Spot on @Dev_S 
On R&D being disproportionate – what the MD refers to as R&D, which forms 7-10% is actually the tools, dies/casts and such similar assets for new products, which is simply product development, not exactly the R&D we refer to. Like a tech company puts the product team headcount as R&D in P&L, he attributes this to it. 
All manufacturing companies have such spend, but it is not called as R&D.
Which is why the discrepancy in AR – it only shows a namesake amount as R&D.
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