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CHAIRMAN'S STATEMENT

,Dear Valued Shareholders,'

-I extend my greetings to all of you on the occasion of 33rd Annual General Meeting of yourCompany. It is indeed a matter of both pride and pleasure to unveil the Annual Report of yourCompany for the Financial Year 2014-15. I am pleased to report that, in FY 2014-15, your Companyperformed exceedingly welt backed by a solid performanceinthe core a~ea of operations. At thesal,\e tim.e, it is a matter of great pleasure for usas your contributi~i1 has been instrumental in thegrowth of the Company. We have begun the new fiscal year on strong hope and belief that itwould be better than the previous year. .

The Year 2014-15 has been a year of transition. While the global pessimism still continues, Indiahas managed to emerge as a favorable economy amidst all the global tensions. As per the newmethodology, the G8J.?=.'Lt~Dd~~~~7.3 per cent, which indicates India to be one of the fastestgrowing economy driven largely by services and manufacturing sectors. The Fiscal Deficit hasbeen declining and CPI inflation at the end of the financial year was at amanageable level of 5.25per cent a sharp decline over the;last couple of years. The politica~ environment in our countryhas changed dramatically, and this has led to widespread hope of an economic upsurge.

Against the backdrop of the economic recovery in progress, the performance of your Companyhas been in line with our expectations. We continued to lay the foundation for Qur future growthand success through sustained momentum in business developl'nenf of the Company. It isheartening to inform you that your Company had registered profit before tax of Rs. 20.96 crore inthe FY 2014-15. The net worth of your Company has increased'by 14;1B<X) to Rs. 94.44 crore. YourCompany's growth continue'd with sustained high quality top- line and earnings.

The National Solar Mission, (NSM) targets 20,000 MW of solar powel: 'capacity by 2022, nowenhanced up to tOO,OOO MW, which offers substantial opportunity f9r large power plants as wellas off-grid applications. The National Dairy Plan (upto 2022) offers. potential of about Rs. 200Crore, for dairy equipment, over the next 5 years, against a total outlay of Rs. 15,216 crore towardsinfrastructure for Milk Production, Processing and Marketing. ",

Your Company has established itself firmly in thedairy electronics dom.ain with a hea1t:hy mix ofproducts and continued patronage for the company products has placed REIL as a market leaderin Indian dairy industry. This product-mix has benefited our esteemed customers, such asCOMFED, AMUL Co-operative societies of State of Bihar, Uttar ,Pradesh and Rajasthan. Theproduct-mix is based on existing technologies, up gradation of old technologies, development. ofnew technologies, embedding different technologies and addresses current needs fot milkanalysis, automation of milk collection process, data management, data analysis, and control andmonitoring, for qua]jtativ~ and quantitative improvementinn1ilk procured and milk products.

The Renewable Energy Division is intensifying its efforts to expand its markets to have a panIndia presence. The Company has supplied, installed and commissioned the solar power projectswith various customer organizations such as Rajasthan Renewable Energy Corporation Ltd; RajasthanHorticulture Development Society; Department of Rural Development and Panchayati Raj, Govt. ofRajasthan; Department of Rural Development, Crovt. of U.P.; BREDA, Govt. of Bihar; MPUVN, Govt. ofM.P.; Assam Rifles; Northern Railway; CONCOR; Power Grid Corporation; GAIL (India) Ltd; and RITES.

The Board of your Company has recommended a dividend of 20(/{)including dividend tax on theequity for the year 2014-15. The total payout for the year will amount to Rs. 2.45 crore.

Your Company has signed a MoU with Energy Efficiency Services Limited (EESL), New Delhi, forjoint working for identification, development and implementation of Energy Efficiency Projects,for demand side measures including Municipal functions, Agriculture, Public Building, Lighting,and Industrial functions etc.

Your Company has signed an agreement with Mis Milkotronic Ltd., Stara Zagora, Bulgaria forTechnology Transfer for manufacturing of Milk Analyser 'Lactoscan SL30 at Jaipur. Thisagreement was signed at Hannover Messe 2015 in Hannover, to foster the "Make in India" visionof Hon'ble Prime Minister of India.

A number of prestigious awards and recognitions were conferred on the Company this year. TheCompany was awarded 'SCOPE Meritorious Award Commendation Certification' for R&D,Technology Development & Innovation, PSE Excellence Award 2014 for "R&D, TechnologyDevelopment" and Governance Now "PSU Award 2014" in Mini Ratna Category II, for AssetsUtilization. Company was also awarded India Today "PSU Award 2014" for Best in R&DInnovation, Asia Pacific HRM Congress Award 2014 for "Organization with Innovative HRPractices", BT Star "Best PSU Award 2014" for Excellence in Innovation, in Mini Ratna Categoryand "Best Employer Award" for 6th time in a row for its good cordial industrial relations with theemployees"

As a corporate citizen, we are also committed to doing business in a responsible manner, wherewe continue to discharge our social obligations with utmost passion and sincerity. Your Companyorganizes medical camps and deploys Solar Power Systems & Solar EMT for social developmentof the society.

Our performance over the last couple of years stands as a testimony to our capabilities andstrategic orientation, the effectiveness of our risk management systems and the efficiency anddedication of the employee. The sustained support of our shareholders has been our driving force.

,---~--------...-------------~~------------------.y.

-"",t-.~

Going forward, I wish all employees, our dealers and .our partner$ trorrlacross the world allthevery best, as we continue,.,to work together, to' deliver great ptodt,r:cts and' services to our.'customers, and thereby also'strengthen the REILbrand. We wi1l

Ac'or{tinue to strengthen our

position to take advantageof,the h)11g~termgrowth oppOl;tunities arIsing ~:)Utof "Make in India",while navigating 'th~ short term economic cycles. I assure that' thie.Co~pany will continue to

•• • _ < , i ' ,~

remain focused to deliver more value to all the stakeholders. .

With best wishes,

Date: - 18.09.2015Place: Jaipur

Sd/-CHAIRMAN

.•.

ToThe Members,

The Directors feci privileged to present the 33,,1Annual Report on the business and operations of yourCompaoy, together with the audited Statement of Accounts, for the year end~d March 31,2015.

FINANCIAL PERFORMANCE

Your Company has recorded sustained growth in all key financial parameters during the year 2014-15.The important financial highlights for the year arc as under:-

(Rs. in Lacs)-s~No: ],ARTICULARS

_._._.2014~15 - ... - ..

2013-14

- ,. ---I. Turnover & Other Income 22499 217252. Material Cost 13808 136373. Employment Cost 2274 22304. Other Revenue Expenses 4055 36125. Gross Operating Margin 608] 54276. Gross Margin (PBDIT) 2362 22467. Depreciation 175 1678. Gross Profit 2187 20799. Finance & Service Charges 91 91HI. Profit Before Tax (PBT) 2096 198811. Profit After Tax (PAT) 1445 135812. Net Worth 9444 827113. Capitallomployed 10812 910214. Order booking 19545. 2717715. Book Value Per Share(in Rs.) 77.09 67.5216. Sales TurnoverfNet Block 10.2 9.417. PAT/Net Worth (% age) 15.3. 16.418. Gross Profit! Capital Employed (% age) 20.2 22.819. Current Ratio 2.2 1.5

.

STATUS OF COMPANY'S AFFAIRS

Your Company has achicved a top line of Rs. 224.99 crore and bottom line of Rs. 14.45 crore during thefinancial year ended March 2015.

Thc Company cntered into the Performance MoU with Department of Heavy Industry, Ministry of HeavyIndustries & Public Entcrprises (MoHI&PE), Government of India to set the performance targets j{Jr theycar 2015-16. This year also, it is expected that the Company will receive Excellcnt rating, as per thecomputations performed on the actual achievements figures. This outcome is subject to final computation ofrating by the OPE.

The MoU perfurmance of REIL, for the year 20] 3-14 has been rated as 'Excellent' in respect of the MoUsigned with the Government ofIndia. REIt, has been awarded the MoU Composite score of' 1.30'.

REIL signed a MoU with Energy Efficiency Services Limited (EESL), NeW Delhi, for jointly working foridentification, development and implementation of Energy Efficiency Projects (or demand side measuresineluding Municipal functions, Agriculture, Public Building, Lighting, and Industrial etc. The MoUenvisages crcating awarcness about the energy cfficiency and upgrade the existing conventional lightingsystems I equipmcnt with encrgy cfficicnt LED lights and high efficicncy star ratcd equipmcnt.

The Company has successfully launched the Electronic Milk Adultcration Tester (EM AT) in previous ycar,which is getting good response across the Country. The product is unique, aflurdable and demanding, aspeedy growth for this product is expected in the coming years.

In thc dairy scctor to address critical health issues of Animal Husbandry to efficiently manage veterinarydrugs and medicines available in the stores, a software application is dcsigned for the Government ofRajasthan. .

The Company has signed MoU with SJVNL to identify and execute Solar Projects to th~ tune of 100 MWby 2019 in India and aboard.

The Company has signed an agreement with Mis Milkotronic Ltd., Stara Zagora, Bulgaria fiJr TechnologyTransfer for manufacturing of Milk Analyser Lactoscan SUO at Jaipur. This agreement was signed atHannover Messe 2015 in Hannover, to luster the "Make in India" vision ofHon 'ble Prime Minister of India.

The Company has bagged a prestigious order from Northern Railway, Jammu and completed a pilot ofI MWp SPY Power Plant at Shri Mata Vaishno Devi, Katra Railway Station. The Power Plant will beinstalled on roof shelters of the platform and its buildings. This step has been taken in the direction toestablish a world class infrastructure at this station as it serves the purposc for the pilgrims to reach holycavc ofShri Mata Vaishno Devi from all parts ofthc country.

Your Company has signed a Non Disclosure Agreement with Mis N.idec Corporation, Japan fordevelopmcnt of BLOC motor based pump and controller for Solar Water Pumping application.

Your Company continues with its task to built busincss with long term goals based on intrinsic strength interms of its powerful brands,. quality manufacturing process, excellent after-sales-service and customerrelationships. It accords high priority to rationidizing and streamlining operations to bring about betterefficiencies and reduction in costs. The Company continucd to be a "MINI RATNA" amongst Public ScctorEnterprises.

DIVIDEND

Based on the Company's performance, the directors are pleased to recommend dividend out of the amountavailable for appropriation, 01'20% including dividcnd tax on equity for the year ended 31" March 2015.

\I

TRANSFEI~ TO RESERVES

It is proposed to transfer Rs. 12 crore to Gcneral Rcserve of the Company as against Rs. 10.50 crore Incorresponding period of previous ycar.

CREDIT RATING

Thc Company has obtained its credit ratings li'OIn CARE. It has been given a rating 'CARE BBB+' byCARE for its long-term bank facilities. Similarly, for its short-term bank facilities the Company has beenassigned 'CARE A3+' rating by CARE

The ratings continue to derive strength li'om the established operations with long track record and diversifiedproduct portfolio.

EXTRACT OF ANNUAL RETURN

"I'he details flmning part of the extract of the Annual Return in limn MGT'9, as rcquired under Section 92of .the Companies Act, 2013, is included in this Report as Annexure-A and forms an integral part of thisReport,

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, Shri Veerendra Kumar, Deputy Secretary; Department of I-kavy Industry,New Delhi, has been appointed as nominee Director w.e.f. 27.03.2015.

Shri S. Jainendra Kumar, Director, Department of I-[eavy Industry, New Delhi, consequent upon hissuperannuation ceased to be lJircctor ofthc Company w.e.f 09.07.2014.

Shri A.K. Deori, Director, Department of Heavy Industry, New Delhi, consequent upon his transfer ceasedto be Director of the Company w.e.f. 27.03.2015.

The Board of Directors places on rccord thc deep appreciation of the valuable services rendered as well asadvice and guidance provided by Shri S. Jaillendra Kumar and Shri A.K. Deori during their tenure.

During the year under review, pursuant to section 203 of Companies Act, 2013 Shri Subhash Agrawal, Addl.Gen. Manager (F&A) has bcen appointed as key managerial personnel of the Company to discharge theIi.mctions and responsibilities of Chief Financial Officer,

The Company has received declaration from Independent Director of the Company eon!i)rming that he meetthe criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.

VISIBILITY

During the year, REIL has played key role through participations in various Exhibitions andSeminars/conferences of National/International level. in the fields of Dairy, Renewable Energy,Governance, and Information 'rechnology, such as:

• Global Trade Show~ 2015 and Vi"brant Gujarat at Gandhinagar~ Gujarat under DI-f] pavilion andexhibited products and solutions in Dairy Electronic.s, Renewable Energy and IT applications.

• RIO-INVEST. the 1st Renewable Energy Global Investors meet and .EXPO, organized by Ministry ofNew and Renewable Energy. Government of India, wherein Managing Director been an eminent

panelist in the session on "Make in India-Renewable Energy" discussed and deliberated the keypolicy intcrvcntions in the sector.

• 43,,1 Dairy Industry Conferencc (DIC) for Indian Dairy Industry organized by Indian DairyAssociation with the thcme of "Dairying for Rural Prosperity".

• 81hRenewable Energy India Expo- Asia's largest and the most innuential Renewable cnergy cvent atIndia Expo Centcr, Greater Noida.

• A Study tour to Germany organized by The Ministry of New and Renewable Energy (MNRE)Jointly with Indo German Energy Forum (IGEF) and GIZ Gmbh focusing on "Distribution GridManagement. Challenges and Solutions- Large scale integration of Renewable Energy".

• 10lh Ati"ican Dairy Conference and Exhibition (lOlh AFDA), organized by Eastern & Southern AfricaDairy association at Kenyatta International Convention Centre (KICC). Nairobi. Kenya.

• "Inter Solar India 2014 Expo" (International Exhibition and Conference) organized by SolarPromotion International GmhH focusing on Latest market developments, new tcehnologies &application solutions in the Solar Industry.

• EQ leadership Summit on the issucs in the solar industry likc the anti-dumping issucs, Ultra MegaSolar Project. etc.

• PSU Summit 20 14 organized by "E1ets" to highlight the existing challenges and opportunities inPublic Sector Undertakings.

• Participation in "Rajasthan Solar Developmcnt Summit 20 I4, organized by "The Rajasthan SolarAssociation (RSA)" and "Solar Quarter" focusing on Rajasthan Solar Policy. opportunities andchallengcs j(lI' investment in the state.

• Participation in 131h Pravasi Bharatiya Divas Convcntion. The event was attcnded by many majorplayers, domcstic as well as international, in the field of electronics and renewable energy.

• Exhibition on "Manufacturing Competitiveness and Latest Trends in Renewable Encrgy" organizedby Development Institute Jaipur, Ministry of Micro Small and Medium Enterpriscs (MSME).Government of India in association with REIL.

• "Rajasthan State Power Summit-2015" organized by PHD Chamber of Commerce and Industry(PHDCCl). MD, Shri A.K .lain delivered a key note address focusing of "Opportunities and Policiesof Rcnewable Energy Sector in Rajasthan".

• "Cll partnership Summit 20 I5" thcmed "Partnerships for Shared New Realities"

CORPORATE AWARDS AND RECOGNITIONS

During the year under review, performancc of the Company has bcen recognized by way of bestowing of thefollowing prestigious awards:

• BT Star "Best PSU Award 2014" I(w Excellencc in Innovation.• India Today "I'SU Award 2014" f(1I'13est in R&D Innovation.• Asia Pacific IIRM Congress Award 2014 for "Innovative j-IR Practices".• Governance Now "PSU Award 2014" in Mini Ratna Category ll, for Assets Utilization.• PSE Excellcnce Award 20 14 for "R&D, Technology Dcvelopment".• SCOPE Meritorious Award Commendation Certification far R&D. Technology Development &

Innovation.• "Best Employer Award- 201 r by Employcrs' Association of Rajasthan for 6th time in a row far its

good cordial industrial relations with the employees.• Company has been awarded a "Golden Jubilee Trophy" f(1I'the 33 ycars of invaluable contribution in

economic and social growth of Rajasthan. .• Company has received an appreciation letter and a Mcmento li'om Central Excise & Service Tax.

Jaipur Zone for Excellent Contribution of revenue and filing of returns towards Central ExciscDuty/Servicc Tax during the FY 20 13-14.

Shri A.K . .lain, Managing Dircctor of the Company has bccn rcc~gnized and feli'citated by the Institutionof Enginccrs as an 'Emincnt Enginccr' for his outstanding contribution to the country during the lastmore than 32 ycars.

QUALITY & RELIABILITY

REIL continues to deliver valuc to its elients through significant invcstments in Qua[ity programmcs acrossthe proccss of delivcry. Its integrated quality program drivcs quality and productivity improvements acrossthe organization, by dcveloping and implcmenting quality-chcck programmcs for the various stages ofprocesses that includes serviccs to the end consumers. REIL is certified undcr various standards to meet thedemand of the elients and deliver improved services to them. Thcsc certifications inelude ISO 9001- 2008and [SO 1400 [- 2004. The Quality System estab[ ishcd and imp[cmcntcd by the Company, has bccnrcccrtificd by Del Norske Verilas, for conformancc to the requiremcnts of Intcrnational Standard [SO9001 :2008. ISO 9001 certifi'cation f{)!'"Installation, Commissioning & Scrvicing of Agro Dai):y ElectronicEquipment/Systems such as Mi[k Collection & Testing Systcm" has bccn accrcditcd to Field MaintcnanceCcntre at Anand on 3[" Dcccmber, 2014.

PRODUCTION

The production, during the financial ycar 20f4.2015 amountcd to RS.']63.26 'crore, in comparison toprevious ycar Rs. [52.83 crore. The Company has produced 91 I I Nos.' of E[ectronic Milk Ana[ysers ascompared to prcvious year 7464 Nos. The Company has also achieved more production in SolarPhotovo[taic Modulcs of9 MW(729 [2 Nos.) as compared to the previous year of 7.3 MW(59903 Nos.).

DEVELOPMENT OF SUJ'PORT UNITS & MSMEs

REIL as a policy puts cmphasis on dcvelopment 0(' support industries and is now planning to put moreemphasis on rural industrialization. REIL is in close interactions with support industries for their technologyup-gradation which in turn hclps in thcir quality improvcmcnt and volumc production. REIL is fullilling allits requirement of raw material and components, rcquircd Ji)!' rcgular production of Electronic MilkAnalyzcrs and Solar Photovoltaic Modules etc., from support industrics.

HElL is rcgularly dcveloping support industrics by advertising in thc ncws papcrs and participating in thcvendor dcvelopmcnt programmes organizcd by MSME hom time to time. Procuremcnt from MSMEsduring 20 [4-2015 was of Rs. 49.68 crore.

DISCLOSURE OF PARTJCULARS

Thc particulars as sub scction (3)(m) of Section 134 of thc Com panics Act, 2013, rcad with Companics(Accounts) Rules, 2014, are stated as undcr:

Conscl'vatilln of Encrgy

REIL continuc to strcngthcn its cncrgy conservation cfforts and closely monitors its energy consumption,and is taking steps to rcducc the same systematically, as pcr its Environmcnt Managcment Programmc.

Efforts are bcing madc to improve the encrgy eflieiency and substitute conventional energy with rcnewablcenergy whcrcver possihle. The Company aims at aehieviug the 5-Star rating in the coming years.

Rescarch & Dcvclopmcnt:

Innovation is a key focus arca at REIL, undertaken with the aim of developing, strengthening and enhancingthe competitiveness of the organization. The R&D initiative are aligned with the operations of BusincssDivisions in dcveloping ncw products/ services to address thc spccilic necd and up-grade the existing

products! processes to make them efficient strcngthen with additional features and make them competitive.The Center also organizes training programmes to ereate awareness on the products! proeesses to ensureoptimum utilization. .

A state-of-art R&D Center, equipped with requisite technical manpower, equipmcnt and tools, takes careof the development processes in a systematic manncr. The center has bcenrecognized by the Departmentof Scientific & Industrial Research, Ministry of Science & Technology, Government ofIndia sinee 1985,The Company also works with recognized R&D centers Ii))' undertaking joint development of specializedproducts! processes under agreements, Thc products! processes developed in-house have been contributingto the growth both in terms of Customer Satishlctions, a major & significant factor and the business volume.

Major products developed! up-graded during the current year inelude:

a) SoIarPowcl' Pad, fOl'AMCU:

Spy Based Automatic Milk Collection umt IS suitable for Primary village milk collection centers, Thesystem is having charging through SPY and grid with priority to SPY. The system minimizes the problemsof inadequate power supply in rural areas to reduce down time of the equipments.

b) LED Light 5W DC:

LED lights are energy efficient for the same lumen output as compared to conventional lights. The LEDlight 5W DC has been developcd IiJr Solar Power Packs Ii))' Rural! affordable housing Applications. ThcLED light optimizes the Solar Power Pack Size and lasts long besides practically maintenancc Ji'ee.

c) Spy Powcr Pack fOl'Rail Coach Application:

The country has ovcr 11,000 trains running on tracks, plying bctween 6900 railway stations in India everyday, These trains run either on electricity or diesel depending on the type of track thus consuming largeamount of encrgy and the natural resources and is a potential source of C02 emission,

REIL conceived a projcct and took up the challenge of developing the system for power generation throughSolar Energy using rail c(iach. The designed systcm has a capacity to charge the battcries in the coach, Thesystcm has been critically dcsigned considering thc Railway Safcty considerations,

d) Data Proccssor Unit (D1'U).wHb GPRS:

The Data Processor Unit has bcen successfully meetingthc dairy industry reqliirements rclated to collcctionand proccssing of data during the milk collection process for over 8 years .. In order to increase the reliabilityand transparency in the proccss and instant transfer of data (i'om collection point to central location, DPUwith GPRS was conccived, designed & developed. It facilitates the dairy managers to plan, optimize &improve the milk management before actual collection at dairy.

c) Ccntral Monitoring systcm for Watcr Pumping:

The public water pumping system is controlled manually. The projcct was conceived to remotely monitorand control the water pumping system through SMS communication in order to ensure optimum utilizationof precious resources. The ON! OFF time can be programmed and ean be done through SMS also. Theutilization time (run time) is logged in to the system memory for review. The Controller so designed is basedon latest teehnology and can be used in other similar applications.

I) 'Veb bascd Intcgrated Onlinc Mcdicinc Managemcnt softwarc:

Rajasthan is the largest state in terms of geographical area and thcre are more than 4500 veterinary hospitalsand institutions mostly in. rural areas. In order to provide better services by supplying veterinary drugs and

medicinc and maintuin the stock for animal care and health, it is esscntial to monitor onlinc and control allthc abovc functions followcd by district oiliccs, their hospitals and health center, which is not possiblethrough manual monitor.ing.

The Pashu Aushad softwarc- The Intcgratcd Online Mcdicine Managcment Software (JOMMS) iscnvisioned to providc the user with a simplificd Medicine Inventory Management System. IOMMSfacilitates the user to indent online the requirement of medicine, compile the demands of all distriet level,purehase order Irate contraet with the supplier, dispatch mcdieine to district offices, receive medieine, stockmaintenance, retrieve, issue to tehsil / VI-I / Institutions and transfcr items between of'llces. IOMMS willhave the capability to retrieve and view reports concerning the inventory performancc and cost tracking atvarious levels.

Patcnts

The Company rcccivcd following patcnts/ tradc mark during thc currcnt ycar In rcspcct of thc productdcvclopcd and launch cd .

•:. Dcsign Patcnt for EMA T.:. Trade Mark Rcgistration for EMA T

Agrccments signcd

In addition to thc in-housc development thc Company is working with recognized Rcscarch & Devclopmentcenters/ institutions/ organizations for developmcnt of products/ projccts jointly. Thc following agrecmentswcrc signed during 2014-15 .

•:. NDA Signcd with CEERI, Pilani for joint dcvclopment of Pump Controllcr and PCU.:. Agreemcnt with EESL, NaIDA f'lr joint dcvclopment of Encrgy Efficiency Projccts in Rajasthan.:. Agrcemcnt for Transfer of Tcchnology with NDR!. Karnal for manufacturing of Strip based

adulteration detcction systcm for idcntification of Maltodcxtriil, Urca, Ncutralizer, HydrogenPeroxidc and Glucosc .

•:. NDA forjoint developmcnt ofWatcr Pumps for Solar applicatiOlis.

Engineering & Documentation

Thc product documcntation plays a critical rolc in cnsuring consistcncy in manufacturing and opci'ation. TheR&D center managcs thc Documcnt Archivc and cxtcnds support to various divisions on need basis. Bcsidesabovc, Engincering activities likc rc-enginccring, cost optimization through dcvelopmcnt alternatc sources,safcguarding thc .intcllcctual ]lrOpcrty ofthe Comljany etc arc also undcrtaken by thc R&D Centcr.

Thc R&D is also maintaining a library of tcehnical books, journals, standards etc for refercncc of variousprocess oWlicrs.

R&D Expenditul'c

Thc cxpcnditurc 01; Research & Dcvelopment (R&D) during thc ycar is as undcr:

(a) Capital(b) Revcnuc

(c) Total

(Rs. in Lacs)6.96

227.06

234.02

(d) Total R&D expcnditure, as a pcrcentage of total turnovcr, stood at 1.04 %

FOI'eign Exchange Earnings and Outgoings

During the year the Company has earned a sum of Rs. 156.36 Lacs in foreign currency. The Company hasalso used total foreign exchange worth of Rs. 3901 Lacs.

iREPORT ON,CORPORA tifGOVER"NAN C.lf----!?iFOR THE YEAR 2014,,'15 >'h._'

I . ... - - .. - - - - .I (Pursuant to Deprtrlttlent. of Public Enterprises Gll:d:Ii~,eS)

Corporate governance is an cthically driven business process that is committed to values aimed at enhancingan organization's brand and reputation. This is ensured by taking ethical business decisions and conductingbusiness with a finn commitment to values,' whilc meeting stakeholders' expectations. The Companybelieves that all its operations and actions must ultimately enhance overall henefits over a sustained period.We will continue to focus our resources. strengths, strategies to achieve (he mission and vision. At the hcartof Company's Corporate Governance policy is the ideology to transparency and openness in the effeeti~'eworking of the Management and Board.

The Company's governance ij'amework is based on the following principles:

.:. Proactive flow of int()l'mation to the members of the Board and its Board Committees to enableeffective discharge of fiduciary duties:

.:. Timely diselosure of material, operational and financial information to the stakeholders;

.:. Proper business conduct by the Board, Senior Management and Employees; and

.:. Robust systems and processes for internal control,

The Board of your Company constantly endeavors to set goals and targets aligned to the Company's visionand mission - "To be the leader in the rural sector for business area of Dail'y Elee!J'onies, significantphl)'er in Renewable I~nergy and in related areas of Information Technology application" and "To putin efforts to meet tbe existing and emerging needs of customers and sel've them thl'Oughdeveloping/ma.-l{eting and delivery of quality pl'Oducts and dependable after sales services"

BOARD AND COMMITTEES:

a) Board of Directors:

As on 31 sl March, 20] 5, the Board of Directors consists of six Directors. During the financial year ended31st March, 2015, five Board Meetings were held on 27'h May, 20]4, 14'h Aug., 2014, 19'h Sept., 2014,J O'hDec., 2014 and 31 sl March, 2015.

The details of composition of the Board as at 3] .03.2015, (he attendance record of the Directors at the BoardMeeting held during the financial year 2014-15 and at the last Annual General Meeting (AGM), as also thenumber of Directorships. Committee Chairmanships and Membcrships held by them in other Companies aregiven here below:

.',

Nmnc of the Category No. of Whether . Numher of Numher of COlllllliftCl'Director. Meetings attended I)il.ec.ol"ships positions held in public

attended lasl AGM in other Jlublic companiesheld .011 companies

19.1)9.2014 Memher Chairman

Smt. Vecnll Gupta Chainnan 5 Present 9 10 Nil(Pari Time)

Shri A.K. Jain Managing Director 5 Present 2 Nil Nil

Shri Prakash Director 5 Present I Nil . NilTekwani (Pali time)Shri A. Muralidhar Dircctor 5 Prescnt I Nil Nil

(Part time)Shri. S. Jainendra Director Nil N.A. Nil Nil NilKumar (Part time)

(Ull-to 09.07.2014)Shri.A.K. Deori Director 3 Present 2 Nil Nil

(Part time)(W.E.F 09.07.2014Up-to 27.03.2015)

Shri Vcerendra Director Nil N.A. I Nil NilKumar (Part time)

(W.E.F 27.03.2(15)Shri M.L. Independent Director 5 Present Nil Nil

~Nil

Bharl!ava

Il) Boanl Procedure:

The Board meets at regular intervals to discuss and decide on busincss strategies/policies and review thefinancial performancc of thc Company. Thc noticc of each Board Mceting is given in writing to cachDirector. These Meetings are scheduled well in advance and the notice of each Board Meeting is given inwriting to each Director.

The agenda and the relC\'ant notes are sent in advance separately to each Director and only in exceptionalcascs the samc is tabled at the meeting. The Board reviews the performance of thc Company evcry quartervis-n-vis the targets set by them and helps in the 111<,iorstrategic decisions and policy formulations. Themembers of the Board have access to all information of thc Company and are free to recommend inelusionof any matter in agenda I{)r discussion in consultation with the Chairman.

c) Board's Rcspollsibilitics:

Thc Board of Directors oversees the overall functioning of the Company. The Board provides and evaluatesthe strategic dircction of the Company, managcment policies and their effcctivencss and ensurcs that thelong-term interesis of the stakeholders are being servcd.

d) Audit Committee:

The Audit committee comprises of Four Directors namely Shri M.L. Bhargava, Shri AK. .lain,Shri A. Muralidhar and Shri Prakash Tekwani. Shri M.L. Bhargava, Independent Director is the Chairman ofthe Audit Committee. During the financial year ended 31 st March, 2015, three Audit Committee Meetingswerc held on 141h Aug., 2014, IOlh Dee., 2014, 31 st March, 2015.

The composition of the Audit Committee and attendance of Directors at Audit Committec Meetings aregivcn below:

Nan1l' (If

I)ireetor

Shri M.L. Bhargava

Shri AX. Jain

Shri Prakash Tekwani

Shri A. Muralidhar

Category

Chairman

Managing Director

Director (Part Timc)

Dircctor (Part time)

No. of Audit Committeemeetings attended

3

3

3

2

Broad tenns of reference of the Audit Committee:

The Audit Committee oversees the Company's financial reporting process and the disclosure of its financialinformation to ensure that the Jinancial statcment is correct, sufficient and credible.

Reviewing, with the management the annual financial statcments beforc submission to thc Board forapproval, with particular relerencc to:

Thc Power and Role ofthc Audit Committee shall includc the following:

I. To investigate any activity within its terms of refercnce.

2. To seek information from any employee.3. Oversight of our Company's financial reporting process and the disclosure of its financial

information to ensure that the financial statemcnt is correct, sufficicnt and credible;4. Recommending to the Board, the appointment, re-appointment and, if required. the replacement or

removal of the statutory auditoi' and the fixation of audit Jees;5. Approvalofpayment to statutory auditors for any othcr services rendered by:the statutory auditors.

6. Review with the management of, the annual financial statements before submission to the Board forapproval, with particular reference to:

• Matters required to be included in the Director's Responsibility Statement to be included inthe Board's report in terms of clause (e ) of sub-section 3 of Section 134 of the CompaniesAct 2013;

• Changes, ifany, in accounting policies and practices and reasons for the same;

• Major accounting entries involving estimates based on the exercis.e of judgment bymanagement;

• Significant adjustments made in the financial statements arising out of audit findings;

• Disclosure of any related party transactions; and

• Qualifications in the draH audit report7.. Review with the management of the quartcrly financial statcmcnts beforc submission to thc Board

for approval;8. Rcvicw and monitor the auditor's indcpendcnce and pcr({"'1llance. [md cf'ieetiveness or audit process:9. The appointment, removal and terms ofrcmuncration of the chief internal auditor shall be subject to

review by the Audit Committee.

e) Remuue.-atiou Committee:

The Rcmuneration Committee comprises of three Directors namely Shri M.L. Bhargava,Shri Prakash Tekwani and Shri A. Muralidhar. Shri M.L. Bhargava, Independent Director is the Chairman ofthe Rcmuneration Committee. During the financial ycar ended 31st March, 2015, five RemuncrationCommittee Meeting was held on 14'h Aug., 2014, 17"1 Sep., 2014, 20'h Oct., 20]4, loth Dcc., 2014 and 31"March, 20] 5.

The composition of the Remuneration Committee and attendancc of Directors at Remuneration CommitteeMeeting is given below:

Name ofDirector'

Shri M.L. Bhargava

Shri Prakash Tekwani

Shri A. Muralidhar

Category

Chairman

Dircctor (Part time)

Dircctor (Part time)

No. of Remuneration Committeemeetings attended

5

5

3

f) Othe,' Majo,' Committees of Dir'eetors:

In addition to the above-referrcd Committces which are constituted pursuant to the Corporate GovcrnanceCode, The Board has constituted the major Committecs of Dircctors and delcgated thereto powers andrcsponsibilities with respect to specific purposcs. Thc Committces such as thc CSR Committcc,SD Committce, R&D Committce, Ethics Committec and Steering Committee having represcntation ofIndependcnt Director and mecting of each of them has been duly cCJI1ductcdduring the year. Company has aWhistle B]ower Policy whcre no personnel has becn dcnied access to the audit committec.

MANAGEMENT ANALYSIS AND DISCUSSION

The Managcment discussion and analysis statements are attached to this report.

HUMAN RESOURCE MANAGEMENT:

I-Iuman Rcsourcc policies and proccsses of the Company have transformed and cvolvcd ovcr the ycars inorder to stay relevant to the changing environmcnt, cnhancement of organizational agility and cnsurecompliancc with the changing ru]cs and regulations Ii'om time to timc. The progrcssive I-IRpolicies followedby the Company havc becn rccognized and awardcd by Asia Paci tic I-IRM Congress Award 2014 forOrganization with innovative HR practices, best cmployer award and Golden Jubilee Trophy by thcEmploycrs' Association of Rajasthan for six consccutivc ycars in row highlights our continuous cndeavorsfor being the leading employer. For maintaining the competitive advantage thc Company considcrs humanresource as strategic rcsourcc to its stratcgy formulation processes and other long term decisions.Recruitmcnt of the right kind of candidates is a critical activity wherc a lot of.cmphasis is given .on talentacquisition, retention and training & dcvclopment.

---------------------------------------------------

At thc close of financial year 2014-15 the total numher of employees on permanent rolls of the Company is252 which include satisfactory representation of the minorities following the Government of India policy.The highly engaged and eon]mitled workforce ensures rise in productivity levels of the cmployees taking ittowards nearly Rs. 100 Lacs of revenue per cmployee in the current financial year.

The .Company eelebratcd a week long "Swaehh Bharat Abhiyaan" in Factory prcmises. The Companyundertook mass cleanliness and awarencss campaign for the Swaehh Bharat Movement fi'om 25'h. Septemberto 2"d. October 20 I4 on the noble thoughts of a clean India dream by our beloved Father of Nation MahatmaGandhi.

Training & Dcvelopmcnt

Training and Development programs have been an integral part of the Company and it deploys resourceswith emphasis on continuous learning for its employees. The Company invests and encourages itsemployees to acquire newer technical as well as behav.ioral related skills for improving quality, productivityand achieve cxeellence in their respective areas in order to stay with the change technologies and newerskills. In thellnaneial year 2014- I 5 a total of 22 I Man Days of training have been conducted for officers,supervisors and workers ()fthe Company. .

Promotion of Hindi LlllJguagc

The Company is continuously making vigorous cJTorts for the propagation aild successful implementation ofthe Official Language Policy. The OfliCial Language Implementation Committee regularly monitors andreviews the progrcss. To inculcate the knowledge of official language, training programme on Hindi Typing

.has been designed and implemented. Various competitions, prizes and incentives were dcclared by theCompany for promotingthe use of Hindi language in the fortnight long "Hindi Pakhwada". Employees fi'omnon-Hindi speaking areas are also motivated for the same. .

Corporate Social Rcsponsibility

As a part of its initiative under the "Corporate Social Responsibility" (CSR) drive, the Company hasundcrtakcil projccts in the area of rural devclopment and promoting health care. These projects arc inaccordance with Schedule VII of The Companies Act, 2013 and Company's CSR policy. The Report onCSR activities as required under Companies (Corporatc Social Responsibility Policy) Rules, 2014 is set outas Annexure- B forming part of/his Report. .

Right To Information Act-ZOOS

The Company has implemented The Right To Inl,mllation Act, 2005 that became effective from October 12,2005. With the coming into effect of the RTI Act. the Company has complied with the provisions of the Aetand has placed the details like - name of Public Ini'JrlJlation Officer (1'10), Assistant Public InformationOfficer (APIO) and Appellate Authority on its website. The applications arb replied within due time and thcAet is Illllowcd with as per the laid down rules and regulations.

•

SlJST AINABLI~ DEVELOPMENT INITIATIVES:

Innovative products through Sustainable operations have been the endeavoi' of RElL. The fast depletingnatural resources and the pollution caused to the environment are serious concer;lS today. Thus, there is aneed to focus on the operations and design them in such a way to meet. thc needs of present withoutcompromising the j~lture. REIL operate with a commitment to make the organization a 'Green'organization by adopting and continually improving the practices that support conservation, prescrvationand revitalization of thc Environment. A policy has been formulated by'the Company to achieve theobjectives related to thc Sustainable Dcvelopmcnt. ..

Thc Company, over the years has developed expertise in the areas of Resource Management includingEnergy Management, Water management, use of Renewable Energy systems, Waste Management etc. Thesustainable development initiatives taken during the year ineludc.

Monitoring Energy Consnmption

Energy consumption in manufacturilig process and ofJicc area is being monitored continuously. TheCompany has been able in maintaining the speciiic energy consumption in manufacturing areas inspite ofvarying business conditions and an increase of approx 25% iii production. volu'me. 14 nos. of LED streetlights 90W were used to replace the conventional 250 W High Pressure Sodium Vapour Lamps in thefactory premi ses. . . .

DG sets' are used as standby soutcc of energy. The Company saved approx 800 liters of diesel during theyear 2014-15 as compared to previous year by way of improving the diesel.generation efficiency.

Rcnewablc Energy Systems-A 25 KW Solar Power Plant has been installed in the Company premiscs andis operational for over two years l11eeting the office load. The generation has been 33600 units during 20 I4-15. Company has installed one more solar power plant of 100kw in the factory premiscs during the ycar2014-15.

Air & Watcr pollution Monitoring is bcing donc as per deiined process. Thc Company has established &maintained Environmcnt Management'System to the requircments oflSO 14001 and periodic measurementsare done through Central Pollution Control Board approved agencies.

Waste Managemcnt

The Company deals with waste generated in a systematic way. The waste generated, including eWaste IS

segregated, identiiied, stored and disposed off periodically through authorized recyclers.

Besides above 1{)llowingare on-going projects to improve sustainable performance of the Company.

1. Awareness & Trainingto create awareness on Sustainability.2. Improving Energy Performance of the Company ..3. Sustaining! improving Diesel Generation Performance.4. Monitoring & Reduction in TCE consumption.5. Monitoring & Reduction in Paper Consumption.6. Monitoring of water consumption.7. Waste Management-Segregation & safe disposal waste8. Preferring RoBS compliant components in manufacturing etc.

,.

III

DmECTons RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanations obtained by them,your Directors make the following statement in terms of Section 134(3)( c) of the Companies Aet,.20 13:

1. in the preparation of the annual accounts for the financial year ended 31st March, 2015 the applicableAccounting Standards have been lollowed along with proper explanation relating to materialdepartures;

II. the Directors have selected such accounting policies and applicd them consistently and madejudgments and estimates that were reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company as at the end of the financial year 2014-15 and of the profit of the Companyfor that period;

Ill. the Directors have taken proper and sufficient care for the maintenance of adequate accounting recordsin accordance with the provisions of the Companies Act,2013 for safeguarding the assets of theCompany and for preventing and deteetingli'aud and other irregularities;

IV. that the Directors have prepared the annual accounts for the financial year ended 31st March, 2015 ona •going concern: basls.

V. the Directors have devised proper systems to ensure compliance with the provisions of all applicablelaws and that such systems are adequate and operating effectively.

STATUTORY AUDITORS

In accordance with Section 139 of the Companies Act, 2013, Auditors are required to be appointed by theComptroller & Auditor General of India. Accordingly, Mis J.N. Gupta & Co .. Chartered Accountants,Jaipur, was appointed as Statutory Auditors for the year under report.

The Auditors' Report is self-explanatory and do not call for any Ilnther conlments.

COST AUDITORS

As per the requireme'nt of Central Government and pursuant to Section 148 ofthe Companies Act, 2013 readwith the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time. The Board ofDirectors has appointed Mis K.G. Goyal & Associates as Cost Auditors to conduct the Cost Audit Ii.)I' thcycar 20 15-2016.

PARTICULARS OF gMl'LOYEES IN TERMS OF SgCTION 197(12) OF nlJi: COMPANIES ACT,2013

There was no employee of the Company who received remuneration in exe~ss of the limits prescribed underthe Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014, hence the information may he treated as NIL.

APPRECIATIONS & ACKNOWLlmGEMI~NT

Your Directors would like to express their sincere appreciation for the assistance and co-operation receivedli'om the financial institutions. banks. Government authorities. customers. vendors and members during theYear under review. Your Dire~tors gl:atc!ll!ly acknowledge th~ ongoing e;)-operation and support provided'by Central and State Governments and all Regulatory bodies. .1The Board also gratcflilly acknowledges the support and guidance reeeivedfi'om various Ministries of theGovernment of India, particularly the Department of Heavy Industry,. iiJ Company's operations anddevelopmental plans.

The Directors takes it on record the opportunity and guidance provided by Ministry of New and RenewableEnergy, Government of India, Department of Animal Husbandry, Dairying & Fisheries, Ministry ofAgriculture, Government of India.

The Dircctors also express their sincere thanks to the "Management of National Dairy Development Board,NDDB Dairy Services, State Milk I'cd"crations and all Icading hrands such ilsMother Dairy, Amul, SARAS,i'AAYAS, Nandani, Verka etc. and Rajasthan Rencwable Energy Cnrporation Ltd, Rajasthan HorticultureDevelopment Society, Department of Rural Dcvelopment and i'anchayati Raj, Govt. of Rajasthan, Deptt. ofRural Development. Govt. of D.P., BREDA, Gov!. of Bihar, MPUVNGovt. of M.P. , Assam Rilles,Northern Railway, CONCOR, Power Grid Corporation, GAIL (India) Ltd and RITES for their valuablesupport, assistance and the confidencc reposed by them in the Company.

The Directors takc this opportunity to express their thanks to the Managemeljt ofInstrumentation Ltd., Kotaand Rajasthan State Industrial Development & Investment Corporation "Ltd., .Iaipur for their continuedsupport and guidance.'

At last, Directors appreciate and valuc the contributions made by every menlber ofREIL family.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Sd/-CHAIRMAN

PLACE: .IaipurDATE: 18.09.2015

•

AnnexlII-e to Directors' Report

....~.

a) CORPORATE OVERVIEW

T'he Rajasthan leleetronies & Instruments Ltd" Jaipur (REIL) operates \vith an objective to identifyingcustomer's specific needs, translating them into guality products and pl'oviding dependable after salesservices, The Company aims at retaining its primacy in the area of rural electronic, non-conventional energysystems & information techn010gy by developing, manufacturing and marketing quality products and byoffering guality services,

The Company prepares its financial statements in compliance with the requirements of the Companies Act.2013 and the Generally Accepted Accounting Principles (GAAP) in India,'Overall the financial statementshave been prepared on the historical cost basis,

b) GLOBAL ECONOMY

• Despite unpredictable headwinds, the global economic recovery is gaining momentum, Thesewinds of positive change have masked the growth divergence among major economics,Specifically, the recovery in United States was stronger than'expected, while performance inJapan and Euro-zone has fallen short of expectations, This has resulted in the dollarappreciating vis-,i-vis other G7 currencies,

c) INDIAN ECONOMY

• India's economy is poised to return to its high-growth path, thanks to lower fiscal and currentaccount deficits, falling inflation, benign commodity prices, and structural reforms to boostinvestments; Monetary policy is also likely to be supportive'with theReseI've Bank of India(RBI) having moved to flexible inflation targeting, The manufacturing seeror is likely tobenclit from lower intcrcst rates,

• Reforms Iike e-auetions of coal mines and telecom, FDI hike in insurance, speedier regulatoryapprovals etc. will be critical growth enablers to dc-bottleneck stalled project, improve theinvestmcnt outlook and the case of doing busincss in thc country, Reforms currcntlynnderway such as GST implementation, Amendment on 'Land Acquisition 8ill, LabourReforms, etc. are expected to provide the requisite thrust for growth in the medium-tel'lll,

• As per the latest GDP growth estimates, Indian economy grew by 7.4% in FY 2015 comparedto 6,9'X, in FY 2014, mostly driven by improved economic fundamentals and revision ofODPmethodology caleulation, Even' inflation showed signs of moderation, a welcome sign-wholesale price. and consumer price inflation dcclincd to 4,2% and 7.4% respcctively,compared with last year's 6.3%, and J 0, I%,

d) INDUSTRY OVERVIEW

In the recent past, the Indian economy had to overcome varied challenges in its resolve to sustain itseconomic success, The major challenges included unsupportive external environment, domestic structuralconstraints, growth slowdown and innationary pressurc. Companies in this environment are now focusingeven more on their core business objectives, such as revenue growth, profitability and asset efficiency.

The manufacturing industry in India has all the qualities which enhance economic development and increasethe productivity of that industry. It is a highly labor intensive industry and availability of cheap labor makesit a morc successful deal aHer China. Sustained growth in nwnul;lcturing sector also depends on vcrtical aswell as back and t,)rth intcgration alignment with large size opportunities.

Increasing trcnd tnwards dai,'y relatcd prnducts:

According to Associated Chamber Of Commerce and Industry (ASSOCI-lAM) "Milk production is likcly toreach about 190 million tonnes in 2015 Ii-om current level of about] 23 million tonnes," and the value of theIndian dairy industry is expected to touch Rs 5 lacs erore by 2015. This will result in the increased demandof Company's dairy related products and diversification opportunities.

In India, about 60 per cent of milk is consumed in liquid form, while the remaining 40 per cent is used in thcform of butter, clarified butter, cheese, curd, paneer, ice cream, dairy whiteners and traditional swects andabout eight crore rural families across India arc engaged in dairy production and the rural market consumcsover half of the total milk produced. The above conducive circumstances will generate huge businessopportunity for the Company to grow.

Increasing trcnd tnwards rencwablc energy:

Global warming, climatic change, increasing costs of fossil I'lel arc driving the demand for renewed focuson Renewable Energy. The Government of India vision encouraged by present Prime Minister's to set up1,00,000 Mw (100 Gw) of Solar Plants in the country by 2022. The objective of this mission is to establishIndia as a global leader in solar energy while giving impetus to domestic manul;leturing base throughdomestic component requirement mode.

e) 0ppoJ'tunities

• The National Dairy Plan (upto 2(22) offers potential of about Rs. 200 Crore, t,)r dairy equipment,over the next 5 years, against a total outlay of Rs. 15,216 Crore towards infrastructure for MilkProduction, Processing and Marketing.Expansion of market for EMT/Milk analyzer (multi parameter) in new areas.

• Milk Adulteration ofTel's huge demand for the Company's product (Electronic Milk AdulterantTester).Product upgradation market for DPMCU/SDPMCU/AMCU in all existing societies which haveEMTonly.

• Application of SPV power packs to power DPMCUlSDPMC/AMCU at primary milk collectioncenters, to expand Renewable Energy sector business. .

• Market polential due to entry of private dairies and multi state cooperative dairies.On/At line Milk Analysis (hygiene and safety) and Automation in Dairy Plants.Potential f()r RFlD Based animal identification and database management system.Potential 1,)1'Inli'astrueture development in Cold Milk Chain.

• The National Solar Mission (NSM) targets 20,000 MW of solar power capacity by 2022, extendedup to 1,00,000 MW now, which offers substantial opportunity for large power plants as well as off-grid applications. The NSM is a major initiative of the Government.of India and State Governmentsto promote ecologically sustainable growth while addressing India's energy security concerns.MoU signed with 5 CPSEs for setting up of .IVC for 4000 MW solar power project planned over 7years.

• Off-Grid projects for Rural Electrification.• Improved Renewable energy policy of Government of India, with generation based incentive, offer

opportunity in large MW size SPY Power Plants.Increase in demand of SPY systems in the urban areas including back up solution to address outagesdue to load shedding.

• Opportunity in SPY business in PSU, lndustry and Academic institutions fur their captive usc andCSR activities.

• Awareness on climatic changes, CDM benelits and fall in solar" cell prices offer opportunity forcustom built applications across rural, urban, industry segments.

Our stnltcg)'

We seek to further strengthen our position as a significant player with a forward-looking approach andfuture-centric growth strategy, REIL shall continue to make stfategic investments in Research &Development, Manuf~leturing Capabilities, Diversilication, Distribution, Marketing, Human ResourceDevelopment, project implementation capabilities and IT , in order to consolidate and expand its premierposition and ranking in the industry. To achieve these goals, we seck to:

• Expand the customer base by approaching the private sector organizations entering into dairyindustry and engaged in procurement of milk from the milk producer directly through their ownchannels.

• Address similar needs of neighboring countries, South Asia and AIi'ican region through structuredand organized efforts at overseas marketing.

• Develop/source products, to lill critical gaps in C2C, like SNF Tester, high-end milk/milk-productanalysis equipments. bacterial content measuring equipments, RFID based Animal identilieations &databasc management systcm, e-scaling, Vehiclc tracking system, SCADA, BMCs, MOTs cte.

• Make efforts through the R&D department fur improvement in the existing range, with objectives ofcost reduction; addition of features; and improvements in the performance; to maintain a eon)petitiveedge in respect ofteehnology, user-need fullillment and price competitiveness.

• Upgradation of existing product .i.e. DPU/SDPMCU.• Increase in Support services and business by adopting latest tools like Call center based complaint

management system, multi location Component Icvcl repair workshop, spreading service set up instructured outsourced mode.

• Identilication of sources & marketingltechnology tic-ups for low cost milk analyzer, high endequipments & milk cold chain.

• Development of market of SPY systems for community applications such as community drinkingwater, community lighting systems and eOlillllUnieations.

• Strategic partnership for procurement of raw material such as cells, EVA, Tedlars etc. fur timelysupplies, quality and quailtitative leveraging of prices.

• Vertical integration & Modernization of manufacturing facilities.

f) Outlook, Risks and Concems:

This section contains forward looking statements that involve risks and uncertainties. The following lists ouroutlook, risks and concerns:

• Intcrmiltent dip in market share due to competition li'om unreliable low cost Milk Analyzerma nu lacturcr/traders.Diverse paradigms in the Dairy Sector.Direct entry of past associate, FOSS Denmark, in the Indian Dairy sector.

• Gaps in product range and slower pace of upgradation impacting the market share in dairy sector.Dependence on competitors for Solar Cells.Entry/exit of new manufacturing units with ultra modern very high capacity crystalline cells and PVmodule manufacturing facilities, who have price advantage due to economics of scale.Entry/exit of new competitors with low-cost thin film technology PV module.

• Cut-throat competition in domestic as well as international market.Global fluctuation in availability of Silicon for solar cells.

• Substantial reduction in the prices of wafers, cells, modules and systems.• Wide volatility in exchange rates resulting in mismatching of input and output ratio as well as

postponement of purcbase decisions of the customers.Large Project business not picking up as expected.Continued dumping of modules by China, Taiwan etc., at very low prices.Inverted duty structure continuing making domestic manuhlcturing cxpensive compared to imports.We arc exposed to the risk offoreign currency exchange rate fluctuation.

• Changes in the policies of the Government ofindia or political instability could impede liberalizationof the Indian economy and adversely affect economic conditions in India generally, which couldimpact our business and prospects.

As the Indian economy continues to grow. tbe outlook I()r the sector is quite optimistic with ample marketopportunitics availablc for us.

g) Intemal contt-ol system and its adequacy:

Your Company has an elTcctive internal control and risk-mitigation systems, which are constantly asscssedand strengthened with new/revised standard operating procedures. Adequate internal control measures are inthe f(1I"Inof various codes, manuals and procedures issued by the management covering all critical andimportant activities viz. Purchase. Material, Stores, Works, Finance, and Personnel ctc. In order to ensuretbat all checks and balances are in place and all internal control system are in order, regular and exhaustiveinternal. audit of various divisions are conducted by finn of Chartered Accountants. ]nternal control systemensures complete compliance with laws, regulations, standards .and internal procedures and systems.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of theinternal control systems and suggests improvements to strengthen the same.

II) Risk management report:

Our Risk Management framework encompasses practices relating to identiEeation, assessmcnt. monitoringand mitigation of various risks to key business objective. Our risk management practices seek to sustain andenhance the long-term competitive advantage of the Company. Our core values and ethics provide theplatl()rm for our risk management practices. This system provides a ho.listic view of the business, whereinrisks are identiEed in a structured manner.

Risk management aims to ensure timely and prudent decisions to:

t

• Maximize positive impacts of opportunities.• Minimise ncgative impacts of risks.• Convcrt risks into opportunities.

Kcy componcnts of REIL Risl, managcmcnt fnllncwork: .

Risk Categorics- we have categorizcd the risk under following heads:

~ Stratcgy: Risks relating to thc strategies, we formulate on markets, resources and business model.~ Indush')': Risk related to the industry changcs including competitive structure, tcohnological

advancemcnt, economic environment and regulatory structure.~ RcsoUl"Ccs: Risk arising from inappropriate utilization of kcy rcsources such as human rcsource,

capital and infrastructure.';> Opcration: Risk rclatcd to operations of the Company such as acquisition of client, service delivcry

and business support activities.';> Countcrparty: Risk arising from our association with cntities likc clients, vendors etc.

Risk Managcmcnt I'racticcs- The key risk management practices include the following reporting process.

• Risk Identification and Assessment• Risk Evaluation• Risk Reporting and Disclosures• Risk Mitigation and Monitoring .• Integration with Strategy and Business Plan

Risks are govern cd by thc Board of Directors, Managing Director and the heads of concerned dcpartmcnts.

i) Analysis and Review

Thc Elcctronics & Info,'mation Tcchnology Division:

a) Elcctnlll ics:

The Electronics division is holding the most prominent position in thc Dail:y Industry through its Customerfocused approach by way of ensuring prompt products dcliveries and backup support. The' Division isperforming dairy business acquisition & cxecution activities. Besides achieving sales targets, the fllCUS of thedivision has bcen to satisfy its esteemed customers.

The division continuously prov.ides best services to its customer through deployment of aecuratc and rcliabletesting equipment at village level (milk collection eentrc in thc villagcs. This has helped the Company toobtain a trustworthy position among the milk producers. It has developed lot of trust in milk producers andthus REIL products has bceome a vital and critical equipment during all round growth of dairy industry.

Thc division achieved a turnover of Rs. 85.42 crore during the year 20 I4- J 5 and deploycd morc than 16000Milk analysis and automation solutions including Electronic Milk Testers (EMT), Electronic MilkAdultcration Tcster (EM AT), Milk Analysers, Auto-EMT. Automatic Milk"Collcction Units (AMCU), DPUbased MCU Raw Milk Reception Dock (RMRD). Vehicle tracking systems, Software j{)I' InventoryManagement of Veterinary drugs and Medicine for Department of Animal Husbandry, Gov!. of Rajasthan.

The Company achieved a cumulative deployment of 1,65,000 nos. Milk analysis solutions under dairy valuechain and over 16000 installations during the year- a significant improvemcnt of 10'Yc, in highly competitivemarket scenario.

The Company has emerged as Largest Solution provider under Natiol}al' Dairy Plan (NDP) with adeployment of about 3000 nos. AMCUs and DPU based MCUs from various Milk unions across thc country.

The division has also served an export order for SDPMCU to Bangladesh, and EMTs to Sri Lanka andEngland.

To address paucity of electricity in the milk producing rural areas. started embedding systems with solarpower and deployed 1305 nos. Solar-EMT at various co-operative' soeieties of COMFED, Bihar and morethan 500 nos. Solar DPU-based MCU in the state of Uttar Pradesh and Rajasthan.

The division has also started deplo)'ment of Electronic Milk Adulteration Tester (EMAT). It is an ideal lowcost solution to discriminate between genuineand spurious mille lt detects harmful adulterants sueh as Urea,Detergent Ammonium Sulphate, Salt (Sodium Chloride), Hydrogen Peroxide, Soda (Sodium bi Carbonate),Boric Acid, Caustic Soda, Liquid Soap, where in few adulterants are .harmful to human health. Theinstrument is suitable for Village Milk Collection Centres, Milk Chilling Centres, Dairy Plants and MilkTesting Laboratories. During the year so far 10 nos. have been installed in R~jasthan. For the first timeCompany has been awarded rate contract form GCMMF, Amul brand for supply of EMA T through biddingproccss against global players such as Foss etc. .

The division has been taking active part in activities such as workshops, seminars exhibitions etc .. related toimprovements! up gradation of milk collection processes thereby improving the milk quality in the dairyindustry.

Continued patronage for the Company product has placed REIL as a market, leader in Indian dairy Industries.This has brought a lot of advantage to our esteemed customer in terms of working on existing teehnology, upgradation of old technologies, developing new technologies, embedding"different technologies and thusfulfilling the gcnerating needs mainly for milk analysis. atomization'of milk collection, proccss, control andmonitoring, data management data analysis and control to achieve the overall aim of qualitative andquantitative produce of milk and milk products.

Thc customcr satisfaction is directly linked with the performance of the product To ensure uninterruptedfunctioning of the products, the division is giving due importance to ti'aining to customers on systcmopcration & maintenance. On-site training programmers have becn arranged for customers. 'fhe trainers arcalso given rcli'eshers periodically to update them. This not only upgrades the skill of employees but alsomotivates them to perform still better.

The division is in touch with the customers through its Regional Offices & Field Maintenance Centers,strategically located allover the country to provide after sales support. A Regional Coordination group hasbeen fi.mned at I-lead Quarters to provide prompt and backed up thelield network.

b) Information Technology:

The Company provided the services as State Lcvel Agcncy (SLA) to the Election Department, Rajasthan forthird consecutive year for Electoral Rolls Management Systems (ERMS) m"d Electoral Photo Identity Cards(EPIC) data management for around 4.27 Crore voters of the state of Rajasthan.

The Company had developed and delivered the application software modules - namely, Customer RelationsManagement, Loan Disbursement, Loan Recovery, Loan Rehabilitation, Land Records, Repayment, HumanResources, Payroll, Finance, Inventory & Stores and Legal Cases modules to the Rajasthan State LandDevelopment Bank Limited. The sofi.ware modules were developed by tbe Company lor the District levelPrimary Land Development Bank Head Offices and their Branch Offices"

The Company has also taken up the implemcntation of Application Software modules at Rajasthan StatcLand Dcvelopmcnt Bank Limited Hcad Officc and Regional Oflices. Thcsc modules were by dcvelopcd bythe Company.

Thc Company had also developcd and implcmcnted the Milk Collcction Tcrminals and its applicationsoftware for Andaman & Nicobar Islands Integratcd Dcvclopmcnt Corporation (ANIIDCO). Thc systcm hasbeen devclopcd for facilitating ANIIDCO for collectiOli of milk from individual farmcrs.

The Company has also acquircd thc tirst cvcr ordcr fi'om Rajasthan Livestock Development Board fordevelopmcnt of Wcb based Solution to cfficicntly monitor thc utilization of funds, Managemcnt ofInvcntory, and prompt communication through bulk SMS and cmail.

Thc Company has also exccutcd thc Corc Banking Solution (CBS) project for Apcx Bank Hcad Oflice,Regional Offices, DCCB Head Oflices and Branch Officcs, through Tata Consultancy Scrviccs Limited.

Thc Company further sustaincd thc growth of c-Lcarning solutions through its IT Gyan Kcndras in thc Statcof Rajasthan, as onc of the Program Support Agency (PSA) to thc Rajasthan Knowledgc Corporation Ltd.(RKCL), Jaipur.

Thc division also impartcd thc IT Industrial training I(lr the Engincering students of thc Computcr Scicncc,Information 'fechnoiogy and Electronic branchcs. '

Renewable I<:nergy& New Pm.iee! Division:

a) Renewable Enel'gy:

During thc ycar RIODivision achicvcd turnovcr of Rs. 136.86 crore in Rencwablc Energy Products.

Company has cxecuted a prcstigious order worth Rs. 128.33 crarc fram Department of Rural Dcvelopmcnt,Uttar Pradesh for Solar Powcr Packs J 20 Wp (LED bascd) for installation at 42833 nos. Lohiya Awas in 48districts of Uttar Pradcsh. During thc ycar Company has supplicd 29735 systems amounting to Rs 89.21Crarc.

RIO Division has also supplied, installed and commissioncd 158 nos. of 3.01-11' & 5.0 HI' SPY WaterPumping Systcms in Rajasthan undcr Horticulture Dcvelopmcnt Socicty, 241 nos. of SpV DC Surl'lceWatcr Pumping Systcms in Bihar undcr BREDA Project and 55 nos. of 3.0l-lp & 5.0Hp Spy ACSubmcrsible Watcr Pumping Systcms in Madhya Pradcsh undcr MpUVN Prajcct amounting to totalbusincss of Rs. 20.42 Crore.

Company has strengthcned its prescncc in Northern Statcs by supplying and installing IMWp SPY PowcrPlant at Shri Mata Vaishno Dcv,i Katra Railway Station under Northcrn.Railway amounting to Rs. 8.37Crare.

Company has cxccuted 164.45 KWp Grid Connccted Spy Power Plant at various building of InstitutionalCampus, RITES, Rohtak amounting to Rs. 2.32 Crorc.

Company cxplorcd business opportunity in CSR segmcnt and installed and commissioncd 48.96 kWp SpyPowcr Plant & 1406 nos. SPY Strect Lighting Systcms against ordcr rcceiVed hom CONCOR. Power Gridand GAIL (India) Ltd for thcir CSR activity amounting to Rs. 4.07 Crore.

Company is first onc to executc a prestigious pilot projcct J(lr Northcrn Railway, Delhi for Dcsign, Fixing,Supply, Installation. Testing ancl Commissioning 01'3.6 KWp SPY Power Pack on raofofNon- AC Coachto fullil its cnergy needs for lighting and fans.

Company has supplicd 106 nos. of I KWp spy Power Packs at Yarious Mcdical Sub Centers & other uscrsin the State of Rajasthan under RREC Schcmc of total Rs. 1.95 Crore.

Company exportcd the SPY Homc Lighting System and SPY Lantel:n amounting to Rs. I. I 2 Crore to aninternational NGO, Norwegian Church Aid (NCA) for elcctrification of ovcrscas remotc villages throughsolar encrgy systems.

In Isl Renewable Encrgy Global Investors mcct and EXPO, organizcd by Ministry of Ncw and Renewable,Energy" Government of India, Company has given .its commitment for sctting up O.I MW of Renewablcencrgy projects in its prcmises during thc 5 year period of 2015-19 and enhancement of its solar cell andsolar module manufacturing capabilities to the tunc of IOOMW by 2019.

As a part of green initiatives and to establish Cold Chain to promote hi-tech horticulture in rural areas, theCompany received an order form Rajasthan Horticulture Development Society (RHOS) for supply,installation and commissioning, of SPV Power Plant and SPY Pumps .in .Ihalawar district.

h) New project:

Thc Company initialed new Busincss in digital security solution in education sector and dcployed 143CCTY system covcring Examination halls, 34 Control rooms across all 33 District Education Officc,including Board of Secondary Education Head Officc. Rajasthan. An Order is also' received hom Universityof Rajasthan for CCTV systeills. The application is also replicated in two Mah.ila hospitals at .Iaipur tomonitor the n)ovcmcnt of persons and vehiclcs entering thc campus, on rcaltime basis.

Thc Company addrcsscd the necd of sccurity and surveillance in thc dairy value chain through devclopmcntof vehicle-tracking system (VTS) I'lr movement of Tankers. The same has been supplied and commissioncd,f'Jr around 100 vchicles ofthc .Iaipur Nagar Nigam that would Jncilitate designated .INN officials to monitorthc movcment of the Vchiclcs through the web portal. A similar order has been received for the tirst timefrom Transport Department to efficicntly manage the movcment ofRTO/DTO vehicles.

SYSTEMIC IMPROVEMENT

Improved the visibility and busincss presencc of the Company, achicved sales target while working forlarger territorial footprint, wider customer base and more high-value projects. The systcmic and project-oricnted disposition ensures all-round ((JCUS(financial, timeliness, cost controls, customer satisfaction etc.)to the task/large projects at hand to thc benefit of the organization.

I Annexure-AForm No. MGT-9

EXTRACT 0.1' ANNUAL RETURN{IS011 the finnllcial year ended on March 31 ~2015

[Pursuant to section 92(3) of the Companies Act 2013 and rule 12( I) of the Companies (Managementand Administration) Rules, 2014]

I. REGISTRATIaN AND aTHER DETAILS

I. CIN:- . U51395R.l1981G01002249

II. Registration Date 12th June, 1981

III.

IV.

V.

VI.

Name of the Company

Category / Sub-Category of the Company

Address of the Registered office and contact details

Whether listed company Yes / No

RAJASTHANELECTRONICS AND

. INSTRUMENTS LIMITED, Central Public Sector. Enterprise /Limited by shares2, Kanakpura Industrial Area,Sirsi Road . .Iaipur - 302012.TeI:+91141-2724968

: Fax:+91 141.2724960¥",,/No

- N.A.

As pcr Attaehmcnt I

As per Attachment L

As per Attachment A

As per Attachment B

As per Attachment CAs per Attachment DAs per Attachmcnt EAs per Attachment I'

As per Attachment G

As per Attachment .IAs per Attachment K

. As per Attachment H

VII. Name. Address and Contact details of Registrar and Trans"'rAgcllt~ if any

II. PRINCIPAL BUSINESS ACTIVITIES 0.1' THE CaMl'ANYAll the business activities contributing 10% or more of the total turnoverof the companyIII. PARTICULARS 0.1' HaLilING, SUBSIDIARY ANDASSaCIATE CaMPANIESIV. SHARE HaLDlNG PATTERN (EQUITY SHARI~ CAPITALBREAKUP AS PERCENTAGE 0.1' TaTAL EQUITY)i) Category-wise Share Holdingii) Shareholding of Promotersiii) Change in Promoters' Shareholdingiv) Shareholding Pattern of top ten Shareholders (other than Directors,Promoters and Holders ofGDRs and.ADRs)v) Shareholding of Directors and Key Managerial PersonnelV. INDlWTEDNESSIndebtedness of the Company including interest outstanding/accrued but'not due for payment~,~--------------------~------------VI. REMIJNERATlaN 0.1' DIHECTaRS AND KEYMANAGERIALPERSaNNELA. Relllll~lcratioll to Mannging ()irector~ Whole-time Directors and/orManager.B. Remuneration to other directorsC. Remuneration to Key Managerial Personnel other thanMD/MANAGER/WTDVII. PENALTIES / I'UNISHMI~NT/ Cal\1l'aUNlJlNG 0.1'aFFENCES

ATTACHMENT A

II. PRINCIPAL BUSINESS ACTIVITES OF THE COMPANY

All the business u('.ti"ities contributing ]WX. or more of the total tlll"ilOVer of the company arcgiven helow:-

Sr. No. Nn1l1c and Description of lila 111 NIC Code or the ~l 10 total turnover

prod lIcts/serv ices product/service *I. Dairy Agro Electronics Equ ipment 265 - Manufacture of 36.21

such as EMT. EM AT, DPMCU. Milk ll1easllring~ testing,Analyser, and AMCU navigating and eoiltrol

equipment .2. Solar I'holovoltaie System. 351- Electric power 59.70

generation, tra 11S III i$5 iOIland distribution

* As per Nathmallndus(rial ClassijicaliolJ- A4ini,\"'J)(~lSlalislies and Programme Implementatioll

ATTACHMENT B

Ill. PARTICULARS OF HOLDING, SUBSII>IARY ANn ASSOCIAJ:E COMPANIES

Sr. Name of Address CIN/GLN Holding / %01' ApplicableNo Compall)' or Subsidiary/ Shares section

Coml~ Associate held1. Instrum en tat iOIl .Jhalawar U29299R.J I964G0100 1174 Holding 51% 2(46)

Limited Road,Kota-324005

ATTACHMENT C

IV" SHARE HOLIJING PATTERN (Equity Share Capital B,"ealmp as percentage ofTolalEquity)

i) Catcgory-wise Sha,"e Holding

No. of Shares -held at the beginning of the year Nfl. (JrShar("s~hcld nt the l'ud nft!lr )'("11.- %or

(As on 01-04-2014) (As nn 31-03-2015) chllng{'

Category ofduringthe ycar

SllHrcholders DC111al Physical Tolal %of DCIl1 Physical Total °/0 oftolal nt totulshares slut res

A. Promoters

(I) Indiana)lndividoal/HUFb) Central Govlc) Siale Govl (5)

d) Bodies Corp. N.A. 12250000 12250000 100% N.A. 12250000 14250000 100% 000

e) Banks / 1'1I) Any Other.

Sub-Iolal (A) (I ):- N.A. 12250000 12250000 100% N.A. 12250000 12250000 100% 0.00

(2) Foreigna) NRls -Individoalsb) Olher Individuals . ,c) Bodies Corp.d) Banks / 1'1e) Any 01her.

Sub-Iolal (A) (2):- N.A. 0 0 0.00 N.A. 0 0 0.00 0.00.

TOTALSHAREHOLDINGOF PROMOTER N.A. 12250000 12250000 100% N.A. 12250000 12250000 100(10 0.00

(A) ~ (A)(I) + (A)(2),

Il. I'll hlicSharcholding

Lin st itu tioll S N.A. 0 0 0.00 N.A. 0 0 0.00 0.00

a) Mulual. Fundsb) Banks /1'1c) Central Gov!d) Stale Govl(s)e) Venture CapitalFundsf) InsuranceCompall iesg) Fils11)Foreign VentureCapital Fundsi) Others (specify)

Sub-total (B)(l ):- NA. 0 0 0.00 N.A. 0 0 0.00 0.00

2. Non-InstitutionsNA 0 0 0.00 NA 0 0 0.00 0.00

a) Bodies Corp.i) Indianii) Overseasb) Individualsi) Individualshareholdersholding nominalshare capital uplDRs. 1 lakhii) Individualshareholdersholdingnominnl shnreeapiwl inexccss of Rs IlakhcJ Others(speciFy)

Sub-Iota I (13)(2):-Total Public N.A. • 0 0 0.00 N.A. 0 0 0.00 0.00

Shareholding.

(13)=(13)( 1)-1-(13)(2)C. Shares held by N.A. 0 0 0.00 N.A. 0 0 0.00 0.00

Custodian forGDRs & ADRsGrand Total N.A. 12250000 12250000 100% N.A. 12250000 12250000 100% 0.00

(A-I-B-I-C)

A1'1'ACHMENT ()

IV. SHAHE HOLIlING I'ATTEHN (I''l"ity Sharc Capital nrcal",p as PCI"Cclltagcof TotalE'l IIit),)

ii) Shareholdillg ofl'''''lIIotcrs

SI. Shareholder's Shnrcholding at the beginning orthe Sharchnldillg at til(' elld or till' yearNo. Name year

(As 011 JI-03-211IS)

(As Oil 01-04-20 14)No. of %of °A,of No. of %of % of Shares % change ill

Sharcs total Shares Shares total Pledged I silarehclldillj!

Shares Pledged I Sharcs cncumberedduringlli(' year

oFthe cnclImbcrc of the to lowlcompany d company shares

10 tolalshares

I. Inslrumentat ion 6247500 51 - 6247500 .51 -

Limited

2. Rajaslhan Stale 6002500 49 - 6002500 49 -

IndustrialDevelopment &InvestmentCorporation Ltd.

Total 12250000 100 12250000 100

ATTACHMENT E

IV. SHARI, UOLIJING PATTERN (Equity Share Capital nreakup as percentage of TotalEquity')

iii) Change in Promoters' Sharcholding

SI Shareholding at the CUlIlulative Shal"eholdingNo. beginning of the year dudng the year

(As on 01-04-2(14) (01-04-2014 to 31-03-2015)No. of shares % of total No. of shares % of total

shares of shares of thethe cOlllpan)'

comnanyAt the beginning of the year 1.22.50,000 100 1.22,50,000 100

Date wise Increase / Decreasein Promoters Shareholding during the yearspecifying the reasons for - - - -

increase / decrease (e.g.allotment / transfer / bonus/sweat equity etc)At the End of the year 1.22,50,000 100 1.22,50,000 lao

Note: There is no change in/he 10(0/ shareholdil1g ojpro11/ofers befll'een 0/-04-2014 and 3/-0j-20/5

ATTACHMENT I'

IV. SHARE UOLI)(NG PATTERN (I'quity Share Capital Breakup 'IS percentage of TotalEquity)

iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders ofGDRs and ADRs)

Cllillulntivc Sharcholdillg duringthe year

SI.No

For Each ofthe Top HIShareholdersAt the beginning of the yearDate wise Increase / Decreasein Share holdingduring the year specifying thereasons for increase!decrease (e.g. allotment /transfer / bOil us / sweat equityetc):At the End ofthe year ( or onthe date ofseparation. ifseparateddurin' the xear

Shareholding at thebeginning ofthe yearNo. of shares % of total

shares of thecompan)'

No. of' shares

NIL

% oftot,,1 sh"resofthe company

ATTACHM.ENT G

IV. SHARE HOLDING PATTERN (Equity Share Capital BI'eakup as percentage ()f TotalEquity)

v) Shareholding of Directors and Key Manageriall'ersonnel

SI.No

Shareholding at the beginningof the year

(Rs. in Lacs)Cumulative Sharcholding during

/

the year

For Each ofthe Directorsand KMI'At the beginning of the yearDate wise Increase I Decreasein Share holdingduring the year specifying thereasons for inci-case Idecrease (e.g. allotment /transfer I bOllus I sweat equityetc):At the End ofthe year

ATTACHMENT H

V. INDEBTENDNESS

No. of shares % of total No. of sharesshares of thecompany

NIL

0/0 of tota I sharesofthe com pan

ludebtedness of tbe Company including interest outstanding/accrued but not due for payment

Indebtedness at tbe beginniug ofthe financial year.i) Principal Amountii) Interest due but not paidiii) Interest accrued burnot dueTotal (i+ii+iii)Change in Indebtedness duringthe financial year• Addition• ReductionNet Chan eIndebtedness at theend of the financial yeari) Principal Amountii) Interest due hut not paidiii) Interest accrued but not dueTotal (i+ii+iii)

Secured Loansexcludingde osits

UllsecuredLoans

NIL

Deposits.(Rs. in Lacs)TotalIndebtedness

/

ATTACHMENT I

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. nCllluncration tnManaging Dil"cehi •., Whole-time Directors and/or ,Manager:

(Rs. in Lacs)

Namc of TotalSI. Particulars of Remuneration

MD/WTDI Amount

110. ManagerShri A.K .Jain

I. Gross salary

(a) Salary as per provisions contained in section 21.41 21.4117( 1) of thc Incomc-tax Act, 1961

(b) Value ofpcrquisitcs uls 17(2) Incomc-tax 1.69 1.69Act, 1961

(c) Profits in lieli of salary under section 17(3)Income-tax Act, 1961

2. Stock ODtion - -3. Sweat Equity - -

4. COIllIll issioll - -- as % of prolit- others, specify ...

5. Others, plcasc specify - -

Total (A) 23.10 23.10

ATTACHMENT .J

VI. REMUNERATION OF DIRECTORS AND KEY MANAGEIUAL PlmSONNEL

B.Remuneration to other directors:

(Rs. in Lacs)

SI. Particulars of Remuneration Name of Directors Totalno. Amount .

Shri M.L. BhargavaI. Indepcndcnt Dircctors

• Pee forattcnding board I committee 0.33 0.33

meetings• COlllmission• Others, plcase speeily

Total (1) 0.33 0.33

2. Other Non-Exeeutive Directors Nil Nil• Fee for attending board / cOlllmitteemeetings• COlllmission• Others, please specifyTotal (2) Nil NilTotal (Il)=(1+2) 0.33 0.33Total MallHt!crial H.clI1uneration 23.43

ATTACHMENT K

VI. REMUNlmA TlON OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

C. REMUNERATION TO KEY MANAGIOHIAL PERSONNEL OTHER THANMD/MANAGER/WTD

(I~s. in Lacs)

SI. Particulars of Remuneration Key Managerial Personnel110.

CEO cro Company Total(Shri Suhhash SecrctaryAgrawal) (Amit K.

.Ia in)I. Gross salary

(a) Salary as per provisions contained in

of thc.

section 17( I) Income-tax Act,1961 14.86 4.80 19.66(b) Value of perquisites u/s 17(2)Income-tax Act, 196 t(c) Profits in liell of salary under section17(3) Income (ax Act, 1961 Not

2 Stock Option Applicahle - - -

3 Sweat Equity - - -4 Commission - - -

- as % of profit- others, specify.

5 Others, please specify - - -Total 14.86 4.80 19.66

ATTACHMENT L

VII.I'ENALTms 1 PUNISHMENTI COMPOUNDING OF OFFENCES

Type

OTlumOFFICERS INIlICFAULTPenallyIlunisl1mcn!C01ll10Unding

Section of theCompanies Act

BriefDescription

Details orPCl1<llly /punishment Icompoundingfees illl osed

NIL

Authority (I(DINCLTI COURT)

Appeal made.if any (givedetails)

Annual Report on Corporate Social Responsibility (CSR) activities for the financial year 2014-15

Annexure-B

1. A brief outline of the Company's CSR Policy including Corporate Social Responsibility 10 RElL IS a continuingoverview of projects or programs proposed to be commitment to behave ethically and contribute to harmonious andundertaken and a reference to the web-link to the CSR sustainable development of society and planet through business,Policy and projects or programs. while improving the quality of life of the community and the

society.

A gist of the programs that the Company can undertake under theCSR policy is mentioned on Company's website.

2. The composition of CSR Committee. Shri M.L. Bhargava, ChairmanShri A.K Jain, MemberShri Prakash Tekwani, MemberShri A. Muralidhar, Member,

Average net profit of the Company for last three financial Rs. 1952.l6LacsJ.years

4. Prescribed CSR expenditure (two percent of the amount Rs. 39.05 Lacsmentioned in item 3 above)

5. Details of CSR spent during the financial year:. a. Total amount to be spent for the financial vear Rs. 39.20 Lacs

I b. Amount unspent, if any Nilc. Manner in which the amount spent during the financial Attachedyear

DETAILS Of AMOUNT SPENT ON CSR ACTIVITIES DURING THE fiNANCIAL YEAR 2014-15

(In Rs.)

I 2 3 4 5 6 7 8S. No. CSR PROJECT SECTOR IN PROJECTS OR PROGRAMMES AMOUNT AMOUNT SPENT CUMULATIVE AMOUNT SPENT:

OR ACTIVITY WHICH THE OUTLAY ON THE PROJECT EXPENDITURE UP DIRECTORIDENTIFIED PROJECT IS (I) LOCAL AREA OR OTHER (BUDGET) OR PROGRAMMES TO THE REPORTING THROUGH

COVERED PROJECT OR SUBHEADS: PERIOD IMPLEMENTING(2) STATE OR DISTRICT PROGRAMME (I) DIRECT (In Rs.) AGENCYWHERE PROJECTS OR WISE EXPENDITURE ON (In Rs.)PROGRAMME WAS (In Rs.) PROJECTS ORUNDERTAKEN PROGRAMS

(2) OVERHEADS (InRs.)

I. Deployment of Dist. Jaipur, Chittorgarh,Solar Power Renewable 27,82.747/-System Energy/ Solar

Dungarpur, laHore, Karoli, 31.65,000/-(14 Nos.)

27,82.747/- Direct

(1.12 Kwp)Sawaimadhopur Rajasthan

2. Organ ized FreeMedical/ 1,97.654/-

DirectMedical/Health

HealthDist. Jaipur, Rajasthan 2,50,0001-

(5 Nos.)29,80,40 II-

Camp3. Deployment of Direct

Solar Power Renewable Dist. Jhalawar, Rajasthan 5,00,000/-8,99,898/-

38,80,299/-System Energy! Solar (2 Nos.)(2.24 Kwp) .

4. Deployment of DirectSolar

Solar EMT Rajasthan 50,0001.40,4301-

39,20,729Electronics Milk (I Nos.)Tester (EMT)

6. In case the Company has failed to spend to two percent, of the average net profit of the latest three financial Years or any part thereof, the

Company shall provide the reasons for not spending the amount in its Board report.

The Company has spent two percent, of the average net profit of the latest three finaneialyear.

7. The Responsibility Statement of the Corporate Social Responsibility and Governance (CSR&G) Cornmittee of the Board of Directors of the

Company

'The implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with CSR objectives and policy of the

Company."

Sd/.(Managing Director)

Sd/-(Chairman ofCSR Committee)

r'

COMIVlIi:NTS OF THl~ COMPTROLLER AND AlJl)lTOR GENERAL OF INDIAlIND1~H Sl!:CnON 1.43(6) (b) Of THE COMPANIES ACT, 2013 ON THE FINANCIALSTATEMI!~NTS OF RA,JASTHAl'l ELl~CTRONICS & INSTRUMENTS LIMITED FOH

TJlI~ YI~AH J~NDI~I) 31 MARCH 2015.

The preparatiou of Jlnancial statements of Rajasthan Electronics & Instruments Limited

Ior the year ended 31 March 20 IS in accordance with the financial reporting framework

prescribed under the Compnnies Act, 2013 is the responsibility of the management of the

company. The statutory auditor appointed by the Comptroller and Auditor General of India under

Section 1J9(5) of the Ad is responsible for expressing opinion on the financial statements

under section .143 of the Ad based on independent audit ill accordance with the stalldarc\s on

,l\1dit ing prescribed under section 143(10) of the Act. This is stated to have been done by them

vide their Audit Report elated Aug\lst20, 2015.

1,011 behalf of the Comptroller and Auditor General of India, have decided 110\\0 conduct

the s\lpplelllelllnry audit of the financial statements of R,\jasthan Electronics & Instruments

Limited [or the year ended 3J March 2015 and as such have no comments 10 make under section

l<ll(6)(b) orlhe Acl.For and on the behalf of the

Comptroller & Auditor General of India

(SUI urun Dch)Principal Director of COllllllercial Audit& ~~x-orficio Memher, Audit Uoanl-ll,

New Delhi

Place: New DelhiDale: 04.0Y.2015

/

Auditors' Report

To the Members ofRAJASTHAN ELECTRONICS & INSTRUMENTS LTD.,JAIPUR.

Report on the Financial Statements

1. We have audited the accompanying financial statements of RAJASTHANELECTRONICS & INSTRUMENTS LTD. ('the Company'), which comprise theBalance Sheet as at March 31St, 2015, the Statement of Profit & Loss and the CashFlow Statement, for the year then ended, and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statement2. The Company's Board of Directors is responsible for the matters stated in

section134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial position,financial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India, including the Accounting Standards specifiedunder section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design, implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditors Responsibility3. Our responsibility is to express an opinion on these financi<;llstatements based 011 our

audit. We have taken into account the provisions of the Act, the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. INe conducted our audit inaccordance with the Standards on Auditing, issued by the Institute of CharteredAccountants of India, as specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal financial control relevant to the Company'spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and effectiveness of such controls. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors, as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31st, 2015, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order, 2015 ("the Order") issued bythe Central Government of India in terms of sub-section (11) of section 143 of theAct, we give in the Annexure 1 a statement on the matters specified in paragraph~ 3and 4 of the Order.

2. As required by Section 143(5) of the Act, we give in the Annexure-II the directionsand sub-directions issued by the Comptroller and Auditor-General of India, the actiontaken thereon and its impact on the accounts and financial statement of theCompany.

3. 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 bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act. read with Rule 7 of the Companies(Accounts) Rules, 2014;

(e) Being a Government Company, pursuant to the Notification No. G.S.R. 463(E) dated5th June, 2015, issued by the Government of India, provisions of sub-section (2) ofsection 164 of the Act is not applicable to a Government Company.

(f) 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 ouropinion and to the best of our information and according to the explanations given tous:

I. The Company has disciosed the impact of pending litigations on it financialposition in its financial statements- Refer note 26(1)(b) and 26(3)(a) & (b);

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

III. There has been no delay in transferring amounts, required to be transferred, tothe Investor Education and Protection Fund by the Company.

forJ.N. GUPTA & CO.Chartered Accountants

Place: JaipurDate : 20.08.2015

Sd/-ICA Jag Mohan Gupta)

M. No. - 071531Firm Reg.No.006569C

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

Re: Rajasthan Electronics & Instruments Ltd. (the Company)

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

(b) All fixed assets were physically verified by the management in the previousyear. No material discrepancies were noticed on such verification.

(ii) (a) The management has conducted physical verification of inventory during theyear.

(b) The procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of theCompany and the nature on its business.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the Company hasnot granted any loans, secured or unsecured to companies, firms or otherparties covered in the register maintained under section 189 of theCompanies Act, 2013. Accordingly, provisions of clauses 3(iii) (a) and (b) ofthe Order are not applicable to the Company and hence not commentedupon.

(iv) In our opinion and according to the information and explanations given to us,there is .an adequate internal control system commensurate with the size ofthe Company and the nature of its business, for the purchase of inventory andfixed assets and for the sale of goods. During the course of our audit, we havenot observed any major weakness or continuing failure to correct any majorweakness in the internal control system of the Company in respect of theseareas.

(v) The Company has not accepted any deposits from the public.

(vi) As per GSR 01(E) dtd. 31.12.2014 (Cost Audit & Record Rules, 2014), CostAuditor is not required to be appointed uls 148 of the Companies Act, 2013 forthe financial year 2014-15.

(vii) (a)

/

The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund, employees' stateinsurance, income-tax, sales-tax, wealth-tax, service-tax, custom duty, exciseduty, value added tax, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed.amounts payable in respect of provident fund, employees' state insurance,income-tax, sales-tax, wealth-tax, service-tax, custom duty, excise duty, valueadded tax, cess and other material statutory dues were outstanding, at theyear end, for a period of more than six months from the date they becamepayable.

(c) As per the information provided to us, the details of disputed statutory dues,which have not been deposited with the respective authorities, are as under:

Name Nature of Disputed Period to which Forum where

of Dues Amount the amount dispute is

Statute (Rs. in lac) relates pending

Central Service 3.82 F.Y2009-1 O(Vide Commissioner -

Excise Tax order dtd24-7-12) (Appeals),Jaipur

Act

Income Income 0.24 F.Y2007- 08 Commissioner of

Tax Act Tax . 35.30 FY.2008 - 09 Income Tax

22.97 FY2011 - 12(Appeals)

(d) According to the information and explanations given to us, no amountrequired to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act, 1956 (1 of1956) and rules made thereunder.

(viii) The Company has no accumulated losses at the end of the financial year andit has not incurred cash losses in the current and immediately precedingfinancial year.

(ix) Based on our audit procedures and as per the information and explanationsgiven by the management, we are of the opinion that the Company has notdefaulted in repayment of dues to banks. The Company did not have anyoutstanding dues in respect of a financial institution or debenture holdersduring the year.

"'

(x) According to the information and explanations given to us, the Company hasnot given guarantee for loans taken by others from Banks or FinancialInstitutions during the year.

(xi) The Company has not taken term loans during the year and there is nooutstanding as on Balance Sheet date on this account.

(xii) Based upon the audit procedures performed for the purpose of reporting thetrue and fair view of the financial statements and as per the information andexplanations given by the management, we report that no fraud on or by theCompany has been noticed or reported during the year.•

forJ.N. GUPTA & CO.Chartered Accountants

Place: JaipurDate : 20.08.2015

Sd/-( CA Jag Mohan Gupta)M. No. - 071531

Firm Reg.No.006569C

Annexure-II to the Independent Anditor's Heport under section 143(5) of the Act.

(Referred 10 in ollr report of even date to the members of Rajasthan Electl:onics &Instrumcnts Ltd. as at and for the

year ended 31 ~lMarch. 2015.)

(A) Direetious

(I) The Company has not been selected for disinvestments in 2014-15, thereby there is no

st'atus report valuation of assets and liabilities which needs to be examined.

(2) The Company has not waived/written-ofT any debts/loan or in;~rest during the year under

considerat ion.

(3) The Company has maintained adequate records in respect of inventories lying with third

parties and the Company has not received any assets as gill Ii'om Government or other

authorities.

(4) Based on the audit procedures performed by us and as per the in1(JrInation and

explanations given to us, out of total 20 legal cases outstanding as OIi 3151 Marcil, 20 IS, 14

cases are pending for more than 3 years.

To the best of our knowledge and belief and according to the inlormation and explanations

given to us, Services of legal counsels are availed by the Company depending upon the

nature of disputes and considering that a favourable outcome would emerge based on the

legal stand taken and merits of the case. Appointment of legal counsels is governed hy

Company's Delegation of Power's and thus the monitoring mechanism of expenditure on

legal cases is effective.

(B) Sub-Directious

(I) Based on the audit procedures performed by us and as 'per the information and

explanations given to us, the Company has clear title deeds for lease hold land.

(2) The balance confirmation letters were available in case of the balances with the banks and

bank loans and the same arc reconci led.

As regards balance confirmation relating to trade receivables and trade payables despite the

Company sending the balance conlinnation letters, receipt of confirmation of balances is very

insignificant and no material differences were noticed. Refer Note No. 26(5) of financial

statements in this regard.

(3) The deposits/advances made by the Company to the Customs, Excise, Incomc tax, Sales

tax (VAT), Service tax and other authorities have been verificd and reconciled with the

respective authorities. However, tax rel~lI1ds from Government authorities are subject to

confirmation which also been disclosed in Note No. 26 J(b) and (3) of Financial Statements.

(4) 13ased on the audit procedures performcd on test chcck basis for thc purpose of

verification of information/inputs furnished by the Company to Actuary. viz. number of

employees, average salary, retirement age ctc. and no material discrepancies were noticcd.

Assumptions made by Actuary rcgarding Salary Escalation Rate & Attrition Rate is as

advised by the Company. Based on the audit procedure performed on test check basis on the

data givcn by the management' and according to inf()rmation and explanation givcn by the

managcment, the said assumptions appear to be reasonable.

RAJASTHAN ELECTRONICS & INSTRUMENTS LIMITED

BALANCE SHEET AS AT 31st MARCH, 2015

.-----_ ....._------------------------------------------------_._.-----------------_. __ .-------------------_ .._---_ ...--------------------------_.-------------------_._. __ .-.

PARTICULARS Note

No.

AS AT

31.03.2015

(In Rs.)

AS AT

31.03.2014

(In Rs.)

--_._-------._----.-----------------------------------------_ .._-----------------------_._--------_._------_.--------------------------_.- ..---------------------------_._---

3 122500000 122500000

4 821923880 704582759

5 55108761 59071145

6 81710581 24045031

7 629500111 880888878

8 59812836 330841492

9 46478886 51302527

1817035055 2173231832TOTAL

EQUITY AND LIABILITIES

1) Shareholders' Funds

a) Share Capital

b) Reserves and Surplus

3) Current Liabilities

a} Trade payables

b) Other current Liabilities

c) Short-lerm provisions

2) Non-Current liabilities

a) Deferred Tax Liabilities (Net)

b) Other long term liabilities

10

215591471 226635141

1894384 2100000

1489305 499134

11 2421711 2671316

12 11472666 73985473

13 174071457 114203010

14 1176757714 1314979283

15 182702567 385422813

16 50633780 52735662

1817035055 2173231832

2) Current assets

a) Inventories

b) Trade receivables

c) Cash and Bank Balances

d) Short-term loans and advances

TOTAL

II ASSETS

1) Non-current assets

a) Fixed assets

i) Tangible Assets

ii) Intangible Assets

iii) Capital Work in Progress

b) Long-term loans and advances

c) Other Non-current assets

The Notes No, 1 to 26 are an integral part of these Financial Statements

Sdf-

(Amit Kumar Jain)

Company Secretary

Sd/-

(Subhash Agrawal)

AddI.Gen.Manager(Fin.)

Sdf.

(SanJay Solankl)

Director

Sdl-

(A.K. Jain)

Managing Director

This is the Balance Sheet referred to

in our report of even date.

For & on behalf of J.N. Gupta & Co.

Chartered Accountants

FRN 006569C

Place: Jaipur

Date: 20.08.2015

Sd/-

Jag Mohan Gupta

Partner

Membership No. 071531

RAJASTHAN ELECTRONICS & INSTRUMENTS LIMITED

STATEMENT OF PROFIT & LOSSFOR THE YEAR ENDED 31st MARCH, 2015

._.~-.--------~----_._---_.__ .--~------_._-_.__.__ ._-------------------.------------_._-------------------_ .._.---------------_.-------------_._-_.------------------_ ..-----PARTICULARS Note

No.

Year Ended

31.03.2015

(In Rs.)

Year Ended

31.03.2014

(In Rs.)

_._----------_._._--------_.----------------------------_ ..._-_ ..._.-----------------_.--------_._-------_ ...---_._-------------------------------------------------_ ..----_.

II

III

IV

CONTINUING OPERATIONS

Revenue from Operalions(Gross)

Less: Excise Duly

Revenue from Operations(Net)

Other Income

Total Revenue (1+11)

EXPENSES

Cost of Malerials consumed

Change in inventories of finished goods & Work-in-progress

Employee Benefits Expenses

Finance Costs

Depreciation

Other Expenses

Total Expenses

17

18

19

20

21

22

10

23

2244040995

16637582

2227403413

22453009

224'9856422

1441607061

(60843626)

227419357

9136912

174874.'8

405494705

2040301827

2159720488

16389811

2143330677

29158192

2172488869

1362104184

1620788

223050322

9055971

16701197

361178458

1973710920

V ProfiU(Loss) Before Tax

VII ProfiU(Loss) for the period

VI

VIII

1

2

Tax Expenses

Current Tax

Deferred Tax

Earnings per Equity share.of face value of Rs. 10/- each

Basic

Diluted

24

5

25

209554595 198777949

67618070 53230740

(2583142) 9758551

144519667 135788658

11.80 11.08

11.80 11.08

The Noles NO.1 to 26 are an integral part of these Financial Statements

Sdf.

(Am it Kumar Jain)

Company Secretary

Sdf-

(Subhash Agrawal)

Ad d t.Gen. Ma nager(Fin.)

Sdf-

(Sanjay Solanki)

Director

Sd/-

(A.K. Jain)

Managing Director

Place: Jaipur

Date: 20.08.2015

This is the Statement of Profit & Loss referred to

in our report of even date.

For & on behalf of J.N. Gupta & Co.

Chartered Accountants

FRN 006569C

Sdf.

Jag Mohall Gupta

Partner

Membership No. 071531

\

CASH FLOW STATEMENT FOR THI, YI,AR ENDL'D 31s1 M/\RCH. 2015

31.03.2015

(In Rurccs)

31.03.2014

(A) Cash Flnw fmlll Opcl'ating Al~ti\,itjcs

Profit hcfi))"c tax

Adjustments for:

Depreciation and umortisation

Interest and IillnllCC charges

(Prolil)/Loss on sale of fixed /\sscls(nct)

Loss 011 written orf of fixed assets

Interest Income

Operating Profit Before Working Capitul Chunges

(1Ilcrcasc)/Dccrcasc in Inventories

(Incrcasc)/Dccrcasc in 'rmdc Receivables

(I tlcrcasc)/Dccrcasc in Short tcrm loans & advances

(IJccn:asc)/Jncrcasl.: in Short 'I'crln BOITO\\'il1gS

(Dccrcasc)/Incrcasc in Trade payuhlcs

(Dct:rcasc)/Incrcasc in Oiher Current Liahilities

Cash gcnenlted from Opel"atiolls

Im;mnc taxes paiJ(nct)

Net Cash li'om operating at:li"itics (A)

(B) Cash now fnHIl invcsting llcti"jtics

Purchase of"Fixed Assets

Sale proceeds or Fixed Assets

Imerest r llcome

Net Cash from investing activities(lJ)

(C) Cnsh flow fnull filllHlc,ing 11Cti\'itics

([)ccrease)/lncrcasc in Long Term borrowings

(Det.:rease)/Inr.:rcasc in Other Long 'rcrm I~iabilities

(Incrcasc)/Dcr.:reasc in long term loans <Intiadvances

(Incrcasc)/Dccrcase in Gtller N(lll CliITC11tAssets

Paymcnt or intercst & linance charges

Dividend raid

Dividend tax raid

Net Cash 11.0111 financing activitics(C.)

(D) Net inerC,lSCin Cash & C<lsh cquivalcnts (!\+I3+C)

(E) Cash & 01Sl1 equivalents <lS at the beginning offhc year

(F) Cash & Cash equivulents as utthc end orlhc ycar*

CompOllcnts OrCaSll & Cash Eqllivalcnts

(a)Cnsh l~ Cash ECluiVlllcnts

Cush on I-land

Balances with Hank(s)

.In current a/c

-In Bank Deposits ",ith maturity less than 3 months.

(h)Othcr Blllll< Ba1am'C's

-In Bank Deposits with maturity less than 12 Illonths.

Cash und Cash Equivulcnts as ut the end or the yeur(Rcfcr Note-IS)

20.95.54.595

1.74.87,418

91.36.912

(1.20,214)

1.53.040

( 1,58.04.894)

22.04.06.857

(5,98.680447)

13.82.21.569

21.01.882

(25.13.88,767)

(27,10.28.656)

(22.15.55.562)

(7.2404 1,711)

(29.39.97,273 )

( 1.14.63,(79)

1,44.762

1.58.04,894

44.85.977

5.76.65.550

2049,605

6.25.12.807

(91.36,912)

(2,0904 1.0(6)

(35.58.934)

R.67.91.050

(20,27,20,246)

38.54.22.813

18.27.rJ2.567

15.12.542

4.39.77.240

13.72.12.785

18,27,02.567

19.87.77.949

1.67.01.197

90.55.971

( 1.747)

1.91.R20

(2.24.1 1.1 13)

20,23.14.077

(3.15.58.327)

(5{08.3Y.648)

(1.81.76.709)

(49048.728)

54,99.530458

23.29.570499

39,97.r11,622

18.29,870455)

31,67,14,167

(32.64,335)

6,000

2.24.11.1 i3

1.91.52.:7X

(42.85.rlOO)

1.41U J.I 8 I

(9,954)

(6040.86,918)

(90.55,971 )

(2.J19A I.rJ(6)

(35.58.934)

(8.79,06.672)

24,79,60,273

13.74.62.5'10

38.54.22.8 1.1

5.71,244

7.95.92.961

10.00.000

30042.58.608

38,54.22.813

_._~-_._.

,

Notc: All figurcs in IH"a('kets m'c outflows

• Cash and ensh equivalcnts at the cnd of the year indudcs hank tcrm deposit reccipts of Rs. 963.98 Lacs (prcvious Year Rs.

3053 Lacs) which have heen pledged ns sccurity ",ith thc Bank against Overdrall, Guarantee and Leller or Credit facility

provided hy Bank on behulrofthc Company. this amoLint is not available j(Jr lISC by thc Company.

• Refer point NO.18 of No Ie 26 for CSR expenses.

The Notes No. I to 26 arc un intcgml pari orthcsc Financial Statements

Sd/-

(Amit Kumar .lain)

Company Secretary

Sd/-

(Suhhash Agra\\al)

Addl.Gclleral Manager(Fin.)

Sd/-

(Sanjay Solanki)

Director

Sd/-

(A.K . .I"in)

Managing Director

Place: .Iaipur

Dale: 21l.IlS.20 15

This is the Cash !lo\\' statCl1lent

. rererrcd to in our report of' even date.

For & on hehalf ofJ.N. Gupta & Co.

Chartered Accountants.

FRN IlO(,569C

Sd/-

(Jag Mohan Gupta)

P<Jrtner

Membership No. 071531

Notcs forming part of thc Financial Statcmcnts for thc Ycar cnded 31" March, 2015

(l)CoqlOn,tc InronnaljulI:-

Rajasthan Electronics & Instruments Limited, Jaipur (REIL) is having registered office at 2, Kanakpuni Industrial Area,

Sirsi Road, Jaipul". The Company is a joinl venture between the Governmcntof India and Government of Rajastllan

through Instrumentation Ltd., I<ola and Rajasthan State Industrial Development and Investment Corporation Ltd., Jaipur

(RIICO) with share holding of 51% <lnd 49lYo respectively. The Company WllS incorporated in Ith June, 1981 falls uncler

the administrative control of Ministry of I-Ieavy Industries and Public Enterprises, Government of India and is a Mini

Ratn3 PSU. REIL is in the business of Electronic Milk Analysers and Solar Energy Equipment with minor interest in

Wind Power. Information Technology and Ilidustrial Electronics. Products of the Company are meant f()r'lhe ruml sector

and are directly instrumcntal in socia-economic uplif1ment of rural masses.

(2) Signifil'unt Accollllfing Policies

IAI Hasis of Accounting unci Prcpnnttion: -

The financial statements of the Company have been prepared and prcsented ill accordance with generally accepted

accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply with all

material respects with the accounting standards specified under section 133 of the Comp,mics Act 2013. read together

with Rule 7 of the Companies (Accounts) Rules. 2014, The financial statements' havc been prepared all an accrual basis

and under thc historical cost convention. The accounting policies adopted in the preparation of financial statement are

consistent with those of previous year except for thc change in (lccounting policies explained below.

All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle ,md

other criteria sct out in Schedule III of thc Companies Act. 2013. Based all the l1ature of products, the Company has

ascertained its operating cycle to be 12 months for the purposc of current I non.current clnssificatioll of assels and

liabilities.

IIlILJsc ofestimatcs:-

The preparation of filwncial statements in conformity with gcnerally acccptedaeCOlltlting principles requires estimates

and assumptions to be made that affect the reported amounts of assets and liabilities on the date of lhe financial

stntclllents and the reported amounts ofre-vellues and expenses during the repol1.ed period. Future results could difrer due

to these estimates and the differences between actual results and estimates are recognised in the period in which the

results are known/material ized ill thc financial statemcnts and if material. their eITects arc disclosed in notes to accounts,

ICI Rcvcnuc n.el~()gnifioll: -

Revenue is recognised on accrual basis 10 the extent it ;s probable that the econ'omic bencfits will now to the Company

and the revenue can be reliably measured.

(i)Snle of Goods: -

Revenue from sale of goods is recognised whcn the significant risks and rewards of ownership of the, goods are

transferred to till;?customer and is stated net of sales tax and sales returns. Export sales are staled at FOB value.

(ii)Service. M:lintenancc. Charges "-~ installation: - Revenue fi'om these activities are booked, based on agreements

larrangements with concerned parties.

(iii)Jntcrest: - Revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate

applicable.

(iv)lnsuntnce Clnims :- Insurance claims arc account,ed for when settled.

IDI ExpcndHu,'c: - Expenses arc accoullted for all accrual basis <lnd provisions arc made for all known losses and

liabilities. Purchases arc accoullted all the basis of Goods Received Note (GRN).

IEI Fixed assets: - Fixed a'Ssets arc stated at cost less accumulated depree-iation. Cost comprises the purchasc price

and any attributable cost of bringing the assets to its working condition for its intended use.

• The cost of technical know. how is capitalized as intangible assels and depreciated on the basis of their estimated life

evaluation made by technical experts.

• Leased assets arc capitalized nt actual cost less subsidy received I receivable

"

I FI Ch:lI1ge in Accounting I'olicics: -

I. I)cp,'ecialion: -

(i) Depreciation on fixed assets: From the current year. S'chedulc XIV of the Companies Act., 1956 has been

replaced by Schedule II of the Cnlllptlnies Act, 2013. Due 10 such change, depreciation is being provided as

given below:

(a) Uscful l...i\'cs/Depl"ed:tlion Rates

Schedule" of the Companies Act. 2013 prcscribes useful lives of the assets and the deprecitltion is being

provided on the straight line method as per their useful lives prescribed in Schedule II of thc Companies Act,

2013.

(b) Asse1s fOI":t value not exceeding u.s. :'iOOO/-Depreciation on 'fixed assets of costing up to RS.5000 has beeli provided at the rate of 95% keeping 5%

residual value of assets in books of accounts.

(ii) Depreciation on additions to assets or 011 salcldiscardlllcllt of assels is calculated all pro-rata basis from the date

of such tldditioll as per Goods Received Nole (GRN)/put to use or up to the date of sllch sale / discardlllcnt, as

the case may be.

(iii) Cost of lease hold land of Factory premises is amortized over the period of lease i.e. 99 years, however land

situated at Mallsarovar . .laipur, has not beell a11l0'1~zed.

H. Employee Benefits: -

(i) The employcc's Gratuity Fund Scheme, which is d~fincd hencfilplan, is managed by Trust maintaincd with

Life Insurancc Corporation of India (Ue). The linbilitics with respect to Gratuity Plan arc determincd by

actuarial vnluation on projected unit credit method on the balancc sheet date, based upon which the Company

contributes to the Group Gratuity Sche.lllc. The difference, ifany. between the actuarial valuation of the gratuity

of cmployees at the year elld and the balancc of funds with Life Il1sura'nce Corporation of India is provided for

as assets/(liability) in the books. Actuarial gains/(Iosses) for defilled benefit plans are recognized in-full lind are

iml\lCdiately takelll0 fhe statement of profit and loss and are not deferred.

(ii) From the current year as per the requirement of AS-IS, the Company provides for employees bene lit in the

form of earned leave. half pay leave (compensated absences). The Company's liability towards such defined

benelit plans is determined based on valu,ltiolls, as at the Balance Shect date, made by indepcndcnt actuaries

using the projected unit credit mcthod. Actuarial gains and losses in':respect of the defined benefit plans are

recognized in statemcnt of Profit and Loss in the year in which they- arise. The liability in respect of earned

leave has heen funded with LIe.

(iii) Deli ned contribution plan such as provident fill1d etc. are accounted on .accrual basis and charged to Statement

of Profit & Loss.

III. Corponlt(' Social RC!'i(Jolisihility(CSR): -

Expenditure incurred on CSR activities @ 2% of average nel profit made during the threc immediately preceding

financial year and shO\vn as a separate itcm in the- Statemenl of Profit & Loss.

IGIII1IpairlllCII1 of ASSc1S: - The Comp<lIlY determine:; whether there is any;indication of impairment of the carrying

amount of its assets. The recoverable ,ltllOunt of such assets arc estimated, if any indication exists and impairment

loss is recognized in the statemenl of Profit & Loss. Af1cr impairment depreciation is provided 011 the rcvised

carrying (lIllOllllt of the asset over its remaining useful life.

II-II III\'enfol'ics: - Cost of inventories comprises of all cost of convcrsion a-(ld othcr cost incurred ill bril11!inl! thclll to

their respective present location and condition and vtllued on the basis of weighted average FIFO method.

•

••••

••

Raw material & Componellt and packing material stores arc valued at cost.or net rcalisable value which ever is le:;s.

except Raw Material & Components determined obsolete and simI,' moving which are valucd at estimated realisable

value. Further 110 valuation of discarded and r~jccted milterial has beell made, as revenue- ill respect thereof is

accoullted 011 realization basis. Valuc of Work in progress includes material cost only.

Inventories of Spares arc valucd similar to the rates of raw material and cOlllponcnts lying at factory .

Value of imported invcntory includes impact on accoullt of foreign exchange fluctuation .

Goods in transit are accounled to the extent paid for, ifany. '

Finished goods ,-tre valued at cost or nel realisable value ,,,hich ever is le'ss. Cost includes labour and <111 appropriatc

share of fixed and variable production overheads and exci!'ic duty as applicable.

Traded goods are value-d at cost or ncl realisable value whichever is less .

Stand by EMTs a~ld sub-asscmblies of EMrs arc written olT over a period of 5 e111U 3 years respectively .

-~----_._---"-

III Provision ff)l' Current and deferred Tnx: - Provision 1(11'current tax is mnde after hIking into consideration benefits

admissible under the provision of the income tax act, 196 I.

Deferred tax liability/assets resulting frolll " timing difference" between book and taxable. profit is accounted for using

the tax rates and laws that have bcen enacted or substantively enacted as on the balance sheet date. The deferred tax asset

is recognised and carried forward only to the extent that there is a reasonable / vil1ual certainty that the asset will be

rC<llised in future.

1.11 Provision, Contingent Liahilities and Contingent Asscts: - Provision involving substantial degree of estimation in

me<lsurclllent arc recognised whcn there is a prescnt obligation as a result of past events and it is probable that there will

be an outnO\vofresources. Contingent liabilities arc not recognised but arc disclosed in the notes. Contingent Assets are

neither recognised nor disclosed in.the financial statement.

jKI Sundry Dehtors and LOllJlS nnd adV:HH'c: - Sundty debtors and loans and advanccs arc stated aner making

adequate provision for any doubtful balance.

II.,I FOI'cign Currcncy Trailsnctioll: -

• Foreign currency transactions are accounted on the rates prevailing 011 the date aftransaction.

• Balances ill the form of Current Assets and Current Liabilities in Foreign Currency, outstanding on thc date of

balance shcet arc accounted at the rates of exchange prevailing on the date of the balance sheet.

IMI G'"II"t ill Aid:-Revenue in respect ofOrants Ii.om Govt.and Gnvt.Departmcnts are recognised for in the ye<lrs in which the specific work

for which the grant was received is completed by the Comp;my. Unutilised Orants, ifan)'. fenture as "Other Liabilities"

in the Balance Sheet.

INI Segment Rellorting: -

The Company identifies primary segments based 011 the different risks and returns, the organization structure and the

internal reporting systems. The operating segmcnts are the segments for which separate financial information is

available.

The accounting policies adopted. lor segment reporting arc in line with the accounting policies of the Company. Segment

revenue. segment rcsults, segment assets and segment liabilities have been identified to segments on thc basis of their

rclHtionship to the operating activities of the segment.

Revenue, expenses. assets <lnd liabilities which relates to the Company as a whole and arc not allocable to segments on

reasonable basis have been included under "unallocated revenue / results / assets /liabilities".

101 Cash and l;:Ish cquivalcn1s: -

Cash flows arc reported using indirecl method as set out ill Accounting Sta'ndard (AS) -3 "Cash Flow Statement",

whereby profit / (loss) before extraordinary itellls and tax is adjusted for the effects of transactions of nOll-cash nature

and any deferrals or accmals or past or future cash receipts or payments. The cash flows frol11 operating, investing and

rinancing activities of the Company arc segregated based on the available information. Cash and cash equivalents for the

purposes of cash flow statement comprise cash at bank and in hand and short~tcrm investments with an original maturity

of three months or less.

IPI E:.u"nings pCI' Share (I~PS):-

EllS is computed in accordance with the Accounting Stand<lrd(I\S)-20. Basic EllS is calculaicd by dividing the net"prolit

or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding

during the period. The weighted average number or equity shares outstanding during the period is adjusted for events

such as bonus issue. bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that

have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted EPS, the net profit or loss for the period attributable to equity shareholders and the

weighted averagc number of shares outstanding during the period <Ire adjusted for the effect of all potentially dilutive

equity shares.

_._._---_._------~-_. __ ._.._. __ ._---_. __.__ ._ ..._ ..__ .-----_ ..._-----_.-----------------_._---------_ ..._---------------------------------------_ ..._-----------_.----_.-----PARTICULARS

3. Share Capital

Authorised:

1,50,00,000 Equity Shares of Rs. 10/- each

Issued, Subscribed and Paid Up

1,22,50,000 Equity Shares of Rs. 10/- each.

(Previous year 1,22,50,000/. Equity Shares of Rs.10f- each)

AS AT

31.03.2015

(In Rs.)

150000000

122500000

AS AT

31.03.2014

(In Rs.)

150000000

122500000

i) Reconciliation of number of Equity Shares

No.of Shares

As at 31 ,03.2015

Balance as al the beginning of the year 12250000

No.of Shares

As at 31.03.2014

12250000 122500000 122500000

Balance as at the end of the year 12250000 12250000 122500000 122500000

ii) Shares held by holding company and Its subsidiaries and assoclates.

62,47.500 Equity Shares (previous year: 62,47,500 Equity Shares) of Rs. 10/- e~ch fully

paid, are held by Mis Instrumentation Ltd" Kota

iii) TermsfRights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 10/- per share.

Each Shareholder is eligible for one vole. The Company has proposed

dividend of Rs, 2.00 per Equity Share including dividend distribution tax (previous year

Rs. 2.00 including dividend distributed tax) subject to approval or Shareholders in

Annual General Meeting.

Iv) Details of Shares held by shareholders holding more than 5% of the aggregate Shares in the Company.

No. of Shares

As at 31.03.2015

Equity Shares:

No.of Shares

As at 31.03.2014

Mis Instrumentation Ltd" Kota

MIs Rajasthan Stale Industrial Development and Investmenl Corporation Ltd., Jaipur

6247500

[51%)

6002500

149%)

12250000

[100%)

6247500

[51%1

6002500

{49%1

12250000

[100%1

-_._. __ ._----~------------------_.__.__.__ ._-------_.-._--_.-----------------------_ .._--_.----------_._--_ .._----.----_ .._-------------------_.---------------_.------------PARTICULARS ASAT

31.03.2015

(In Rs.)

AS AT

31.03.2014

.(In Rs.)

._--------------_._._-_ ,-------_ .._-----------_._ .._-_.-.---------------------------_.----------------_ _.------.- _-----------------_.--------------_._ _-----

4. Reserves and Surplus

a) General Reserves

i) Opening Balance

ii)Transferred from statement of profit and loss

iii)Transferred from CSR Reserve

683745363

120000000

8600000

578745363

105000000

812345363 683745363

b) CSR Reserve

i) Opening Balance

ii)Transferred from statement of prom and loss

iii) Transferred to General Reserve

c) Surplus in statement of profit and loss

i) Opening Balance

ii) Less: Adjustment related to transitional provision as per Schedule-II of the Companies Act,2013 #

iii) Add: Profit for the year

Iv) Less, Appropriations

a) Proposed dividend

b) Tax on dividend

c) General Reserve

d) C$R Reserve

Balances at the end of the year

Total

# During the year, the Company has adopted estimated useful life of fixed assets

as stipulated by Schedule 1110Ihe Companies Act, 2013. Accordingly, depreciation

of Rs, 26,78.546/- (net of deferred tax of Rs, 13,79,242/-)

on account of assets whose useful life is already exhausted

on April 1,2014 has been adjusted against Retained Earnings.

5. DEFERRED TAX LIABILITIES (Net)

(a) Deferred tax liabilities

On account of difference in rates and method of depreciation of fixed assets.

(b) Deferred tax assets

Provision for Bonus, Performance Related pay, Half pay leave and

Earned leave on account of expendilure charged to the statement of

Profit and foss but allowed for lax purposes on payment basis.

Deferred tax liablfllfes(Net)

- At the end of the year

- For the year

- Related to previous years depreciation

Adjustment related to transitional provision as per Schedule If of the Companies Act,2013

6. OTHER LONG TERM LIABILITIES- Trade & Other P<lyables

8600000

(8600000)

12237396

(2678546)

144519667

20355997

4144003

120000000

9578517

821923880

58062326

2953565

55108761

(2583142)

(1379242)

81710581

3800000

4800000

8600000

10748738

135788658

20941066

3558934

105000000

4800000

12237396

704582759

61159148

?:088003

59071145

9758551

24045031

81710581 24045031

PARTICULARS

7. TRADE PAYABLES- Trade Payables

(Refer Poinl No,6 of Nole 26 for details of dues to micro,

small & medium enterprises)

TOTAL

8. OTHER CURRENT LIABILITIES

- Advance from customers

- Secured Term Loans(repayable within one year) from other parties

RIiGa ltd., Jaipur

Other Payables

- Sialulory remittances (PF, ESt Excise Duly, Service Tax & VAT etc.)

- Others

Interest accrued but nol due

TOTAL

9. SHORT TERM PROVISIONS

Other Provisions

- Dividend

- Corporate dividend tax

- Income Tax (Net of advance lax Rs. 316181214/-, previous year Rs. 243739503/-)

TOTAL

•

ASAT

31.03.2015

(In Rs.)

629500111

629500111

19048137

4147424

36G17275

59812836

20355997

4144003

21978886

46478886

AS AT

31.03.2014

(In Rs.)

880888878

880888878

259648470

4285000

21793591

45011364

103067

330841492

20941066

3558934

26802527

51302527

In.FIXED

ASSETS

(InRupees)

-~---

_._----

-----

PARTICULARS

GROSS

BLOCK

DEPRECIAnON

NETBLOCK

COSTAS

AT

ADDITIONS

ADJUSTMENTS

COST

ASAT

ASAT

R""'_""'nir09'

FOR

THE

ADJUSTMENT

ASAT

ASAT

ASAT

1.04.2014

DURING

THE

YEAR

31.03.2015

01.04.2014

(Refer@below)

CURRENT

YEAR

31.03.2015

31.03.2015

31.03.2014

A)TANGIHLE

ASSETS

1Le:lseholdland

12727973

aa

12727973

44252

a1362

a45614

12682359

12683721

2Ruml.Drains&WlIlcrsupplyandiJuilding

37043985

aa

37043985

10612371

2505515

1032212

a14150098

22893887

26431614

3!,Iant&Machincry-Indigenious

63825041

8298363

770024

71353380

33902780

1252826

3742670

692525

38205751

33147629

29922261

4!'Iant&Mllchincry-Imported

135937364

a1510828

134126536

23223444

194287

8229956

1435287

30212400

104214136

112713920

5Furniture,Fixlure&OtherApliliances

15009832

644869

a15654701

7467894

105160

1254007

a8827061

6827640

7541938

6Vehkle.~

1651074

912296

490966

2072404

847417

a161080

466418

542079

1530325

803657

7WindPowerProjeel

58000000

aa

58000000

21461970

a2242535

a23704505

34295495

36538030

8Temporal')'Structure

2613392

aa

2613392

2613392

aa

a2613392

Tolal

]26808661

9855528

2771818

]]J892371

10017]520

4057788

16663822

2594230

118]0090(1

215591471

126635141

B)LNTANGIBLE

ASSETS

1TechnicalKnow-liow

6652396

617980

a7270376

4552396

a823596

a5375992

1894384

2100000

C)CAPITAL

WORK

INPROGRESS

1Building

499134

990171

a1489305

aa

aa

a1489305

499134

Grand

Total(A+B+C)

333960191

11463679

2771818

342652052

104725916

4057788

17487418

2594230

123676892

218975160

229234275

Figuresfortheprevious

year

333631395

3264335

2935539.

333960191

90764184

a16701197

2739465

104725916

229234275

@InaccordancewiththeprovisionsofScheduleIIoftheAct,incaseoffixedassetswhichhavecompletedtheirusefullifeasof1stApril,2014,thecarryingvalue(netofresidualvalue)

amountingtoRs.26,78,546/-(netofdeferredtaxofRs,13,79,242/-)asatransitionalprovisionhasbeenrecognisedintheRetainedEarnings.

-Further,incaseofassetsacquiredpriorto1stApril2014,thecarryingvalueofassets(netofresidualvalue)isdepreciatedovertheremainingusefullife,asdeterminedeffective1stApr~l,2014.

-DepreciationfortheyearwouldhavebeenRs.1,53,09,528/-,

hadtheCompanycontinuedwiththepreviousassessmentofusefullifeofsuchassets

~"....._------_. __ ._------_. __.__.__.__.__.__ ._--------------_ ..._---------------_._.---------------------_ .._----------_.--------------------_._-----_.------_ ...-----_._---PARTICULARS

11. LONG TERM LOANS & ADVANCES(Unsecured, considered good)

- Security deposit

• Loans & Advance to employees

TOTAL

12. OTHER NON-CURRENT ASSETS(Unsecured, considered good)

- Retenllon money

TOTAL

13. INVENTORIES

(At lower of cost and net realisable value)Raw Material

Raw Material & Components

Packing Material

Goods-in-lransil

Work in progress

Finished Goods

TOTAL

14. TRADE RECEIVABLES(Unsecured, considered good)

- Over six months from the dale they were due for payment

- Others

AS AT

31.03.2015

(In Rs.)

1410767

1010944

2421711

11472666

11472666

85996892

680768

867499

16160873

70365425

174071457

619383993

557373721

AS AT

31.03.2014

(In Rs.)

1388736

1282580

2671316

73985473

73985473

88104955

602527

. 130760

15334258

10030510

114203010

323674488

991304795

15. CASH AND BANK BALANCES

(a) Cash & Cash Equivalents

1176757714 1314979283

(i) Cash on hand

(ii) Balances with Banks

In current account

In Bank deposit with original maturity less than 3 months

(Out of which deposits pledged with banks as margin money Rs. Nil,

previous year Rs. 1000000/-)

(b) Other Bank Balances

In Bank Deposils (maturity due less than 12 months)

(Out of which deposits pledged with banks as margin money,Rs. 96398313f-,

previous year Rs 304258608/-)

TOTAL

16. SHORT TERM LOANS AND ADVANCES(Unsecured, considered good)

- Advance against expenses

- Prepaid expenses

- Other loans and advances

. Advance Service Tax(Net)

- Balance with Central Excise AUlhorities(Net)

- loans to Staff

TOTAL

1512542

43977240

45489782

137212785

182702567

391024

761844

.30515889

18392950

31094

540979

50633780

571244

79592961

1000000

81164205

304258608

385422813

499447

685907

32145023

18462921

304552

637812

52735662

~----_.__.__ ._---_. __ ._.__ ..----_._---_._-_.----------.-----------_.------_ ..._._------------.---------------------------------_._.-.-.---------_.----------_.-------_ ..._.--PARTICULARS Year Ended

31.03.2015

(In Rs.)

Year Ended

31.03.2014

(In Rs.)

-----_._----_.-------------------------------------_.-------------------_ ...._---_ .._---------_ ...._--_.-----------_.----------_ ..._---------_.---_._-----_.----_ .._._-------

17. Revenue from Operations

Sales

- Exports

- Domestic

Service, Maintenance & Installation charges

less: excise Duty

Total

Details of Sales

- Solar Energy Equipments

_Electronic Milk Analysers

- Wind Power

18. Other Income

Interest Income (Refer Note I below)

Exchange Fluctuation (Net)

Claims & Recoveries

Profit on Sales of Fixed Assets

Miscellaneous Income

Total

Nole I-Interest income comprises

On Deposits (Tax deducled Rs. 1039739/- previous year Rs.1790422/-)

Others

15412294

2056138397

2071550691

172490304

2244040995

16637582

2227403413

1314464412

752250295

4835984

2071550691

15804894

710590

2071202

120214

3746109

22453009

10417918

5386975

27762560

1908432359

1936194919

223525569

2159720488

16389811

2143330677

1190629322

740551196

5014401

1936194919

22411113

2778502

2526607

1747

1440223

29158192

17908650

4502463

15804894 22411113

19. Cost of Material Consumed

Opening Stock

Add:-Purchase of Raw Material

Less: Closing Stock

Total

(a) Details of Raw Materials consumed

Solar Energy Equipments

- Solar Cel!s

- Others

Electronic Milk Analysers

Consumables & Packing Malerials

Total.

(b) Value of Imported and indigenous materifll consumed

Imported

Indigenous

Total

88707482

1439577239

1528284721

86677660

1441607061

207365891

668152935

552361186

13727049

1441607061

433247428

iJO%]

1008359633

[70%J

1441607061

55170590

1395641076

1450811666

88707482

1362104184

180013382

583376032

586195853

12518917

1362104184

309460639

[23%]

1052643545

{77%]

1362104184

PARTICULARS

20. Change in inventories offinished goods and Work.in-progress

Increase(-) I Decrease(+) in Stock

Opening Siock

Work-in-progress

Finished Goods

less: Closing SiockWork-in-progress

Finished Goods

Excise duly increase/decrease in finished goods

(Refer point nO,10 of note 26)

Total

Year Ended

31.03.2015

(In Rs.)

15334258

10030510

25364768

15160873

70365425

86526298

(61161530)

317904

(60843626)

Year Ended

31.03.2014

(In Rs.)

17444719

9338610

26783329

15334258

10030510

25364768

1418561

202227

1620788

Detalfs of Inventory at tile beglnfling of the year

Work-In-progress

Electronic Milk Analysers

Solar Pho!ovoltaic ModulestSystems

Filllshed Goods

Electronic Milk Analysers

Solar Photovoltaic Modules/Systems

Details of fllvelltory at tile end of tile year

Work.ln-progress

Electronic Milk Analysers

Solar Photovoltaic Modules/Systems

Finished Goods

Electronic Milk Analysers

Solar Photovo!taic Modules/Systems

Change in inventories of finished goods alld Work-in-progress

Work-in-progress

Electronic Milk Analysers

Solar Photovoltaic Modules/Systems

Fillished Goods

Electronic Milk Analysers

Solar Photovoltaic Modules/Systems

/

Net Changes

10366617

4967641

15334258

3292425

6738085

10030510

12342656

3818217

16160873

6181971

64183454

70365425

(1976039)

1149424

(826615)

(2889546)

(57445369)

(60334915)

(61161530)

10302825

7141894

17444719

1241651

8096959

9338610

10366617

4967641

15334258

3292425

6738085

10030510

(63792)

2174253

2110461

(2050774)

1358874

(691900)

1418561

----------_ ..._----------------------_ .._-----------------------------.------------------------_._--_.----_.---_._--_._------------_._~-----_. __.__.__.__ ._--_. __ ..------_._.PARTICULARS Year Ended

31.03.2015

(In Rs.)

Year Ended

31.03.2014

(In Rs.)

-----------_ ..._----_.---._.---------------------------_.--._----------------------_._----_.-------------------------_._-_.---------------_._-----_._------------------------

21. Employee Benefits Expenses

Salaries, Wages & Bonus

Contribution to Provident Fund and Gratuity Fund

Staff Welfare Expenses

Total

22. Finance Costs

Interest expenses

Fixed Loan

Others

Bank Charges

Bank Guarantee Commission

Service Charges

Total

23. Other Expenses

1972081\\1

15511\370

14698576

227419357

174039

3347417

1074785

4129855

410816

9136912

186471788

22569751

14008783

223050322

1053639

2565207

1401658

3677655

357812

9055971

Power & Fuel

Repair & Maintenance

Plant & Machinery

Building

Others

Testing & Other expenses

Component & Prototype for R&D

Rent

Rates & Taxes

Printing & Stationery

Travelling & Conveyance

(including Director's travelling expenses

Rs. 11,60,3051- Previous Year Rs. 9,10.196/-)

Postage & Communication expenses

Board Meeting expenses

Director's Sitting Fee

Vehicle Running expenses

Legal & Professional Fee

Security, Cleaning & Other expenses

Payment 10Auditors

- Statutory Audit ree

- Tax Audit ree

- Certification work

- Out or pocket expenses

• Service Tax

Insurance Charges

Training & Education

Recruitment Expenses

CSR Expenses (Refer Point No. 18 of Note 26)

Fixed Assets written-off

Advertising & Business Promotion

Forwarding expenses

Warranty obligation

Discount & Commission

Service.Maintenance & Installation Charges

Miscellaneous Expenses

6234377 5433885

652182 735428

2800279 8300428

782613 792319

546172 1992712

3684929 5720137

2640026 2091592

549185 75.5558

1555595 1792256

14970344 12913335

2770412 2583032

69565 62581

32588 23826

249588 389491

1468454 1397955

8008270 6707369

75000 60000

35000 35000

25250 21000

25000 25000

19807 17423

2226526 1024474

581973 382361

493241 474716

3920729 0

153040 191820

5253954 5092379

16926217 16711492

230045 308497

4045016 2256797

321517585 279626069

2951743 3259526

Total 405494705 361178458

PARTICULARS Year Ended

31.03.2015

(In Rs.)

Year Ended

31.03.2014

(In Rs.)

----_._-------------_.---------------------------_._--------~-~---_. __.__ ._--_. __.__ ._--------_._. __.__ ._---._----------------".--------------------------_.------".---------

24. Current Tax

Provision for Income Tax

25. Earnings Per Equity Share(EPS) of Rs. 10/. each

EPS has been computed as under:-

Net Profit Arter Tax (Rs.)

Weighted average number of Equity Shares for calculation of Basic EPS

Basic earnings per Share (Rs.)

Weighted average number of Equity Shares for calculation of Diluted EPS

Diluted earnings per share (Rs.)

67618070

144519667

12250000

11.89

12250000

11.80

53230740

135788658

12250000

11.08

12250000

11.08

(26) OTHER NOTES ANNEXED TO AND FORMING PART OF THE ACCOUNTS FOR TIm

YEAR ENDED 31sTMARCH, 2015

2014-2015

(Rs.in Lacs)

I. Contingent Liabilities:

(3) Guar<l11tec given by bankers 011hchalfofthc company. 3734.52

(b) Claims against the Company Not acknowledged as debts:

Liability against Taxes/Excise duty/Service Tax for which

representations and/or appeals arc pending with appropriate authorities. ()2.33

2013-2014

eRs.in Lacs)

4609.33

3.82

Description Perlod(F. Y) to 2014-15

which relates

2013-14

(a) Service Tax

Show cause notices/

Demand raised by

Excise & Service Tax

Department.

(b) Income Tax

Di sallowances/add itiOilS

made by the Income Tax

Department pcndi ng

Before various appellate

authorities.

2009-2010

2007-2008

2008-2009

201 ]-2012

3.82

0.24

35.30

22.97

3.82

2. Expenditure on Research and Developl1lent:

(I)

(Ii)

Revenue

Capital

2014-2015

Rs. 2,27.06.06 II-

Rs. 6,%,250/-

Rs. 2.34.02.311/-

2013-2014

Rs. 2.46.81.300/-

Rs. 2.00.220/-

RS.2A8.81.520/-

3. Provision(s)/Adjuslment(s) has not becl1111ade in the accounts for:

(a) Additional liabilities, if any, in respect of pending Sales Inx and Income-tax assessment, being unasccl1aincd.and

liabilities which lllay arise in futLll'c due to mismatching of input tax crcdit(V AT).

(b) Claims pending for settlement in court of law. being unascertained.

4. Inventories as at the close of the year includes raw material and components lying with job working parties valuing

Rs. 1,04.444(prcvlolls year Rs. 83,399).

5. Book debts. LO<lIlS and advances, creditors. deposits etc. have been taken at their book vnlucs. awaiting respective

confirrnaliol1 and/or reconciliation and ils consequential adjustment.

6. Disclosures under Section 22 orthe MICRO, SMALL & MEDIUM Enterprises Development Act, 2006.

(Rs. in Lac)

Particulars

i) The Principal amount remaining unpaid

10 supplier as at the end ofaccounling ye<lr.

ii) The interesl due thereon remaining unpaid

10 supplier as at the end of accounting year.

Ycar cnded

March 3 I ,20 15

3100.87

Year ended

March 31,2014

2135.6X

iii) The amount of interest paid in terms of section 16,

alongwith the amount of the paymcnt madc to the

supplicr beyond the appointed day during the year.

iv) The amount of interest due and payable for the period

of delay in making payment (which have bcen paid but

beyond the appointed day during thc year) but without

adding the interest specified under the Act.

v) The amount of interest llccrucd during the year and

rcmaining unpaid at the end of the llccounting year.

vi) The amount of further interest remaining due and

payable even in the succceding years, until sllch datc whcn

the interest dues as above arc actually paid to the small

cnterprises for the purpose of disallowance as a

deductible expcnditure under section 23 of the Act.

Dues to micro and slliall cnterprises havc been determined to the' cxtent such pa1iies have bccn identified 011 the basis of

intimation received from the "Suppliers" regarding their status under the Micro, Small and Medium Enterprises

Development Act, 2006.

7. In compliance of AS 15 in respect of employee benefits, the disclosure as defined ill the Accounting Standard is given

below:

DEFINlm BENEFIT PLAN

I. GRATUITY:

The cmployees gratuity fund scheme is managed by a policy, administered by Life Insurance Corporation of India

through approved gratuity trust fund is a defined benefit plan. The present value of obligalion is determined based on

Actuarial valuation using the Projected Unit Credit (PUC) method to asscss the plan's liabilities including those related

to retircment, rcsignation and death-ill-service benefits.

(a) l~ec()l1cilialinn of opening and closing Imlance of defined benefit obligation.

2014-1,

(in Rs.)

Opening Defined Benefit Obligation 011 1-4-2014 9,60,40,777

Service cost for the year r 9,36, 178

Inlcresl cost for the year 72.05.931.

Actuarial losses (gains) (64,37,698)

Benefits paid (33.62.271)

Closing defined benefit obligation on 31-3-2015 9,53.82,917

2013-14

(in Rs.)

8.09,45,006

50,65,267

64,59.343

39,77,597

(4,06,436)

9.60.40.777

(b) H.cconcilh,Hon of opcning :H1d closing balance of fair \'uluc of plllli Hssets.

Opening fair value ofplall assets

Expected return

Actuarial gains and (Iosscs)

Contributions by employer

Benefits paid

Closing balance offund

8,74.36.311

82,99,362

86.94.007

(33,62,271 )

10.10.67.409

(in Rs.)

7,24.22,045

69.56.584

84.64.118

(4,06,436)

8.74.36.31 I

(c) H.econdliatioll of fail' value of assets and obligations,

Present value of funded obligations

Fair value oFplan assets

Present value ofunl'ullded obligations

Unrecognised past service cost

Net liability

Amounts in the balance sheet:

Liabilities

Assets

Net liability

(d) Expcnscs ,'ccoglliscd during the year.

Current service cost

Interest 011 obligation

Expected return on plan assets

Net actuarial losses (gains) recognised in the year

Past service cost

Losses (gains) 011 cUI1aillllents and settlcment

Expcnse recognised

(e) Investment DetHils

Funds managed by Insurer (Lie)

(f) Aetuadal Assumption

Discount rate as 011 J 1-3-20 15

Expected return 011 plan assets af 31-3-2015

Annual increase ill Salary costs

Mortality Rate

9.53.82.917

10,10.67.409

(56.84.492)

Nil

(56.84.492)

9,53.82,917

10,10,67.409

(56,84.492)

19,36.178

72,05,931

(82,99,362)

(64,37,698)

Nil

Nil

(55,94,951)

100%

8.00%

9.00%

9.00'%

L1C( I994-96)ull.

(in Rs.)

9.60.40,777

8.74.36.311

86,04,466

Nil

86,04.466

9,60,40,777

8.74,36,311

86.04.466

(in Rs.)

50.65.267

64,59,343

(69,56,584)

39.77.597

Nil

Nil

85,45,623

100%

The esti mates of future salary increase are based on seniority, promotion and other relevant lactors.

II. EARNEI) LEAVlc& IIALFI'AY LEAVE:

The employees leave cncashmcnt(carned Icave) schelllc is 11l81l<lgcd by a :"policy, administcred by Life . Insurance

Corporation of India is a defined benefit plan. The present value of obligation in respect of leave encashment and half

pay leave is determincd based 011 Actuarial valuation using the Projccted Unil Credit (PUC) method 10 asscss the plan's

liabilities including those related to retiremcnt resignation and death-in-service benefits. The liability on account of half

pay leave is unfunded.

(a) Il.ecollcilhltioll of opening Hlld closing hHlanec of dcfined hellcfit obligation,

Leave Encashmcnt(Earncd Leave)

(in Rs.)

Opening Defined Benefit Oblig<ltioll on 1-4-2014 6.36,33,456

Service cost for thc year 3.80.50.669

Interest cost for the year 43.66.920

Acluariallosses (gains) (2,96,61,876)

Bellel;ls paid (93,57,21 I)

Closing defined henefit obligation 01131-3-2015 G.70.31.958

I-Ialf Pay Leave

(ill.Rs.)

87.871

10.98.689

I 1.86,560

(h) RCl'onciliation or opening aflll closing halnnce or fair value or plan assets.(in Rs.)

Opening fair value of plan asscts

Expected return

Actuarial gains and (Iosscs)

Contributions by cmployer

Bcncfits paid

Closing balance offund

(c) Reconciliation "rfail" value or assets and obligations.

Prcsent value of funded obligations

Fair value of plan assets

Prcsent value ofullful1ded obligations

Unrecognised past service cost

Net liflbility

Amounts in the balance shcct:

Liabilities

Assets'"

Net liability

(d) l~xpclIscs recognised dudng the year.

Current servicc cost

Interest all obligation

Expected return on plan asscts

Nct actuarial losscs (gains) recognised ill the year

Past service cost

Losses (gains) on curtailments and settlement

Expense recognised

(e) Invesilnent I)chlils

Funds managed by Insurer (UC)

(f) ActuHl"ial Assumptioll

Discount rate as on 31-3-2015

Expected return on plan assets at 31-3-201 5

Annual increase in Salary costs

Mortality Rate

5,('2,37.44(,

52.04,358

72.99,751

(93.57,211)

5,93,84,344

(,.70,31,958

5,93.84.344

7(,.47,('14

Nil

7(,.47.614

(,,70,31.958

5,93,84,344

76.47,614

3,80,50.6(,9

43,('6,920

(52,04,358)

(2,90,61,87(,)

Nil

Nil

75.51,355

100%

8.00%

9.00%

9.00%

LlC( I994-90)ull.

•

(in Rs.)

I 1.8(,,560

Nil

1 1.8("SOO

11.86.5(,0

11,86,5(,0

(in Rs.)

87,871

10.98,689

Nil

Nil

11.86.5(,0

Nil

7.70%

Nil

10.00%

ILA M(200(,-08 )ull.

The estimates of future salary increase are based all seniority, promotion and other releV<lllt factors.

Cost ofc01llpensated abscnccs cxpcllscs(HPL) ofRs. 11,86,560/- has been 'provided first time during the year due to

change in accounting policy.

Due to change in accounting policy ofeamed leave from accrual basis to actuarial VallltltiOtl basis, statcment of Profit

& Loss would have been debited by Rs. 176980891- instead ofRs. 16804959/-.

* Balance in Balance Sheet in respect of assets "is Rs. 6,70,24.344/- as Cheque of Rs. 76,40,0001- not credited in the

fund statement provided by LIe. Interest credited by Lie has been treated as other income.

R. Company is availing fund Inon-fllnd based limits from Punjab National Bank. secured by \vay of Hypothecation of Raw

Material, Stock in process, finished goous and book debts and fl1l1hcr secured by second charge over fixed and movable

Capital Assets ortllc Company.

9. Segmcnt Reporlilig: -

In Compliance of Accounting Standard 17 011 "Segment Reporting" issued by Institute of Chartered Accountants of

India, the required information is as under:

'.

Business Segments: - The Company has adopted following business segments as its reportable segmcnt.'1. Solar Energy

2. Electronic

3. Wind Power

Gcographical Segmcnt has been considercd for secondary Segments Reporting hy treating sales revelluc in India <l1lc!foreign countries as separate geographical segments.

(R,. in Lacs)SoiaI' Energy Eledronic Wind Power' Tot:11

Cur. Yr. Prev.Yr. Cur. Yr. Prev.Yr. Cur. Yf; Prev.Yr. Cur.Yr. Prev.Yr.Segment Revenue- 13r.R4.07 1267UR 8541.60 8711.79 48.36 50.14 22274.03 21433.31Extel"ll:ll

, (Net of Ex,.;,e Duty)

A. BUSINESS SEGMENT

Rcsults

Segment Results 1435.32 1296.06 577.62 548.65 15.93 9.52 2028.87 1854.23Add:- Unallocaled158.05 224.11Corporate Interest

<lnd any Other

incomc

Less: Unallocated

91.37 90.56Corporate Exp.,

Interest and fin<lllce

cl1<lrges

Income Tax(Net)

650.35 629.89Profit aner Tax

1445.20 1357.89

Olhn Infonuation .Segment Assets 10643.19 12034.5R 4871.73 5445.85 345.28 367.86 15R6IJ.20 17848.29Add:- Unallocaled

2310.15 3884.03Corporate Assets

Tolal

18170.35 21732.32Segment Liabilities 5248.23 7450.65 2797.87 4433.95 18.79 17.10 806'1.89 11901.70Add: Unallocated

10105.4(, 9830.62Corporate Liabilities

Tolal

IRI71U5 21732.32Capital Expenditure 102.98 20.74 11.66 11.90 - - 114.64 32.64Deprecifltion 126.14 103.42 26.30 32.97 22.43 30.62 174.87 167.D1NOll Cash expenses - 0.33 1.53 1.59 - - 1.53 1.92other than

Depreciation

" "SHlcs Rcvelluc

Cur. Year Prev.Year- India

22119.91 21155.68- -Foreign COUlltries

154.12 277.63- Tot(ll

22274.03 21433.31

fl. GEOGRAPHICAL SFGMFNT

C:UTyiUl! Amount ofSc.emcnl Asse's- Incli<l

15860.20 17848.29- Foreign Countries

- .- Total

15860.20 J 7848.29

Additions to Fixed Assets

- Indi(l

114.64 32.64- Foreign Countries

- -- Tot(ll

114.64 32.64

10. Closing stock of finished goods includes excise duty of Rs. 8~92,()77/. (previous ycar Rs. 5,74,173/- ).

I I. Relatcd Party disclosure: - Disclosures as per Accounting standard 18 arc as under

0) Promoters: -

Instrumentation limited Kota

Rllea Ltd. lairur

As per AS -18 l3eing a GOY!. Company there is no need to disclose transaction with Promoters

(ii) Remuneration and other benefits paid to Managing Director

2014-15

(Rs.)25,33,306

2!J13-14

36,69,221

12. Expenditure on Technical Literature, Software. Electronic Media Stores. MaintcmH1ce. Printing & Stationery and

Consumable stores are charged to profit & loss account treating them as consumed ill the year of purchases.

13. Sales does 110t include sales of spares for which service job reports from field l1<1sbeen received aileI' closing of the

financial year.

14. Liability towards Service and maintcnance all account ofwarrallty obligation has !lot becn provided for as amount of

obligntion is ull-ascertainable.

1S. elF value of impOI'ts:

Raw Material & Components

Plant & Machinery

16, Expenditure in fOl'cign CU'Tency:

Foreign Travelling

Display & Exhibition

17. Earnings in foreign exchange on FOn vallie:

Exporl Sales

OtherS-ill isC.incollle

2014-2015(R5.)

38,98,53,288

Nil

2,51,097

] 0.441

] ,54.12,294

2,24, I04

2013-2014(R5.)

28,75,70,895

34.330

] ,II ,484

2,77,62,560

83.358

18. Cnl'(lOnlte SOl~ilil H,espnnsihility:

-Gross <UllOllnl required"to he spent by the Company during the year- Rs. 39,05,000/-.

-Amount spent during the yell 1';

Nntul'c of \Vol'Il: AchUlI Amount Spent Amollnt Yet to he Spent Total

I. Construction! Acquisition of any asset

2. On purpose other than above

- Deployment of Solar Power Systellls( 1.12Kwp)

- OrgHnized Frce Medical/Health C<UllP

- Deployment of Solar Power SYStClllS(2.24Kwp)

- Deployment.of Solar Electronic i'vliIk Tester

Total Rs.

27,82,747.00

1,97,654.00

8.99.898.00

40.430.00

39,20,729.00

27.82.747.00

1,97,654.00

8.99.898.00

40.430.00

39.20,72').00

19. Previous year figurcs has becn regroupecl/reclllssi ried whcrever necessary to make them compara?le with the current

year figures.