The Company does not expect the outcome of the matters stated above to have a material adverse impact on the Company’s financial condition, result of operations or cash flows. Future cash outflows in respect of liability under clause A (i) to (iii) is dependent on decisions by relevant authorities of respective disputes and in respect of liability under clause A (iv & v) is dependent on terms agreed upon with the parties.

* Refer Note No. 3.22 to Notes to Accounts, the lenders are in the process of withdrawing their claim before DRT, Pune, consequent to One Time Settlement Agreement.

3.2 The Company has in the past obtained Central Government approval for payment of Managerial Remuneration to Erstwhile the Managing Director. (“Managing Director”). The approval of lenders was still awaited pending restructuring. Pending the same, in compliance with Section 197 of the Companies Act 2013, the Managing Director has refunded Salary drawn for the period December 01, 2016 to November 30, 2019 and salary from December 01, 2019 has not been paid. As a result of One Time Settlement, the lenders dues have been paid off and the lenders approval is no longer applicable. The Board and the shareholders had also approved payment of remuneration to Erstwhile Non-Executive Director effective April 01, 2021 which is still payable. Accordingly, Employee Benefits Expense includes amounts provided for remuneration to the Managing Director of Rs.2.61 Crore for the period ended March 10, 2022 (Rs.9.24 Crore cumulative up to March 10, 2022, including Rs. 5.04 Crore refunded to the Company and disclosed as contingent liability) is payable to the Managing Director and Rs.0.40 Crore for the period ended March 10, 2022 is payable to Erstwhile Non-Executive Director. The Company is considering suitable steps including approval of appropriate authorities, if required, for discharging the above obligations.

3.3 Considering the uncertainty related to realisation, the following items are not considered to accrue till they are settled/ sanctioned / received as the case may be:

a) Insurance claims except specific claims stated separately

b) Interest on receivables

3.4 The outbreak of corona virus (COVID-19) pandemic globally has caused significant disturbance and slowdown of economic activity. The Company’s operations and revenue during the year has improved, yet the full impact of COVID-19 is not ascertainable. The Company continues to closely monitor the developments and possible effects that may result from current pandemic, on its financial condition, liquidity and operations and is actively working to minimize the impact of this unprecedented situation. The full assessment of the impact of the same on the Company and SHAB’s operations, CPP and on Port and Power Project (TPPCL) will be only possible once the pandemic settled down and the eventual impact may be different from the estimates made as of the date of approval of these financial statements.

3.5 Segment Reporting :

I Identification of Segments:

The Company’s operating segments are established on the basis of those components of the Company that are evaluated regularly by the Executive Committee, the ‘Chief Operating Decision Maker’ as defined in Ind AS 108 - ‘Operating Segments’, in deciding how to allocate resources and in assessing performance. These segments have been identified taking into account nature of products and services, the differing risks and returns and the internal business reporting systems.

The Company is engaged primarily into manufacturing of Steel and Tubes. The Company’s primary segments are Tube Segment and Steel Segment.

Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable.

Segment assets & segment liabilities represent assets & liabilities in respective segments. Investments, tax related assets & other assets & liabilities which cannot be allocated to a segment on a reasonable basis have been included under “Unallocable Assets/ Liabilities”.

Inter Division Transfer represents transfer of finished / semi-finished products within the Segment for further processing and sale. Profit or loss on inter Division transfers are eliminated at the Company level.

III Revenue from Major Customers

Revenue under the segment ‘Steel’ include Rs 101.72 Crore (Previous Year: Rs 56.42 Crore of one customer) from one customer having more than 10% revenue of total segment revenue. There is no single customer that accounts for more than 10% of the revenue in Tube Segment.

3.6 Pending reconciliation/ confirmations of Trade Receivables/ Trade Payables, adjustments for differences, if any, would be made at the time of reconciliation or on receipt of confirmation. The management is of the opinion that the impact of such adjustments, if any, is not likely to be significant.

3.7 Dues to Micro and Small Enterprises

Disclosure as required by the Micro, Small and Medium Enterprises Act, 2006 is as given below, has been determined to the extent such parties have been identified on the basis of information available with the Company.

Principal outstanding amount due to MSME suppliers as on March 31,2022 is Rs. 18.49 Crore (Previous Year 16.16 Crore). Interest accrued and remaining unpaid of Rs. 0.99 Crore (Previous Year Rs. 0.69 Crore) and an amount of Rs.Nil (Previous Year Rs. 0.08 Crore) has been paid to MSME suppliers during the year.

3.8 Leases

The Company have taken various premises and plants and machinery under operating lease. These are generally cancellable and ranges from 11 months to 10 years and are renewable by mutual consent on mutually agreeable terms. There are no restrictions imposed by these lease arrangements and there are no sub leases. There are no contingent rents.

3.9 Foreign currency fluctuation on long term borrowing capitalised

The Company has elected to continue the policy adopted under previous GAAP for accounting the foreign exchange differences arising on settlement or translation of long-term foreign currency monetary items outstanding as of April 1, 2016 i.e. foreign exchange differences arising on settlement or translation of long-term foreign currency monetary items relating to acquisition of depreciable assets are adjusted to the carrying cost of the assets and depreciated over the balance life of the asset. Accordingly, the Company has capitalised such exchange fluctuation gain to Plant & Machinery of Rs Nil and Rs 4.91 Crore (gain) for the year ended March 31, 2022 and March 31,2021 respectively.

3.10 Related Party Transactions.

In accordance with the requirements of Ind AS 24, on related party disclosures, name of the related party, related party relationship, transactions, outstanding balances and with whom transactions have taken place during the reporting periods are given below:

Name and Relationships of the Related Parties:

a) Sale of finished goods to Subsidiary Companies includes sales to Structo Hydraulics AB Rs. 18.67 Crore (Previous Year Rs. 3.97 Crore) and ISMT Europe AB Rs. 45.03 Crore (Previous Year Rs. 33.98 Crore). Sale of finished goods to Associate Companies include sales to Indian Seamless Enterprises Limited Rs. 12.57 Crore (Previous Year Rs.10.39 Crore).

b) Commission on sales to Subsidiary Companies include paid/ provided for to ISMT Europe AB, Rs. 4.47 Crore (Previous Year Rs. 3.17 Crore) and Indian Seamless Inc, USA Rs. 0.13 Crore (Previous Year Rs. 0.13 Crore).

c) Quality claims to Subsidiary Company - paid/ provided for to Structo Hydraulics AB Rs. Nil (Previous Year Rs. 0.14 Crore).

d) Interest on unsecured loan from Holding Company - KFIL is Rs 1.05 Crore (Previous Year Rs N.A.)

e) Provision fo doubtful debts includes Rs. NIL (Previous Year Rs. 6.69 Crore - net) is relating to Subsidiary Company Structo Hydraulic AB.

f) Provision for impairment in the value of investment in subsidiary Companies includes Rs. 53. 17 Crore (Previous Year NIL) and Rs. 25.24 Crores (Previous year Rs. 58.37 Crore) is relating to Sructo Hydraulic AB and TPPCL respectively.

g) Purchases of Raw Material from Holding Company - KFIL is Rs. 13.32 Crore (Previous Year Rs. N.A.).

h) Advance given to Associate Company -Indian Seamless Enterprises Ltd. of Rs. Nil towards tender deposit (Previous Year Rs 0.50 Crore).

i) Advances given to Subsidiary Company Tridem Port and Power Company Private Limited Rs. 0.47 Crore (Previous Year Rs. 0.39 Crore) for operational expenses of its Port and Power Project.

j) The Company has not considered transactions with KFIL till March 10, 2022 i.e. transactions being prior to establishment of related party relationship between the Company and KFIL in the above stated Related Party Disclosure. These transactions are in the nature of purchase of Raw Material, Allotment of equity shares on preferential basis amounting to Rs 476.63 Crore (including share premium) and receipt of Unsecured Loan of Rs 194.00 Crore pursuant to Share Subscription Agreement and Unsecured Loan Agreement, respectively.

2 Defined benefit plan Gratuity

Gratuity is payable to all eligible employees of the Company on retirement, death, permanent disablement and resignation in terms of the provision of the Payment of Gratuity Act, 1972. The benefits would be paid at the time of separation.

The above sensitivity analysis is based on a change in an assumption while holding the other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be corelated. When calculating the sensivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation within the balance sheet.

The assumption of future salary increase takes into account the inflation, seniority, promotion and other relevant factors such as supply and demand in employment market. The above information is certified by the Actuary.

3.13 After considering the impact of One Time Settlement (OTS) as referred in Note No. 3.22 and business scenario post change in management, the Company based on the evaluation of impact of tax under normal provision of Income Tax Act and on adoption of section 115BAA of the Income Tax Act 1961, decided to exercise one time option of adopting section 115BAA as on March 31, 2022. Accordingly, on adoption of tax option under section 115BAA of the Income Tax Act 1961, the Company has written off MAT Credit (Deferred Tax Asset) of Rs. 82.05 Crore in the statement of profit and loss as on March 31, 2022.

3.19 The Company and through its Subsidiary Company, ISMT Enterprises S.A., Luxembourg has invested Rs. 48.43 Crore in Structo Hydraulics AB, Sweden (SHAB). The Company has received approval from regulatory authorities for conversion into equity of an amount of Rs. 33.33 Crore (USD 5 Million) due from SHAB, out of which Rs. 16.75 Crore has been converted into equity and the balance of Rs. 16.58 Crore is pending allotment. The net receivables on account of sales made to SHAB as on March 31, 2022 are Rs. 13.13 Crore and the same is considered as collectible. Covid has impacted businesses across the globe, including Europe.

Consequent upon change in management, the Company has initiated review of SHAB operations and its future growth potential to evaluate long term prospects of SHAB. Stronger Balance Sheet and positive net worth of the Company could also contribute in terms of greater market access and availability of working capital. However, there have been significant geo political developments with critical long term implications for Europe and Nordic region apart from continuing Covid impact in various parts of the world. International ocean freight has gone up more than double during the year affecting its business. Considering the challenging emerging global situation and notwithstanding that the business is considered strategic and long term and pending the assessment of the same, after considering the valuation report of the Independent Valuer, the Company has conservatively provided for impairment in the value of investment in SHAB of Rs. 53.17 Crore for the year ended March 31, 2022 as per Ind AS 36 “Impairment of Assets” and disclosed the same under the head “Exceptional items” in the Statement of Profit and Loss.

3.20 Tridem Port and Power Company Private Limited (TPPCL), a wholly owned subsidiary of the Company, along with its subsidiaries had proposed to set up a thermal power project and captive port in Tamil Nadu. TPPCL had obtained the approvals for the projects including acquisition of land but no construction activity had commenced. However, on account of subsequent adverse developments, the TPPCL could not pursue these projects. Government is giving considerable focus to infrastructure by both higher budgetary allocation and various other initiatives. This is expected to create multiple opportunities leading to positive impact on projects like TPPCL. Consequent upon change in management, considering the above, the Company is evaluating the future potential and opportunities for TPPCL.

Considering inter alia present status of the project, prevailing power sector scenario, long lasting impact of Covid pandemic on the project and recoverable amount as per the current project valuation report, the Company after considering the impairment provision made in previous financial year, have made additional provision for impairment of Rs.25.24 Crore of the amount invested in TPPCL for the year ended March 31, 2022 as per Ind AS 36 “Impairment of Assets” and disclosed under the head “Exceptional Items” in the Statement of Profit and Loss.

3.21 The Company has always been operationally profitable (positive EBIDTA) despite the net losses in earlier years. The successful OTS is inter alia resulting into positive net worth of the Company. Financial stability is also achieved with support of new management (KFIL), thereby enlarging the business opportunities including the abilities to participate in Government tenders. The Company also expects benefits from Atmanirbhar policies of the Government including continuation of Anti-Dumping Duty on import of seamless tubes from China. Accordingly, the Company believes that it can continue to operate as a Going Concern in the foreseeable future and accordingly, has continued to prepare its financial statements on ‘Going Concern Basis’.

3.22 a) In view of the rapidly growing economy, the Company had planned expansion in capacities and also envisaged setting up of Captive Power Plant. However, number of subsequent developments viz economic slow-down leading to steep fall in demand, dumping of tubes by China, regulatory changes and other adverse developments severely impacted the Company. Thus the assets created by the Company were highly under utilized resulting in inability to service the debt. The Company had since been working with lenders for resolution of debt in terms of RBI scheme prevailing from time to time.

The Banks had pursued various schemes for Debt Resolution - the Banks initially contemplated restructuring which was approved by JLM but could not be concluded at banks end. The Banks then opted for OSDR and despite successful conclusion of OSDR resulting in identification of the investor, the OSDR could not be implemented due to RBI Circular dated February 12, 2018 scrapping all their schemes for stressed assets. The Banks then agreed to take up assignment of debt as Resolution Plan in terms of the aforesaid circular, pursuant to which bulk of Bank Debt was assigned to Asset Restructuring Companies (ARCs). The majority of lenders of the Company had also signed Inter Credit Agreement as per RBI guidelines for restructuring of debt. However, restructuring and assignment of further debt could not be concluded due to covid pandemic.

After considering restructuring of debt subsequent to covid pandemic, the lenders opted for One Time Settlement (OTS) of entire outstanding debt for Rs 670 Crore along with change in management. After due process the lenders approved OTS along with change in management by Kirloskar Ferrous Industries Ltd (KFIL) acquiring majority stake in the Company. After requisite approvals, the lenders executed the OTS agreement on January 31, 2022.

(b) In order to fund the OTS, the Board of Directors of the Company proposed to make preferential allotment of 15.40 Crore equity shares at a price of Rs 30.95 per equity share (equivalent to 51.25% of the post issue equity share capital of the Company) to KFIL, for a total consideration of Rs 476.63 Crore, which was duly approved by shareholders of the Company at the Extra Ordinary General Meeting held on December 22, 2021. After obtaining various regulatory approvals, KFIL invested Rs.476.63 Crore towards preferential allotment of 15.40 Crore equity shares at Rs 30.95 per equity share and also extended unsecured loan of Rs 194 Crore. The proceeds of the Preferential Allotment together with unsecured loan from KFIL of Rs 194 Crore were utilized as per terms of Agreements towards payment of OTS amount.

Accordingly, the Company has written back outstanding principal debt and unpaid interest due to lenders amounting to Rs 2,775.96 Crore and disclosed the said write-back amounts under the head “Exceptional Items” in the Statement of Profit and Loss for the year ended March 31, 2022.

3.23 i) The Company had entered into Energy Banking Agreement dated May 07, 2010 with MSEDCL for a period of one year

with provision for annual renewals. MSEDCL did not, however, actually permit Banking of energy once the plant was commissioned resulting in significantly higher cost to the Company. The same was challenged by the Company before Maharashtra Electricity Regulatory Commission (MERC) which vide its Interim Order dated June 20, 2014 had allowed Banking. MERC finally disallowed Company’s petition regarding banking of energy facility under Energy Banking Agreement (EBA) vide its orders dated June 20, 2014 and January 12, 2015. The Company filed an appeal before the Appellate Tribunal for Electricity (APTEL) against the said order which was not allowed by the APTEL vide its order dated April 1, 2016. The Company’s appeal, challenging the APTEL order is pending before the Hon’ble Supreme Court. The Company had accrued EBA benefit aggregating to Rs. 49.97 Crore up to March 31, 2014, of which amount outstanding as on March 31,2022 is Rs. 39.53 Crore, representing excess energy charges paid to Maharashtra State Electricity Distribution Company Limited (MSEDCL) on account of non-availability of banking of energy facility. There has been no further accrual since April 1, 2014 on account of suspension of operation of power plant.

The Company has strong case for breach of contract. Consequent upon change in management, considering uncertainties and inordinate delays, the Company has decided to write off the recoverable dues of Rs. 39.53 Crore while continuing to pursue the case on merits and disclosed the said write-off amount under the head “Exceptional Items” in the Statement of Profit and Loss for the year ended March 31,2022.

ii) Consequent upon change in Management, the Company is evaluating afresh all the available options for Captive Power project (CPP) either operating the plant or closing it down as a whole or otherwise maximizing value. The Company continues to take adequate steps for preserving the value of the plant including pursuing for wrongful denial of the Banking at the Supreme Court. There is, however, an increasing focus on clean and renewable energy being environment friendly. There has also been a surge in commodity prices including coal and the recent geo political developments have added further uncertainty to both availability and pricing of coal. Considering these major developments and the fact that the plant has not been operated for over eight years and unstable CPP policies, the Company has valued the CPP on conservative basis, notwithstanding the upside potential of positive Supreme Court outcome or the surging demand for power, after considering the valuation report of the Independent Valuer provided for impairment of Rs. 163.92 Crore to the carrying amount of CPP for the year ended March 31, 2022 as per Ind AS 36 “Impairment of Assets” and disclosed the same under the head “Exceptional Items” in the Statement of Profit and Loss.

3.24 Interest income includes interest received from Banks of Rs. 1.37 Crore (Previous Year Rs. 2.92 Crore).

3.25 Financial risk management

The Company’s financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

Risk management framework

Company’s board of directors has overall responsibility for establishment of Company’s risk management framework and formed Risk Management Committee. Management is responsible for developing and monitoring Company’s risk management policies, under the guidance of Risk Management Committee. Management identifies, evaluate and analyses the risks to which the Company is exposed to and set appropriate risk limits and controls to monitor risks and adherence to limits. Management periodically reviews its risk policy and systems to assess need for changes in the policies to adapt to the changes in market conditions and align the same to the business of the Company.

Company has exposure to following risk arising from financial instruments:

a) Credit risk

Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, financial institutions, foreign exchange transactions and other financial instruments.

Credit risk from Trade receivables is managed as per the Company’s established policy, procedures and control relating to customer credit risk management. Credit limits are established for all customers based on internal criteria reviewed and monitored from time to time. Majority of the customers are long standing customers and regularly monitored by individual business managers who deal with those customers. Management monitors trade receivables on regular basis and take suitable action where needed to control the receivables crossing set criteria/ limits.

Management does an impairment analysis at each reporting date as per set procedure and computes credit loss allowance based on a provision matrix. Further, the Company’s customers base is widely distributed both economically as well as geographically and in view of the same, the quantum risk also gets spread across wide base and hence management considers risk with respect to trade receivable as low.

b) Liquidity risk.

The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. Working Capital requirements are adequately addressed by internally generated funds. Trade receivables are kept within manageable levels. The Company aims to maintain the level of its cash and cash equivalents at levels to meet its expected cash outflows on operational and financial liabilities. Also Refer Note No 3.22 regarding debt resolution with the lenders.

c) Competition and pricing risk

The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its customers.

d) 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 following types of risks :

i. Interest Rate Risk

Depending upon the business requirements, the Company’s exposure to the risk of changes in market interest rates relates primarily to the long term debt obligations and Buyer’s credit obligations with floating interest rates. The Company has not used any interest rate derivatives.

Refer Note No 3.22 regarding One -Time Settlement with lenders by making payment of agreed amount on March 11 and March 12, 2022. As of reporting date, there is a short term loan from the Holding Company and Associate Company at the agreed interest rate and hence there is no interest risk exposure related to the long term debt and working capital borrowings.

ii. Foreign Currency Risk and Sensitivity

The Company is exposed to foreign exchange risk arising from export sales, operating and capital expenditure in foreign currency, foreign currency loans and economic exposure on account of mismatch between foreign currency and INR assets and liabilities. The risk is measured through a forecast of highly probable foreign currency cash flows.

Primarily, the exposure in foreign currencies is denominated in USD, EURO. At any point in time, Company covers foreign currency risk by taking appropriate measures. The Company does not enter into derivative instruments.

5% appreciation in USD and EURO with respect to Indian Rupees would have result in increase in gain before tax by Rs 0.78 Crore for March 31, 2021 and increase in Losses before tax by Rs 18.63 Core for March 31, 2021.

5% depreciation in USD and EURO with respect to Indian Rupees would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

iii. Commodity price risk

The Company is exposed to the movement in price of key raw materials in domestic and international markets. The Company reviews the prices of key raw materials on periodically and enters into most of the contracts for procurement of material on short term fixed price basis.

3.26 Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. 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.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aim to ensure that its meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

Fair value of cash and cash equivalents, loan and advances, trade receivables, trade payables, other financial assets/liabilities approximate their carrying amounts largely due to the short term maturities of these instruments. Methods and assumptions used to estimate the fair values are consistent with those used for the year ended March 31, 2021

During the reporting period ended March 31, 2022 and March 31,2021, there were no transfers between level 1, level 2 and level 3 fair value measurements.

3.28 Loans or Advances to Specified Persons :

During the year, the Company has not granted any Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person.

3.31 Ultimate Beneficiary : Utilisation of Borrowed funds and share premium:

No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. No funds (which are material either individually or in the aggregate) have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

1 The amounts of assets, liabilities and net profits for the current year as well as previous year is inclusive of components of exceptional nature and hence these analytical ratios are not truly reflecting the operations and financials of the Company. These exceptional components includes negative net worth and unpaid overdue debts in previous year and one time settlement with lenders through infusion of capital and loan by investor and impairment of assets and investments in subsidiaries in current year.

2 Ratio of current year and previous year are strictly not comparable on account of Covid impact in the previous year and the exceptional item in the current year which results in wide deviation in ratio.

3 Exceptional items are not considered for the purpose of calculation of ratios pertaining to profitability ( Net Profit / Earnings)

4 *In case of any negative components in ratio working, the said ratio is considered as Not Applicable. ( N.A.)

5 “Improvement in current ratio and debt service coverage ratio is due to one time settlement of principle outstanding debt and unpaid interest with lenders.

6 # On account of lockdown due to Covid-19 pandemic, net sales for the previous financial year were low. The same for the year 2021-22 are higher by 74% over previous year. However, the inventory and trade receivables as on balance sheet dates in absolute terms were marginally higher. This resulted in higher turnover ratio in both the cases.

7 ^A As a result of better inventory and debtors turnover ratios, the Company could bring down average payment to suppliers from 55 days to 40 days.

8 @ Not applicable as the Company has not made any investments.

3.33 Corporate Social Responsibility (CSR)

In view of losses in three immediately preceding financial years, the Company is not required to incur expenditure on CSR Activities under Section 135(5) of the Companies Act, 2013.

3.34 Events occurring after the Balance Sheet date

No adjusting or significant non - adjusting events have occurred between the reporting date and the date of authorisation of these financial statements.

3.35 Previous Year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year’s classification.