Nitin Castings Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

u) Provisions, Contingent Liabilities, Contingent Assets and Commitments

(i) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation.

(ii) Contingent Liabilities

Contingent liability is disclosed for (i) Possible obligations which will be confirmed only by
the future events not wholly within the control of the company or (ii) Present obligations
arising from past events where it is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount of the obligation cannot
be made.

(iii) Contingent Assets

Contingent Assets are not recognized but are disclosed in the notes to the financial
statements. However, when the realisation of income is virtually certain, then the related
asset is no longer a contingent asset, but it is recognised as an asset.

v) Earnings Per Share

Basic earnings per equity share are computed by dividing the net profit attributable to the equity
holders of the Company by the weighted average number of equity shares outstanding during the
period. Diluted earnings per equity share are computed by dividing the net profit attributable to
the equity holders of the Company by the weighted average number of equity shares considered
for deriving basic earnings per equity share and also the weighted average number of equity
shares that could have been issued upon conversion of all dilutive potential equity shares. The
dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares
been actually issued at fair value (i.e. the average market value of the outstanding equity shares).
Dilutive potential equity shares are deemed converted as of the beginning of the period, unless
issued at a later date. Dilutive potential equity shares are determined independently for each
period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for
all periods presented for any share splits and bonus shares issues including for changes effected
prior to the approval of the financial statements by the Board of Directors.

w) Significant Accounting Judgements, Estimates and Assumptions:

The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. The key assumptions concerning
the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year, are described below. The Company based on its assumptions and
estimates on parameters available when the financial statements were prepared. However, existing
circumstances and assumptions about future developments may change due to market changes or
circumstances arising that are beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.

Property, plant and equipment and Intangible Assets:

Management reviews the estimated useful lives and residual values of the assets annually in
order to determine the amount of depreciation to be recorded during any reporting period. The
useful lives and residual values as per Schedule II of the Companies Act, 2013 or are based on
the Company''s historical experience with similar assets and taking into account anticipated
technological changes, whichever is more appropriate.

Recognition of deferred tax assets:

The extent to which deferred tax assets can be recognized is based on an assessment of the
probability of the future taxable income against which the deferred tax assets can be utilized.

Contingencies:

Management has estimated the possible outflow of resources at the end of each annual reporting
financial year, if any, in respect of contingencies/claim/litigations against the Company as it is not
possible to predict the outcome of pending matters with accuracy.

Fair value measurements and Impairment of financial assets:

The impairment provisions for financial assets are based on assumptions about risk of default and
expected cash loss. The Company uses judgement in making these assumptions and selecting the
inputs to the impairment calculation, based on Company’s past history, existing market conditions
as well as forward looking estimates at the end of each reporting period.

Defined benefits plan:

The Cost of the defined benefit plan and other post-employment benefits and the present value of
such obligation are determined using actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases, mortality rates and attrition rate. Due
to the complexities involved in the valuation and its long-term nature, a defined benefit obligation
is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.

Recoverability of trade receivable:

Judgements are required in assessing the recoverability of overdue trade receivables and
determining whether a provision against those receivables is required. Factors considered include
the credit rating of the counterparty, the amount and timing of anticipated future payments and
any possible actions that can be taken to mitigate the risk of non-payment.

Provisions:

Provisions and liabilities are recognised in the period when it becomes probable that there will be
a future outflow of funds resulting from past operations or events and the amount of cash outflow
can be reliably estimated. The timing of recognition and quantification of the liability require the
application of judgement to existing facts and circumstances, which can be subject to change. Since
the cash outflows can take place many years in the future, the carrying amounts of provisions and
liabilities are reviewed regularly and adjusted to take account of changing facts and circumstances.

32. Corporate Social Responsibility (CSR):

1. Brief outline on CSR Policy of the Company:

The CSR Policy sets out our commitment to ensuring that our activities extend beyond business
and includes initiatives and endeavours for the benefit and development of the community and
society. The CSR Policy lays down the guidelines for undertaking programmes geared towards
social welfare activities or initiatives. Through this CSR Policy, the Company proposes to adopt
short, medium and long term CSR programs and initiatives.

3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the
board are disclosed on the website of the company: www.nitincastings.com.

4. Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable: Not Applicable.

5. (a) Average Net Profit (last 3 immediate financial years) of the Company as per Section

135(5): Rs. 9,25,04,810/-

(b) Two percent of average net profit of the Company as per Section 135(5):Rs. 18,50,096/-

(c) Surplus arising out of the CSR projects or programmes or activities of the previous
financial years: Not Applicable.

(d) Amount required to be set off or the financial year, if any: Not Applicable.

(e) Total CSR obligation for the financial year (5b 5c- 5d): Rs. 18,50,096/-

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): Rs.

18,50,096/-

(b) Amount spent in Administrative Overheads: NIL

(c) Amount spent on Impact Assessment, if applicable: NA

(d) Total amount spent for the Financial Year (a b c): Rs. 18,50,096/-

(e) CSR amount spent or unspent for the financial year:

7. Details of Unspent CSR amount for the preceding three financial years: Not Applicable

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: No

If Yes, enter the number of Capital assets created/ acquired: Not Applicable

Details relating to such asset(s) so created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: No

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as
per subsection (5) of section 135: Not Applicable

10. In accordance with the provision of section 135 of the Act, the Board of Directors of the company
has constituted CSR Committee. The details of CSR activities are as follows:

Assumptions regarding future mortality have been based on published statistics and mortality tables.

Notes:

i. The expected return on plan assets for the year ended 31/03/2025 is as furnished by LIC.

ii. The entire plan assets are managed by LIC.

iii. The estimate of future salary increase takes into account inflation, seniority, promotion and other
relevant factors.

iv. Discount rate is based on the prevailing market yields of Indian Government Bonds as at the
Balance Sheet date for the estimated term of the obligation.

35. In the opinion of the Board, current assets, loans and advances have a value on realization in the
ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry
Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject
to confirmations, reconciliation and adjustments, if any.

38. The Company has not received information from the suppliers regarding their status under the micro,
small and medium enterprises development act, 2006. Hence, disclosure, if any, relating to amount
unpaid as at the balance sheet date together with interest paid or payable as per the requirement under
the said act have not been made.

39. Financial Instruments- Fair Values

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial
liabilities, including their levels in the fair value hierarchy. It does not include fair value information
for financial assets and financial liabilities if the carrying amount is a reasonable approximation of
fair value.

Note:

• Level 1- Quoted (unadjusted) market prices in active markets for identical assets or Liabilities.

• Level 2- Valuation techniques for which the lowest level input that is significant to the fair Value
measurement is directly or indirectly observable.

• Level 3- Valuation techniques for which the lowest level input that is significant to the fair Value
measurement is unobservable.

40. Financial risk management objectives

The Company''s corporate treasury function provides services to the business, co-ordinates access to
domestic financial markets, monitors and manages the financial risk relating to the operation of the
Company through internal risk reports which analyse exposures by degree and magnitude of risk. These
risks include market risk (including currency risk, interest risk and other price risk), credit risk and
liquidity risk.

The use of financial derivatives is governed by the Company''s policies approved by the board of directors,
which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of
financial derivatives and non-derivatives financial instruments, and the investment of excess liquidity.
Compliance with policies and exposure limit is reviewed by the management on a continuous basis. The
Company does not enter into or trade financial instrument, including derivative financial instruments,
for speculative purpose.

Foreign Currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures
to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy
parameters utilising forward foreign exchange contracts where the amount is material.

Equity Risk

There is no material equity risk relating to the Company’s equity investments which are detailed in note
4 "Investments". The Company''s equity investments majorly comprises of strategic investments rather
than trading purposes.

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument that will
fluctuate because of changes in market rates. The Company''s exposure to the risk of changes in market
rates related primarily to the Company''s non-current debt obligation with floating interest rates. The
Company''s policy is generally to undertake non-current borrowing using facilities that carry floating
interest rate. Moreover, the short term borrowings of the Company do not have a significant fair value or
cash flow interest rate risk due to their short tenure.

41. Cash Flow sensitivity analysis for variable rate instrument

The Company does not account for any fixed - rate financial assets or financial liabilities at fair value
through profit and loss, and the Company does not have any designated derivatives. Therefore, a change
in interest rates at the reporting date would not affect profit and loss for any of these fixed interest
bearing financial instruments.

Credit risk management

Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in
financial loss to the Company. The Company uses its own trading records to evaluate the credit worthiness
of its customers. Credit risk is the risk of financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet its contractual obligations, and arises principally from the Company''s
receivables from customers. Credit risk is managed through credit approvals, establishing credit limits
and continuously monitoring the creditworthiness of customers to which the Company grants credit
terms in the normal course of business. The Company establishes an allowance for doubtful debts and
impairment that represents its estimate of incurred losses in respect of trade and other receivables and
investments.

The credit risk on investment in mutual funds is limited because the counter parties are reputed banks
or funds sponsored by reputed bank.

Liquidity Risk Management

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has
established an appropriate liquidity risk management framework for the management of the Company''s
short term, medium term and long term funding and liquidity management requirements. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities.

All current financial liabilities are repayable within one year.

46. Disclosure pursuant to Securities and Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015 and Section 186 of the Company Act, 2013:

a. Details of Investments made are given in Note 4 and Note 7.

b. There are no loans given by the Company in accordance with Section 186 of the Act read with rules
issued there.

c. There are no guarantees issued by the company for loan taken by others as on March 31, 2025.

47. There is no Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the
related parties as on balance sheet date.

51. Event after reporting date

There have been no events after the reporting date that requires disclosure in these financial statements.

52. Information regard to other matter specified in Schedule III of Companies Act, 2013 is either nil or not
applicable to the Company for the year.

53. Previous year figures have been regrouped/rearranged wherever necessary to make them comparable
with those of the Current Year.

For Jhunjhunwala Jain & Associates LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm'' Registration No : 113675W/W100361

(CA Randhir Kumar Jhunjhunwala) Nitin Kedia Nirmal Kedia

Partner Chairman & Managing Director Director & CFO

Membership No. 047058 DIN-00050749 DIN-00050769

Ishan Kumar Verma

Place: Mumbai Company Secretary

Mumbai, 28th day of May, 2025 Mem No. FCS-8320

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Mar 31, 2024

c) Rights, preferences and restrictions attached to shares:

The Company has one class of equity shares having a par value of Rs. 5 each. Each shareholder is eligible for one vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

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

33. Corporate Social Responsibility (CSR):

1. Brief outline on CSR Policy of the Company:

TThe CSR Policy sets out our commitment to ensuring that our activities extend beyond business and includes initiatives and endeavours for the benefit and development of the community and society. The CSR Policy lays down the guidelines for undertaking programmes geared towards social welfare activities or initiatives. Through this CSR Policy, the Company proposes to adopt short, medium and long term CSR programs and initiatives.

3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company: www.nitincastings.com.

4. Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable: Not Applicable.

5. (a) Average Net Profit (last 3 immediate financial years) of the Company as per Section 135

(5): Rs. 5,44,24,918/-

(b) Two percent of average net profit of the Company as per Section 135(5): Rs. 10,88,498/-

(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Not Applicable.

(d) Amount required to be set off or the financial year, if any: Not Applicable.

(e) Total CSR obligation for the financial year (5b 5c- 5d): Rs. 10,88,498/-

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project):

Rs. 10,88,498/-

(b) Amount spent in Administrative Overheads: NIL

(c) Amount spent on Impact Assessment, if applicable: NA

(d) Total amount spent for the Financial Year (a b c): Rs. 10,88,498/-

(e) CSR amount spent or unspent for the financial year:

7. Details of Unspent CSR amount for the preceding three financial years: Not Applicable

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: No

If Yes, enter the number of Capital assets created/ acquired: Not Applicable

Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the Financial Year: No

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of section 135: Not Applicable

10. In accordance with the provision of section 135 of the Act, the Board of Directors of the company has constituted CSR Committee. The details of CSR activities are as follows:

35. The Company is operating in single segment i.e. Manufacturing of Alloy Steel Castings and thus there is no reportable segments as per Indian Accounting Standard (Ind AS) 108 "Operating Segment". There is no reportable geographical segment either.

36. The disclosures required under Indian Accounting Standard 19 "Employee Benefits" are given below: Defined Benefit Plans

The Company operates Defined Benefit Plans that provide Gratuity benefits. The gratuity plan entitles an employee, who has rendered at least 5 years of continuous service, to receive one-half month salary for each year of completed service at the time of retirement/ exit.

Gratuity

a. Movement in net defined benefit (asset) liability

The following table shows as reconciliation from the opening balances to the closing balance for the net defined benefit (asset) liability and its components

39. The Company has not received information from the suppliers regarding their status under the micro, small and medium enterprises development act, 2006. Hence, disclosure, if any, relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act have not been made.

40. The Company has taken premises on Leave & License. These Leave & License agreements are normally renewable on expiry. A rent expense in the Profit and Loss Account for the year includes Rental Payments towards Premises amounting to Rs. 89.80 Lakhs (Previous year Rs. 89.80 Lakhs).

41. Financial Instruments- Fair Values

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the carrying amount is a reasonable approximation of fair value.

• Level 1- Quoted (unadjusted) market prices in active markets for identical assets orLiabilities.

• Level 2- Valuation techniques for which the lowest level input that is significant to the fair Value measurement is directly or indirectly observable.

• Level 3- Valuation techniques for which the lowest level input that is significant to the fairValue measurement is unobservable.

42. Financial risk management objectives

The Company''s corporate treasury function provides services to the business, co-ordinates access to domestic financial markets, monitors and manages the financial risk relating to the operation of the Company through internal risk reports which analyse exposures by degree and magnitude of risk. These risks include market risk (including currency risk, interest risk and other price risk), credit risk and liquidity risk.

The use of financial derivatives is governed by the Company''s policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivatives financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limit is reviewed by the management on a continuous basis. The Company does not enter into or trade financial instrument, including derivative financial instruments, for speculative purpose.

Foreign Currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts where the amount is material.

Equity Risk

There is no material equity risk relating to the Company’s equity investments which are detailed in note 4 "Investments". The Company''s equity investments majorly comprises of strategic investments rather than trading purposes.

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument that will fluctuate because of changes in market rates. The Company''s exposure to the risk of changes in market rates related primarily to the Company''s non-current debt obligation with floating interest rates. The Company''s policy is generally to undertake non-current borrowing using facilities that carry floating interest rate. Moreover, the short term borrowings of the Company do not have a significant fair value or cash flow interest rate risk due to their short tenure.

43. Cash Flow sensitivity analysis for variable rate instrument

The Company does not account for any fixed - rate financial assets or financial liabilities at fair value through profit and loss, and the Company does not have any designated derivatives. Therefore, a change in interest rates at the reporting date would not affect profit and loss for any of these fixed interest bearing financial instruments.

Credit risk management

Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to the Company. The Company uses its own trading records to evaluate the credit worthiness of its customers. Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The credit risk on investment in mutual funds is limited because the counter parties are reputed banks or funds sponsored by reputed bank.

Liquidity Risk Management

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short term, medium term and long term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

All current financial liabilities are repayable within one year.

44. Disclosure under Ind AS 115- Revenue from contracts with customers

The Company is engaged into manufacturing Alloy Steel Casting in the range of static and centrifugal. There is no impact on the Company''s revenue on applying Ind AS 115 from the contract with customer.

46. Contingent Liabilities and Contingent Assets : The Company has not recognized any Contingent Liabilities other than those specified below: (Rs. in Lakhs)
Sr.	Particulars	2023-24	2022-23
1	Letter of Guarantee issued by the Bankers	201.74	139.88
2	Excise Duty matters for which liability, relating to issues of taxability and deductibility as disputed by the Company and provision is not made	532.81	532.81

49. There is no Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties as on balance sheet date.

53. During the year, the company had invested an amount of Rs.250.00 Lakhs through one Investment Consulting Firm. However, after giving returns for few months, the firm had discontinued the payments. The company has initiated legal proceedings in the said matter. However, out of abundant caution, the company has charged the outstanding amount of Rs.236.65 Lakhs to statement of profit and loss under exceptional items in Note 31 for the year ended on March 31, 2024.

54. The current investments of the company include investments in schemes of Nuvama Investments (formerly known as edelweiss investments) of Rs.952.73. The details of fair market value on the reporting date are not available, the investments in said schemes are not restated.

55. Event after reporting date

There have been no events after the reporting date that requires disclosure in these financial statements.

56. Information regard to other matter specified in Schedule III of Companies Act, 2013 is either nil or not applicable to the Company for the year.

57. Previous year figures have been regrouped/rearranged wherever necessary to make them comparable with those of the Current Year.

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Mar 31, 2018

NOTE 1 - Company Overview

General Information of the Company:

NITIN CASTINGS LIMITED, (hereinafter referred to as ''Company'') was formed in India on 3rd December, 1982 and is in the business of manufacturing Alloy Steel Casting in the range of static and centrifugal. The company has manufacturing unit at

i) Plot No. 183/1, Surangi, Silvassa, Dadra and Nagar Haveli-396230.

ii) Plot No. 410, Almeida Road, Panchpakhadi, Thane West, Maharashtra 400601

iii) Plot No. 7, Survey No. 679/1, Village-Karvad, Vapi, District-Valsad, Gujarat - 396195.

Shares of the Company are listed in BSE.

The registered office is located at 202, 2nd Floor, Rahul Mittal Industrial Premises Co-op Soc. Ltd., Sanjay Building No. 3, Sir M.V. Road, Andheri (East), Mumbai - 400 059.

Notes to first time adoption

a) The company has used reasonable and supportable information that is available without undue cost or efforts to determine the credit risk at the date of financial instrument were initially recognised. The company has not undertaken exhaustive search for information for significant increase in credit risk since initial recognition at the date of transition to Ind AS

b) The Company has prepared opening balance sheet as per Ind AS as on 1st April, 2016 (transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising assets and liabilities which are not permitted by Ind AS, by reclassifying items from previous Accounting standards to Ind AS as required by Ind AS and applying Ind AS in measurement of recognised assets and liabilities. Subject to certain exceptions and optional exemptions availed as details below.

c) Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by shareholders in the general meeting. Accordingly, the liability for the proposed dividend (including tax thereon) of Rs. 31.09 Lakhs as at 31st March, 2017 included under short term provisions has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity increased by an equivalent amount.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

Reconciliations Between Previous GAAP and Ind-AS

The following reconciliations provides the effect of transition to Ind-AS from IGAAP in accordance with Ind-AS 101:

A. Equity as at beginning of April 1, 2016

B. Equity as at March 31, 2017

C. Net profit for the year ended March 31, 2017

Notes : 1. Investments

Under Indian GAAP, Investments in equity instruments were classified as long term investments based on the intended holding period and realisability. Long term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. This increased the retained earnings by Rs. 12.17 Lakhs as at 1st April, 2016

2. Loans Given

Under Indian GAAP, Loans given are measured at loan amount. Whereas Under Ind-AS, Loans given are recognised in the books at fair value. Subsequently the loans are measured at amortised cost by using effective interest method. Accordingly, loans have been reduced by INR 35.85 lakhs with a corresponding decrease in other equity.

3. Other Financial Assets

Under Indian GAAP, interest free security free lease security deposits (that are refundable in cash) are recorded at their transaction value. Under Ind AS, financial instruments are required to be measured at their fair value on initial recognition. Accordingly, security deposits have been fair valued under Ind AS. Difference between transaction value and fair value of Rs. 10.12 Lakhs has been recognised as prepaid rent. Prepaid rent increased by Rs. 10.12 Lakhs as at 1st April, 2016. Prepaid rent is amortised over the lease term and notional interest is recognised on unwinding of security deposits.

4. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by INR 12.98 Lakhs with a corresponding decrease in retained earnings.

5. Unsecured Loan

Under Indian GAAP, Unsecured Loans are measured at loan amount. Whereas Under Ind-AS, Unsecured Loans taken by the Company are recognised in the books at fair value. Subsequently the unsecured loans are measured at amortised cost by using effective interest method. Accordingly, borrowings have been reduced by INR 35.85 lakhs with a corresponding increase in other equity.

6. Deferred Tax

Deferred Tax has been recognised on the adjustments made on transition to Ind AS.

Notes : 1. Investments

Under Indian GAAP, Investments in equity instruments were classified as long term investments based on the intended holding period and realisability. Long term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. This increased the retained earnings by Rs. 12.75 Lakhs as at 31st March, 2017.

2. Loans Given

Under Indian GAAP, Loans given are measured at loan amount. Whereas Under Ind-AS, Loans given are recognised in the books at fair value. Subsequently the loans are measured at amortised cost by using effective interest method. Accordingly, loans have been reduced by INR 18.81 lakhs with a corresponding decrease in other equity.

3. Other Financial Assets

Under Indian GAAP, interest free security free lease security deposits (that are refundable in cash) are recorded at their transaction value. Under Ind AS, financial instruments are required to be measured at their fair value on initial recognition. Accordingly, security deposits have been fair valued under Ind AS. Difference between transaction value and fair value of Rs. 7.95 Lakhs has been recognised as prepaid rent. Prepaid rent increased by Rs. 7.95 Lakhs as at 31st March, 2017. Prepaid rent is amortised over the lease term and notional interest is recognised on unwinding of security deposits

4. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by INR 10.06 Lakhs with a corresponding decrease in retained earnings.

5. Unsecured Loan

Under Indian GAAP, Unsecured Loans are measured at loan amount. Whereas Under Ind-AS, Unsecured Loans taken by the Company are recognised in the books at fair value. Subsequently the unsecured loans are measured at amortised cost by using effective interest method. Accordingly, borrowings have been reduced by INR 18.81 lakhs with a corresponding increase in other equity.

6. Deferred Tax

Deferred Tax has been recognised on the adjustments made on transition to Ind AS.

Notes :

1. Excise Duty

Under the Indian GAAP, revenue form sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as a part of expenses. This change has resulted in an increase in total revenue and total expenses for the year ended 31st March, 2017 by Rs. 711.01 Lakhs. There is no impact on the total equity and profit.

2. Finance Income

Under Ind AS interest income is recognised by using effective interest rate method. Accordingly interest income has been recognised on loans and security deposits given and is included in other income.

3. Other comprehensive income (OCI)

Concept of other comprehensive income did not exist under Indian GAAP. Under Ind-AS, all items of income and expenses recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income or expenses that are not recognised in profit or loss but are shown in the statement of profit and loss as ''Other comprehensive income'' includes remeasurement of defined employee benefits plans/ actuary gain/ (loss) on gratuity. The amount related to remeasurement of defined employee benefit plan of INR 10.92 lakhs and with corrosponding decrease in Employee Benefit Expense of equal amount is presented as part of OCI during the financial year 2016-17.

4. Finance Cost

Under Ind AS interest is recognised by using EIR method. Accordingly interest of Rs. 17.04 Lakhs has been recognised on borrowings and included in finance cost.

5. Other Expenses

Prepaid Rent recognised as per Ind AS is amortised over the period of the agreement. Accordingly Rs. 2.16 Lakhs has been recognised as rent during the year 2016-17

6. Deferred Tax

Various Ind-AS transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in relation to the underlying transaction either in retained earnings or a separate component of equity. Effect of timing difference is considered for calculation of deferred tax for the financial year 2016-17.

Right, preferences and restrictions attached to Equity Shares

The company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eleigible for one vote per share held. The dividend proposed by the Board of Directors is subjec to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are elegible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

i) Secured Loan from Banks/financial institutions is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant and personal guarantee of Directors.

ii) Car Loans are secured by hypothecation of motor vehicles and personal guarantee of Directors.

i) Secured Loan from Banks/financial institutions is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant and personal guarantee of Directors.

ii) Car Loans are secured by hypothecation of motor vehicles and personal guarantee of Directors.

2. Defined Benefit Plans

The company operates Defined Benefit Plans that provide Gratuity benefits. The gratuity plan entitles an employee, who has rendered at least 5 years of continuous service, to receive one-half month salary for each year of completed service at the time of retirement/ exit.

Gratuity

a. Movement in net defined benefit (asset) liability

The following table shows as reconciliation from the opening balances to the closing balance for the net defined benefit (asset) liability and its components

Notes:

i. The expected return on plan assets for the year ended 31/03/2018 is as furnished by LIC.

ii. The entire plan assets are managed by LIC. The data on plan assets and experience adjustment has not been furnished by LIC and hence there are no disclosures in this regard.

iii. The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

iv. Discount rate is based on the prevailing market yields of Indian Government Bonds as at the Balance Sheet date for the estimated term of the obligation.

3. In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2018 is Rs. 14.21 Lakhs (previous year Rs.36.53 Lakhs).

5. The company has not received information from the suppliers regarding their status under the micro, small and medium enterprises development act, 2006. Hence, disclosure, if any, relating to amount unpaid as at the balance sheet date together with interest paid or payable as per the requirement under the said act have not been made.

6. The company has taken premises on Leave & License. These Leave & License agreements are normally renewable on expiry. Rent expenses in the Profit and Loss Account for the year include Rental Payments towards Premises amounting to Rs. 91.60 Lakhs. (Previous year Rs. 101.54 Lakhs).

7. Pursuant to the approval of scheme of arrangement between Nitin Castings Limited (formerly known as Nitin Alloys Global Ltd) a Rajshila Construction Pvt. Ltd. (formerly known as Nitin Castings Pvt. Ltd.) by Honorable High Court of Mumbai on 13th October 2016 & other relevant statutory approvals, the accounting treatment as laid out in the Scheme and consequential adjustments Is dealt with by the Company in the financial statements.

8. Financial Instruments- Fair Values

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the carrying amount is a reasonable approximation of fair value.

Note :

Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

9. Financial Instruments-Risk Management

Risk management framework

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of market risk on its financial performance.

The Company''s risk management assessment, policies and processes are established to identify and analyze the risks faces by the company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company’s risk assessment and management policies and processes.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk and

- Market risk Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

Trade and other receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country, in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Gives that the macroeconomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue. Further, management believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk. Impairment allowance has been determined based on expected credit loss model (ECL).

Cash and cash equivalents

The Company held cash and cash equivalents and other bank balances with credit worthy banks (31st March, 2018 is Rs. 197.22 Lakhs and 31st March, 2017 is Rs. 140.07 Lakhs). The credit worthiness of such banks is evaluated by the management on an ongoing basis and is considered to be good.

Other financial assets

Other financial assets are neither past due not impaired.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring. As far as possible that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

As of 31st March, 2018 the Company has working capital of Rs. 1,930.48 Lakhs (31st March, 2017 is Rs. 1,746.91 Lakhs, 1st April, 2017 is Rs. 1,575.71 Lakhs). Working capital is calculated as current assets less current liabilities

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as commodity rates, raw material rates, interest rates, foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk sensitive financial instruments, commodity and raw material prices, all foreign currency receivables and payables and all short term and long term debt. The Company is exposed to market risk primarily related to commodity / raw material / metal rate risk, foreign exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities.

(a) Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss account, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity.

(b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Interest rate sensitivity - fixed rate instruments

The Company does not account for any fixed - rate financial assets or financial liabilities at fair value through profit and loss, and the Company does not have any designated derivatives. Therefore, a change in interest rates at the reporting date would not affect profit and loss for any of these fixed interest bearing financial instruments.

Capital Management

The Company’s policy is to maintain a strong capital bases so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Company funding requirements based on business plans are met through a mixture of equity / free reserves and borrowings.

10. Segment Reporting

As the company operates in only one business the disclosure requirements under Accounting Standard 17 - "Segment Reporting" is not applicable.

11. Information regard to other matter specified in Schedule III of Companies Act, 2013 is either nil or not applicable to the company for the year.

12. These financial statements are the Company''s first Ind AS financial statements and accordingly previous year figures have been regrouped where necessary to conform to current year’s classification.

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Mar 31, 2015

1. Partly Paid up Shares - Nil

2. The Company has proposed dividend of Rs. 1.00/- per equity share for the financial year ended 31st March, 2015, amounting to Rs. 16.85 Lacs (inclusive tax of Rs. 2.81 Lacs). The dividend payout is subject to approval of members at the ensuring Annual General Meeting.

3. Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2014

Current Year Previous Year Sr. Particulars (Rs. in Lacs) (Rs. in Lacs)

1. Letter of Guarantee given 38.73 4.14 by the Bankers

2. Letter of Credit issued by the Nil 25.07 Bankers

2 Letter of Credit Acceptances and Nil Nil Endorsements

4. Bills Discounting Nil 36.13 Claims against the Company not acknowledge as debts

Taxes & Duties

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required by AS-22 of the Institute of Chartered Accountants of India.

iv. During the year the Company has paid Rs. 75.00 Lacs as an excise duty to the Government Exchequer Central Excise department regarding MODVAT claim, where the view of Company differs from the Department as such the quantum of excise duty payable in comparison to the amount paid may differ.

Loans from Banks

i. Secured Loan from Indian Overseas Bank is secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company''s knowledge and belief sundry creditors as at 31st March, 2014 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act, 1951.

Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2013

A) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subjecttoconfirmations and adjustments,ifany.

b) None of the Company''s suppliers have intimated of their being a Small Scale Industrial Undertaking and to the bestof the company''s knowledge and belief sundry creditorsas at 31st March, 2013 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

c) Directors RemunerationofRs. 35.10 Lacs (Previous year Rs. 33.60 Lacs)

ii) Partly Paid up Shares – Nil d) The Company has not proposed dividend for the year ended March 31, 2013

d) Figures in brackets relates to previous year or losses. The previous year''s figures have been re- grouped, re-arranged, re-costed and re-classified wherever necessary.

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Mar 31, 2012

A) Contingent Liabilities

Provisions are made for known liabilities and other liabilities as per the provisioning policy of the Company or where additional risks are identified by the Management, based on such identification. The Company has not recognized any Contingent Liabilities other than those specified below:

Sr. Particulars Current Year Previous Year (Rs.in Lacs) (Rs.in Lacs)

1. Letter of Guarantee given by the Bankers 98.90 171.12

2. Letter of Credit issued by the Bankers 49.42 33.46

Letter of Credit Acceptances and 3 Endorsements 28.67 Nil

4. Bills Discounting 9.65 Nil

Claims against the Company not 5. acknowledge as debts Nil Nil

b) Taxes on Income

i. Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961, based on the estimates of weighted average income tax rate expected for the full financial year.

ii. Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income.

iii. Net Deferred Tax Liability and Assets is recognized on timing differences between accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on the Balance Sheet date. Net Deferred Tax liability has been recognized in the Books as required byAS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

I. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant.

ii. Car Loans are secured by hypothecation of motor vehicles purchased here-against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Company's suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the company's knowledge and belief sundry creditors as at 31st March, 2012 does not include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation)Act, 1951.

f) Directors Remuneration of Rs. 33.60 Lacs (Previous year Rs. 32.40 Lacs)

Note : Figures in brackets relates to previous year. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2010

A) Contingent Liabilities

Company has not recognized any Contingent Liabilities other than those specified below;

Rs. In Lacs

Current Previous Sr. Particulars Year Year

1. Letter of Guarantee given by the Bankers 112.69 218.43

2. Letter of Credit issued by the Bankers Nil 1.98

3. Claims against the Company not acknowledge as debts Nil Nil

b) Taxes on Income

i. Current tax provision has been determined on the basis of relief and deductions available under the Income Tax Act. 1961.

ii. There being deferred tax liability for the year ended 31st March, 2010 the same has been accounted for in the books of accounts as required by AS-22 of the Institute of Chartered Accountants of India.

c) Loans from Banks

i. Secured Loans from Indian Overseas Bank and State Bank of India are secured by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares, debtors, plant and machineries, and charge on immovable properties at Silvassa Plant

ii. Car Loans are secured by hypothecation of motor vehicles purchased here- against.

d) In the opinion of the Board, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Loans and advances, Deposits, some of the Sundry Creditors and Unsecured Loans are subject to confirmations and adjustments, if any.

e) None of the Companys suppliers have intimated of their being a Small Scale Industrial Undertaking and to the best of the companys knowledge and belief sundry creditors as at 31* March. 2010 does not Include outstanding due to Small Scale Industries within the meaning of Section 3 of the Industries (Development and Regulation) Act. 1951.

f) Figures in brackets relates to previous year. The previous years figures have been regrouped. rearranged and classified wherever necessary.