3.16 Provisions, Contingent Liabilities and Contingent
Assets
Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made
of the amount of the obligation. When the Company
expects some or all of a provision to be reimbursed,
the reimbursement is recognised as a separate asset,
but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.
Contingent Liabilities and Assets
Contingent Liabilities are not recognised but are
disclosed in the notes. A disclosure for a contingent
liability is made where there is a possible obligation
arising out of past event, the existence of which will be
confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the
control of the Company or a present obligation arising
out of past event where it is either not probable that an
outflow of resources will be required to settle or a reliable
estimate of the amount cannot be made. Contingent
Assets are not recognised but disclosed in the financial
statements when economic inflow is probable.
3.17 Earnings per Share
Basic earnings per share is calculated by dividing the
net profit or loss for the period after deducting any
attributable tax thereto for the period by the weighted
average number of equity shares outstanding during the
period. For the purpose of calculating diluted earnings
per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number
of shares outstanding during the period is adjusted for
the effects of all dilutive potential equity shares.
3.18 Current and Non-current Classification
The Company presents assets and liabilities in the balance
sheet based on current/ non current classification.
An asset is current when:
- It is expected to be realised or intended to be sold or
consumed in normal operating cycle (twelve months),
- It is held primarily for the purpose of trading,
- It is expected to be realised within twelve months
after the reporting period,
- It is cash or cash equivalents unless restricted from
being exchanged or used to settle a liability for at
least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle
(twelve months),
- It is held primarily for the purpose of trading,
- It is due to be settled within twelve months after the
reporting period,
Or
- There is no unconditional right to defer the
settlement of the liability for at least twelve months
after the reporting period.
All other liabilities are classified as non-current.
3.19 Business Combination
Business combinations, if any, are accounted for using
the acquisition accounting method as at the date of
the acquisition, which is the date at which control
is transferred to the Company. The consideration
transferred in the acquisition and the identifiable assets
acquired and liabilities assumed are recognised at fair
values on their acquisition date. Goodwill is initially
measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for
non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities
assumed. If the Goodwill computed as per IND AS 103 is
negative, the acquirer needs to reassess the identification
and measurement of the acquiree's identifiable assets,
liabilities and contingent liabilities and the measurement
of the cost of combination. If negative goodwill remains,
this is recognised immediately in OCI and accumulated in
equity as Capital Reserve. The Company recognises any
non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities
assumed. The Company recognises any non-controlling
interest in the acquired entity on an acquisition-by¬
acquisition basis either at fair value or at the non¬
controlling interest's proportionate share of the acquired
entity's net identifiable assets. Consideration transferred
does not include amounts related to settlement of pre¬
existing relationships. Such amounts are recognised in
the Statement of Profit and Loss.
Transaction costs are expensed as incurred, other than
those incurred in relation to the issue of debt or equity
securities. Any contingent consideration payable is
measured at fair value at the acquisition date. Subsequent
changes in the fair value of contingent consideration are
recognised in the statement of Profit and Loss.
If there is an acquisition of an asset or a group of assets
that does not constitute a business. In such cases the
Company shall identify and recognise the individual
identifiable assets acquired (including those assets
that meet the definition of, and recognition criteria
for, intangible assets in Ind AS 38, Intangible Assets)
and liabilities assumed. The cost of the group shall
be allocated to the individual identifiable assets and
liabilities on the basis of their relative fair values at the
date of purchase. Such a transaction or event does not
give rise to goodwill.
*These Loans are repayable on demand and carries interest as applicable from time to time.
*Working capital facilities (fund-based and non-fund-based limits) are secured by a first pari passu charge by way of
hypothecation over the entire current assets, including inventories and trade receivables, of the Company, both present
and future, and by a lien on fixed deposits having a principal value of '1.35 crore (aggregate value including accrued interest
amounting to ' 1.45 crore). The facilities are further secured by a second pari passu charge by way of equitable mortgage
over all present and future movable properties of the Company's Dhulagarh unit and movable and immovable properties of its
Daman, Dadra and Surangi units.
*All charges are registered with ROC within statutory period by the Company.
*Bank returns/Quarterly Stock statements filed/Subimited by the Company with its bankers are in agreement with books of
account.
(b) Defined benefit plan:Gratuity
The Employee's Gratuity Fund Scheme, which is defined benefit plan, is managed by Trust maintained with Life Insurance
Corporation of India. The liabilities with respect to Gratuity Plan are determined by actuarial valuation on projected unit
credit method on the balance sheet date, based upon which the Company contributes to the Group Gratuity Scheme.
The difference, if any, between the actuarial valuation of the gratuity of employees at the year end and the balance of
funds with Life Insurance Corporation of India, is provided for as assets/ (liability) in the books. Actuarial gains/ (losses)
for defined benefit plans are recognised in full and are immediately taken to the statement of profit and loss and Other
Comprehensive Income accordingly as per Acturial Valuation Report.. The Gratuity Plan provides a lump sum payment to
vested employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 to
30 days' salary for each completed year of service . Vesting occurs upon completion of five continuous years of service in
accordance with Indian law. The gratuity fund is separately administered by a Gratuity Fund Trust.
40 DISCLOSURES AS REQUIRED BY IND AS 108, OPERATING SEGMENTS(a) Identification of Operating Segments:
The Company Operate in a Single Reportable Operating Segment i.e. manufacturing and sale of Poly Vinyl Chloride,
Polyethylene, Antifab and EP Compound which have similar risk and returns and are of similar nature.
No other operating segments have been aggregated to form the above reportable operating segments as per the criteria
specified in the Ind AS.
(b) Business Segment wise revenue/results/assets/liabilities
Since there is Single Reportable Operating Segment hence disclosure of Operating Segment wise Assets,Liabilities,
Revenue and Results are not applicable.
42 FAIR VALUE MEASUREMENT
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
(1) Fair value of cash and short-term deposits, trade and other short term receivables, current investments, trade payables ,
other current liabilities, short-term loans from banks and other financial institutions approximate their carrying amounts
largely due to the short term maturities of these instruments.
(2) Financial instruments with fixed and variable interest rate are evaluated by the Company based on parameter such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken into
account for the expected losses of these receivables.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique.
Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 : Other techniques for which all inputs which have a significant effects on the recorded fair value are observable, either
directly or indirectly.
Level 3 : Techniques which use inputs that have a significant effects on the recorded fair value that are not based on observable
market data.
43 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables
and advances from customers. The main purpose of these financial liabilities is to finance the Company's operations,
projects under implementation and to provide guarantees to support its operations. The Company's principal financial assets
include Investment, loans and advances, trade and other receivables and cash and bank balances that derive directly from its
operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's financial risk management is an integral
part of how to plan and execute its business strategies. The Company's financial risk management policy is set by the Managing
Board.
All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Company's policy that no trading in derivatives for speculative purposes to be undertaken.
The Board of Directors reviews and finalises policies for managing each of these risks, which are summarised below.
A. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk: interest rate risk, currency risk, and commodity price risk.
Financial instruments affected by market risk include investments and deposits, foreign currency receivables, payables,
loans and borrowings, and derivative financial instruments.
The Company manages market risk through a treasury department, which evaluates and exercises independent control
over the entire process of market risk management. The treasury department recommends risk management objectives
and policies, which are approved by Senior Management and the Audit Committee. The activities of this department
include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing
strategies, and ensuring compliance with market risk limits and policies.
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. In order to optimise the Company's position with regard to interest income and
interest expense, the treasury department performs a comprehensive corporate interest rate risk management by
balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the unhedged
portion of loans and borrowings. With all other variables held constant, the Company's profit before tax is affected
through the impact on floating rate borrowings, as follows:
(ii) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates
primarily to the Company's operating and financing activities. The Company manages its foreign currency risk by
hedging transactions that are expected to realise in future.
Foreign Currency Sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in exchange rates, with all other
variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of unhedged
monetary assets and liabilities.
The Company holds derivative financial instruments such as foreign currency forward and option contracts to
mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts
is generally a bank. Although the Company believes that these derivatives constitute hedges from an economic
perspective, these do not qualify for hedge accounting as per Ind AS 109 - Financial Instruments. Since the above
derivatives are not designated as hedges, such derivatives are categorised as financial assets or financial liabilities
at fair value through profit or loss.
(iii) Commodity price risk
Principal Raw Material for Company's products is variety of plastic polymers which are primarily Derivatives of Crude
Oil. Company sources its raw material requirement from across the globe. Domestic market prices are also generally
remains in sync with international market price scenario. Volatility in Crude Oil prices, Currency fluctuation of Rupee
vis-a-vis other prominent currencies coupled with demand-supply scenario in the world market affect the effective
price and availability of polymers for the Company. Company effectively manages with availability of material as well
as price volatility through:
1. Widening its sourcing base
2. Appropriate contracts and commitments
3. Well planned procurement & inventory strategy and
4. Prudent hedging policy on foreign currency exposure
Risk committee of the Company comprising members from Board of Directors and operations has developed and
enacted a risk management strategy regarding commodity Price risk and its mitigation.
B. Credit Risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables
and advances to suppliers) and from its financing activities, including deposits and other financial instruments.
(i) Trade Receivables
Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. An
impairment analysis is performed at each reporting date on an individual basis for major clients.
The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are
located in several jurisdictions and operate in largely independent markets.
The ageing analysis of the receivables (gross of provisions) have been considered from the due date of payment.
(Refer Note no. 12)
Credit risk from balances with banks and financial institutions is managed by the Company's treasury department
in accordance with the Company's policy. Credit limits of all authorities are reviewed by the Management on regular
basis. All balances with banks and financial institutions is subject to low credit risk due to good credit ratings
assigned to these entities.
C. Liquidity Risk
The Company monitors its risk of a shortage of funds using a liquidity planning tool. The Company's objective is to maintain
a balance between continuity of funding and flexibility through the use of cash credit, letter of credit, factoring,bill
discounting and working capital limits.
The table below summarises the maturity profile of the Company's financial liabilities based on contractual payments.
44 CAPITAL MANAGEMENT
A. For the purpose of the Company's capital management, equity includes issued equity capital, securities premium and all other
equity reserves attributable to the equity share holders, including capital reserve and net debt includes interest bearing loans
and borrowings except cash and bank balances and current investments. The primary objective of the Company's capital
management is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its
business and provide adequate return to shareholders' through continuing growth.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long
term borrowings and short term borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by
total shareholders fund.
In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Notes -
1 Working capital facilities (fund-based and non-fund-based limits) are secured by a first pari passu charge by way of
hypothecation over the entire current assets except investments which are not specifically pledged, including inventories
and trade receivables, of the Company, both present and future, and by a lien on fixed deposits having a principal value of
' 1.35 crore (aggregate value including accrued interest amounting to ' 1.45 crore). The facilities are further secured by a
second pari passu charge by way of equitable mortgage over all present and future movable properties of the Company's
Dhulagarh unit and movable and immovable properties of its Daman, Dadra and Surangi units.
52 LEASES
The Company's lease asset classes primarily consist of leases for land, buildings, machinery and warehouses.
• The company didn't recognized Right to Use and Lease liabilities for lease for which the lease terms pertaining to the
uncancellable period ends within 12 months on the date of initial transition and low value assets.
• The Company excluded initial direct cost from measurement of the Right to Use assets at the date of initial application.
• The Company uses hindsight in determining the lease term where the contract contains options to extend or terminate
the lease.
Hence, the Company has recognised the lease payments associated with those leases as an expense on a straight line basis
over the lease term. Lease liabilities were measured at the present value of remaining lease payments, discounted at the
Company's acturial discounting rate. Right to Use is measured at an amount equal to the lease liability adjusted by the amount
of any prepaid or accrued lease payments."
Deflations
(a) Earning for available for debt service = Net Profit after taxes Non-cash operating expenses like depreciation and other
amortisations Interest other adjustments like loss on sale of Fixed assets etc.
(b) Debt service = Interest & Lease Payments Principal Repayments
(c) Average inventory = (Opening inventory balance Closing inventory balance) / 2
(d) Net credit sales = Net credit sales consist of gross credit sales minus sales return
(e) Average trade receivables = (Opening trade receivables balance Closing trade receivables balance) / 2
(f) Net credit purchases = Net credit purchases consist of gross credit purchases minus purchase return
(g) Average trade payables = (Opening trade payables balance Closing trade payables balance) / 2
(h) Average Working capital = (Opening Working Capital Closing Working Capital)/2
(i) Earning before interest and taxes = Profit before exeptional items and tax Finance costs
(j) Capital Employed = Tangible Net Worth Total Debt Deferred Tax Liability Lease Liabilities
b) The company do not have any Benami property, where any proceeding has been initiated or pending against the company for
holding any Benami Property.
c) The company do not have any transactions with struck off companies under Section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956.
d) The company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at
the balance sheet date.
e) The Company has not advanced any fund to any person or entity, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the person or entity shall:
i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Benificiaries); or
ii) provide any guarantee, security or the like on behalf of the Company.
f) The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Benificiaries); or
b) provide any guarantee, security or the like on behalf of the Company.
g) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under
the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve
Bank of India.
h) As at 31st March, 2026, there are no charges which is yet to be registered reflecting in records of the Ministry of Corporate
Affairs. The necessary charges for loan outstanding as on March 31,2026 was well created within the stipulated statutory
period.
i) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017.
j) The company has not traded or invested in Crypto currency or Virtual currency during the financial year.
54 DIVIDENDS
Dividends paid during the year ended March 31, 2026
include an amount of Rs 1.75 (175% per equity share)
towards final dividend for the year ended March 31,
2025 and an amount of ' 0.50 paise (50% per equity
share) towards interim dividends (including special
dividend) for the year ended March 31, 2026.Dividends
paid during the year ended March 31, 2025 include
an amount of Rs 1.00 (100%per equity share towards
final dividend for the year ended March 31, 2024
Dividends declared by the Company are based on the
profit available for distribution. On May 25, 2026, the
Board of Directors of the Company have proposed a final
dividend of ' 1.25 (125% per equity share) in respect of
the year ended March 31, 2026 subject to the approval
of shareholders at the Annual General Meeting, and if
approved, would result in a cash outflow of approximately
' 1293.46 lacs.
55 AUDIT TRAIL
Ddev Plastiks Industries Ltd. (DPIL) uses SAP-S4
HANA as the accounting software. SAP ensures
an audit trail, providing standard functionality and
logging in all changed data in the system. This
functionality and audit trail feature in SAP has been
operational throughout the year for all relevant
transactions recorded through the application at DPIL.
At DPIL, accounting documents are used to record all
business transactions - posted documents are stored
in SAP for every transaction and a financial document
once posted cannot be deleted or changed for data
points impacting financials. The SAP environment at
DPIL is appropriately governed and only authorised users
can make postings in SAP, while interacting with the
system through the application layer. Normal/regular
users are not granted nor have direct SAP-DB (database)
or super user level access which would allow them to
make any changes to financial documents directly
which have already been posted through the application.
To operate the SAP-application and the SAP-DB, the
system necessarily requires a set of super-users to have
DB-level accesses. These super-users are obligated
to perform system related tasks. They are not allowed
to carry out any direct changes/edits to financial
transactions in the SAP-DB, which if carried out is ill-
legal. In the event of an unauthorised change by a super
user specifically, these can be detected through an
investigative approach and/or using services provided by
SAP as part of their financial data quality check service,
which validates the consistency of financials based on
the request of the client. Therefore, while the SAP-DB at
the moment does not have the concurrent real time audit
trail feature in view of its infeasibility, the tracking of
changes can be done through a focused enquiry process.
56 CHANGES IN ACCOUNTING STANDARDS AND RECENT
ACCOUNTING PRONOUNCEMENTS
Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time.In May 2025, MCA notified
amendments to Ind AS 21 - The Effects of Changes in
Foreign Exchange Rates, applicable w.e.f. April 1, 2025.
The Company has reviewed the amendment and based on
its evaluation has determined that it does not have any
significant impact in its financial statements.In August
2025, MCA notified the following amendments to:
Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. April 1, 2025 - The amendment relates
to classification of liabilities as current or non-current
and non-current liabilities with covenants. In the context
of classifying a liability as current, it removes the
requirement of existence of a right to defer settlement
for at least 12 months after the reporting date and
instead requires that the said right should exist on the
reporting date and have substance. The amendment
also introduces guidance on classification of liabilities
with covenants. The Company has no impact of these
amendments in its classification criteria of current and
non-current liabilities.
Ind AS 7, Statement of Cash Flows and Ind AS 107,
Financial Instruments: Disclosures, applicable w.e.f. April
1, 2025 - The amendment in Ind AS 7 requires to inform
users of financial statements of the existence of supplier
finance arrangements and explain the nature of the
arrangements, the carrying amount of liabilities and the
range of payment due dates. Ind AS 107 has been amended
to add supplier finance arrangements as a factor that
may cause concentration of liquidity risk. The Company
has reviewed the amendment and based on its evaluation
the Company has made the relevant disclosures in the
financial statements.
Ind AS 12, International Tax Reform - Pillar Two Model
Rules applicable immediately - The amendments
provide a temporary mandatory relief from deferred
tax accounting for top-up tax and disclose that they
haveapplied the relief.
The Company has no impact of these amendments in its
classificationcriteriaof current andnon-current liabilities.
Recent Accounting Pronouncements not yet effective:
Ind AS 1 - Presentation of Financial Statements,
relating to the classification of liabilities as current
or non current, which are effective from 1 April 2026.
Pursuant to the amended Ind AS 1, a liability arising from a
loan arrangement is classified as current if the Company
does not have a right, as at the end of the reporting period,
to defer settlement of the liability for at least twelve
months after the reporting period. Where the Company
breaches a covenant of a borrowing arrangement on or
before the reporting date and such breach results in the
liability becoming repayable on demand, the liability is
required to be classified as current, even if the lender
agrees after the reporting date and before the approval
of the financial statements not to demand repayment.
Earlier, Ind AS 1 permitted classification of such
borrowings as non current where post reporting
date waivers were obtained from lenders. This carve
out has been removed pursuant to the amendment.
The above amendment has been adopted prospectively
from 1 April 2026 in accordance with the applicable Ind
AS requirements.
57 The Government of India has notified the Code on Wages,
2019, the Industrial Relations Code, 2020, the Code on
Social Security, 2020 and the Occupational Safety, Health
and Working Conditions Code, 2020 (collectively referred
to as the ""New Labour Codes""), which consolidates the
existing 29 labour laws into an unified framework governing
employee benefits. The New Labour Codes have become
effective from November 21, 2025.The Government of
India notified the Industrial Relations (Central) Rules,
2026, the Code on Wages (Central) Rules, 2026, the Social
Security (Central) Rules, 2026 and the Occupational
Safety, Health and Working Conditions (Central) Rules,
2026 vide Notifications G.S.R. 342(E), 343(E), 344(E)
and 345(E), respectively, dated May 8, 2026, thereby
operationalising the framework under the Industrial
Relations Code, 2020, the Code on Wages, 2019, the Code
on Social Security, 2020 and the Occupational Safety,
Health and Working Conditions Code, 2020, in respect
of establishments to which the Central Rules apply.
The Company has reviewed the existing wage structure
and evaluated the impact of the New Labour Codes on its
employee benefit obligations and the financial statements
based on the provisions of the Codes, the rules notified
thereunder, applicable State rules, legal interpretations
and, where considered necessary, actuarial assessment.
Based on the assessment performed, management
is of the view that the implementation of the New
Labour Codes does not have a material impact on
the Company's employee benefit obligations or
the financial statements for the year ended March
31, 2026. Accordingly, no adjustment has been
recognised in these financial statements in this regard.
The Company will continue to monitor any further
amendments, clarifications, judicial pronouncements
and State-specific notifications relating to the New
Labour Codes and will recognise the financial impact,
if any, in the period in which such changes become
applicable.
58 The Group has evaluated the impact of the ongoing
geopolitical conflict in the Middle East involving the USA
and Iran, which escalated in February 2026. Based on
the Group's current assessment of its operations, supply
chains, and financial exposure, there has been no material
impact on the business operations or financial results for
the year ended 31 March 2026. The Group continues to
monitor the situation closely for any potential long-term
indirect effects on energy prices or global trade routes
that could influence future reporting periods
59 Previous year figures have been regrouped/rearranged/
reclassified where necessary to correspond with current
year figures.
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