Notes to Accounts of Aimco Pesticides Ltd.

Mar 31, 2024

a) During the year there has been no increase or decrease in equity shares.

b) Terms and Rights attached to Equity shares

1) The Company has only one class of equity shares having par value of E 10 per share. Each holder of equity shares is entitled to one vote per share.

2) 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, except in the case of interim dividend.

3) 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

a) Securities Premium

Securities premium account represents the surplus of proceeds received over the face value of shares, at the time of issue of shares. This is not available for distribution of dividend and it can only be utilised in accordance with the provisions of the Act.

b) Retained Earnings

Retained earnings represents the amount of accumulated earnings of the Company, less any transfers to general reserve and payment of dividend.

Particulars of security offered:

i) Secured against hypothecation of existing and future receivables/current assets/moveable assets/moveable fixed assets and first equitable mortgage charge on leasehold land of the Company and the immoveable property owned by the Associate of the Company.

ii) Personal Guarantees of two of the executive directors, managing director and Corporate Guarantee by the Associate of the Company.

iii) Term loan is repayable in 36 equated monthly instalments commencing from May 2023 to April 2026. Rate of interest on term loan is 10.25%.

NOTE 40: ADDITIONAL INFORMATION 40.1 Contingent liabilities and commitments (to the extent not provided for)
Particulars	As at March 31, 2024	As at March 31, 2023
a) Contingent liabilities
- Claims against the Company not acknowledged as debt	482.17	24.31
- Estimated amount of obligation on account of non fulfillment of Export obligation under various Advance Licences.	1,439.67	1,663.63
b) Commitments
- For Capital expenditure [Net of advances E 234.53 (March 31, 2023: E 9.08)]	6.73	53.21
Total	1,928.57	1,741.15

40.2 The Company''s pending litigations comprise of claims against the Company by the parties and proceedings pending with the Revenue authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have any materially adverse effect on its financial results. For details on contingent liabilities refer Note 40.1 above.

40.3 The Company has an exposure of E 190.33 (March 31, 2023: E 245.11) in the form of investment, advances and other receivable from its wholly owned subsidiary which is substantially more than its net worth. However, taking into account the business plan of the subsidiary, the Company has not considered necessary to provide for any losses.

II. Defined Benefit Plan

The Company has defined benefit plan for payment of gratuity to all qualifying employees. It is governed by the Payment of Gratuity Act, 1972. Under this Act, an employee who has completed five years of service is entitled to the specified benefits which depends on the employee''s length of service and salary at retirement age. The Company''s defined benefit plan is Non-Funded.

There are no other post retirement benefits provided by the Company.

The present value of the defined benefit obligation, the related current service cost and past service cost, were measured using the projected unit credit method.

In presenting the above sensitivity analysis, the present value of the defined benefit obligaiton has been calculated using "Projected Unit Credit" method as at the date of the Balance Sheet which is the same as that applied in calculating the defined benefit obligation liability recognized in Balance Sheet.

There were no changes in the methods and assumptions used in preparing the sensitivity analysis from prior years.

G) Risk Exposure

These plans typically expose the Company to a number of risks, the most significant of which are detailed below:

Interest Risk:

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, any increase in the salary of the plan participants will increase the plan''s liability.

H) Leave Encashment

Based on actuarial valuation carried out using projected unit credit method, the Independent Actuary has determined the liability towards leave encashment at E 40.46 as at the end of the year as compared to E 36.53 as at the beginning of the year. The resultant additinal liability of E 3.93 (Previous year E 12.58) has been debited to Employees benefit (Refer Note 37).

(i) The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends. Remuneration do not include provisions for encashable leave, gratuity and premium paid for group health insurance since these are based on valuation on an overall Company basis.

(ii) Corporate Guarantee by Amisco Agrochem Limited and Personal Guarantee by Pradip P Dave, Ashit P Dave and Samir P Dave with respect to Borrowings by the Company amounting to E 2500.00 Lakh (Previous year a 3,800.00 La kh).

NOTE 45: EARNINGS PER SHARE (EPS)

Basic Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to equity share holders of the Company by the weighted average number of Equity shares outstanding during the year after adjusting for the effect of dilutive potential equity shares.

NOTE 46: FINANCIAL INSTRUMENTS:

A) Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders.

The Company manages its capital structure with a view to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of net debt (borrowings as detailed in notes 23 and 26) and total equity of the Company.

The Company''s management reviews the capital structure of the Company on an annual basis. As part of this review, the management considers the cost of capital and the risks associated with each class of capital.

The fair value for financial instruments which are measured at amortised cost (e.g. trade receivables, cash and cash equivalents, trade payables etc.) has fair value which is reasonably approximate carrying value. Fair values for those financial assets and finacial liabilities have not been disclosed in the above table.

There are no financial instruments which are measured using level 1 quoted price in active markets and level 3 valuation technique.

Measurement of fair values

Valuation techniques and significant observable inputs.

The following tables show the valuation techniques used in measuring level 2 fair values, as well as the significant observable inputs used (if any).

NOTE 47: FINANCIAL RISK MANAGEMENT OBJECTIVES (IND AS 107)

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The key risks and mitigating actions are also placed before the Audit Committee of the Company.

The Company has exposure to the following risks arising from financial instruments:

A) Credit risk;

B) Liquidity risk;

C) Market risk; and

D) Interest rate risk.

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises primarily form financial assets such as trade receivables, balances with banks, loans and other receivables.

Trade and other receivables

Customer credit is managed as per the Company''s established policies, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and in respect of local customers, the same is generally upto 90 days credit term. In respect of export customers, where the sales are on credit terms, the same is upto 180 days. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The Company has taken dealer deposits from most of it''s dealers, which is considered as collateral and the same is considered in determination of expected credit loss, where applicable. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.

The Company measures the expected credit loss (''ECL'') of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. The Company has applied ECL model for recognising the allowance for doubtful debts. The Company has used a practical expedient by computing ECL for trade receivables based on a simplified approach. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward looking estimates.

B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk is managed by the Company through effective fund management. The Company''s principal sources of liquidity are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents and cash flow that is generated from operations are sufficient to meet requirements. Accordingly, liquidity risk is perceived to be low.

The following are the remaining contractual maturities of financial liabilities at the Balance-sheet date. Amounts disclosed are the contractual un-discounted cash flows.

C) Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. It comprises of the following three types of risk: currency risk, interest rate risk and price risk.

i) Currency Risk

The Company has exposure arising out of export sales to countries outside India, imports from outside India and few other expenditure incurred outside India. The Company is therefore, exposed to foreign currency risk principally arising out of foreign currency movement against the Indian currency.

The Company evaluates exchange rate exposure arising from foreign currency transactions and puts in place a Financial Risk Management Policy to identify the most effective and efficient ways of managing the currency risks. Foreign currency exchange rate exposure is also partly balanced by purchasing of goods in the respective currencies.

D) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in prevailing market interest rates. The Company''s exposure to the risk due to changes in interest rates relates primarily to the Company''s short-term and long-term borrowings with floating interest rates. The Company constantly monitors the credit markets and revisits its financing strategies to achieve an optimal maturity profile and financing cost.

The Company''s investments in term deposits with banks and interest bearing loan to employees are at fixed interest rates and therefore do not expose the Company to significant interest rates risk.

v) Revenue recognised from Contract liability (Advances from Customers)

The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31, 2024.

vi) Trade receivables are non-interest bearing. Where sales is on credit, the same is generally for a period upto 90 days and 180 days for local sales and export sales respectively. As at March 31, 2024 E 13.78 Lakh (March 31, 2023: E 22.45 Lakh) was recognised as provision for expected credit losses qua the trade receivables. Credit limits are established for all customers based on internal rating criteria. Outstanding customer receivables are monitored regularly.

Disclosure of payable to vendors as defined under the MSMED Act is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received till the Balance sheet date.

The Company generally pays its vendors within the credit period, which is generally of 45 days. In case of delays beyond this period, no interest is provided since the vendors have not claimed any such interest. However, if any such claim is made, the same would be accounted in the year of payment. According to the Company, the amount of such claim will not be material. The statutory auditors have relied on the Company''s representation.

ii) Property Plant and Equipment:

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 3 to the financial statements, are held in the name of the Company. The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

iii) Details of benami property held:

No proceedings has been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

iv) Borrowing secured against current assets:

The Company has borrowings from a bank on the basis of security of current assets. The quarterly returns or statements of current assets filed by the Company with bank are in agreement with the books of accounts.

v) Wilful defaulter:

The Company has not been declared wilful defaulter by any bank or financial institution or any lender during the current or previous year.

vi) Relationship with struck off companies:

The Company has no transactions with the companies struck off under the Companies Act, 2013 or the Companies Act, 1956.

vii) Registration of charges or satisfaction with Registrar of Companies:

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period except in a following case of satisfaction of charge:

viii) Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

ix) Compliance with approved Scheme of Arrangement:

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

x) Utilisation of borrowed funds and share premium:

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Company (Ultimate beneficiaries); or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate beneficiaries); or

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

xi) Undisclosed Income:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

xii) Details of crypto currency or virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

Explanation where change in the ratios is more than

25% between two years:

i) Debt-Equity Ratio (times): Higher ratio is on account of additional borrowings from a bank as compared to previous year.

ii) Debt Service Coverage Ratio (times): Lower ratio is on account of higher interest cost incurred on borrowings during the year as compared to previous year.

iii) Return on Equity Ratio: Lower Return on Equity is on account of loss for the year.

iv) Net capital turnover ratio (times): Higher ratio on account of increase in borrowings and trade payables.

v) Net profit ratio: Reduction is on account of loss for the year.

vi) Return on Capital employed: Reduction is on account of loss for the year and additional borrowings from a bank.

vii) Return on investment: Reduction is on account of lower investments as compared to previous year.

NOTE 54: GOVERNMENT GRANT

Other operating revenue includes State Government subsidy against payment of State Goods and service tax under Package Scheme of Incentives - 2019.

NOTE 55: EVENT OCCURRING AFTER BALANCE SHEET DATE

Considering the Financial Results of the Company for FY 2023-24, the Company is unable to propose any dividend for the year (Previous year E 1.00 per equity share).

NOTE 56:

The figures of the previous year have been regrouped wherever necessary.

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Mar 31, 2023

2.18 Provisions, Contingent Liabilities and Contingent assets

Provisions (other than employee benefits):

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. In other cases the same are determined based on best estimate required to settle the obligation at the reporting date. These are reviewed at each reporting date and adjusted to reflect the current best estimates.

Contingent Liabilities and Contingent Assets:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or

non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation where it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the financial statements unless the possibility of outflow of economic resources is considered remote.

Contingent assets are not recognised in the financial statements.

2.19 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

2.20 Cash flow statement

Cash flows statement is prepared using the indirect method, whereby profit/loss before extraordinary items and tax, is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

2.21 Dividend to equity shareholders

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

2.22 Cash and Cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and at bank, cheques/drafts on hand, bank overdraft, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.23 Recent Pronouncements

On March 31, 2023, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Amendment Rules, 2023. This notification has resulted into following amendments in the existing Accounting Standards which are applicable from April 01,2023.

i. Ind AS 101 - First time adoption of Ind AS: modification relating to recognition of deferred tax asset by a first-time adopter associated with (a) right to use assets and related liabilities and (b) decommissioning, restoration and similar liabilities and corresponding amounts recognised as cost of the related assets.

ii. Ind AS 102 - Share-based Payment: modification relating to adjustment after vesting date to the fair value of equity instruments granted.

iii. Ind AS 103 - Business Combination: modification relating to disclosures to be made in the first financial statements following a business combination.

iv. Ind AS 107 - Financial Instruments Disclosures:

modification relating to disclosure of material accounting policies including information about basis of measurement of financial instruments.

v. Ind AS 109 - Financial Instruments: modification relating to reassessment of embedded derivatives.

vi. Ind AS 1 - Presentation of Financials Statements:

modification relating to disclosure of ''material accounting policy information'' in place of ''significant accounting policies''.

vii. Ind AS 8 - Accounting Policies, Change in Accounting Estimates and Errors: modification of definition of ''accounting estimate'' and application of changes in accounting estimates.

viii. Ind AS 12 - Income Taxes: modification relating to recognition of deferred tax liabilities and deferred tax assets.

ix. Ind AS 34 - Interim Financial Reporting: modification in interim financial reporting relating to disclosure of ''material accounting policy information'' in place of ''significant accounting policies''.

The Company is evaluating the amendments and the expected impact, if any, on the Company''s financial statements on application of the amendments for annual reporting periods beginning on or after April 01,2023.

G) Risk Exposure:

These plans typically expose the Company to a number of risks, the most significant of which are detailed below:

Interest Risk:

A decrease in the bond interest rate will increase the plan liability. Longevity Risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, any increase in the salary of the plan participants will increase the plan''s liability.

H) Leave Encashment:

Based on actuarial valuation carried out using projected unit credit method, the Independent Actuary has determined the liability towards leave encashment at '' 36.53 as at the end of the year as compared to '' 23.95 as at the beginning of the year. The resultant additinal liability of '' 12.58 has been debited to Employees benefit (Refer Note 36).

Note 46: Financial risk management objectives (Ind AS 107)

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The key risks and mitigating actions are also placed before the Audit Committee of the Company.

The Company has exposure to the following risks arising from financial instruments:

A) Credit risk;

B) Liquidity risk;

C) Market risk; and

D) Interest rate risk.

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises primarily form financial assets such as trade receivables, balances with banks, loans and other receivables.

Trade and other receivables

Customer credit is managed as per the Company''s established policies, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and in respect of local customers, the same is generally upto 90 days credit term. In respect of export customers, where the sales are on credit terms, the same is upto 180 days. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The Company has taken dealer deposits from most of it''s dealers, which is considered as collateral and the same is considered in determination of expected credit loss, where applicable. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.

The Company measures the expected credit loss (''ECL'') of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. The Company has applied ECL model for recognising the allowance for doubtful debts. The Company has used a practical expedient by computing ECL for trade receivables based on a simplified approach. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward looking estimates.

B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk is managed by the Company through effective fund management. The Company''s principal sources of liquidity are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents and cash flow that is generated from operations are sufficient to meet requirements. Accordingly, liquidity risk is perceived to be low.

The following are the remaining contractual maturities of financial liabilities at the Balance-sheet date. Amounts disclosed are the contractual un-discounted cash flows.

C) Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market

prices. It comprises of the following three types of risk: currency risk, interest rate risk and price risk.

i) Currency Risk

The Company has exposure arising out of export sales to countries outside India, imports from outside India and few other expenditure incurred outside India. The Company is therefore, exposed to foreign currency risk principally arising out of foreign currency movement against the Indian currency.

The Company evaluates exchange rate exposure arising from foreign currency transactions and puts in place a Financial Risk Management Policy to identify the most effective and efficient ways of managing the currency risks. Foreign currency exchange rate exposure is also partly balanced by purchasing of goods in the respective currencies.

ii) Exposure to currency risk

The carrying amounts of the Company''s unhedged foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

v) Revenue recognised from Contract liability (Advances from Customers)

The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31,2023.

vi) Trade receivables are non-interest bearing. Where sales is on credit, the same is generally for a period upto 90 days and 180 days for local sales and export sales respectively. As at March 31, 2023''22.45 lakh (March 31, 2022: '' 17.32 lakh) was recognised as provision for expected credit losses qua the trade receivables. Credit limits are established for all customers based on internal rating criteria.Outstanding customer receivables are monitored regularly.

Note 50: Other disclosures as required by Schedule III:

i) Property Plant and Equipment:

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 3 to the financial statements, are held in the name of the Company. The Company has not revalued its property, plant and

equipment (including right-of-use assets) or intangible assets or both during the current or previous year;

ii) Details of benami property held:

No proceedings has been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder;

iii) Borrowing secured against current assets:

The Company has borrowings from a bank on the basis of security of current assets. The quarterly returns or statements of current assets filed by the Company with bank are in agreement with the books of accounts;

iv) Wilful defaulter:

The Company has not been declared wilful defaulter by any bank or financial institution or any lender during the current or previous year;

v) Relationship with struck off companies:

The Company has no transactions with the companies struck off under the Companies Act, 2013 or the Companies Act, 1956;

Note 53: Event occurring after balance sheet date:

The Board of Directors has recommended Equity dividend of '' 1.00 (Previous year '' 2.00) per equity share for the financial year 2022-23.

Note 54: The figures of the previous year have been regrouped/reclassified wherever necessary.

As per our report of even date For and on behalf of the Board

For C N K & Associates LLP Sd/- Sd/-

Chartered Accountants Elizabeth Shrivastava Ashit Dave

Firm Registration No.: 101961W/W-100036 Managing Director Chief Financial Officer

DIN:00184865

Sd/- Sd/- Sd/-

Vijay Mehta Ramgopal Kaja Anuradha Matkar

Partner Independent Non-Executive Director Company Secretary

Membership No.: 106533 DIN: 00140047 ACS No.: 57570

Date: May 29, 2023 Place: Mumbai

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Mar 31, 2018

Notes:

(i) Other advances includes sum of Rs, 70 (March 31, 2017: Rs, 70 ; April 1, 2016: Rs, 70) paid by way of a Rent deposit and Rs,* (March 31, 2017: Rs, Nil ; April 1, 2016: Rs, Nil) to a firm/LLP wherein some of the directors are partners.

(ii) Assets held for disposal consists of plant & equipment which have been identified for disposal due to replacement / obsolescence of assets which happens in the normal course of business.

Notes:

Terms & Rights attached to each class of shares

1) The Company has only one class of equity shares having par value of Rs, 10 per share. Each holder of equity shares is entitled to one vote per share.

2) 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.

3) 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

4) During the year the Company has issued 3,46,000 equity shares of Rs, 10 each (at Rs, 168 each) including securities premium of Rs, 158.

28.2 The Company''s pending litigations comprise of claims against the Company by the parties and proceedings pending with the Revenue authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have any materially adverse effect on its financial results. For details on contingent liabilities refer Note 28.1 above.

28.3 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

28.4 The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

28.5 During financial year 2014-15 the Company had paid remuneration of Rs, 25 to its Managing Director. Though the Central Government has approved the appointment, the amount payable by way of remuneration needs further clarification from the Central Government. Pending receipt of the same, the remuneration paid to the Managing director was charged to the Statement of Profit and Loss. The concerned director has agreed to hold the said sum received in trust till the matter is clarified by the Central Government.

28.6 The Company has made aggregate investments of Rs, 15 (March 31, 2017: Rs, 10 ; April 1, 2016: Rs, 10) in the share capital of two of its wholly owned subsidiaries (See Note 4). On account of losses suffered by the said two companies in the past few years, their entire net worth have been eroded. Considering the strategic and long term nature of the investments and the business plans of the investee companies, according to the Company, the decline in the value of the investments is of temporary in nature. Hence, it is not considered necessary to provide for any losses in the value of the investments.

29 Leases

The Company has taken office premises under Operating Lease as per Ind AS 17 ''Leases''. These leases have a term of 5 years with an option to renew the same.

As per Ind AS 19 “Employee benefits”, the disclosures as required under the standard is as under:

I. Defined Contribution Plans

The Company makes provident fund contribution to defined contribution plans for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. An amount contributed to provident fund is recognized as an expense and included in employee benefit expenses in the statement of profit and loss. The contributions payable to these plans by the Company are at the rates specified in the rules of the schemes. The amount recognized as expense for the year is as under:

II. Defined Benefit Plan

The Company has defined benefit plan for payment of gratuity to all qualifying employees. It is governed by the Payment of Gratuity Act, 1972. Under this Act, an employee who has completed five years of service is entitled to the specified benefits depending on the employee''s length of service and salary at retirement age. The Company''s defined benefit plan is Non - Funded.

There are no other post-retirement benefits provided by the Company.

The present value of the defined benefit obligation, the related current service cost and past service cost, were measured using the projected unit credit method.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using “Projected Unit Credit” method as at the date of the Balance Sheet which is the same as that applied in calculating the defined benefit obligation liability recognized in Balance Sheet.

There were no changes in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Risk Exposure

These plans typically expose the Company to actuarial risks such as: Interest Risk, Longevity Risk and Salary Risk.

Interest Risk

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

G) Leave Encashment

The Compensated Absences charge for the year ended 31 March 2018 Rs, 20 (31 March 2017 Rs, 24), based on actuarial valuation carried out using the projected unit credit method.

31 Related Party Disclosures

Related party disclosures as required by Ind AS 24 ''Related Party Disclosures'' are given below:

A) Parties where control exist:

Wholly owned subsidiaries of the Company:

i) Aimco Ecoscience Limited;

ii) Aimco International FZE, United Arab Emirates.

B) Other Related parties with whom transactions have taken place during the year:

i) KR Aimco Agro LLP - Associate

ii) Key Managerial Personnel (KMP) :

a) Mrs. Elizabeth Shrivastava (Managing Director)

b) Mr. Pradeep P Dave (Executive Director)

c) Dr. Samir P Dave ( Executive Director)

d) Mr. Ashit P Dave ( Executive Director and Chief Financial Officer)

e) Mr. Dushyant Patel (Chairman & Non Executive, Independent Director)

f) Mr. Ramgopal Kaja (Non-Executive, Independent Director)

g) Mr. B. B. Bhawsar (Non-Executive, Independent Director)

iii) Entities controlled by KMP in which the directors'' have substantial interest ( i.e. more than 20% in voting power directly or indirectly):

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) All India Medical Corporation

v) NDR & Co.

Notes:

i) The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.

The above figures do not include provisions for cashable leave, gratuity and premium paid for group health insurance, as separate actuarial valuation / premium paid are not available.

ii) Net of recovery of Rs, Nil (March 31, 2017: Rs, 91)

1. Earnings per share (EPS)

As per Ind AS 33 ''Earnings per share'' basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year after adjusting for the effect of dilutive potential equity shares.

2. Financial Instruments

A) Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective of the Company''s capital management is to maximize the shareholder value.

B) Financial Instruments-Accounting Classifications and Fair value measurements (Ind AS 107)

3.. Financial risk management objectives (Ind AS 107)

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The key risks and mitigating actions are also placed before the Audit Committee of the Company.

The Company has exposure to the following risks arising from financial instruments:

A) Credit risk;

B) Liquidity risk; and

C) Market risk;

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises primarily form financial assets such as trade receivables, balances with banks, loans and other receivables.

Trade and other receivables

Customer credit is managed as per the Company''s established policies, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally on 0 to 90 days credit term. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The Company does not hold collateral as security. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. The Company has applied expected credit loss (ECL) model for recognizing the allowance for doubtful debts. The Company has used a practical expedient by computing the expected credit allowance for trade receivables based on a simplified approach. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward looking estimates. No ECL is required to be provided as the financial instrument has low credit risk of default. Loss rates are based on actual credit loss experience and past trends.

B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk is managed by Company through effective fund management. The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, liquidity risk is perceived to be low.

The following are the remaining contractual maturities of financial liabilities at the reporting date. Amounts disclosed are the contractual un-discounted cash flows.

C) Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and price risk.

i) Currency Risk

The Company is exposed to currency risk on account of its operating activities. The functional currency of the Company is Indian Rupee. Company''s exposure is in U.S. dollars (USD) and Euros. The USD exchange rate has changed substantially in recent periods and may continue to fluctuate substantially in the future. The Company has put in place a Financial Risk Management Policy to Identify the most effective and efficient ways of managing the currency risks.

Sensitivity analysis

The following table details the Company''s sensitivity to a 5% increase and decrease in the Rupee against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management''s assessment of the reasonably possible change in foreign exchange rates. This is mainly attributable to the net exposure outstanding on receivables or payables in the Company at the end of the reporting period. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% charge in foreign currency rate. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalized to fixed assets or recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining life of the related fixed assets or the remaining tenure of the borrowing, respectively.

4. Segment Information

As per the requirements of para 4 of Ind AS 108 -Operating Segments, segment information has been provided under the Notes to Consolidated Financial Statements.

5. Details of loans given and investment made covered under section 186(4) of the Act:

6.Transition to Ind AS

These are the Company''s first financial statements prepared in accordance with Ind AS. The Company has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 - First time adoption of Indian Accounting Standards. The transition was carried out from Generally Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the ''Previous GAAP''.

The Significant Accounting Policies set out in Note No. 2 have been applied in preparing the financial statements for the year ended 31st March 2018, 31st March 2017 and the opening balance sheet as on the date of transition i.e. 1st April 2016.

In preparing its Ind AS Balance Sheet as at 1st April 2016 and in presenting the comparative information for the year ended 31st March 2017, the Company has adjusted amounts previously reported in the financial statements prepared in accordance with Previous GAAP. This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with Previous GAAP, and how the transition from Previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

A) Explanation of transition to Ind AS

In preparing the financial statements, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

I. Optional Exemptions availed

(i) Deemed cost for property, plant and equipment

The Company has elected to measure all its property, plant and equipment at the Previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS.

(ii) Investments in Subsidiaries

The Company has elected to measure its investments in subsidiaries at the Previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS.

II. Mandatory Exceptions

(i) Estimates

On assessment of the estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there

is no objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under Previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date.

(ii) Derecognition of financial assets and financial liabilities

Derecognition of financial assets and liabilities as required by Ind AS 109 is applied prospectively i.e. after the transition date.

(iii) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of financial assets accounted at amortized cost has been done retrospectively except where the same is impracticable.

(i) Deferred Tax

Under previous GAAP, deferred tax accounting was done using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period.

Under Ind AS, accounting of deferred taxes is done using the Balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.

(ii) Excise Duty

Under previous GAAP, revenue from sale of products was presented net of Excise Duty under revenue from operations.

Under Ind AS, revenue from sale of products includes excise duty. The corresponding excise duty expense is presented under other expenses in the statement of profit and loss. The change does not affect the total equity as at 1st April, 2016 and 31st March, 2017, profit before tax or total profit for the year ended 31st March, 2017.

(iii) Remeasurement of Defined benefits liabilities

Under previous GAAP the company recognized remeasurement of defined benefits plans in statement of profit and loss . Under Ind AS, remeasurement of defined benefits plans are recognized in Other Comprehensive Income.

(iv) Other Comprehensive Income

Under Ind AS, all items of income and expense recognized in a period should be included in statement of profit and loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in statement of profit and loss but are shown in the statement of profit and loss as ''other comprehensive income'' includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.

(v) The previous year I-GAAP figures have been reclassified/regrouped to make them comparable with Ind AS presentation.

7.In accordance with Ind AS 18 on “Revenue” and Schedule III to the Companies Act, 2013, Sales for the previous year ended 31st March 2017 and for the period 1st April to 30 June 2017 were reported gross of Excise Duty and net of Value Added Tax (VAT)/Sales Tax. Excise Duty was reported as a separate expenses line item. Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, VAT/Sales Tax, Excise Duty etc. have been subsumed into GST and accordingly the same is not recognized as part of Sales as per the requirements of Ind AS 18. This has resulted in lower reported sales in the current year in comparison to the sales reported under the pre-GST structure of indirect taxes. With the change in structure of indirect taxes, expenses are also being reported net of taxes. Accordingly, Financial Statements for the year ended 31st March 2018 and in particular, Sales, absolute expenses, elements of Working Capital (Inventories, Trade payable, other current assets/current liabilities etc.) and ratios in percentage of sales, are thus not comparable with the figures of the previous year.

8. The figures of the previous year have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.

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Mar 31, 2016

Terms/rights attached to equity shares

(1) The Company has only one class of share referred to as equity shares having a par value of Rs. 10. Each holder of equity share is entitled to one vote per share.

(2) 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 Annual General Meeting.

(3) 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 preferential amount. The distribution will be proportionate to the number of equity shares held by the share holders.

(4) There is no change in issued and paid up share capital during the year.

(5) Details of shareholder holding more than 5% shares:

Vehicle loan is secured by hypothecation of specified vehicle. The loan is repayable in 35 monthly installments starting from 01/03/14 and last installment falls due on 01/01/17.

Note:

The Company has not received any information from it''s vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, required under the said Act has not been made.

6) During financial year 2014-15, the Company had revised the estimated useful life of certain items of fixed assets in accordance with the useful life specified in Part C of Schedule II to the Act. As per the said Schedule, where the fixed asset have completed their useful lives, the carrying value (net of residual value) as at April 1, 2014 is to be charged to depreciation. In case of other items of fixed assets the carrying value( net of residual value) as at April 1, 2014 had been depreciated/amortized over the remaining useful life. As a result of the same, the depreciation/amortization expense over the year ended March 31st 2015, was higher by '' 17,50,465/-.

7) Pursuant to the Notification dated 29th, August, 2014 issued by the Ministry of Corporate Affairs, the Company has complied with the requirements of paragraph 4(a) of Notes to Schedule II of the Companies Act, 2013 relating to Componentization in FY 2015-16. In addition, effective April 1, 2015, the Company has revised the estimated useful life of certain items of plant and machinery based on the technical advice received. These have resulted in higher depreciation of '' 7,27,844/- in FY 2015-16.

The security deposit paid includes sum of '' 70,02,068 (Previous year '' 70,02,068) paid by way of a Rent deposit to a firm wherein some of the directors are partners.

8. The Company''s pending litigations comprise of claims against the Company by the parties and proceedings pending with the Revenue authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have any materially adverse effect on its financial results. For details on contingent liabilities (Refer Note 27.1 above)

9. The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

10. The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

11. The Company''s applications under section 309 of the Companies Act, 1956 for approval of excess remuneration '' 90,74,825/- paid to directors in earlier years have been rejected by the Central Government by its Orders dated 5th February, 2016 in view of inadequate information submitted. The Company is in the process of re-filing applications to the Central Government for review / reconsideration of its Orders, based on the additional inputs not considered by the Central Government. Till the matter is finally resolved, the Company has not given effect to the Orders of the Central Government in its books of accounts and the concerned directors have agreed to hold the excess amount of remuneration received by them in trust.

12. During financial year 2014-15 the Company had paid remuneration of '' 25,35,000/- to its Managing Director. Though the Central Government has approved the appointment, the amount payable by way of remuneration needs further clarification from the Central Government. Pending receipt of the same, the remuneration paid to the Managing director was charged to the Statement of Profit and Loss. The concerned director has agreed to hold the said sum received in trust till the matter is clarified by the Central Government.

13. The Company has made aggregate investments of '' 9,96,576/- (Previous year '' 9,96,576/-) in the equity shares of two of its wholly owned subsidiaries (See Note 12). On account of losses suffered by the said two companies in the past few years, their entire net worth have been eroded. Considering the strategic and long term nature of the investments and the business plans of the investee companies, according to the Company, the decline in the value of the investments is of temporary in nature. Hence, it is not considered necessary to provide for any losses in the value of the investments.

14. Accounting Standard (AS) 17 - Segment Reporting

As permitted by paragraph 4 of Accounting Standard 17, ''Segment Reporting'' notified by the Companies (Accounting Standards) Rules, 2006, the Company has disclosed segment result on the basis of consolidated financial statements. The same are therefore not disclosed in separate financial statement of the Company.

15. Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

16) Parties where control exist:

Wholly owned subsidiaries of the Company:

17) Aimco Ecoscience Limited;

18) Aimco International FZE, United Arab Emirates.

19) Companies/ Firms in which the directors'' have substantial interest ( i.e. more than 20% in voting power directly or indirectly):

20) Amisco Agrochem Ltd.

21) Aimco Investment Pvt Ltd.

22) Aurangabad Oil Extraction Co Pvt Ltd.

23) All India Medical Corporation

24) NDR & Co.

25) Key Management Personnel :

26) Mrs. Elizabeth Shrivastava (Managing Director)

27) Mr. Pradeep P Dave (Executive Director)

28) Dr. Samir P Dave (Executive Director)

29) Mr. Ashit P Dave (Executive Director)

30. Details of loans given and investment made covered under section 186(4) of the Act: a) Loans and Advances:

Note: Above investment is made for the purpose of the business.

31. The provisions relating to Corporate Social Responsibility are not applicable to the Company as the conditions laid down in section 135 of the Act are not satisfied.

32. Pursuant to an application filed by the Company before the Board for Industrial and Financial Reconstruction (''the Board''), the Board has passed an order directing State Bank of India, the operating agency, to submit the scheme for rehabilitation of the Company. As on date the bank is yet to submit the scheme.

33. The figures of the previous year have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.

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Mar 31, 2015

1 Corporate information

Aimco Pesticides Limited ('the Company') is a public limited company domiciled in India incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing and trading in agrochemical products. Its manufacturing plant is located at Taluka Khed, District Ratnagiri, Maharashtra. The Company caters to both domestic and international markets.

Terms/rights attached to equity shares

(i) The Company has only one class of share referred to as equity shares having a par value of Rs. 10. Each holder of equity share is entitled to one vote per share.

(ii) 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 Annual General Meeting.

(iii) 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 preferential amount. The distribution will be proportionate to the number of equity shares held by the share holders.

(iv) There is no change in issued and paid up share capital during the year.

(v) Details of shareholder holding more than 5% shares:

Particulars For the year For the year ended ended 31 March, 2015 31 March, 2014

2.1 Contingent liabilities and commitments (to the extent not provided for)

a) Contingent liabilities

- Claims against the Company not acknowledged as debt 3,192,649 2,479,239

b) Commitments

- Estimated amount of obligation on account of non 22,256,566 9,972,441 fulfillment of export commiments 25,449,215 12,451,680

2.2 The Company's pending litigations comprise of claims against the Company by the parties and proceedings pending with the Revenue authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for, where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have any materially adverse effect on its financial results. Refer Note 28.1 for details on contingent liabilities.

2.3 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2.4 The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

2.5 Effective April 1, 2014, the Company has revised the estimated useful life of certain items of fixed assets in accordance with the useful life specified in Part C of Schedule II to the Act. As per the said Schedule, where the fixed asset have completed their useful lives, the carrying value (net of residual value) as at April 1, 2014 is to be charged to depreciation. In case of other fixed assets the carrying value (net of residual value) as at April 1, 2014 has been depreciated/amortized over the remaining useful life. As a result of the same, the depreciation/amortization expense over the year ended March 31st 2015, is higher by Rs. 17,50,465/-

Note 3 Disclosures in accordance with Accounting Standards

3.1 Accounting Standard (AS) 15 - Employee Benefits

(A) Defined Contribution Plans:

The Company has recognized the following amounts in the Statement of Profit and Loss:

3.2 Accounting Standard (AS) 17 - Segment Reporting

As permitted by paragraph 4 of Accounting Standard 17, 'Segment Reporting' notified by the Companies (Accounting Standards) Rules, 2006, the Company has disclosed segment result on the basis of consolidated financial statements. The same are therefore not disclosed in separate financial statement of the Company.

3.3 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Parties where control exist:

Wholly owned subsidiaries of the Company:

i) Aimco Ecoscience Limited;

ii) Aimco International FZE, United Arab Emirates.

b) Companies/ Firms in which the directors' have substantial interest (i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) All India Medical Corporation

v) NDR & Co.

c) Key Management Personnel :

i) Mrs. Elizabeth Shrivastava (Managing Director)

ii) Mr. Pradeep P Dave (Executive Director)

iii) Dr. Samir P Dave ( Executive Director)

iv) Mr. Ashit P Dave ( Executive Director)

4 The provisions relating to Corporate Social Responsibility are not applicable to the Company as the conditions laid down in section 135 of the Act are not fulfilled.

5 Pursuant to an application filed by the Company before the Board for Industrial and Financial Reconstruction ('the Board'), the Board has passed an order directing State Bank of India,the operating agency, to submit the scheme for rehabilitation of the Company. As on date the bank is yet to submit the scheme.

6 The figures of the previous year have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.

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Mar 31, 2014

Note 1 Short-term loans and advances

1.1 Contingent liabilities and commitments (to the extent not provided for)

a) Contingent liabilities

- Claims against the Company not 2,479,239 2,705,695 acknowledged as debt

b) Commitments

- Estimated amount of obligation on account of non fulfillment of export commiments under 9,972,441 106,944 various advance licences.

1.2 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

1.3 The Company is in the process of reconciling balances of some parties. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

1.4 (a). The Company has applied for the Central Government approval in respect of the remuneration Rs. 7,43,580/- paid to Mrs. Elizabeth Shrivastava, the director of the company for the period from 29.07.03 to 31.03.05 and commission of Rs. 4,38,356/-for the period from 01.04.05 to 31.12.05. However the approval for the same is not yet received.

Note 2 Disclosures in accordance with Accounting Standards

2.1 Accounting Standard (AS) 15 - Employee Benefits

(A) Defined Contribution Plans:

The Company has recognized the following amounts in the Statement of Profit and Loss:

(B) Defined Benefit Plans:

Gratuity is payable to all members at the rate of 15 days salary for each completed year of service. (i) Changes in the Present Value of Obligation

2.2 Accounting Standard (AS) 19 - Leases

Disclosure in respect of operating lease (as Lessee):

3 Comparatives:

The figures of the previous year are for the period for 6 months from 1st October, 2012 to 31st March, 2013 hence, not comparable with those of the current year. Previous year''s figures have been regrouped / reclassified wherever necessary. Figures in bracket are in respect of the previous year.

3.1 Accounting Standard (AS) 17 - Segment Reporting

As permitted by paragraph 4 of Accounting Standard 17, ''Segment Reporting'' notified by the Companies (Accounting Standards) Rules, 2006, the Company has disclosed segment result on the basis of consolidated financial statements. The same are therefore not disclosed in separate financial statement of the Company.

3.2 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Parties where control exist:

Wholly owned subsidiaries of the Company:

i) Aimco Ecoscience Limited;

ii) Aimco International FZE, United Arab Emirates.

b) Companies/ Firms in which the directors'' have substantial interest (i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) All India Medical Corporation

v) NDR & Co.

c) Key Management Personnel :

i) Mrs. Elizabeth Shrivastava (Managing Director w.e.f. 14.08.2013)

ii) Mr. Pradeep P Dave (Executive Director and Chairman) (Managing Director till 14.08.2013)

iii) Dr. Samir P Dave ( Executive Director)

iv) Mr. Ashit P Dave ( Executive Director)

B Details of Transaction with above Parties

C i) Remuneration (including perquisites) paid to Chairman, Managing Director and Executive Directors is Rs. 56,56,089/- (Previous year Rs. 21,60,000/-) ii) Details of Transactions with related parties having 10% or more of the above.

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Mar 31, 2013

1 Corporate information

Aimco Pesticides Limited (''the Company'') is a public limited company domiciled in India incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing and trading in agrochemical products. Its manufacturing plant is located at Taluka Khed, District Ratnagiri, Maharashtra. The Company caters to both domestic and international markets

Particulars For the 6 Months For the 18 Months ended ended 31 March, 2013 30 Sept., 2012 Rs. Rs.

2.1 Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

- Claims against the Company not acknowledged as debt 2,812,639 12,618,704

2,812,639 12,618,704

2.2 The Current Assets and Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2.3 The Company is in the process of reconciling some balances of trade receivables and trade payables. The Company believes that on completion of the said process, there would be no material adjustments necessary in the accounts.

2.4 (a). The Company has applied for the Central Government approval for the remuneration of Rs. 7,43,580/- paid to Mrs. E.P. Shrivastava, ex-director of the company for the period from 29.07.03 to 31.03.05 and commission of Rs. 4,38,356/-for the period from 01.04.05 to 31.12.05. However the approval for the same is not yet received.

(b). Directors'' remuneration paid as under is also subject to approval of the Central Government under section 309 of the Companies Act,1956

3.1 Accounting Standard (AS) 17 - Segment Reporting

a) Primary segment - Business segment:

The Company has only one business segment namely "Agrochemicals" as primary segment. Since the entire business of the Company is from agrochemicals, there are no other primary reportable segments. Hence, the disclosures as required under Accounting Standard 17 "Segment Reporting" qua the primary segment is not given.

3.2 Accounting Standard (AS) 18 - Related Party Disclosures

A Related Parties and Relationship

a) Companies/ Firms in which the directors'' have substantial interest ( i.e. more than 20% in voting power directly or indirectly) :

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt Ltd.

iii) Aurangabad Oil Extraction Co Pvt Ltd.

iv) Aimco Ecoscience Limited

v) All India Medical Corporation

vi) NDR & Co.

b) Key Management Personnel :

i) Shri Pradeep P Dave (Managing Director and Chairman)

ii) Dr. Samir P Dave (Executive Director)

iii) Shri Ashit P Dave ( Executive Director)

Note 4 Tax Provision

Taxable income is computed based on the total income for the period 1st April, 2012 to 31st March, 2013 and the provision for taxation is made accordingly after adjusting provisions made in the previous year.

Note 5 Comparatives:

5.1 The figures of the previous year are not comparable with those of the current year because the financial statements of the Company for the year 2012-13 are prepared for 6 months from 1st October, 2012 to 31st March, 2013 as against the previous year 2011-12 which are prepared for 18 months from 1st April, 2011 to 30th September, 2012.

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Mar 31, 2010

1. Background:

Aimco Pesticides Limited was incorporated on August 12, 1987. Effective April 1, 1995, pursuant to the Scheme of Amalgamation, the assets and liabilities of Savitri Pesticides & Agrochem Limited and Vayaz Indian Pesticides Private Limited were transferred to and merged into the Company. Savitri Pesticides & Agrochem Limited had earlier taken over the running business of M/s All India Medical Corporation, a partnership firm, with effect from April 1, 1994.

2. Contingent Liabilities:

a) Contingent liabilities not provided for in respect of Counter Guarantees given to Scheduled bank Rs . NIL (Previous year Rs. NIL)

b) Claims against the company not acknowledge as debts Rs.4.60 Lacs (Previous Year Rs.4.60 Lacs)

3. The Current Assets, Loans and Advances and Liabilities are approximately of the value stated, if realized in the ordinary course of business.

4. Balance with Central Excise (Schedule 9, item b) includes Rs 18.20 Lacs (Previous Year Rs. 18.20 Lacs) on account of balance in Modvat Account before amalgamation of the erst while Savitri Pesticides & Agrochemicals Ltd. which was to be transferred to the Company on amalgamation. The matter is still pending with excise department as they have not accepted the claim. The company is contesting the same.

5. The Company has not received any intimation from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures, if any, required under the said Act have not been made.

6. (a) No confirmation has been received for Term Loans, cash credit facility and other facilities obtained from State Bank of India. Provision for interest is however made upto 31st March 2010 on the basis of terms & conditions as available with the Company.

(b) During the year the Company was informed by IDBI Bank Ltd.(the Bank), the lender of the term loan to the Company, that by the Deed of Assignment dated 7th December, 2009 the Bank has assigned its right, title, interest and benefits in the loan advanced to the Company, to an another company incorporated under the Companies Act, 1956 (the Assignee). Accordingly, the Company has transferred balance as at 7th December, 2009 in the account of the Bank and the interest accrued thereon till the said date to the account of the Assignee. Similarly, the charge which was earlier created in favour of the Bank has now been transferred in the name of the Assignee.

7. Unsecured Loans includes Rs. 116,12,598/- (Previous year Rs. 101,23,568/-) received from directors of the Company.

8. (a) Balances in the accounts of sundry debtors/sundry creditors and loans and advances are subject to confirmation and consequent adjustments,if any.on reconciliation.

8 (b) Balances in the Bank accounts of Bank of Baroda Chennai and Bank of Baroda SPAL are subject to confirmation

9 (a). The Company has applied for the Central Government approval for the remuneration paid to Mrs. E.P. Shrivastava Rs.7,43,580/- for the period from 29.07.03 to 31.03.05 and commission of Rs.4,38,356/-for the period from 01.04.2005 to 31.12.05.However approval for thesame is not yet received.

10 Related Party Disclosures

Related Party disclosures as required by AS 18 is as follows: A Related Parties and Relationship

a) Companies/ Firms in which the directors have substaintial interest ( I.e. more than 20% in voting power directly or indirectly).

i) Amisco Agrochem Ltd.

ii) Aimco Investment Pvt. Ltd.

iii) Aurangabad Oil Extraction Co. Pvt. Ltd.

iv) All India Medical Corporation

b) Directors of the Company

i) Shri Pradeep P Dave (Managing Director)

ii) Dr. Samir P Dave (Executive Director)

iii) Shri Ashit P Dave (Executive Director)

v) Shri Ramgopal Kaja ( Independent Director & Chairman)

c) Key Management Personnel

i) Shri Pradeep P Dave (Managing Director)

ii) Dr. Samir P Dave ( Executive Director)

iii) Shri Ashit P Dave ( Executive Director)

11. As the Companys business activity falls within single segment viz. Pesticides,under the Companies (Accounting Standard ) Rules ,2006, the disclosure requirements issued under Accounting Standard 17 " Segment Reporting " not applicable.

12. i) Previous years figures have been regrouped/rearranged wherever necessary

ii) The figures in bracket are In respect of previous year