The Company has made provision for leave salary on actuarial valuation basis. These being retirement benefits, an obligation to pay these amounts might arise at the time of resignation / superannuation of the employees. There is no reimbursement receivable against these obligations.

b Investments

VXL Instruments Limited, U.K., a subsidiary in which the Company has 60% share holding amounting to Rs. 51,69,261/- has accumulated losses in excess of its total paid up capital. Net receivable from VXL Instruments Limited, U.K., as at 31st March 2015 is Rs. 4,96,36,260/- (Rs. 5,89,13,634/-). The subsidiary company has made profit during the current year and has remitted Rs.92,77,374/- (Rs. 76,92,894/-) towards old dues. Considering these facts and future projections, the management is of the opinion that no provision is deemed necessary in respect of the Company's investment in and the amounts due to the Company.

c Retirement Benefit Plans

1 Defined contribution plans

The Company makes Provident Fund contributions to defined contribution retirement benefit plans for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.

The Company recognised Rs. 22,08,149/- (Rs. 21,45,585/-) for provident fund contributions in the profit and loss account. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

2 Defined benefit plans

The Company makes annual contributions to the Employees' Group Gratuity-cum-Life Assurance Scheme Master Policy of the Life Insurance Corporation of India, a defined benefit plan for qualifying employees. The scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date.

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets and the Company's policy for plan asset management

The following table sets out the funded status of the gratuity plan and the amounts recognized in the Company's financial statements as at 31.03.2015.

d Dues to Micro, Small and Medium Enterprises:

Sundry Creditors include Rs. Nil (Rs. Nil) due to Micro, Small and Medium Enterprises. The information is determined based on the information available with the Company. The list of SSIs to whom the amount outstanding for more than 30 days are as under:

e Segment Information

The Company's segment information is as follows:

Primary/Secondary Segment reporting format

The risk return profile of the Company's business is determined based on the geographical area in which it operates. Therefore, Geographical Segments have been identified as Primary Segments Secondary Segments have been identified on the basis of the nature of products manufactured by the Company

Segment assets and liabilities

Fixed assets used in the Company's business and liabilities contracted have not been identified to any of the reportable segments as the fixed assets and services are used interchangeably between segments

f Operating Leases:

The Company has taken various residential / commercial premises under cancelable operating leases. These lease agreements are normally renewed on expiry. The lease agreements provide an option to the Company to renew the lease period at the end of the period. There are no exceptional / restrictive covenants in the lease agreements. Rent debited to profit and loss account Rs.24,03,993/- (Rs. 30,82,970/-). Contingent rent recognized in the Profit and Loss Account Rs. Nil.

Obligations on long-term, non-cancelable operating leases:

g Confirmation of balance under Sundry Debtors, Loans & Advances, deposits and sundry creditors, other current liabilities are obtained. In the opinion of the management Current assets and Loans & Advances would in the ordinary course of business realise the values stated.

h Effective 1st April 2014, the Company depreciates its fixed assets over the useful life prescribed in Schedule II to the Companies Act 2013 as against the earlier practice of depreciating under the rates prescribed under the Schedule XIV to the Companies Act, 1956. Based on technical evaluation, moulds are depreciated over 3 years which is different from that prescribed in Schedule II of the Act. During the year, the Company has changed the method of depreciation of fixed assets of the Company, from written down value method to straight line method. Consequent to the change, depreciation charge for the year is increased by Rs. 13,86,425/- with consequential effect on reserve. Excess depreciation on account of change in method from written down value method to straight line method of Rs. 74,68,016/- of earlier years is credited to statement of profit & loss account under exceptional items

Sl. No. i: The Honorable High Court of Karnataka has directed the Assistant Provident Commissioner to consider the grievance of the Company for reducing the penalty

Sl. No. ii: Sl. No. b: The Company has filed the appeal before the High Court against the order of Karnataka Appellate Tribunal in respect of disallowances. Similarly Govt. of Karnataka has filed appeal vide STA No. 17/2010 and 122-123/2012 dated 13th July, 2012 of High Court of Karnataka against the relief given to the Company.

Sl. No. iii: In respect of Service Tax pending before the Commissioner / CESTAT the Company's Consultants are of the opinion that the Company has good chances of winning the case since Customs is treating the sticker labels as goods while importing and hence no provision has been made for the same.

Sl. No. iv: Commissioner Appeals has given the Order in favour of the Company but the Department has preferred Appeal before CESTAT

Sl. No. v: Commissioner, Customs has given the Order in favour of the Company but the Department has appealed to CESTAT

i Figures of the previous year have been recast / regrouped / rearranged in confirmity with the presentation of the current year. Figures in bracket relates to the previous year.