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Union Budget 2017-18
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Notes to Accounts of Astec Lifesciences Ltd.

Mar 31, 2016

Note:

Micro and Small enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") have been identified by the Company, on the basis of information available with Company and Auditor have relied on the same. Accordingly there is no undisputed amount overdue as on 31st March, 2016 to Micro, Small and Medium Enterprises on account of principal or interest (Previous Year - Rs. Nil).

1) Related Party Disclosures

a) Names of related parties Relationship

1) Holding Companies:

Godrej Agrovet Limited (GAVL) holds 53.64% Equity Shareholding in the Company. GAVL is the subsidiary of Godrej Industries Limited and Godrej Industries Limited is a subsidiary of Godrej & Boyce Manufacturing Company Limited, the Ultimate Holding Company

2) Subsidiaries:

1. Behram Chemicals Private Limited

2. Astec Europe Sprl

3. Comercializadora Agricola Agroastrachem Cia Ltda

4. Astec Crop Care Private Limited (till 17th February, 2016)

3) Fellow Subsidiaries:

A. Subsidiaries of Godrej Agrovet Limited (GAVL):

1. Godvet Agrochem Limited

2. Godrej Seeds & Genetics Limited

3. Creamline Dairy Products Limited (a subsidiary w.e.f. 21st December, 2015)

4. Nagavalli Milkline Pvt. Ltd. (a subsidiary of Creamline Dairy Products Ltd.)

B. Subsidiaries of Godrej & Boyce Mfg. Co. Ltd.:

1. Godrej Infotech Ltd.

2. Godrej (Malaysia) Sdn. Bhd. (incorporated in Malaysia)

3. Godrej (Singapore) Pte. Ltd. (incorporated in Singapore)

4. Veromatic International BV (incorporated in the Netherlands)

5. Busbar Systems (India) Ltd (a wholly-owned subsidiary)

6. Mercury Mfg. Co. Ltd. (a wholly-owned subsidiary)

7. Godrej Americas Inc. (a wholly-owned subsidiary incorporated in the USA)

8. First Rock Infrastructures Pvt. Ltd. (a wholly-owned subsidiary)

9. MiracleTouch Developers Pvt. Ltd. (a wholly-owned subsidiary)

10. East View Estates Pvt. Ltd. (a wholly-owned subsidiary)

11. India Circus Retail Pvt. Ltd. (a subsidiary w.e.f. 16th December, 2015)

C. Subsidiaries of Godrej Industries Ltd.(GIL) :

1. Godrej Properties Ltd. (GPL)

2. Ensemble Holdings & Finance Ltd.

3. Godrej International Ltd. (incorporated in the Isle of Man)

4. Natures Basket Ltd.

5. Godrej International Trading & Investments Pte Ltd. (Incorporated in Singapore)

6. Godrej International Ltd. (Labuan Malaysia)

a) Names of related parties

D. Subsidiaries of Godrej Properties Limited (GPL):

1. Godrej Realty Pvt. Ltd.

2. Godrej Real Estate Pvt. Ltd.

3. Happy Highrises Ltd.

4. Godrej Buildwell Pvt. Ltd. (merged with Godrej Properties Limited w.e.f. April 29, 2015)

5. Godrej Buildcon Pvt. Ltd.

6. Godrej Projects Development Pvt. Ltd. (GPDPL)

7. Godrej Redevelopers (Mumbai) Pvt. Ltd. (a subsidiary of GPDPL)

8. Godrej Premium Builders Pvt. Ltd. (merged with Godrej Properties Limited w.e.f. August 21, 2015)

9. Godrej Garden City Properties Pvt. Ltd.

10. Godrej Landmark Redevelopers Pvt. Ltd.

11. Godrej Green Homes Ltd.

12. Godrej Home Developers Pvt. Ltd.

13. Godrej Hillside Properties Pvt. Ltd.

14. Godrej Greenview Housing Private Limited (a subsidiary w.e.f 15th May, 2015)

15. Godrej Prakriti Facilities Private Limited ( a subsidiary of Happy Highrises Ltd.w.e.f 9th June, 2015)

16. Godrej Investment Advisers Private Limited ( a subsidiary w.e.f 29th October 2015)

17. Godrej Highrises Properties Private Limited ( a subsidiary w.e.f 26th June, 2015)

18. Wonder Projects Development Private Limited ( a subsidiary w.e.f 24th June, 2015)

19. Godrej Genesis Facilities Management Private Limited ( a subsidiary of Happy Highrises Ltd w.e.f 19th February, 2016)

E. Subsidiaries of Godrej Infotech Ltd. :

1. Godrej Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA)

2. Godrej Infotech (Singapore) Pte. Ltd. (a wholly-owned subsidiary incorporated in Singapore)

3. LVD Godrej Infotech NV (a subsidiary incorporated in Belgium)

F. Subsidiaries of Godrej (Singapore) Pte. Ltd.:

1. JT Dragon Pte. Ltd. (Incorporated in Singapore)

2. Godrej (Vietnam) Co. Ltd. (Incorporated in Vietnam) (a wholly owned subsidiary of JT Dragon Pte. Ltd.)

G. Subsidiaries of Veromatic International BV:

1. Veromatic Services BV (incorporated in the Netherlands)

2. Prowama Trading BV (incorporated in the Netherlands) (formerly Water Wonder Benelux BV) liquidated on 28th December 2015

H. Other Subsidiaries (where Godrej & Boyce Mfg. Co. Ltd. owns directly and/or indirectly through one or more subsidiaries, more than one-half of the equity share capital):

I. Godrej Consumer Products Ltd. (GCPL)

2. Godrej One Premises Management Private Limited (w.e.f 22nd July, 2015)

a) Names of related parties

I. Subsidiaries and Sub-subsidiaries of Godrej Consumer Products Limited (GCPL):

1. Godrej South Africa (Proprietary) Ltd. (formerly, Rapidol (Pty) Ltd.) (incorporated in South Africa)

2. Godrej Netherlands BV (incorporated in the Netherlands)

3. Godrej UK Ltd. (a subsidiary of Godrej Netherlands BV)

4. Godrej Global Mid East FZE (incorporated in Sharjah, U.A.E.) (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.)

5. Godrej Consumer Products Mauritius Ltd.

6. Godrej Consumer Products Holding (Mauritius) Ltd. (incorporated in Mauritius)

7. Godrej Household Products Lanka (Private) Ltd. (incorporatedin Sri Lanka)

8. Godrej Household Products Bangladesh Pvt. Ltd. (incorporated in Bangladesh)

9. Godrej Consumer Products Bangladesh Ltd. (incorporated in Bangladesh)

10. Godrej Mauritius Africa Holdings Ltd. (incorporated in Mauritius)

11. Godrej West Africa Holdings Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

12. Godrej Consumer Products (UK) Ltd. (a subsidiary of Godrej UK Ltd.)

13. Godrej Consumer Investments (Chile) Spa, (incorporated in Chile) (a subsidiary of Godrej Netherlands

BV)

14. Godrej Mideast Holdings Limited (Incorporated in Dubai) (a 100 % subsidiary of Godrej Indonesia IP Holdings Limited) (w.e.f. 28th July, 2015)

15. Godrej Holdings (Chile) Limitada, (incorporated in Chile) (a subsidiary of Godrej Consumer Investments (Chile) Spa)

16. Cosmetica Nacional, (incorporated in Chile) (a subsidiary of Godrej Holdings (Chile) Limitada)

17. Plasticos Nacional, (incorporated in Chile) (a subsidiary of Cosmetica Nacional)

18. Kinky Group (Proprietary) Ltd. (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

19. Godrej Nigeria Ltd. (incorporated in Nigeria) (a subsidiary of Godrej Consumer Products Mauritius Ltd.)

20. Indovest Capital Ltd. (incorporated in Malaysia) (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.)

21. Godrej Consumer Products Dutch Cooperatief UA, (incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.)

22. Godrej Consumer Products (Netherlands) BV (incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products Dutch Cooperatief UA)

23. Godrej Consumer Holdings (Netherlands) BV (incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products Dutch Cooperatief UA)

24. PT Megasari Makmur (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV)

25. PT Intrasari Raya (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV)

a) Names of related parties

26. PT Ekamas Sarijaya (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV)

27. PT Indomas Susemi Jaya (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV)

28. PT Sarico Indah (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV)

29. Godrej Argentina Dutch Cooperatief UA (incorporated in Netherlands) (a subsidiary of Godrej Consumer Products Mauritius Ltd.) merged into Godrej Consumer Products Dutch Cooperatief UA w.e.f. 31st March, 2016

30. Godrej Netherlands Argentina Holding BV . (incorporated in Netherlands) (a subsidiary of Godrej Argentina Dutch Cooperatief UA) merged into Godrej Consumer Products Netherlands BV w.e.f. 31st March, 2016

31. Godrej Netherlands Argentina BV (incorporated in the Netherlands) (a subsidiary of Godrej Argentina Dutch Cooperatief UA) merged into Godrej Consumer Holding Netherlands BV w.e.f. 31st March, 2016

32. Panamar Produccioness S.A (incorporated in Argentina) (a subsidiary of Godrej Netherlands Argentina BV)

33. Argencos S.A. (incorporated in Argentina) (a subsidiary of Godrej Netherlands Argentina BV)

34. Laboratoria Cuenca S.A. (incorporated in Argentina) (a subsidiary of Godrej Netherlands Argentina BV)

35. Deciral S.A. (incorporated in Uruguay) (a subsidiary of Laboratoria Cuenca S.A.)

36. Issue Group Brazil Ltda. (incorporated in Brazil) (a subsidiary of Godrej Netherlands Argentina BV)

37. Consell S.A . (incorporated in Argentina) (a subsidiary of Laboratoria Cuenca S.A.)

38. Subinite Pty Ltd. (incorporated in South Africa) (a subsidiary of Godrej West Africa Holdings Ltd.)

39. Lorna Nigeria Ltd (incorporated in Nigeria) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

40. Weave IP Holding Mauritius Pvt. Ltd. (incorporated in Mauritius) (a subsidiary of Godrej West Africa Holdings Ltd.)

41. Weave Trading Mauritius Pvt. Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

42. Hair Trading (Offshore) S. A. L. (incorporated in Lebanon) (a subsidiary of Weave Trading Mauritius Pvt Ltd.)

43. Weave Mozambique Limitada (incorporated in Mozambique) (a subsidiary of Godrej West Africa Holdings Ltd.)

44. Godrej East Africa Holdings Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Consumer Products Ltd.)

45. Style Industries Ltd. (incorporated in Kenya) (a subsidiary of DGH Phase Two Mauritius Pvt. Ltd.)

46. DGH Phase Two Mauritius (incorporated in Mauritius) (a subsidiary Godrej East Africa Holdings Ltd.)

47. Godrej Tanzania Holdings Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Consumer Products Ltd.)

a) Names of related parties

48. DGH Tanzania Ltd (incorporated in Tanzania) (a subsidiary of Godrej Tanzania Holdings Ltd.)

49. Sigma Hair Ind Ltd. (incorporated in Tanzania) (a subsidiary of DGH Tanzania Ltd.)

50. Weave Ghana Ltd. (incorporated in Ghana) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

51. Godrej Consumer Products US Holding Limited (Incorporated in Mauritius) (w.e.f. 29th March, 2016)

52. Darling Trading Company Mauritius Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

53. Godrej Africa Holdings Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

54. Godrej Indonesia IP Holdings Ltd. (incorporated in Mauritius) (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.)

55. Frika Weave (Pty) Ltd. (incorporated in South Africa) (a subsidiary of Godrej Mauritius Africa Holdings Ltd.)

56. Belaza Mozambique LDA (w.e.f 30th April, 2015)

57. Charm Industries Ltd. (w.e.f. 14th August, 2015)

58. DGH Angola (name changed from Godrej Megasari Holdings)

59. Godrej Hair Care Nigeria Limited (w.e.f 12th January, 2016)

60. Godrej Household Insecticide Nigeria Ltd. (w.e.f 12th January, 2016)

61. Hair Credentials Zambia Limited (w.e.f 23rd December 2015)

62. Godrej SON Holdings Inc. (Incorporated in USA) (w.e.f. 24th March, 2016)

4) Key Management Personnel

1. Ashok V. Hiremath, Managing Director

2. Janak Jaganath Rawal (Resigned as a Whole Time Director w.e.f. 6th November, 2015)

5) Enterprises over which Key Management Personnel exercise significant influence

1. Opus Chemicals Private Limited

2. GreenGuard Technologies Private Limited

3. India TL Domain Private Limited

4. Altimax Financial Services Private Limited

5. Sahbhagi Financial Advisory Private Limited

6. Astec Crop Care Private Limited

The company''s leasing arrangements in respect of operating leases for premises occupied by the company. These leasing arrangement are cancellable and renewable on a periodic basis by mutual consent or mutually acceptable terms.

The total of future minimum lease payments under non-cancellable operating leases for each following periods:

2) Employee Stock Options Plans

The Company provides share-based payment schemes to its employees. During the year ended 31st March, 2016, an Employee Stock Option Plan (ESOP) was in existence. The relevant details of the scheme and the grant are as below.

Employee Stock Option Plan, 2012 (ESOP Plan, 2012)

Approval for implementation of ESOP 2012 was taken in Extra Ordinary General Meeting of the Shareholders held on 27th March, 2012.

Number of options granted under ESOP 2012 as at the beginning of the Financial Year and as at the end -of the Financial Year as under:

Employee Stock Options Scheme, 2015 (ESOS 2015)

Approval for implementation of ESOS 2015 was taken at the 21st Annual General Meeting of the Company held on 22nd September, 2015. The Company has not granted any Options under ESOS 2015 during the Financial Year 2015-16.

Contribution to Gratuity Fund

The Company makes annual contribution to Group Gratuity Assurance Scheme of Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on death or on separation / termination in terms of provision of the payment of Gratuity Act 1972.

The Following table sets out the fund status of Gratuity plan and the amount recognized in Company''s Financial Statement as at 31st March, 2016.

The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets.

3) Corporate Social Responsibility

Total Expenditure incurred on Corporate Social Responsibility activities during current year is Rs.11,42,922/-.

4) Research and Development Expenditure on Recognized R&D Center

5) Comparative Accounts for the Previous Year

Figures of the previous year have been regrouped & re-classified wherever necessary to confirm to the current year''s classification.

The accounting policies set out below have been applied consistently to the periods presented in these financial statements.

a) Basis of preparation of financial statements

The accompanying financial statements have been prepared in compliance with the requirements under Section 133 of the Companies Act, 2013 (to the extent notified) (''the Act''), read with Rule 7 of the Companies (Accounts) Rules, 2014, and other generally accepted accounting principles (GAAP) in India, to the extent applicable, under the historical cost convention, on the accrual basis of accounting. GAAP comprises mandatory accounting standards as specified in the Companies (Accounting Standards) Rules, 2006.

b) Use of estimates

The preparation of financial statements in conformity with GAAP in India requires management to make estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and expenses during the period reported. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of the financial statements, actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

c) Current / Non-current classification

The Schedule III to the Act requires all assets and liabilities to be classified as either current or non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

(a) it is expected to be realized in, or is intended for sale or consumption in, the entity''s normal operating cycle;

(b) it is held primarily for the purpose of being traded;

(c) it is expected to be realized within twelve months after the balance sheet date;

(d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria:

(a) it is expected to be settled in, the entity''s normal operating cycle;

(b) it is held primarily for the purpose of being traded;

(c) it is due to be settled within twelve months after the balance sheet date; or

(d) the Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date.

All other liabilities are classified as non-current.

Operating cycle

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out above which are in accordance with the revised Schedule III to the Act.

Based on the nature of services and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current - non-current classification of assets and liabilities

d) Fixed assets and capital work-in-progress

Tangible assets

Fixed assets, both tangible and intangible, are stated at cost of acquisition/construction or at revalued amount less accumulated depreciation and impairment, if any. Cost includes purchase price, taxes (net off Setoffs), duties (net off Setoffs), freight and other directly attributable expenses of bringing the assets to its working condition for the intended use. Borrowing costs and exchange gain/loss on long term foreign currency loans attributable to acquisition, construction of qualifying asset (i.e. assets requiring substantial period of time to get ready for intended use) are capitalized. Other pre-operative expenses for major projects are also capitalized, where appropriate.

Capital Work-in-Progress comprises outstanding advances paid to acquire Fixed assets and cost of Fixed Assets that are not yet installed.

Intangible assets

Intangible assets that are acquired by the Company are measured initially at cost. After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and any accumulated impairment loss. Subsequent expenditure is capitalized only when it increases the future economic benefits from the specific asset to which it relates.

Product registration costs generally comprise of costs incurred towards creating product dossiers, fees paid to registration consultants, application fees to the ministries, data compensation costs, data call-in costs and fees for task force membership. In situations where consideration for data compensation is under negotiation and is pending finalization of contractual agreements, cost is determined on a best estimate basis by the management, and revised to actual amounts on conclusion of agreements.

Depreciation and amortization

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value.

Depreciation on tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of

the following categories of assets, wherein the life of the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.

Leasehold land is amortized over the duration of the lease.

Product registration expenses and Data compensation charges are amortized on a straight line basis over a period of five years.

Computer software Expenses on implementation of Computer software are amortized on a straight line basis over a period of five years.

Impairment of assets

In accordance with AS 28 ''Impairment of Assets'', the carrying amounts of the Company''s assets are reviewed at each Balance Sheet date to determine whether there is any impairment. Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Impairment loss is recognized in the statement of profit and loss or against revaluation surplus, where applicable. If at the balance sheet date, there is an indication that previously assessed impairment loss no longer exists the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to maximum of depreciated historical cost.

e) Investments

Long term investments are carried at cost. Provision for diminution, is made to recognize a decline, other than temporary in the value of long term investments and is determined separately for each individual investment. The fair value of a long term investment is ascertained with reference to its market value.

Current investments are carried at lower of cost and fair value, computed separately in respect of each category of investment. Any gain or loss on disposal of an investment is recognized in the statement of profit and loss.

f) Inventories

Raw material, packing material, stores, spares and consumables are valued ''at cost''. Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost Comprises all the cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

g) Sales

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer, and exclusive of sales tax but inclusive of excise duty.

Interest income is recognized on time proportion basis.

h) Foreign currency transactions

Initial recognition

Foreign currency transactions are recorded at the rates of exchange prevailing on the date of the transaction. Exchange difference, if any, arising out of transactions settled during the year are recognized in the Profit and Loss account.

Monetary Assets and Liabilities denominated in foreign currencies as at the Balance Sheet date are translated at closing exchange rate on that date. The exchange differences if any, are recognized in the Profit and Loss account and related Assets and Liabilities are accordingly restated in the Balance Sheet.

i) Income Tax

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence, are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the end of the period, based on the tax rates and laws enacted or substantially enacted on the balance sheet date.

Tax expenses comprises both current and deferred tax. Current tax is the amount of tax payable on the assessable income for the year determined in accordance with the provisions of the Income-Tax Act, 1961.

j) Retirement Benefits

Provision for Gratuity and Leave Encashment are made and provided on actuarial valuation basis. Other retirement benefits are accounted as per Company''s policy.

k) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments/deposit with an original maturity of three months or less.

l) Proposed Dividend

Dividend recommended by the Board of directors is provided for in the accounts, pending approval at the Annual General meeting.

m) Provisions and contingencies

The Company creates a provision when there exists a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made

Provision reviews at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent liabilities are disclosed for (i) Possible obligations which will be confirmed only by future events not wholly within the control of the Company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of amount of the obligation cannot be made. Contingent Liabilities are not recognized but are disclosed in the notes.

n) Earnings per share (EPS)

Basic EPS is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted EPS is calculated using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year except where the result would be anti-dilutive.

o) Excise Duty and Custom Duty

Excise Duty/ Custom Duty has been accounted on the basis of payments made in respect of goods cleared. Cenvat on raw materials and capital goods has been accounted for, by reducing the purchase cost of raw materials and capital goods respectively.

p) Segment Reporting

In accordance with the requirements of Accounting Standard - 17, Segment Reporting issued by The Institute of Chartered Accountants of India, The Company''s Business Segment is "Manufacturing of Agro Chemicals" and hence it has no other reportable segment.

Excludes alternate directorship and directorship in foreign companies, private companies and companies governed by Section 8 of the Companies Act, 2013.

# Excludes Committees other than Audit Committee and Stakeholders'' Relationship Committee and companies other than Public Limited Companies.

1,100 Equity Shares held by Mr. Laxmikant Kabra were sold / transferred by him to Godrej Agrovet Limited during the Financial Year 2015-16.

18,15,000 Equity Shares held by Dr. P. L. Tiwari were sold / transferred by him to Godrej Agrovet Limited during the Financial Year 2015-16.net of amounts paid under protest

(viii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management and on an overall examination of the balance sheet, we report that monies raised by way of term loans were applied for the purposes for which those were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud on or by the officers and employees of the Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that the managerial remuneration has been paid / provided in accordance with the requisite


Mar 31, 2015

A) Terms/rights attached to Equity Shares

The Company has one class of Equity Shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b) Aggregate number of bonus shares issued and shares issued for consideration other than cash during the period of five years immediately preceding the reporting date

The Company has not issued any bonus shares nor has there been any buy back of shares during the period of five years immediately preceding the reporting date.

c) Details of security for each type of borrowings

(a) Term loans from banks are secured by way of first mortgage/charge over entire movable and immovable Fixed Assets (Present and Future) of the Company and second pari-passu charge over current assets of the Company.

(b) Loans repayable on demand from Banks (Working Capital Loans) are secured by first pari-passu charge on the entire current assets of the Company both present and future and further secured by second pari-passu charge on entire fixed assets (Present and Future) of the Company.

c) Terms of repayment of term loans and Other Loans

Term loans (Foreign currency) of Rs.1,134.64 lakhs (Previous years Rs.1,526.44 lakhs) having interest rate of 7.25% are repayable in 8 semi annual instalments. Instalments falling due in respect of the loan upto 31.03.2016 have been regrouped under Current Maturities of Long Term debt.

Term Loan of Rs. Nil (Previous year Rs.45.89 lakhs) having interest rate of 15% was repayable in Quarterly Instalments of Rs.11.32 lakhs each.

Term Loan of Rs.6,111 lakhs (Previous year Rs.8,970 lakhs) having Interest rate of BBR Plus 300 bps which is 13.25% are repayable in 18 Quarterly Instalments of Rs.55.56 lakhs each. Last Instalment due on 31st March, 2018. Instalments falling due in respect of the loan upto 31.03.2016 have been regrouped under Current Maturities of Loan Term debt.

Term Loans (FCNR) of Rs.254 lakhs (Previous year Rs. Nil) having Interest rate of 12.55% are repayable in 16 equal Quarterly Instalments. The loan is fully hedged.


Mar 31, 2014

1) Details of security for each type of borrowings

(a) Term loans from banks are secured by way of first mortgage / charge over entire movable and immovable Fixed Assets (present and future) of the company and second pari-passu charge over current assets of the company.

(b) Loans repayable on demand from Banks (Working Capital loans) are secured by first pari-passu charge on the entire current assets of the company both present and future and further secured by second pari- passu charge on entire fixed assets (Present and Future) of the company.

2) Term of repayment of Term Loans and other Loans

Term Loans (Foreign Currency) of Rs. 1526.44 Lacs (Previous Year Rs. 1654.62 Lacs) having an Interest rate of 7.25% are repayable in 8 semi annual Installments. Installments falling due in respect of all the above loans upto 31.03.2015 have been regrouped under Current Maturities of Long Term debt.

Term Loan of Rs. 45.89 Lacs (Previous year Rs. 91.76 Lacs) having Interest rate of 15% are repayable in quarterly Installments of Rs. 11.32 Lacs each. Last Installation due on 31st March, 2015. Installments falling due in respect of all the above loans upto 31.03.2015 have been regrouped under Current Maturities of Long Term debt.

Term Loan of Rs. 897 Lacs (Previous year Rs. 500 Lacs) having Interest rate of BBR Plus 300 bps which is 13.25% are repayable in 18 Quarterly Installments of Rs. 55.56 Lacs each. Last Installment due on 31st March, 2018. Installments falling due in respect of all the above loans upto 31.03.2015 have been regrouped under Current Maturities of Long Term debt.

3) Contingent Liabilities and commitments (to the extent not provided for

(Rs. in Lacs)

(i) Contingent Liabilities

(a) Bank Guarantee Oustanding 41.00 43.50

(b) Letters of Credit with Banks 1,744.10 1,692.33

(c) Bills discounted but not realised 814.47 709.13

(d) Claims against company not acknowledged as debts in respect of sales tax demand against which company''s appeal is pending before Commissioner of Sales 108.94 116.49 Tax (Appeal)

(e) Claims against company not acknowledged as debts in respect of Income Tax 123.47 112.47

(f) On 3rd December 2013 DGCEI visited our factories and have made some observations of discrepancies in the functioning of our EOU at B-17,Mahad, MIDC. We have taken advice from the legal experts and are of theopinion that we will be in a Amount is not position to defend our position on this Ascertainable matter.

(g) M/s. Nath Bio-Genes (India) Ltd has filed a suit against theCompany alleging that some product supplied by the company was responsible for the poor germination of its seeds. The Company hastaken appropriate legal advice and is of the opinion that there is no merit in the case and hence there is no need to make a provision in our books. Amount is not Ascertainable

(ii) Commitments

Estimated amount of contracts remaining to be executed on account of capital account and not provided for 286.64 407.88


Mar 31, 2012

Note 1:

Borrowings

a) Details of security for each type of borrowings

(a) Term loans from banks are secured by way of first pari-passu charge over entire movable and immovable fixed Assets (present and future) of the company and second pari-passu charge over current assets of the company.

(b) Loans repayable on demand from Banks (Working Capital loans) are secured by first pari-passu charge on the entire current assets of the company both present and future and further secured by second pari -passu charge on entire fixed assets (present and future) of the company.

c) Terms of repayment of term loans and other loans

Term loan (foreign currency) of Rs. 1015.80 Lacs (partial disbursement) (previous year NIL) having an Interest rate of 7.25% are repayable in 8 semi annual instalments commencing from 1st July, 2013.

Term Loan of Rs. 92.39 Lacs (previous year Rs. 138.10 lacs) having interest rate of 15% are repayable in quarterly instalments of Rs. 11.32 lacs. Last instalment due in 31st March, 2015 Instalments falling due in respect of all the above bans upto 31.03.2013 have been regrouped under current maturities of long term debt' (Refer Note 8)

Note 2:

Other current liabilities

Notes :-

1. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required under Schedule VI of the Companies Act, 1956 relating to amounts unpaid as at year end together with interest paid-payable etc, have not been made

2. The Company has not received the required information from suppliers regarding their status under Small Scale Industries Act and hence disclosures as required under Schedule VI of the Companies Act, 1956 relating to amounts unpaid as at the year end together with interest paid/payable, etc., have not been made

Note 3:

Contingent Liabilities and commitments (to the extent not provided for)

(Rs. in Lacs)

31.03.12 31.03.11

(i) Contingent Liabilities

(a) Bank Guarantee outstanding 560.01 58.82 (b) Letters of credit with Banks 843.77 1,412.17

(c) Bills discounted but not realised 417.99 314.24

(d) Claims against company not acknowledged as debts in report of sales tax demand against which company's appeal is pending before commissioner of sales tax (Appeal) 53.02 53.02

(ii) Commitments

Estimated amount of contracts remaining to be executed on account capital account and not provided for 240.58 320.89

Note 4:

Disclosure in respect of Derivative Instruments

(b) Derivative instruments acquired for hedging purposes

(c) Foreign currency exposure not hedged by derivative instruments:

Note 5:

Related Party Disclosures

a) Names of related parties

Relationship Name

1) Subsidiary Benhram Chemicals Private Limited

Astec Crop Care Pvt. Ltd.

Astec Europe SPRL

2) Associates Opus Chemical Pvt. Ltd.

Green Guard Technologies Pvt Ltd.

India TL Domain Pvt Ltd.

Altimax Financial Services Pvt. Ltd.

Sahabhagi Financial Services Pvt. Ltd.

3) Companies in which directors of the Company are able to exercise control or have significant influence

4) Key management personnel (KMP) Ashok V. Hiremath

Janak Jaganath Rawal

Laxmikant Kabra

b) Relatives Ms. Chitra Hiremath (Wife)

Ms. Supriya Hiremath (Daughter)

Mr. Varun Hiremath (Son)

Mr. Suresh Hiremath (Brother)

Mr. Jai Hiremath (Brother)

Mr. Prabhu Hiremath (Brother)

Mrs. Vijaya Hiremath (Mother)

Note 6:

The Financial Statements for the year ended 31st March, 2012 had been prepared as per the then applicable, pre -revised schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:-

i. Bank Guarantees outstanding Rs. 85.88 lacs (Rs. 55.29 lacs).

ii. Letters of Credit with banks: Rs. 778.65 lacs (Rs. 511.66 lacs).

iii. BilIs discounted but not realized: Rs. 462.81 lacs (Rs. 316.47 lacs)

iv. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 219.99 Lacs. (Pr. Yr. Rs. Nil Lacs).

v. Sales Tax demand, against which companys appeal is pending before Commissioner of Sales Tax (Appeals) of Rs. 53.02 Lacs.

2. IPO Expenses & Brand building expenses amounting to Rs. 7,63,37,026 & 4,51,76,801 respectively have been deducted from the share premium account. The share premium account is shown net of these items.

3. Balances appearing under the head Sundry Creditors, Loans and Advances are subject to confirmation.

4. In the opinion of the Management the current Assets, Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and are not in excess of the amount considered reasonably necessary.

5. Related Party Transaction

As per Accounting Standard (AS-18) on related party disclosures issued by the ICAI, the disclosures of transaction with related party are as follows:

Nature of relation Name of Related Parties

Key Management personnel Mr. Ashok V. Hiremath - Managing Director

Relative of key management personnel Mr. Suresh Hiremath

Ms. Supriya Hiremath

Ms. Chitra Hiremath Company/entity in which director has Opus Chemicals Pvt. Ltd.

significant influence Behram Chemicals Pvt. Ltd.

Ashok V. Hiremath HUF

6. Production includes re-processing, production for unit interse, third party production (Job Work).

7. Previous years figures have been regrouped and/or rearranged wherever necessary in order to Conform to current years presentation. All the figures have been rounded off to nearest rupee.


Mar 31, 2009

1. Contingent liabilities not provided for in respect of

i. Bank Guarantees outstanding Rs. 55.29 lacs (Rs. 39.83 lacs).

ii. Letters of Credit with banks: Rs. 511.66 lacs (Rs. 425.37 lacs). iii. Bills discounted but not realized: Rs.316.47 lacs (Rs. 381.77 lacs)

iv. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil. (Rs. 100.00 lacs.).

2. Balance appearing under the head Sundry Creditors, Loans and Advances are subject to confirmation.

3. In the opinion of the Management the current Assets, Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and are not in excess of the amount considered reasonably necessary.

4. Related party disclosures:

1. Relationships

(a) Key Management personal

i. Mr. Ashok Hiremath - Managing Director

(b) Other related parties.

ii. Dr. P.l.Tiwari - Director

iii. Mr. Laxmikant Kabra - Director

iv. Mr. Suresh Hiremath

v. Mrs. V.V.Hiremath vi. Mrs. Chitra Hiremath

vii. Opus Chemicals Pvt. Ltd.

viii. Beharam Chemicals Pvt. Ltd.

ix. Mr. Ashok

5. Production includes re-processing, production for unit interse, third party production (Job Work).

6. Previous years figures have been regrouped and/or rearranged wherever necessary in order to Conform to current years presentation. All the figures have been rounded off to nearest rupee.

 
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