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Notes to Accounts of Astec Lifesciences Ltd.

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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