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Notes to Accounts of Hind Aluminium Industries Ltd.

Mar 31, 2018

Notes :1.

a ) There is no impairement of the fixed assets therefore columns for the same are not included in above.

b ) The figures in column “Disposal” indicates the assets sold during the year 2017-2018 and assets have completed its useful life in previous year 2016-2017

Ind AS 101 Exemption : Deemed Cost :

The Company has availed the deemed cost exemption in relation to the tangible assets on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date.

* These shares are allotted on demerger of Associated Aluminium Industries Pvt.Ltd. otherwise than in cash.

** These shares are allotted on demerger of Grasim Industries Limited. otherwise than in cash.

B The Company has invested Rs.5,00,000/-in Hind Power Products Pvt Ltd,a wholly owned subsidiary of the company. There is no diminution in the value of investment. The Company has not carried out any activity during the year.

C The aggregate amount of quoted investments is Rs. 1,63,545/-(previous year Rs.1,63,545/-) and the market value thereof is Rs.10,31,964/- (previous year Rs.9,09,593/-).

B Terms / rights attahced to equity shares

i The Company has 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 the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

ii During the year ended 31 March 2018, recommended dividend for the financial year 2017 -2018 @ Rs.1.60/- per share aggregating to Rs. 1,21,32,437/- (including dividend tax Rs. 20,52,117/-) on 63,00,200 Equity shares of '' 10 each fully paid.

iii In the event of the liquidation of the Company, the equity share holders will be entitled to receive 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 share holders.

A Securities for Term Loans : (related to FY 2016-17 and 2015-16)

Secured by hypothecation of land, Fixed Assets.

Secured by hypothecation of Motor Car.

First and exclusive charge by way of Hypothecation of Plant & Machinery, of the company purchased and to be purchased from bank finance, situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman. First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at Village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.

Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Silvassa

First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at 59/1, Village Akhatwade, Dist. Nandurbar.

First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony,Swagat, Rajanigandha Apartments Daman and Lalit Vihar Silvassa.

Extension of charge over residual value for the WTG at village Narsewadi, Dist. Sangli and Plant & Machinery for the proposed expansion of conductor division financed by bank.

Information regarding unhedged foreign currency exposure of the company is to be shared on a quarterly basis in a form and manner acceptable to the bank.

First pari passu charge over the entire stocks and receivables of the company (both present and future).

B Terms of repayment :

a Term Loan from State Bank of India - In equal quarterly installments.

b Term loan from HDFC Bank - 20 equal quarterly installment starting after three months from the date of first disbursement.

, c Vehicle Loan - Monthly EMI.

C There are no defaults in repayment of loan and interest thereon as on March 31, 2018 for all the loans under this head

Term Loan from HDFC Bank Ltd ,Mumbai (related to current year ie FY 2017-18)

A Securities for Term Loans :

Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP located at SKF India Ltd. Bangaluru & SKF India Ltd, Pune respectively having value of Rs.4,50,00,000/-. Post dated cheques signed by the Managing Director of the company.

Exclusive charge over Solar Plants installed on top roof of two locations situated at Carlesbug Factory. Post dated chques signed by the Managing Director of the company.

Lien over shares (5% of Loan amount).

Lien over shares total of Idea Cellular Ltd and Grasim Industrees -11 % of Term Loan Outstanding.

B Terms of repayment :

Repayable in quarterly installments without any moratorium from the date of 1st disbursement. Repayment would happen as: 20% in first year, 30% in second year and 50% in third year.

A Securities for Secured Loans :

First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.

Secured by way of Pari Passu Charge on all present and future current assets of the Company.

Secured by Hypothication of all chargeable current assets of the company on Pari Passu basis with other working capital bankers.

First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at No. 275, survey No. 818 of Village Narsewadi, Dist. Sangli.

First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank’s finances at Village Khutali, Khanvel, Silvassa.

There are no defaults in repayment of loan and interest thereon as on March 31, 2018 for all the loans under this head Fixed Deposit of Rs. 5,00,000 under lien in place of SCB’s mortgage on residential flats.

First pari-passu charge on the entire current assets of the company. First pari-passu charge over equitable mortgage survey no. 1/1 & 1/2 Village Khutli, Khanvel Dudhani Road, Near Kanvel Dist. Silvassa.

First pari-passu Hypothication of Plant & Machinary (except assets funded by ICICI Bank & SBI) situated at survey no. 1/1 & 1/2 Village Khutli, Khanvel Dudhani Road, Near Kanvel, Silvassa.

First pari-passu charge over Equitable mortgage on Plot no. 1 & 2, Kachigam Road, Daman.

Hypothication of Plant & Machinary (except assets funded by ICICI Bank & SBI) situated at Plot no. 1 & 2, Kachigam Road, Daman.

Secondary Collateral for Short Term Loan from HDFC Bank Ltd is Post Dated cheque signed by the Managing Director of the company along with PDC covering letter.

First pari-passu charge on the entire current assets of the company. First pari-passu charge on the fixed assets excluding the assets which are charged exclusively to SBI, HDFC Bank and ICICI Bank.

First pari-passu charge on all current assets of the company present & future. Charge on movable fixed assets of the company in the form of plant & machinery at Silvassa and Daman excluding assets financed specifically by term lenders.

B Terms of repayment of loans :

Cash Credit Limit - Repayable on Demand.

WCDL -Principal amount to be repaid as bullet payment on maturity date.

Inland Bills Purchase / Discounting - Upto maximum of 180 days.

EPC/PSCFC -Upto 180 days or expiry of contracts or export letters of credit for shipment whichever is earlier.

A The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the Company.

B As per information and explanation given to us, there are no Micro, Small and Medium Enterprises, to whom the Group owes dues, which are outstanding for more than 45 days as at the balance sheet date.

Note : 2 - Distribution of Proposed Dividend :

The Board of Directors, in its meeting held on 15th June, 2018 recommended the final dividend of '' 1.60 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 1,21,32,437/- from surplus out of which Rs.1,00,80,320/- as proposed dividend and Rs.20,52,117/- as net corporate dividend tax.

Note : 3 - Corporate Social Responsibility (CSR):

The Company has not spent the required amount in terms of provisions of section 135 of the companies, Act 2013 on Corporate Social Responsibility. During the year the company has incurred an amount towards the above mentioned activities as under :

a. Gross amount required to be spent by the company during the year Rs.21,41,613/- (previous year Rs.21,01,716/-)

b. Amount spent during the year by the company Rs.11,65,000/- (previous year Rs.11,44,000/-).

c. Indirectly Expended through donation to Charitable Trust Rs.10,95,000/-.

Note : 4

Miscellaneous Expenses shown in Note- 27 for Other Expenses includes sundry balances written off Rs. 2,82,759/- (Previous year Rs. Nil/-) and Other Non Operating Income shown in Note no. 22 includes Miscellaneous balances written back (net) Rs. 7,45,521/- (Previous Year Rs. Nil)

Note : 5

The price variation claim of Rs.2,94,82,725/- (previous year Rs.6,15,317/-) is added to sales and sundry debtors during the year under review subject to approval from customer.

Note : 6

Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Segment assets and segment liabilities represent assets and liabilities in respective segments. The assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”.

Note : 7 Previous year’s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

Note: 8 - First time adoption of Ind AS

These financial statements, for the year ended 31 March 2018, are the first financial statements prepared by the Company in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (‘Indian GAAP’ or ‘Previous GAAP’).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company’s opening Ind AS balance sheet was prepared as at 1 April 2016, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements, including the balance sheet as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017.

The Company has applied Ind AS 101 in preparing these first financial statements. The effect of transition to Ind AS on equity,total comprehensive income and reported cash flows are presented in this section and are further explained in the notes accompanying the tables.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Previous GAAP to Ind AS.

A.1 Ind AS optional exemptions:

A.1.1 Deemed cost for property, plant and equipment

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the Previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has elected to measure all of its property, plant and equipment at their Previous GAAP carrying value.

A.1.2 Business Combinations

A first-time adopter may elect not to apply Ind AS 103 retrospectively to past business combinations (business combinations that occurred before the date of transition to Ind ASs).

Accordingly, the company has not restated any of the past business combinations. for business combinations prior to 1 April 2016.

A.1.3 Deemed cost for investments in subsidiaries, joint ventures and associates

Ind AS 101 permits a first time adopter to elect to continue with the carrying value of its investments in subsidiaries, joint ventures and associates as recognised in the financial statements as at the date of transition to Ind AS. Accordingly, the Company has adopted to measure all its investments in subsidiaries and joint ventures at their previous GAAP carrying value.

A.2 Ind AS mandatory exceptions:

A.2.1 Estimates

An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with Previous GAAP.

B. Reconciliation between Previous GAAP and Ind AS

Ind AS 101, First time adoption of Indian Accounting Standards, requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.

Note i : Proposed dividend

Under Previous GAAP, proposed dividend is recognised as liability in the period to which they relate irrespective of the approval of shareholders. Under Ind AS, proposed dividend is recognised as liability in the period in which it is declared (on approval of of shareholders in general meeting) or paid.

Note ii : Classification and measurement of financial assets and liabilities

Under Previous GAAP, the financial assets and financial liabilities were typically carried at the contractual amount receivable or payable. Under Ind AS 39, certain financial assets and financial liabilities are initially recognised at fair value and subsequently measured at amortised cost which involves the application of effective interest method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or financial liability. However as explained by the management, the company, in contravention to Ind AS 39, has recognised the financial assets and liabilities at cost ie contractual amount receivable or payable as per Previous GAAP.

Note iii : Employee benefit

As per Ind AS 19 ‘Employee Benefits’, the liability recognised in the financial statements in respect of gratuity is the present value of the defined benefit obligation at the reporting date, together with adjustments for unrecognised actuarial gains or losses and past service costs. The management of the company is of the opinion that the gratuity scheme is administered through the Life Insurance Corporation of India and therefore the Gratuity liability is accounted as per the actuarial contribution demanded by Life Insurance Corporation of India. In view of this the acturial valuation is not required to be carried out and hence the acturial valuation report is not obtained. This is in contravention of Ind AS 19.

Note iv : De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions. The company has not adopted the de-recognition provisions of Ind AS 109.


Mar 31, 2016

1. The equity share holders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/ or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

2. In the event of the liquidation of the Company, equity share holders 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 share holders.

3. Details of Share Holders holding more than 5% of Equity Shares as at March 31, 2016 are as under:

4. Securities for Term Loans :

Secured by hypothecation of land, Fixed Assets.

Secured by hypothecation of Motor Car.

First and exclusive charge by way of Hypothecation of Plant & Machinery, of the company purchased and to be purchased from bank finance, situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman.

First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at Village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.

Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Silvassa.

First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at 59/1, Village Akhatwade, Dist. Nandurbar.

First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony,Swagat, Rajanigandha Apartments Daman and Lalit Vihar Silvassa.

Extension of charge over residual value for the WTG at village Narsewadi, Dist. Sangli and Plant & Machinery for the proposed expansion of conductor division financed by bank.

Information regarding unhedged foreign currency exposure of the company is to be shared on a quarterly basis in a form and manner acceptable to the bank.

First pari passu charge over the entire stocks and receivables of the company (both present and future).

5. Terms of repayment :

6. In equal quarterly installments.

7. 20 equal quarterly installment starting after three months from the date of first disbursement.

8. Monthly EMI.

9. There are no defaults in repayment of loan and interest thereon as on March 31, 2016 for all the loans under this head. Term Loan from HDFC Bank Ltd ,Mumbai

10. Securities for Term Loans :

Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP located at SKF India Ltd. Bangaluru & SKF India Ltd, Pune respectively having value of Rs. 4,50,00,000 Lien over shares total worth Rs. 50 lakhs of Idea Cellular Ltd held by Director/Authorized signatory of the company.

11. Terms of repayment :

Repayable in quarterly installments without any moratorium from the date of 1st disbursement. Repayment would happen as: 20% in first year, 30% in second year and 50% in third year

12. Securities for Secured Loans :

First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.

Secured by way of Pari Passu Charge on all present and future current assets of the Company.

Secured by Hypothecation of all chargeable current assets of the company on Pari Passu basis with other working capital bankers.

First charge by way of Equitable mortgage over factory land and Hypothecation of Plant & Machinery of the WTG located at No. 275, survey No. 818 of Village Narsewadi, Dist. Sangli.

First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank''s finances at Village Khutali, Khanvel, Silvassa.

There are no defaults in repayment of loan and interest thereon as on March 31, 2016 for all the loans under this head.

Fixed Deposit of Rs. 5,00,000 under lien in place of SCB''s mortgage on residential flats.

13. Terms of repayment of loans :

Cash Credit on Demand.

WCDL -Principal amount to be repaid as bullet payment on maturity date._

14. As per information & explanation given there was no amount due to small scale under taking exceeding Rs. 1 Lakh each 30 days outstanding for more than 30 days at the close of the year. This disclosure is based on the document/information available from the company regarding their status of the small scale undertaking.

15. The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the Company.

16. The Company has invested Rs.5,00,000/-in Hind Power Products Pvt Ltd,a wholly owned subsidiary of the company.

There is no diminution in the value of investment. The Company has not carried out any activity during the year.

17. a The aggregate amount of quoted investments is Rs. 1,63,545/-(previous year Rs..1,63,545/-) and the market value thereof is Rs. 6,87,920/- [previous year Rs. 6,36,879/-] b The aggregate amount of unquoted investments is Rs. 11,18,32,296/-(previous year Rs. 11,18,32,296/-) c The equity of ,Associated Industries Ltd SFZ., is Rials Omani 23,10,000.The Shareholding pattern in the said Joint Venture is as under:

Note : 18

The Company has formed its subsidiary i.e. Hind Aluminium Industries (Kenya) Ltd., on 27th day of August, 2015 with an authorized share capital of 1000 shares of KES 100 each. However there were no activity carried out by the said subsidiary during the period from 27/08/2015 to 31/03/2016. The share capital was subscribed on 4th April, 2016 and 24th May,2016 respectively. The amount spent on their behalf by the company towards pre- operative expenses is shown as recoverable from the said subsidiary in note no. 15. The shareholding pattern of the company is as under:

19. Name of the Related Party and Nature of the Related Party Relationship :

Associates & Subsidiary Companies/concerns :

20. Associates

Associated Aluminium Industries Pvt Ltd.

Associated Aluminium Products Pvt Ltd.

Nirav Commercials Ltd.

Associated Non-Ferrous Metals Pvt Ltd.

Dynavent Airsystems Pvt Ltd.

Shubhmangal Portfolio Pvt. Ltd.

Dnyaneshwar Hydreed Seeds Co.Pvt Ltd.

Urvi Estate Pvt.Ltd.

Babydoll Wizkid Communication Pvt Ltd Daga Capital Management Pvt Ltd Associated Industries Ltd. SFZ., Oman

21. Subsidiary Companies

Hind Power Products Pvt Ltd.

Hind Alumunium Industries (Kenya) Ltd.

22. Directors and their relatives :

Shri Lalit Kumar Daga - Chairman

Shri Shailesh Daga - Managing Director (S/o Shri Lalit Kumar Daga - Chairman)

The Board of Directors, in its meeting held on 6th June,2016 recommended the final dividend of Rs. 1.60 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 1,21,32,437/- from surplus out of which Rs. 1,00,80,320/- as proposed dividend and Rs. 20,52,117/- as net corporate dividend tax.

Note : 23 - Corporate Social Responsibility (CSR):

The Company has not spent the required amount in terms of provisions of section 135 of the companies, Act 2013 on Corporate Social Responsibility. During the year the company has incurred an amount towards the above mentioned activities as under:

24. Gross amount required to be spent by the company during the year Rs.. 21,01,716/- (previous year Rs. 17,20,328/-)

25. Amount spent during the year by the company Rs. 10,10,000/- (previous year 93,400/-).Indirectly Expended through donation to Charitable Trust Rs. 10,10,000/-.

Note : 26 The Original certificate of NSC VIth issue deposited with sales tax office, Daman (U.T.) as security for registration is yet to be encashed after maturity.

Note : 27 Miscellaneous Expenses shown in Note- 23 for Other Expenses includes sundry balances written off Rs. 2,03,576/-(Previous year Rs. 88,315/-) and Other Non Operating Income shown in Note no. 18 includes Miscellaneous balances written back (net) Rs..4,33,716/-(Previous Year Rs. 3,23,483).

Note : 28 The price variation claim of Rs. 1,24,26,169/- (previous year Rs. Nil) is reduced from sales and sundry debtors during the year under review as the same is not accepted and confirmed by the customer.

Note : 29 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note : 30 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2015

A The equity share holders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/ or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

B In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company after distribution of all preference share holders. However, no such Preference share capital exist during the year. The distribution will in proportion to the number of equity shares held by the shareholders.

A Securities for Term Loans :

a Secured by hypothecation of land, Fixed Assets.

b First and exclusive charge by way of Hypothecation of Plant & Machinery situated at Village Khutali, Khanvel, Silvassa and Factory Landand Building situated at Kachigam Road, Daman. '

First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at Village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.

Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Silvassa.

First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony, Swagat, Rajanigandha Apartments Daman and Lalit Vihar Silvassa.

B Terms of repayment:

a In equal Quarterly Installment

b 20 equal quarterly installment starting after three months from the date of first disbursement.

C There are no defaults in repayment of loan and interest thereon as on March 31, 2015 for all the loans under this head.

Term Loan from HDFC Bank Ltd .Mumbai A Securities for Term Loans:

Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP located at SKF India Ltd.Bangaiuru & SKF India Ltd, Pune respectively having value of Rs. 45 Mio. Lien over shares total worth Rs. 50 lakhs of Idea Cellular Ltd held by Director/Authorised Signatory.

B Terms of repayment:

Repayable in quarterly installments without any moratorium from the date of 1st disbursement. Repayment would happen as: 20% in first year, 30% in second year and 50% in third year.

C The loan was disbursed on 18th March, 2015 and hence the same was not due for repayment as on March 31, 2015.

A First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.

B Secured by way of Pari Passu Charge on all present and future current assets of the Company.

C Secured charge by way of Hypothication of all chargeable current assets of the company on Pari Passu basis with other working capital bankers.

First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at No. 275, survey No. 818 of Village Narsewadi, Dist. Sangli.

First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank's finances at Village Khutali, Khanvel, Silvassa.

D There are no defaults in repayment of loan and interest thereon as on March 31,2015 for all the loans under this head.

E Buyers' Credit from ICICI Bank Ltd, Mumbai of Rs. 83,08,699/-was disbursed on 21st January,2015 for 159 days and

A. Name of the Related Party and Nature of the Related Party Relationship :

Associates & Subsidiary Companies/concems :

a) Associates

Associated Aluminium Industries Pvt. Ltd. Nirav Commercials Ltd.

Associated Aluminium Products Pvt. Ltd Shubhmangal Portfolio Pvt. Ltd.

Associated Non-Ferrous Metals Pvt. Ltd. Urvi Estate Pvt. Ltd.

Dynavent Airsystems Pvt. Ltd. Babydoll Wizkid Communication Pvt. Ltd.

Dnyaneshwar Hybreed Seeds Co. Pvt. Ltd.

b) Subsidiary Company /Joint Venture Company

Hind Power Products Pvt. Ltd.

Associated industries Ltd. SFZ.

c) Directors and their relatives :

Shri Lalit Kumar Daga - Chairman

Shri Shailesh Daga - Managing Director & son of Chairman

Note: 2 - Distribution of Proposed Dividend:

The Board of Directors, in its meeting held on 30th May,2015 recommended a final dividend of Rs.1.50 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation ofRs. 1,13,74,077/- from surplus out of which Rs. 94,50,300/- as proposec dividend and Rs. 19,23,777/- as net corporate dividend tax.

Note : 3- National saving certificate VI issued deposited with sales tax office, Daman (U.T.) as security for registration is yet to be encashed after maturity.

Note: 4- Miscellaneous Expenses shown in Note- 23 for Other Expenses includes sundry balance written off Rs. 88,315 /- (Previous year Rs. 1,41,574/) and Other Non Operating Income shown in Note no. 18 includes Miscellaneous balances written back (net) Rs.,3,23,483 (Previous YearRs. 1,535)

Note : 5- Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note: 6-The Company has not spent the required amount in terms of provisions of section 135 of the Act on Corporate Social Responsibility.

Note : 7 -The price variation claim of Rs.Nil -(Previous year Rs. 2,56,81,011 /-) is written off by deducting from sales during the year under review as the same is not accepted and confirmed by the customer.

Note: 8 Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2014

1. A. The equity share holders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

B. In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company after distribution of all preference share holders. However, no such Preference share capital exist during the year. The distribution will in proportion to the number of equity shares held by the share holders.

C Securities for Term Loans :

a) Secured by hypothecation of Lease hold land, Fixed Assets.

b) Secured by hypothecation of Motor Cars.

c) First and exclusive charge by way of Hypothecation of Plant & Machinery situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman.

First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.

Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Dist. Silvassa.

First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony Apts & Swagat Bldg.at Daman, Rajanigandha Apts, Vapi and Lalit Vihar, Silvassa.

D Terms of repayment :

a) In equal Quarterly Installment

b) Monthly EMI

c) 20 equal quarterly installment starting after three months from the date of first disbursement.

E There are no defaults in repayment of loan and interest thereon as on March 31,2014 for all the loans under this head.

F. First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.

G. Secured by way of Pari Passu Charge on all present and future current assets of the Company.

H. Secured by Hypothecations of all chargeable current assets of the company on Pari Passu basis with other working capital lenders.

First charge by way of Equitable mortgage over Factory land and Hypothecations of Plant & Machinery of the WTG located at No. 275, surve No. 818 of Village Narsewadi, Dist. Sangli.

First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank''s finances at Village Khutali, Khanvel, Silvassa.

I. There are no defaults in repayment of loan and interest thereon as on March 31, 2014 for all the loans under this head.

J. There was no amount due to small scale under taking exceeding Rs. 1 Lac each outstanding for more than 30 days at the close of the year. This disclosure is based on the document / information available to the company regarding their status of the small scale undertaking.

K. The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the Company.

L. The Company has invested Rs. 5,00,000/-in Hind Power Products Pvt Ltd,a wholly owned subsidiary of the company.

There is no diminution in the value of investment. The Company has not carried out any activity during the year.

M. a The aggregate amount of quoted investments is Rs. 1,63,545/-(previous year Rs. 1,63,545/-) and the market value thereof is Rs. 4,95,566/- [previous year Rs. 4,64,040/-] b The aggregate amount of unquoted investments is Rs. 11,09,57,094/-(previous year Rs. 7,59,05,516/-) c The equity of ,Associated Industries Ltd SFZ., is USD 3 Million.The company''s holding in the said Associated Industries Ltd SFZ, is 70%. Out of the total equity the Investment made as on 31st March,2014 is 65%.i.e. 19,22,000 US $.(previous year- 45 % i.e. 13,60,800 US $.) However the company has not yet started the production activities.

*These Shares are alloted on demerger of Associated Aluminium Industries Pvt.Ltd., otherwise than in Cash.

Other Expenses :

Rent Expenses :

The Company has taken various residential / office premises under operating lease or leave and license agreement. The lease terms in respect of such premises are on the basis of individual agreement entered into with the respective landlords/owners. The Company has given refundable interest free security deposits in accordance with the agreed terms. The lease payments are recognised in the Profit and Loss account under " Rent " in Note no. 23.

End of

Particulars Current Reporting Previous Reporting Year Year March 31, 2014 March 31, 2013 Rs. Rs.

Note : 2 - Contingent Liabilities and commitment to the extent not provided for :

I) Contingent Liabilities :

a Debts considered doubtful not provided for. - 20,17,401 b In respect of guarantees given by Banks and / or counter guarantees given by the Company Unacertainable Unacertainable

c Other money for which the company is contingent liable :

In respect of Income Tax matters pending before appellate authorities which the Company expects to succeed, based on decisions of Tribunals / Courts 4,87,245 47,94,338

Note : 3 - Distribution of Proposed Dividend :

The Board of Directors, in its meeting held on 30th May,2014 recommended the final dividend of Rs. 1.50 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 1,10,56,378/- from surplus out of which Rs. 94,50,300/- as proposec dividend and Rs. 16,06,078/- as net corporate dividend tax.

Note : 4 - National saving certificate VI issued deposited with sales tax office, Daman (U.T.) as security for registration is yet to be encashed after maturity.

Note : 5 - Miscellaneous Expenses shown in Note- 23 for Other Expenses includes sundry balance written off Rs. 1,41,574/- (Previous year Rs. 1,05,324/-) and Other Non Operating Income shown in Note no. 18 includes Miscellaneous balances written back of Rs. 1,535/- (Previous Year Rs. Nil).

Note : 6 - Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note : 7 The price variation claim of Rs. 2,56,81,011/- is written off by deducting from sales during the year under review as the same is not accepted and confirmed by the customer.

Note : 8 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2012

Note : 1 - Deferred Tax :

A. The Net Deferred Tax Liability of Rs. 1,01,24,847/-[ Previous Year: Rs. 11,97,263/-] for the year has been provided in the Profit and Loss Account.

Note: 2 National saving certificate VI issued deposited with sales tax office, Daman (U.T.) as security for registration is yet to be encashed after maturity.

Note: 3 Miscellaneous Expenses showed in Note- 25 for Other Expenses includes excess depreciation written backRs. 3,49,169/-

(Previous year miscellaneous balances written off Rs. 3,28,397/-) and Other Non Operating Income shown in Note -19 includes Miscellaneous balances written back of Rs. 2,54,925/- (Previous Year Rs. 6,25,169/-).

Note: 4 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note: 5 The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ending March 31, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with these financial statements.

Previous year's figures have been reclassified in accordance with current year requirements.

Note:6 Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.


Mar 31, 2011

1. National Saving Certificate VI issue deposited with Sales Tax Office at Daman (U.T.) as security for registration is yet to be encashed even after maturity.

2. Miscellaneous Expenses shown in Schedule - V for Administrative Expenses includes Miscellaneous balances written offof Rs. 3,28,397/- (Previous Year- Rs. 9,11,429/-) and Miscellaneous income shown in Schedule - 'H' for Other Income includes Miscellaneous balances written back Rs. 6,25,169/- (Previous Year - Rs. 2,36,842/-).

3. There was no amount due to Small Scale undertaking exceeding Rs.1 lac each outstanding for more than 30 days at the close of the year. This disclosure is based on the document/information available to the company regarding their status of the small scale undertaking.

4. During the year Company has made preferential allotment of 13,00,000 equity shares of Rs. 10/- each fully paid up at the premium of Rs. 33/- per share to parties and a company.

5. Related Party Disclosures

A) Associates:

Associated Aluminium Industries Pvt. Ltd.

Nirav Commercials Ltd.

Associated Non-Ferrous Metals Pvt. Ltd.

Daga Rubber Works Pvt. Ltd.

Dynavent Air-Systems Pvt. Ltd.

B) Key Managerial personnel:

Shailesh Daga Managing Director

6. Deferred Tax Liabilities(net)

Persuant to accounting standard (AS) 22- Accounting for taxes on income, the impact of Deferred Tax Liability (Net) for the year ended 31.03.2011 of Rs. 11,97,263/- has been credited to Profit & Loss Account.

7 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors, and Loans & Advances are subject to confirmation by respective parties.

8 Contingent Liabilities: Income Tax Rs. 26,06,643/-.

9 Previous year figures have been rearranged/regrouped wherever necessary.


Mar 31, 2010

1. National Saving Certificate VI issue is deposited with Sales Tax Office at Daman (U .T.) as security for registration.

2. Miscellaneous Expenses shown in Schedule - L for Administrative Expenses includes Miscellaneous balances written off of Rs.2,36,842/-( Previous Year-Rs. 12,35,991/-) and Miscellaneous income shown in Schedule - H for Other Income includes Miscellaneous balances written back Rs.9,11,429/- (Previous Year - Rs. 8,94,307/-).

3. There was no amount due to Small Scale undertaking exceeding Rs.1 lac each outstanding for more than 30 days at the close of the year. This disclosure is based on the document/information available to the company regarding their status of the small scale undertaking.

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