asian electronics ltd Directors report

DIRECTORS

To the Members

Your Directors present the Forty-Eighth Annual Report on the business and operations of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS

[Amt in Rs. Lacs]

Year ending March 31,	2013	2012
Gross revenue	2032	8548
Operating profit (PBIDT)	(1059)	(9963)
Finance Expenses	39	2007
Depreciation	259	387
Profit before tax & Exceptional items	(1356)	(12357)
Exceptional items	85	-
Profit / (Loss) after tax	(1441)	(12357)
Excess provision of Income Tax of earlier year written back.	-	-
Profit after current tax and deferred	(1441)	(12357)
Tax and Exceptional items
Balance brought forward	(20068)	(7711)
Balance carried to Balance Sheet	(21509)	(20068)

DIVIDEND

In respect of the year under review, i.e., the year 2012-2013, in the absence of profits your Directors do not propose to declare any dividend.

OPERATIONS

During the year, the Company was able to achieve gross revenue of Rs. 20.32 crores as against Rs. 85.48 crores in the previous year.

Sales of lighting products comprises of domestic sales and export sales.

The Company has undertaken an exercise including creating SPVs (Special Purpose Vehicles) for effective and consolidated recovery of various assets and minimizing the impact on the operations or financial stability of the Company. However, such exercise needs an approval from lenders, shareholders and stakeholders in view of the uncertainty about the impact of any changes to the plans drawn up and timing of implementation, the Company and the management cannot ascertain the final outcome at this juncture.

DOMESTIC SALES

The Company’s sales suffered significantly for want of working capital and delayed recoveries from markets.

EXPORT SALES

The Export Sales was to the tune of Rs. 4.41 Crores for the year under review as compared to Rs. 10.45 crores in the previous year. Your Company intends to increase contract manufacturing and exports sales.

RESEARCH AND DEVELOPMENT

Asian Technology Center (ATC), the design and development center of the Company is based in Pune, Maharashtra. This R&D center is ISO-9001:2008 compliant and has developed products conforming to global standards.

ATC understands the importance of innovating and customizing the existing products in minimum possible time frame. The expertise in developing full functional prototypes helps to reduce the design cycles and achieve faster time to market.

Global practices of ‘NPI’ (New Product Introduction) and ‘TOT’ Transfer of Technology) are being followed for conducting Research & Development activities. The team at ATC consisting more than 20 engineers and 5 support staff has more than 100 man-years of experience of working together among them.

Major milestone of the R&D unit are as follows:

1) POC samples of LED products are developed using standard component available in the market.

2) Completion of pilot batch of Line Monitoring and Controllers for an overseas company in the field of Power Control and Management. The product involves 4-5 multilayer boards, its integration with IP cabinet, testing and basic functioning.

3) The sample batch quantities have been put in place for the coming year.

4) Some new projects regarding the Line monitoring devices are now into NPI.

5) Modified Samples of High Voltage loop management System, whose POC had been evaluated and approved have been sent for evaluation to customer.

FINANCE

The enclosed statement forming part of the report gives details such as Financial Position at a glance, Distribution of Income etc. Your directors wish to bring the following to your attention:

The Company has a debt burden which its established sources of income and assets cannot service or repay. A detailed exercise had been carried out with the help of professional agencies and secured creditors in pursuance of establishing the viability. The reports inter alia conclude as under:

# The unit is viable and business is feasible.

# The Company needs equity infusion and debt restructuring or repayment at a discount.

# The present realisable values of assets have eroded significantly.

# The new initiatives taken for development and production of identified products on contract basis make the enterprise viable.

The above clearly indicates need for fresh fund raising and the debt restructuring. The relevant notes have been carried elsewhere in this report.

The Company had filed a proposal with the Corporate Debt Restructuring (CDR) cell for the restructuring of its Bank Liabilities under consortium. The CDR proposal submitted by the Company was approved by the CDR Empowered Group Committee (CDR-EG) at its meeting held in March 2012. However, since the process consequent to such approval could not be completed, the concerned Banks did not execute the master restructuring agreement, therefore the CDR proposal has lapsed.

Now the Company has approached/is in the process of approaching individual Banks for settlement of their dues under One Time Settlement (OTS) basis.

CAPITAL EXPENDITURE

As at 31st March, 2013, the gross fixed assets stood at Rs. 9960.75 lacs and the net fixed assets at Rs. 2800.60 lacs. Additions to fixed assets during the year Amt Rs. 6.65 Lacs and deductions to the fixed assets during the year amt Rs. 6.34 Lacs.

INVENTORIES, RECEIVABLES AND CURRENT ASSETS

The management has done a detailed analysis of its current assets as reported in the previous year. For the reasons explained below, the board is of the opinion that the realizable value of assets has gone downsignificantly:

Inventories: The inventories include a large portion of products meant for oil division which has ceased to be operative and hence not realizable. Also a large volume of components, WIP remained unutilized for such products.

Receivables: The Company has disputed export receivables from M/s Westinghouse Lighting Corporation where a lawsuit has been lost and also other cases where quality counter claims and customers’ reorganization have delayed recoveries. On domestic front, large number of debtors have raised counter claims. Coupled with a reduced turnover, this has made recoveries more difficult. The Company has issued legal notices in over 200 cases.

Advances: In many cases, the Company had advanced certain amounts for long term business contracts. The reconciliation for the individual parties is under process and once shall be taken.

In view of the above, current assets as stated above are not at realizable values as stated in the Balance Sheet

REGISTERED OFFICE

Pursuant to the approval of members by way of Special Resolution passed at the Annual General Meeting held on 29th December, 2012 the registered office of the Company has been shifted from D-11, Road No.28, Wagle Industrial Estate, Thane – 400604 to 107, Sumer Kendra Building, P.B. Marg, Behind Mahindra Towes, Worli. Mumbai – 400 018.

SHARE CAPITAL

During the year under review, the paid up share capital of the Company was increased consequent upon the allotment of 41,80,057 equity shares to Asian Electronics Limited, Employees Welfare Trust, 2009 under Employees Stock Option Scheme 2009.

SUBSIDIARY COMPANIES

The Company has effective from 1st October, 2009 transferred the following Divisions to two 100% subsidiaries (SPVs) as under:

a. Business of ESCO Division, i.e. financing of Projects / Products to customers on energy saving basis, and all activities related thereto together with all related assets, liabilities and entitlements at book values as at the time of transfer, on a going concern basis. The name of this 100% subsidiary is AEL ESCO PRIVATE LIMITED.

b. Business of Projects Division, i.e. State Electricity Board Projects and all activities related thereto together with all related assets, liabilities and entitlements at book values as at the time of transfer on a going concern basis. The name of this 100% subsidiary is AEL PROJECTS PRIVATE LIMITED.

The Accounts for the year ended 31st March, 2010 to 31st March, 2013 have incorporated all these transactions at the book values at the time of transfer the difference between the book values of identified assets and liabilities of ESCO Division amounting to Rs. 5174.34 Lacs and of Project Division amounting to Rs. 1129.15 Lacs are shown as investment in those subsidiaries.

Pending approval of secured / unsecured lenders, the Company has, for the time being, shown the said investments under Investment Suspense Account read with Note 10 of the Accounts as on 31st March, 2013. On account of transfer of these two Divisions to two separate subsidiaries, the Company has also prepared Consolidated Balance Sheet and Profit& Loss Account which forms part of the Annual Reports for the financial years 2009-2010 to 2012-13.

ACCOUNTS

The accompanying Financial Statements of the Company have been prepared on a going concern basis.

In preparation of these accounts, the Accounting Standards made applicable by the Institute of Chartered Accountants of India, have been followed.

We have selected appropriate accounting policies which have been applied consistently and have made judgments and estimates that are reasonable and prudent so as to ensure that the accounts give a true suitable action for recovery and fair view of the state of affairs of the Company as at 31st March, 2013 and of the loss of the Company for the year ended on that date.

We have taken proper and sufficient care for maintenance of appropriate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

AUDITORS’ REPORT

As regards observations contained in Auditors’ Report dated 30th May, 2013, regarding transfer of related loans and debentures of ESCO and Project Divisions to wholly owned subsidiaries, Stock Options granted to Directors and Employees, litigations initiated by LIC Mutual Fund, Bank of India and other Banks for recovery of their dues and diminution in the value of investments, old / unsalable stocks, sundry debtors and loans and advances the following explanation of the Management may be noted:

Sr No.	Subject	Auditor’s Comment	Company’s response
1	Transfer of related loans and debentures of ESCO and Project Division aggregating to Rs. 14,279.62 Lacs to two wholly owned subsidiaries	Transfer is made without the lender’s approval and hence Company is liable	The Company has included the same in consolidated results. In standalone it will be contingent liability and is disclosed accordingly.
2	Stock Options granted to Directors and Employees under ESOP Schemes of the Company.	The Company has not ascertained the fair value of the Options granted	The current grant of options is at market value or a higher amount. Impact, if any, in future, will be recognized at the time of exercise of the options
3	Actions taken by Secured and unsecured Creditors	No Opinion	The Company is in negotiation with creditors under OTS (One Time Settlement) scheme to settle amicably.
4	Diminution in value of Investments, receivables and other assets	No provision is made	In view of the future potential of the businesses, no diminution in the value of Investment is provided. Impact if any will be ascertained in future
5	Interest on outstanding loans which have been recalled by Banks	No provision is made	The Company is in negotiation with the Banks under OTS proposal (One Time Settlement) to waive off the Interest and some part of the principal amount.
6	Interest on account of delays in payment of various statutory dues like Tax Deducted at Source, Service Tax, ESIC, Customs Duty, Sales Tax, Provident Fund etc.	No provision is made	The final liability is being worked out as on the Balance sheet date, the same shall be provided after finalization.
7	Interest on outstanding public deposits matured and claimed but not paid	No provision is made	Same shall be paid at the time of repayment of Fixed deposits or interest accrued thereon as per the terms of Fixed deposits
8	Managerial remuneration	The same is subject to approval of central government	The Company is in process of obtaining the requisite approval of Central Government.
9	Impairment of the Company’s assets in line with Accounting Standard - 28 "Impairment of Assets"	Impairment of the Company’s assets and impact thereof on the loss for the year has not been ascertained.	It is proposed to re- organise the businesses in various SPVs. The impairment in various assets of a business if any will be recognized in the Accounts of the Company at the time of transfer of assets to the concerned SPVs.
10	Future viability of the Company as a ‘going concern’	Unable to express an opinion on the recoverability / realizability of the above mentioned items, the impact of the same on the Loss for the year as well as the future viability of the Company as a ‘going concern’	The Company is exploring various avenues to extricate it self out of the current financial turmoil. A tie up with a multinational is a step in this direction. An Increase in capacity utilization and profitability is viewed as the immediate improvement in the operations of the Company.
11	Disqualification of Directors under Section 274 (1) (g)	In view of the failure of the Company to repay its public deposits and interest thereon for more than one year, the Directors as on March 31, 2013 are disqualified to be appointed as Directors in any other Public Company.	The Company’s application to Central Government pursuant to rule 2 of the Companies (Application for Extension of Time under sub section (8) of Section 58A) Rules, 1979 for extension of time period for repayment of Fixed Deposits for 6 months from the date of approval is under process with the concerned ministry. Therefore the management is inclined to believe that the said disqualification does not apply.

OTHER CLARIFICATIONS

The boards of directors have advised a detailed scrutiny of accounts and nature of liability appearing under the head Statutory Dues and have the following explanation:

a) VAT/Central Sales Tax

Amount payable as on 31st March, 2013 is Rs. 675.50 Lacs. There is a refund due of over Rs. 300 lacs to be adjusted against the demand. For the balance amount an application is being made by the Company for payment in installments.

b) Tax Deducted at Source:

Amount payable as on 31st March, 2013 is Rs. 127.68 Lacs. There is a refund due of Rs. 163.65 Lacs and the department is advised to adjust the same.

c) Custom Duty and Service Tax:

Amount payable as on 31st March, 2013 is Nil However, accounting reconciliation is pending. d) Provident Fund: Amount payable as on 31st March, 2013 is Rs. 9.38 Lacs. However same has been paid before June, 2013.

EROSION OF NET WORTH

The accumulated losses of the Company as at 31st March, 2013 amounting to 215.09 Crores have resulted in erosion of more than fifty percent of its peak net worth of 234.14 Crores during the immediately preceding four financial years.

The Board is already seized of the situation arising on account of erosion of net worth and is taking the necessary steps including discussions with the lenders and a package of financial restructuring under the OTS mechanism which is under consideration with the secured lenders, for details regarding reasons of erosion and steps taken and proposed to be taken by the management please refer to the explanatory statement pursuant to section 173(2) of the Companies Act, 1956 forming part of the notice of 48th Annual General Meeting.

In terms of Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985, if the accumulated losses of an industrial Company, as at the end of any financial year have resulted in erosion of fifty percent or more of its peak net worth during the immediately preceding four financial years, that Company falls under the category of potentially sick Industrial Company and therefore the fact is required to be reported to Board of Industrial and Financial Restructuring (BIFR) within 60 days from the date of finalization of the audited accounts which is the date of this Annual General Meeting, the same is required be considered by the shareholders at the General Meeting.

PARTICULARS OF THE EMPLOYEES

None of the Employees were drawing salary of Rs. 60,00,000/- or more per annum, if employed throughout the year or Rs. 5,00,000/- or more per month, if employed for part of the year.

DIRECTORS

1. Retirement by Rotation :

Mr. Rajesh Mehta was appointed as an Additional Director with effect from June 1, 2011. He was also appointed whole time director of the Company, designated as Executive Director & Joint Chief Executive Officer (Technology & years with effect from 1st June, 2011

Mr. Mehta’s appointment as Director was approved by the shareholders at the 46th Annual General Meeting (AGM) held on 22nd September, 2011. His appointment as whole time director, designated as Executive Director & Joint Chief Executive Officer(Technology & Finance) and the terms and conditions thereof were also approved by the shareholders at the said AGM

Mr. Rajesh Mehta tendered his resignation as Executive Director & Joint Chief Executive Officer (Technology & Finance) w.e.f. 14th February, 2013, He also conveyed his intention to continue as a non-executive director liable to retire by rotation, The same was approved by the Board at their meeting held on 14th February, 2013.

Therefore in accordance with the provisions of the Articles of Association of the Company and the provisions of Companies Act, 1956, Mr. Rajesh Mehta retires by rotation at the ensuing Annual General Meeting and is eligible for reappointment. The Board recommends his re-appointment.

2. Appointment Of Director :

Pursuant to the provisions of Section 260 of the Act and Article No. 161 of the Articles of Association, Mr. Hardik Shah was appointed as Additional Director with effect from 6th March, 2013 and holds office up to the date of the forthcoming Annual General Meeting.

The Company has received notice from a member proposing his appointment as Director.

3. Resignation :

Mr. James Mitropoulos has resigned from the post of Director w.e.f. 1st January, 2013. The same was accepted by the Board of Directors of the company at their meeting held on 14th February, 2013. The Board of directors places on record their appreciation for the valuable services rendered by Mr. James Mitropoulos during the tenure of his office.

AUDITORS

M/s. Sorab S. Engineer & Co., Chartered Accountants who are the statutory auditors of the Company, hold office until the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The members are requested to consider appointment of Statutory Auditors to hold the office till conclusion next Annual General Meeting.

The Company also proposes to appoint branch auditors for the same period.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.

Information on Conservation of Energy, Technology Absorption, Foreign Exchange Earning and Out-go as required to be disclosed pursuant to Section 217 [1] (e) of the Companies Act, 1956, read with Companies [Disclosures of Particulars in the Report of Board of Directors] Rules, 1988 is given in the Annexure forming part of this Report.

IMPLEMENTATION OF "GREEN INITIATIVE IN CORPORATE GOVERNANCE" INTRODUCED BY THE MINISTRY OF CORPORATE AFFAIRS

Your Company’s products are designed for energy efficiencyand it was therefore a natural decision for the Company to whole-heartedly support the Green Initiative in Corporate Governance introduced by the Ministry of Corporate Affairs in April 2011. The Company therefore proposes to send all notices / documents / communications including annual reports in electronic form to email addresses of shareholders registered with Depository Participants (DPs) and made available by the Depositories. Shareholders are therefore requested to keep their email address updated with the DPs at all times so that the above documents always reach them at the email account of their choice. As regards shareholders whose email IDs are not available with the Company, physical copies of such documents will be sent.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) that the directors have selected the accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financialyear and of the loss of the Company for the year under review;

(iii) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the directors have prepared the accounts for the financial year ended 31st March, 2013 on ‘going concern’ basis.

PUBLIC DEPOSITS

During the year under review, the Company had not invited any fixed deposits.

The total outstanding Fixed deposits as on 31st March, 2013 were Rs. 3.49 Crores (831 depositors). Out of which Rs. 0.91 Crores (203 depositors) were not matured up to 31st March, 2013. Unpaid deposits as on 31st March 2013 are Rs.2.58 Crores (628 depositors). The Company has applied for extension for repayment of fixed deposits from the Central Government pursuant to rule 2 of the Companies (Application for Extension of Time under sub section (8) of Section 58A) Rules, 1979 which is under process with the concerned ministry.

CORPORATE GOVERNANCE

A separate report on Corporate Governance along with Auditors certificate on its compliance is attached as an annexure to this report.

DEPOSITORY SYSTEM

As the members are aware, the Company’s shares are compulsorily tradable in electronic form. As on 31st March, 2013, 98.97% of the Company’s total paid-up capital representing 3,92,25,919 shares are in dematerialized form. In view of the numerous advantages offered by the Depository system, Members holding shares in physical mode are requested to avail of the facility of dematerialization of the Company’s shares with either of the Depositories.

ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank the Financial Institutions, Banks, Central & State Government authorities, Regulatory authorities, Stock Exchanges and the Stakeholders for their continuous co-operation and support to the Company.

Your Directors also thank customers, vendors and investors for their faith and support. Your Directors also place on record their deep sense of appreciation of the contribution made by employees at all levels. Their continuous support and their competence, hard work, team spirit and solidarity will make all the difference to the business of your Company.

	On behalf of the Board of Directors
Place: Mumbai	Arun B. Shah
Date: 9th July, 2013	Executive Chairman

ANNEXURE TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED MARCH 31, 2013.

ADDITIONAL INFORMATION AS REQUIRED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988.

(A) ENERGY CONSERVATION MEASURES TAKEN

(a) 1. Improving Energy saving / efficiency of Equipments & Systems.	• : Use of Automatic Power factor Correction banks, to improve Power Factor wherever : the inductive Loads in prevalent.
	• Use of Occupancy Sensors for lighting application to save energy whenever the premises are without occupant.
	• Use of Energy Efficient Electronics Ballast in lighting fixtures with T5 technology in place of Conventional Old lighting fixtures with T8 or T12 lamps.
	• Reduction in Daily A.C. running time, switching OFF lights & Air conditioning during lunch breaks and whenever not required.
	• Saving of Diesel with provision of small Generator, appropriate utilization whenever full load with machineries is not required.
	• Use of Centralized ACs at Production floors.
	• Initiative of publishing the work instructions at various places for optimized usage of tools and gadgets.
	• Use of Daylight sensor based products.
2. Improving Energy saving / efficiency of Manufacturing Process:	• Use of machineries only when in operation.
	• Improvement in Downtime of machineries.
	• Reducing the temp. Zones while Machine in Idle conditions.
	• No use of machineries during Load cutting periods (Power shutdown).
	• Reducing the cycle time of Product Manufacturing processes.
	• Reducing the Burn in time of product with the help of cyclic timer.
(b) Additional investments and proposals, if any, being implemented for reduction of consump- tion of energy.	• : Use of Energy saving type of lighting products like LED based product for further savings compared to Fluorescent type of products, use of LED streetlight instead of Fluorescent or HPSV lamps.
	• Exploring use of solar AC
	• Use of Controllers or Timers for Intermittent OFF for ACs.
	• Reduction of Temperature in AC zone by reducing the Light fixture or Heating ele - ment.
	• Appropriate usage of Light fixtures with LED at working areas for sufficient/optimum light only.
(c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods.	• : These steps will generate savings in electricity consumption. However, these savings will have no appreciable impact on cost of production as the Company’s production processes are not energy intensive.
(B) TECHNOLOGY ABSORPTION
(a) Research and Development
Specific areas in which R & D carried out by the Company.	1. The Company has successfully developed energy efficientretrofit which is protected by Patents registered in U.S.A. and under registration in Europe as also in India. The Company is developing effective intelligent lighting solutions with introduction of New LED Technology & power Protection Devices for various markets.
	2. Asian Technology Center (ATC), the design and development center of Asian Electronics Ltd is based in Pune, Maharashtra. This R&D center is ISO-9001:2008 compliant and has developed products conforming to global standards. ATC understands the importance of innovating and customizing the existing products in minimum possible time frame. The expertise in developing full functional prototypes helps customer to reduce the design cycles and achieve faster time to market. Global practices of ‘NPI’ (New Product Introduction) and ‘TOT’ (Transfer of Technology) are being followed for conducting Research & Development activities. The team at ATC consisting more than 20 engineers and 5 support staff has more than 100 man-years of experience of working together among them.
Benefit derived as : resultofthe above R & D.	Major milestone of the R&D unit are as follows:
	1) POC samples of LED products are developed using standard component available in the market.
	2) Completion of pilot batch of Line Monitoring and Controllers for an overseas company in the field of Power Control and Management. The product involves 4-5 multilayer boards, its integration with IP cabinet, testing and basic functioning.
	3) The sample batch quantities have been put in place for the coming year.
	4) Some new projects regarding the Line monitoring devices are now into NPI.
	5) Modified Samples of High Voltage loop management System, who’s POC had been evaluated and approved have been sent for evaluation to customer.
Future plan of action :	The Company sees a bright future in commercially exploiting the above product.
	1. Adopting the New LED technology by introducing the various range of Energy saving of products.
	2. To intensify the R&D efforts in power quality improvement and energy conservation products.
	3. To develop and introduce variants of the Retrofit Lighting Systems to suit different market segments.
	4. To develop and market cost effective intelligent lighting solutions for optimizing energy cost.
	5. To develop technologies to use "lighting as a network".
Expenditure on R & D :
(a) Capital	Nil
(b) Recurring	Rs. 4.40 lacs
(c) Total	Rs. 4.40 lacs
(d) R & D expenditure as a percentage of the total turnover	0.26%
(b) Technology Absorption, Adaptation and Innovation
Efforts, in brief made towards technology : absorption, adaptation and innovation.	The Company has introduced various new and improved models of Electronic Ballasts, LED Based products & Power Protection devices for different applications.
Benefit result of the above: efforts.	The Company has launched different products with separate designs of Ballasts for different market segments, & introduction of new products like LED based, Power protection devices for US market, thus enhancing its product range offered to its customers.
Technology Imported during the last 5 years.
(a) Technology Imported :	Not Applicable
(b) Year of Import :	Not Applicable
(c) Status :	Not Applicable
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO
(a) Activities relating to Exports (Initiatives : taken in increasing exports, development of new export markets for products and services, and export plans).	The Company is in process of making marketing arrangements with giants in U.S.A. and elsewhere to market Companys E+ Tube light & Power Protection devices in various global export markets.
(b) Foreign Exchange Earned :	Rs. Nil
(c) Foreign Exchange Used :	Rs. 62.68 lacs