IFGL WORLDWIDE HOLDINGS LIMITED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2016

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2 IFGL WORLDWIDE HOLDINGS LIMITED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2016 Note No. March, 2016 (Figures in ) March, 2015 I Revenue from Operations 19 40,790,342 45,728,840 II Other income , ,312 III Revenue (I + II) 40,964,714 46,042,152 IV Expenses: Cost of Materials and Components Consumed 21 13,971,675 17,383,581 Purchases of Stock-in-Trade 22 5,907,769 6,794,059 Change in Inventories of Finished Goods, Workin-Progress and Stock-in-Trade ,729 (34,229) Employee Benefits Expense 24 8,488,294 8,389,906 Finance Costs 25 82, ,175 Depreciation and Amortisation Expense 631, ,681 Other Expenses 26 8,620,541 8,733,255 Expenses 38,648,888 41,944,428 V VI VII Profit before exceptional and extraordinary items and tax (III-IV) 2,315,826 4,097,724 Tax expense: (1) Current tax 466,295 1,068,060 (2) Deferred tax 95, ,732 21,211 1,089,271 Profit (Loss) for the period from continuing operations (V-VI) 1,754,094 3,008,453 VIII Earnings per equity share: Basic Notes referred to above form an integral part of the Profit and Loss Statement. In terms of our Report attached.

3 NOTES TO THE FINANCIAL STATEMENTS (Figures in ) 1. BASIS OF PREPARATION The financial statements have been prepared in accordance with Indian GAAP and under the historical cost convention on an accrual basis of accounting. The financial statements have been prepared as continuing operations. The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised. All assets and liabilities have been classified as current or non-current as per the Company s normal operating cycle and other criteria set out in the Schedule III of the Companies Act, 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 its operating cycle as 12 months for the purpose of current non current classification of assets and liabilities. The principal accounting policies of the group are set out below:- 2. BASIS OF CONSOLIDATION. The group financial statements consolidate those of the company and of its subsidiary undertakings drawn from April 1, 2015 to 31st March For companies acquired or formed during the year, the financial statements are consolidated, drawn from the date of acquisition or formation as the case may be, till 31st March Profits or losses on intragroup transactions are eliminated in full. The financial statements of the Parent Company and its subsidiary companies (listed below) have been combined on a line-by-line basis by adding together the book value of like items of assets, liabilities, income and expenses after fully eliminating intra group balances and intra group transactions resulting in unrealized profits or losses. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in pound sterling, which is the functional currency of the Company, and the presentation currency for the consolidated financial statements. For the purpose of consolidation, all assets and liabilities (except opening net worth) denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Income and expenses are translated at the month-end exchange rate ruling at the date of the transaction. Exchange differences arising from such retranslation is recognized as foreign exchange translation reserve. Minority interest in the consolidated financial statements is identified and recognised after taking into consideration: -The amount of equity attributable to minorities at the date on which investments in subsidiary is made. -The minorities share of movement in equity since the date parent-subsidiary relationship came into existence. -Losses applicable to the minority in excess of the minority's interest in the subsidiary's equity are allocated against the interest of the group. Tianjin Monocon Refractories Company Limited and Tianjin Monocon Aluminous Refractories Company Limited have an accounting period end of 31st December, These subsidiaries have been consolidated using the financial statements of the year ended on that date adjusted for management account movements to 31st The subsidiaries considered in the consolidated financial statements are: Name of the Subsidiary IFGL Monocon Holdings Limited (IMHL) Tianjin Monocon Refractories Company Limited (TMRL) Monotec Refratarios Ltda (MRL) * Monocon International Refractories Limited (MIRL) Monocon Overseas Limited (MOL) Mono Ceramics Inc (MCI) Goricon Metallurgical Services Limited (GMSL) Tianjin Monocon Aluminous Refractories Company Limited IFGL GmbH.(IG) Hofmann Ceramic GmbH (HCG) Hofmann GmbH & Co. OHG (HGCO) Hofmann Ceramic CZ s.r.o. (HCC) Hofmann Ceramic Ltd (HCL) Hofmann Ceramic LLC (HCLLC) Hofmann Pyemetric LLC (HPLLC) IFGL Inc (IFGL INC) EI Ceramics LLC (EICLLC) Country of Incorporation Proportion of Ownership Interest Accounting Year Ended United Kingdom 100% 31-Mar-16 China 100% 31-Dec-15 Brazil 95% 31-Dec-15 United Kingdom 100% 31-Mar-16 United Kingdom 100% 31-Mar-16 United States of 100% 31-Mar-16 America. United Kingdom 100% 31-Mar-16 China 100% 31-Dec-15 Germany 100% 31-Mar-16 Germany 100% 31-Mar-16 Germany 100% 31-Mar-16 Czech Republic 98.78% 31-Mar-16 United Kingdom 100% 31-Mar-16 United States of 100% 31-Mar-16 America. United States of 51% 31-Mar-16 America. United States of 100% 31-Mar-16 America. United States of America. 100% 31-Mar-16 * Note:- On 9th February 2013, a decision for closure of Brazilian Subsidiary was noted by the Board, of IFGL Refractories Ltd. The Parent Company of Monotec Refratarios

4 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. 3.1Fixed Assets (including intangible items) are stated at cost less accumulated depreciation (including amortisation). The Company capitalises all costs (net of CENVAT credit) relating to acquisition and installation of Fixed Assets. An impairment loss is recognised wherever the carrying value of the fixed assets exceeds its recoverable amount i.e. net selling price or value in use, whichever is higher. Spares that can be used only with particular items of plant and machinery and such usage is expected to be irregular are capitalized. 3.2Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets (other than leasehold land) over its estimated useful life on Straight Line Method (SLM) and also on Written Down Value Method (WDV) basis, as follows: Land Building & Office Premises Plant & Machinery Furniture & Other Office Equipments Motor Vehicles Over Period Of Lease Upto 50 years 3-10 Years 1-10 Years 1-4 Years 4-10 Years Spares capitalized are being depreciated over a period not exceeding the useful lives of Plant and Machinery with which such spares can be used. 3.3 Inventories are valued at lower of cost and net realizable value after making due allowance for obsolete and slow moving items. Cost is determined on the weighted average basis with the exception of MIRL and MCI where cost is determined on a FIFO basis. Had weighted average cost been used at both these subsidiaries, the impact would have been immaterial. Cost comprises of expenditure incurred in the normal course of business in bringing such inventories to its present location and condition and includes, appropriate overheads, wherever applicable. 3.4 Goodwill arising on consolidation of subsidiaries represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets and liabilities of the subsidiaries recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at the cost less any accumulated impairment loss. 3.5 Turnover is the total value of goods supplied and services provided by the group, excluding VAT, returns and trade discounts. Turnover is recognized in the period in which the goods are dispatched/ services are provided, and significant risk and rewards of ownership is transferred to the buyer. The turnover shall be measurable at the time of despatch of goods/ provision of services and it is reasonable to expect ultimate collection of the consideration. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable. 3.6Current investments are stated at lower of cost and fair value computed category wise. Long term investments are stated at cost less provision for diminution, other than temporary, if any, in value. 3.7Current tax is determined as the amount of tax payable in the respective countries, on taxable income for the year based on applicable tax rates and laws. Deferred tax is recognized, subject to consideration of prudence in respect of deferred tax asset, on timing differences, being the difference between taxable income and accounting income that originates in one period and are capable of reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or subsequently enacted by the Balance Sheet date. The deferred tax balance has not been discounted. Deferred tax assets are periodically reviewed to reassess realisation thereof. 3.8 Foreign currency translation The individual financial statements of each group entity are present in the currency of the primary economic environment in which the entity operates (its functional currency). In the individual financial statements, transactions in foreign currencies are recognized at the rates existing at the time of such transactions. Gain or losses resulting from the settlement of such transactions are recognized in the Profit and Loss Account. Year end balances of monetary assets and liabilities denominated in foreign currencies are translated at applicable year-end rates and the resultant differences is recognised in the Profit and Loss Account. The resultant differences relating to fixed assets are adjusted against fixed assets. In case of forward exchange contracts which are entered into to hedge the foreign currency risk of a receivable/ payable recognised in these financial statements, premium or discount on such contracts are amortised over the life of the contract and exchange differences arising thereon in the reporting period are recognised in the Profit and Loss Account. Forward exchange contracts which are arranged to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction is marked to market at the yearend and the resulting losses/ gain, if any, are charged to the Profit and Loss Account. 3.9 Borrowing cost that are attributable to acquisition, construction or production of qualifying assets (assets which require substantial period of time to get ready for its intended use) are capitalised as part of cost of such assets. All other borrowing costs are recognised as expenses in the period they are incurred Employee Benefits: Short Term Employee Benefits The company operates a defined contributions pension scheme for the benefit of its employees. The undiscounted amount of contributions payable are charged to the profit and loss account in the period they are payable. Post Employment Benefit Plans Goricon Metallurgical Services Limited (GMSL) a step down subsidiary operates a defined benefit pension scheme. Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. A net surplus is recognized only to the extent that it is recoverable by the company. The current service costs and costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included in finance costs. The scheme is closed to new members Provisions, Contingent Liabilities and Contingent Assets- Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

5 Notes to the Financial Statements 4. SHARE CAPITAL (Figures in ) As at 31st As at 31st Authorised: 7,000,000 ( ) Equity Shares of GBP 1 /- each 7,000,000 7,000,000 7,000,000 7,000,000 Issued, Subscribed and Fully Paid up : 6,350,000 ( ) Equity Shares of GBP 1 /- each 6,350,000 6,350,000 6,350,000 6,350, Reconciliation of number of shares : - Shares outstanding on Shares outstanding on Equity Shares No. of shares (Figures in ) 6,350,000 6,350,000 6,350,000 6,350, Terms / rights attached to Equity Shares :- The Company has only one class of equity shares having a face value of GBP 1/- each. Each holder of equity shares is entitled to one rate per share. In the event of liquidation of the company, the equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders. 4.3 Share Held by Holding/Ultimate holding Company and/or subsidiaries associates:- IFGL Refractories Limited Name of Shareholder Relationship Holding Company Nature of Shares Equity As at 31st No. of Shares held As at 31st % of Holding No. of Shares held % of Holding 6,350, % 6,350, % 4.4 Details of Share holding more than 5% in the Company:- IFGL Refractories Limited Name of Shareholder Relationship Holding Company Nature of Shares Equity As at 31st As at 31st % of Holding No. of Shares held % of Holding No. of Shares held 6,350, % 6,350, % 5 RESERVES AND SURPLUS (Figures in ) As at 31st As at 31st Share Premium Account 1,000,000 1,000,000 Foreign Exchange Translation Reserve At the commencement of the year 1,753,393 1,522,968 Add : Net addition/(deletion) during the year 387,758 2,141, ,425 1,753,393 Actuarial (Loss)/ Gain in respect of defined benefit pension scheme (286,135) (286,135) Profit and Loss Account Balance as at the beginning of the year 17,687,491 14,707,282 Add:- Net Profit for the year 1,754,094 3,008,453 0 Less:- Minority Share in profit for the year (2,467) (5,371) Less:-Dividend distribution Tax on Dividend paid for the year (27,738) 19,411,380 (22,873) 17,687,491 22,266,396 20,154,749 -

6 Notes to the Financial Statements 6. LONG-TERM BORROWINGS (Figures in ) SECURED Term Loan As at 31st As at 31st a) From Banks - From -53rd Bank 687,853 1,330,211 -From Commerzbank AG 473, ,827 -From Volksbank Dill eg 276, ,272 b) Other Loans( Vehicle Loan) -From Credium AS 7,234-1,445,116 1,950, Nature of Security and terms of repayment of Secured Borrowing :- a) Loan from 53rd Bank at Mono Ceramics is secured by all the assets of the company. b) Loan from 53rd Bank at EI Ceramics is secured by specific real estates and properties of the company. c) Term loan (Euro Currency) from Volksbank Dill eg of Hofmann Gmbh& Co. OHG is secured by: i) Mortgage of small investments and investments in Hofmann CZ plant. ii)specific plant and machineries. Repayment Schedule a) From the 53rd Bank at Monoceramics Inc.- Repayable over 1-6 Years at interest rate one month LIBOR % per annum. b) From the 53rd Bank at EI CeramicsLLC :- Repayable over 1-8 Years at interest rate one month LIBOR % per annum. c) Volksbank Dill e Loan is repayable in 1-3 Years. at interest rate of 1.80 %-5.15 % per annum.

7 7. (Deferred Tax Liabilities (Net) (Figures in ) Tax Impact of Accelerated Capital allowances Other Timing Differences As at 31st As at 31st 978, ,304 40, ,759 1,018, , SHORT-TERM BORROWINGS As at 31st As at 31st SECURED Loans from banks, Working Capital repayable on demand From 53rd Bank - 118,243 From HSBC Bank Plc - 184,956 -From Commerzbank AG 18,150 84,009 UNSECURED - -From 53rd Bank - 40,807 18, , TRADE PAYABLES As at 31st As at 31st Creditor for Supplier & Services 4,238,027 5,244,117 4,238,027 5,244, OTHER CURRENT LIABILITIES As at 31st As at 31st Current maturities of long-term debt 821,034 1,246,496 Other Liabilities 1,830,519 1,409,553 2,651,553 2,656, SHORT-TERM PROVISIONS As at 31st As at 31st Provision for Taxation 315, ,672 Less: Advance Tax/ Tax Deducted at source (220,415) (645,285) 4 94, ,387

8 NOTES TO THE FINANCIAL STATEMENTS (Cont.) (Figures in ) NOTE - 12 TANGIBLE ASSETS GROSS BLOCK- AT COST DEPRECIATION NET BLOCK Additions Deductions Exchange Deductions Exchange As at during the during the Translation As at Up to For the Assets during the Translation Up to As at As at Own Assets 1st April, 2015 Year Year Adjustment 31st March st April, 2015 year Impaired * year Adjustment 31st March st March st March 2015 Land (Lease hold) Land (Free hold) 835, , , , ,067 Buildings 5,303,994 60,646 2, ,528 5,578,024 1,801, , ,512 2,053,106 3,524,918 3,502,115 Plant and Equipment 7,474, ,007 9, ,591 8,492,515 5,260, , ,460 5,842,379 2,650,136 2,214,624 Furniture and Fixtures 383, , , ,447 7, ,935 68,746 75,430 Vehicles 207,516 28,690 16,309 8, , ,491 14,100 16,595 7, ,628 56,677 41,025 Office Equipment 186,563 16,378-13, , ,733 13,726 11, ,333 38,098 33,830 Computers 359,310 28, , ,918 14, ,129 33,216 19,392 14,751, ,269 28, ,982 16,147,042 8,029, ,671-16, ,090 8,917,510 7,229,532 6,721,483 Capital Work-In-Progress 145, ,636 * All Assets impaired relates to Brazilian subsidiary Monotec Refratarios Ltda (MRL). GROSS BLOCK- AT COST DEPRECIATION NET BLOCK Additions Deductions Exchange Deductions Exchange As at during the during the Translation As at Up to For the Assets during the Translation Up to As at As at Own Assets 1st April, 2014 Year Year Adjustment 31st March st April, 2014 year Impaired * year Adjustment 31st March st March st March 2014 Land (Lease hold) Land (Free hold) 813,450 21, , , ,450 Buildings 5,024, ,257-90,279 5,303,994 1,721, ,401 - (55,148) 1,801,879 3,502,115 3,302,832 Plant and Equipment 6,412, ,697 27, ,418 7,474,823 4,716, ,090-19, ,717 5,260,199 2,214,624 1,696,338 Furniture and Fixtures 365,717 4,941-13, , ,543 6,475-7, ,447 75,430 71,174 Vehicles 220,395-20,954 8, , ,426 12,839-20,380 9, ,491 41,025 55,969 Office Equipment 214,951 12,186 27,435 (13,139) 186, ,266 13,344 28,507 (10,370) 152,733 33,830 36,685 Computers 345,648 8, , , ,762 13, , ,918 19,392 22,886 13,397,522 1,093,758 76, ,979 14,751,150 7,398, ,444-68, ,567 8,029,667 6,721,483 5,999,334 Capital Work-In-Progress 396,636 79,115

9 NOTES TO THE FINANCIAL STATEMENTS (Cont.) NOTE - 13 INTANGIBLE ASSETS GROSS BLOCK- AT COST DEPRECIATION NET BLOCK Additions Deductions Exchange Deductions Exchange As at during the during the Translation As at Up to For the Assets during the Translation Up to As at As at Own Assets (Acquired) 1st April, 2015 Year Year Adjustment 31st March st April, 2015 year Impaired year Adjustment 31st March st March st March 2015 Computer Software 10,287 11, ,323 9,936 2,068-1,141 13,145-9, Technical Know-how Fees 12, , ,194 12,162 1, , ,311-22, ,750-1, ,517 22,098 3, ,598 27, , INTANGIBLE ASSETS GROSS BLOCK- AT COST DEPRECIATION NET BLOCK Additions Deductions Exchange Deductions Exchange As at during the during the Translation As at Up to For the Assets during the Translation Up to As at As at Own Assets (Acquired) 1st April, 2014 Year Year Adjustment 31st March st April, 2014 year Impaired year Adjustment 31st March st March st March 2014 Computer Software 15, ,671 (1,910) 10,287 15, ,667 (1,909) 9, Technical Know-how Fees 12,304-1,338 1,196 12,162 11, ,337 1,181 12, , ,009 (714) 22,449 27, ,004 (728) 22,

10 14. INVENTORIES (Figures in ) As at 31st As at 31st Valued at lower of cost and not realizable value a) Raw materials, components 1,330,727 1,592,325 b) Work-in-Progress 440, ,404 c) Finished goods 1,603,481 2,036,360 d) Stock-in-Trade 1,525,299 1,961,732 e) Stores and spares 329,566 87,186 5,230,060 6,196, TRADE RECEIVABLES As at 31st As at 31st Unsecured Outstanding for a period exceeding six months from the date they are due for payment. Considered good 347, ,646 Other receivables Considered good 7,586,858 8,306,765 Considered doubtful 712, ,604 Less : Provision for Doubtful Receivables (712,549) - (158,604) - 7,934,594 8,599, CASH AND BANK BALANCES (Figures in ) As at 31st As at 31st Balances with Banks- On Current Accounts 2,774,399 1,507,228 Deposits with original maturity of less than 3 months - 1,167,026 Cash on Hand 27,349 15,518 Deposits with original maturity of > 3 months but < 12 months 1,167,026-3,968,774 2,689, SHORT-TERM LOANS AND ADVANCES As at 31st As at 31st Other Loans and Advances Unsecured, considered good 520, ,157 Prepaid Expenses - 263, , , , OTHER CURRENT ASSETS As at 31st As at 31st Unsecured Considered good Security Deposits 97, ,895 97, ,895

11 19. REVENUE FROM OPERATIONS (Figures in ) Revenue From :- Sale of Products Finished goods 34,269,064 41,234,242 Sale of Products Traded goods 5,918,945 3,799,687 Sale of Services 602, ,837 Sale of Scrap ,790,342 45,728, OTHER INCOME Royalty 64,978 67,069 Unspent Liabilities/ Balances Written Back 5,306 21,512 Miscellaneous Income 104, , , , Cost of Materials Consumed: Raw Materials 13,971,675 17,383,581 13,971,675 17,383, Details of Purchases of Stock-in-Trade Trading Goods 5,907,769 6,794,059 5,907,769 6,794, CHANGE IN INVENTORIES OF FINISHED GOODS,WORK-IN-PROGRESS AND STOCK-IN-TRADE Opening Stock Finished Goods 3,998,092 4,005,061 Work- in-progress 518, ,206 4,516,496 4,482,267 Less : Closing Stock Finished Goods 3,128,780 3,998,092 Work- in-progress 440, ,404 3,569,767 4,516, ,729 (34,229)

12 24. EMPLOYEE BENEFITS EXPENSE (Figures in ) Salaries, Wages, Bonus etc. 7,363,626 7,424,078 Contribution to Funds: Provident Fund and Pension Schemes 570, ,824 Staff Welfare Expenses 553, ,004 8,488,294 8,389, Following are the further particulars with respect to Defined Benefit Plans of the Company for the year ended 31st : Reconciliation of the opening and closing balances of present value of Defined Benefit obligation Present Value of obligation, as at the beginning of the year 2,980,000 2,707,000 Service Cost - - Interest Cost 98, ,000 Actuarial (gains)/losses (312,000) 488,000 Benefits paid (184,000) (329,000) Present Value of obligation, as at the end of the year 2,582,000 2,980,000 Reconciliation of the Opening and Closing balances of the Fair Value of Plan Assets: Fair Value of plan assets at the beginning of the year 3,470,000 2,964,000 Expected return of plan assets 116, ,000 Actuarial gains/(losses) (93,000) 689,000 Contribution by the Company 127,000 32,000 Benefits paid (184,000) (329,000) Fair Value of plan assets at the end of the year 3,436,000 3,470,000 Reconciliation of the Benefit Value of obligation and fair value of the Plan Assets Retirement Benefit Scheme (Funded) Fair Value of plan assets at the end of the year 3,436,000 3,470,000 Present value of obligation at the end of the year 2,582,000 2,980,000 * * Assets/(Liabilities) as per Actuarial valuation 854, ,000 * Actual amount of Assets in the balance sheet. Nil [Previous year. Nil] Retirement Benefit Scheme (Funded) Expense recognised in the Profit and Loss Account Current Service Cost - - Interest Cost 98, ,000 Expected return of plan assets (116,000) (114,000) Actuarial gain/(losses) - - Unrecognised Surplus - - # # Expense as per the Actuarial Valuation - - # Charged to Profit & Loss Account. Category of Plan Assets: Scottish Mutual with Profit Deferred Annuity 3,436,000 3,470,000 Principal Actuarial Assumptions Discount rate (per annum) (%) Rate of increase in salaries (%) N/A N/A Return on plan assets (%) Pension in payment increases on pension accrued from 6th April 1997 (price inflation with a maximum of 5% p.a) Revaluation in deferment (price inflation with a maximum of 5% p.a) N/A N/A Mortality Rate - Male Currently age Female Currently age Method used Discounted Income Approach

13 25. FINANCE COSTS (Figures in ) Interest Expenses 82, ,175 Other Borrowing Cost 82, , OTHER EXPENSES Consumption of Stores and Spare Parts 805, ,977 Power and Fuel 708, ,103 Rent 419, ,209 Rates and Taxes 211, ,267 Repairs : Plant and Machinery 269, ,980 Buildings 36,329 85,017 Others 262, , , ,364 Insurance 196, ,361 Net Gain/Loss on Sale/Discard of Fixed Assets 425 4,248 Net Loss/ (Gain) on foreign exchange rate fluctuation and (68,766) 222,268 Provision for doubtful debts/advances 11, ,359 Travelling and Conveyance 726, ,349 Processing Charges 4,591 2,566 Professional Charges 690, ,779 Postage, Telephone, Telex etc. 176, ,626 Royalty - 6,065 Service Charges 175, ,677 Commission and Brokerage 663, ,283 Despatching and Forwarding Expenses 1,169,471 1,559,365 Delivery and forwarding Expenses 764, ,450 Miscellaneous Expenses 1,395, ,939 8,620,541 8,733, Earnings Per Share (EPS) The numerators and denominators used to calculate Basic and Diluted EPS: Profit after Tax attributable to the Equity Shareholders (A) 1,754,094 3,008,453 Weighted Average number of Equity Shares (in numbers) (B) 6,350,000 6,350,000 Nominal Value of Equity Shares (in ) 1 1 Dilutive potential Equity Shares - - Basic/ Diluted EPS (A/B) Related Party Disclosure. Related Party Disclosures in keeping with Accounting Standard-18 prescribed under the Act. a) List of Related Parties Where Control exists: Holding Company Subsidiary Companies (including step down subsidiaries ) IFGL Refractories Limited. IFGL Monocon Holdings Limited (IMHL) Tianjin Monocon Refractories Company Limited (TMRL) Tianjin Monocon Aluminous Refractories Company Limited (TMARL) Monotec Refratarios Ltda (MRL) Monocon International Refractories Limited (MIRL) Monocon Overseas Limited (MOL) Mono Ceramics Inc (MCI) Goricon Metallurgical Services Limited (GMSL) IFGL GmbH (IG) Hofmann Ceramic GmbH (HCG) Hofmann GmbH & Co. OHG (HGCO) Hofmann Ceramic CZ s.r.o. (HCC) Hofmann Ceramic Ltd (HCL) Hofmann Ceramic LLC (HCLLC) Hofmann Pyemetric LLC (HPLLC) IFGL Inc (IFGL INC) EI Ceramics LLC (EICLLC)

14 28. (Cont.) (Figures in ) of Transactions during the year and year end balances Sale of Finished Goods by Monocon International Refractories Limited 74,821 72,496 Tianjin Monocon Refractories Company Limited 129, ,051 EI Ceramics LLC (EICLLC) 42,153 - Hofmann Ceramic GmbH 3,364 3, , ,458 Cost of finished goods sold by Monocon International Refractories Limited 67,339 65,247 Tianjin Monocon Refractories Company Limited 116, ,946 EI Ceramics LLC (EICLLC) 35,830 - Hofmann Ceramic GmbH 2,859 3, , ,516 Purchase of finished goods at Monocon International Refractories Limited 492,681 1,597,966 Mono Ceramics Inc 3,165 25,996 Hofmann Ceramic GmbH 16,839 28, ,685 1,652,357 Recovery of expenses by Monocon International Refractories Limited 115,042 83,217 Hofmann Ceramic GmbH - 5, ,042 88,223 Reimbursement of expenses by Monocon International Refractories Limited - 89,386-89,386 Stock of IFGL goods at the end of the year Monocon International Refractories Limited 812,388 1,349,256 Mono Ceramics Inc 56, , ,082 1,582,749 Balance receivable / (payable) from/ (to) IFGL Monocon International Refractories Limited 46,816 (146,900) Mono Ceramics Inc - (2,038) Hofmann Ceramic GmbH ,405 EI Ceramics LLC (EICLLC) 42,153 - Tianjin Monocon Refractories Company Limited 46,488 15, ,863 (119,943) 29. Operating Lease Commitments - The Group entered into various non-cancellable operating lease agreements in connection with certain Properties, Plant & Equipment and vehicles in the earlier years. Tenure of lease generally varies between 1 and 5 years. Terms of the lease includes operating term of renewal, increase in rent in future periods, terms of cancellation, etc. The future minimum lease commitments of the group are as follows: Within 1 Year As at March 2016 As at March , ,220 More than 1 Year upto 5 Years Lease rentals recognized in this profit & loss account amount to GBP 4,05,356 ( GBP 4,22,341). 576, , ,392 1,085, The movement of Minority Interest during the year is as under: Opening Balance Add: New Acquisition 4,692 7,149 - Add: Share of Profit for the Year 2,467 5,371 Less: Profit / Reserve Distributed - (6,757) 7,159 5,763 Less: Share of loss on Translation Closing Balance (2,163) (1,071) 4,996 4,692 -