Notes to Accounts of Apollo Pipes Ltd.

Mar 31, 2025

2.17 Provisions

Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result of
a 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, the amount of a provision shall be the
present value of expense expected to be required to settle
the obligation Provisions are therefore discounted, when
effect is material, The discount rate shall be pre-tax rate that
reflects current market assessment of time value of money
and risk specific to the liability. Unwinding of the discount is
recognized in the Statement of Profit and Loss as a finance
cost. Provisions are reviewed at each balance sheet date and
are adjusted to reflect the current best estimate.

2.18 Contingent Liabilities, Contingent Assets

Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which
will be confirmed only 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 that
arises from past events where it is either not probable that
an outflow of resources will be required to settle or a reliable
estimate of the amount cannot be made. Information
on contingent liability is disclosed in the Notes to the
Financial Statements.

A contingent asset is a possible asset that arises from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity,
Contingent assets are not recognized, but are disclosed
in the notes. However, when the realization of income
is virtually certain, then the related asset is no longer a
contingent asset, but it is recognized as an asset.

Contingent Liabilities, Contingent Assets are reviewed at
each balance sheet date.

2.19 Foreign currency translation

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR),
which is functional and presentation currency.

(ii) Transactions< and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates are generally
recognised In Statement of Profit and Loss.

Foreign exchange differences regarded as an adjustment
to borrowing costs are presented in the Statement of Profit
and Loss, within finance costs. All other foreign exchange
galns and losses are presented In the Statement of Profit
and Loss on a net basls within other gains/(losses).

2.20 Impact of the Initial application of new and amended
Ind ASs that are effective for the previous year

In the previous year, the Company had applied the below
amendments to Ind ASs that are effective for an annual
period that begins on or after April 1,2020.

The Company has adopted the amendments to Ind AS
1 and Ind AS 8 for the first time in the previous year. The
amendments make the definition of material in Ind AS
1 easier to understand and are not intended to alter the
underlying concept of materiality in Ind ASs. The concept
of ''obscuring'' material information with immaterial

information has been included as part of the new definition.

The threshold for materiality influencing users has been
changed from ''could influence'' to ''could reasonably be
expected to influence'' The definition of material in Ind
AS 8 has been replaced by a reference to the definition of
material in Ind AS 1. In addition, the NCA amended other
standards that contain the definition of ''material'' or refer to
the term ''material'' to ensure consistency.

The adoption of the amendments has not had any material
impact on disclosures or on the amounts reported in these
standalone financial statements.

Use of estimates and critical accounting judgement

The preparation of the Company''s financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities at the
date of the financial statements. Estimates and assumptions
are continuously evaluated and are based on management''s
experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances.

Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in
future periods.

In particular, the Company has identified the following areas
where significant judgements, estimates and assumptions
are required. Further information on each of these areas
and how they impact the various accounting policies
are described below and also in the relevant notes to the
financial statements. Changes in estimates are accounted
for prospectively.

a) Judgements

In the process of applying the company''s accounting
policies, management has made the following judgements,
which have the most significant effect on the amounts
recognized in the financial statements:

i) Contingencies:

Contingent liabilities may arise from the ordinary
course of business in relation to claims against the
company, including legal, contractor, land access
and other claims. By their nature, contingencies will
be resolved only when one or more uncertain future
events occur or fail to occur. The assessment of the

existence, and potential quantum , of contingencies
inherently involves the exercise of significant
judgments and the use of estimates regarding the
outcome of future events.

ii) Recognition of Deferred tax Assets

The extent to which deferred tax assets can be
recognized is based on an assessment of the
probability that future taxable income will be available
against which the deductible temporary differences
and tax loss carry-forward can be utilized. In addition,
significant judgement is required in assessing the
impact of any legal or economic limits or uncertainties
in various tax jurisdictions.

b) Estimates and Assumptions

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are described below.

The Company based its assumptions and estimates on
parameters available when the financial statements were
prepared. Existing circumstances and assumptions about
future developments, however, may change due to market
change or circumstances arising beyond the control of the
Company. Such changes are reflected in the assumptions
when they occur.

i) Useful lives of property ,plant & equipment :

The Company reviews its estimate of the useful lives
of property ,plant & equipment at each reporting date,
based on the expected utility of the assets.

ii) Defined benefit obligation :

The cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future.

These include the determination of the discount rate,
future salary increases, mortality rates and future
pension increases. In view of the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at
each reporting date.

iii) Inventories :

The Company estimates the net realizable values of
inventories, taking into account the most reliable
evidence available at each reporting date. The future
realization of these inventories may be affected by
future technology or other market-driven changes
that may reduce future selling prices.

iv) Fair Value measurement of Financial Instruments:

When the fair values of financial assets and financial
liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets,
their fair value is measured using valuation techniques
including the DCF model. The inputs to these models
are taken from observable markets where possible,
but where this is not feasible, a degree of judgment
is required in establishing fair values. Judgements
include considerations of inputs such as liquidity
risk, credit risk and volatility. Changes in assumptions
about these factors could affect the reported fair value
of financial instruments.

Recent Accounting Developments

Ministry of Corporate Affairs (MCA) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. For the year ended 31.03.2025 MCA has not notified
any new standards or amendments to the existing standards
applicable to the company.

Note 32 : Segment Information

The Company is engaged in manufacturing and trading of UPVC,CPVC,HDPE Pipes and Fittings. Information is reported to and
evaluated regularly by the Chief Operational Decision Maker (CODM) i.e. Managing Director for the purpose of resource allocation
and assessing performance focuses on the business as whole . The CODM reviews the Company''s performance focuses on the analysis
of profit before tax at an overall entity level. Accordingly, there is no other separate reportable segment as defined by IND AS 108
"Operating Segments".

(B) Defined Benefit Plans

a. Description of the Employee Benefit Plan

The company has an obligation towards gratuity, unfunded defined benefit retirement plan covering eligible employees. The
plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the
employment of an amount equivalent to 15 days/ one month salary, as applicable, payable for each completed year of service or
part thereof in excess of six months in terms of Gratuity scheme of the company or as per payment of Gratuity Act, whichever is
higher. Vesting occurs upon completion of five years of service

b. Risk exposure
Investment Risk

The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount risk which
is determined by reference to market yields at the end of the reporting period on government bonds. Currently, for the plan in
India, it has relatively balanced mix of investments in Insurance related products.

Interest Rate Risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return
on the plan''s debt .

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 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.

No other post-retirement benefits are provided to the employees.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit
obligation were carried out as at March 31,2025 by an actuary.

c) Entities where Directors/Relatives of Directors have control/significant influence:

APL Apollo Tubes Limited

S Gupta Holding Private Limited (Formerly APL Infrastructure Private Limited)

APL Apollo Buildings Products Private Limited

Kisan Moulding Limited

SG Mart Limited

APL Apollo Mart Limited

A P L Apollo Tubes Company L.L.C.

Blue Ocean Projects Private Limited
SG Sports & Entertainment Private Limited

Transactions with Related Parties

(a) Employee Share Option Plan:

i) The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders
through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares and
The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders
through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity
shares.

ii) During the financial year 2020-21, the Nomination and Remuneration Committee in its meeting held on January 16, 2021
has granted 91,400 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted vest over a period of 4 years from the date of the grant in equal proportion of
25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the
market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options.
The exercise price has been determined at C498 per share."

iii) During the financial year 2022-23, the Nomination and Remuneration Committee in its meeting held on January 24, 2023
has granted 40,200 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

iv) During the financial year 2023-24, the Nomination and Remuneration Committee in its meeting held on March 30, 2024
has granted 61,000 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

v) During the financial year 2024-25, the Nomination and Remuneration Committee in its meeting held on March 29, 2025
has granted 51,900 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

##### During the year ended March 31,2025 ,2 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 2100 shares

#### During the year ended March 31, 2024 ,10 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 11400 shares

### During the year ended March 31, 2023 ,12 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 23100 shares

## During the year ended March 31, 2022 ,15 Employees to whom Grant I option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 59100 shares

#During the year ended March 31, 2021 , 7 Employees to whom Grant I option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 5200 shares"

### During the year ended March 31, 2025 , No Employees to whom Grant II option was granted had resigned from the company.

## During the year ended March 31,2024 ,1 Employees to whom Grant II option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 12000 shares

# During the year ended March 31, 2023 , No Employees to whom Grant II option was granted had resigned from the company.

## During the year ended March 31,2025 ,1 Employees to whom Grant III option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 4000 shares

#During the year ended March 31, 2024 ,No Employees to whom Grant III option was granted had resigned from the company."
#During the year ended March 31, 2025 ,No Employees to whom Grant IV option was granted had resigned from the company.

Level 1: Quoted prices in the active market. This level of hierarchy includes financial assets that are measured by reference to quoted
prices in the active market. This category consists of quoted equity shares and debt based open ended mutual funds.

Level 2: Valuation techniques with observable inputs. This level of hierarchy includes items measured using inputs other than quoted
prices included within Level 1 that are observable for such items, either directly or indirectly. This level of hierarchy consists of debt
based close ended mutual fund investments and over the counter (OTC) derivative contracts.

Level 3: Valuation techniques with unobservable inputs. This level of hierarchy includes items measured using inputs that are not
based on observable market data (unobservable inputs). Fair value determined in whole or in part, using a valuation model based on
assumptions that are neither supported by prices from observable current market transactions in the same instruments nor based on
available market data. The main item in this category are unquoted equity instruments.

The fair value of the financial assets are determined at the amount that would be received to sell an asset in an orderly transaction
between market participants. The following methods and assumptions were used to estimate the fair values:

Investments in debt mutual funds: Fair value is determined by reference to quotes from the financial institutions, i.e.. Net asset value
(NAV) for investments in mutual funds declared by mutual fund house.

Quoted equity investments: Fair value is derived from quoted market prices in active markets.

Unquoted equity investments: Fair value is derived on the basis of income approach, in this approach the discounted cash flow method
is used to capture the present value of the expected future economic benefits to be derived from the ownership of these investments.

I he company''s management monitors and manages the financial risks relating to the operations of the company. I hese risks include
market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The management reviews cash resources, implements strategies for foreign currency exposures and ensuring market risk limit
and policies.

The company enters into Financial Instruments including Derivative Financial Instruments to minimize any adverse effect in its financial
performance due to foreign exchange risk.

(a) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as result of changes in interest rates, foreign
currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements can
not be normally predicted with reasonable accuracy.

(i) Foreign currency risk

The Company''s functional currency in Indian Rupees (INR). The Company undertakes transactions denominated in the foreign
currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company''s revenue
from export markets and the costs of imports, primarily in relation to raw material. The Company is exposed to exchange rate risk
under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result''s in the increase in
the Company''s overall debt positions in Rupee terms without the Company having incurred additional debt and favorable
movements in the exchange rates will conversely result in reduction in the Company''s receivable in foreign currency. In order to
hedge exchange rate risk, the Company has a policy to hedge cash flows up to a specific tenure using forward exchange contracts
and options. In respect of imports and other payables, the Company hedges its payable as when the exposure arises.

(b) 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, and arises principally from the Company''s receivables from customers and loans given. Credit risk
arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts
receivables. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties,
taking into account their financial position, past experience and other factors.

(c) Liquidity Risk

"The Company has a liquidity risk management framework for managing its short term, medium term and long term sources
of funding vis-a-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the
expected net cash flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.

Maturities of financial liabilities

The table below analyses the company''s all non-derivative financial liabilities into relevant maturity based on their contractual
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

(a) Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and
establish a capital structure that would maximize the return to stakeholders through optimum mix of debt and equity.

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings
and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash
generated from its operations supplemented by funding from bank borrowings and the capital markets. The Company is not
subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest
cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital
expansion projects and strategic acquisitions, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing
loans and borrowings less cash and cash equivalents, Bank balances other than cash and cash equivalents.

EBIT - Earnings before interest and taxes

PBIT - Profit before interest and taxes including other income.

EBITDA - Earnings before interest, taxes, depreciation and amortisation.

PAT - Profit after taxes.

Debt includes current and non-current lease liabilities

Net worth includes Shareholder capital and reserve and surplus

Net Sales means revenue from operations

Capital Employed refers to total shareholders'' equity and debt.

Note 44: Additional Regulatory Information

(a) The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in accordance
with the guidelines on wilful defaulters issued by the RBI.

(b) There are no proceedings initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(c) The Company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or
investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting years.

(d) There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(e) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.

(f) All the quartely statements of current assets filed by the Company with banks or financial institutions are in agreement with books
of accounts.

(g) The Company did not enter transactions in Cryptocurrency or Virtual currency during the year ended March 31,2025 (March
31,2024: NIL).

(h) The company does not have any relationship with companies struck off (as defined by Companies Act, 2013) and did not enter
into transactions with any such company for the years ended March 31,2025 and March 31,2024.

(i) The company has used an accounting software i.e. SAP Hana for maitianing its books of accounts for the financial year ended
March 31,2025 which has a feature of recording of Audit Trail(edit log) facility and the same has operated throughout the year for
all relevent transactions recorded in the software and the management did not come across any instance of the audit trail feature
being tempered with.

Note 45: Previous year figures have been recasted, re-grouped and reclassified, wherever necessary to confirm to the current year
classification.

For VAPS & Co. For and On Behalf of the Board of Directors of

^Firm Reg. ^No. 003^612N APOLLO PIPES LIMITED

Chartered Accountants

Sd/- Sd/-

Sd/- Sameer Gupta Arun Agarwal

Praveen Kumar Jain Chairman & Managing Director Joint Managing Director

Partner DIN-00005209 DIN-10067312

Membership No. 082515

UDIN: 25082515BMLILB1942 Sd/- Sd/-

Place : Noida Ajay Kumar Jain Gourab Kumar Nayak

Date : May 10, 2025 Chief Financial Officer Company Secretary

ICSI Membership No: A44847

---

Mar 31, 2024

2.17 Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a 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, the amount of a provision shall be the present value of expense expected to be required to settle the obligation Provisions are therefore discounted, when effect is material, The discount rate shall be pre-tax rate that reflects current market assessment of time value of money and risk specific to the liability. Unwinding of the discount is recognized in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

2.18 Contingent Liabilities, Contingent Assets

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to the Financial Statements.

A contingent asset is a possible asset that arises from past

events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity, Contingent assets are not recognized, but are disclosed in the notes. However, when the realization of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognized as an asset.

Contingent Liabilities, Contingent Assets are reviewed at each balance sheet date.

2.19 Foreign currency translation

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised In Statement of Profit and Loss.

Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Statement of Profit and Loss, within finance costs. All other foreign exchange galns and losses are presented In the Statement of Profit and Loss on a net basls within other gains/(losses).

2.20 Impact of the Initial application of new and amended Ind ASs that are effective for the previous year

In the previous year, the Company had applied the below amendments to Ind ASs that are effective for an annual period that begins on or after April 1,2020.

The Company has adopted the amendments to Ind AS 1 and Ind AS 8 for the first time in the previous year. The amendments make the definition of material in Ind AS 1 easier to understand and are not intended to alter the underlying concept of materiality in Ind ASs. The concept of ''obscuring'' material information with immaterial information has been included as part of the new definition. The threshold for materiality influencing users has been changed from ''could influence'' to ''could reasonably be expected to influence. The definition of material in Ind AS 8 has been replaced by a reference to the definition of material in Ind AS 1. In addition, the NCA amended other

standards that contain the definition of ''material'' or refer to the term ''material'' to ensure consistency.

The adoption of the amendments has not had any material impact on disclosures or on the amounts reported in these standalone financial statements.

3. Use of estimates and critical accounting judgement

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and assumptions are continuously evaluated and are based on management''s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

In particular, the Company has identified the following areas where significant judgements, estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described below and also in the relevant notes to the financial statements. Changes in estimates are accounted for prospectively.

a) Judgements

In the process of applying the company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

i) Contingencies:

Contingent liabilities may arise from the ordinary course of business in relation to claims against the company, including legal, contractor, land access and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum , of contingencies inherently involves the exercise of significant judgments and the use of estimates regarding the outcome of future events.

ii) Recognition of Deferred tax Assets

The extent to which deferred tax assets can be recognized is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carryforward can be utilized. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions.

b) Estimates and Assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

i) Useful lives of property ,plant & equipment :

The Company reviews its estimate of the useful lives of property ,plant & equipment at each reporting date, based on the expected utility of the assets.

ii) Defined benefit obligation :

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.

These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. In view of the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

iii) Inventories :

The Company estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.

iv) Fair Value measurement of Financial Instruments:

When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

4. Recent Accounting Developments

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31.03.2024 MCA has not notified any new standards or amendments to the existing standards applicable to the company.

Note 32 : Segment Information

The Company is engaged in manufacturing and trading of UPVC,CPVC,HDPE Pipes and Fittings. Information is reported to and evaluated regularly by the Chief Operational Decision Maker (CODM) i.e. Managing Director for the purpose of resource allocation and assessing performance focuses on the business as whole . The CODM reviews the Company''s performance focuses on the analysis of profit before tax at an overall entity level. Accordingly, there is no other separate reportable segment as defined by IND AS 108 "Operating Segments".

Note 33 : Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which were specified in schedule VII of the Companies Act,2013:

(B) Defined Benefit Plans

a. Description of the Employee Benefit Plan

The company has an obligation towards gratuity, unfunded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment of an amount equivalent to 15 days/ one month salary, as applicable, payable for each completed year of service or part thereof in excess of six months in terms of Gratuity scheme of the company or as per payment of Gratuity Act, whichever is higher. Vesting occurs upon completion of five years of service

b. Risk exposure Investment Risk

The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount risk which is determined by reference to market yields at the end of the reporting period on government bonds. Currently, for the plan in India, it has relatively balanced mix of investments in Insurance related products.

Interest Rate Risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan''s debt .

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 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.

No other post-retirement benefits are provided to the employees.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31,2024 by an actuary.

Note 38: Share Based Payments

(a) Employee Share Option Plan:

i) The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares and The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares.

ii) During the financial year 2020-21, the Nomination and Remuneration Committee in its meeting held on January 16, 2021 has granted 91,400 options respectively under the ESOS to eligible employees of the Company. Each option comprises one underlying equity share. The options granted vest over a period of 4 years from the date of the grant in equal proportion of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options. The exercise price has been determined at B498 per share.

iii) During the financial year 2022-23, the Nomination and Remuneration Committee in its meeting held on January 24, 2023 has granted 40,200 options respectively under the ESOS to eligible employees of the Company. Each option comprises one underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options.The exercise price has been determined at B166 per share.

iv) During the financial year 2023-24, the Nomination and Remuneration Committee in its meeting held on March 30, 2024 has granted 61,000 options respectively under the ESOS to eligible employees of the Company. Each option comprises one underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options.The exercise price has been determined at B166 per share.

Level 3: Valuation techniques with unobservable inputs. This level of hierarchy includes items measured using inputs that are not based on observable market data (unobservable inputs). Fair value determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instruments nor based on available market data. The main item in this category are unquoted equity instruments.

The fair value of the financial assets are determined at the amount that would be received to sell an asset in an orderly transaction between market participants. The following methods and assumptions were used to estimate the fair values:

Investments in debt mutual funds: Fair value is determined by reference to quotes from the financial institutions, i.e.. Net asset value (NAV) for investments in mutual funds declared by mutual fund house.

Quoted equity investments: Fair value is derived from quoted market prices in active markets.

Unquoted equity investments: Fair value is derived on the basis of income approach, in this approach the discounted cash flow method is used to capture the present value of the expected future economic benefits to be derived from the ownership of these investments.

Note 40: Financial Risk Management

The Company''s management monitors and manages the financial risks relating to the operations of the Company. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The management reviews cash resources, implements strategies for foreign currency exposures and ensuring market risk limit and policies.

The company enters into Financial Instruments including Derivative Financial Instruments to minimize any adverse effect in its financial performance due to foreign exchange risk.

(a) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as result of changes in interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements can not be normally predicted with reasonable accuracy.

(i) Foreign currency risk

The Company''s functional currency in Indian B(INR). The Company undertakes transactions denominated in the foreign currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company''s revenue from export markets and the costs of imports, primarily in relation to raw material. The Company is exposed to exchange rate risk under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result''s in the increase in the Company''s overall debt positions in Rupee terms without the Company having incurred additional debt and favorable movements in the exchange rates will conversely result in reduction in the Company''s receivable in foreign currency. In order to hedge exchange rate risk, the Company has a policy to hedge cash flows up to a specific tenure using forward exchange contracts and options. In respect of imports and other payables, the Company hedges its payable as when the exposure arises.

(3) Sensitivity Analysis

The Company uses the sensitivity rate of 5% when reporting foreign currency risk internally to key management personnel and represents management''s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. In the opinion of the management, the sensitivity of increase or decrease of B against the relevant foreign currencies is not material to the financial statement.

(ii) 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 market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are principally denominated in B.

(b) 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, and arises principally from the Company''s receivables from customers and loans given. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivables. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

(c) Liquidity Risk

The Company has a liquidity risk management framework for managing its short term, medium term and long term sources of funding vis-a-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the expected net cash flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.

Maturities of financial liabilities

The table below analyses the company''s all non-derivative financial liabilities into relevant maturity based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

Note 42: Capital management (a) Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and establish a capital structure that would maximize the return to stakeholders through optimum mix of debt and equity.

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented by funding from bank borrowings and the capital markets. The Company is not subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital expansion projects and strategic acquisitions, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, Bank balances other than cash and cash equivalents.

Note 44: Additional Regulatory Information

(a) The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

(b) There are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(c) The Company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting years.

(d) There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(e) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(f) All the quartely statements of current assets filed by the Company with banks or financial institutions are in agreement with books of accounts.

(g) The Company did not enter transactions in Cryptocurrency or Virtual currency during the year ended March 31,2024 (March 31,2023: NIL).

(h) The company does not have any relationship with companies struck off (as defined by Companies Act, 2013) and did not enter into transactions with any such company for the years ended March 31,2024 and March 31,2023.

Note 45: Previous year figures have been recasted, re-grouped and reclassified, wherever necessary to confirm to the current year classification.

For VAPS & Co. For and On Behalf of the Board of Directors of

^{Firm Reg}. I\l°. ^003612N APOLLO PIPES LIMITED

Chartered Accountants

Sd/- Sd/-

Sd/- Sameer Gupta Arun Agarwal

Praveen Kumar Jain Chairman & Managing Director Joint Managing Director

Partner DIN-00005209 DIN-10067312

Membership No. 082515

UDIN: 23082515AINGUX2780 Sd/- Sd/-

Place : Noida Ajay Kumar Jain Ankit Sharma

Date : May 20, 2024 Chief Financial Officer Company Secretary

PAN: AAGPJ3005L PAN:FFSPS6472E

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Mar 31, 2023

(i) ROU assets are amortised from the commencement date on a straight-line basis over the lease term. The lease term is 76-90 years for land . The aggregate depreciation expense on ROU assets is included under depreciation and amortisation expense in the standalone statement of Profit and Loss.

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was Rupees 22.69 lacs for the year ended March 31, 2023 (March 31, 2022: Rupees 58.55 lacs)

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material effect on its financial statements.

(i) Cost of stores & spares recognised as expense during the year amounted to C 1898.92 Lakh (March 31,2022 : C 1459.33 Lakh).

(ii) The mode of valuation of inventory has been stated in note 2.5 of significant accounting policies.

(iii) Inventory have been pledged as security towards companies borrowings from banks.

b) Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. In the event of liquidation, th equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Term Loan facilities are secured by exclusive charge on on immovable property situated at Noida, Corporate office- A-140, Sector 136, Noida, Uttar Pradesh.Term Loan facilities of Apollo Pipes Limited from banks are further secured by first pari passu charge on present and future movable fixed assets of the company.Credit facilities are further secured by personal guarantee of Mr. Sameer Gupta and Mr. Sanjay Gupta.

Note 32: Segment Information

The Company is engaged in manufacturing and trading of UPVC,CPVC,HDPE Pipes and Fittings. Information is reported to and evaluated regularly by the Chief Operational Decision Maker (CODM) i.e. Managing Director for the purpose of resource allocation and assessing performance focuses on the business as whole . The CODM reviews the Company''s performance focuses on the analysis of profit before tax at an overall entity level. Accordingly, there is no other separate reportable segment as defined by IND AS 108 "Operating Segments".

Note 33: Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which were specified in schedule VII of the Companies Act,2013:

The Company has reviewed all its pending litigations and proceedings and no Provision has been considered necessary since the Company does not expect the outcome of these proceedings to have a material effect on its financial statements.

Note 35 : Employee benefit obligations (A) Defined Contribution Plans

The Company has a defined contribution plan in respect of provident fund. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the group is limited to the amount contributed and it has no further contractual nor any constructive obligation.

(B) Defined Benefit Plans

a. Description of the Employee Benefit Plan

The company has an obligation towards gratuity, unfunded defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment of an amount equivalent to 15 days/ one month salary, as applicable, payable for each completed year of service or part thereof in excess of six months in terms of Gratuity scheme of the company or as per payment of Gratuity Act, whichever is higher. Vesting occurs upon completion of five years of service

b. Risk exposure Investment Risk

The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount risk which is determined by reference to market yields at the end of the reporting period on government bonds. Currently, for the plan in India, it has relatively balanced mix of investments in Insurance related products.

Interest Rate Risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan''s debt .

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 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.

No other post-retirement benefits are provided to the employees.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31,2023 by an actuary.

Note 36 : Capital & other commitments

Capital Commitments: Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance C120.07 Lakhs (31 March, 2022: C Nil Lakhs)

Note 38: Share Based Payments

(a) Employee Share Option Plan:

i) The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares and The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares.

ii) During the financial year 2020-21, the Nomination and Remuneration Committee in its meeting held on January 16, 2021 has granted 91,400 options respectively under the ESOS to eligible employees of the Company. Each option comprises one underlying equity share. The options granted vest over a period of 4 years from the date of the grant in equal proportion of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the

market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options. The exercise price has been determined at Rupees 498 per share.

iii) During the financial year 2022-23, the Nomination and Remuneration Committee in its meeting held on January 24, 2023 has granted 40,200 options respectively under the ESOS to eligible employees of the Company. Each option comprises one underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options. The exercise price has been determined at C166 per share.

'''''' During the year ended March 31,2023 ,12 Employees to whom Grant I option was granted had resigned from the company so their options lapsed during the year. No. of share lapsed during the year is 23100 shares

'''' During the year ended March 31,2022 ,15 Employees to whom Grant I option was granted had resigned from the company so their options lapsed during the year. No. of share lapsed during the year is 59100 shares

''During the year ended March 31,2021 , 7 Employees to whom Grant I option was granted had resigned from the company so their options lapsed during the year. No. of share lapsed during the year is 5200 shares"

'''''''' During the year ended March 31,2023 , No Employees to whom Grant II option was granted had resigned from the company.

(e) Share option exercised during the year

39000 share options were exercised during the year.

(f) Expense arising from share-based payment transactions

Total expenses arising from share-based payment transactions, i.e., employee share option plan during the year recognized in profit or loss as part of employee benefit expense is Rupees 8.05 Lacs ( Previous Year : Rupees 148.61 Lacs).

Level 1: Quoted prices in the active market. This level of hierarchy includes financial assets that are measured by reference to quoted prices in the active market. This category consists of quoted equity shares and debt based open ended mutual funds.

Level 2: Valuation techniques with observable inputs. This level of hierarchy includes items measured using inputs other than quoted prices included within Level 1 that are observable for such items, either directly or indirectly. This level of hierarchy consists of debt based close ended mutual fund investments and over the counter (OTC) derivative contracts.

Level 3: Valuation techniques with unobservable inputs. This level of hierarchy includes items measured using inputs that are not based on observable market data (unobservable inputs). Fair value determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instruments nor based on available market data. The main item in this category are unquoted equity instruments.

The fair value of the financial assets are determined at the amount that would be received to sell an asset in an orderly transaction between market participants. The following methods and assumptions were used to estimate the fair values:

Investments in debt mutual funds: Fair value is determined by reference to quotes from the financial institutions, i.e.. Net asset value (NAV) for investments in mutual funds declared by mutual fund house.

Quoted equity investments: Fair value is derived from quoted market prices in active markets.

Unquoted equity investments: Fair value is derived on the basis of income approach, in this approach the discounted cash flow method is used to capture the present value of the expected future economic benefits to be derived from the ownership of these investments.

The Company''s management monitors and manages the financial risks relating to the operations of the Company. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The management reviews cash resources, implements strategies for foreign currency exposures and ensuring market risk limit and policies.

The company enters into Financial Instruments including Derivative Financial Instruments to minimize any adverse effect in its financial performance due to foreign exchange risk.

(a) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as result of changes in interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements can not be normally predicted with reasonable accuracy.

(i) Foreign currency risk

The Company''s functional currency in Indian Rupees (C). The Company undertakes transactions denominated in the foreign currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company''s revenue from export markets and the costs of imports, primarily in relation to raw material. The Company is exposed to exchange rate risk under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result''s in the increase in the Company''s overall debt positions in Rupee terms without the Company having incurred additional debt and favorable movements in the exchange rates will conversely result in reduction in the Company''s receivable in foreign currency. In order to hedge exchange rate risk, the Company has a policy to hedge cash flows up to a specific tenure using forward exchange contracts and options. In respect of imports and other payables, the Company hedges its payable as when the exposure arises.

(3) Sensitivity Analysis

The Company uses the sensitivity rate of 5% when reporting foreign currency risk internally to key management personnel and represents management''s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. In the opinion of the management, the sensitivity of increase or decrease of C against the relevant foreign currencies is not material to the financial statement.

(ii) 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 market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are principally denominated in C.

(b) 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, and arises principally from the Company''s receivables from customers and loans given. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivables. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

(c) Liquidity Risk

The Company has a liquidity risk management framework for managing its short term, medium term and long term sources of funding vis-a-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the expected net cash flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.

(a) Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and establish a capital structure that would maximize the return to stakeholders through optimum mix of debt and equity.

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented by funding from bank borrowings and the capital markets. The Company is not subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital expansion projects and strategic acquisitions, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, Bank balances other than cash and cash equivalents.

The Board of Directors in their meeting on May 8,2023 recommended a final dividend of C0.60 /-per equity share for the financial year ended March 31,2023.This payment is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM) of the Company and if approved would result in a net cash outflow of approximately C 235.97 Lakhs.

(a) The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

(b) There are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(c) The Company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting years.

(d) There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(e) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(f) All the quartely statements of current assets filed by the Company with banks or financial institutions are in agreement with books of accounts.

(g) The Company did not enter transactions in Cryptocurrency or Virtual currency during the year ended March 31,2023 (March 31,2022: NIL).

(h) The company does not have any relationship with companies struck off (as defined by Companies Act, 2013) and did not enter into transactions with any such company for the years ended March 31,2023 and March 31,2022.

Note 45: Previous year figures have been recasted, re-grouped and reclassified, wherever necessary to confirm to the current year

classification.

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Mar 31, 2018

1. General Information

Apollo Pipes Limited (formerly known as Amulya Leasing and Finance Limited) incorporated on December 9, 1985 is engaged in the manufacturing and trading of PVC Pipes and Fittings. The Company is a public company listed on Bombay Stock Exchange (BSE).The registered office of the Company is in New Delhi.

2. Summary of Significant Accounting Policies

2.1 Basis of Preparation

“The Financial statements (FS) of the company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the Financial statements. For all periods up to and including the year ended 31st March 2017, the Company prepared its financial statements in accordance with Indian GAAP, including accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014. These financial statements for the year ended 31st March 2018 are the first the Company has prepared in accordance with Ind-AS. The Company has consistently applied the accounting policies used in the preparation of its opening IND-AS Balance Sheet at April 1, 2016 throughout all periods presented, as if these policies had always been in effect and are covered by IND AS 101 ‘‘First-time adoption of Indian Accounting Standards’’. The transition was carried out from accounting principles generally accepted in India (‘‘Indian GAAP’’) which is considered as the previous GAAP, as defined in IND AS 101. The reconciliation of effects of the transition from Indian GAAP on the equity as at April 1, 2016 and March 31, 2017 and on the net profit and cash flows for the year ended March 31, 2017 is disclosed in Note No 39 to these financial statements.

2.2 Use of Estimates

The preparation of Financial Statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities as at the date of the Financial Statements and the reported amount of revenues and expenses during the reporting period/year

The difference between the actual results and estimates are recognised in the year in which the results are known/ materialise.

All Assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalent, the Company has ascertained its operating cycle as 12 months for the purpose of current/non-current classification of assets and liabilities

2.3) Critical accounting estimates, assumptions and judgements

In the process of applying the Company’s accounting policies, management has made the following estimates, assumptions and judgements, which have significant effect on the amounts recognised in the financial statement:

(i) Property, plant and equipment

On transition to Ind AS, the Company has adopted optional exemption under IND AS 101 for fair valuation of property plant and equipment. The Company appointed external adviser to assess the fair value, remaining useful lives and residual value of property, plant and equipment. Management believes that the assigned fair value, useful lives and residual value are reasonable.

(ii) Income taxes

Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial statements.

(iii) Contingencies

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/ litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

(iv) Allowance for uncollectable accounts receivable and advances

Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not to be collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the expected life of the financial assets.

Description of Loan

Secured-

(i) Rs. 1234.60 lakh ( As at March 31,2017 Rs. 1338.05 lakh, As at April 01,2016 Rs. 448.31 lakh) secured by from ICICI Bank Ltd, is secured against mortgage of residential property (under construction) from Jaypee Greens, Greater Noida, (U.P.) & from HDFC Bank Ltd., secured against the hypothecation of Exclusive charge on the industrial land and building at Dadri Location Plot (Khasra) No.2928 (JHA) & 2938, Village Dhoom Manikpur, Dadri, Distt. Gautam Budh Nagar, U.P. & personal guarantee of Promoter Directors.

(ii) Rs. 8000.38 lakh ( As at March 31,2017 Rs. 4.11 lakh, As at April 01,2016 Rs. 1296.32 lakh) secured by Housing Development Finance Corporation Limited against Fixed Deposit & other by HDFC Bank Limited and Kotak Mahindra Prime Ltd secured against the hypothecation of Plant & Equipment and Vehicles.

Note: The Working Capital facilities from banks are secured by first pari passu charge on all current assets, movable fixed assets, present and future, of the company. These credit facilities are further collaterly secured by Land & Building situated at Plot (Khasra) No. 2928 (JHA) & 2938, Dhoom Manikpur Dadri and personal guarantee of Promoters Directors.

The company does not have any potential equity shares and thus,weighted average number of shares for computation of basic EPS and diluted EPS remains same.

Note 3: Disclosure in respect of operating leases as per IND AS 17’ Leases’ (A) Operating Leases

(i) The company has entered into long term agreement lease agreement for land. The company does not have an option to purchase the leased land at the expiry of the lease period. The unamortised operating lease prepayments as at March 31, 2018 aggregating Rs. 46.6 Lakh (as at March 31, 2017: Rs. 46.80 Lakh , as at April 1, 2016 : Rs. 47.53 Lakh) is included in other non current / current assets.

(ii) The Company has entered into lease arrangements for lease of offices generally for a period of 11 months with renewal option on mutual consent,and which can be terminated after lock in period by serving notice period as per the terms of the agreements. ( Amount in ‘ Lakh unless otherwise stated)

(B) Finance Leases

The Company has taken certain vehicles and equipments under finance lease. There is an option to purchase the assets at the end of the lease terms. The obligation under finance leases are secured by the leased assets. There are no restrictions such as additional debt and further leasing imposed by the lease agreement.

Interest rates underlying all obligations under finance leases are fixed at respective contract dates ranging from 8.6% to 9.2%

For net carrying amount of assets acquired under finance lease as at March 31,2018: Refer Note 3:Property Plant and Equipment.

Note 4: Payable to MSMED

Based on the details regarding the status of the supplier obtained by the company ,there is no supplier covered under the Micro,Small and Medium Enterprises Development Act, 2006 (the Act).This has been relied upon by the auditors.

Note 5: Segment Information

The Company is engaged in manufacturing and trading of UPVC,CPVC,HDPE Pipes and Fittings. Information is reported to and evaluated regularly by the Coperational Decision Maker (CODM) i.e. Managing Director for the purpose of resouce allocation and assessing performance focuses on the business as whole . The CODM reviews the Company’s performance focuses on the analysis of profit before tax at an overall entity level. Accordingly there is no other seperate reportable segment as defined by Ind As 108 “Operating Segments”.

Note 6: Corporate Social Responsibility

The Corporate Social Responsilbility (CSR) obligation for the year as computed by the Company and relied upon by the auditors is Rs. 37.48 lakh (for the year ended March 31,2017: 19.11 lakh.) CSR amount spent during the year is Rs. 31.00 lakh ( For the year ended March 31,2017: ‘ Nil)

Note 7 Employee Benefits Plan

a. General description of the employee Benefit Plan

The company has an obligation towards gratuity unfunded defined benefit retirement plan covering eligible employees.The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the employment of an amount equivalent to 15 days/ one month salaryas applicable, payable for each completed year of service or part thereof in excess of six months in terms of Gratuity scheme of the company or as per payment of Gratuity Act, whichever is higher. Vesting occurs upon completion of five years of service

b. Plan typically exposes the company to acturial risks such as : investment risks, interest rate risk, longevity risk and salary risk. Investment Risk

The present value of the defined benfit plan liability (denominated in Indian Rupee) is calculated using a discount risk which is determined by reference to market yields at the end of the reportng period on government bonds. Currently, for the plan in India, it has relatively balanced mix of investments in Insurnace related products.

Interest Rate Risk

A decrease in the bond interest rate will increase the plan liability;however, this will be partially offset by an increase in the return on the plan’s debt .

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 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.

No other post-retirement benefits are provided to the employees.

In respect of the plan in India, the most recent acturial valuation of the plan assets and the present value of the defined benefit of the defined benefit obligation were carried out as at March 31,2018 by an actuary. The present value of the defined benefit obligation were carried out as at March 31,2018 by an actuary. The present value of the defined benefit obligation, and the related current service cost and the past service cost, were measured using the projected unit credit method.

Note 8: Contingent Liabilities

A. Letters of Credit

Outstanding Letters of Credit provided by banks on behalf of the company is Rs. 4,223.50 Lakh ( March 31,2017: Rs. 3084.99 Lakh and April 1,2016: Rs. 1,728.06 Lakh)

B. Claims against the Company, not acknowledged as debts:

Future cash outflows in respect of the above matters are determinable only on receipt of judgements/ decisions pending at various stages/ forums.

Note 9 : Other Matters

(i) Pursuant to the notification issued by UP Shashan Urja Anubhag 3 vide no/ 1765/24-3-2009 dated 21 -Jan-2010 where the electricity department had exempted the payment of electricity duty, the company has applied for a refund of the same amounting to Rs. 246.92 Lakh on 24-February-2018.

(ii) During the year 2017-18 , fire broke out in Dadri (UP) Plant on 27-Nov-2017 resulting in damage of assets amounting Rs. 394.48 lakh .The company has submitted the necessary documents to Surveyor in support of the claim & provisional claim is filed with insurance company.

Level 1 : Quoted prices in the active market. This level of hierarchy includes financial assets that are measured by reference to quoted prices in the active market. This category consists of quoted equity shares and debt based open ended mutual funds.

Level 2 : Valuation techniques with observable inputs. This level of hierarchy includes items measured using inputs other than quoted prices included within Level 1 that are observable for such items, either directly or indirectly. This level of hierarchy consists of debt based close ended mutual fund investments and over the counter (OTC) derivative contracts.

Level 3 : Valuation techniques with unobservable inputs. This level of hierarchy includes items measured using inputs that are not based on observable market data (unobservable inputs). Fair value determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instruments nor based on available market data. The main item in this category are unquoted equity instruments.

The fair value of the financial assets are determined at the amount that would be received to sell an asset in an orderly transaction between market participants. The following methods and assumptions were used to estimate the fair values.

Investments in debt mutual funds: Fair value is determined by reference to quotes from the financial institutions, ie. Net asset value (NAV) for investments in mutual funds declared by mutual fund house.

Quoted equity investments: Fair value is derived from quoted market prices in active markets.

( Amount in Rs. Lakh unless otherwise stated)

Unquoted equity investments: Fair value is derived on the basis of income approach, in this approach the discounted cash flow method is used to capture the present value of the expected future economic benefits to be derived from the ownership of these investments.

Note 10 : Capital and Risk Management

10.1) Credit Risk Management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial losses to the company. The company is exposed to credit risk from its operating activities ( primarily trade receivables) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments. The company evaluates the credit worthiness of the customers based on publicly available information and the company’s historical experiences. The company’s exposure to its counterparties are continuously reviewed and monitored by the Chief Operating Decision Maker(CODM).

Credit period varies as per the contractual terms with the customers . No interest is generally charged on overdue receivables.

The company directly reduces the gross carrying amount of a financial asset when the company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

10.2) Interest Rate Risk Management

The Company is exposed to interest rate risk because the Company borrows funds at both fixed and floating interest rates.

10.3) Liquidity Risk Management

Ultimately responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company’s short term, medium term and long term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves,banking facilities and reserve borrowing facilities, by continuously monitoring forecast and cash flows , and by matching the maturity profiles of the financial assets and liabilities.

Note 11 : First time adoption of Ind AS

These are the company’s first financial statements prerpared in accordance with Ind AS.

The Accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended March 31,2018, the comparative information presented in these financial statements for the year ended March 31,2017 and in the preparation of an opening Ind AS balance sheet at April 1,2016 (the Company’s date of transition) .In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules,2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the the transition from previous GAAP to Ind AS has affected the group’s financial position financial performance and cash flows is set out in the following tables and notes.

A) Exceptions applied

Ind AS 101 allows first time adopters certain exceptions from the respective application of certain requirements under Ind AS. The mandatory exceptions include the following:

I. Derecognition of financial assets and financial 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 derecognition 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 elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind As.

II. Classification and measurement of Financial assets

IND AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS

Estimates made in accordance with previous GAAP at the date of transition to Ind AS should be considered unless there is objective evidence that those estimates were in error I nd AS estimates as at April 01,2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for Investment in equity instruments carried at FVOCI in accordance with Ind AS as at the date of transition as these were not required under previous GAAP.

Consequentlythe company has applied the above requirement prospectively.

B) The Company has applied the following optional exemptions:

I. Deemed Cost

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all its propertyplant 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 after making necessary adjustments for de-commisioning liabilities.This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.

Accordingly ,the company has elected to measure all of its property, plany and equipment, intangible assets and investment property at their previous GAAP carrying value.

II. Leases

Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS

17,this assessment should be carried out at the inception of the contract or arrangement. ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS,except where the effect is expected to be not material.

III. Designation of previously recognised financial instruments

I nd AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS.

The company has elected to apply this exemption for its investment in equity instruments.

C) Reconciliations from previous GAAP

The following reconciliations provide a quanitification of the effect of differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101 whereas the notes explain the significant differences thereto.

(i) Balance sheet reconciliations as of April 1 , 2016

(ii) Balance sheet reconciliations as of March 31,2017.

(iii) Reconciliations of statement of profit and loss for the year ended March 31,2017

(iv) Reconciliations of Profit and Other Equity between IND AS and Previos GAAP

(v) Explanation of material adjustments to statement of cash flows

(v) Explanation of material adjustments to Statement of Cash Flows

There were no material differences between the statements of cash flows presented under Ind AS and the previous GAAP. These are the notes to accounts to the financial statements.

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Mar 31, 2016

NOTE 1

A) Contingent Liabilities:

a) Claims against the company not acknowledged as debts- Nil; Previous Year- Nil

b) Guarantees to Banks and Financial institutions against credit facilities extended to third parties- Nil; Previous Year-Nil

c) Other money for which the company is contingently liable- Nil; Previous Year- Nil

B) Commitments:

i) Uncalled liability on partly paid up shares- Nil; Previous Year- Nil

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL; Previous Year- Nil

iii) Other Commitments- Nil; Previous Year- Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. Related Party Disclosure: As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company’s related parties and transactions are disclosed below:

A. Name of related parties and description of relationship:

5) Associates :

APL INFRASTRUCTURE PVT. LTD.

6) Key Management Personnel :

Mr. Sameer Gupta - Director Mrs. Meenakshi Gupta- Director

7) Relatives of Key Management Personnel

Mrs. Saroj Rani Gupta- Mother of Sh. Sameer Gupta

8) Subsidiary Company :

Apollo Pipes Ltd

B. Transaction during the year and balances outstanding at the yearend in respect of transactions entered into during the year with the related parties.

9. As per information available with the company, no amount is due to any undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

10. Since the Company is dealing in one segment, No separate Segment reporting is given.

11. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

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Mar 31, 2015

1. A) Contingent Liabilities:

a) Claims against the company not acknowledged as debts Nil Previous Year Nil

b) Guarantees to Banks and Financial institutions against credit facilities extended to third parties Nil Previous Year Nil

c) Other money for which the company is contingently liable Nil Previous Year Nil

B) Commitments :

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL. Previous Year (Nil)

iii) Other Commitments Nil Previous Year Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. During the financial year 2014-15 the company has made an investment of Rs 99052013/- in Apollo Pipes Ltd for acquiring 1165000 equity shares of Rs 10/- each (fully paid up) i.e 50.96% of equity share capital and as a result Apollo Pipes Ltd becomes a subsidiary of the company w.e.f 14th November, 2014.

5. CIF value of Imports - NIL Previous Year (NIL)

6. Earning & Expenditure in Foreign Currency: NIL Previous Year (NIL) 2014-15 2013-14

7. Payments to Auditor's : Rs 28090/- Rs. 28090/-

8. Director's remuneration: NIL Rs. NIL

9. AS per Accounting Standard (AS-20) on Earning per share (EPS) issued by the ICAI, the particulars of EPS for the equity shareholders are as below:

S. Particulars Current year 2015 Previous Year 2014 No.

1 Net Profit (loss) as 2129795.62 3640161.25 per P/L A/c

2 Average No. of 5001700 5001700 equity shares used as denominator for calculating EPS

3 EPS (Basic & Diluted) 0.43 0.73 (Rs.)

4 Face value of each 10 10 equity share (Rs.)

10. Related Party Disclosure: As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company's related parties and transactions are disclosed below:

A. Name of related parties and description of relationship:

1) Managerial Personnel

Mr. Sameer Gupta

Mrs. Meenakshi Gupta

Mr. Vikas Goel

2) Other related parties where the directors/ relatives have significant influence

APL INFRASTRUCTURE PVT. LTD.

3) Subsidiary Company

Apollo Pipes Ltd

B. Transaction during the year and balances outstanding at the year end in respect of transactions entered into during the year with the related parties.

Nature of Transaction Transaction Value Outstanding amount carried in Balance Sheet

Loan taken 23800000.00 Nil APL INFRASTRUCTURE PVT. (NIL) (NIL) LTD.

Loan Taken 2739242.00 2739242.00 SAMEER GUPTA (NIL)

Loan given NIL NIL APL INFRASTRUCTURE PVT. (3000000.00) (52512445.00) LTD.

Interest received 1578215.00 Nil APL INFRASTRUCTURE PVT. (3799137) (52512445.00) LTD

Purchase of Shares (Apollo 65757000.00 Nil Pipes Ltd) (NIL) (NIL) APL INFRASTRUCTURE PVT. LTD

( ) indicates figures of previous year

11. As per information available with the company, no amount is due to any undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

12. Since the Company is dealing in one segment, No separate Segment reporting is given.

13. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

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Mar 31, 2014

NOTE: 1

1. A) Contingent Liabilities:

a) Claims against the company not acknowledged as debts Nil Previous Year Nil

b) Guarantees to Banks and Financial institutions against credit facilities extended to third parties Nil Previous Year Nil

c) Other money for which the company is contingently liable Nil Previous Year Nil

B) Commitments :

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL.

Previous Year (Nil) iii) Other Commitments Nil Previous Year Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. None of the employees was in receipt of annual remuneration as prescribed under the provision of section 217(2A) of the Companies Act, 1956.

5. CIF value of Imports – NIL Previous Year (NIL)

6. Earning & Expenditure in Foreign Currency: NIL Previous Year (NIL)

7. Payments to Auditor''s : Rs 28090/- Rs. 28090/- 8. Director''s remuneration: NIL Rs. NIL

8. Related Party Disclosure: As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company''s related parties and transactions are disclosed below:

A. Name of related parties and description of relationship:

1) Managerial Personnel Mr. Sameer Gupta Mrs. Meenakshi Gupta Mr. Vikas Goel

2) Other related parties where the directors/ relatives have significant influence

11. As per information available with the company, no amount is due to any undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

12. Since the Company is dealing in one segment, No separate Segment reporting is given.

13. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

Note

1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

3. All Accounting Standards and guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets required in satisfaction of debt. However, market value in respect of quoated investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

Note:

1. Please complete the Folio/ DP ID-Client ID No. and name, sign this attendance Slip and hand it over at the Attendance Verification Counter at the entrance of the meeting hall.

2. Electronic copy of the Annual Report for 2013-2014 and Notice of the Annual General Meeting (AGM) along with Attendance Slip and Proxy Form is being sent to all the members whose email address is registered with the Company/Depository participant unless any member has requested for a hard copy of the same. Members receiving electronic copy and attending the AGM can print copy of this Attendance Slip.

3. Physical copy of the Annual Report for 2013-2014 and the Notice of the Annual General Meeting along with Attendance Slip and Proxy form is sent in the permitted mode(s) to all members whose email is not registered or have requested for a hard copy.

Important Communication to Shareholders

Green Initiative

The Ministry of Corporate Affairs has taken a "Green Initiative in the Corporate Governance" by allowing paperless compliances by the companies and has issued circulars stating that service of notice/documents including Annual Report can be sent by e-mail to its members. To support this green initiative of the Government in full measure, members who have not registered their e-mail addresses, so far, are requested to register their e-mail addresses, in respect of electronic holdings with the Depository through their concerned Depository Participants. Members who hold shares in physical form are requested to send e-mail at [e-mail] to update their e-mail address.

Demat Your Shares

Members are requested to convert their physical holding to demat form through any of the nearest depository participant (DPs) to avoid hassles involved with physical shares such as possibility of loss, mutilation, and to ensure safe and speedy transaction in securities.

Register Your National Electronic Clearing Services (NECS) Mandate

RBI has initiated NECS for credit of Dividend directly to the Bank Account of shareholders. Members holding shares in electronic mode are requested to register their latest Bank Account details (Core Banking Solutions enabled account number, 9 digit MICR and 11 digit IFS Code details) with their Depository Participant. Members holding shares in physical form are requested to register their latest Bank Account details (Core Banking Solutions enabled account number, 9 digit MICR and 11 digit IFS Code details) to the Company''s R & T Agent.

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Mar 31, 2013

1. A) Contingent Liabilities:

a) Claims against the company not acknowledged as debts- Nil (Previous Year Nil)

b) Guarantees to Banks and Financial institutions against credit facilities extended to third parties- Nil (Previous Year Nil)

c) Other money for which the company is contingently liable- Nil (Previous Year Nil)

B) Commitments:

i) Uncalled liability on partly paid up shares-Nil (Previous Year Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL (PreviousYear Nil)

iii) Other Commitments- Nil (PreviousYear Nil)

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors,Current Assets,Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. None of the employees was in receipt of annual remuneration as prescribed under the provision of section 217(2 A) of the Companies Act,1956.

5. Related Party Disclosure: As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company''s related parties and transactions are disclosed below:

A. Name of related parties and description of relationship:

1) Managerial Personnel

Mr.Sameer Gupta

Mrs. Meenakshi Gupta

2) Other related parties where the directors/relatives have signficant in fluence APLINFRASTRUCTUREPVT. LTD.

B. Transaction during the year and balances outstanding at the year end in respect of transactions entered into during the year with the related parties.

6. As per information available with the company no amount is due to any undertaking/Enterprise covered under the Micro,Small and Medium Enterprise Development Act,2006.

7. Since the Company is dealing in one segment,No separate Segment reporting is given.

8. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

Notes:

1. As defined in paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions,1998.

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

3. All Accounting standards and guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets required in satisfaction of debt However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4)above.

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Mar 31, 2012

1. A) Contingent Liabilities:

a) Claims against the company not acknowledged as debts Nil Previous Year Nil

b) Guarantees to Banks and Financial institutions against credit facilities extended to third parties Nil Previous Year Nil

c) Other money for which the company is contingently liable Nil Previous Year Nil B) Commitments:

i) Uncalled liability on partly paid up shares- Nil Previous Year (Nil)

ii) Estimated amount of contracts remaining to be executed on capital accounts- NIL.

Previous Year (Nil)

iii) Other Commitments Nil Previous Year Nil

2. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

3. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. None of the employees was in receipt of annual remuneration as prescribed under the provision of section 217(2A) of the Companies Act, 1956.

5. CIF value of Imports NIL Previous Year (NIL)

6. Earning & Expenditure in Foreign Currency: NIL Previous Year (NIL)

7. Director's remuneration: NIL Rs.NIL

8. Related Party Disclosure: As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Company's related parties and transactions are disclosed below:

A. Name of related parties and description of relationship:

1) Managerial Personnel

Mr. Sameer Gupta

Mrs. Meenakshi Gupta

Mr. Vikas Goel

2) Other related parties where the directors/ relatives have significant influence APL INFRASTRUCTURE PVT. LTD.

9. As per information available with the company, no amount is due to any Undertaking/Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

10. Since the Company is dealing in one segment, No separate Segment reporting is given.

11. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

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Mar 31, 2010

1. Contingent Liability:

a) Unpaid liability on partly paid up shares- Nil (Nil)

b) Estimated amount of contract remaining to be executed on capital accounts- NIL. (Nil)

2. Claim against the company not acknowledged as debts- NIL (Nil)

3. In the opinion of Board of Directors & best of their knowledge & belief the provisions of all known liabilities are adequate.

4. In the opinion of Board of directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

5. None of the employees was in receipt of annual remuneration as prescribed under the provision of section 217(2A) of the Companies Act, 1956.

6. CIF value of Imports: NIL (Nil)

7. Earning & Expenditure in Foreign Currency: NIL (Nil)

8. The activities of the company do not involve conservation of energy or absorption of technology.

9. The figures of the previous years have been regrouped and rearranged wherever it considered necessary.

10. Payments to Auditors : Rs 55150/- (Rs. 19854/-)

11. Directors remuneration: NIL (Rs. 240000/-)

12. Amount due to / from the parties are subject to confirmation.

13. Loans given by the company are unsecured and are on personal guarantees.

14. Company is dealing in shares. So the closing stock of shares has been shown as Stock-in-Trade but some shares purchased during the year by the company for earning income by way of dividends and for long term purposes being strategic investments have been classified under investments.

15. Provisions:

Provisions are recognized where the company has present legal or constructive obligation, as a result of past event, for which it is probable that an outflow of economic benefits will be required to settle the obligation and the reliable estimate can be made for the amount of the obligation.

16. Impairment of Assets:

The carrying amounts of assets are reviewed at the balance sheet date to determine whether there are any indications of impairment. If the carrying amount of the fixed assets exceeds the recoverable amount at the reporting, the carrying amount is reduced to the recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use, the value in use determined by the present value estimated future cash flows. Here carrying amounts of fixed assets are equal to recoverable amounts.

17. Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the Companys related parties and transactions are disclosed below:

(A) Name of related parties and description of relationship:

1. Key Management Personnel

Mr. Vikas Goel

Mr. Pradeep Kumar Goel

2. Enterprise over which any person describe in (A) (1) above is able to exercise significant influence

1) A.V.G. Enterprises Pvt. Ltd.

2) Ashu Securities Pvt. Ltd.

3) Shri Trinkeshwar Developers & Builders Pvt. Ltd.

18. As per information available with the company, no amount is due to any Undertaking/ Enterprise covered under the Micro, Small and Medium Enterprise Development Act, 2006.

19. Since the Company is dealing in one segment, No separate Segment reporting is given.

20. The figure in the brackets pertains to the previous year.

21. Quantitative Information regarding Opening Stock, Purchase, Sale and Closing Stock of Shares.

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Mar 31, 2009

1. figures of the previous year have been re-grouped and recasted where ever necessary to make litem comparable with the current year figures.

2. Loans given by the company tire unsecured and are on personal guarantees.

3. Cash in Hand has been certified by the Management as on 31 March 2009.

4. Balances in Sundry Debtors. Sundry Creditors. Loans &. Advance are Subject to Confirmation.

5. Provision for the tax for Rs. Nil has been worked out on the Basis of taxable Income as per income Tax Act 1961

6. Stock in trade (Shares) have been Valued at cost.

7. Fixed Assets are capitalized at cost inclusive of legal and other installation expenses.

8. The Depreciation on Fixed Assets has been charged as per Schedule — XIV of the Companies Act 1956 on Straight Line Method.

9. Assets are classified into performing and non- performing- based on their records of recovery/ adjustments effected. Income from non-performing Assets is recognized on realization basis.

10. The company following mercantile system of Accounting and Recognize items of income as well as expenses on the accrual Basis except in the eases of non performing Assets on which Income is recognized on realization basis.

11. Schedule I to 10 form integral pan of the Balance Sheet and have been duly authenticated.

12. Managerial Remuneration to Managing Director arid whole time director under the Companies Act is given below.