xxi. Provisions & Contingent Liabilities
Provisions are recognized in respect of obligations
where, based on the evidence available, their existence
at the balance sheet date is considered probable.
Contingent liabilities are disclosed by way of Notes
on accounts in respect of obligation where, based on
the evidence available, their existence at the balance
sheet date is considered not probable. Contingent
assets are not recognized in the accounts.
xxii. Financial instruments
Financial assets and financial liabilities are recognised
when the Company becomes a party to the contractual
provisions of the instruments.
Financial assets and liabilities are initially recognised
at fair value. Transaction costs that are directly
attributable to financial assets and liabilities [other
than financial assets and liabilities measured at fair
value through profit and loss (FVTPL)] are added to
or deducted from the fair value of the financial assets
or liabilities, as appropriate on initial recognition.
Transaction costs directly attributable to acquisition
of financial assets or liabilities measured at FVTPL are
recognised immediately in the statement of profit and
loss.
1. Non-derivative Financial assets:
All regular purchases or sales of financial assets are
recognised and derecognised on a trade date basis.
Regular way purchases or sales are purchases
or sales of financial assets that require delivery
of assets within the time frame established by
regulation or convention in market place.
2. Impairment of financial assets
The Company recognizes loss allowances
using the expected credit loss (ECL) model for the
financial assets which are not fair valued through
profit or loss. Loss allowance for trade receivables
with no significant financing component is
measured at an amount equal to life time ECL. For
all other financial assets, expected credit losses
are measured at an amount equal to the 12-month
ECL, unless there has been a significant increase
in credit risk from initial recognition in which case
those are measured at lifetime ECL. The amount of
expected credit losses (or reversal) that is required
to adjust the loss allowance at the reporting date
to the amount that is required to be recognised
is recognized as an impairment gain or loss in the
statement of profit and loss.
3. Foreign exchange gains and losses
The fair value of financial assets denominated in
a foreign currency is determined in that foreign
currency and translated at the spot rate at the end
of each reporting period.
For foreign currency denominated financial assets
measured at amortised cost and FVTPL, the
exchange differences are recognised in statement
of profit and loss except for those which are
designated as hedging instruments in a hedging
relationship.
For the purposes of recognising foreign exchange
gains and losses, FVTOCI debt instruments are
treated as financial assets measured at amortised
cost. Thus, the exchange differences on the
amortised cost are recognised in the statement of
profit and loss and other changes in the fair value
of FVTOCI financial assets are recognised in other
comprehensive income.
Financial liabilities
1. Financial liabilities
All financial liabilities are subsequently measured at
amortised cost using the effective interest method
or at FVTPL. However, financial liabilities that arise
when a transfer of a financial asset does not qualify
for de-recognition or when the continuing involvement
approach applies, financial guarantee contracts issued
by the Company, and commitments issued by the
Company to provide a loan at below-market interest
rate are measured in accordance with the specific
accounting policies set out below.
2. Financial liabilities at FVTPL
Financial liabilities at FVTPL are stated at fair value,
with any gains or losses arising on re-measurement
recognised in statement of profit and loss. The net
gain or loss recognised in statement of profit and loss
incorporates any interest paid on the financial liability
and is included in the 'Other income/other expenses'
line item.
3. Foreign exchange gains and losses
For financial liabilities that are denominated in a
foreign currency and are measured at amortised
cost at the end of each reporting period, the foreign
exchange gains and losses are determined based
on the amortised cost of the instruments and are
recognised in the statement of profit and loss.
The fair value of financial liabilities denominated
in a foreign currency is determined in that foreign
currency and translated at the spot rate at the end
of the reporting period. For financial liabilities that
are measured as at FVTPL, the foreign exchange
component forms part of the fair value gains or losses
and is recognised in the statement of profit and loss.
b) Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having par value of '10 per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of
Directors is subject to approval by the shareholders at the ensuing Annual General Meeting.
In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion of their shareholdings.
c) Information regarding aggregate number of equity shares during the five years immediately preceding the
date of Balance Sheet.
The aggregate number of equity shares allotted as fully paid up by way of Rights shares in financial year 2024-25 are
36,42,857.
The Company has not allotted any shares pursuant to contract without payment being received in cash.There are no calls
unpaid on equity shares and no equity shares have been forfeited.
d) Capital Management
The primary objective of the Company's Capital management is to ensure that it maintains an efficient capital structure and
healthy capital ratios to support its business and maximize shareholders value. The Company makes adjustments to its
capital structure based on the business environments and its economic conditions.To maintain/ adjust the capital structure
the company may make adjustments to dividend paid to its share holders and issue new shares.
The Company monitors capital using the metric of net debt to Equity. Net debt is defined as borrowing less cash and cash
equivalents, fixed deposits.
Securities premium Reserve
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilized in accordance with the
provisions of the Act.
General Reserve
General Reserve is the retained earnings of the Company which are kept aside out of the Company's profits to meet future
(Known or unknown) obligations.
Retained earnings
Retained earnings comprise of the Company's prior years undistributed earnings after taxes.
Distributions made and proposed
TThe Board of Directors at its meeting held on 15th May ,2026 have recommended a dividend of ' 18.00 (i.e. 18%) per equity
share of the face value of ' 10 each for the financial year ended 31st March, 2026. If approved, total dividend payout for the
FY 2025-26 amounting to ' 5,594.76 lakhs as against the total dividend payout for the FY 2024-25 amounting to ' 3,885.25
lakhs.
Note
Term loan from banks - Federal Bank,Axis Bank and HDFC bank .The term loan availed under Emergency Credit Line Guarantee
Scheme( ECLGS) to meet the working capital needs under COVID 19 pandemic situation.
The above loans are repayable in 60 months with 12 to 24 months moratorium and carries interest of 8.40% to 9%
Regarding securities refer note no 18
Vehicle Loan secured by Hypothecation of specific assets purchased out of the loans.
## ' 2,527.51 lakhs ('2,965.43 lakhs) Fixed Deposit carry interest @7.5% (7.50% ) and are repayable 2 years from the respective
years.
' 1,585.70 lakhs (' 2,310.99 lakhs) Fixed Deposit carry interest @8 % (8.00%) and are repayable 3 years from the respective years.
The above working capital loans extended by multiple banking system are secured by a pari passu charge on stocks and
book debts of the company .
The loan extended by banks are further collaterally secured by equitable mortgage of Company's properties in the case
of HDFC Bank properties at Trichy, Tuticorin, Madurai, Ramnad and in the case of ICICI Bank and Kotak Mahindra Bank
property at Coimabtore on pari-passu basis and in the case of Axis Bank property at Salem and in the case of Yes Bank
property at Alwarpuram, Pudukkottai and vacant land @ Vandiyur (Madurai) in the case Federal Bank property at Nethaji
Road and Solanguruni at Madurai.
Gold Metal loan from Banks against Fixed deposit and SBLC of the respective bank.
All the above mentioned collateral securities owned by the company given to the respective banks as indicated above ar
given on exclusive basis and on a pari passu charge basis and also is in accordance with sanction terms and conditions c
the respective banks.
All the above loans are further secured by personal guarantee of whole time of directors of the company.
The Company availed un-secured loan from directors, which are repayable on demand and carries interest @ 6% p.a
The cash credit is repayable on demand and carries interest of 7.00% to 9.80% p.a.
Fixed Deposits from public are repayable within 12 Months from the reporting date.
The Gold Metal Loan carries interest @ 2.65% to 2.90% p.a.
b. An order for demand of less payment of Customs duty on imported goods pertaining to financial year 2011-12 for '154
Lakhs passed by principal Commissioner of Customs, Chennai. The company has moved a Writ petition against the
order with Honourable High Court of Madras for quashing the order passed by the Authority. The writ was admitted,
and status quo is maintained. Direction is given by High court of Madras to approach Appellate Tribunal / Commissioner
(Appeals) to complete the appeals and accordingly company filed appeal which is pending. The company is advised that
it has got a more than a reasonable chance for success and therefore no provision is made in the books. Hence, this
liability if any is considered as contingent in nature.
c. The Commercial Tax office, Madurai has issued a notice for the Asst year 2011-12 and 2012-13 on the matter of payment
of Sec 12 purchase tax and others made a claim aggregating to ' 41 Lakhs. The Company got a favourable order with
the Appellate Authority.
Against this order, the Commercial Tax office, Madurai has filed an appeal to Sales tax Appellate Tribunal, Madurai (A.B)
which is pending for hearing. The company is advised that it has got a more than a reasonable chance for success and
therefore no provision is made in the books. Hence, this liability if any is considered as contingent in nature.
d. The Company has received demand notices from the Income Tax Department amounting to ' 591 lakhs for Assessment
Year 2016-17 and ' 858 lakhs for Assessment Year 2017-18 relating to the treatment of beaten gold wastage in the books
of account pursuant to the assessment orders passed under the Income Tax Act, 1961. The Company had preferred
appeals against the said orders.
During the current year, the Hon'ble Income Tax Appellate Tribunal (ITAT), Chennai, vide its order dated 29/08/2025, has
remanded the matter back to the Assessing Officer for fresh consideration and disposal in accordance with law. The
dispute primarily relates to the accounting treatment of wastage arising during the refining and melting process, which,
according to the management, has been consistently followed by the Company over the years and accepted in earlier as
well as subsequent assessments. Further, in the assessment proceedings for Financial Years 2019-20, 2020-21 ,2021-22
and 2023-24, no additions were made by the Assessing Officer on the same issue.
Based on the facts of the case, judicial precedents, and legal advice obtained, the management believes that the
Company has a reasonable case on merits and accordingly no provision has been considered necessary in the books
of account. As of date there exists no demand as the Assessment order itself remanded back. As of date, there exists
no demand as the Assessment order itself remanded back. Consequently the aforesaid Demand being not subsisting;
no contingent provision is required.
e. The Company has received a demand notice from the Income Tax Department amounting to ' 106 lakhs for Assessment
Year 2020-21 relating to disallowance of certain purchases on the ground of non-response from the vendor pursuant
to the assessment order passed under Section 143(3) of the Income Tax Act, 1961. Against the said order, the Company
has filed an appeal before the Hon'ble Income Tax Appellate Tribunal, Chennai Bench, on 27/04/2026, which is pending
adjudication.
The management believes that the disallowance pertains to legitimate business purchases and is rectifiable in nature.
Based on the facts of the case and legal advice obtained, the Company is of the view that it has a reasonable chance of
success in the matter and accordingly no provision has been made in the books of account. Hence, the aforesaid liability,
if any, is considered contingent in nature.
f. f)The Company has received a demand notice under Section 156 of the Income Tax Act, 1961 amounting to ' 7,017 lakhs
for the Assessment Year 2021 -22. The demand arises from the disallowance of expenditure incurred on the purchase
of old gold in exchange for new ornaments from customers, which was treated by the Assessing Officer as unexplained
income under Section 69(3) of the Act. The exchange of old gold for new ornaments is a long-standing and prevalent
trade practice in the jewellery industry, and the transactions during the relevant year involved more than 1.13 lakh
customers.
The Assessing Officer, despite detailed submissions and supporting documents furnished by the Company, adopted an
arbitrary purity rate for the old gold exchanged instead of considering the actual purity and prevailing market practices
followed by the Company. This resulted in an addition of ' 7,216 lakhs and consequential tax demand under Section
115BBE of the Act.
The Company filed an appeal against the said order with the Commissioner ( Appeals) and the case is pending for
disposal.
Moreover, a positive and comforting development happened in this case that the "Review Committee" constituted
by CBDT has categorically concluded in their speaking order that the ITO didn't establish the logic or facts for such
"High pitched" additions. They have taken a favourable view. In this backdrop, we are waiting for a fair disposed by
Commissioner (Appeals).
Meanwhile, the Company had filed a stay petition against the aforesaid demand before the Income Tax Department, and
the stay has been granted in full. Accordingly, the demand raised pursuant to the high-pitch assessment order presently
stands stayed.
Based on the facts of the case, prevailing industry practices, supporting documentation available, legal advice obtained,
and the full stay granted by the department, the management believes that the Company has a strong case on merits.
Accordingly, no provision has been made in the books of account and the aforesaid demand, if any, is considered
contingent in nature.
g. h)The Company has received demand notice under Section 11A(4) of the Central Excise Act, 1944 from Directorate
General of GST Intelligence, Coimbatore Zonal Unit, Coimbatore relating to non-payment of Central excise duty on for
Sale of branded gold coins amounting to ' 97 lakhs and Sale of silver jewellery amounting to ' 31 lakhs and dispute on
input service tax credit taken amounting to ' 145 lakhs aggregating to ' 274 lakhs for the period from 01.03.2016 to
30.06.2017. The company has filed an appeal with Customs, Excise and Service Tax Appellate Tribunal. The company is
advised that it has got a more than a reasonable chance for success and therefore no provision is made in the books.
Hence, this liability if any is considered as contingent in nature.
h. The Company has received an order under the provisions of the Goods and Services Tax Act, 2017 for Financial Year
2023-24 raising a demand aggregating to ' 13.92 lakhs (including tax, interest and penalty) in connection with alleged
disallowance of purchases relating to counter verification of transactions with a supplier.
Further, during the year, the business premises of the Company situated at Madurai, was inspected by the Departmental
Officials under Section 67 of the Tamil Nadu Goods and Services Tax Act, 2017 and certain discrepancies relating to
differences between physical stock and book stock of branch offices were observed.
The Company has disputed the aforesaid demand and has filed an appeal before the State Appellate Authority - TNGST,
which is pending adjudication. The Company has also remitted the mandatory pre-deposit amount as required under
the provisions of the Act.
Based on the facts of the case, supporting records available, and legal advice obtained, the management believes that
the Company has a reasonable case on merits and accordingly no provision has been made in the books of account.
Hence, the aforesaid demand, if any, is considered contingent in nature.
Note 35 - Related Party Disclosures
In accordance with the requirements of Indian Accounting Standards (Ind AS) - 24 "Related Party disclosures " the names of
related party where control exists/able to exercise significant influence along with the aggregate transactions and year end
balances with them as identified and certified by the management are given below:
Note: The above information has been determined to the extent such parties have been identified on the basis of information
provided by the company, which has been relied upon by the auditors.
Note 36 - Earnings per Share
The Company presents basic and diluted earnings per share ("EPS") data for its ordinary shares. Basic EPS is calculated
by dividing the net profit or loss attributable to ordinary shareholders of the Company by the weighted average number
of ordinary shares outstanding during the year. The weighted average number of shares outstanding during the year is
adjusted for events such as rights issue that have changed the number of shares outstanding.
Asset for gratuity fund of ' 139 lakhs (Previous year ' 23 lakhs) being the net assets recognized as per actuarial valuation of
gratuity fund.
The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the
entire life of the related obligation.
The assumption of future salary increase, are considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
Investment Details
The company made annual contributions to the Employee Group Gratuity Trust based on the actuarial valuation. The said
Trust is in the process of making investment of Gratuity Fund through Life Insurance Corporation of India according to
guidelines of IRDA.
39. The Company receives advance payments from customers in the form of gold and cash under customer schemes,
wherein discounts on making charges are offered at the time of sale of ornaments in accordance with the respective
scheme terms. The liability arising from such customer advances is recognised upon receipt. As at 31st March 2026,
the outstanding balance under these schemes amounted to '142,116 lakhs (Previous year: '60,744 lakhs), including an
accumulated quantity of 1,168 kgs of gold (Previous year: 849 kgs). Any discount payable upon redemption is recognised
as a discount expense when the customer fulfils all requisite conditions under the scheme.
40. Survey was conducted by The Assistant Commissioner of Customs, Customs Preventive Unit, Madurai at the
manufacturing units and purchase premises of the company in FY 2020-21. Gold Coin weighing 1,643 grams was taken
over by the official under the protest of certain scratches appeared in the items and also resemblance of foreign origin
of the items. By virtue of accepting coins from customers after taking due declaration, the company at different point
of time accepted the coins that fulfilled purity and other regulatory essentials. The company has received notice from
the department and appeared before the Appropriate Authority and produced necessary documents and explanation.
The company is of the view that with the submissions made to the authorities, it will come out of the legal tangle, and
hence no provision is made in the books of account. The above said quantity was included in the closing stock as of 31st
March 2026.
41. 11 n the opinion of the management, there is no impairment in the carrying cost of property, plant and equipment of
the Company in terms of the Indian Accounting Standard (Ind AS) 36 "Impairment of Assets" issued by the Institute of
Chartered Accountants of India except for those disclosed in note no. 32.
III) Financial risk management
The Company's principal financial liabilities comprise of loans and borrowings, lease liabilities, trade and other payables.
The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets include cash, trade and other receivables that derive directly from its operations.
The Company is exposed to market risk, interest rate risk, foreign currency risk, credit risk and liquidity risk. The Company's
senior management oversees the management of these risks. The Company's senior management assesses the financial
risks and the appropriate financial risk governance framework in accordance with the Company's policies and risk objectives.
The Board of Directors review and agree on policies for managing each of these risks, which are summarised below.
a. Market risk
Market risk is the risk that changes in market prices, liquidity and other factors that could have an adverse effect
on realizable fair values or future cash flows to the Company. The Company's activities expose it primarily to the
financial risks of changes in price and interest rates as future specific market changes cannot be normally predicted
with reasonable accuracy.
i. Interest rate risk
Interest rate riskistherisk thatthefairvalue or futurecash flowsof afinancial instrument willfluctuatebecause
of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates are
managed by borrowing at fixed interest rates. During the year Company did not have any floating rate borrowings.
Hence, interest rate sensitivity is not material to the financial statements.
The fair values of the Company's interest-bearing borrowings and loans are determined under amortised cost
method using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. These
rates are considered to reflect the market rate of interest and hence the carrying value are considered to be at fair
value.
ii. Price risk
The Company is exposed to fluctuations in gold price (including fluctuations in foreign currency) arising on purchase/
sale of gold.
To manage the variability, the Company enters into derivative financial instruments to manage the risk associated
with gold price fluctuations relating to the inventory lying with the Company. Such derivative financial instruments
are primarily in the nature of future commodity contracts and forward foreign exchange contracts. The risk
management strategy against gold price fluctuation also includes procuring gold on loan basis, with a flexibility to
fix price of gold at any time during the tenor of the loan.
The use of such derivative financial instruments is governed by the Company's policies approved by the Board
of Directors, which provide written principles on the use of such instruments consistent with the Company's risk
management strategy
As the value of the derivative instrument generally changes in response to the value of the hedged item, the
economic relationship is established.
The following table gives details of contracts as at the end of the reporting period:
Trade receivables are typically unsecured and are derived from revenue from customer. Credit risk has been managed
by the Company through proper approvals which continuously monitors the creditworthiness of the customer to
whom the Company grant credit terms in the normal course of business.
The credit risk for cash and cash equivalents are considered negligible, since the counterparties are reputable banks
with high quality external credit ratings.
Other financial assets mainly comprises of rental deposits and are assessed by the Company for credit risk on a
continuous basis.
c. Liquidity risk
Liquidity risk is that the Company might be unable to meet its obligations. The Company manages its liquidity needs
by monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash inflows
and outflows due in day-to-day business. The data used for analysing these cash flows is consistent with that used
in the contractual maturity analysis below. Liquidity needs are monitored in various time bands, on a day-to-day and
week-to-week basis, as well as on a monthly, quarterly, and yearly basis depending on the business needs. Net cash
requirements are compared to available borrowing facilities in order to determine headroom or any shortfalls. This
analysis shows that available borrowing facilities are expected to be sufficient over the lookout period.
The Company's objective is to maintain cash and bank's short term credit facilities to meet its liquidity requirements
for 30-day periods at a minimum. This objective was met for the reporting periods. Funding for long-term liquidity
needs is additionally secured by an adequate amount of committed credit facilities.
The Company considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular
its cash resources and trade receivables.
As at 31 March, the Company's non-derivative financial liabilities have contractual maturities as summarised below:
Note 46
a. The Directors at its meeting held on February 5, 2025, has inter alia considered and approved the rights issue of
36,42,857 No of fully paid-up Equity Shares of Rights issue price of ' 1,400 per equity share [including a premium of '
1,390 per Equity Share] on Rights basis to the eligible equity shareholders in the ratio of 2 rights equity shares for every
12 equity shares held by the eligible equity shareholder for amount aggregating up to ' 51,000 lakhs. 36,42,857 no of
equity shares were allotted by the Company on March 07, 2025.
*As per Objects of the issue as mentioned in the letter of offer, in case of any difference between the estimated Issue
related expenses and actual expenses incurred, the shortfall or excess shall be adjusted with the amount allocated
towards general corporate purpose.
Note 47
Additional regulatory Disclosures as Per Schedule III of Companies Act, 2013
Additional Regulatory Information pursuant to Clause 6L of General instructions for preparation of Balance sheet as given
in part I of Division II of schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than
those given elsewhere in any other notes to the Financial Statement.
a. The Company does not have any Benami property, where any proceeding has been initiated or pending against the
company for holding any Benami property.
b. The company has-fund based and non-fund-based Limits of Working capital from Banks and financial institutions.
For the said facility, the revised submissions made by the Company to its multiple bankers based on closure of books
of accounts at the year end, the revised quarterly returns or statements comprising stock statements, book debt
statements, credit monitoring arrangement reports, statements on ageing analysis of the debtors/others receivables,
and other stipulated financial information filed by the Company with such banks or financial institutions are in agreement
with the unaudited books of account of the company of the respective quarters and no material discrepancies have
been observed.
c. The company have not been declared as a wilful defaulter by any lender who has powers to declare a company as a
wilful defaulter at any time during the financial year or after the end of reporting period but before the date when the
financial statements are approved.
d. The company has not entered into any transactions with companies struck off under section 248 of the companies
Act,2013 or section 560 of company Act, 1956.
e. The company has complied with the number of layers prescribed under clause (87) of section 2 of the companies
(Restrictions on number of layers) Rules, 2017.
f. The company has not advanced or loaned or invested funds to any other persons(s) or entity (is), including foreign
entities (intermediaries), with the understanding that the intermediary shall;
i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by on behalf of
the company (Ultimate Beneficiaries) or
ii. Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries
g. The company has not received any funds from any persons(s) or entity (ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the company shall;
i. Directly and indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding party (Ultimate beneficiaries) or
ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
h. The Company does not have any transactions which is not recorded in the books of accounts but has been surrendered
or disclosed as income during the year in the tax assessments under the income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the income Tax Act, 1961).
i. The Company has not traded or invested in crypto currency or virtual Currency during the financial year.
Note 48
Exceptional item in the current quarter pertains to one-time impact of New Labour Codes effective 21 November 2025,
The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four
Labour Codes collectively referred to as the 'New Labour Codes'. Under Ind AS 19, changes to employee benefit plans
arising from legislative amendments constitute a plan amendment, requiring recognition of past service cost immediately
in the statement of profit and Loss. The New Labour Codes has resulted in estimated one time increase in provision for
employee benefits of the Company amounting to Rs.238 lakhs and the same has been recognized as an exceptional item in
the current reporting period. The Government of India is in the process of notifying related rules to the New Labour Codes
and impact of these will be evaluated and accounted for in accordance with applicable accounting standards in the period
in which they are notified.
Note-50 Capital Management
For the purpose of the Company capital management, capital includes issued equity capital and other equity reserve
attributable to the equity shareholders of the Company. The primary objective of the company's capital management is to
maximise the shareholder value.
The company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to
shareholders. The capital structure of the Company is based on management's judgement of its strategic and day to day
need with a focus on total equity so as to maintain investor, creditors and market confidence.
The company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt is calculated as
borrowing less cash and cash equivalents and other bank balances.
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