The Group has an interest in an associated company and two joint ventures as follows:

Associated companies:Holding
%
Class of capital
Fabsec Limited — development of fire beam25.0Ordinary
Joint ventures:
JSW Severfield Structures Limited — structural steelwork serving the Indian market50.0Ordinary
Composite Metal Flooring Limited — manufacturer of cold rolled metal products50.0Ordinary

In 2008 a formal agreement was signed in India with JSW Building Systems Limited (a subsidiary of JSW Steel Limited of India) to form a 50/50 joint venture, JSW Severfield Structures Limited, to create a structural steelwork business in Bellary and Mumbai, India, serving primarily the Indian market.

JSW Severfield Structures Limited is registered in India. During the year, the Group did not make any further investments in the joint venture (2016: £nil). As a result of the continued close to break-even profit position of the Indian joint venture, the Group's investment in the Indian joint venture of £4,619,000 has been reviewed for impairment. The recoverable amount of the investment is determined from value in use calculations which are based on the following year's budget, together with financial projections for 2019 to 2021. The calculations assume a long-term growth rate of 1.5 per cent (2016: 1.5 per cent) from 2022 onwards and a pre-tax discount rate of 10 per cent (2016: 10 per cent). Following this review, no impairment charge was recorded in the year ended 31 March 2017 (2016: £nil). Management considers that no reasonably possible change in the key assumptions would result in an impairment.

On 16 November 2015, the Group completed its investment in a 50 per cent share of Composite Metal Flooring Limited ('CMF') which has been accounted for as a joint venture. The total consideration for the investment is £7,039,000, which consists of an initial payment of £4,126,000 (including transaction costs of £126,000), an additional payment of £413,000 (made in early 2017) following agreement of the final working capital position and a further £2,500,000 which is payable over the next five years subject to certain conditions.

Goodwill
£000
Share of
net assets
£000
Total
£000
At 1 April 20154,8024,802
Net assets acquired5,3261,7137,039
Losses retained(230)(230)
At 1 April 20165,3266,28511,611
Profits retained457457
At 31 March 20175,3266,74212,068

The Group's share of the retained profit for the year of JVs and associates is made up as follows:

Share of resultsFabsec
Limited
£000
JSW
Severfield
Structures
Limited
£000
CMF
Limited
£000
Total
£000
2017151306457
2016(319)89(230)

Summarised financial information in respect of the Group's JVs and associates is as follows:

Fabsec
Limited
£000
JSW
Severfield
Structures
Limited
£000
CMF
Limited
£000
2017
£000
2016
£000
Current assets1,05343,4226,18850,66332,202
Non-current assets22727,0264,12531,37827,550
Current liabilities(19)(56,240)(5,392)(61,651)(37,415)
Non-current liabilities(2,239)(6,094)(717)(9,050)(12,677)
Net assets(978)8,1144,20411,3409,660
Group's share of net assets(245)4,0572,1025,9145,043
Revenue19541,53215,28057,00744,065
Profit/(loss) after tax302611913(460)
Group's share of profit/(loss) after tax151306457(230)

There were no contingent liabilities or capital commitments (2016: none) associated with the Group's JVs and associates.