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Notes to Accounts of Chemtech Industrial Valves Ltd.

Mar 31, 2015

1.1 The Company has issued 33,00,000 fully paid bonus Equity shares to existing shares holder at the radon 6:1 on 24/06/2013.

1.2 The Company has allotted 2665333 fully paid Equity shares to promoters at a premium at Rs. 5/ per shares on 24/C6/2C13 pursuant to preferential allotment basis.

1.3 The company has allotted 4968000 fully paid Enquiry shares to public at a premium of Ra.5/ per share on 24/01/2014, pursuant to initial public offer[IPO].

1.4 Terms/rights attached to shares

The company has only one class cf equity shares having a par value of Rs. 1.0/- per share. Each folder of equity spares is entitle to one vote per share. The company declares and pays dividends ire_ Indian rupees. The dividend proposed by Beard of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidate of the company, the holders Of equity share well! be entitled to receive refraining Essen; of the company, toe distribution will be is proportion to the number of equity shares he'd by the santé holders.

1.5 During the FY 2013-14, the Company Via, Issues 3,300,000 fully pair, up Bonus equity snares to the Existing Equity shares holder fat the 6;1 by utilizing Security premium and balance available in the Profit and Loss account.

Notes on Financial Statements as at and for the get ended 31st Starch 2015 Securities and Terms of Borrowings Tor secured Term Loans

1.6 Car Loans are secured by hypothecation of Major Cars.

1.7 Car Loans from kotak Mahindra amounting to Ni. (P.Y. Rs.4,24,966/-) repayable in &9 monthly instruments (including interest; of Rs. 55,160/- per month commencing from 10/01/2010 East installment cue in November 2014 has been repaid during the Period. The rate of interest is 10% per annum Fixed.

1.8 Car Loan from Tata Motors Finance Ltd amounting to Nil {P.Y. 47,101/-) repayable in 3i monthly installments (including interest) of Rs. 16,050/- per month commencing from 02/08/3011 last installment due in June 30-4 has been repaid during the period. The rate ol interest is 13.30% per annum Fixed.

1.9 Term Loan from Induced Bank is secured by way of:

(i) Primary Security

First and exclusive charge on land & building, Plant & Machinery, all movable & immovable assets [both present & future:-, factor/ at Kta&Ia Road, Survey Gut No. 37, Village VadvaB, Tah Wadn, Dist, Thane, pin 421312 owned by the Company.

[ii) Common Connatural Security

[a] hypothecator on movable fixed assets of the company both present & future except ether assets exclusively included by other banks.

[b] margage on office 105, Hiran. indnr Industrial estate, Opp Kanjur Marg station, Kaniurmarg W Mumbai 400078 owned by M/s. Badkur Blew Plat Containers pvt. Ltd.

[c] Industrial Gala 12,13,14,10, and 42 at Nirmal Ashish industrial estate, Plot of land bearing Nos. 135 Asaugaan owned by the company.

(d) Industrial Gala 43, and 44 at Niral Ashish Industrial estate, Plot of lane. bearing Nos. 135 [upto & 166A/l(pl), Asangaaan owned by the Chemtech instrumentations services Pvt Ltd.

[e) Personnel Guarantee of Mr, Ignaticus C. Divid, Mr.Jimmi legnations Mr.Pradeep H. Budkur, Mr.Harsh Budkur and Mrs, Namr£ta Badkur Director/ Promters/Shareholders of the company.

2.1 Term loan from EDELWEISS Finance& Investments Ltd [174] is secured by way of hypothecation of flat C- 201/A and 201D 2nd floor OWing laks Castle Cliff Avenue Road Hirandani Garden Lake Vihar Road Mumbai - 400076 owned by the directors pradeep Badkur and Namarat Badkur.

Term Loan from EDELWEISS Finance & Investment ltd amounting to 3,33,33,333/- [P.Y. 4,07,40,741/-] repayable in 160 monthly installments of [ including interner ] of Rs, 3,79,058/per month commenting from 01/01/2313 last installment due in September 2019 i.e. 115 installments from the close of this financial period. The rate interest is 12.60% per annum floating as at the end of the year.

2.2 Term loan from capital first Home Loan [273] is secured by way of hypothecation of flat no. 1701, 17th floor, Iris Bidg, Sec R/12, Nahar Amrit shakti complex, chandivali, Andheri
Term loan from EDELWEISS Finance & Investments ltd amounting to 2,54,34,332/-
2.3 Term Loan from Capital First Home Loan <273-secured by way of hypothecation or Flat No. 1701, 17th floor, Iris Bidg, Sec15/12, Safari Amri: Shakti Complex, Chandivali, Andheri least) Mumbai 4005)72 owned by Harsh Badkur director of the Company.

Term Loan from Capital First Home Loan |273) amounting ltd Rs.45.57,177/ (P.Y. 4736,427/ ) repayable in 180 monthly installments [In chiding interest- of Rs,61,997/- per month commencing from 05/04/2013 last installment due in March 2028 i.e. 156 installments from the close of this financial period. The rate of interest is 13% per annum floating as at the end of the year.

2.4 Term Loan from Capital First Home Loan (274) is secured by way of hypothecation of FlNo. 1701, 17th floor, Iris Bidg SC r/12, Nahar Amrit Shaku complex, chardivall, Andheri /
Term Loan from Capita] First Home Loan (274) amounting to 3s,85,63,397/- repayable in 130 monthly installments
2.5 Term loan from INDIANBULLS HOUSING FINANCE LIMITED is secured by way of hypothecation of Flat. No. 606, 6th floor, A WING, DHA1VAT, RAL RA.IESHWAR. KALPA NAGAR, MULUND (WEST), Mumbai 400080 owned by Mr. GNATiOUS INASU director of the Company.

Term loan from INDIAN BULLS HOUSING FINANCE LIMITED amounting to Ra. 04,04,260/- [P_Y-96,Sl,855/-] repayable in 180 monthly installments (including interest, of Rs,1,23,994/- per month commencing from 05/08/2013 last installment due in July 2028 i.e. 160 installments from the close of this financial period. The rare of interest is 13% per of interest annum floating asset the end of the year.

2.6 Term Loan from Capri Global Capital Ltd. [Formerly MONEY MATTER FINANCIAL SERVICES LTD] is secured by way of hypothecation of Office No. 503, 5th floor, Sunrise Business Park, Quantum IT Park, Plot No. B-68, Road No. 16, Wagle Industrial Estate, Thane
Term loan from MONEY MATTER FINANCIAL SERVICES LTD amounting to Rs, 2,00,92,178/-(PY. 5,12,2-1,554/-] repayable in 120 monthly installments (including interest of Rs.3,31,736/- per month commencing from 15/07/2013 last installments. due in June 2023 i.e. 99 installments from the close of this financial period. The rule of interest is 1325% per annum floating as at the end of the year.

Terms of Borrowings in Unsecured Term Loans

2.7 Term Loan from MAGMA FINCORP LIMITED[2] amounting to Nil [P/Y. 10,54.815/-] repayable in 36 monthly installments (including interest) of Rs. 71,335/- per month commencing from 07/ 10/2012 lacs installment due in September 2015 has been repaid during the period. The rate of interest is 17.03% per annum fixed.

2.8 Term Loan From TATA CAPITAL FINANCIAL SERVICES LIMITED amounting to Nil [F.Y.5,17,761/-] repayable in 24 monthly installments (including interest) of Rs. 108,245/- per month commencing from 30/08/2012 last installments due in August 2014 has been repaid during the Period, The rate of interest is 16.50% per annum fixed.

G. 1 The Company granted certificate of entitlement for availing sates tax incentive under package Part-I of the 1998 Scheme of inactive [PSI] of Govt. of Maharashtra by way of deferment of sales Tax liability pertaining to period from 01.09.1999to 30.04.2006 upto the Maximum ceiling of Rs.37.28,030/- The liability deferred for the period of 10 years from the year of collection of sales tax. As per The term of payment the sales Tax liability of each Financial Years payable in five equal installments. The amount payable after 12 months from this income sheet dates of Re. 18,75.466/-is shown as non current liability and current portion 18,52,534/- is disclosed in statutory liability in Note No. in.

3.1 Cash Credit from the Induced Bank is secured primarily by way of Hypothecation of the entire current, assets of the company comprising of, inter alia of stock of raw material, Work in progress, Finish goods, Technical debts and other assets and which the collateral security as referred in Note 4.2.4 above,

The company is in the process of compilation of identifying suppliers regarding their status under the Micro Small and Medium Enterprises Development Act 2006 and hence discourses. regarding:

1) Amount due and outstanding to suppliers as at the end of accounting year,

2) Interest paid during the year.

3) Interest payable at the end of the accounting year.

4) Crt&snsst aceF&sd and unpaid m :he end forte accounting year have not been given.

With respect to the Central Sales Tax Due of Rs.56,39,626/- the company has file an appeal and lined on expert legal advise and merits of the case the Company is hopeful that the outcome would in its faras. And according ' no provision is required to be made in the accounts. However, it is not practicable to estimate the timing of cash outflow if any, in respect Dot of the above pending the resolution of the proceedings

Note:38 The balance confirmation in reapers of debtors, creditors, advances, Loans and deposits as at 31st March 2014 have been called tor and the same are subject to confirmation and recognition if any, However, the management has scrutinized the acccurans and the balefires appearing in the balance sheet are correct.

In the opinion of management. no icier. of current assets, loans and advances has a value on realization in the ordinary course of business, which is lactase the amount of value at which it is less than amount of value at which it is seared in the balance shekel, unless otherwise specified.

Note:4. Figures of previous year are reclassified and reclassified as and when necessary

b. The company has been followed inclusive method of accounting by including Excise duty collected to the sales turnover, and Excise duty paid to the raw material Purchases up to 31.03.3014 and the differenced excise duty paid was charged to the Expenses. In accordance with Schedule TD of Companies Act, 2013 the excise duty collected on sales is reduced from the sales, Exercise duty paid on purchase is reduced from purchase and Excise duty expenses are reduced from the financial results published here with. According to the sales turnover, Raw Material Purchase and Other Expenditure for the yea 31.1.33.20I4 is lower as compare to the published result earlier due to This regrouping. The above does not any Ellet on the overall Profit/Loss for the corresponding reporting period.


Mar 31, 2014

1 The Company has issued 33,00,000 fully paid bonus Equity shares to existing shares holder at the ration 6; I on 24/06/2013.

2 The Company has alloted 2669333 fully paid Equity shares to promoters at a premium of Rs. 5/- per share on 24/06/2013 pursuant to preferential allotment basis.

3 The Company has alloted 4968000 fully paid Equity shares to public at a premium of Rs, 5/- per share on 27/01/2014, pursuant to Initial Public Offer (IPO).

4 Terms/rights attached to shares

The company has only one class of equity shares having a par value of Rs, 10/- per share, Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, the distribution will be in proportion to the number of equity shares held by the shareholders.

5 Car Loan from HDFC Bank amounting to Mil (P.Y. Rs 2,20,360/-) repayable in 36 monthly installments (including interest) of Rs. 28,675/- per month commencing from 05/12/2010 last installment due in december 2013 has been repaid during the Period. The rate of interest is 10.62% per annum fixed.

6 Car Loans from Kotak Mahindra amounting to 4,24,966/- {P.Y. Rs. 10,11,104/-) repayable in 59 monthly installments (including interest) of Rs. 55,160/-per month commencing from 10/01/2010 last installment due in November 2014 Le. 8 installments from the close of this financial period. The rate of interest is 10% per annum fixed.

7 Car Loan from Tata Motors Finance Ltd amounting to 47,101/- (P.Y, 2,20,739/-) repayable in 35 monthly installments (including interest) of Rs. 16,050/- per month commencing from 02/08/2011 Iast installment due in June 2014 i.e. 3 installments from the close of this financial period. The rate of interest is 13,30% per annum fixed.

8 Term. Loan from EDELWEISS Finance & Investments ltd (174) is secured by way of hypothecation of flat C-201/A and 20 IB 2nd Floor C-Wing Lake Castle Cliff Avenue Road Hiraoadani Garden Lake Vihar Road Mumbai - 400076 owned by the directors Pradeep Badkur and Namarata Budkur.

Term Loan from EDELWEISS Finance & Investments ltd amounting to 2,64,72,919/- (P.Y. 2,76,07,129/-) repayable in 160 monthly installments (including interest) of Rs. 3,79,058/- per month commencing from 05/07/2011 last installment due in October 2024 i.e. 127 installments from the close of this financial period. The rate of interest is 12.60% per annum floating as at the end of the year.

9 Term Loan from Barclays Investments & Ioans(I) Ltd is secured by way of hypothecation of Flat No. 606 6th. Floor A- Wing Dhaivet Building Balraishewar Road Kalp Nagari Mulund (West) Mumbai - 400080 owned by director Mr. lgnatious C David.

Term Loan from Barclays Investments & Loans(I) Ltd amounting to Rs, Nil (P.Y. 52,13,777/-) repayable in 175 monthly installments (including interest) of Rs, 67,258/- per month commencing from 03/06/2011 last installment due in October 2024 has been prematurly repaid during the period.

9 Term Loan from Indusld Bank is secured by way of :

(i) Primary Security

First and exclusive charge on land & building, Plant & Machinery, all movable & immovable assets- (both present & future), factory at Kandala Road. Survey Gut No. 37, Village Vadvalj, Tah Wada, Dist Thane, Pin- 421312 owned by the. Company.

(ii) Common Collateral Security

(a) hypothecation on movable flxd assets of the company both, present & future except other assets exclusively financed by other banks,

(b) mortgage on office 105, Hiranandani Industrial estate, Opp Kanjur Marg station, Kanjurmarg W Mumbai 400078 owned by M/s. Badkur Blow Hast Containers Pvt. Ltd,

(c) Industrial Gala 12,13,14,16, and 42 at Nirmal Ashish Industrial estate, Plot of land bearingNos. 135 (pto & 166A/l(pl), Asangoan owned by the company,

(d) Industrial Gala 43, and 44 at. Nirmal Ashish Industrial estate, Plot of land bearingNos. 135 (ptO & 166A/1 (pi), Asangoan owned by the Chemtech instrumentations services Pvt Ltd.

(e) Personal Guarantee of Mr. Ignatious C. David, Mr.Jimmi Ignatious, Mr.Pradeep S, Badkur, Mr.Harsh Badkur and Mrs. Namrata Badkur Director/Promoters/Shareholders of the company

Term Loan from Indusld Bank ..amounting to 4,07,40,741/- (P.Y. 4,81,48,148/-) repayable in 81 monthly installments of Rs. 6,17,284/- per month commencing from 01/01/2013 last installment due in September 2019 i.e. 66 installments from the dose of this financial period, The rate of interest is (bank base rate 2,75%) per annum floating as at the end of the year.

10 Term Loan from Capital First Home Loan (273) is secured by way of hypothecation of Flat No. 1701, 17th floor, Iris Bldg, Sec R/12, Nahar Amrit Shakti Complex, Chandivali, Andheri (east) Mumbai 400072 owned by Harsh Badkur director of the Company.

Term Loan from Capital First Home Loan (273) amounting to Rs. 47,86,427/- (P.Y. 49,00,000/-) repayable in 180 monthly installments (including interest) of Rs.6l ,997/ - per month commencing from 05/04/2013 last installment due in March 2028 i.e. 168 installments from the close of this financial period. The rate of interest is 13% per annum floating as at the end, of the year.

11 Term Loan from Capital First Home Loan (274) is secured by way of hypothecation of Flat No, 1701, 17th floor, Iris Bldg. Sec R/12, Nahar Amrit Shakti Complex, Chandivali, Andheri (east) Mumbai 40007.2 owned by Harsh Badkur director of the Company.

Term Loan from Capital First Home Loan (273) amounting to Rs. 88,36,941 /- (P.Y. 90,80,902) repayable in 180 monthly installments (including interest) of Rs.1,06,306/- per month commencing from 05/03/2013 last installment due in February 2028 be, 1.67 installments from the close of this financial period, The rate of interest is 13% per annum floating as at the end of the year.

13 Term Loan from INDIABULLS HOUSING FINANCE LIMITED is secured by way of hypothecation of Flat No. 606, 6th floor , A WING, DHAIVAT, BAL RAJESKWAR, KALPA NAGAR, MULUN.D (WEST), Mumbai 400080 owned by Mr.IGNATIOUS INASU director of the Company.

Term Loan from INDIABULLS HOUSING FINANCE LIMITED amounting to Rs. 96,51,855/- (P.Y. NIL) repayable in 180 monthly installments (including interest) of Rs.1,23,994/- per month commencing from 05/08/2013 last installment due in July 2028 i.e. 172 installments from the close of this financial period. The rate of interest is 13% per annum floating as at the end of the year.

13 Term Loan from MONEY MATTER FINANCIAL SERVICES LTD is secured by way of hypothecation of Office No, 503, 5th floor. Sunrise Business Park, Quantum IT Park, Plot No. B-68, Road No. 16, W&gle. Industrial Estate, Thanc (W) 400604 owned by Company,

Term Loan from MONEY MATTER FINANCIAL SERVICES LTD amounting to Rs. 2,12,24,254/- (P.Y. NIL) repayable in 120 monthly installments (including interest) of Rs.3,31,736/- per month commencing from 15/07/2013 last installment due in June 2023 i.e. Ill installments from the close of this financial period, The rate of interest is 13.25% per annum floating as at the end of the year.

Terms of Borrowings in Unsecured Term Loans

14 Term Loan from Barclays Investments Loans(l) Ltd amounting to Nil (P.Y.8,17,173/-) repayable in. 36 monthly installments (including interest) of Rs. 1,23,050/- per month commencing from 03/10/2010 last installment due in October 2013 has been repaid during the period. The rate of interest is 15.70% per annum Fixed.

15 Term Loan from MAGMA FINCORP LIMITED(1) amounting to Nil (P.Y.5,83,705/-) repayable in 36 monthly installments (including interest) of Rs. 87,893/- per month commencing from 07/11/2010 last installment due in October 2013 has been repaid during the period, The rate of interest is 16% per annum fixed.

16 Term Loan from MAGMA FINCORF LIMITED(2) amounting to 10,54,8I5/- (P.Y 16,61,634/-) repayable in 36 monthly installments (including interest) of Rs, 71,33.5/- per month commencing from 07/10/2012 last installment due in September 2015 i.e, 18 installments from the close of this financial period. The rate of interest is 17.03% per annum fixed.

17 Term Loan from TATA CAPITAL LIMITED amounting to Nil (P.Y.6,68.606/-) repayable in 36 monthly installments (including interest) of Rs, 87,890/- per month commencing from 03/10/2010 last installment due in November 2013 has been repaid during the period. The rate of interest is 16.30% per annum fixed.

18 Term Loan from TATA CAPITAL FINANCIAL SERVICES LIMITED amounting to 5,17,761/- (P.Y. 16,14,662/-) repayable in 24 monthly installments (including interest) of Rs. 108,245/- per month commencing from 30/08/20.12 last installment due in August 2014 i.e.5 installments from the dose of this financial period. The rate of interest is 16,50% per annum fixed.

Long Terms Borrowings In Inter Corporate Deposits

19 Inter Corporate Deposits in previouse year from. 2 parries which are repayable after 12 months from the date of balance sheet as per agreed schedule of repayment and loans to both parries did not cany any interest

20. Contingent Liability :

Particulars As on As on 31/03/2014 31/03/2013

Counter guarantee given by Banks 32,70,344/- 28,54,727/-

Central Sales Tax Dues 56,39,625/- _

Total 89,09,969/- 28,54,727/-

21. Other commitments:

Estimated amount of contract remaining to be executed for:

a. New furniture for Thane office is Rs.3,00,246/- (P.Y. 85,78,000). {Net of payment and bills booking made of Rs.3,10,477/-(P.Y. Rs.7,67,000/-}

b. ERP software is 2,62,000/- (P.Y. 3,24,000) {Net of running bill issued by the party Rs. 3,53,000/-(P.Y.Rs.2,91,000/-)} c. New Plant & Machinery is Rs.2,96,55,704/- (P.Y. Nil). {Net of payment and bills booking made of Rs.25,00,000/-(P.Y. Nil}

22. The balance confirmation in respect of debtors, creditors, advances, loans and deposits as at 31sl March 2014 have been called for and the same are subject to confirmation and reconciliation if any. However, the management has scrutinized the accounts and the balances appearing in the balance sheet are correct.

23. In the opinion of management, no item of current assets, loans and advances has a value on realization in the ordinary course of business, which is less than the amount of value at which it is stated in the balance sheet, unless otherwise specified.

24. Secondary Segment

The trading activity constitutes the export of goods outside India and therefore the primary segment and the secondary segments are the same. Besides the Company has exported manufacture goods of Rs.25,26,302/- (P.Y. Rs. 7,15,005/-) which is significantly low vis-a-vis the total enterprise revenue. Therefore there is no reportable secondary segment in respect of geographical segment.

25. Related party Transaction as per Accounting Standard I8:

Related party disclosures as required by Accounting Standard 18," Related party disclosures" are given below:

Relationships

A. Key Management Personnel :

i. Pradeep Badkur

ii. C.D, Ignatious

iii. Harsh Badkur

iv. Namrata Badkur

B. Relative of Key Management personnel

i. Puneet Badkur

ii. Orville Ignatious

iii. Jimmy Ignatious

iv. Jenni Ignatious

C. Enterprise on which major Shareholders Exercises Significant Influence:

1) Chemtech Instrumentation Services Private Limited

ii) Venus Engineers

iii) Neeldeep Properties Pvt. Ltd.

iv) Navdarshi Properties Pvt. Ltd.

v) Panama Properties Property Pvt. Ltd.

vi) Parshwajit Property Pvt. Ltd.

vii) Badkur Blowplast Container Pvt Ltd

viii) Badkur Polycon Industries

ix) Chemtech Infosolution Pvt. Ltd.

x) Maxxon Industries

xi) Mobile Plastic

26. Expenditure in Foreign Currency :

Value of goods Purchase is Rs. 18,23,67,880/- { P.Y, 9,82,21,684/-}

Expenditure incurred Rs.7,92,459/- ( P,Y. Nil)

F) Earning in Foreign currency in FOB basis is Rs.19,74,71,913/- (P.Y, Rs. 10,13,35,735/-)

27. Figures of previous year are regrouped and reclassified as and when necessary.

 
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