Ka.mal&Co. · 2018. 12. 20. · Ka.mal&Co. CHARTERED ACCOUNTANTS 1372, Kashmere Gate, Oelhi-110006...

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Ka.mal&Co. CHARTERED ACCOUNTANTS 1372, Kashmere Gate, Oelhi-110006 Phones : 23957796,23960247,23940661 Fax : 011-23926325

Kamal & Co.

INDEPENDENT AUDITOR'S REPORT

To the Members of HAL Offshore Limited

Report on Standalone Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of M/s HAL Offshore Limited (the Company), which comprise the Balance Sheet as at 31st March 2017, the Statement of Profit and Loss and the cash flow statement for the year ended, and a summary of significant accounting policies and other

explanatory information.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act) with respect to the preparation of these standalone Ind AS financial statements t hat give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and change in equity of the Company in accordance with the accounting principles generally accepted in India. including the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) rule,2015, as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. This responsibil ity includes maintenance of adequate accounting records in accordance w ith the provisions of the Act for safeguard ing of the assets of the Company and for preventing and detecting fraud and ot~er irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fa ir view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financia l sta tements based on our Audit We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made thereunder. We conducted our Audit in accordance with the Standards on auditing issued by the Institute of Char tered Accountants of India, as specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirement and plan a nd perfo rm the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free of material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the r isks of material misstatement of the standalone Ind AS fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the sta ndalone Ind AS financia l statements that give a true and fa ir view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the company's Director ,as well as evaluating the overall presentation of the standalone Ind AS financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information a nd according to the explanations given to us, the Standalone Ind AS fina ncial statements give the information required by the Act in the manner so required and give a true a nd fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at March 31, 2017, its profit and loss and its cash flow for the year ended on that date.

Report on Other legal and regula tory Requirements.

1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-Section (11) of section 143 of the Act, we give in Annexure 1, a statement on the matters specified in paragraphs 3 and 4 of the order.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit.

b) In our opinion, proper books of accou nt as required by law have been kept by the company so far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit & Loss including the statement of other Comprehensive income, the Cash Flow Statement and statement of changes in Equity dealt with by this report are in agreement with the books of account;

d) In our opinion, die aforesaid standalone Ind AS financial statements comply with the accounting standards specified under section 133 of the Act, read with the Companies (Indian Accounting standards) Rules,2015, as amended by the companies (Indian Accounting Standards) (Amendment) Rules, 2016;

e) On the basis of written representation received from the Directors as on 31.03.2017,and taken on record by the Board of Directors, none of the directors is disqualified as on 31.03.2017, from being appointed as director in terms of section 164 (2) of the Act;

f) With respect to the adequacy of internal financial control over financial reporting of the company and the operating effectiveness of such controls is enclosed as Annexure-2.

g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 36 to the standalone Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

iii. There are no amounts which a re required to be transferred to the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosure in note 52 to these standalone Ind AS financial statements as to the holding of Specified Bank Notes on November 8, 2016 and December 30, 2016 as well as dealings in Specified Bank Notes during the period from November 8, 2016 to December 30, 2016. Based on our audit procedures and relying on the management representation regarding the holding and nature of cash transactions, including Specified Bank Notes, we report that these disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the Management.

Place: 1372, Kashmere Gate, Delhi -110006 Date : This 01 st day of September,2017

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Ka.:nial & Co. CHARTERED ACCOUNTANTS 1372, Kashmere Gale, Delhi-110006 Phones :23957796. 23960247,23940661 Fax : 011-23926325

Kamal & Co.

ANNEXURE -1 as referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of report of eve n date

Re: HAL Offshore Limited ('the Company')

l. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management during the year. In our opinion the frequency of physical verification being conducted from time to time by the company appears to be reasonable having regard to th e size of the company and nature of such assets. No material discrepancies were identified on such ver ification.

(C) According, to the information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable property are held in the name of the company.

2. The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification.

3. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured to companies, firms, Limited Liability partnership or other parties covered in the register maintained u/s 189 of the Companies Act, 2013; Accordingly, the provisions of clause 3(iii) (a),(b) and (c) of the order are not applicable to the company hence this provision is not applicable to the company.

4. In our opinion and according to the information and explanation given to us the company has not given loans or goarantees to directors or other persons in which a director is interested, or provided security in connection with a loan taken by them, to which provisions of section 185 and 186 of the companies Act, 2013 apply and accord ingly, we have nothing to report on compliance of section 185 and 186, in this regards. In our opinion and according to the information and expla nations given to us, The Company has made investment in securities which is in compliance with the provisions of section 186 of Companies Act, 2013.

5. The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the Provision of clause 3(v) of the order are not applicable.

6. To the best of our knowledge and as explained, the Central Government has not specified the maintenance of cost records under section 148(1) of the Companies Act, 2013, for the services of the company.

7. a) The Company is regular in depos iting with appropriate authorities undisputed statutory dues including PF, ES!, TDS, Sales Tax, Entry Tax, Service Tax and Excise Duty except sometimes there have been delay in deposit.

b) No amount was in arrears for a period more than 6 months as rega rds undisputed amount payable in respect of statutory dues.

c) According to the records of the company, the dues outstand ing of income tax, service tax, sales tax, customs duty and excise duty on account of disputes, are as fo llows:

(Amount in Millions) Name of the Statute Nature of Dues Amount Period of which the Forum where the

amount relates dispute is pending Finance Act, 1994 Service Tax (Tax) 509.68 2005-06 to 2009-10 CESTAT Finance Act, 1994 Service Tax (Tax) 36.12 2005-06 to 2009-10 Commissioner of

Service Tax Finance Act, 1994 Service Tax (Tax) 0.27 2007-08 to 2009-10 Commissioner of

Service Tax Finance Act, 1994 Service Tax (Tax) 3.83 2007-08 to 2008-09 Commissioner of

Service Tax Income Tax Act, 1962 Income Tax (Tax) 32.97 2008-09 to 2011-12 ITAT

s,o

0 0

Income Tax Act, 1962 Income Tax (Tax) 3.59 2010-11 & 2011-12 ITAT

Income Tax Act, 1962 Income Tax (Tax) 0.73 2009-10 ITAT

d) According to the information and explanation given to us, provision regarding transferring amounts which were required to be transferred to the investor education and protection fund by the Company is not

applicable as no such fund exists.

8. In our opinion a nd according to the information and explanations given by the management, the company has not defaulted in repayment of loans to Bank. The company did not have any loan from financial institution or government and also did not have any debenture during the year.

9. The company has not raised any money way of further public offer /debt instruments and term loans hence; reporting under clause (ix) is not applicable to the company and hence not commented upon.

10. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the company or no fraud on the company by the officer and employees of the company has been noticed or reported during the year.

11. According to The information and explanations given by management, the Managerial Remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Companies Act, 2013.

12. In our opinion, The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the company and hence not commented upon.

13. According to the information and explanations given by the management , transactions with the related parties are in compliance with section 177 and 188 of companies act , 2013 where applicable and the details have been disclosed in the notes to the financial statement. as required by the applicable accounting standards.

14. According to the information and explanations given to us and on an overall examinations of the balance sheet, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under report and hence, reporting requirements under clause 3(xiv) are not applicable to the company and hence not commented upon.

15. According to the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him as referred to in Section 192 of Companies Act, 2013

16. According to the information and explanations given to us, the provisions of section 45-lA of the Reserve bank of India Act, 1934 are not applicable to the company.

Place : 1372, Kashmere Gate, Delhi -110006 Date : This 01 •1 day of September, 2017

~~r=~-L,C)~~ -FO,~ ... ,.,,,..L & COMPANY

· ARTERED ACCOUNTANTS MEMBERSHIP NO. 012738

Kain.al & Co. CHARTERED ACCOUNTANTS 1372. Kashmere Gate. Delhi-110006 Phones:23957796,23960247,23940661 Fax : 011-23926325

Kamal & Co.

NNEXURE Z TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANACIAL

ATEMENT OF M/S HAL OFFSHORE LIMITED

eport on Internal Financial Controls under Clause (i) of Sub Section 3 of Section 143 of the Companies Act,

013("the Act")

e have audited the internal financial controls over financial reporting of M/s HAL Offshore Limited ("the ompany") as of 31•' March, 2017 in conjunction with our audit of the standalone financial statements of the

ompany for the year ended on that date.

anagement's Responsibility for Internal Financial Controls

he Company's management is responsible for establishing and maintaining internal financial controls based on the nternal control over financial reporting criter ia established by the Company considering the essential components of nternal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued y the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and

maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and ~fficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the ~ revention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

uditors' Responsibility

ur responsibility is to express an opinion on the Company's internal financial controls over financial reporting ased on our Audit We conducted our Audit in accordance with the Guidance Note on Audit of Internal Financial

o Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing as specified under Section U 143(10) of the Companies Act, 2013, to the extent applicable to an Audit of internal financial controls and, both o6 ·ssued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we (I) amply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether ~ dequate internal financial controls over financial reporting was established and maintained and if such controls ~ operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial ontrols system over financial reporting and their operating effectiveness. Our audit of internal financial controls ver financial reporting included obtaining an understanding of internal financial controls over financial reporting, ssessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness f internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including

the assessment of the risks of material misstatement of the financial statements, whether due to fraud or er ror.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

eaning oflnternal Financial Controls over Financial Reporting

company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in ccordance with generally accepted accounting principles. A company's internal financial control over financial eporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable

detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide easonable assurance that transactions are recorded as necessary to permit preparation of financial statements in ccordance with generally accepted accounting principles, and that receipts and expenditures of the company are eing made only in accordance with authorizations of management and directors of the company; and (3) provide easonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the ompany's assets that could have a material effect on the financial statements.

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0 0

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Place: 1372, Kashmere Gate, Delhi - 110006 Date: This 01st day ofSeptember,2017

HAL OFFSHORE LIMITED Standalone Balance Sheet as at March 31 , 2017

Particulars N ote

As at 31.03.2017 As at 31 .03 .2016 No

ASSETS

1) Non-Current Assets

(a) Property, Plant and Equipment 4 986.86 439.86

(bl Capital work-in-progress 5 201.14

(C) Financial assets (i) Investments 6 1,810.27 1,674.85

(ii) Loans 7 9.05 9.75

(iii) Bank balances 8 748.67 930.94

(d) Other non-current assets 9 294.00 304.44

3,848.86 3,560.98 2) Current A»ets

(a) Inventories 10 2.26 (b) Financial assets

(i) Investments 11 338.46 309.66 (ii) Trade Receivables 12 822.86 387.30

(iii) Cash and cash equivalents 13 138.12 183.31

(iv) Loans 14 0.56 1.10 (v) Other Financial assets 15 477.38 479.03

(c) Current tax assets (net) 16 24.69 127.03 (d) Other current assets 17 303.45 184.10

2,107.78 1,671.53

Total-Assets 5,956.64 5,232.51

EQUITY AND LIABILITIES

1) Equity (a) Equity share capital 18 190.69 190.69 (b) Other Equity 19 2,281.57 1,842.07

2,472.25 2,032.76 2) Liabilities Non-Current Liabilities

(a) Financial Liabilities (i) Borrowings 20 1,810.17 2,111 .68

(b) Provisions 21 17.36 8.80 (b) Deferred tax liabilities (net) 22 164.19 36.09

1,991 .72 2, 156.57 Current Liabilities

(a) Financial Liabilities (i) Borrowings 20 & 23 307.12 469.37 (ii) Trade payables 24 701.40 177.94

(iii) Other Financial liabilities 25 453.15 346.94 (bl Other current liabilities 26 30.53 48.56 (c) Provisions 21 0.46 0.37

1,492.66 1,043.18

Total-Equity and Liabilities 5,956.64 5,232.51

Summary or significant accounting policies

The accompanying notes are an integral part of the financial statements

As per our report of even date

For Kamal & Company Chartered Accountants ICAI Firm Registration No. :'N",v.,...,,J,.,.--

Place: New De lhi Date: September 1, 2017

For and on be half of the Board of Directors of

Director

~~ Chief Financial Officer Company Secretary

Place: New Delhi

Date: September 1, 2017

(f in millions)

As at 01.04.2015

554.27

2,497.42 8.01

334.76

301.82

3,696.27

723.09 378.54

3.81 514.59 137.50 168.97

1,926.50

5,622.78

190.69

1,684.01 1,874.69

2,315.25 7.04

23.86 2 ,346.1 5

159.79 765.63

408.08

68.15 0.30

1,401.93

5,622.78

HAL OFFSHORE LIMITED Standalone Statement of Profit and Loss for the year ended March 31, 2017

(~ in millions)

Particulars

Income: I. Revenue from operations

II. Other Income

Ill. Total Income (I +II)

IV. Expenses:

Purchase of Stock-in-trade

Operating Expenses Employee Benefit Expenses

Finance costs Depreciation and Amortisation Expense

Other Expenses

Total Expenses (IV)

V. Profit/ (Loss) before tax (Ill -IV)

VI. Income Tax expense: Current tax

Deferred Tax

VII . Profit/ (Loss) for the year (V -VI)

VIII. Other Comprehensive Income Other Comprehensive Income not be reclassified to profit or loss:

-Fair value changes on Equity instruments through Other comprehensive income

-Income tax relating to above items

Total Comprehensive income for the year (Vll+VIII)

IX. Earning per equity share:

(1) Basic (Face Value of~ 10/· each)

(2) Diluted (Face Value of~ 10/· each)

Summary of significant accounting policies



For Kamal & Company

Chartered Accountants

ICAI Firm Registration No. :001033N

Place: New Delhi


Note Year ended Year ended

No 31.03.2017 31 .03.2016

27 3,567.60 2,554.30

28 231.65 131 .88

3,799.25 2,686.18

29 40.29 270.10

30 1,971.32 1,389.86

31 182.63 99.97

32 151.35 144.07 33 384.55 116. 97

34 290.83 436.47

3,020.97 2,457.44

778.28 228.74

166.72 62.00

zz 122.81 9.99 488.75 156.75

35 15.27 6.49

(5.28) (2.24)

498.73 160.99

47 26.15 8.44 26.15 8.44

3

For and on behalf of the Board of Directors of

HAL Offshore Limited

Director irector

~~~ Chief Financial Officer

I>~ Company Secretary

Place: New Delhi


HAL OFFSHORE LIMITED

Standalone Cash Flow Statement for the year ended March 31, 2017

Cash flows from operating activities Profit before tax

Adjustments for:

Particular

Depreciation of property, plant and equipment

Net Loss/ (gain) arising on financial assets measured at MPL Interest income

Dividend income on investment in shares

Loss/(gain) on sale of asset

Loss/ (gain) on sale of investment

Provision for doubtful debts

Finance cost

Liabilities written back Provisions

Operating Profit before working capital changes Changes in Working Capital: Adjustments for (increase)/decrease in operating assets

Inventories

Trade receivables

Loans

Other financial assets

Other current asset

Adjustments for increase/ (decrease) in operating liabilities Trade payables

Other current liabilities

Other financial liabilities

Cash generated from operations

Income tax paid Net cash flow from operating activities (A)

Cash flows from investing activities Capital expenditure on property, plant and equipment (after adjustment of increase/decrease in capital work in progress and advances for capital expenditure)

Proceeds from sale of property, plant and equipment Proceeds from sale of Investment

Payment for investment other than mutual funds

Payment for investment in mutual funds Loans given other than subsidiary

Bank Balances (including non current) not considered as cash and cash equivalents

Dividend received

Interest received Net cash from/ (used in) investing activities (8)

Cash flows from financing activities Finance cost paid

Repayments of other than short term borrowings

Year ended 31.03.2017

778.28

384.55

(152.35) (92.62)

0.21 9.42

151. 35

(1.25) 2.29

1,079.87

(2.26)

(444. 98)

0.83

1.65

(183.73)

523.46

(16. 77)

106.21

1,064.27

1,064.27

(714.05)

(27.26)

(28. 79)

0.69

182.27

92.34 (494.80)

(~ in millions)


228.74

116. 97

(55.68) (53.20)

(25.43)

(0.17)

150.58

144.07

(0.32) 1.83

507.39

335.79

2.97

35.57 (66.66)

(587.69)

(19.27)

(61.14)

146.97

146.97

(206. 51)

0.35

731.23

(309.66) (1 . 74)

(596. 18)

25.43

52.94 (304.14)

(143.82)

(203. 58)

HAL OFFSHORE LIMITED Standalone statement of Changes in Equity for the year ended March 31, 2017

(A) Equity Share Capital Equity Shares of · 1 O each, issued, subscribed and fully paid

At April 1, 2015

At March 31 , 2016

At March 31, 2017

(B) Other Equity

For the year ended March 31, 2016

Reserves & surplus

Particulars Retained Earnings Securities Premium

(Note 19) Reserve

(Note 19)

As at April 1, 2015 646.17 1,055.77

Profit for the year 156. 75 -Other comprehensive Income for the year: - -

-Fair value of Equity instruments through other . . comprehensive income

· Income tax relating to above items . . As at March 31, 2016 802.92 1,055.77

For the year ended March 31, 2017

Reserves & surplus

Particulars Retained Earnings Securities Premium

(Note 19) Reserve

(Note 19)

As at April 1, 2016 802.92 1,055.77

Profit for the year 488.75 .

Other comprehensive income for the year:

·Fair value of Equity instruments through other comprehensive income

· Income tax relating to above items .

As at March 31, 2017 1,291.67 1,055.77

Summary of significant accounting policies 3



For Kamal & Company


ICAI Firm Registration No. :001033N I

~ ishore Gupta \.,

Partne

Membership No: 012738

Place: New Delhi


(z in millions)

Number of Shares Amount

190,68,660 190.69

190,68,660 190.69

190,68,660 190.69

(z in millions)

Item of OCI

FVOCI Reserve Total other Equity

(Note 19)

(17.92) 1,684.01

- 156. 75 - .

3.56 3.56

(2.24) (2.24)

(16.61) 1,842.07

(~ in millions)

Item of OCI

FVOCI Reserve Total other Equity

(Note 19)

(16.61) 1,842.07

488.75

(43.97) (43. 97)

(5.28) (5.28)

(65.87) 2,281.57



Chief Financial Officer Company Secretary

Increase/ (decrease) in short term borrowings

Net cash from/(used in) financing activities (C)

Net increase/ (decrease) in cash and cash equivalents (A+B+C)

Cash and Cash equivalents at the beginning of year Cash and Cash equivalents at the end of the year

Components of Cash and Cash equivalents

Cash on hand

Balances with Scheduled banks - current accounts

- foreign currency accounts Total

Summary of significant accounting policies



For Kamal & Company


ICAI Firm Registration No. :001033N~::==;~~- ----

Kama

artner

Membership No: 012738

Place: New Delhi


(162.47) 309.33

(614.66) (38.06)

(45.19) (195.23) 183.31 378.54

138.12 183.31

1.09 1.10

65.91 112. 78

71 .1 3 69.44 138.12 183.31



Director Director

Chief Financial Officer Company Secretary

Place: New Delhi


HAL Offshont limited Hotcs to financial statements for the year ended March 31, 2017

1. Corporate Information

HAL Olfshore Limited Is Public Company incorl)Orated under Companies Act, 1956 having it's registered office at 25, Bazar Lane, Bengali Market, New Dethi. The Company is a tea ding "End·to·End" solution provider of underwater services and EPC services to the Indian oil and gas industry. It also have a diversified portfolio for operations in Multi Support Vessel, providing support services including martne, construction a diving :.e1·vices, execution of EPIC contracts. The subsidiary Seamec Limited is a limited Company listed on two stock exchanges In India.

2. Statomont of Compliance

In accordance with the notification issued by Ministry of Corporate Affairs, the Company has adopled Indian Ac.counting Standards (referred to as •1nd AS~) notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2015. In accordance with Ind AS 101 first ttme Adoption of Indian Accounting Standards, the Company has presented a reconciliation from the presentation of the financial statements under Accounting Standards nodfied under Companies (Accounting Standards) Rules, 2006 rPrevious GAAP~) to Ind AS as at March 31, 2017, March 31,2016 and April 1, 2015.

lhese financial statements have been prepared tn accordance W'ith Ind AS as notified under the Companies (Indian Accounling Standards) Rules, 2015 read \¥Ith Section 133 of lhe Compani~ Act, 2013.

3 . Summary of Significant accounttna policies

a. 8asls of Preparation 1nese financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair values at the end of each reJ)Oftlng period, as explained In Ole accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is Uie price that would be received to sell an asset or paid to transfer a liability in an orderly transaction bet.ween the market participant at the measurement date.

b. Use of judaement, estimation and assumption The preparation of these financial statements In conformity with the recognition and measurement principle of Ind AS requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures relating to contingent Uabilitfesas at the date of financial statements and the reported amounts of income and expense for Ole periods presented.

Estimates and underlyfng assumptions are reviewed on an ongofng basis. Revision to accounting eslimales are recognised In the period in which lhe estimates are revised and future periods are affected.

Key solKce of estimation of uncertainty at the date of financial statements, which may cause material adjustments to the carrymg amount of assets and liabilities within the next financial year ,ls in the respect of useful life of property, plant i?lnd equfp,nents, valuation of de ferred tax liability, defined benefit plans, provision and contingent liabilities.

Usefu l life of property, plant and equipment The Company reviews the useful life of property, plant and equipment at tlie end of each rel)Orting period. The reassessment may result in change in depriciation expense in future period.

Valuation of deferred tax llablllty The company reviews the carrying amount of deferred tax liabilities at Lhe end of the each reporting period.The Policy for the >anie has been explanied in the note no. g.

Defined Benefit Plans The cost of defined gratuity plan and other post employment medical benefits and the present value of the eratuitv obtigation and determined using act~rfal vcllualions. An actuaraial valuation involves malng various assumptions that may differ from the actual developments In the future. These fncludes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in the valuation a nd it's long term nature, a defined obtiaatkm is highly sensitive to chana.e in these assumptions. All assumptions are reviewed at each reportini period.

Provisions and continaent la ibilities A provision is recognised when the Company has a present obligation as a result of past event and ft is probable that an outflow of resources will be required to settle the obligation, fn respect of whic h a reliable estimate can be made. Contingent liabilities are not recognised in Ule financial stateolents. A Contingent asset Is neiU-ter recognised nor disclosed In the financial statements.

c. Revam,e recoanltion

Revenue is recognised to the extent Ulclt it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured , regardless of when the payment is being received. Revenue is measured at fair value of the consideration received or receivable, laking into account contractually defined te,ms of payment, excluding taxes or duties collected on behalf of Ule Government.

t. Chartor htra Income and related services It comprises income from charter- hire of mulU purpose vessels and income from supply of marine and diving crew and se

I· Income TaxM Income tax expense comprises current tax expense and net change fn the dererred tax asset or liability during the year.Current and deferred tax are recognised In Ute statenieot or prorit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

Current Income Tax.s Tax on income for the current perlOd is determined on the basis of estimated taxable income and tax credit computed in accordance with the provisions of the Income Tax Act, 1961.

o.ferred lncom• UX.es Deferred tax is recognized on temporary differences between the carryilli amounts of assets and liabilities in the financial statements and Ole corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recoinized for all taxable temporary differences. Deferred tax assets are generally recognized for alt deductible temporary differences to the extent that it is probable that taxable profits wm be available aga;n,t which tho cash flow that are solely payments of principal and Interest on the principal a,oount outstanding.

flnanctal assets at fair value throuah other comprehensive Income Financial assets are measured at fair value through other comprehensive mcome ff these financial assets are held within a business whose objective is achieved by collecting contractual cash flows on specified dates that are sotety payments of principal and interest on the principal amount outstanding; and selling financial assets. The Company has made an irrevocabte electiOn to present fn other comprehensive Income subsequent changes in lhe fair value of equity investments not held for trading.

Flnanclal asset at fair value throuah profit and loss Financial assets are measured at fair value through profit or toss unless ft is measured at amortised cost or at fair value through oU-.er comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities al fair value through profit or loss are immediately recognised in profit or loss.

Financial Liability Financial liabilities are ctasstried, at initial recognition as loans and borrowings, or payable, as appropriate. All financial liabflilfes are recognised Initially at fair value and, In case or loans and borrowings and payables, net of directly attributable transaction cost. After initial recognition, Interest-bearing loans and borrowings are subsequently measured at amortised cost using the "Effective Interest Rate~ (EIR) method. Gains and losses are recognised In prorfl or toss wt-.en the liabilities are derecognised as well as thr~h the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on ilCqulsltion and rees or costs Ul.1t are an integral part of Ule EIR. The EIR amortisation is included as finance costs In the statement of profit and loss. A financial liability Is derecognlsed when the obligation under the llablllty is discharged or cancelled or expired.

t. Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation (other than freehold land) and tmpalrmem loss, ff any. Deprfcfation is provided for property, plant and equipment so as to expense U,e cost over their estimated useful lives based on technical evaluation. The estimated u.seful lives and residual value are revff¥/e'd at the end of each reporting period, with effect of any chaflKe in estimate accounted for on a prospective basis. Depreciation on propcrty,plant and equipment is provided using the Written down value method as per the useful lives of the property,plant and equipment estimated by the management, The Management estimates the useful life for property, plant nod equfpment as follows,

Type of asset Useful Lives (In years)

Multi Sllpport Vessel 15 to 20

SUrvey Vessel 5 to 15 Furniture ft Fixtures 10

Office Equipments r, l to 5 Computers

Vehicles 8 Plant & Machinery 15 Generator & Ajr conditioner

10

Office Building 60

Capital work -In- progress 1ncludes cost of property, plant and equipment under installation/under development/ under dry· doc.king as al the Balance sheet date.Subsequent expenditures related to an item of property, plant and equipment are added to its gross book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. When major inspection and overhaul is performed, its cost is recognised in the carrying amount of the related property, plant and equipment as a replac~t if the recognition c riterfas are satisfied. All other repair and maintenance cost are recognised in the Statement of profit or loss.

Property, plant and equipment not ready for the intended use on the date of Balance Sheet are disclosed as ·capital work-In-progress· . Advances given towards acquisition of fixed PPE outstanding at each Balance sheet date are disclosed as Capital Advances under "Other Non- Current Assets·.

The Company has identified expenditLKe incurred on dry•dockint as a separate component which is capitalised as the cost of the relevant vessel and is amortized systematically over the interval until the subsequent scheduled dry-docking.

Losses arising from U-ie retire,nent of, and gains and losses arising from d isposal of property, plant and equipment are measured as the difference between tJ-ie net disposal proceeds and the carrying amount of the property, plant and equipment and are recognised In the Statement of profit or loss wt-ien the p.-ope,ty, plant and equipment is derecognised. The residual value, useful lives and methods of depricfation of PPE are reviewed are reviewed at each financial year end and adjusted prospectively, if appropriate.

J. Oecommlsslonlna Cost Decommissioning cost includes cost of restoration. Provision for decommissioning costs are recognized when the Company has a legal or constructive obUgation to dismantle and remove a facility or an item of Property, Plant and Equipment and to restore the site on which it is located. The full eventual estimated liability towards costs relating to dismantling, abandoning and restJ>ring well sites and allied facilities are recognized in respective assets when the Property, Plant and Equipment are installed. The amount recognized is the present value of the estimated future expenditure determined using existing technology at current prices and escalated using appropriate inOaUon rate till the expected date of decommissioning and discounted up to the repo(ting date using tJlC appropriate risk free discount rate. An amount equivalent to the decommissioning provision is recognized along with the cost o ( Property, Plant and Equipment. Any change in the present value o( t:.hc estimated decommissioning expenditure other U,an UlC periodic u1l'fflnding o( discount is adjusted to the decorrmissioning provision and the corresponding carrying value of the related asset. In case reversal of decommissioning provision exceeds the corresponding carrying amount of the related asset, the excess amount is recognized in the Statement of Profit and Loss. The unwinding of discount on provision is charged in the Statement of Profit and Loss as finance c.,o~•~::::::::::::!;:', as per partkipating interest of the Company. ~

k. Impairment Financial Assets (othfi lNn ilt fair v•lt») Tile Company assess at each date of Balance sheet whether a financial asset or a group of financial assets Is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime e~ted credit losses for all the contract assets and/ or all trade receivables that do not constitute a financing transaction. For all other rtnanctal assets ,expected credit tosses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to the lifetime expected credit losses If the credit risk on the financial asset has Increased sfgnificanlly since initial recQSnition.

Mon fin.11ncial usots • Tangibto assets Property, plant and equipment with finite life are evaluated for recoverability whenever there 1s an indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (I.e. h igher- of fair value less cost to sell and the value• In- use) is determined on an tndividml basis unless the asset does not generate cash flows that are largely independent of those from other a~sets. If the recoverable amount of an asset is estimated to be less than It's carrying amount, the carrying: amount of the asset 1s reduced to its recoverable amount. An impairment loss is recognised in the Statement of profit or loss.

I. Employee Benefit Retirement benefits in the form of Provident Fund are a defined contribution scheme. The Company's contributions paid I payable towards these defined contribution plan is recognized as expense In the Statement of Profit and Loss durtng the year in which the employee renders the related service. Tilere are no other obligatioos other than the contribution payable to the respective fund. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recoanized as a liability after deducting Ule contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then e xcess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit llo.bilfty and the return on p(an assets (excludins amounts

Included in net Interest on the net defined benefit liability), are recognised Immediately In the balance sheet with a corresponding debit or credit to retained earnings uirough OCI In the year In which they occur. Remeasurements are not reclassified to profit or loss In subsequent years.

Past service costs are recus:nlsed in profit or loss on the earlier of: The date of the ptan amendment OI' curtailment and the date Ul3t the company recognises related restructuring costs. Net lntere-st fs calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the follow;ng changes in the net defined b(?nefit obligation as an expense in the statement of

profit and loss: Service costs comprisina ctKrent service costs, past•service costs, g.ains and losses on curtailments and nonroutioe settlements; and Net interest expense or income.

Short term compensated absences are provided for based on estunate~. The Company pi"esents Ull"Se as a current liability in the bala.nc:e sheet, to the extent it does not have an unconditional right to defer its setllement for 12 months after the reporting date.

The Company treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for measuremenl purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year-end. Actuarial gains/losses are immediately taken to the statement o f profit and loss and are not deferred.

m. Earnina per share

Basic earning per share are calculated by dividing the net profit/loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earning per share, the net profit roc the year attributable to equity shareoolders and the weighted average number of shares oustanding durins the year are adjusted for the effects of diluted potential equity shares, if any.

n. Provisions A provision is recognized when the Company has a present obligation (Legal or Constructive) as a result of past events, if it is probable that an outflow or resources embody(ng economic benefits will be required to settle the obligation and a retiabte estimate can be made of the amount of tlle obligation. These estimates are revie--Hed at each Balance Sheet date and adjusted to reflect the current best estimates. If the e ffect of the time value of money Is matertal, provisions are discounted using a current pre•tax rate that reflects, when appropriate, Uie risks specific to the Uabllfty. When discounting is used, the inc,ease in the provision due to Ole passage of time fs recognised as a finance cost.

o. Continaent Llablllty A contineent liability is a possible obtiaation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be reqtnred to settle the obligation. A contingent liability also arises In extremely rare cases where there is a liability that cannot be recOjnized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

p. Borrow1na cost

Borrowing costs directly attributable to the acquisition and construction of an asset Which takes a substantial period of time to get ready for its intended use, are capitalized as a part of the cost of such assets, until such tfme the asset Is substantially ready for Its intended use. All other borrowing costs are recognized in the Statement of Profit and Loss in the year In which tl1ey occur. Borrowing costs consist of Interest and other costs Incurred in connection wi01 borrowing of funds. Sorrowing con also includes exchange differences to the extent regarded as an adjustment to Ole OOrrowing costs.

q , Classlflcatlon of current and non- current a.ssets The Company pr-esents assets and liabilities in the balance sheet based on current/ non • current classification.

An asset is treated as current when it is: O Expected to be realfzed or intended to be sold or consumed in nom1al opera.ting cycle, Iii Held pcimarlly for the purpose of trading, fil) Expected to be rea,lized within twelve months after the re porting year, or fv) C.ish or Cash cqufv11lcnt unless restricted from being exchanged or used to sctUe a liability fo1 at least tv,,-elve months aftel' U1e repor tin5 year.

All other assets are classlfled as no..:urrent.

A liability Is current When: i) It is expected to be settled in normal operating cycle, ii) It is held pnmarily fM the pu-pose of trading, iii} It is due to be settled within twelve months after the reporting year, or iv) Thefe Is no unconditional right to deter Ole settlement of the liability for at le ast tv-letve months after the reporting year.

The Company classifies all other liabilities as non - current.

Deferred tax assets and liabilities are classffied as non• current assets and liabilities, as applicable.

The operating cycle is the time between the acquisition of assets for processing: and their realisation in cash and cash equivalents. The company has identified twelve months as its operating cycle.

r . fair Value Measurement

TIie Company measures financial instruments at fair value each balance sheet date.

F.air v.aluc is the price that v.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when f)ficing the asset or liability, assuming that market participants act in their economk best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using Ule asset In Its highest and best use or by selling it to another market participant

that would use the asset In its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inDUts and minlmisfniz the use of unobservable inputs.

All assets and liabilities for which fair value ts measured or disclosed In the financial statements are categonsed wiUlin Ule fair value hierarchy, described as follows, based on the lowest level input thot is significant to

the fair value measurement as a whole: Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 - Valuation techniques for which the lowest level input that is sisnificant to the faff value measurement is directly or indirectly observabte. Level 3 - Valuation techniques for which the lowest tevet input that is significant to the fair value measurement is unobservable.


Notes to Fil~ancial Statements for the year ended March 3 1, 2017

NO'TE 4: PROPERTY, PLANT AND EQUIPMENT (~ in millions)

Particulars Fleet Land and Plant and Office Vehicles Computers Furniture and Air Total

Building Machinery Equipments Fixtures Conditioner

Gross carrying amount

As at 1 April 2015 (Deemed 462.42 47.24 2.46 Z.69 32.05 1.01 6.33 0.06 554.27

Cost)

Addit ions 0.40 0.08 0.86 0.72 0.41 0.27 2.74

Disposals 0.89 0.89

As at March 31, 2016 462.42 47,24 2,86 2,77 32.03 1.73 6.74 0.34 556. 12

Additions 113.61 790.26 2.08 14.83 1.44 9.32 931.55

Disposals

As at March 31 , 20 17 462.42 160.85 793. 12 4.86 46.86 3.17 16.06 0 .34 1,4 87.67

Accumulated depreciation

As at 1 Apr il 2015

Charge for the Year 100. 91 2.16 0.41 0.98 9.97 0.53 1.99 0.03 116. 97

Disposals 0.71 0.71

As at March 31 , 2016 100.91 2. 16 0.41 0 .98 9.26 0 . 53 1.99 0 .03 116.26

Charge for the Year 87.42 30.40 250.72 1.04 10.73 0.85 3.37 0.02 384.55

Disposals

As at March 3 1, 20 17 188.33 32.56 251 . 13 2.02 19.99 1.38 5.36 0 .05 500.81

Net carrying amount

As at March 31 , 2017 274 .09 128.29 541.99 2.84 26.87 1. 79 10.71 0 .29 986 .86

As at March 31 , 2016 361 .5 1 45.08 2.45 1.79 22.77 1.20 4.75 0 .31 439.86

As at April 1, 2015 462.42 4 7.24 2.46 2.69 32.0 5 1.0 1 6.33 0 .06 554.27

Notes:

(i) The Company has elected to measure all of its Property, Plant and Equipments at their previous GAAP carrying value as at April 1, 2015 (date of t ransition to Ind AS) . Refer Note no. 50.

(ii) Property, plant and equipment pledged as security

Tangible assets are subject to first charge to secure the Company's borrowings referred in notes as secured term loan from banks in the current and

previous year (Refer Note no. 20 ft 23)

(iii) Plant & Machinery include Machinery in Transit (Genset) as on 31 .03.2017 of~ 17.50 millions on which depreciation has not been charged.

NOTE 5: CAPITAL WORK-IN-PROGRESS

Capital work - in - progress

As at March 3 1, 2017

As at March 31, 2016

201.14

201 .14

As at Apr il 1, 2015

~JAL Offshore Limited Notes to Financia l Statements for the year e nded March 31, 2017

NOTE 6: NON CURRENT FINANCIAL ASSETS - INVESTMENTS (~ in millions)

Face Value No . of Shares/Units Amount

Particulars Pe r Share As at 31st As at 31st As at 1st As at 31st As at 31st As at 1st Currency

/ Unit March 2017 March 2016 April 2015 March 2017 March 2016 April 2015

A. Investment - carr ied at cost In Equity Instruments of Subsidiary

Quoted

Seamec Limited INR 10 185,27,475 185,27,475 254,25,000 1,215.40 1,215.40 2, 199.26

Total of Investments in Equity of Subsidiary 1,215.40 1,215.40 2,199.26

B. Inve stment • carried at fair value through profit or loss (FVTPL)

Quote d

Mutual Fund

HDFC Mutual Funds INR 10 32,00,000 32,00,000 35.94 32.08

India Bull FMP Service INR 10 70,00,000 70,00,000 77.40 70.24

Equity Instruments

Dish TV India Limited INR 1,00,000 8.10

Fortune Industrial Resources Ltd. INR 80,200 80,200 80,200 8.94 9.00 9.01

Reliance Power Ltd. INR 10 2,616 2,616 2,616 0.13 0.13 0.15

Superior industrial Enterprises Ltd. INR 10 25,86,434 24,86, 716 20,04,803 61.76 60.15 48.24

value through profit or loss (FVTPL) 184.17 171 .60 65.59

C. Investment • carried at fair value through other comprehensive Income (OCI)

Unquot ed

Equity Instruments

Empire Fincap Pvt. Ltd. INR 10 1,98,000 1,98,000 1,98,000 17.79 17.78 17.84

GCB Overseas Private Limited INR 10 74,500 74,500 2.05 1.62

Moon Beverages Ltd. INR 10 2,61,323 2,61,323 1,90,787 146.60 127.42 83.60

RPL Capital Finance Ltd INR 10 11,60,350 11,60,350 16,34,299 46.51 46.21 64.93

Saptr ishi Finance Ltd. INR 10 80,200 80,200 80,200 0.93 0.93 0.93 SE Finvest Pvt Ltd. INR 10 4,80, 100 4,80, 100 4,68, 100 64.09 63.56 59.46

Shantnu Farms Pvt Ltd. INR 10 17,000 17,000 34,000 1.61 1.61 3.23

Sunvision Power ft lspat Pvt. Ltd. INR 10 31,00,000 1,00,000 1,00,000 30.94 0.95 0.96

Competent lnfoways Pvt Ltd. INR 10 1,23,965 90,690 12.17 8.90 Hindustan Aqua Limited INR 10 2,08,900 2,08,900 12.99 13.13 Prince IT Solutions Pvt Ltd. INR 10 34,500 34,500 3.95 3.83 Rinkpi Finance ft Consultants Pvt Ltd. INR 10 23,077 23,077 1.47 1.47 Passion Realcon Pvt Limited INR 10 30,00,000 29.97 Metbrass Plassim India Limited INR 10 2, 14,200 36.41 Indian Probuild Pvt. Ltd. 10 9,00,000 4.37

Swastik Calltech Pvt. Ltd 10 2,200 0.89

Total of Investments c;arried at fa ir value

through other comprehe nsive income (OCI) 410.70 287.84 232.57

Grand Total 1,810.27 1,674.85 2,497.42

Aggregate amount of Quoted Investments 1,399.57 1,387.00 2,264.85 Market Value of Quoted Investments 1,399.57 1,387.00 2,264.85 Aggregate amount of Unquoted Investments

b~

HAL OFFSHORE LIMITED Not.es to Financial Statements for the year ended March 31, 2017

NOTE 7: NON CURRENT FINANCIAL ASSETS - LOANS

Particulars

(Unsecured, considered good unless otherwise stated) Security deposits

NOTE 8: BANK BALANCES

Particulars

Bank deposits'

Nature The restrictions are on account of fixed deposits held as security against demand loans amounting to t102.99 millions as on March 31, 2017 (As on March 31, 2016: H33.73 millions)

The restrictions are on account of fixed deposits held as security against Inland Letter of Credit and Foreign Letter of Credit amounting to ~12 millions as on March 31, 2017 (As on March 31, 2016: ~11 rr1:llitt14)

The restrictions are on account of fixed deposits held as security against Inland Bank Guarantee and • 1 It,,,!.)

Foreign Bank Guarantee amounting to ~34.50 millions as on March 31, 2017 (As on March 31, 2016: n5. 50 ( H • I

NOTE 9: OTHER NON CURRENT ASSETS

Capital Advances Others

Particulars

-Prepaid Expenses

NOTE 10: INVENTORIES

Particulars

(Valued at lower of cost and net realised value) Stores & Consumables

NOTE 11: CURRENT FINANCIAL ASSETS - INVESTMENTS

Particulars

Investment - carried at fair value through profit or loss (FVTPL) Quoted

Mutual Funds

ICICI Prudential Corporate Bond Fund

Reliance Short Term Growth Plan

L & T Short Term Opportunity Fund

Aggregate amount of Quoted Investments

Market Value of Quoted Investments

NOTE 12: TRADE RECEIVABLES

Particulars

Unsecured, considered good Trade Receivables Less: Provision for Bad & Doubtful Debts

Face Value

Currency Unit

INR INR

INR

10

10

10

No. of Units As at 31st As at 31st As at 1st

March 2017 March 2016 April 2015

44,54,705

36,29,216

70,77,742

44,54,705

36,29,216

70,77,742


9.05

9.05


748.67 748.67


294.00

294.00


2.26

2.26

As at 31st March 2017

113.01

114.69

110.76 338.46

338.46 338.46


832.28 (9.42)

822.86

(t in millions)


9.75

9.75


930.94 930.94

As at March 31 , 2016

304.44

304.44


Amount As at 31st

March 2016

102.81

104.61

102.25 309.66

309.66 309.66


387.30

387.30

As at April 1, 2015

8.01

8 .0 1

As at April 1, 2015

334.76 334.76

As at April 1, 2015

301.64

0.17

301.82

As at April 1, 2015

As at 1st April 2015

As at April 1, 2015

723.09

723.09

HAL OFFSHORE LIMITED Nor.es to Financial Statements for the year ended March 31, 2017

NOTE 1 3: CASH AND CASH EQUIVALENTS

Particulars

Balances with scheduled banks - Current account - Exchange Earner Foreign Currency (EEFC) Account

Cash on hand

NOTE 14; LOANS

Particular~

Unsecured, considered good Loans to Others Security deposits

NOTE 15; OTHER FINANCIAL ASSETS

Claim recoverable

Advances

Particulars

NOTE 16; CURRENT TAX ASSETS (NET)

Particulars

Advance Income Tax and TDS (net of provisions)

NOTE 17: OTHER CURRENT ASSETS

Particulars

Unsecured, considered good otherwise stated

Others

· Prepaid Expenses

- Advances to Suppliers • Advances

- Service Tax, TDS on Work Contract and VAT

claim recoverable

• Custom duty recoverable

· Income tax deposited against appeal


65.91 71.13 1.09

138. 12


0.56

0.56


14.77 462.60

477.38


24.69

24.69


3.21

13.21 0.27

71.91

122.44

92.41

f).fe

(f in millions)

As at March 31, As at April 2016 1, 2015

112.78 154.79 69.44 223.61 1.10 0.14

183.31 378.54


0.81 0.81 0.28 3.00

1.10 3.81


21.53 12.97 457.50 501.62

479.03 514.59


127.03 137.50

127.03 137.50


4.58 1.70

6.51 11.61 0.42 0.71

50.16 32.52

122.44 122.44

184.10 168.97

HAL OFF!>HORE LIMITED ~ates to Financial Statements for the year ended March 31 , 2017

NOTE 18: EQUITY SHARE CAPITAL

Particulars

Authorised Shares 25,000,000 (31.03.2016 :25,000,000) (01.04.2015: 25,000,000) equity shares of ~ 10 each

Issued, subscribed and fully paid-up 19,068,660 (31.03.2016: 19,068,660) (01 .04.2015: 19,068,660) equity shares of t 10 each fully paid-up

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting year


250.00

190.69

190.69

Equity shares As at March 31, 2017 As at March 31, 2016

Nos (f in millions) Nos (fin millions) Shares outstanding at the beginning of the Year 190,68,660 190.69 190,68,660 190.69

Add: Shares issued during the year

Shares outstanding at the end of the year 190,68,660 190.69 190,68,660 190.69

(b) Terms/ rights attached to equity shares


250.00

190.69

190.69

(~ in millions)

As at April 1, 2015

250.00

190.69

190.69

As at April 1, 2015

Nos (f in millions) 105,93,700 105.94

84,74,960 84.75

190,68,660 190.69

The Company has only one class of equity shares having par value of ~10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to t he number of equity shares held by the shareholders.

(c) Details of shareholders holding more than 5% shares in the Company As at March 31, 2017 As at March 31, 2016 As at April 1, 2015

Name of the shareholder Hos % holding in the Hos % holding in Hos % holding in class the class the class

Sanjeev Agarwal 24,30,840 12.75 24,30,840 12.75 24,30,840 12.75

Sanjeev Agarwal (HUF) 24, 17,400 12.68 24, 17,400 12.68 24, 17,400 12.68 Metbrass Plassim India Limited 10,81,780 5.67 8,81,780 4.62 9,60,780 5.04 S E Finvest Private Limited 26,44,070 13.87 14,02,210 7.35 21,61,840 11.34 RPL Capital Finance Limited 17,90,570 9.39 13,64,960 7.16 21,08,040 11 .05

Moon Beverages Limited 16,59,242 8.70 39,07,392 20.49 39,07,392 20.49 Hindustan Aqua Limited 7,08, 138 3.71 7,08,138 3.71 13, 11 ,808 6.88

Indian Probuild Private Limited 5,78,320 3.03 10,57,500 5.55 7,35,800 3.86

(d) As per the records of the Company, including its register of shareholders/members, the above shareholding represents both legal and beneficial ownership of shares.

(e) No class of shares have been issued as bonus shares issued for consideration other than cash during the period of five years immediately preceding the reporting date.

NOTE-19: OTHER EQUITY

Particulars

Securities premium reserve Balance as per last financial statements Add: Premium credited on shares issued Closing balance

Reserve and Surplus

Retained Earnings• Closing balance

• For reconciliation as at April 1, 2015 (Refer Note No. 50) Total Other Equity

Nature and Purpose of Reserves:

(a) Securities premium:

As at March 31,2017

1,055.77

1 055.77

1,225.80 1, 225.80

2,281.57

As at March As at April 1, 31, 2016 2015

1,055.77 377. 77 678.00

1,055.77 1,055.77

786.31 628.24 786.31 628.24

1,842.07 1,684.01

Securities premium account is created when shares are issued at premium. The Company may utilise this reserve in compliance with the provisions of the Companies Act, 2013.

HAL Offshore Limited Notes to Financial Statements for the year ended March 31 , 2017

NOTE 20: NON CURRENT FINANCIAL LIABILITIES • BORROWINGS

Secured • at amortised cost Term Loan Foreign Currency Loans

From Banks Rupee Loans

From Banks

Particulars

Amount disclosed under the head of ·other current liabilities

20. 1 Foreign Currency Loans from Banks

As at March 31 , 2017 As at March 31, 2016

Non Current Current Non Current Current

1,540.78

269.39

1,810.17

273.93

187.64

(358.57)

103.00

2,098.43

13.24

2, 111 .68

279.84

238.38

(284.49)

233.73

(t in millions) As at Apr11 1 , 2015

Non Current

2,297.98

17.27

2, 315.25

Current

322.62

4.60

(327.22)

(a) f1 ,814. 71 millions (As at March 31, 2016 - f 2,378.28 millions, As at April 1, 2015 - U ,576.63 millions) carries Interest of 6 months Libor • spread (3.00 to 4.25) secured by charge over entire book debts, block assests, mortgage or property belongs to a third party, pledge of 30% equity shares of the company and personal guarantee of promoters and is repayable In quarterly Installment ending on Sep, 2023.

(b) ,Nil (As at March 31 , 2016 - Nil, As at April 1, 2015 - f 43. 97 millions) carries interest of LIBOR + 6% spread secured by mortgage of MSV HAL ANANT and accessories equipments and is repayable in quarterly installment ending on March 31, 2016.

20. 2 Rupee Loans from Banks (a) fNil (As at March 31, 2016 • ?Nil, As at April 1, 2015 • f 0.13 millions) carries interest of 10.82% p.a. and is repayable in 59 equal monthly installment along with interest ending

on October 10, 2015. The Loan is secured by hypothecation of specific vehicle.

(b) ~12.38 millions (As at March 31, 2016 · f 16.68 millions, As at April 1, 2015 · H0.06 millions) carries Interest of 8.85% p.a. and is repayable in 60 equal monthly installment along with interest ending on March 21, 2020. The Loan Is secured by hypothecation of specific vehicle.

(c) ~0.41 millions (As at March 31, 2016 · f0.53 millions , As at April 1, 2015 · f0.63 millions) carries interest of 10.64% p.a. and is repayable in 60 equal monthly installment along with interest ending on March 5, 2020. The Loan is secured by hypothecation of specific vehicle.

(d) f0.48 millions (As at March 31, 2016 -f 0.68 millions, As at April 1, 2015 · f1 .18 millions) carries interest of 10.64% p.a. and Is repayable in 60 equal monthly installment along with Interest ending on April 10, 2017. The Loan is secured by hypothecatlon of specific vehicle.

(e) ?336.11 millions(As at March 31 , 2016 · Nil, As at April 1, 2015 · Nil) carries interest of 10.64% p.a. and is repayable in 60 equal monthly installment along with Interest ending on April 10, 2016. The Loan is secured against specific fixed assets

(f) ,102.99 millions (As at March 31 , 2016 · H33.73 millions, As at April 1, 2015 · Nil) carries interest In the range of 6-7% and Is repayable on demand.The Loan Is secured against fixed deposits.

(g) N.65 millions (As at March 31 , 2016 · Nil, As at April 1, 2015 · Nil) carries interest of 9.82% p.a. and is repayable in 48 equal monthly installment along with Interest ending on May 7, 2020. The Loan is secured by hypothecatlon of specific vehicle.

NOTE 21: PROVISIONS (~ In millions)

Particulars As at March 31 , 2017 As at March 31, 2016 As at April 1, 2015

Non Current Current Non Current Current Non Current Current Provision for Others

- Provision for decommissioning liabilities 6.36 • Provision for Gratuity • Provision for Leave encashment

7.46 0.21 5.97 0.17 4.78 0.13 3.54 0.25 2.83 0.20 2.27 0.16

17.36 0 .46 0.30

NOTE 22: DEFERRED TAX LIABILITIES (NET)

22.1 Significant components of deferred tax liabilities (net) as at March 31, 2017 are as follows:

Particulars

Deferred tax (liabilities) in relation to:

Relating to origination and reversal of temporary differences

Fair Value of Investment

Deferred tax (liabilities) fn relation to:

Property, plant and equipment Fair Value of Investment Relating to origination and reversal of temporary differences

Deferred Tax Liabilities (net)

22.2 Significant components of deferred tax liabilities (net) as at March 31 , 2016 are as follows:

Particulars

Deferred tax (assets) in relation to: Relating to origination and reversal of temporary differences Fair Value of Investment

Deferred tax (liablllties) in relation to:

Property, plant and equipment Fair Value of Investment Relating to origination and reversal of temporary differences

Deferred Tax Liabilities (net)

HAL omhoro Limited

Notes to Financial Statements for the year ended Marcil 31, 2017

NOTE 23: FINANCIAL LIABILITIES • BORROWINGS

Other Short term borrowings

Buyer Credit Facility Cash Credit fn INR Cash Credit in USO

Particulars

Opening Balance (As at April 1,

2016)

9.57

6.09

15.66

2.85 27.59 21.32

51.75

36.09

Opening Balance (As at April 1,

2015)

0.18 6.09

6.28

2.67

7.09

20.38

30.14

23.86

Recognised in Statement or

Profit and loss

11.82

11.82

102.30

32.22 0.10

134.63

122.81

Recognised in Statement of

Profit and Loss

9.38

9.38

0.18

18.26

0.93

19.37

9.99


24.22

84.03 95.88

(f In millions)

Recognised fn Closing Other Balance

comprehenslv (As at e income March 31,

(OCI) 2017)

21 .39 6.09

27.48

105.15

5.28 65.10 21.42

5.28 191.66

5.28 164.19

(i in millions)

Recognised in Closing Other Balance

comprehensfv (As at e Income March 31,

(OCI) 2016)

9.57 6.09

15.66

2.85 2.24 27.59

21.32

2.2-4 51.75

2.24 36.09

(f in millions)

As at March 31,2016

130.47 6.40

98.77

As at April 1, 2015

57.60

102.18 159. 79

23.1 Other short term borrowings (a) The Company has availed Buyers Credit facility from Bank hav1ng race of Interest at the rate 12 ME + 60 bps and 6 ME + 50 bps and having maturity tn June 13, 2017 and April

17, 2017. The same is secured by hypothecation charge on all current assets, personal guarantee of two promoters and corporate guarantee of Moon Beverages Ltd ft Superior Industrial

Enterprises Ltd.

(b) The 'Cash Credit' facility is availed from PNB Bank. The rate of Interest for the INR Facility is In the range of 10-12% and FCNR is in the range 6 month LIBOR plus 300 to 600 bps. The same is secured by hypothecation charge on all current assets, personal guarantee of two promoters and corporate guarantee of Moon Beverages Ltd & Superior Industrial Enterprises Ltd.

NOTE 24: TRADE PAYABLES

Particulars

Trade Payables

Total outstanding dues of micro enterprises and small enterprises

Total outstanding dues of creditors other than micro enterprises and small enterprises

All trade payables are non Interest bearing and payable or settled with In normal operating cycle of the Company.

NOTE 25: OTHER CURRENT FINANCIAL LIABILITIES

Particulars

Current maturities of long term debt (Refer Note 20) Interest accrued and due on borrowings

Other payables - Claim payable - Expenses payable

NOTE 26: OTHER CURRENT LIABILITIES

Advances from customers

Other payables

Particulars

- Statutory remittances (Contribution to Pf and ESIC, W1thholding tax, VAT, Service Tax, Professional Tax, etc.

As at March 31,

2D1 7

701.40

701.40


358.57 2.20

24.39

67.99

453.15


30.53

(t in millions)

As at March

31,2016

177.94

177.94

As at April

1, 2015

765.63

765.63

(f in millions)

As at March As at April 31,2016 1, 2015

284.49 327.22 14.53

24.39 24.39

38.06 41 .94

346.94 408.08

(i in millions)

As at March As at April 31 ,2016 1, 2015

38.94 38.94

9.61 29.20

48.56 68.15


Notes to Financial Statement s for the year ended March 31, 2017

NOTE 27: REVENUE FROM OPERATIONS

Particulars

Sale of Products

Revenue from EPC Contracts

Revenue from Gas Dehydration

Revenue from Charter Hire of Vessel

NOTE 28 : OTHER INCOME

Particulars

Interest Income

On financial assets carried at amortised cost

On Bank Deposits

On Others

Dividend Income

Dividend from Equity Instruments in Subsidiaries

Dividend from investment measured at FVTPL

Other non-operating income

Liabilities written back

Foreign Exchange Fluctuation

Others

Other Gains and Losses

Gain on investments designated at FVTPL

Gain on disposal of Property, plant and equipments

NOTE 29: Purchase of Stock-in-trade

Particulars

Merchantise Material

NOTE JO: OPERATING EXPENSES

Particulars

Operating Expenses for EPC Contracts

Operating Expenses for Gas Dehydration

Operating Expenses for Vessel

NOTE 31: EMPLOYEE BENEFIT EXPENSES

Particulars

Salaries, wages and bonus to employees

Provision for Gratuity

Provision for Leave encashment Contribution to provident and other funds

Staff welfare expenses

(~ in millions)

Year ended Year ended 31.03.2017 31.03.2016

43.11 280. 91 449.26 473.85

591.38

2,483.86 1,799.55

3,567.60 2,554.30

Year ended Year ended

31 .03.2017 31.03.2016

76.46 52.87

16.16 0.33

25.42

0.00

1.25 0.32 44.37

0.30

93.11 52,75

0.17 23 1,65 131.88


31.03.2017 31.03.2016 40.29 270.10

40.29 270.10


3 1.03.2017 31.03.2016

317.76 438.26

318.80 54.16

1,334.76 897.44

1,971.32 1,389.86

Year ended Year ended 31.03.2017 31.03.2016

141 .89 89.30

1.53 1.23

0.76 0.61

4.31 3.12

34.13 5.72

182.63 99.97

HAL OFFSHORE LIMITED Notes to Financial Statements for the year ended March 31, 2017

NOTE 32: FINANCE COSTS

Particulars

Interest Expenses

Other Borrowing cost (Processing fees, etc.)

Unwinding of:

• Decommissioning liabilities

NOTE 33: DEPRECIATION EXPENSES

Particulars

Depreciation of property, plant and equipment

NOTE 34: OTHER EXPENSES

Loss on investment (net)

Bank Charges

Directors Sitting Fees

Water and Electricity expenses

Rent

Repair and maintenance:

Buildings

Others

Foreign Exchange loss (net)

Travelling and conveyance

Insurance Expenses

Rates and Taxes

Communication Expenses

Legal and professional expenses

Provision for Doubtful Debts Payment to auditors

As auditor

• Audit fees

· Tax audit fees

Particulars

Corporate Social Responsibility Expenses

Miscelleneous Expenses

NOTE 35: COMPONENTS OF OTHER COMPREHENSIVE INCOME

Particulars

Fair value changes on Equity Instruments through other comprehensive

income

Year ended

31.03.2017

150.69

0.22

0.44

151 ,35


384.55

384.55

Vear ended

31.03.2017 0.21

16.86

0.14

3.82 22.71

4.77

3.00

38.25

0.88

8.15

3.50 164.37

9.42

1.20 0.50

2.91 10.15

290,83

Vear ended 31 ,03.2017

15.27

Year ended

31.03.2016

143.82 0.25

144.07

Vear ended 31.03.2016

116. 97

116. 97

Vear ended

31.03.2016

150.58

13.58 0.22

3.93 10.99

1.66

4.05 175.89 11.06

0.13 5.44

3.78

43.06

1.00

0.50

2.23 8.35

436.47

Vear ended 31.03.2016

6.49

HAL OFFSHORE LIMITED Notes to financial statements for the year ended March 31, 2017

36 Contin!lent Liabilities in respect of:

Claim against the Company not acknowledge as debts :

36.1 Custom Duty :

The Company purchased vessel HAL Anant in Year 2007 and the same was imported into India under heading 89.01 of the custom tariff along with benefit of

exemption from payment of Custom duty in terms of notiofication No 21/2002-CUS (SERIAL No 352).

However Commissioner of Custom(import) in his order dated 31.3.2011 confirmed demand for 'U87.73 million for wrong classification. Against this the

company approached CESTAT and vide order dated 27.02.2013, CESTAT set aside the order dated 31.3.2011 of Commissioner of Custom(import).

Against the order of CESTAT cutom department has filed appeal with the Supreme Court and matter is still pending.The Company is of the view that it has a

strong case on merit and hence no further provision has been made towards additional Custom Duty and Penalty.

36.2 Service Tax :

a During March 2008 DGCEI (Director General of the Central Excise Intelligence) Initiated proceedings against the company and issued Show Cause Notice proposing demand of " 509.68 million after recovery of" 255.02 million and interest "4.58 million on the ground that Company is not payimg appropriate

service tax on the services provided.

The Company filed an appeal before the Commissioner of Servcie Tax (Appeals) and he has vide order dated 18.03.2013, set aside the demand on 509.68 million alongwith interest.

Against the order of Commissioner of Service Tax, Department has filed appeal with t he CESTAT. The matter is still pending with the CESTAT. The Company is

of the view that it has a strong case on merit, hence no further provision is made towards Penalty under section 76 & 77 of the Act.

b During March 2008 DGCEI initiated proceedings against the company and issued Show Cause Notice proposing demand of" 36.12 million on the ground that

Company is not paying appropriate service tax on Manpower recruitment servcices or supply agency's service.

C

The company filed and appeal and hearing on proceedings was completed before the Commissioner of Service Tax who vide order dated 3.7.2013 confirmed

the demand of" 36.12 million with interest and penalty of equivalent amount u/s 78 and Rs. 5000 u/s 77 of the Act .

Against the order of Commissioner of Service Tax Company has filed appeal with the CESTAT for stay on demand and waiver of amount confirmed by

commissioner of service tax in his order. The CESTAT accepted the stay application submitted by the company and sent back the adjudication to

Commissioner of Service Tax. The company is of the view that it has a strong case on merit, hence no further provision made towards Penalty under section

76 & 77 of the Act.

During March 2008 DGCEI initiated proceedings against the company and issued Show Cause Notice proposing demand of~ .3 million on the ground that

Company is not paying appropriate service tax on the security deposit received on renting of immovable property for the period 01.06.2007 to 31.03.2010.

The Company was submitted all replies with Commissioner of service tax and adjudication order is still awaited. The Company is of the view that it has a

strong case on merit and its contesting the same. Hence no further provision is made towards payment of service tax.

d During the year 2013, the Company has received Show cause Notice from the Office of Principal commissioner of Service Tax mentioning that the company had paid service tax aggregating to" 3.83 million in excess during the period October 2007 to September 2008 and transferred the same into cenvat credit

account which was subsequently adjusted for payment of service tax and cess during 2008 to 2010. The self adjustment it is not allowed by the act. The

company has submitted reply to Show Cause Notice with Commissioner of service Tax.

36.3 Income Tax :

A search & seizure was operation was carried out by Income Tax department u/s 132 of Income Tax Act 1961 on 28.03.2015. During the year Company has received demand order u/s 153 A/143 (3) of Income Tax Act. Total tax demand is" 125.37 millions and department may impose any additional penalty for

similar amount. Company has filed appeal with Commissioner Income Tax (Appeal) and mater Is pending. The Company is of the view that it has a strong

case on merit and its contesting the same. Hence no further provision is made towards payment of Income Tax.

During regular Income tax assessment AY 2011-12 & 2012-13, departments has raised additional tax demand (net of deletion by CIT appeal) of~ 1.97 millions and" 1.62 millions respectively. Both mattters are under appeal with ITAT. Company is of the view that it has strong case on merit, so no additional provision

made against the demand.

TDS demand of'!: 0.74 millions under section 272 (2) (K) and 2272A (2) Gare under appeal with Income Tax Appellate Tribunal.

37 Commitments

Capital Commitments

Capital commitments net of advances, ~ 192 millions as on March 31, 2017 (As on March 31, 2016:, 569 mil ·

Other Commitments There are no material non cancellable contractual commitments.

38 (a) Expenditures in foreign currency (on accrual basis)

(~ in millions)

Particulars Year ended March 31, Year ended March 2017 31, 2016

Purchase of Material 80.34 281.96

Service Charges Vessel 450.51 190.99 Other Operating Expenses 70.06 106.38 Foreign Travelling Expenses 9.32 4.13

Purchase of Fixed Asset (Plant & Machinery) 101 .33 4.44

(b) Earnings in foreign currency (on accrual basis)

(~ in millions)

Particulars Year ended March 31, Year ended March

2017 31, 2016 Sale of Material 43.11 280.91 Other Operating Revenues 294.27 105.29 Charter Hi re Income 2,146.40 1,611 .57 Income from EPC Contracts 160.22 33.69

HAL Offshore Limited Notes to Financial Statements for the year ended March 31, 2017

39 Corporate Social Responsibility Expenditure as per Section 135 of the Companies Act, 2013

Particulars

Amount spent during the year ending on March 31 , 2017:

Particulars Amount paid

Construction / acqusition of Asset On Purpose other than above 2.91

Amount spent during the year ending on March 31, 2016 :

Particulars Amount paid

Construction / acqusition of Asset .

On Purpose other than above 2.23

40 Income Tax

Particulars

(a) Income tax expense Current tax Current tax on profits for the year

(b) Reconciliation of tax expense and the accounting profit multiplied by India's tax rate:

Particulars

Profit as per Ind AS from continuing operations before income tax expenses

Income tax as per effective tax rate of 34.608%

Tax Effect of Permanent timing differences Recognition of Tax Losses Effect of Minimun Alternate Tax Total Tax Expense

(~ in millions)

For the Year For the Year ended March 31 , ended March 31 ,

2017 2016

(t in millions)

Yet to be Paid Total

. .

. 2.91

(~ in millions)

Yet to be Paid Total

. .

. 2.23

(~ in mill ions)

As at March 31, As at March 31, 2017 2016

166.72 62.00

166.72 62.00

(~ in millions)

As at March 31, As at March 31 , 2017 2016

778.28 228.74

79.16

0.62 0.77 (18)

166.10 166.72 62.00

HAL Offshore Limited Notes to Financial Statements for the year ended March 31, 201 7

41 Related party transactions: Key Management Personnel and Related parties with whom transactions have taken place during the year :

i )

i i)

Subsidiary Company SEAMEC Limited

Companies over which director of our Company is having Aarey Organic Industries Pvt . Ltd

significant influence

(a) Key management personnel compensation• (~ in millions) Particulars March 31 , 2017 March 31 , 2016

Short - term employee benefits 12.45 8.91 Post - employment benefits

Long - term employee benefits

Total compensation 12.45 8.91

b) Transactions with related parties

The following t ransactions occurred with related parties· (~ in millions) Particulars March 31 , 2017 March 31 , 2016

Statement of profit and loss heads Income:

Sale of services 42.03 1.09 Dividend . 25.43 Sale os shares 861. 50 Expenses:

Charter

Ka.mal&Co. · 2018. 12. 20. · Ka.mal&Co. CHARTERED ACCOUNTANTS 1372, Kashmere Gate, Oelhi-110006...

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Transcript of Ka.mal&Co. · 2018. 12. 20. · Ka.mal&Co. CHARTERED ACCOUNTANTS 1372, Kashmere Gate, Oelhi-110006...