These financial statements have been brpared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. Pursuant to section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, till the standards of accounting or any addendum thereto are brscribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply. Consequently, these financial statements have been brpared to comply in all material aspects with the accounting standards notified under Section 211(3C) of the Companies Act, 1956 [Companies (Accounting Standards) Rules, 2006, as amended] and other relevant provisions of the Companies Act, 2013

All assets and liabilities have been classified as current or non-current as per the Company’s operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and

their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current – non-current classification of assets and liabilities.

a)      Use of Estimates

The brparation of the financial statements require the Management to make estimates and assumptions considered in the reported amounts of the assets and liabilities including Contingent Liabilities as on the date of the financial statements and the reported income and expenses for the reporting period. Management believes that the estimates used in the brparation of the financial statements are prudent and reasonable. Future results could differ from these estimates. Any adjustments based on actuals are effected in the subsequent periods.

Employee benefit plans
These Consolidated Financial Statements include the obligations as per  requirement of Accounting Standard -15 (Employee Benefits) except for those subsidiaries which are incorporated outside India who have determined the valuation / provision for employee benefits as per requirements of their respective countries. In the opinion of the management, the impact of this deviation is not considered material.
Defined contribution plans
The Group makes Provident Fund, Superannuation Fund and Other Funds contributions to defined contribution plans, as applicable, for qualifying employees. Under the Schemes, the Group is required to contribute a specified percentage of the payroll costs to fund the benefits.  The contributions payable to these plans are at rates specified in the rules of the respective schemes.
							2016-2017	2015-2016
							Rs	Rs
i) Contribution to Provident Fund *							1,54,67,127	1,58,66,621
ii) Contribution to Superannuation Fund *							77,38,266	59,84,766
iii) Contribution to Others Funds * (Other than India, as applicable)							3,50,22,724	3,07,52,425
							5,82,28,117	5,26,03,812
(*) recognised under 'Contribution to provident and other funds' in Note 29
Post Employment Defined Benefit Plan
The Group offers the following employee benefit schemes to its employees:
(i) Gratuity (Funded)
The company provides for gratuity ,a defined benefit retirement plan covering eligible employees. As per scheme ,the Gratuity Trust fund managed by the Trust, makes payment to vested employees on retirement ,death , incapacitation or termination of employment, of an amount based on the respective employee's eligible salary ( half month's salary) depending upon the tenure of service subject to a revised maximum limit of amount payable under Payment of Gratuity Act. Liabilities with regard to the Gratuity plan are determined by actuarial valuation as set out in Note 3(h) based upon which, the company makes contribution to the Gratuity fund.
(ii) Leave Encashment Scheme (Unfunded)
The company provides for accumulated leave benefit for eligible employees payable at the time of retirement of service subject to maximum of one hundred eighty days based on last drawn salary. Liabilities with regard to leave encashment scheme are determined by actuarial valuation as set out in Note 3(h).
The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:
							Year ended 31st March, 2017	Year ended 31st March, 2016	Year ended 31st March, 2017	Year ended 31st March, 2016
							Gratuity  (Funded)	Gratuity  (Funded)	Leave Encashment (Unfunded)	Leave Encashment (Unfunded)
							Rs.	Rs.	Rs.	Rs.
Reconciliation of opening and closing balances of the brsent value of the Defined Benefit Obligation
Present value of DBO at beginning of the year							2,95,29,614	2,68,13,922	1,97,57,219	1,77,98,949
Current service cost							33,25,840	34,71,777	32,61,305	30,70,367
Interest cost							23,25,011	21,00,620	15,55,631	13,94,443
Actuarial (gains) / losses							46,80,178	1,96,121	-2,53,959	-77,867
Benefits paid							(25,91,800)	(30,52,825)	-12,33,648	-24,28,673
Present value of DBO at the end of the year							3,72,68,843	2,95,29,614	2,30,86,548	1,97,57,219
Reconciliation of opening and closing balances of the fair value of the plan assets
Plan assets at beginning of the year							1,18,29,080	86,46,288	-	-
Expected return on plan assets							9,43,931	7,06,017	-	-
Actual company contributions							4,99,184	54,69,969	1,65,416	2,04,866
Actuarial gain / (loss)							(41,767)	59,631	-	-
Benefits paid							(25,91,800)	(30,52,825)	(1,65,416)	-
Plan assets at the end of the year							1,06,38,628	1,18,29,080	-	-
Net asset / (liability) recognised in the Balance Sheet
Present value of defined benefit obligation							3,72,68,843	2,95,29,614	2,30,86,503	1,97,57,219
Fair value of plan assets							1,06,38,628	1,18,29,080	-	-
Funded status [Surplus / (Deficit)]							(2,66,30,215)	(1,77,00,535)	(2,30,86,503)	(1,97,57,219)
Net asset / (liability) recognised in the Balance Sheet							(2,66,30,215)	(1,77,00,535)	(2,30,86,503)	(1,97,57,219)
- Current							(2,65,56,510)	(1,77,00,535)	(29,87,230)	(12,33,531)
- Non Current							(73,705)	-	(2,00,99,273)	(1,85,23,688)
Expense recognised in the Statement of Profit and Loss Account
Current service cost							33,25,839	34,71,777	32,61,305	30,70,367
Interest cost							23,25,011	21,00,620	15,55,631	13,94,443
Expected return on plan assets							(9,43,931)	(7,06,017)	-	-
Past Service Cost							-	-	-	-
Actuarial losses/(gains)							47,21,945	1,36,491	(2,53,959)	(77,867)
Total expense recognised in the Statement of Profit and Loss							94,28,864	50,02,870	45,62,977	43,86,943
							(*)	(*)
(*) recognised under 'Contribution to provident and other funds' in Note 29
Category of Plan Assets
Funded with HDFC life insurance Co Ltd. under Group Variable Employee benefit plan							86,63,134	1,01,29,240	-	-
Funded with LICI							13,40,550	13,40,550	-	-
Bank Balance							2,04,002	3,59,290	-	-
Actual return on plan assets							8,64,369	7,65,658
Particulars							Year ended 31st March, 2017	Year ended 31st March, 2016	Year ended 31st March, 2017	Year ended 31st March, 2016
							Gratuity  (Funded)	Gratuity  (Funded)	Leave Encashment (Unfunded)	Leave Encashment (Unfunded)
Actuarial assumptions
Discount rate (per annum)							7.38% - 7.43%	7.87% - 7.96%	7.38% - 7.43%	7.87%-7.96%
Expected return on plan assets (per annum)							8.00%	8.00%	NA	NA
Salary escalation (per annum)							6.00%	5.00%	6.00%	5.00%
Attrition (per annum)							10.00%	3.00%	10.00%	3.00%
Mortality tables							IALM 06-08 Ultimate	IALM 06-08 Ultimate	IALM 06-08 Ultimate	IALM 06-08 Ultimate
The discount rate is based on the brvailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.
The estimate of future salary increases considered, takes into account the inflation, seniority, promotion and other relevant factors.
Experience adjustments							2016-2017	2015-2016	2014-2015	2013-2014			2012-2013
							Rs.	Rs.	Rs.	Rs.			Rs.
Gratuity (Funded)
Present value of DBO							3,72,68,843	2,95,29,614	2,63,00,488	2,02,79,477			1,97,57,670
Fair value of plan assets							1,06,38,628	1,18,29,080	86,46,288	75,97,801			73,15,436
Funded status [Surplus / (Deficit)]							(2,66,30,215)	(1,77,00,535)	(1,76,54,200)	(1,26,81,677)			(1,24,42,235)
Experience gain / (loss) adjustments on plan liabilities							(7,51,572)	(3,74,518)	(2,25,724)	(8,82,944)			(6,65,623)
Experience gain / (loss) adjustments on plan assets							(24,159)	79,172	(1,92,767)	(1,17,432)			8,020
							-
Leave Encashment (Unfunded)
Present value of DBO							2,30,86,503	1,94,12,065	1,72,66,980	1,27,05,396			1,17,87,526
Fair value of plan assets							-	-
Funded status [Surplus / (Deficit)]							(2,30,86,503)	(1,94,12,065)	(1,72,66,980)	(1,27,05,396)			(1,17,87,526)
Experience gain / (loss) adjustments on plan liabilities							(43,81,308)	(5,48,695)	19,961	10,24,556			(25,50,316)
Experience gain / (loss) adjustments on plan assets							NA	NA	NA	NA			NA

Note	Particulars
38	The Group is a manufacturer of wear resistant products for mineral processing applications and managed organisationally as a single unit and its business activity falls within a single primary business segment.
	In accordance with AS - 17, geographic segments have been considered as secondary reportable segment.
	Secondary Segment information are as follows-
	Geographic Segment	Revenues For the year ended 31st March, 2017	Segment assets As at 31st March, 2017	Capital expenditure incurred during the year ended 31st March, 2017
	Rs	Rs	Rs
	North America	66,28,23,876	27,84,32,768	10,07,150
		(64,40,17,557)	(29,75,15,406)	(8,88,030)
	South America	70,40,24,624	64,05,18,747	4,81,14,143
		(74,85,83,303)	(1,41,35,20,529)	(10,15,80,172)
	Europe	33,35,18,685	11,32,61,093	-
		(57,27,73,123)	(17,27,62,110)	(54,43,318)
	Africa	1,32,85,95,532	1,06,40,50,682	1,64,20,143
		(1,49,45,42,287)	(1,19,24,38,823)	(10,29,77,894)
	Australia	89,56,16,459	1,03,36,33,809	72,93,717
		(98,93,70,254)	(1,12,38,50,415)	(1,01,27,878)
	India	82,23,03,511	3,41,78,56,549	13,81,62,745
		(68,39,72,548)	(3,38,98,16,165)	(21,68,01,700)
	Others	19,35,36,678	6,08,23,378	-
		(20,70,79,538)	(13,26,11,457)	(1,44,032)
	Total	4,94,04,19,365	6,60,85,77,026	21,09,97,898
		(5,34,03,38,610)	(7,72,25,14,905)	(43,79,63,024)
	Note: Figures in bracket relates to the brvious year