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Notes to Accounts of Valiant Organics Ltd.

Mar 31, 2018

1.1 22,24,030 Equity Shares (Previous year Nil) were issued to the Shareholders of Abhilasha Texchem Ltd. pursuant to its Merger with the Company.

1.2 Bonus Shares Issued during past five years 32,76,288 Equity shares of Rs.10/- each issued as bonus shares in F.Y. 2015-16

1.3 Buy back of Shares during past five years N.A.

1.4 Terms / Rights attached to Equity Shares

The Company has only one class of Shares referred to as Equity Shares having a par value of Rs. 10. Each holder of equity shares is entitiled to one vote per share. The company declares and pays dividend 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. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all prefential amounts. the distribution will be in proportion to the number of equity shares held by the shareholder.

Note: Working Capital loan of Rs. 13,00,00,000/- (Previous Year Rs. 13,00,00,000) from Citi Bank is secured by exclusive charge on present and future stocks, book debts, fixed assets, hypothecation of stock and book debts of the respective activities and collateral security is provided by creating equitable mortgage of the properties held by the company. It is also personally guaranteed by the Directors of the company.

Disclosure pursuant to Accounting Standard - 15 (Revised) ''Employee benefits''

Defined Contribution Plans amounting to''18,10,041/- (P.Y.Rs.13,01,602/-) towards Providend Fund is recognized as an expense & included in “Contribution to Providend and other funds” in the Profit and Loss Account. The figures for current as well as previous year include that of Abhilasha unit as well.

Defined benefits plan and short term employment benefits.

Gratuity (Defined benefits plan)

The Company has a defined benefit gratuity plan. Every employee who has completed five (5) years of service gets a gratuity on death or resignation or retirement at 15 days of Salary (last drawn salary) for each completed year of service. The gratuity has been provided on the basis of valuation provided by the actuary, since gratuity has not been funded, no information as to assets has been disclosed. Further liability at the close of the year has been charged to profit & loss account.

Leave Encashment (Short term employment benefits)

Payment of all accumulated leave balance has been made at the year end.

Gratuity is provided in the books on the basis of following assumptions :

* For calculation of EPS we have considered, 22,24,030 Equity shares alloted on 15th March, 2018 for merger of Abhilasha Tex-Chem Limited into the company from the Appointed date i.e 1st July, 2016

2 Related Party Disclosure under Accounting Standard :

I Following are the Subsidiaries of the Company as defined in para 3(a) of Accounting Standard - 18.

N.A.

II Following are the Associates of the Company as definded in para 3(b) of the Accounting Standard - 18.

N.A.

III Following are the Enterprises / Firms over which controlling Individuals / Key Management Personnel, of the Company along with their relatives, have significant influence as definded in para 3(e) of the Accounting Standard - 18.

N.A.

IV Following are the individuals who with their relatives as defined in para 3(c) and 3(d) of the Accounting Standard - 18 own Directly / Indirectly 20% or more voting power in the Company or have significant influence or are Key Management Personnel.

1. Arvind K. Chheda CFO / Wholetime Director

2. Hemchand L. Gala CEO / Managing Director

3. Vishnu J. Sawant Wholetime Director

4. Mahek M. Chheda Wholetime Director

5. Mahesh M. Savadia Wholetime Director

3 Related Party Disclosure under Accounting Standard :

I Following are the Subsidiaries of the Company as defined in para 3(a) of Accounting Standard - 18.

N.A.

II Following are the Ventures or the Investing Parties as definded in para 3(b) of the Accounting Standard - 18. N.A.

III Following are the Enterprises / Firms over which controlling Individuals / Key Management Personnel, of the Company along with their relatives, have significant influence as definded in para 3(e) of the Accounting Standard - 18.

N.A.

IV Following are the individuals who with their relatives as defined in para 3(c) and 3(d) of the Accounting Standard - 18 own Directly / Indirectly 20% or more voting power in the Company or have significant influence or are Key Management Personnel.

1. Arvind K. Chheda CFO / Wholetime Director

2. Hemchand L. Gala CEO / Managing Director

3. Vishnu J. Sawant Wholetime Director

4. Mahek M. Chheda Wholetime Director

5. Mahesh M. Savadia Wholetime Director

(A) Details relating to parties referred to in items I, II and III above.

A = Associate K = Key Management Personnel S = Significant Influence R = Relative of Key Management Personnel


Mar 31, 2017

Segmental capital employed:

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Company believes that currently it is not practicable to provide segment disclosures relating to total assets and liabilities.

1. Related Party Disclosure under Accounting Standard :

2. Following are the Subsidiaries of the Company as defined in para 3(a) of Accounting Standard -18.

N.A.

3. Following are the Associates of the Company as defended in para 3(b) of the Accounting Standard -18.

N.A.

4. Following are the Enterprises / Firms over which controlling Individuals / Key Management Personnel, of the Company along with their relatives, have significant influence as defined in para 3(e) of the Accounting Standard -18.

N.A.

5. Following are the individuals who with their relatives as defined in para 3(c) and 3(d) of the Accounting Standard -18 own Directly / Indirectly 20% or more voting power in the Company or have significant influence or are Key Management Personnel.

6. Arvind K. Chheda CFO / Whole time Director

7. Hemchand L. Gala CEO / Managing Director

8. Vishnu J. Sawant Whole time Director

9. Vicky H. Gala Director

10. Jeenal K. Savla Director

11. Dhirajlal D. Gala Director

12. Related Party Disclosure under Accounting Standard :

13. Following are the Subsidiaries of the Company as defined in para 3(a) of Accounting Standard -18.

N.A.

14. Following are the Ventures or the Investing Parties as defined in para 3(b) of the Accounting Standard -18.

N.A.

15. Following are the Enterprises / Firms over which controlling Individuals / Key Management Personnel, of the Company along with their relatives, have significant influence as defended in para 3(e) of the Accounting Standard - 18.

N.A.

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