Hi, thanks for pointing out.
Actually, it is not off balance sheet. It is shown as trade payables worth 3,622 cr. as of q4 2018.
It is basically gold loan. Not 100% sure about this, but positive. Experienced guys can help clarify this.
So basically, we thought that the implied interest rate was too high ~30% as we did not consider a/c payables item in the denominator as usually it is non interest bearing liability. But in this case it is interest bearing as pointed out by the management and hence should be included. Actual implied interest rate is about10%, which seem normal.