Notes to Financial Statements for the year ended 31st March, 2016

1. The Company realigned the remaining useful life of its fixed assets as per Schedule II to the Companies Act,2013. Consequently in case of assets having completed their useful life as per Schedule II the carrying value as on 01.04.2014 amount to R 59.95 lakhs (net of differed tax) has been adjusted to retained earnings in the previous year.

2. The Company has been legally advised that its investment in NSK-ABC Bearings Private Limited does not fulfill the requirements of being considered as a joint venture company in terms of Accounting Standard 27 (Financial Reporting of Interest in Joint Ventures) and, therefore, the provision of Section 129 (3) of the Companies Act, 2013 are not applicable.

3. Excise duty deducted from turnover represents excise duty collected on sale of goods. Excise duty shown under 'expenditure' represents the aggregate of excise duty borne by the Company and difference between excise duty on opening and closing stocks of finished goods.

4. Employee benefits

5. Defined contribution plans

a. Provident Fund

b. Superannuation Fund

c. State defined contribution plan

d. Employer’s contribution to Employee’s state insurance during the year, the Company has recognized the following amounts in the Statement of Profit & Loss.

6. Related party disclosure as required by Accounting Standard - 18:

A Related Parties:

Enterprises over which Key Management Personnel have significant influence:

Manoway Investments Pvt. Ltd., Mipco Investments Pvt. Ltd., Maple Investments Co. Pvt. Ltd., Emsons Leasing Co. Pvt. Ltd., Ziwani Properties Pvt. Ltd., Saturn Holdings and Properties Pvt.Ltd., Essex Properties Pvt. Ltd.

Key Management Personnel: Mr. S. M. Patel, Mr. P. M. Patel, Mr. T. M. Patel, Mr. S. K. Choudhary and Mr. S. B. Desai.

7. Figures for the previous year have been regrouped/rearranged wherever necessary for comparison and to conform to the classification of the current year.