVWTG ECUJQWVƀQYUKPTGURGEVQHVJGCDQXGOCVVGTUCTGFGVGTOKPCDNGQPN[QPTGEGKRVQHLWFIOGPVUFGEKUKQPURGPFKPI CVXCTKQWUHQTWOUCWVJQTKVKGU

(b) Commitments As at As at As at Particulars March 31,2018 March 31,2017 April 1,2016 'UVKOCVGFCOQWPVQHEQPVTCEVUTGOCKPKPIWPGZGEWVGFQP    ECRKVCNCEEQWPV PGVQHCFXCPEGURCKF CPFPQVRTQXKFGFHQT

53 (KPCPEKCN#UUGVU.QCPU 0QP%WTTGPV KPENWFG`.CMJU /CTEJ`.CMJU  KPENWFKPI KPVGTGUV CEETWGF WR VQ /CTEJ    CPF 1VJGT 6TCFG 4GEGKXCDNGU WPFGT 1VJGT 0QP %WTTGPV (KPCPEKCN #UUGVU KPENWFG PGV COQWPV QH `  .CMJU /CTEJ    `  .CMJU  FWG HTQO .GKVYKPF 5JTKTCO /CPWHCEVWTKPI2TKXCVG.KOKVGF .5/.  CTGNCVGFRCTV[ #URCTVQHVJG%QTRQTCVG&GDV4GUVTWEVWTKPI %&4 RCEMCIG GPVGTGFKPVQD[.5/.YKVJKVUDCPMGTUVJGFWGUVQ5'2%KUUWDQTFKPCVGFVQVJGFWGUVQ$CPMG`CPFJGPEGGZRGEVGF VQDGTGEQXGTGFDGHQTG/CTEJ%QPUKFGTKPIVJGGZVGPFGFTGRC[OGPVRGTKQFCPFHWVWTGDWUKPGUURQVGPVKCNHQT 9KPF'PGTI[$WUKPGUUVJGOCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGFWGU6JGCWFKVQTUJCXGSWCNKſGFVJKUOCVVGT KPVJGKTTGRQTVHQTVJG[GCTGPFGF/CTEJ6JGUCOGJCXGCNUQDGGPSWCNKſGFKPVJGRTGXKQWU[GCT

54 +P TGURGEV QH VJG CUUQEKCVG *CNFKC %QMG CPF %JGOKECNU 2TKXCVG .KOKVGF CU VJG ITQWR U UJCTG QH NQUUGU KP VJG CUUQEKCVGJCUGZEGGFGFVJGEQUVQH+PXGUVOGPVKPCPGCTNKGT[GCT)TQWR UUJCTGQHNQUUHQTVJG[GCTJCUPQVDGGP EQPUKFGTGFKPVJGUG%QPUQNKFCVGF(KPCPEKCNUVCVGOGPVU

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ 55 6JG%QORCP[GPVGTGFKPVQCEQPVTCEVVQEQPUVTWEV#OOQPKCRNCPVHQT$JCTCVJ%QCNCPF%JGOKECNU.KOKVGF $%%.  TGNCVGFRCTV[ 6JGRTQLGEVKUUVCNNGFFWGVQFGNC[UKPUVCVWVQT[CRRTQXCNU6JGVQVCNGZRQUWTGKPVJKURTQLGEVTGEQTFGF WPFGT7PDKNNGF4GXGPWGCPF%QPVTCEV9QTM+P2TQITGUUKU`.CMJU /CTEJ`.CMJU  %QPUKFGTKPIVJGRQUKVKXGFGXGNQROGPVKP$%%.ŏUGHHQTVUKPKFGPVKH[KPICNVGTPCVGQRVKQPUVQEQORNGVGVJGRTQLGEVVJG OCPCIGOGPVKUQHVJGXKGYVJCV$%%.YKNNDGKPCRQUKVKQPVQEQORNGVGVJG#OOQPKC2NCPVRTQLGEVCPFVJGTGD[VJG %QORCP[YKNNDGCDNGVQTGCNK\GVJGUGCOQWPVUKPHWNN

56 (KPCPEKCN#UUGVU.QCPU 0QP%WTTGPV KPENWFG`NCMJU /CTEJ`.CMJU FWGHTQOCP CUUQEKCVGEQORCP[CPFKVUUWDUKFKCT[+PQTFGTVQUGEWTGVJGUGFWGUVJGEQORCP[JCUGPVGTGFKPVQCPCTTCPIGOGPV YKVJVJGUCKFCUUQEKCVGCPFCPQVJGTYJQNN[QYPGFUWDUKFKCT[QHVJGCUUQEKCVG GPICIGFKPEQCNOKPKPIQRGTCVKQPU KP75# #URGTVJGCTTCPIGOGPVVJGEQORCP[JCUCESWKTGFCDUQNWVGCPFWPEQPFKVKQPCNOKPKPIQRGTCVKQPTKIJVUVQ GZRNQKVVJGEQMKPIEQCNTGUGTXGUQHVJGUCKFUWDUKFKCT[CPFVJGTKIJVVQUWTRNWUECUJƀQYU CHVGTOGGVKPIUWDUKFKCT[ŏU NGPFGTUCPFQVJGTEQOOKVOGPVU VQVJGGZVGPVQHVJGCDQXGOGPVKQPGFFWGU#NUQVJGCUUQEKCVGEQORCP[JCU IKXGPCPWPFGTVCMKPIVJCVKVYKNNPQVFKXGUVKVUJQNFKPIUKPVJGUCKFUWDUKFKCT[EQORCP[YKVJQWVVJGRTKQTEQPUGPV QHVJGEQORCP[VKNNVJGFWGUVQVJGEQORCP[CTGUGVVNGF&WTKPI1EVQDGTVJGYJQNN[QYPGFUWDUKFKCT[QHVJG CUUQEKCVGFGEKFGFVQKFGPVKH[DW[GTUHQTVJGEQCNOKPKPIQRGTCVKQPU$CUGFQPVJGRTQLGEVGFQRGTCVKQPUQHVJGOKPGU CPFEQPUGSWGPVKCNRTQLGEVGFECUJƀQYUTGCNKUCDNGRTKEGQPUCNGQHVJGEQCNOKPGUQWVUVCPFKPIFWGUCUCV/CTEJ KUGZRGEVGFVQDGHWNN[TGEQXGTCDNG

57 6JG%QORCP[YCUKPVJGEQWTUGQHGZGEWVKPIRTQLGEVHQT)QXGTPQTCVGQH$CUTC)QXGTPOGPVQH+TCS ŎVJGEWUVQOGTŏ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`.CMJU /CTEJ`.CMJU %QPUKFGTKPIVJGUVGRU VCMGPD[VJG%QORCP[VJGOCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGOQPKGUCPFFQPQVGZRGEVCP[UJQTVHCNNKP TGCNK\CVKQPQHVJGFWGU(QTVJGCDQXGTGCUQPUVJGOCPCIGOGPVKUEQPſFGPVQHTGCNK\KPIVJGOQPKGUCPFFQPQV GZRGEVCP[UJQTVHCNNKPTGCNK\CVKQP

58 #FFKVKQPCN KPHQTOCVKQP CU TGSWKTGF D[ 2CTCITCRJ  QH VJG )GPGTCN +PUVTWEVKQPU HQT 2TGRCTCVKQP QH %QPUQNKFCVGF (KPCPEKCN5VCVGOGPVUVQ5EJGFWNG+++VQVJG%QORCPKGU#EV

 0QVGUHQTOKPIRCTVQH%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU HQTVJG[GCTGPFGF/CTEJ

#OQWPVKP`NCMJUWPNGUUQVJGTYKUGUVCVGF Net Assets,i.e., total assets 5JCTGQH2TQſVCPF .QUU minus total liabilities Name of the Entity As % of As % of Amount Amount Consolidated Consolidated (`KP.CMJU (`KP.CMJU net assets RTQſVCPFNQUU

5JTKTCO'2%.KOKVGF     Foreign Subsidiary (Consolidated): 5JTKTCO'2%(<'5JCTLCJ    

59 6JG$QCTFFWN[VCMKPIKPVQCEEQWPVCNNVJGTGNGXCPVFKUENQUWTGUOCFGJCUCRRTQXGFVJGUG%QPUQNKFCVGF(KPCPEKCN 5VCVGOGPVUKPKVUOGGVKPIJGNFQP,WPG

60 6JGRTGXKQWU[GCT+)##2ſIWTGUJCXGDGGPTGENCUUKſGFTGITQWRGFVQOCMGVJGOEQORCTCDNGYKVJ+PF#5 RTGUGPVCVKQP #URGTQWTTGRQTVQHGXGPFCVG For MSKA & Associates (QTCPFQPDGJCNHQHVJG$QCTFQH&KTGEVQTU %JCTVGTGF#EEQWPVCPVU 5JTKTCO'2%.KOKVGF (KTO4GIKUVTCVKQP0Q9 %+0.602.%

)GGVJC,G[CMWOCT 65JKXCTCOCP %JCPFTC4COGUJ 2CTVPGT /CPCIKPI&KTGEVQT%'1 &KTGEVQT 2NCEG%JGPPCK K.Suresh R.S.Chandrasekharan &CVG,WPG %QORCP[5GETGVCT[ %JKGH(KPCPEKCN1HſEGT

 0QVGU 5JTKTCO'2%.KOKVGF 4GIKUVGTGF1HſEG5KICRK#EJK$WKNFKPIth Floor, 4WMOKPK.CMUJOKRCVJK4QCF'IOQTG%JGPPCK %QTRQTCVG+FGPVKV[0WODGT.602.% Ph: 044-49015678, Website:www.shriramepc.com

#66'0�%'5.+2 2.'#5'(+..#66'0�%'5.+2#0&*#0&+618'4#66*''064#0%'1(6*'/''6+0)*#.. ,QKPVUJCTGJQNFGTUOC[QDVCKPCFFKVKQPCN5NKRCVVJGXGPWGQHVJGOGGVKPI

(WNN0COGQHVJG/GODGTCVVGPFKPI KP$NQEM.GVVGTU

(WNN0COGQHVJGſTUVLQKPVJQNFGT

0COGQHVJG2TQZ[

+9GJGTGD[TGEQTFO[QWTRTGUGPEGCVVJGth#007#.)'0'4#./''6+0)QHVJG%QORCP[VQDGJGNFQP(TKFC[ 3TF#WIWUVCV2/CV5TK-TKUJPC)CPC5CDJC/CJCTCLCRWTCO5CPVJCPCO4QCF60CICT%JGPPCK 

0QQH5JCTGUJGNF

4GIKUVGTGF(QNKQ0Q

&2+&

%NKGPV+&

/GODGTŏU2TQZ[ŏU5KIPCVWTG

Route Map to the Venue  4GIF1HſEG5KICRK#EJK$WKNFKPIth(NQQT 4WMOKPK.CMUJOKRCVJK4QCF'IOQTG%JGPPCK 6GN   (CZ   'OCKNUWTGUJ"UJTKTCOGREEQO 9GDUKVGYYYUJTKTCOGREEQO %+0.602.% 5JTKTCO'2%.KOKVGF 4GIKUVGTGF1HſEG5KICRK#EJK$WKNFKPIth Floor, 4WMOKPK.CMUJOKRCVJK4QCF'IOQTG%JGPPCK %QTRQTCVG+FGPVKV[0WODGT.602.% Ph: 044-49015678, Website:www.shriramepc.com

(14/01/)6 241:;(14/

Corporate Identity Number .602.%

0COGQHVJGEQORCP[ 5JTKTCO'2%.KOKVGF

5KICRK#EJK$WKNFKPIth(NQQT4WMOKPK.CMUJOKRCVJK4QCF'IOQTG 4GIKUVGTGFQHſEG %JGPPCK2J9GDUKVGYYYUJTKTCOGREEQO

(WNN0COGQHVJG/GODGTCVVGPFKPI KP$NQEM.GVVGTU

(WNN0COGQHVJGſTUVLQKPVJQNFGT

4GIKUVGTGF#FFTGUU

'/CKN

(QNKQPQ%NKGPV+&

&2+&

0COGQHVJG2TQZ[

+9GDGKPIVJGOGODGT U QHŗŗŗŗUJCTGUQHVJGCDQXGPCOGFEQORCP[JGTGD[CRRQKPV

0COG 0COG 0COG

#FFTGUU #FFTGUU #FFTGUU

'OCKN+F 'OCKN+F 'OCKN+F

5KIPCVWTGQTHCKNKPIJKO 5KIPCVWTGQTHCKNKPIJKO 5KIPCVWTGQTHCKNKPIJKO

 261 CUO[QWTRTQZ[VQCVVGPFCPFXQVG QPCRQNN HQTOGWUCPFQPO[QWTDGJCNHCVVJG'+)*6''06*#007#.)'0'4#. /''6+0)QHVJG%QORCP[VQDGJGNFCV2/QP(TKFC[VJGTF#WIWUVCV5TK-TKUJPC)CPC5CDJC /CJCTCLCRWTCO 5CPVJCPCO 4QCF 60CICT %JGPPCK    CPF CV CP[ CFLQWTPOGPV VJGTGQH KP TGURGEV QH UWEJ TGUQNWVKQPUCUCTGKPFKECVGFDGNQY

5N0Q 4GUQNWVKQPU

1TFKPCT[$WUKPGUU

6QTGEGKXGEQPUKFGTCPFCFQRVVJG&KTGEVQTUŏ4GRQTVCPF5VCPFCNQPGCPF%QPUQNKFCVGF#WFKVGF(KPCPEKCN 1 5VCVGOGPVUQHVJG%QORCP[HQTVJG[GCTGPFGFst/CTEJCPFVJGTGRQTVUQHVJG#WFKVQTUVJGTGQP

2 4G#RRQKPVOGPVQH/T45WPFCTCTCLCP &+0 CUC&KTGEVQT

5RGEKCN$WUKPGUU

3 #RRQKPVOGPVQH%QUV#WFKVQT1TFKPCT[4GUQNWVKQP

4GCRRQKPVOGPVQH5JTK65JKXCTCOCP&+0CU/CPCIKPI&KTGEVQT%'1QHVJG%QORCP[HQTC  RGTKQFQH[GCTUYKVJGHHGEVHTQOVQ5RGEKCN4GUQNWVKQP 4GCRRQKPVOGPVQH5JTK/#OLCV5JCTKHH &+0 CU,QKPV/CPCIKPI&KTGEVQTQHVJG%QORCP[HQTC  RGTKQFQH[GCTUYKVJGHHGEVHTQOVQ5RGEKCN4GUQNWVKQP

5KIPGFVJKUŗŗŗFC[QHŗŗŗŗŗŗ

#HſZ 4GXGPWG Stamp  ŗŗŗŗŗŗŗŗŗŗŗ ŗŗŗŗŗŗŗŗŗŗŗ

 5KIPCVWTGQH5JCTGJQNFGT 5KIPCVWTGQH2TQZ[*QNFGT U

0QVG 6JKUHQTOQHRTQZ[KPQTFGTVQDGGHHGEVKXGUJQWNFDGFWN[EQORNGVGFCPFFGRQUKVGFCVVJG4GIKUVGTGF1HſEGQHVJG  %QORCP[PQVNGUUVJCPJQWTUDGHQTGVJGEQOOGPEGOGPVQHVJG/GGVKPI