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Notes to Accounts of Castex Technologies Ltd.

Sep 30, 2015

1) The above statement has been prepared under indirect method except in case of dividend which has been considered on the basis of actual movement of cash with corresponding adjustments of assets and liabilities.

2) Cash & Cash Equivalents include cash & bank balances only.

3) Previous Year figures have been regrouped / recast wherever considered necessary.

4) Cash and cash equivalents, as on 30th September 2015 includes restricted bank balances of Rs. 932.44 lacs (Previous Year Rs.1,146.51 lacs). The restriction is primarily on account of cash and bank balances held as margin money deposited against guarantee/LC's issued by bank and earmarked Balances.

We have examined the above cash flow statement of Caste Technologies Limited (formerly known as Amtek India Limited) for the year ended 30th September,2015 and verify that it has been derived from the audited accounts (and underlying records) of the company reported on by us as per our report of even date.

Note No : 1. Rights, preferences and restrictions attached to Shares

Equity Shares: The Company currently has Issued equity shares having a par value of Rs 2/- per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Preference Shares: During the year company has issued 0.1% Non-cumulative redeemable preference shares having a par value of Rs. 100/- each. Preference at the end of five years from the date of allotment with a clause of extension with mutual consent of both the parties.

Particulars of Security

Term Debts from Financial Institutions/Banks are secured by way of mortgage of company's all Immovable Properties ranking pari passu interest and hypothecation of whole of the Company's Movable Properties including Plant & Machinery, Machinery spares, tools and accessories and personal guarantee of one of the Directors of the company.

Maturity Profile:

A) 10.50% Non-Convertible Debentures are repayable in next 2 years up to the financial year 2017-2018.

B) Term Loans from Banks and financial Institutions are within the interest band of 1% to 2.50 % over and above the base rate and are repayable in quarterly installments up to the financial year 2024-2025.

C) Unsecured loans are repayable in the financial year 2016-2017.

Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable right to set off current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

*Net of Impact of Rs. 37.11 lacs arising out of adjustment of WDV as at Oct. 01, 2014 due to change in useful life of fixed assets as per Schedule II of Companies Act 2013.

Particulars of Security

Working Capital facilities are secured by hypothecation of raw material, semi-finished goods, stock-in-process, consumable stores and book debts of the company.

* Corporate Loan of Rs. 7,825.00 Lacs is secured by way of subservient charge on the entire fixed assets of the company and pledging of the shares by the Promoters of the Company.

*Other Liabilities includes capital goods creditors and other short terms Liabilities.

A) Names of related parties & description of relationship

1) Associate 1) Amtek Auto Ltd.( (Became Associate Company Since March 2015)

2) Subsidiary 1) Amtek Kuepper GmbH

3) Subsidiaries of Subsidiary 1) August Kupper GmbH (ceased to exist from Dec.,2014)

2) H.J.Kupper System-Und Modultechnik GmbH (ceased to exist from Dec.,2014)

3) H.J.Kupper Metallbearbeitung GmbH (ceased to exist from Dec.,2014)

4) SKD-GieBerei GmbH (ceased to exist from Dec.,2014)

5) Kupper Hungaria Kft (ceased to exist from Dec.,2014)

4) Subsidiaries of the Associate Company 1) Metalyst Forgings Ltd. (Formerly Known as Ahmednagar

Forging Ltd.) (Became Associate Company Since March 2015)

2) Amtek Deutshland GmbH

3) Amtek Investment UK Ltd.

4) Amtek Germany Holding GP GmBH

5) Amtek Germany Holding GmBH & Co. KG

6) Amtek Holding BV

7) Amtek Global Technologies Pte. Ltd.

8) Amtek Transportation Systems Ltd.

9) Alliance Hydro Power Ltd.

10) Amtek Defence Technologies Ltd. (Ceased to exist as subsidiary Since June 2015)

11) JMT Auto Limited

12) Amtek Precision Engineering Pte. Ltd.

13) Amtek Integrated Solutions Pte. Ltd.

14) Amtek Engineering Solutions Pte Ltd

5) Subsidiaries of Subsidiaries of the

1) Amtek Tekfor Holding GmbH Associate Company

2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH

4) Neumayer Tekfor Rotenburg GmbH

5) Neumayer Tekfor Schmolln GmbH

6) Neumayer Tekfor Engineering GmbH

7) GfsV

8) Neumayer Tekfor Japan Co. Ltd.

9) Tekfor Inc.

10) Tekfor Maxico SA de CV

11) Neumayer Tekfor Automotive Brasil Ltda.

12) Neumayer Tekfor SpA

13) Tekfor Maxico Services

14) Tekfor Services Inc.

15) Amtek Powertrain Components B.V. (Ceased to exist as Subsidiary of Subsidiary Since June 2015)

16) Amtek Powertrain RUS LLC (Ceased to exist as Subsidiary of Subsidiary Since June 2015)

17) Amertec Systems Pvt. Ltd. (Ceased to exist as Subsidiary of Subsidiary Since June 2015)

18) Asahitec Metals (Thailand) Co., Ltd

19) Asahi Tec Metals Co. Ltd.

20) Techno-Metal Co., Ltd.

21) Techno Metal Amtek Japan Investments Ltd.

22) Techno Metal Amtek U.K. Investments

23) Techno Metal Amtek Thai Hold Co.

24) Amtek Universal Technologies Pte Ltd

25) AIMD GmbH; Hamburg

26) M. Droste Stahlhandel GmbH, Bochum

27) HAPU Industrie Vertretungen GmbH, Witten

28) OWZ Ostalb-Warmbehandlungszentrum GmbH, Essingen

29) SRT GmbH, Essingen

30) WTL Werkstofftechnik-Labor GmbH, Aalen

31) AIFT GmbH, Hamburg

32) BEW-Umformtechnik GmbH, Rosengarten

33) GHV Schmiedetechnik GmbH, Ennepetal

34) Amtek Machining System Pte Ltd.

35) Rege Motorenteile GmbH

36) Rege Motorenteile Verwaltungs GmbH

37) Rege Holding GmbH

38) Rege Automotive Brasov SRL

39) Rege Solutions

2) Associates of the Associate Company 1) ACIL Ltd. (Formerly known as Amtek Crankshafts India Ltd.)

3) ARGL Ltd. (Formerly known as Amtek Ring Gears Ltd.)

4) Amtek Tekfor Automotive Ltd. (Ceased to be Associate Company Since March 2015)

5) Joint Ventures of Associate Company 1) MPT Amtek Automotive (India) Ltd.

6) SMI Amtek Crankshafts Pvt. Ltd.

7) Associates of Subsidiaries of the 1) Amtek Railcar Pvt. Ltd. Associate Company

8) Joint Venture of Subsidiary of the 1) SFE GmbH Associate Company

9) Associate 1) Terrasoft Infosystems Pvt Ltd.

10) Joint Venture 1) Amtek Riken Casting Pvt. Ltd.

11) Key Management Personnel

1) Shri. S.S. Verma, Managing Director w.e.f. 03.11.2015

2) Shri. Gautam Malhotra, Managing Director

3) Shri. Vimal Kaushik, CFO

4) Shri. Ankit Gangwal, CFO w.e.f 16.08.2015

5) Shri Vishal Wason, Company Secretary

6) Ms. Bhavya Sehra Company Secretary w.e.f 01.08.2015F


Sep 30, 2014

The Previous period figures have been regrouped / reclassified, wherever considered necessary to conform to the current year''s presentation.

The company has only one class of shares referred to as Equity Shares having a par value of Rs. 2/- per share. Each Holder of Equity Shares is entitled to one vote per share.

Note No : 1 Detail regarding convertible securities equity and preference share

FCCB''s of US$ 197.8 million are outstanding out of US$ 200 million for conversion into 10,01,59,927 equity shares.

Note No : 2 There is no restriction on distrubtion of Dividends and repayment of Capital.

Particulars of Security

Term Loans are secured by equitable mortgage of all immovable properties of the Company and hypothecation of movable assets, save and except the prior charge in favour of Banks over inventories and book debts to secure working capital limits.

Particulars of Security

Working Capital facilities are secured by hypothecation of raw material, semi-finished goods, stock-in-process, consumable stores and book debts of the company.

*Cash and cash equivalents, as on 30th September 2014 and 30th September, 2013 includes restricted bank balances of Rs. 1,146.51 & Rs. 1063.85 lacs respectively. The restriction is primarily on account of cash and bank balances held as margin money deposited against guarantee/LC''s issued by bank, and earmarked balances.

Note:- Raw material mainly include steel bars/billets, forgings, alloys casting, alluminium casting & other boughtout items.

Note No: 3. CONTINGENT LIABILITIES (Rupees In Lacs)

Particulars As At As At 30.09.2014 30.09.2013

Unexpired Letter of Credit 2,188.61 550.46 Bank Guarantees 65.30 84.75 Disputed Statutory Dues in respect of 1,941.46 9,210.34 Excise Duty/Service Tax/Income Tax

Total 4,195.37 9,845.55

*Contingent Assets are neither recognised nor disclosed.

Note No: 4

Previous period figures being for 15 months are not comparable with the figures of current year.


Sep 30, 2013

Note No : 1.1.1 Detail regarding convertible securities equity and preference share

FCCB''s of US$ 198.6 million are outstanding out of US$ 200 million for conversion into 10,05,82,728 equity shares. Note No : 2.1.5 There is no restriction on distrubtion of Dividends and repayment of Capital.

Particulars of Security

Term Loans are secured by equitable mortgage of all immovable properties of the Company and hypothecation of movable assets, save and except the prior charge in favour of Banks over inventories and book debts to secure working capital limits.

Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable right to set off current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

Particulars of Security

Working Capital facilities are secured by hypothecation of raw material, semi-finished goods, /stock-in-process, consumable stores and book debts of the company.

Note No: 1.2

CONTINGENT LIABILITIES (Rupees In Lacs)

Particulars As At As At 30.09.2013 30.06.2012

Unexpired Letter of Credit 550.46 257.70

Bank Guarantees 84.75 119.00

Disputed Statutory Dues in respect of Excise Duty/Service Tax/Income Tax 9210.34 35.45

Total 9,845.55 412.15

''Contingent Assets are neither recognised nor disclosed.

Note No. 1.3

Related Party Disclosures & Transactions

As per AS-18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said tandard are disclosed below:

A) Names of related parties & description of relationship

1) Holding 1) Amtek Auto Ltd.

1) Subsidiaries

1) Ahmednagar Forgings Ltd.

2) Amtek Deutshland GmbH

3) Amtek Investment UK Ltd.

4) Amtek Germany Holding GP GmBH

5) Amtek Germany Holding GmBH & Co. KG

6) Amtek Holding BV

7) Amtek Global Technologies Pte. Ltd.

8) Amtek Transportation Systems Ltd.

9) Alliance Hydro Power Ltd.

10) Amtek Defence Technologies Ltd.

11) JMT Auto Limited

3) Subsidiaries of Subsidiaries of the Holding Company

1) Amtek Tekfor Holding GmbH

2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH

4) Neumayer Tekfor Rotenburg GmbH

5) Neumayer Tekfor Schmolln GmbH

6) Neumayer Tekfor Engineering GmbH

7) GfsV

8) Neumayer Tekfor Japan Co. Ltd.

9) Tekfor Inc.

10) Tekfor Maxico SA de CV

11) Neumayer Tekfor Automotive Brasil Ltda.

12) Neumayer Tekfor SpA

13) Tekfor Maxico Services

14) Tekfor Services Inc.

15) SFE GmbH

16) Amtek Powertrain Components B.V.

17) Amtek Powertrain RUS LLC

18) Amertec Systems Pvt. Ltd.

4) Associates of the Holding Company

1) ARGL Ltd. (Formerly known as Amtek Ring Gears Ltd.)

2) ACIL Ltd. (Formerly known as Amtek Crankshafts India Ltd.)

5) Joint Venture of Holding Co.

1) Amtek Tekfor Automotive Ltd.

2) MPT Amtek Automotive (India) Ltd.

3) SMI Amtek Crankshafts Pvt. Ltd.

6) Joint Venture''s of Subsidiaries of the Holding Company

1) Amtek Railcar Pvt. Ltd.

7) Key Management Personnel

1) Shri Gautam Malhotra


Jun 30, 2010

1. Schedule 1 to 11 form an integral part of the Balance Sheet and Profit & Loss Account.

2. Contingent Liabilities: (Rs. in Lacs)

Current Year Previous Year

A. Estimated amount of contracts remaining to be executed on Capital Account and not provided for 158.14 89.24

B. Unexpired Letters of Credit 292.78 126.23

C. Bank Guarantees 5.12 11.14

D. Disputed Statutory Dues in respect of Excise Duty / Service Tax 17.03 17.03

* Contingent Assets are neither recognised, nor disclosed

3. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities have been made in the books of accounts.

4. Travelling expenses. Telephone Exp., Business promotion. Rent and Hire charges and Running & Maintenance of vehicle expense include Rs.1.64 lacs, Rs.1.43 lacs, Rs.0.32 lacs, Rs.9.45 lacs & Rs.1.39 lacs (Previous year Rs. 1.33 lacs, Rs.1.52 lacs, Rs.0.18 lacs, Rs 8.48 lacs and Rs.1.53 lacs) respectively incurred, by the director.

5. Maximum amount outstanding at any time during the year due from/due to directors is Rs.Nil.

6. Confirmation of some of accounts at year-end included under the head "sundry debtors/creditors" and loan & advances is yet to be received as at the date of Audit Report.

7. (a) Sundry Creditors include a Sum of Rs.10.13 lacs (Previous Year Rs 8.12) due to Small and Medium Enterprises.

(b) The List of SMEs units to whom Company owes a sum exceeding Rs.1,00,000 and which is outstanding for more than 30 days is as unden- Bansal Brothers, Anco Industries, Phoenix Enterprises, Pal Industries, Gayatri Automations Systems Pvt. Ltd.,

Rimaco industries, Suprabha Protective products Pvt. Ltd., Bright Burnishing Tools Pvt. Ltd.,

(c) The Payments to SMEs Undertakings have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SAAEs on the basis of information available with the Company.

8. Market Value of the Quoted investments as on 30.06.2010:

Dena Bank Rs.93.05 per share (Aggregate Rs.6.52 lacs)

United Bank of India Rs.81.25 per share (Aggregate Rs.7.19 lacs)

9. The Company, during the year, has allotted 1,21,10,000 equity shares of Rs.2/- each at a premium of Rs.39/- per share against 1,21,10,000 warrants issued to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

10. Related party Disclosures & transactions:

As per Accounting Standard AS -18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below :-

A) Names of related parties and description of relationship

1) Associates: 1) Amtek Auto Ltd. & its Subsidiaries / Joint Ventures

2) Subsidiaries 1) Amtek Industries (UK) Ltd.

3) Key Management Personnel 1) Shri Arvind Dham

2) Shri Gautam Malhotra

11. RETIREMENT BENEFITS:

Effective financial year 2008-09, the Company has implemented accounting Standard (ASi-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 {Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the Company.

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leave.

Post Employment Benefit Plans:

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actual gain & losses are recognised in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) has made the provisions for Gratuity and Leave Encashment on projected unit credit method.

12. Export sales include sale in transit to its overseas customers /subsidiary acknowledged in subsequent year, indirect export and deemed export.

13. The Company has entered into hedge derivative transactions for cost reduction and risk diversification strategy to manage its loan portfolio. The Company is accounting for profit and /or loss in such transactions on actual receipt / payment basis.

14. Detail of units manufactured, material consumed and sales include components bought and sold.

15. During the year, the operations of the subsidiary Company AA/s Amtek Industries Ltd (U.K) were discontinued. A part of the manufacturing facilities have been relocated to India and the remaining facilities are being relocated to India.

16. Previous years figures have been regrouped, rearranged and recasted wherever considered necessary.

17. Other Income includes Profit on Sale of Investments, Dividend Income, Interest on FDR, Rent & Other Income.


Jun 30, 2003

1. Schedule 1 to 13 form an integral part of the Balance Sheet and Profit & Loss Account.

2. Contingent Liabilities: (Rs. in Mn)

Current Year Previous Year

a) Liabilities disputed (Excise Duty) 2.26 2.26

b) Guarantees issued by the 4.91 4.59 Bank on behalf of the Company

c) Unexpired Letters of Credit 1.11 0.98

3. In the opinion of the Board, the current assets,loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provision for the known liabilities is adequate and not in excess of amount considered necessary.

4. Other liabilities under current liabilities include amount recovered from customers on account of CST/LST/ Surcharge, but not deposited, as the company had been issued an eligibility certificate for Sales Tax deferement for nine years under the Haryana General Sales Tax rules, 1975.

5. Confirmation of some of account at year end included under head "sundry debtors/ creditors" and loan & advances have yet to be received as at the date of auditor report.

6. Market Value of the Quoted investments as on 30.06.2003 is Amtek Auto Ltd. Rs. 196 per share

7. Miscellaneous income includes Dividend (Rs. 5.63 Mn), Interest on deposits (Rs. 0.61 Mn) profit on sale of machine (Rs. 0.23 Mn) & other Sales (Rs. 2.03 Mn).

8. Details of unit manufactured, material consumed and sales include components bought and sold.

9. Figures have been re-grouped and recasted to make them comparable with the current year, wherever considered necessary.