1. Balances in parties’ accounts are subject to confirmation / reconciliation. Appropriate adjustments, if any, will be made as and when the balances are reconciled.

2.. INTEREST IN JOINT VENTURES:

During the year, the company has acquired balance 50% interest in Pricol Pune Limited (Previously, Johnson Controls Pricol Private Limited), consequent to which the Pricol Pune Limited has become the wholly owned subsidiary of the Company.

3. Income Tax Assessments are completed upto Assessment Year 2013-14. The Company has preferred appeals against certain disallowances made in the assessments. In the opinion of the Company the provision for taxation available in the books of accounts is adequate.

b) Contribution of Rs.62.543 Million (Previous year - Rs.63.189 Million) made to defined contribution plans were charged to Statement of Profit & Loss.

c) The Company also extends defined benefit plans in the form of Compensated absences to employees. The Employee Benefits towards Compensated absences are provided based on actuarial valuation made at the end of the year.

Employee benefits towards Compensated absences recognised in the Statement of Profit & Loss are as follows:

4. The Board at its meeting held on 27th January 2016 approved the draft scheme of amalgamation of Pricol Limited with Pricol Pune Limited (Wholly owned subsidiary) effective 1st April 2015, a company engaged in manufacture of auto components subject to the required approvals in the manner as required under the Companies Act and Securities and Exchange of Board of India (SEBI).

The Company had obtained the "No-objection" to the Draft Scheme from BSE Limited (Designate Stock Exchange) and National Stock Exchange of India Limited as per SEBI circulars.

The Company had filed necessary application with Honourable High Court of Madras for sanction of the scheme of amalgamation.

5. Segment Reporting

As per Accounting Standard (AS) 17 on “Segment Reporting”, segment information has been provided under the Notes to Consolidated Financial Statements.

6. Previous year's figures are reclassified wherever necessary to conform to the current year's classification.

7. All figures are in Million unless otherwise stated.

8. Related Party disclosure as per Accounting Standard 18:

Holding Company : Nil ; Fellow Subsidiary : Nil ; Associate : Nil ; Subsidiary Companies : Coimbatore Metal Works Limited (Formerly, Pricol Castings Limited) #, Pricol Pune Limited (Formerly, Johnson Controls Pricol Private Limited)*, PT Pricol Surya Indonesia, Pricol Asia Pte Limited, Singapore, Pricol Espana S.L. Spain, Pricol Do Brasil Components Automotives LtdA, Brazil (Subsidiary of Pricol Espana S.L. Spain) and Integral Investments Limited. Key Management Personnel: Mrs. Vanitha Mohan, Mr. Vikram Mohan. Relatives of Key Management Personnel: Mr. Vijay Mohan Joint Venture: Johnson Controls Pricol Private Limited *

Others: (Enterprise over which key management personnel are able to exercise significant influence) Pricol Holdings Limited, PPL Enterprises Limited, Pricol Travel Limited, Pricol Technologies Limited, Pricol Properties Limited, Pricol Corporate Services Limited, Pricol Engineering Industries Limited, Target Manpower Services Limited, Prinfra Limited, M and M Enterprises (India) Limited, Bhavani Infin Services India Private Limited, Shrimay Enterprises Private Limited, Sagittarius Investments Private Limited, Libra Industries, Leo Industries, Bhavani Global Enterprises and Ellargi & Co.

# Coimbatore Metal Works Limited (Formerly, Pricol Castings Limited) ceased to be a Subsidiary with effect from 22nd January, 2016.

* Johnson Controls Pricol Private Limited ceased to be a Joint Venture and became a Wholly Owned Subsidiary Company with effect from 7th May 2015.