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Dalmia Bharat Ltd.(Old) ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2017

b. Terms/ rights attached to Equity shares

The Company has only one class of equity shares having a face value of ''2 per share. Each equity shareholder is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

In the event of winding-up of the Company, the equity shareholders shall be entitled to be repaid remaining assets of the company after distribution of all preferential amounts in the ratio of the amount of capital paid up on such equity shares.

Out of total equity share capital 75,00,000 equity shares of Rs 2 each allotted on preferential basis in accordance with the SEBI ICDR Regulations and other applicable provisions of the companies Act, 2013 were subject to lock in period of 1 year from the date of receipt of trading approval. The lock in period expires on 06th April 2017.

1. Disclosure of significant accounting judgments, estimates and assumptions

The preparation of the Company''s financial statements requires management to make judgments, 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.

Judgments, estimates and assumptions

The judgments and 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 its judgments, assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, 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.

Significant judgments, estimates and assumptions are as specified below:-Share-based payments

The Company initially measures the cost of equity-settled transactions with employees using black-Scholes model to determine the fair value of the liability incurred. Estimating fair value for equity-based payment transactions requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility, risk free rate, expected dividend yield, market price and exercise price and making assumptions about them. For equity-settled share-based payment transactions, the liability needs to be disclosed at the carrying amount at end of each reporting period up to the date of settlement. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 26. Change in assumptions for estimating fair value of share-based payment transactions is expected to have insignificant impact on income statement.

Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

The Company is having brought forward losses and unabsorbed depreciation that may be used to offset taxable income. The Company has tax planning opportunities available that could support the recognition of these losses as deferred tax assets. On this basis, the Company has determined that it can recognise deferred tax assets on the tax losses carried forward.

The Company has created deferred tax asset on other deductible temporary differences, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Further details on taxes are disclosed in note 14.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity 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, expected rate of return on assets, future salary increases and mortality rates. 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.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on mortality rates from Indian Assures Lives Mortality 2006-08. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

Further details about gratuity obligations are given in note 25.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. See note 31 and 32 for further disclosures.

Property, plant and equipment

The Company measures certain property, plant and equipment at fair values as deemed cost with changes in fair value being recognized in retained earnings as on transition date and use it as its deemed cost as at the date of transition. The Company engaged an independent valuation specialist to assess fair value at April 1, 2015 for revalued property, plant and equipment. Property, plant and equipment were valued by reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the property.

If the fair value of the property, plant and equipment had been 10% higher or lower than management''s estimate, the profit before tax would have been decreased/ increased respectively by '' 0.22 (March 31, 2016: '' 0.22) due to increase/ decrease in depreciation.

Impairment of property, plant and equipment

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived based on remaining useful life of the respective assets. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

There are no impairment losses recognized for the years ended March 31, 2017 and March 31, 2016.

Impairment of financial assets

The impairment provisions for financial assets disclosed in note 8 are based on assumptions about risk of default and expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company''s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

2. Gratuity and other Post Employment Benefit Plans

Gratuity

The Company has a defined benefit gratuity plan. The gratuity is governed by the Payment of Gratuity Act, 1972. Under the Act employee who has completed five years of service is entitled to gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded through Gratuity Fund Trust with an insurance company in the form of a qualifying insurance policy. The Trust is responsible for the administration of the plan assets and for the determination of investment strategy. The Company makes provision of such gratuity asset/ liability in the books of account on the basis of actuarial valuation carried out by an independent actuary.

Provident Fund (''PF'')

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing notified AS 15, Employee Benefits issued by the Ministry of Corporate Affairs (MCA), provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan.

The following tables summarize the components of net employee benefit expenses recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the balance sheet for the above mentioned plan.

The average duration of the defined benefit plan obligation for gratuity at the end of the reporting period is 4 years (March 31, 2016: 4 years) and for PF at the end of the reporting period is 4 years (March 31, 2016: 4 years).

Risk Exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:-Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields, if plan assets underperform this yield, this will create a deficit. The plan asset investments is in insurance company products and in government securities. The investments are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

Asset liability matching risk

The Company ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under the employee benefit plans. Within this framework, the Company''s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency.

Liquidity Risk

The Company actively monitors how the duration and the expected yield of investments are matching the expected cash outflows arising from the employee benefit obligations. The Company has not changed the processes used to manage its risks from previous periods.

3. Share - based payments

Under the senior executive plan, share options of the Company are granted to senior executives of the Company with more than 12 months of service. In all the cases, the exercise price of the share options is lower than the market price of the underlying shares on the date of grant. The share options vest if and when the Company achieve targeted share price and on achievement of individual performance by employees which will be vested over a period of 5 years.

The fair value of the share options is estimated at the grant date using the Black- Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. However, the above performance condition is only considered in determining the number of instruments that will ultimately vest.

Options have been granted with vesting period of 5 years on the basis of graded vesting and are exercisable for a period of 3 years once vested. There are no cash settlement alternatives. The Company does not have a past practice of cash settlement for these share options.

1 The weighted average share price at the date of exercise of these options is Rs, 1,935.77

2 The weighted average share price at the date of exercise of these options is Rs, 713.28

The weighted average remaining contractual life for the share options outstanding as at March 31, 2017 was 4.57 years (March 31, 2016: 4.59 years, April 1, 2015: 4.88 years).

The weighted average fair value of options granted during the year was Rs, Nil (March 31, 2016: Rs, 479.29).

The range of exercise prices for options outstanding at the end of the year is Rs, 105.50 to Rs, 383.53 (March 31, 2016: Rs, 105.50 to Rs, 383.53, April 1, 2015: Rs, 105.50 to Rs, 217.23).

4. Related Party transactions

A) List of related parties along with nature and volume of transactions is given below:

Related Parties where control exists:-

(i) Subsidiaries of the Company

Dalmia Cement (Bharat) Limited, Dalmia Power Limited, Kanika Investment Limited, Adwetha Cement Holdings Limited (w.e.f. 05-01-2016).

(ii) Step down Subsidiaries of Company

Adhunik MSP Cement (Assam) Limited, Adhunik Cement Limited, Arjuna Brokers & Minerals Limited, Calcom Cement India Limited, D.I. Properties Limited, Dalmia Cement Bharat Holdings Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Golden Hills Resort Private Limited, Hemshila Properties Limited, Ishita Properties Limited, Jayevijay Agro farms Pvt Ltd, OCL India Limited, Rajputana Properties Private Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited, Bangaru Kamakshi Amman Agro Farms Private Limited (w.e.f. 29-04-15), Alsthom Industries Limited (w.e.f. March 31, 2017), Cosmos Cements Limited, Sutnga Mines Private Limited, Vinay Cements Limited, RCL Cements Limited, SCL Cements Limited, DCB Power Ventures Limited, Shri Rangam Securities & Holdings Limited, Dalmia Cement East Limited (formerly known as Bokaro Jaypee Cement Ltd), Odisha Cement Limited, OCL China Ltd., OCL Global Ltd,

Related parties transactions have taken place during the year:

(i) Associate of the Subsidiaries

Dalmia Renewables Energy Limited (w.e.f. February 06, 2017)

(ii) Joint Ventures of the Subsidiairy and step down Subsidiary Company

Khappa Coal Company Private Limited, Radhikapur (West) Coal Mining Private Limited

(iii) Key Management Personnel of the Company

Shri Jai Hari Dalmia - Managing Director, Shri Yadu Hari Dalmia-Managing Director, Shri Gautam Dalmia- Director, Shri Puneet Yadu Dalmia - Director, Shri Jayesh Doshi- Whole time Director and Nidhi Bisaria- Company Secretary

(iv) Enterprises controlled by the Key Management Personnel of the Company

Dalmia Refractories Limited, Dalmia Bharat Sugar and Industries Limited, Glow Home Technologies (P) Limited.

The Company assessed that investment in tax free bonds, trade receivables, cash and cash equivalents, other bank balances, loans and advances to related parties, interest receivable, trade payables, interest accrued but not due on borrowings, director''s commission payable, capital creditors, are considered to be the same as their fair values, due to their short term nature.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

Long-term fixed-rate and variable-rate receivables/borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

The fair value of unquoted instruments, loans from banks and other financial liabilities as well as other non-current financial liabilities are estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. The valuation requires management to use observable and unobservable inputs in the model, of which the significant observable and unobservable inputs are disclosed in the table below. Management regularly assesses a range of reasonably possible alternatives for those significant observable and unobservable inputs and determines their impact on the total fair value.

The fair values of the Company''s interest-bearing borrowings and other non-current financial liabilities are determined by using DCF method using discount rate that reflects the issuer''s borrowing rate as at the end of the reporting period. The own non-performance risk as at March 31, 2017 was assessed to be insignificant.

5. Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities:

6. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade payables and other payables. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations. The Company''s principal financial assets include loans, investments, trade and other receivables, cash and cash equivalents and other financial assets that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks and also ensure that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and commodity price risk. Financial instruments affected by market risk include investments and deposits, trade receivables, trade payables, loans and borrowings and derivative financial instruments.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies and ensuring compliance with market risk limits and policies.

The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations, provisions and the non-financial assets and liabilities of foreign operations.

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. In order to optimize the Company''s position with regards to interest income and interest expenses to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the unheeded portion of loans and borrowings. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. There is no outstanding forward contract and unheeded foreign currency exposure at year end.

Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and advances to suppliers) and from its financing activities, including deposits and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date on an individual basis for major clients.

An impairment analysis is performed at each quarter end on an individual basis for major customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 9 (ii). The Company evaluates the concentration of risk with respect to trade receivables as low, the trade receivables are located in several jurisdictions and operate in largely independent markets. (H Crore)

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved authorities. Credit limits of all authorities are reviewed by the management on regular basis. All balances with banks and financial institutions is subject to low credit risk due to good credit ratings assigned to the Company.

The Company''s maximum exposure to credit risk for the components of the balance sheet at March 31, 2017, March 31, 2016 and April 1, 2015 is the carrying amounts as illustrated in note 31. The Company''s maximum exposure relating to financial instruments is noted in note 31 and the liquidity table below.

Liquidity risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, debentures and cash credit facilities.

7. Capital management

For the purpose of the Company''s capital management, equity includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders and net debt includes interest bearing loans and borrowings less current investments and cash and cash equivalents. The primary objective of the Company''s capital management is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

To maintain or adjust the capital structure, the Company review the fund management at regular intervals and take necessary actions to maintain the requisite capital structure.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2017, March 31,

2016 and April 1, 2015.

8. Pursuant to the purchase of 15% equity shareholding of Dalmia Cement (Bharat) Limited (DCBL) by the company and its subsidiary from KKR Mauritius Cement Investments Limited (KKR), the Company could place the shares held by KKR in the Company on the terms and conditions specified in the Placement Letter Agreement (PLA) and receive certain proceeds thereof. This was approved by the Board of the company on 15th Jan, 2016 and by its shareholders in their EGM held on 11th Feb, 2016

The Board of the Company vide its meeting held on 20th Apr, 2017 approved the placement of shares. Accordingly, KKR placed its shares with third party investors on 21st Apr, 2017 in terms of the PLA. As a result of such placement, an aggregate amount of Rs, 588 Crore has been received by the Company and its subsidiary, from KKR on 28th Apr, 2017. The purchase price of equity shareholding of DCBL in the books of Company and its subsidiary would get reduced by such amounts received from KKR. Appropriate accounting treatment for the same shall be accorded in FY 2017-18 as required under the applicable accounting standards

9. Board of directors of the Company at their meeting held on 5 November 2016 had approved Scheme of Arrangement and Amalgamation amongst Odisha Cement Limited, Dalmia Bharat Limited and Dalmia Cement (Bharat) Limited ("Scheme 4"), which is inter alia conditional upon the effectiveness of Schemes 1 and 2, subject to approval of shareholders, creditors and other applicable regulatory authorities. Scheme 4 has been approved by the stock exchanges on 5 May 2017.

10. Segment Information

Management service charge is the only identifiable operating segment of the Company, Further, the entire sales of the Company are affected in the domestic market hence there is only one reportable geographical segment i.e. India. Hence no other disclosures are required in terms of Ind AS-108 (''Operating Segments'')

11. First-time adoption of Ind AS

These financial statements, for the year ended March 31, 2017, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2016, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2017, together with the comparative period data as at and for the year ended March 31, 2016, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at April 1, 2015, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 1, 2015 and the financial statements as at and for the year ended March 31, 2016.

I) Exemptions applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

a) Deemed Cost

Ind AS 101 permits a first time adopter to elect to fair value on its property, plant and equipment as recognized in financial statements as at the date of transition to Ind AS, measured as per previous GAAP and use that as its deemed cost as at the date of transition or apply principles of Ind AS retrospectively. Ind AS 101 also permits the first time adopter to elect to continue with the carrying value for all of its property plant and equipment as recognized in the financial statements as at the date of transition to Ind AS. This exemption can be used for intangible assets covered by Ind-AS 38.

The Company has elected to consider fair value of its property, plant and equipment other than vehicles, furniture and fixtures, computers and office equipment''s as its deemed cost on the date of transition to Ind AS. The Company has done a retrospective valuation for these assets. The Company has elected to measure all its intangible assets at their previous GAAP carrying value.

b) Investments in subsidiaries, associates and joint ventures

Ind AS 101 permits the first time adopter to measure investment in subsidiaries, joint ventures and associates in accordance with Ind AS 27 at one of the following:

a) cost determined in accordance with Ind AS 27 or

b) Deemed cost:

(i) fair value at date of transition

(ii) previous GAAP carrying amount at that date.

The Company has elected to consider previous GAAP carrying amount of its investments in subsidiaries, Joint ventures and associates on the date of transition to Ind AS its deemed cost for the purpose of determining cost in accordance with principles of IND AS 27- "Separate financial statements".

c) Business Combination

Ind AS 103 Business Combinations has not been applied to acquisitions of subsidiaries, which are considered businesses under Ind AS that occurred before April 1, 2015. Ind AS 101 provides the option that the Indian GAAP carrying amounts of assets and liabilities that are required to be recognized under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with respective Ind AS.

Business combinations occurring prior to the transition date have not been restated.

d) Estimates

An entity estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates at April 1, 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

(i) Share based payments

Footnotes to the reconciliation of equity as at April 1, 2015 and March 31, 2016 and profit and loss for the year ended March

31, 2016-a) Property, plant and equipment

i) The Company has elected to measure certain items of property, plant and equipment i.e. land and building at fair value at the date of transition to Ind AS. Hence at the date of transition to Ind AS, an increase of Rs, 71.08 crore was recognized in property, plant and equipment. This amount has been recognized against retained earnings.

ii) The Company has capitalized printers taken on finance lease during the financial year 2015-16 of Rs, 1.94 crore, accumulated depreciation recognized on such printers of Rs, 0.16 crore.

b) Depreciation of property, plant and equipment

i) The depreciation charged in the statement of profit and loss pursuant to adjustment of fair value of property, plant and equipment as per Ind AS is Rs, 2.24 crore for the year ended March 31, 2016.

ii) The depreciation charged in the statement of profit and loss on capitalization of printers under finance lease is Rs, 0.16 crore for the year ended March 31, 2016

iii) Due to change in method of depreciation from WDV to SLM, there is saving in depreciation of Rs, 0.98 crore for the financial year ended March 31, 2016.

c) Security deposit paid

Under Indian GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposit has been recognized as prepaid rent. Consequent to this change, the amount of security deposits decreased by Rs, 0.15 crore as at April 1, 2015. The prepaid rent increased by Rs, 0.15 crore as at April 1, 2015. Total equity decreased by Rs, 0.01 crore as on April 1, 2015. During the year ended March 31, 2016 the Company has recognized amortization of the prepaid rent of Rs, 0.14 crore which is off-set by the notional interest income of Rs, 0.14 crore recognized on security deposits.

d) Borrowings

i) Under Indian GAAP, transaction costs incurred in connection with borrowings are disclosed as prepaid expenses and amortized to profit or loss over the tenure of loan. Under Ind AS, transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition and charged to profit or loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate method. The borrowings as at March 31, 2016 have been reduced by Rs, 3.06 crore with a corresponding adjustment to prepaid expenses. The profit for the year ended March 31, 2016 decreased by Rs, 0.01 crores as a result of the additional interest expense.

ii) Due to capitalization of printer under finance lease obligation, borrowing is increased by Rs, 1.92 crore as on March 31, 2016. The profit for the year ended March 31, 2016 decreased by Rs, 0.32 crores as a result of the additional interest expense.

e) Investment in mutual funds

Under Indian GAAP, investment in mutual funds were valued at cost of net realizable value whichever is lower. As per Ind AS, it is valued at fair value through profit and loss. As a result, investment in mutual funds has been increased as on March 31, 2016: Rs, 10.38 crore (April 1, 2015: Rs, 17.36 crore) with a corresponding increase in profit for the year ended March 31, 2016 and retained earnings as on April 1, 2015.

f) Investment in quoted equity shares

Under Indian GAAP, investment in quoted equity shares were valued at cost of net realizable value whichever is lower. As per Ind AS, it is valued at fair value through profit and loss. As a result, investment in quoted equity share has been increased as on March 31, 2016: Rs, 10.99 crore (April 1, 2015: Rs, 5.66 crore) with a corresponding increase in profit for the year ended March 31, 2016 and retained earnings as on April 1, 2015.

g) Investment in venture capital fund

Under Indian GAAP, investment in venture capital fund was recognized at cost. As per Ind AS, it is recognized at fair value through profit and loss. As a result, investment in venture capital fund has been decreased as on March 31, 2016: Rs, 2.40 crore (increased as on April 1, 2015: Rs, 1.75 crore) with a corresponding increase/decrease in profit for the year ended March 31, 2016 and retained earnings as on April 1, 2015.

h) Deferred tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in various transitional adjustments which lead to temporary differences. Deferred tax adjustments are recognized in correlation to the underlying transaction in retained earnings. On the date of transition, the net impact on deferred tax liabilities is of Rs, 26.35 Crore (March 31, 2016: Rs, 24.51 Crore).

i) Short term provisions

Under Indian GAAP, proposed dividends including DDT are recognized as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognized as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid. The Company has declared dividend after period end as on April 1, 2015, therefore, the liability of Rs, 12.18 Crore recorded for dividend and Rs, 2.55 crore for DDT have been derecognized against retained earnings on April 1, 2015 and recognized in the year ended March 31, 2016.

j) Employee loan

Under Indian GAAP, employee loan are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued these employee loan under Ind AS. Difference between the fair value and transaction value of the employee loan has been recognized as prepaid salary. Consequent to this change, the amount of employee loan decreased by Rs, 0.76 crore as at April 1, 2015 and by Rs, 0.34 crore as at March 31, 2016. The corresponding impact booked under prepaid salary. During the year ended March 31, 2016 the Company has recognized amortization of the prepaid salary of Rs, 0.22 crore which is off-set by the interest income of Rs, 0.20 crore recognized on employee loan.

k) Share-based payments

Under Indian GAAP, the Company was recognizing share based payment expense as per intrinsic value method for its employees including employees of its subsidiary. Ind AS requires the fair value of the share options to be determined using an appropriate pricing model recognized over the vesting period and expense relating to subsidiary is transferred to respective company. Therefore Rs, 1.12 Crore considered as an adjustment to the retained earnings as on April 1, 2015. Reversal of expense of Rs, 1.04 Crore has been recognized in profit or loss for the year ended March 31, 2016.

l) Defined benefit liabilities

Both under Indian GAAP and Ind AS, the Company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, re-measurements comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. During the year ended March 31, 2016 the employee benefit cost is decreased by Rs, 0.75 crore and re-measurement gains/ losses on defined benefit plans has been recognized in the OCI net of tax at Rs, 0.49 crore.

m) Capitalization of printers under finance lease

The Company has capitalized printers taken on finance lease during the financial year 2015-16 of Rs, 1.94 crore, accumulated depreciation recognized on such printers of Rs, 0.16 crore. Consequently printing and stationary expense booked in IGAAP is reversed of Rs, 0.34 crore and finance expense booked of Rs, 0.32 crore during the year ended March 31, 2016.

13. Standards issued but not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company''s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.

The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2017 and has amended the following standard:

Amendments to Ind AS 7, Statement of Cash Flows

The amendments to Ind AS 7 requires an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. On initial application of the amendment, entities are not required to provide comparative information for preceding periods. These amendments are effective for annual periods beginning on or after April 1, 2017. Application of this amendments will not have any recognition and measurement impact. However, it will require additional disclosure in the financial statements.

Amendments to Ind AS 102, Share-based Payment

The MCA has issued amendments to Ind AS 102 that address three main areas: the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction, the classification of a share-based payment transaction with net settlement features for withholding tax obligations, and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash settled to equity settled. The amendments are effective for annual periods beginning on or after April 1, 2017. The Company is assessing the potential effect of the amendments on its financial statements.

The Company will adopt these amendments from their applicability date.

14. Figures less than '' fifty thousand which are required to be shown separately have been shown at actual in double brackets.

15. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to confirm to this year''s classification.


Mar 31, 2016

1. Terms/ rights attached to Equity shares

The Company has only one class of equity shares having a face value of Rs.2 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of winding-up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company in the ratio of the amount of capital paid up on such equity shares.

During the year ended 31 March 2016, the amount of dividend per share recognised as distribution to equity shareholders is Rs.2.00 (Rs.1.50).

Rs.75.00 Cr (Nil) are secured by a first Pari Passu charge on all movable fixed assets, equitable mortgage on all immovable fixed assets of the Company and exclusive charge by way of hypothecation on receivables under management contracts with group companies at base rate (Presently 10.65%) . It is repayable in 61 unequal monthly instalments in the range of Rs01.00 Cr to Rs.1.33 Cr each commencing from September 2016.

2. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

3. Gratuity and Other Post Employment benefit Plans Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed fve years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing AS 15, Employee benefit (Revised 2005) issued by the Accounting Standards Board (ASB), provident funds set up by the employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan.

Actuarial valuation for Provident Fund was carried out in accordance with the Guidance Note issued by the Actuarial Society of India, and accordingly, the Company has provided shortfall in provident fund liability in the books.

The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the plan.

4. Related Party Disclosure as required by Accounting Standard-18.

List of related parties along with nature and volume of transactions is given below: Related Parties where control exists:- Subsidiaries of the Company Dalmia Cement (Bharat) Limited, Dalmia Power Limited, Kanika Investment Limited, Adwetha Cement Holdings Limited (w.e.f. 05-01- 2016).

Subsidiaries of Dalmia Cement (Bharat) Limited

Adhunik Cement Limited, Arjuna Brokers & Minerals Limited, Calcom Cement India Limited, D.I. Properties Limited, Dalmia Cement Bharat Holdings Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Golden Hills Resort Private Limited, Hemshila Properties Limited, Ishita Properties Limited, Jayevijay Agro farms Pvt Ltd, OCL India Limited, Rajputana Properties Private Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited and Bangaru Kamakshi Amman Agro Farms Private Limited (w.e.f. 29-04-15).

Subsidiaries of Dalmia Minerals & Properties Limited Cosmos Cements Limited, Sutnga Mines Private Limited

Subsidiary of Adhunik Cement Limited Adhunik MSP Cement (Assam) Limited

Subsidiaries of Calcom Cement India Limited Vinay Cements Limited

Subsidiary of Vinay Cements Limited

RCL Cements Limited and SCL Cements Limited

Subsidiary of Dalmia Power Limited DCB Power Ventures Limited

Subsidiary of Dalmia Cement Bharat Holdings Limited Shri Rangam Securities & Holdings Limited

Subsidiary of Shri Rangam Securities & Holdings Limited

Dalmia Cement East Limited (formerly known as Bokaro Jaypee Cement Ltd.)

Subsidiaries and step down subsidiaries of OCL India Limited Odisha Cement Limited, OCL China Ltd., OCL Global Ltd.

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited Khappa Coal Company Private Limited

Joint Ventures of the Subsidiary Company OCL India Limited Radhikapur (West) Coal Mining Private Limited

Related parties with whom transaction were taken place during the year.

Key Management Personnel of the Company

Shri Jai Hari Dalmia – Managing Director, Shri Yadu Hari Dalmia-Managing Director, Shri Gautam Dalmia- Director, Shri Puneet Yadu

Dalmia – Director, Shri Jayesh Doshi- Whole time Director

Enterprises controlled by the Key Management Personnel of the Company

Dalmia Refractories Limited, Dalmia Bharat Sugar and Industries Limited, Himshikhar Investment Limited.

*does not includes provision made for leave encashment and gratuity as the same are determined for the company as a whole)

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs.98.76 Cr (Previous Year Rs.89.20 Cr), OCL India Limited Rs.59.24 Cr (Previous Year Rs.27.24 Cr), Calcom Cement India Limited Rs.17.46 Cr (Previous Year Rs.17.79 Cr), Adhunik Cement Limited Rs.9.22 Cr (Previous Year Rs.15.31 Cr), Dalmia Cement East Limited Rs.5.02 Cr (Previous Year Rs.0.08 Cr), DCB Power Ventures Limited Rs.1.86 Cr (Previous Year Rs.3.08 Cr), Dalmia Bharat Cements Holdings Limited Nil (Previous Year Rs.4.37 Cr), D.I. Properties Limited Nil (Previous Year Rs.0.01 Cr), Geetee Estates Limited Nil (Previous Year Rs.0.01 Cr), Shri Rangam properties Limited Nil (Previous Year Rs.0.01 Cr), Sri Dhandauthapani Mines & Minerals Limited Nil (Previous Year Rs.0.01 Cr) , Dalmia Bharat Sugar and Industries Limited Rs.10.54 Cr (Previous Year Rs.10.75 Cr), Dalmia Refractories Limited Rs.1.48 Cr (Previous Year Rs.15.62 Cr).

2. Reimbursement of expenses – receivable includes transaction with Dalmia Cement (Bharat) Limited Rs.0.38 Cr (Previous Year Rs.0.58 Cr), Dalmia Cement East Limited Rs. Nil (Previous Year Rs.0.11 Cr), Dalmia Bharat Sugar and Industries Limited Rs.0.17 Cr (Previous Year Rs.0.31 Cr).

3. Reimbursement of expenses – payable includes transaction with Dalmia Cement (Bharat) Limited Rs.2.67 Cr (Previous Year Rs.1.07 Cr), Calcom Cement India Limited Rs.0.02 Cr (Previous Year Rs.0.04 Cr), Adhunik Cement Limited Rs. Nil (Previous Year Rs.0.20 Cr), Dalmia Cement East Limited Rs.0.17 Cr (Previous Year Nil) Dalmia Bharat Sugar and Industries Limited Rs.0.14 Cr (Previous Year Rs.0.22 Cr).

4. Purchase of goods and services includes transaction with Dalmia Bharat Sugar and Industries Limited Rs.2.33 Cr (Previous Year Rs.3.47 Cr).

5. Related Party Disclosure as required by Accounting Standard-18. (contd.)

6. Interest received includes transaction with Adwetha Cement Holdings Limited Rs.2.60 Cr (Previous Year Nil), Calcom Cement India Limited Rs.1.02 Cr (Previous Year Rs.0.82 Cr), Adhunik Cement Limited Rs.0.54 Cr (Previous Year Rs.0.39 Cr), Dalmia Bharat Sugar and Industries Limited Rs.3.14 Cr (Previous Year Rs.3.75 Cr), Dalmia Refractoriness Limited Nil (Previous Year Rs.0.30 Cr).

7. Dividend received includes transaction with Dalmia Cement (Bharat) Limited Rs.23.43 Cr (Previous Year Nil), Dalmia Bharat Sugar and Industries Limited Rs.0.89 Cr (Previous Year Nil).

8. Dividend paid includes transaction with Dalmia Bharat Sugar and Industries Limited Rs.0.33 Cr (Previous Year Rs.0.19 Cr).

9. Loan and advances given includes transaction with Dalmia Power Limited Rs.0.06 Cr (Previous Year Nil), Adwetha Cement Holdings Limited Rs.467.51 Cr (Previous Year Nil).

10. Share purchased includes transaction with Dalmia Power Limited Rs.0.05 Cr (Previous Year Nil).

11. Director sitting fees includes transaction with Sh Gautam Dalmia Rs.0.03 Cr (Previous year Rs.0.02 Cr) and Sh. Puneet Yadu Dalmia Rs.0.03 Cr (Previous year Rs.0.02 Cr)

12. Salary & Perquisites includes transaction with Sh. Jai Hari Dalmia Rs.1.76 Cr (Previous Year Rs.1.12 Cr), Sh. Yadu Hari Dalmia Rs.2.24 Cr (Previous Year Rs.2.82 Cr), Shri Jayesh Doshi Rs.2.27 Cr (Previous year Nil)

13. Guarantee given includes guarantee given by Company on behalf of Dalmia Power Limited Rs.275.00 Cr. (Previous year Nil)

1. Loan receivable includes Dalmia Power Limited Rs.7.38 Cr (Previous Year Rs.7.32 Cr), Adwetha Cement Holdings Limited Rs.439.19 Cr (Previous Year Nil), Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.34.00 Cr).

2. Amount receivable includes Dalmia Cement (Bharat) Limited Rs.13.12 Cr (Previous Year Rs.2.34 Cr), Adwetha Cement Holdings Limited Rs.2.34 Cr (Previous Year Nil), Adhunik Cement Limited Rs.3.65 Cr (Previous Year Rs.4.41 Cr), Calcom Cements India Limited Rs.5.44 Cr (Previous Year Rs.4.59 Cr.), OCL India Limited Rs.8.81 Cr (Previous Year Rs.10.26 Cr), Dalmia Bharat Cement Holdings Limited Rs.4.48 Cr (Previous Year Rs.4.48 Cr), Dalmia Cement East Limited Rs.0.37 Cr (Previous Year Rs.0.19 Cr), Sri Dhandauthapani Mines & Minerals Limited Rs.0.01 Cr (Previous Year Rs.0.01 Cr), D.I. Properties Limited Nil (Previous Year Rs.0.01 Cr), Geetee Estates Limited Nil (Previous Year Rs.0.01 Cr), Shri Rangam properties Limited Nil (Previous Year Rs.0.01 Cr), Hemshila Properties Limited Nil (Previous Year Rs.0.01 Cr), DCB Power Ventures Limited Nil (Previous Year Rs.0.33 Cr), Dalmia Bharat Sugar and Industries Limited Rs.1.70 Cr (Previous Year Rs.0.49 Cr), Dalmia Refractoriness Limited Rs.0.45 Cr (Previous Year Rs.0.67 Cr).

3. Amount payable includes transaction with Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.0.02 Cr).

4. Guarantee given includes guarantee given by Company on behalf of Dalmia Power Limited Rs.275.00 Cr. (Previous year Nil)

14. Figures less than H fifty thousand which are required to be shown separately have been shown at actual in double brackets.

15. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to confirm to this year''s classification.

16. The company has given loans / advances to various companies. Loans amount outstanding as at year end is given in below mentioned table along with purpose of the loan.


Mar 31, 2015

1. Contingent liabilities (not provided for) in respect of:

(Rs,Crore)

Particulars As at As at March 31, 2015 March 31, 2014

Claims against the Company not acknowledged as debts - -

2. Capital and other commitment

(Rs,Crore)

Particulars As at As at March 31, 2015 March 31, 2014

Estimated amount of contracts remaining to be executed on capital account and not - - provided for (net of advances)

Estimated amount of contracts remaining to be executed on other than capital account - - and not provided for (net of advances)

3. Gratuity and Other Post Employment Benefit Plans

Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing AS 15, Employee Benefit (Revised 2005) issued by the Accounting Standards Board (ASB), provident funds set up by the employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan.

Actuarial valuation for Provident Fund was carried out in accordance with the Guidance Note issued by the Actuarial Society of India, and accordingly, the Company has provided shortfall in provident fund liability in the books.

The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the plan.

4. Related Party Disclosure as required by Accounting Standard-18.

List of related parties along with nature and volume of transactions is given below: Related Parties where control exists:- Subsidiaries of the Company Dalmia Cement (Bharat) Limited, Dalmia Power Limited, Kanika Investment Limited,

Subsidiaries of Dalmia Cement (Bharat) Limited

Adhunik Cement Limited, Arjuna Brokers & Minerals Limited, Calcom Cement India Limited, D.I. Properties Limited, Dalmia Cement Bharat Holdings Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Golden Hills Resort Private Limited, Hemshila Properties Limited, Ishita Properties Limited, Jayevijay Agro farms Pvt Ltd. (w.e.f. 05-6-14), OCL India Limited (w.e.f. 25-2-2015), Rajputana Properties Private Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Shri Rangam Securities & Holdings Limited (up to 23-6-2014), Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited

Subsidiaries of Dalmia Minerals & Properties Limited Cosmos Cements Limited and Sutnga Mines Private Limited

Subsidiary of Adhunik Cement Limited Adhunik MSP Cement (Assam) Limited

Subsidiaries of Calcom Cement India Limited Vinay Cements Limited

Subsidiary of Vinay Cements Limited

RCL Cements Limited and SCL Cements Limited

Subsidiary of Dalmia Power Limited DCB Power Ventures Limited

Subsidiary of Dalmia Cement Bharat Holdings Limited Shri Rangam Securities & Holdings Limited (w.e.f. 24-6-2014)

5. Related Party Disclosure as required by Accounting Standard-18. (contd.)

Subsidiary of Dalmia Cement Bharat Holdings Limited

Dalmia Cement East Limited (formerly known as Bokaro Jaypee Cement Ltd) (w.e.f. 16-11-2014)

Subsidiaries and step down subsidiaries of OCL India Limited Odisha Cement Limited, OCL China Ltd., OCL Global Ltd.

Associate of the Subsidiary Company Dalmia Cement (Bharat) Limited. OCL India Limited (up to 24-2-2015)

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited Khappa Coal Company Private Limited

Related parties with whom transaction were taken place during the year.

Key Management Personnel of the Company

Shri Jai Hari Dalmia – Managing Director, Shri Yadu Hari Dalmia-Managing Director, Shri Gautam Dalmia- Director, Shri Puneet Yadu

Dalmia – Director.

6. Related Party Disclosure as required by Accounting Standard-18. (contd.)

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited H89.20 Cr (Previous Year H94.44 Cr), OCL India Limited H27.24 Cr (Previous Year H26.72 Cr).

2. Reimbursement of expenses – receivable includes transaction with Dalmia Cement (Bharat) Limited H0.58 Cr (Previous Year H0.70 Cr), Dalmia Refractories Limited Nil ( Previous Year H4.91 Cr), Dalmia Bharat Sugar and Industries Limited H0.31 Cr (Previous Year H0.02 Cr), Dalmia Cement East Limited H0.11 Cr (Previous Year Nil).

3. Reimbursement of expenses – payable includes transaction with Dalmia Refractories Limited Nil (Previous Year H27.72 Cr), Dalmia Cement (Bharat) Limited H1.07 Cr (Previous Year H1.19 Cr), Dalmia Bharat Sugar and Industries Limited H0.22 Cr (Previous Year H0.11 Cr), Adhunik Cement Limited H0.20 Cr (Previous Year H0.02 Cr).

4. Purchase of goods and services includes transaction with Dalmia Cement (Bharat) Limited Nil (Previous Year H3.18 Cr), Dalmia Refractories Limited Nil (Previous Year H20.60 Cr), Dalmia Bharat Sugar and Industries Limited H3.47 Cr (Previous Year H3.75 Cr).

5. Interest received includes transaction with Dalmia Bharat Sugar and Industries Limited H3.75 Cr (Previous Year H7.82 Cr), Calcom Cement India Limited H0.82 Cr (Previous Year Nil).

6. Dividend received includes transaction with Dalmia Cement (Bharat) Limited Nil (Previous Year H11.83 Cr).

7. Dividend paid includes transaction with Dalmia Bharat Sugar and Industries Limited H0.19 Cr (Previous Year H0.19 Cr)

8. Loan and advances given includes transaction with Dalmia Bharat Sugar and Industries Limited Nil (Previous Year H75.50 Cr).

9. Purchase of Fixed Assets includes transaction with Dalmia Bharat Sugar and Industries Limited Nil (Previous Year H0.03 Cr).

10. Rent received includes transaction with Dalmia Refractories Limited Nil (Previous Year H0.01 Cr).

11. Rent paid includes transaction with Dalmia Cement (Bharat) Limited Nil (Previous Year H0.01 Cr).

12. Security deposit given includes transaction with Dalmia Cement (Bharat) Limited Nil (Previous Year H0.02 Cr).

13. Director sitting fees includes transaction with Sh Gautam Dalmia H0.02 Cr (Previous year H0.01 Cr) and Sh. Puneet Dalmia H0.02 Cr (Previous year H0.01 Cr)

14. Salary & Perquisites includes transaction with Sh. Jai Hari Dalmia H1.12 Cr (Previous Year H1.60 Cr), Sh. Yadu Hari Dalmia H2.82 Cr (Previous Year H0.48 Cr).

7. Figures less than fifty thousand which are required to be shown separately have been shown at actual in double brackets.

8. Due to adoption of depreciation rates on the basis of useful life as prescribed under Schedule II of the Companies Act''2013, depreciation charged for the year is higher by H1.22 Cr. as compared to the depreciation rates charged during previous year. Further, written down value of fixed assets whose lives have expired as at 1st April, 2014 amounting to H0.22 Cr have been adjusted (net of tax of H0.11 Cr.), from the surplus in statement of profit and loss in accordance with provisions of schedule II to the Companies Act, 2013.

9. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to confirm to this year''s classification


Mar 31, 2014

1. Contingent liabilities (not provided for) in respect of:

(Rs. Crore)

S. No. Particulars 2013-14 2012-13

a) Claims against the Company not acknowledged as debts - -

2. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

3. Particulars of forward contracts outstanding as at the Balance Sheet date:

Forward contract outstanding as at Balance Sheet date: NIL

4. Gratuity and Other Post Employment benefit Plans

Gratuity

The Company has a Defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy .

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing AS 15, Employee benefit (Revised 2005) issued by the Accounting Standards Board (ASB), provident funds set up by the employers, which require interest shortfall to be met by the employer, need to be treated as Defined benefit plan.

Actuarial valuation for Provident Fund was carried out in accordance with the Guidance Note issued by the Actuarial Society of India, and accordingly, the Company has provided shortfall in provident fund liability in the books.

The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the plan.

5. The Company''s operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The two identified reportable segments are Refractory, Management services. As the export turnover is insignificant in comparison to total turnover, there are no reportable geographical segments.

6. Related Party Disclosure as required by Accounting Standard-18.

a. List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Dalmia Cement (Bharat) Limited, Dalmia Power Limited, Kanika Investment Limited.

Subsidiaries of Dalmia Cement (Bharat) Limited

Arjuna Brokers & Minerals Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited, Adhunik Cement Limited, Calcom Cement (India) Limited, Golden Hills Resort Private Limited and Rajputana Properties Private Limited.

Step down Subsidiaries of Dalmia Minerals & Properties Limited

Cosmos Cements Limited and Sutnga Mines Private Limited

Step down subsidiary of Adhunik Cement Limited

Adhunik MSP Cement (Assam) Limited

Step down Subsidiaries of Calcom Cement India Limited

Vinay Cements Limited, RCL Cements Limited and SCL Cements Limited

Subsidiary of Dalmia Power Limited

DCB Power Ventures Limited

Associate of the Subsidiary Company Dalmia Cement (Bharat) Limited.

OCL India Limited

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited

Khappa Coal Company Private Limited

Key Management Personnel of the Company

Shri Jai Hari Dalmia – Managing Director, Shri Yadu Hari Dalmia-Managing Director, Shri Gautam Dalmia- Director, Shri Puneet Yadu Dalmia – Director.

Relatives of Key Management Personnel

Shri V. H. Dalmia (Brother of Director), Shri J.H.Dalmia (HUF), Smt. Kavita Dalmia (Wife of Director) Shri Y. H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Managing Director), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Director), Smt. Avantika Dalmia (Wife of Director), Kumari Shrutipriya Dalmia (Daughter of Managing Director), Kumari Sukeshi Dalmia (Daughter of Director), Kumari Vaidehi Dalmia (Daughter of Director), Kumari Sumana Dalmia (Daughter of Director), Kumari Avanee Dalmia (Daughter of Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M.H.Dalmia, (Brother of Director) Smt. Abha Dalmia (Wife of Brother of Director), Shri R. H. Dalmia (Brother of Director).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Raghu Hari Dalmia Parivar Trust, Dalmia Sugar Ventures Limited, Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Bharat Sugar and Industries Limited and New Habitat Housing Finance and Development Limited.

7. Details of loans and advances in nature of loans to subsidiaries, parties in which Directors are interested and Investments by the Loan in the shares of the company (as required by clause 32 of listing agreement)

8. Figures less than Rs. fifty thousand which are required to be shown separately have been shown at actual in double brackets.

9. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to confirm to this year''s classification


Mar 31, 2013

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

2. Gratuity and Other Post Employment Benefit Plans Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing AS 15, Employee Benefit (Revised 2005) issued by the Accounting Standards Board (ASB), provident funds set up by the employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan.

Actuarial valuation for Provident Fund was carried out in accordance with the Guidance Note issued by the Actuarial Society of India, and accordingly, the Company has provided shortfall in provident fund liability in the books.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the plan.

3. The Company''s operating businesses are organized and managed separately according to the nature of products manufactured and services provided. The two identified reportable segments are Refractory, Management services. As the export turnover is insignificant in comparison to total turnover, there are no reportable geographical segments.

4. Related Party Disclosure as required by Accounting Standard-18.

a. List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Dalmia Cement (Bharat) Limited, Dalmia Power Limited and Kanika Investment Limited,

Subsidiaries of Dalmia Cement (Bharat) Limited

Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.l. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited, Adhunik Cement Limited and Calcom Cement (India) Limited

Step down Subsidiaries of Dalmia Cement Ventures Limited

Golden Hills Resort Private Limited and Rajputana Properties Private Limited

Step down Subsidiaries of Dalmia Minerals & Properties Limited

Cosmos Cements Limited and Sutnga Mines Private Limited

Step down subsidiary of Adhunik Cement Limited Adhunik MSP Cement (Assam) Limited

Step down Subsidiaries of Calcom Cement India Limited

Vinay Cements Limited, RCL Cements Limited and SCL Cements Limited

Subsidiary of Dalmia Power Limited DCB Power Ventures Limited

Associate of the Subsidiary Company Dalmia Cement (Bharat) Limited.

OCL India Limited

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited

Khappa Coal Company Private Limited

Key Management Personnel of the Company

Shri Jai Hari Dalmia - Managing Director, Shri Yadu Hari Dalmia-Managing Director, Shri Gautam Dalmia- Director, Shri Puneet Yadu Dalmia - Director.

Relatives of Key Management Personnel

Shri V.H. Dalmia (Brother of Director), Shri J.H.Dalmia (HUF), Smt. Kavita Dalmia (Wife of Director), Shri Y.H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Managing Director), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Director), Smt. Avantika Dalmia (Wife of Director), Kumari Shrutipriya Dalmia (Daughter of Managing Director), Kumari Sukeshi Dalmia (Daughter of Director ), Kumari Vaidehi Dalmia (Daughter of Director), Kumari Sumana Dalmia (Daughter of Director), Kumari Avanee Dalmia (Daughter of Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M.H. Dalmia, (Brother of Director) Smt. Abha Dalmia (Wife of Brother of Director) , Shri R.H. Dalmia (Brother of Director).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Raghu Hari Dalmia Parivar Trust, Dalmia Sugar Ventures Limited, Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Bharat Sugar and Industries Limited and New Habitat Housing Finance and Development Limited.

5. Details of loans and advances in nature of loans to subsidiaries, parties in which Directors are interested and Investments by the Loanee in the shares of the Company (as required by clause 32 of listing agreement)

6. Figures less than Rs. fifty thousand which are required to be shown separately have been shown at actual in double brackets.

7. Previous Year Comparatives

Figures in brackets pertain to previous year. Previous year''s figures have been regrouped where necessary to confirm to this year''s classification


Mar 31, 2012

1. Contingent liabilities (not provided for) in respect of:

(Rs. in Crore)

S. No. Particulars 2011-12 2010-11

a) Claims against the Company not acknowledged as debts 0.45 0.45

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

2. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

3. Gratuity and Other Post Employment Benefit Plans Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company contributes provident fund liability to Dalmia Cement Provident Fund Trust. As per the Guidance Note on implementing AS 15, Employee Benefit (Revised 2005) issued by the Accounting Standards Board (ASB), provident funds set up by the employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan.

During the current financial year, actuarial valuation for Provident Fund for the financial year 2011-12 was carried out in accordance with the Guidance Note issued by the Actuarial Society of India, and accordingly, the Company has provided shortfall in provident fund liability in the books. No actuarial valuation was carried out in the last year pending issuance of guidance note in this regard. Further, there was no shortfall in the provident fund liability ascertained by the Company in the last year. In view of this, comparative figures for last year have not been given.

The following tables summarise the components of net benefit expense recognised in the statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

4. The Company's operating business are organised and managed separately according to the nature of products manufactured and services provided. The two identified reportable segments are Refractory, Management services. As the export turnover is insignificant in comparison to total turnover, there are no reportable geographical segments.

5. Related Party Disclosure as required by AS-18.

a. List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Dalmia Cement (Bharat) Limited, Dalmia Power Limited, Kanika Investment Limited,

Subsidiaries of Dalmia Cement (Bharat) Limited

Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited.

Step down Subsidiaries of Dalmia Cement Ventures Limited

Golden Hills Resort Private Limited and Rajputana Properties Private Limited

Step down Subsidiaries of Dalmia Minerals & Properties Limited

Cosmos Cements Limited and Sutnga Mines Private Limited

Subsidiary of Dalmia Power Limited

DCB Power Ventures Limited

Associate of the Subsidiary Company Dalmia Cement (Bharat) Limited.

OCL India Limited

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited

Khappa Coal Company Private Limited

Key Management Personnel of the Company

Shri J. H. Dalmia, Shri Y. H. Dalmia - Managing Director, Shri Gautam Dalmia, Shri Puneet Yadu Dalmia.

Relatives of Key Management Personnel

Shri V. H. Dalmia (Brother of Director), Shri J. H. Dalmia (HUF), Smt. Kavita Dalmia (Wife of Director), Shri Y. H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Managing Director), Shri Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Director), Smt. Avantika Dalmia (Wife of Director), Kumari Shrutipriya Dalmia (Daughter of Managing Director), Kumari Sukeshi Dalmia (Daughter of Director), Kumari Vaidehi Dalmia (Daughter of Director), Kumari Sumana Dalmia (Daughter of Director), Kumari Avanee Dalmia (Daughter of Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M. H. Dalmia, (Brother of Director) Smt. Abha Dalmia (Wife of Brother of Director), Shri R. H. Dalmia (Brother of Director).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust,Priyang Trust, Avanee Trust, Raghu Hari Dalmia Parivar Trust,Dalmia Sugar Ventures Limited, Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Bharat Sugar and Industries Limited, New Habitat Housing Finance and Development Limited.

1. Sale of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs.80.35 Cr. (Previous Year Rs.64.27Cr.).

2. Reimbursement of expenses - receivable includes transaction with Dalmia Cement (Bharat) Limited Rs.0.45 Cr. (Previous YearRs.14.94 Cr.), Shri Nataraj Ceramic and Chemical Industries Limited Rs.4.24 Cr. (Rs.3.38 Cr.).

3. Reimbursement of expenses - payable includes transaction with Shri Nataraj Ceramic and Chemical Industries Limited Rs.6.96 Cr. (Previous Year Rs.6.67 Cr.).

4. Purchase of goods and services includes transaction with Dalmia Cement (Bharat) Limited Rs.5.32 Cr. (Previous Year Rs.5.79 Cr), Shri Nataraj Ceramic and Chemical Industries Limited Rs.27.96 Cr. (Previous Year Rs.21.83 Cr).

5. Rent Receipts includes transaction with Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.0.07 Cr).

6. Interest received includes transaction with Dalmia Bharat Sugar and Industries Limited Rs.3.73 Cr. (Previous Year Rs.1.77 Cr.).

7. Receipt of fund on their behalf and transfer includes transaction withDalmia Cement (Bharat) Limited Nil (Previous Year Rs.34.50 Cr), Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.20.84 Cr).

8. Sale of Equity Shares includes transaction with DCB Power Ventures Limited Nil (Previous Year Rs.10.63 Cr)

9. Loan and advances given includes transaction with Dalmia Bharat Sugar and Industries Limited Rs.166.00 Cr. (Previous Year Rs.189.20 Cr).

10. Loans and advances received back includes transaction with Dalmia Bharat Sugar and Industries Limited Rs.141.00 Cr. (Previous Year Rs.164.20 Cr).

11. Sale of Fixed Assets includes transaction with Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.0.24Cr).

12. Salary &Perquisites includes transaction with Sh. Jai Hari Dalmia Rs.0.25 Cr. (Previous Year Nil), Sh. Yadu HariDalmia Rs.0.25 Cr. (Previous Year Nil).

1. Loan receivable includes Dalmia Power Limited Rs.7.12 Cr. (Previous Year Rs.6.67 Cr.), Dalmia Bharat Sugar and Industries Limited Rs.50.00 Cr. (Previous Year Rs.25.00 Cr.).

2. Amount receivable includes Dalmia Cement (Bharat) Limited Rs.0.18 Cr. (Previous Year Rs.9.14 Cr.), Dalmia Bharat Sugar and Industries Limited Nil (Previous Year Rs.29.09 Cr.), Dalmia Solar Power Ltd. Rs.2.10 Cr. (Previous Year Rs.2.10 Cr.).

3. Amount payable includes Dalmia Cement (Bharat) Limited Rs.1.70 Cr. (Previous Year Nil), Shri Nataraj Ceramic and Chemical Industries Limited Rs.0.80 Cr. (Previous Year Rs.2.68 Cr.).

4. Security deposit receivable includes Shri Nataraj Ceramic and Chemical Industries Limited Rs.1.25 Cr. (Previous Year Rs.1.25 Cr).

6. Figures less than Rs. fifty thousand which are required to be shown separately have been shown at actual in double brackets.

7. Till the year ended March 31, 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified previous year figures to confirm to this year's classification.


Mar 31, 2011

1. Contingent liabilities (not provided for) in respect of:

(Rsin Million)

Particulars 2010-11 2009-10

a) Claims against the Company

not acknowledged as debts 4.53 -

Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of favourable decisions in respect of the items listed above and hence no provision is considered necessary against the same.

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

6. Details of dues to Micro and Small Enterprises as per MSMED Act, 2006 to the extent of information available with the company.

12. Gratuity and Other Post Employment Benefit Plans

Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Profit and Loss Account and the funded status and amounts recognised in the Balance Sheet for the plan.

Provident Fund

The Guidance note issued by Accounting Standard Board (ASB) on implementing AS 15, Employee Benefit (Revised 2005) states that provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan.The fund does not have any existing deficit or interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e. government interest to be paid on provident fund scheme exceeds rate of interest earned on investment), pending the issuance of Guidance Note from the actuarial society of India, the Company's actuary has expressed his inability to reliably measure the same.

13. The Company's operating business are organised and managed separately according to the nature of products manufactured and services provided. The two identified reportable segments are Refractory, Management services. As the export turnover is insignificant in comparison to total turnover,there are no reportable geographical segment.

14.Related Party Disclosure as required by Accounting Standard-18.

a. List of related parties along with nature and volume of transactions is given below:

Subsidiaries of the Company

Dalmia Cement (Bharat) Limited,

Dalmia Power Limited,

Kanika Investment Limited,

Subsidiaries of Dalmia Cement (Bharat) Limited

Arjuna Brokers & Minerals Limited, Dalmia Cement Ventures Limited, D.I. Properties Limited, Dalmia Minerals & Properties Limited, Geetee Estates Limited, Hemshila Properties Limited, Ishita Properties Limited, Shri Radha Krishna Brokers & Holdings Limited, Shri Rangam Properties Limited, Sri Dhandauthapani Mines & Minerals Limited, Sri Madhusudana Mines & Properties Limited, Sri Shanmugha Mines & Minerals Limited, Sri Subramanya Mines & Minerals Limited, Sri Swaminatha Mines & Minerals Limited, Sri Trivikrama Mines & Properties Limited

Step down Subsidiaries of Dalmia Cement Ventures Limited

Golden Hills Resort Private Limited and Rajputana Properties Private Limited

Step down Subsidiaries of Dalmia Minerals & Properties Limited

Cosmos Cements Limited and Sutnga Mines Private Limited

Subsidiary of Dalmia Power Limited

DCB PowerVentures Limited

Associate of the Subsidiary Company Dalmia Cement (Bharat) Limited.

OCL India Limited

Joint Ventures of the Subsidiary Company Dalmia Cement (Bharat) Limited

Khappa Coal Company Private Limited

Key Management Personnel of the Company

Shri J. H. Dalmia, Shri Y. H. Dalmia-Managing Director,

Shri Gautam Dalmia, Shri PuneetYadu Dalmia.

Relatives of Key Management Personnel

Shri V. H. Dalmia (Brother of Director), J. H. Dalmia (HUF), Smt. Kavita Dalmia (Wife of Director) Y H. Dalmia (HUF), Smt. Bela Dalmia (Wife of Managing Director), Gautam Dalmia (HUF), Smt. Anupama Dalmia (Wife of Director), Smt. Avantika Dalmia (Wife of Director), Kumari Shrutipriya Dalmia (Daughter of Managing Director), Kumari Sukeshi Dalmia (Daughter of Director), Kumari Vaidehi Dalmia (Daughter of Director), Kumari Sumana Dalmia (Daughterof Director),Kumari Avanee Dalmia (Daughter of Director), Mst. Priyang Dalmia (Son of Managing Director) Shri M. H. Dalmia,(Brother of Director) Smt. Abha Dalmia (Wife of Brotherof Director), Shri R.H. Dalmia (Brotherof Director).

Enterprises controlled by the Key Management Personnel of the Company

Rama Investment Company Private Limited, Puneet Trading & Investment Company Private Limited, Kavita Trading & Investment Company Private Limited, Sita Investment Company Limited, Mayuka Investment Limited, Ankita Pratisthan Limited, Himgiri Commercial Limited, Valley Agro Industries Limited, Shri Nataraj Ceramic and Chemical Industries Limited, Shri Chamundeswari Minerals Limited, Shree Nirman Limited, Keshav Power Private Limited, Avanee and Ashni Securities Private Limited, ZipAhead.Com Limited, Alirox Abrasives Limited, Sukeshi Trust, Vaidehi Trust, Sumana Trust, Shrutipriya Dalmia Trust, Priyang Trust, Avanee Trust, Raghu Hari Dalmia Parivar Trust, Dalmia Sugar Ventures Limited, Himshikhar Investment Limited, Dalmia Solar Power Limited, Dalmia Bharat Sugar and Industries Limited, New Habitat Housing Finance and Development Limited.

15. A Scheme of Arrangement between the Company, DBSIL [Dalmia Bharat Sugar and Industries Limited (formerly known as Dalmia Cement (Bharat) Limited)], DPVL [DCB Power Ventures Limited], DCBL [Dalmia Cement (Bharat) Limited (formerly known as Avnija Properties Limited)] and their respective shareholders and creditors under section 391 - 394 of the Companies Act 1956 has been sanctioned by the Hon'ble High Court of Madras on July 29, 2010 and made effective on September 1, 2010. According to the said Scheme, in the first phase the Cement, Captive Thermal Power and the Refractory businesses were demerged and transferred to the Company with effect from the appointed date, i.e., April 1, 2010. Thereafter, in the second phase, the Cement and Captive Thermal Power business weredemerged into DCB Land DPVL, respectively, with effect from the samedate.

As per the accounting treatment detail in the Scheme, the Company has recorded the transfer of the assets and liabilities of the aforementioned undertakings vested in it, pursuant to the Scheme at the respective values as recorded in the books of DBSILas on the appointed date. Similarly the assets and liabilities of the businesses transferred and vested in DCBL and DPVL have been transferred to the respective companies at the book values thereof

The Company has, accordingly, credited the difference between the value of assets and liabilities as reduced by the shares issued pursuant to the Scheme as"Business Restructuring Reserve"which shall constitute free reserves available for all purposes to the company, at its own discretion.

16. Figures less than X Five thousand which are required to be shown separately have been shown at actual in double brackets.

17. Previous Year Comparatives

a) Figures of previous year were audited by M/s Indra D. Narayan&Co..

b) Figures in brackets pertain to previous year. Previous year's figures have been regrouped where necessary to conform to this year's classification. Previous year figures are not strictly comparable. (Refer note B (15)).

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