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NOTES TO ACCOUNTS

GE T&D India Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 3840.70 Cr. P/BV 2.69 Book Value (₹) 55.77
52 Week High/Low (₹) 333/138 FV/ML 2/1 P/E(X) 18.06
Bookclosure 24/07/2019 EPS (₹) 8.31 Div Yield (%) 1.20
Year End :2019-03 

Notes to the Financial Statements for the year ended 31 March 2019

(All figures in Rs million, except share data and unless otherwise stated)

36. Segment information

An operating segment is a component that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the other components, and for which discrete financial information is available. The Company is engaged in the business relating to products, projects and services for electricity transmission and related activities. Accordingly, the Company's activities/business is reviewed regularly by the Company's Managing Director assisted by an executive committee from an overall business perspective, rather than reviewing its products/services as individual standalone components. Thus, the Company has only one operating segment, and has no reportable segments in accordance with Ind AS -108 'Operating Segments'.

(i) The entity wide disclosures as required by Ind AS -108 are as follows:

Description

Year ended March 31, 2019

Year ended March 31, 2018

Sale of products

17,175.4

17,263.7

Revenue from execution of contracts for projects and services

23,776.9

25,399.6

Sale of services

1,157.6

1,137.4

Other operating income

78.3

57.5

Revenue from operations

42,188.2

43,858.2

(ii) Geographical Information

*Exports to any single country are not material to be disclosed Note: Two customers accounts for approx 35% ( 31 March 2018 one customer accounts for 24%) of Company's total revenue from operations.

* Non-current assets exclude financial instruments and deferred tax assets.

37. Share based payments

The employees of the Company are entitled to the shares of General Electric Company, United States (ultimate holding company) under an equity-settled share-based compensation plan. The share based payments expense accruals which are disclosed under employee benefits is not material, hence, the required disclosures have not been provided.

Revenue from external customers

Year ended March 31, 2019

Year ended March 31, 2018

India

36,095.6

39,240.4

Other countries*

6,092.5

4,617.8

42,188.1

43,858.2

Non-current assets**

Year ended March 31, 2019

Year ended March 31, 2018

India

8,591.5

8,835.5

Other countries

38. Related party transactions

Names of related parties and nature of relationship:

(i) Parties with whom control exist:

General Electric Company, United States

Ultimate Holding Company

GE Albany Global Holdings BV, Netherlands

Intermediate Holding Company

ALSTON B.V., Netherlands (w.e.f 20 December 2018)

Intermediate Holding Company

GE Grid Alliance B.V., Netherlands

Intermediate Holding Company

Grid Equipments Private Limited, India

Immediate Holding Company

(ii) Key managerial personnel

Mr. Sunil Wadhwa (Managing Director)

Mr. Stephane Cai (Chairman, Non Executive Director)

Mr. Gaurav Manoher Negi (Whole time Director and Chief Finance Officer)

Mr. Nagesh Tilwani (Whole time Director )

Mr. Bhanu Bhushan (Independent Director)

Mr. Kirit S Parikh (Independent Director)

Mr. Rakesh Nath (Independent Director)

Ms. Neera Saggi (Independent Director)

(iii) Fellow subsidaries with whom transactions have taken place:

Grid Solutions Argentina S.A

Argentina

GE Grid Solutions Japan K.K.

Japan

GE Grid Australia Pty Ltd

Australia

General Electric International Operations Company, Inc. -JO

Jordan

Grid Solutions SAS

Bahrein

GE Power Services (Malaysia) Sdn. Bhd

Malaysia

Grid Solutions Belgium sprl

Belgium

GE Power Solutions (Malaysia) Sdn. Bhd

Malaysia

GE Digital Energy do Brasil Ltda

Brazil

GE Grid Solutions, S.A. de C.V.

Mexico

GE Energias Renovaveis Ltda

Brazil

GE Grid Solutions Maroc

Morocco

Grid Solutions Transmissao de Energia Ltda

Brazil

GE International Operations (NIG) Limited

Nigeria

Reason Tecnologia S.A.

Brazil

GE Power Sp.z.o.o.

Poland

GEMultilin

Canada

Grid Solutions Portugal, Lda.

Portugal

Grid Solutions Canada ULC

Canada

Grid Solutions SAS

Qatar

ALSTOM Shanghai Instrument Transformers Co., Ltd

China

Grid Solutions Romania Sri

Romania

GE (Wuhan) Engineering & Technology Co., Ltd

China

General Electric International, Inc.

Saudi Arabia

GE Grid (Shanghai) Co., Ltd

China

COGELEX

Saudi Arabia

GE Grid Technology Centre Co Ltd

China

Grid Solutions Arabia Ltd Co

Saudi Arabia

GE High Voltage Switchgear (Suzhou)

China

GE Energy (Singapore) Pte. Ltd

Singapore

GE Energy Colombia S.A.

Colombia

GE Grid Solutions Pte. Ltd

Singapore

Grid Solutions for Electrical Networks S.A.E.

Egypt

General Electric International, Inc

Singapore

Grid Solutions Oy

Finland

General Electric South Africa (Pty) Ltd

South Africa

ALSTOM Power Conversion SAS

France

Kelman Distributors Africa (Pty) Ltd

South Africa

GE IS & T SAS

France

GE Grid Solutions S.A.

Spain

GE Support France

France

GE Power Management S.L.

Spain

Grid Solutions SAS

France

GE Renewable Hydro Spain, S.L

Spain

GE Grid GmbH

Germany

GE Grid (Switzerland) GmbH

Switzerland

GE Grid Messwandler GmbH

Germany

General Electric (Switzerland) GmbH

Switzerland

GE Intelligent Platforms GmbH

Germany

General Electric Technology GmbH

Switzerland

General Electric Deutschland Holding GmbH

Germany

Grid Solutions (Thailand) Ltd

Thailand

Grid Solutions Hellas S.A. Electrical Commercial

Greece

Grid Solutions Enerji Endustrisi A.S.

Turkey

and Construction Company

GE Grid Solutions Limited

Hong Kong

GE Middle East FZE

UAE

GE Infrastructure Hungary Holding Kft

Hungary

General Electric International Operations Company

UAE

GE BE Private Ltd

India

Grid Solutions Middle-East (FZE)

UAE

GE Global Sourcing India Private Ltd

India

Grid Solutions SAS

UAE

GE India Industrial Private Ltd

India

GE Energy Power Conversion UK Limited

United Kingdom

GE Intelligent Platforms Private Ltd

India

GE Grid Solutions (UK) Ltd

United Kingdom

GE Oil & Gas India Private Ltd

India

General Electric Energy UK Ltd

United Kingdom

GE Power Conversion India Pvt. Ltd.

India

General Electric International, Inc

United Kingdom

GE Power India Ltd

India

GE Grid Solutions, LLC

USA

GE Power Systems India Private Limited

India

GE Packaged Power, Inc.

USA

GE Power Systems India Private Limited (formerly ALSTON Bharat Forge Power Private Ltd)

India

GE Working Capital Solutions, LLC

USA

IndoTech Transformers Ltd

India

General Electric Company

USA

Wipro GE Healthcare Private Limited

India

General Electric International, Inc

USA

GE Operations Indonesia, PT

Indonesia

GRID Solutions (U.S.) LLC

USA

PT Grid Solutions Indonesia

Indonesia

Instrument Transformers, LLC

USA

PTUnelec Indonesia

Indonesia

GE Vietnam Limited

Vietnam

GRID Solutions S.p.A.

Italy

Grid Solutions Vietnam Company Ltd

Vietnam

(iv) Employee benefit trusts where control exists:

Alstom T&D India Limited (Pallavaram PF, Trust)

Alstom T&D India Limited (Regional PF Trust, Kolkata)

(upto 21 February 2018)

Alstom T&D India Limited (Staff PF Trust, Kolkata)

(upto 21 February 2018)

Alstom T&D India Limited (Senior Staff PF Trust, Kolkata)

(upto 21 February 2018)

Related party transactions and balances:

Description

For the year ended March 31, 2019

For the year ended March 31, 2018

Transactions

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Revenue from operations

GE PowerSystems India Private Ltd, India

1,317.2

193.6

General Electric Energy UK Ltd, United Kingdom

916.0

807.0

Grid Solutions SAS, France

366.8

338.0

GE Grid Solutions, S.A. de C.V., Mexico

295.5

226.6

GE Grid Solutions Pte Ltd, Singapore

199.2

273.1

COGELEX, Saudi Arabia

194.5

200.9

GE PowerServices (Malaysia) Sdn. Bhd, Malaysia

181.2

-

GE High Voltage Switchgear (Suzhou), China

171.8

200.5

GRID Solutions (U.S.) LLC, USA

155.4

206.4

General Electric Tech no logy Gmb, Switzerland

148.4

84.2

Grid Solutions Portugal, Lda., Portugal

139.9

231.1

GEPowerlndia Ltd, India

125.2

238.0

GE Grid Australia Pty Ltd, Australia

122.2

-

GE Grid GmbH, Germany

115.8

Grid Solutions Transmissao de Energia Ltda, Brazil

107.9

PT Grid Solutions Indonesia

99.4

159.4

GE PowerConversion India Pvt. Ltd, India

61.5

301.5

Others

415.6

723.2

Purchase of raw material, components consumed and project related costs

Grid Solutions SAS, France

614.1

428.9

General Electric Energy UK Ltd, United Kingdom

194.7

704.0

GEMultilin, Canada

182.8

74.0

GRID Solutions S.p.A., Italy

181.7

21.9

GE Grid (Switzerland) GmbH, Switzerland

117.2

154.5

GE Grid GmbH., Germany

102.9

1.2

Reason Tecnologia S.A.

98.1

69.2

Indo Tech Transformers Ltd., India

92.4

-

GE Grid Solutions (UK) Ltd, United Kingdom

80.5

103.7

GE Power Management S.L., Spain

44.4

90.4

GE High Voltage Switchgear (Suzhou)

42.2

57.3

Others

182.5

199.8

Description

For the year ended March 31, 2019

For the year ended March 31, 2018

Transactions

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Purchase of Services - Others

Grid Solutions SAS, France

689.4

273.0

GE India Industrial Private Ltd, India

832.5

295.4

Others

84.7

57.4

Purchase of property, plant and equipment

General Electric Energy UK Ltd, United Kingdom

3.2

GE BE Private Ltd., India

1.5

GE Intelligent Platforms GmbH, Germany

0.2

GE Grid (Switzerland) GmbH, Switzerland

3.6

Grid Solutions SAS, France

1.1

Technology licence fee and others

General Electric Tech no logy GmbH. Switzerland

421.5

476.4

General Electric Energy UK Ltd, United Kingdom

155.2

120.9

Grid Solutions SAS, France

18.1

19.9

Grid Solutions (U.S.) LLC (formerly ALSTON Grid LLC), USA

13.6

18.8

Trade mark fees

General Electric Company, USA

395.1

396.5

Interest

GE Powerlndia Limited, India

43.8

Grid Equipments Private Limited, India

-

102.2

Dividend remitted

Grid Equipments Private Limited, India

315.9

315.9

GE Grid Alliance B.V., Netherlands

29.8

29.8

Borrowings availed

Grid Equipments Private Limited, India

440.0

Borrowings repaid

GE Powerlndia Limited, India

-

2,200.0

Grid Equipments Private Limited, India

-

2,220.0

Key management personnel Remuneration

Sunil Wadhwa

27.9

25.2

Gaurav ManoherNegi

21.8

17.7

NageshTilwani

10.3

11.8

Key management personnel compensation *

Short-term employee benefits

57.4

52.2

Post-employment benefits

2.6

2.5

Sitting fees to Independent / non- executive directors

5.3

3.6

Commission to Independent / non- executive directors

6.0

1.8

Description

For the year ended March 31, 2019

For the year ended March 31, 2018

Transactions

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Ultimate Holding company

Immediate Holding company / Intermediate Holding company

Fellow Subsidiaries

Key management personnel

Others

Employee benefit trusts

Contribution to employee related trusts

Alstom T&D India Limited (Pallavaram PF Trust)

81.2

83.6

Closing balances

Trade receivables

GE Power Systems India Private Ltd, India

197.8

-

General Electric Energy UK Ltd, United Kingdom

189.9

132.4

GE Power Services (Malaysia) Sdn. Bhd

94.6

1.3

Grid Solutions (U.S.) LLC, USA

87.0

54.8

GE Power Conversion India Pvt. Ltd, India

81.2

125.1

GE Grid GmbH, Germany

76.1

27.6

GE Power India Ltd, India

72.1

138.8

Grid Solutions SAS, France

58.3

56.2

GE Grid Solutions, S.A. de C.V., Mexico

57.2

100.8

PTGrid Solutions Indonesia

56.4

27.1

GRID Solutions S.p.A., Italy

54.6

8.7

GE High Voltage Switchgear (Suzhou), China

42.0

33.0

Grid Solutions Transmissaode Energia Ltda

28.8

16.7

GE Grid Solutions Pte. Ltd, Singapore

27.8

61.5

GE Grid Australia Pty Ltd, Australia

26.1

24.4

COGELEX, Saudi Arabia

25.2

27.0

Others

92.9

145.2

Advance from customer

GE PowerSystems India Private Ltd, India

291.3

Trade payables

Grid Solutions SAS, France

657.4

582.8

General Electric Energy UK Ltd, United Kingdom

421.5

218.2

General Electric Technology GmbH. Switzerland

263.9

709.0

GE India Industrial Private Ltd, India

261.6

242.9

GRID Solutions (U.S.) LLC, USA

103.0

40.2

GE Grid GmbH, Germany

96.0

0.2

GEGrid Solutions (UK) Ltd, United Kingdom

78.9

45.0

GRID Solutions S.p.A., Italy

68.2

21.5

GE Grid (Switzerland) GmbH, Switzerland

58.7

49.6

GE Multilin, Canada

51.7

20.6

General Electric Company, USA

20.3

846.1

Reason Tecnologia S.A. , Brazil

7.1

28.6

Others

183.2

153.2

*Does not include gratuity and compensated absences as these are provided in the books of accounts on the basis of actuarial valuation forthe Company as a whole and hence individual amount cannot be determined.

39. Contingent liabilities

As at March 31, 2019

As at March 31, 2018

(a) Contingent liabilities

(i) Demands relating to

Sales tax matters

2,673.1

1,343.8

Excise duty and service tax matters

53.6

48.3

(ii) Claims against the Company not acknowledged as debts pertaining to legal cases

209.8

230.2

Notes:

40. Capital and other commitments

1) Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgment / decisions pending with various forums /authorities.

2) The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material adverse effect on its financial position. The Company does not expect any reimbursements in respect of above contingent liabilities.

3) The Company is directly or indirectly involved in other lawsuits, claims and proceedings, which arise in the ordinary course of business. The Company have challenged these litigation with respective authorities. Based on the facts currently available, management believes that likelihood of outflow of resources is remote and hence the Company has not recognised these litigations under contingent liability as well.

4) During the year ended 31st March 2018, the Company's internal reviews identified some weaknesses in carrying out certain testing procedures in respect of certain products. The management had taken corrective steps to strengthen these procedures and is communicating with the relevant stakeholders. No claims have been made on the Company so far. At this point of time, it is not possible to assess/estimate the extent and impact, if any, of the same

5) There are numerous interpretative issues relating to the recent Supreme Court (SC) judgement on Provident fund dated 28th February 2019. The Company is in compliance with the Hon'ble Supreme Court judgement for the year ending 31st March 2019. The Company will update its provision for any prior periods if required, on receiving further clarity on the judgement. The Company does not expect the impact to be material.

41. Earnings/(loss) per share

The calculations of profit attributable to equity shareholders and weighted average number of equity shares outstanding for purposes of basic earnings per share calculation are as follows:

(a) Basic/diluted earnings per share

As at March 31, 2019

As at March 31, 2018

Earnings attributable to the equity holders of the Company

2,126.7

2,087.6

Weighted average number of equity shares

25,60,49,135

25,60,49,135

Total basic/ diluted earnings per share attributable to the equity holders of the Company

8.31

8.15

As at March 31, 2019

As at March 31, 2018

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for in these accounts (net of advances)

31.5

16.6

31.5

16.6

42. Revenue from Contracts with Customers

a) Disaggregated revenue information

As at March 31, 2019

Revenue by Geography

India

36,095.6

Other countries*

6,092.5

42,188.1

*Exports to any single country are not material to be disclosed

As at March 31, 2019

Revenue by offerings

Sale of products

17,175.4

Revenue from execution of contracts for projects and services

23,776.9

Sale of services

1,157.6

Other operating income

78.3

42,188.2

b) Contract balances

As at March 31, 2019

Trade receivables

20,202.5

Advance from customers (Contract liabilities)

3,531.4

Deferred income

5,968.0

Contract assets *

2,985.5

32,687.4

•Contract asset is a right that is conditioned on something other than the passage of time therefore a contract asset is not a financial instrument. In Company's contracts with customers, since the contractual right to payment arises only upon achievement of milestones specified in the contract, it is believed that the performance completed until the achievement of a particular milestone should be recorded as a contract asset under non-financial assets. In March 2019, Rs 52.6 million (March 2018: Rs Nil) was recognised as provision for expected credit losses on contract assets.

During the year ended 31 March 2019, Rs 1,440.6 million of contract assets pertaining to the long term contracts as of 1 April 2018 has been reclassified to trade receivables upon billing to customers on completion of milestones.

During the year end 31 March 2019 the company recognise revenue of Rs 5,848.8 million arising from opening deferred income as of 1 April 2018.

c) No significant adjustment expected in contract price for revenue recognised in statement of profit and loss.

d) Performance Obligation

Information about the company's performance obligations are summarised below: Execution of long term contract for projects

a) Long term (Construction type) contracts - The long term contracts are ordinarily presumed to consist of combined obligations which are not distinct in the context of the contract (i.e., single performance obligation). This is highly attributed to the long-term construction-nature of the projects, whereby deliverables are typically highly interrelated and combined. The typical scope of turnkey contracts (EPC) arrangements includes Engineering, manufacturing, shipment, delivery installation, testing, erection and commissioning and civil works. Although there are several components to the overall scope of the contract, the turnkey contracts (EPC) are generally considered one performance obligation.

b) Products manufacturing and erection, commissioning and installation contracts-These contracts comprising of two performance obligations of supply of products and erection and commissioning thereof. When the manufacturing stage is complete, factory acceptance testing procedures are performed to ensure the equipment meets customer specifications and may involve the customer physically observing the testing procedures. Revenue from contracts, where the performance obligations are satisfied over time and other consideration, is recognized as per the percentage of completion method. The Company uses the percentage of completion method based on the efforts or costs expended to the date as a proportion of the total efforts or costs to be expended.

For certain products like transformers and Gas Insulated Switchgears, percentage of completion is followed basis acceptance of "Factory Acceptance test" (FAT) carried by the customer basis the Company's assessment that these products being manufactured have an alternative use till the time FAT is carried out.

Company as part of its contracts, provides warranties of the equipment for defects arising out of poor workmanship, inferior material or manufacturing. Such warranty provided is in the nature of assurance warranty and is not accounted for as a separate performance obligation.

e) Remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize these amounts in revenue.

The aggregate value of performance obligations that are completely or partially unsatisfied as at 31 March 2019 is Rs 63,957 million. The conversion to revenue is highly dependent on meeting the delivery schedules, contractual terms and conditions with customers, availability of customer sites, changes/variation in scope/ prices etc. In view of these, it is not practical to define the accurate percentage of conversion to revenue. However, it will be in a range of 1 to 3 years.

f) There was no revenue recognised in the current year ended 31 March 2019 from performance obligations satisfied (or partially satisfied) in previous periods due to no significant changes in transaction price.

43. Impact on transition to Ind AS 115

Effective 1 April 2018, the Company adopted Ind AS 115, "Revenue from Contracts with Customers" using the cumulative effect approach, as per the transitional provision option available to the Company. The Company also reassessed the revenue recognition method in respect of measuring percentage of completion for applicable products/ services projects. The key changes in accounting policies included non-discounting of retention money as it is considered to ensure Company's obligation rather than provision of finance to the customer and change in method of measuring percentage of completion measured by segmented portions of the contract, i.e. Contract Milestones achieved to actual costs incurred. As a result, the cumulative effect of Rs 817.1 million (net of tax impact Rs 424.1 million) has been recognized as addition to retained earnings as at 1 April 2018. It is impracticable to determine the adjustments/ impact of the above changes on the comparatives. Accordingly, the comparatives have not been retrospectively adjusted, i.e it is presented, as previously reported, under earlier revenue recognition standards.

The breakup of the above mentioned impact is as follows:

Particulars

As at March 31, 2019

Reduction in cost to come (trade payables)

(3,507.7)

Reduction in projects work in progress (inventories)

4,143.9

Related impact on provision for warranty

(28.8)

Related impact on contract assets

(408.3)

Increase in trade receivables due to non-discounting of retention money

(1,440.2)

Total

(1,241.2)

Deferred tax impact of above

493.7

Current tax impact of above

(69.6)

Impact on retained earning as at 01 April 2018

(817.1)

44. In accordance with Ind AS 18 on "Revenue" and Schedule III to the Companies Act, 2013, Sales for the previous year ended 31 March 2018 were reported gross of Excise duty and net of Value Added Tax (VAT)/ Sales Tax. Excise duty was reported as a separate expense line item. Consequent to the introduction of Goods and Services Tax (GST) with effect from July 2017, VAT/Sales Tax, Excise duty etc. have been subsumed into GST and accordingly the same was not recognised as part of sales as per the requirements of Ind AS 18. This had resulted in lower reported sales in the current year in comparison to the sales reported under the pre-GST structure of indirect taxes. Accordingly, financial statements for the year ended 31 March 2018 and in particular, sales and ratios in percentage of sales, are not comparable with the figures of the current year.

45. The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in the books of account.

46. As part of the ongoing steps being taken by the Company to optimise the level of costs and to further improve the competitiveness in the Transformer business, the Company has offered a "Voluntary Retirement Scheme" on 13 May 2019 at one of its manufacturing facilities to assist in retiring its surplus workforce and reorganising its operations. Since, the offer has been made subsequent to year end and pending the outcome of the scheme, no impact of this is considered in these financial statements.

Note: The information relates to such vendors identified as micro and small enterprises, on the basis of information available with the Company.

For B S R & Associates LLP

For and on behalf of the Board of Directors of GE T&D India Limited

Chartered Accountants

Firm Registration Number: 116231W/W-100024

Manish Gupta

Sunil Wadhwa

Gaurav Manoher Negi

Partner

Managing Director

Whole-time Director & CFO

Membership no: 095037

DIN no: 00259638

DIN no: 02835748

Manoj Prasad Singh

Company Secretary

Membership no : F4231

Place: Noida

Place: Noida

Date: 22 May 2019

Date: 22 May 2019

47. Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED")

As at March 31, 2019

As at March 31, 2018

The Company has amounts due to suppliers under MSMED Act. The disclosure pursuant to the said Act is as under:

(i) The principal amount and the interest due thereon remaining unpaid to any supplier

Principal amount

700.7

936.4

Interest thereon

30.5

11.4

(ii)The amount of interest paid by the buyer in terms of section 18, along with the amounts of the payment made to the supplier beyond the appointed day

.

.

(iii)The amount of interest due and payable for the year of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this Act

(iv)The amount of interest accrued and remaining unpaid

30.5

11.4

(v) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small investor

_

_

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