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Notes forming part of the Consolidated Financial Statements as at 31 March, 2020
48. Capital Management

i. For the purpose of the company's capital management, capital includes issued equity
capital, attributable to the equity holders of the holding company. The primary
objective of the company capital management is to maximize the shareholder value.

ii. The company manages its capital structure and makes adjustments in light of
changes in economic conditions and the requirements of the nancial covenants.

iii. The Company monitors capital using a gearing ratio, which is net debt divided by total
capital plus net debt. The Company includes within net debt, Loan obligation, trade
and other payables and less cash and cash equivalents.

As at 31 March As at 31 March
Particulars
2020 2019
Non-current Borrowings 2331.94 1939.08
Current Borrowing 0.00 0.00
Current Maturities of Non-current Borrowing 0.00 0.00
Total Debt 2331.94 1939.08
Less : Cash & Cash Equivalent 658.54 282.50
Net debt 1673.40 1656.57

(a) Equity Share capital 1283.06 1259.54
(b) Instruments entirely equity in nature 4079.51 4079.51
(c) Other Equity -3450.80 -3273.22
Total capital 1911.77 2065.83
Capital and net debt 3585.17 3722.40

Gearing Ratio 46.68% 44.51%

49. Financial Risk Management Objectives and Policies:

The Corporation's principal nancial liabilities, other than derivatives, comprise loans
and borrowings, trade and other payables, and nancial guarantee contracts. The
main purpose of these nancial liabilities is to nance the Corporation's operations
and to provide guarantees to support its operations. The Corporation's principal
nancial assets include loans, trade and other receivables, and cash and cash
equivalents that derive directly from its operations.

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