Notes to Accounts of Bhageria Industries Ltd.

Mar 31, 2025

n) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognized when the company
has present obligation (legal or constructive) as a
result of past event and it is probable that 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. The expense related to a provision is
presented in the statement of profit and loss net of
any reimbursement/contribution towards provision
made.

Provisions are reviewed at each balance sheet date
and adjusted to reflect the current best estimates.

Contingent Liability:

Contingent liability is disclosed in the case;

• When there is a possible obligation which could
arise from past event 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
Company or;

• A present obligation that arises from past events
but is not recognized as expense because it
is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation or;

• The amount of the obligation cannot be
measured with sufficient reliability.

Contingent asset:

Contingent asset is disclosed in case a possible
asset 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 Company.

Provisions, contingent liabilities, contingent assets
and commitments are reviewed at each balance
sheet date and adjusted to reflect the current best
estimates.

o) Leases

As a lessee

Initial measurement

Lease Liability: At the commencement date, a
Company measure the lease liability at the present
value of the lease payments that are not paid at that
date. The lease payments shall be discounted using
incremental borrowing rate.

Right-of-use assets: initially recognised at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives.

Subsequent measurement

Lease Liability: Company measure the lease liability by

(a) increasing the carrying amount to reflect interest
on the lease liability;

(b) reducing the carrying amount to reflect the lease
payments made; and

(c) remeasuring the carrying amount to reflect any
reassessment or lease modifications.

Right-of-use assets: subsequently measured at cost
less accumulated depreciation and impairment
losses. Right- of-use assets are depreciated from the
commencement date on a straight line basis over
the shorter of the lease term and useful life of the
under lying asset.

Impairment: Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets.
In such cases, the recoverable amount is determined
for the Cash Generating Unit (CGU) to which the
asset belongs.

Short term Lease

Short term lease is that, at the commencement
date, has a lease term of 12 months or less. A lease
that contains a purchase option is not a short-term
lease. If the company elected to apply short term
lease, the lessee shall recognise the lease payments
associated with those leases as an expense on either
a straight-line basis over the lease term or another
systematic basis. The lessee shall apply another
systematic basis if that basis is more representative
of the pattern of the lessee''s benefit

As a lessor

Leases for which the company is a lessor is classified
as a finance or operating lease. Whenever the terms
of the lease transfer substantially all the risks and
rewards of ownership to the lessee, the contract is
classified as a finance lease. All other leases are
classified as operating leases. Lease income is
recognised in the statement of profit and loss on
straight line basis over the lease term.

p) Financial Instruments

The Company recognizes financial assets and
financial liabilities when it becomes party to the
contractual provision of the instrument.

Part I - Financial Assets

• Initial recognition and measurement

Financial assets are initially measured at its
fair value excepts for trade receivable which
are initially recognised at transaction price.
Transaction costs that are directly attributable
to the acquisition or issue of financial assets
(other than financial assets at fair value through
profit or loss) are added to or deducted from the
fair value of the concerned Financial assets, as
appropriate, on initial recognition.

Transaction costs directly attributable to
acquisition of financial assets at fair value
through profit or loss are recognized immediately
in profit or loss. However, trade receivable that
do not contain a significant financing component
are measured at transaction price.

• Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in three categories:

• Financial Assets at amortized cost

• Financial Assets at FVTOCI (Fair Value
through Other Comprehensive Income)

• Financial Assets at FVTPL (Fair Value
through Profit or Loss)

• Financial Assets at amortized cost:

A Financial Assets is measured at the amortized
cost if both the following conditions are met:

- The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

- Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured at
amortized cost using the effective interest rate
(EIR) method.

Amortized cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortization is included in finance
income in the profit or loss. The losses arising
from impairment are recognized in the profit or
loss.

• Financial Assets at FVTOCI (Fair Value through
Other Comprehensive Income):

A Financial Assets is classified as at the FVTOCI
if following criteria are met:

The objective of the business model is achieved
both by collecting contractual cash flows (i.e.
SPPI) and selling the financial assets.

Financial instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive
income (OCI). However, the Company recognizes
interest income, impairment losses and reversals
and foreign exchange gain or loss in the
statement of profit and loss. On de- recognition
of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity
to the statement of profit and loss. Interest
earned whilst holding FVTOCI debt instrument
is reported as interest income using the EIR
method.

• Financial Assets at FVTPL (Fair Value through
Profit or Loss):

FVTPL is a residual category for financial
instruments. Any financial instrument, which
does not meet the criteria for categorization as
at amortized cost or as FVTOCI, is classified as
at FVTPL.

In addition, the Company may elect to designate
a financial instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement
or recognition inconsistency (referred to as
''accounting mismatch''). The Company has not
designated any financial instrument as at FVTPL.

Financial instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the Statement of Profit
and Loss.

All other equity investments are measured at
fair value, with value changes recognised in
Statement of Profit and Loss.

• De- recognition:

A financial asset is primarily derecognized when
rights to receive cash flows from the asset have
expired or the Company has transferred its
contractual rights to receive cash flows of the
financial asset and has substantially transferred
all the risk and reward of the ownership of the
financial asset.

• Impairment of financial assets:

In accordance with Ind AS 109, the Company
uses ''Expected Credit Loss''(ECL) model, for
evaluating impairment of financial assets other
than those measured at fair value through profit
and loss (FVTPL).

ECL is the difference between all contractual cash
flows that are due to the Company in accordance
with the contract and all the cash flows that the
entity expects to receive (i.e., all cash shortfalls),
discounted at the original effective interest rate.

Lifetime ECL are the expected credit losses
resulting from all possible default events over
the expected life of a financial asset. 12-month
ECL is a portion of the lifetime ECL which results
from default events that are possible within 12
months from the reporting date.

For trade receivables, Company applies ''simplified
approach'', which requires expected lifetime
losses to be recognised from initial recognition
of the receivables. The Company uses historical
default rates to determine impairment loss on the
portfolio of trade receivables. At every reporting
date, these historical default rates are reviewed
and changes in the forward-looking estimates
are analyzed.

For other assets, the Company uses 12 month
ECL to provide for impairment loss where there
is no significant increase in credit risk. If there is
significant increase in credit risk full lifetime ECL
is used.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
income/ expense in the Statement of Profit and
Loss under the head ''Other expenses''.

Part II - Financial Liabilities

• Initial recognition and measurement

The Company''s financial liabilities include trade
and other payables, loans and borrowings including
bank overdrafts, financial guarantee contracts and
derivative financial instruments.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as
derivatives designated as hedging instruments in an
effective hedge, as appropriate.

• Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

• Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading
if they are incurred for the purpose of repurchasing in
the near term. This category also includes derivative
financial instruments entered into by the Company
that are not designated as hedging instruments in

hedge relationships as defined by Ind-AS 109. Gains
or losses on liabilities held for trading are recognised
in the profit or loss.

Financial liabilities designated upon initial
recognition at fair value through profit or loss is
designated as such at the initial date of recognition,
and only if the criteria in Ind-AS 109 are satisfied.
For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risks
are recognized in OCI. These gains/ loss are not
subsequently transferred to statement of profit
and loss. However, the Company may transfer
the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised
in the statement of profit or loss. The Company has
not designated any financial liability as at fair value
through profit and loss.

• Loans and borrowings

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are de¬
recognised as well as through the EIR amortization
process. Amortised cost is calculated by taking into
account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The
EIR amortisation is included as finance costs in the
statement of profit and loss. This category generally
applies to borrowings.

• Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a payment
to be made to reimburse the holder for a loss it
incurs because the specified debtor fails to make a
payment when due in accordance with the terms of
a debt instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted
for transaction costs that are directly attributable to
the issuance of the guarantee. Subsequently, the
liability is measured at the higher of the amount
of loss allowance determined as per impairment
requirements of Ind-AS 109 and the amount
recognised less cumulative amortisation.

• De-recognition:

A financial liability is de-recognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial

liability is replaced by another from the same lender
on substantially different terms, or the terms of an
existing liability are substantially modified, such
an exchange or modification is treated as the de¬
recognition of the original liability and the recognition
of a new liability. The difference in the respective
carrying amounts is recognised in the statement of
profit or loss.

• Offsetting of financial instruments:

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realize the assets and settle
the liabilities simultaneously.

Part-III Fair Value Measurement:

The Company measures financial instruments at
fair value in accordance with the accounting policies
mentioned above. Fair value is the price that would
be received to sell an asset or paid to transfer a
liability in an orderly transaction between market
participants at the measurement date. The fair value
measurement is based on the presumption that the
transaction to sell the asset or transfer the liability
takes place either:

• In the principal market for the asset or liability or;

• In the absence of a principal market, in the most
advantageous market for the asset or liability.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy that
categorizes into three levels, described as follows,
the inputs to valuation techniques used to measure
value. The fair value hierarchy gives the highest
priority to quoted prices in active markets for
identical assets or liabilities (Level 1 inputs) and
the lowest priority to unobservable inputs (Level 3
inputs).

Level 1 - quoted (unadjusted) market prices in active
markets for identical assets or liabilities

Level 2 - inputs other than quoted prices included
within Level 1 that are observable for the asset or
liability, either directly or indirectly

Level 3 - inputs that are unobservable for the asset or
liability

For the purpose of fair value disclosures, the
Company has determined classes of assets and
liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the
fair value hierarchy as explained above.

This note summarizes accounting policy for fair
value. Other fair value related disclosures are given
in the relevant notes.

q) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less from the date of acquisition, which are subject
to an insignificant risk of changes in value.

r) Business Combination

The acquisition method of accounting is used to
account for all business combinations, regardless
of whether equity instruments or other assets are
acquired. The consideration transferred for the
acquisition of a subsidiary comprises the fair values
of the assets transferred;

• Liabilities incurred to the former owners of the
acquired business;

• Equity interest issued by the group; and

• Fair value of any asset or liability resulting from a
contingent consideration arrangement.

Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business
combination are, with limited exceptions, measured
initially at their fair values at the acquisition date.
The group recognizes any non-controlling interest in
the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling
interests'' proportionate share of the acquired entity''s
net identifiable assets.

Acquisition-related costs are expensed as incurred.
The excess of the

• Consideration transferred;

• Amount of any non-controlling interest in the
acquired entity; and

• Acquisition-date fair value of any previous equity
interest in the acquired entity

Over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts
are less than the fair value of the net identifiable

assets of the business acquired, the difference is
recognised in other comprehensive income and
accumulated in equity as capital reserve provided
there is clear evidence of the underlying reasons for
classifying the business combination as a bargain
purchase. In other cases, the bargain purchase gain
is recognised directly in equity as capital reserve.

Business Combination involving entities or business
under common control shall be accounted for using
the pooling of interest method.

s) Cash Flow Statements:

Cash flows are reported using the indirect method,
whereby net profit before tax is adjusted for the
effects of transactions of a non- cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing
cash flows. The cash flow from operating, investing
and financing activities of Company is segregated.

t) Derivative Financial Instruments and Hedge
Accounting

Initial recognition and subsequent measurement:

Company uses derivative financial instruments such
as forward currency contracts to mitigate its foreign
currency fluctuation risks. Such derivative financial
instruments are initially recognized at fair value on
the date on which a derivative contract is entered
into and are subsequently re-measured at fair value
at each reporting date. Gain or loss arising from
changes in the fair value of hedging instrument is
recognized in the Statement of Profit or Loss.

Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when
the fair value is negative.

u) Earnings Per Share

Basic earnings/ (loss) per share are calculated by
dividing the net profit or loss for the year attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
year. The weighted average number of equity shares
outstanding during the year is adjusted for events,
other than conversion of potential equity shares,
that have changed the number of equity shares
outstanding without a corresponding change in
resources.

In case of a bonus issue, the number of ordinary
shares outstanding is increased by number of
shares issued as bonus shares in current year
and comparative period presented as if the event
had occurred at the beginning of the earliest year
presented.

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

v) Insurance Claims

Insurance claims are accounted for on the basis of
claims admitted / expected to be admitted and to the
extent that there is no uncertainty in receiving the
claims.

w) Segment Reporting

The Company identifies operating segments based
on the internal reporting provided to the chief
operating decision-maker.

The chief operating decision-maker, who is
responsible for allocating resources and assessing
performance of the operating segments, has been
identified as the Board of Directors that makes
strategic decisions.

The accounting policies adopted for segment
reporting are in line with the accounting policies of
the Company. Segment revenue, segment expenses
have been identified to segments on the basis of
their relationship to the operating activities of the
segment.

Note 3(i): Key Accounting Judgements, Estimates &
Assumptions

The preparation of the Company''s financial statements
requires the management to make judgments'',
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures and the disclosure
of contingent liabilities. 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. 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:

H. Allowances for uncollected trade receivable and
advances:

Trade receivables do not carry any interest and are
stated at their normal value as reduced by appropriate
allowances for estimated amounts which are
irrecoverable. Individual trade receivables are written
off when management deems them not 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. The
impairment provisions for financial assets are based
on assumption about risk of default and expected
loss rates. Judgement in making these assumptions
and selecting the inputs to the impairment calculation
are based on past history, existing market condition
as well as forward looking estimates at the end of
each reporting period.

A. Income taxes and Deferred tax assets:

The Company''s tax jurisdiction is India. Significant
judgments are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes, including
amount expected to be paid/recovered for uncertain
tax positions. Deferred tax asset is recognised for all
the deductible temporary differences to the extent
that it is probable that taxable profit will be available
against which the deductible temporary difference
can be utilized. The management assumes that
taxable profit will be available while recognizing the
deferred tax assets.

B. Property, Plant and Equipment:

Property, Plant and Equipment represent a significant
proportion of the asset base of the Company. The
charge in respect of periodic depreciation is derived
after determining an estimate of an asset''s expected
useful life as prescribed in the Schedule II of the
Companies Act, 2013 and the expected residual
value at the end of its life. The useful lives and
residual values of Company''s assets are determined
by the management at the time the asset is acquired
and reviewed periodically, including at each financial
year end. The lives are based on historical experience
with similar assets as well as anticipation of future
events, which may impact their life, such as changes
in technical or commercial obsolescence arising
from changes or improvements in production or
from a change in market demand of the product or
service output of the asset.

C. Impairment of non-financial assets:

The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, the Company
estimates the asset''s recoverable amount. An
asset''s recoverable amount is the higher of an
asset''s or Cash Generating Units (CGU''s) fair value
less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset
does not generate cash inflows that are largely
independent of those from other assets or a group
of assets. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its
recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions
are taken into account, if no such transactions can
be identified, an appropriate valuation model is used.

D. Impairment of financial assets:

The impairment provisions for financial assets
are based on assumptions about risk of default
and expected cash loss rates. The Company uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Company''s past history, existing market
conditions as well as forward looking estimates at
the end of each reporting period.

E. Recognition and measurement of defined benefit
obligation:

The obligation arising from the defined benefit plan
is determined on the basis of actuarial assumptions.
Key actuarial assumptions include discount rate,
trends in salary escalation and vested future
benefits and life expectancy. The discount rate
is determined with reference to market yields at
the end of the reporting period on the government
bonds. The period to maturity of the underlying
bonds correspond to the probable maturity of the
post-employment benefit obligations.

F. Recognition and measurement of other provisions:

The recognition and measurement of other provisions
are based on the assessment of the probability of
an outflow of resources, and on past experience and
circumstances known at the balance sheet date.
The actual outflow of resources at a future date
may, therefore, vary from the figure included in other
provisions.

G. 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.

Note 3(ii): Recent Indian Accounting Standard (Ind AS)
pronouncements which are not yet effective

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 March 31,
2025, MCA has notified Ind AS - 117 Insurance Contracts
and amendments to Ind AS 116 - Leases, relating to sale
and leaseback transactions, applicable to the Company
w.e.f. April 1, 2024. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that it does not have any significant impact
in its Standalone Financial Statements.

ii) Discounted cash flow projections based on reliable estimates of future cash flows.

iii) Capitalised income projections based upon an estimated net market income from investment properties and a
capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by reputed third party and independent valuers. The
main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on
comparable transactions and industry data. All resulting fair value estimates for investment properties are included in
level 2.

e) Investment Property pledged/ mortgaged as security :

Refer Note 25 for information on Investment Property hypothecated / mortgaged as security by the Company.

f) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or
enhancements of investment property.

Level 1: Hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual
funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the
closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the counter derivatives) is
determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data (unobservable inputs).

Valuation technique used to determine fair value:

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant
data available.

Specific valuation techniques used to value financial instruments include:

a) the use of quoted market prices or dealer quotes for similar instruments

b) the fair value of forward foreign exchange contracts is determined using forward exchange rates at the Balance Sheet date

c) the fair value of investments in Mutual Fund Units is based on Net Asset Value ("NAV") as stated by the issuers of these
mutual fund units in the published statements as at the Balance Sheet Date. NAV represents the price at which the issuer will
issue further units of Mutual Fund and the price at which issuers will redeem such units from investors.

Note 43 : Financial Risk Management Objectives and Policies

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and
financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to provide
guarantees to support its operations directly or indirectly. The Company''s principal financial assets include investments, loans,
trade and other receivables, cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company''s treasury
risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to
each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits
are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make
payments.

Liquidity Risk :

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the
short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by
maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in
bank fixed deposit, equity and liquid schemes of mutual funds.

The table below provides details regarding the maturities of significant financial liabilities as at March 31,2025 and March 31,2024:

Security Price Risk

Equity price risk is related to the change in market price of the investments in quoted equity securities.

The Company''s exposure to securities price risk arises from investments held by the Company and classified in the Balance Sheet
at fair value through profit or loss.

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the
portfolio is done in accordance with the limits set by the Company.

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. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market
interest rates is very low. The Company has not used any interest rate derivatives.

Interest Rate Sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company''s results arising from the
effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.
Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are
denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein
exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes
mandatory initial hedging requirements for exposure above a threshold.

The Company''s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings,
primarily with respect to USD & EURO.

As at the end of the reporting period, the carrying amounts of the company''s foreign currency denominated monetary assets and
liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:

The Company has a branch in Bahrain. As on 31 March 2025, the branch''s net assets amount to BHD 5,28,440. Resulting exchange
differences are recognized in Other Comprehensive Income and accumulated in the Foreign Currency Translation Reserve.

Sensitivity to Exchange Rate Movements: A 5% change in the INR/BHD rate would affect equity by approximately ± '' 58.60 lakhs.
This impact is recognized in OCI with no effect on profit or loss.

Note 44 : Capital Management

For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all
other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to
maximise the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The
company consider net debt, interest bearing loans and borrowings, less cash and cash equivalents and Equity comprises all
components including other comprehensive income.

Refer Note - The increase in profitability during the current financial year can be attributed to several factors, including fluctuations
in raw material prices, and better realisation in sales and financial costs.These combined circumstances have resulted in increase
profitability compared to the previous financial year, leading to changes in the ratios.

Note 54 : Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 on November 13, 2020. However, the date on which the code will come into effect has not been notified. The
Company will assess the impact and will record any related impact in the period once the code becomes effective.

Note 55 : Registration of charges or satisfaction with Registrar of Companies

There is no charge or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

Note 56 : Title deeds of Immovable Property not held in name of the Company

The Title deeds of all the immovable property (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) are in the name of the Company.

Note 57 : Relationship with Struck off Companies

The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956, during the current year and in the previous year.

Note 58 : Undisclosed income

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

Note 59 : Details of Benami Property held

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 the rules made thereunder.

Note 60 : Crypto currency or Virtual currency

The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

Note 61 : Compliance with number of layers of companies

The Company is in compliance with number of layers of companies.

Note 62 : Utilisation of borrowed funds and share premium

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

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

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

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

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

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

Note 63 : Compliance With Audit Trail (Edit Log)

As required under Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has used accounting software for maintaining
its books of accounts which has a feature of recording audit trail (edit log) facility, which was made operational with effect from
April 01,2023 onwards. Further, audit trail feature has always enabled (not disabled) with effect from April 01,2023 onwards.

Note 64 : Events after the Reporting Period

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Standalone
Financial Statements.

Note 65 : Approval of Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on May 17,2025
Note 66 : Previous Years'' Figures

Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year classification and
disclosure.

As per our report of even date attached

For Sarda & Pareek LLP For and on behalf of the Board of Directors

Chartered Accountants

FRN : 109262W / W100673 Suresh Bhageria Vinod Bhageria

Chairman Managing Director

DIN: 00540285 DIN: 00540308

Gaurav Sarda Deepa Toshniwal Rakesh Kachhadiya

Partner Company Secretary Chief Financial Officer

Membership No.110208 Membership No.A66073

Place : Mumbai Place : Mumbai

Date : 17/05/2025 Date : 17/05/2025

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Mar 31, 2024

d) Description of valuation techniques used and key inputs to valuation on investment properties.

The Company obtains independent valuations for its investment properties at reasonable interval. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the Company considers information from a variety of sources including:

i) Current prices in an active market for investment properties of different nature or recent prices of similar investment properties in less active markets, adjusted to reflect those differences.

ii) Discounted cash flow projections based on reliable estimates of future cash flows.

iii) Capitalised income projections based upon an estimated net market income from investment properties and a capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by reputed third party and independent valuers. The main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on comparable transactions and industry data. All resulting fair value estimates for investment properties are included in level 2.

e) Investment Property pledged/ mortgaged as security :

Refer Note 24 for information on Investment Property hypothecated / mortgaged as security by the Company.

f) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or

enhancements of investment property.

(a) Terms / rights attached to:

Equity Shares

The Company has only one class of Equity Shares having par value of ''5/- each. (p.y. equity shares of ''5/-each). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.

Dividend

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Nature and Purpose of Reserves

(a) Capital Reserve : Capital Reserve is utilised in accordance with provision of the Act.

(b) Security Premium : Security Premium is used to record the premium on issue of shares. This reserve is utilised in accordance with the provision of the Act.

(c) General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act 2013.

(d) Retained Earnings : Retained earnings are the profit that the Company has earned till date, less any transfer to general reserve, dividend or other distributions paid to shareholders.

These working capital facilities are secured against the following charge on various assets of the Company :

1. Primary : Hypothecation charge on the entire current assets of the Company, both present & future.

2. Collateral : Extension of mortgage charge on factory land and building situated at Plot No. 6310, Phase IV,GIDC, Vapi, Gujarat and Office premises situated at A1/101, Virwani Industrial Estate, Goregaon (E), Mumbai - 400063 and Fixed Deposits owned by the Company.

3. Personal Guarantees of some of the Directors of the company.

4. The Company has taken working capital loans at interest ranging from 7.90% to 8.50% per annum.

5. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

6. The Company is not declared as wilful defaulter by any bank or financial institution or any other lender.

7. The Company has not utilised any funds raised on short term basis for long term purpose.

8. The Company has not raised any loans during the year on the pledge of securities held in its Subsidiaries.

The Company has disclosed financial instruments such as cash and cash equivalents, other bank balances, trade receivables, loans, other financial assets, borrowings, trade payables and other financial liabilities at carrying value because their carrying amounts are a reasonable approximation of the fair values due to their short term nature.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not based on observable market data (unobservable inputs).

Valuation technique used to determine fair value:

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available.

Specific valuation techniques used to value financial instruments include:

a) the use of quoted market prices or dealer quotes for similar instruments

b) the fair value of forward foreign exchange contracts is determined using forward exchange rates at the Balance Sheet date

c) The fair value of investments in Mutual Fund Units is based on Net Asset Value (“NAV”) as stated by the issuers of these mutual fund units in the published statements as at the Balance Sheet Date. NAV represents the price at which the issuer will issue further units of Mutual Fund and the price at which issuers will redeem such units from investors.

Note 42 : Financial Risk Management Objectives and Policies

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations directly or indirectly. The Company''s principal financial assets include investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.

Credit Risk :

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Trade receivables

Customer credit risk is managed by the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed by the management on regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company does not expect any credit risk on account of trade receivables.

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company''s treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

Liquidity Risk :

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposit, equity and liquid schemes of mutual funds.

Market Risk :

Market risk comprises three types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure to, and the Management of, these risks is explained below:

Security Price Risk

Equity price risk is related to the change in market price of the investments in quoted equity securities.

The Company''s exposure to securities price risk arises from investments held by the Company and classified in the Balance Sheet at fair value through profit or loss.

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

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. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is very low. The Company has not used any interest rate derivatives.

Interest Rate Sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company''s results arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period. Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes mandatory initial hedging requirements for exposure above a threshold.

The Company''s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings, primarily with respect to USD & EURO.

As at the end of the reporting period, the carrying amounts of the company''s foreign currency denominated monetary assets and liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:

The Company''s exposure to foreign currency changes for all other currencies is not material.

Foreign Currency Sensitivity Analysis

The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities.

Note 43 : Capital Management

For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The company consider net debt, interest bearing loans and borrowings, less cash and cash equivalents and Equity comprises all components including other comprehensive income.

Note 47 : Segment Information Information about Primary Business Segment

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in Dyes, Dyes Intermediates and Basic Chemicals and Generation and Distribution of Solar Power during the year, consequently the Company have separate reportable business segment for the year ended March 31, 2024.

Information about Secondary Geographical Segment

The Company is engaged in providing services to customers located in India and outside India, consequently the Company have separate reportable geographical segment for the year ended March 31, 2024. i.e. Domestic and Export.

Note - The increase in profitability during the current financial year can be attributed to several factors, including fluctuations in raw material prices, and decrease in depreciation and financial costs.These combined circumstances have resulted in increase profitability compared to the previous financial year, leading to changes in the ratios.

Note 53 : Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020. However, the date on which the code will come into effect has not been notified. The Company will assess the impact and will record any related impact in the period once the code becomes effective.

Note 54 : Registration of charges or satisfaction with Registrar of Companies

There is no charge or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

Note 55 : Title deeds of Immovable Property not held in name of the Company

The Title deeds of all the immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are in the name of the Company.

Note 56 : Relationship with Struck off Companies

The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956, during the current year and in the previous year.

Note 57 : Undisclosed income

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

Note 58 : Details of Benami Property held

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 the rules made thereunder.

Note 59 : Crypto currency or Virtual currency

The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

Note 60 : Compliance with number of layers of companies The Company is in compliance with number of layers of companies.

Note 61 : Utilisation of borrowed funds and share premium

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

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

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

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

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

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

Note 62 : Compliance With Audit Trail (Edit Log)

As required under Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has used accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility, which was made operational with effect from April 01, 2023 onwards. Further, audit trail feature has always enabled (not disabled) with effect from April 01, 2023 onwards.

Note 63 : Events after the Reporting Period

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Standalone Financial Statements.

Note 64 : Approval of Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on May 27,2024 Note 65 : Previous Years’ Figures

Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year classification and disclosure.

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Mar 31, 2023

Note 2: Summary of Significant Accounting Policies

a) Statement of Compliance

The financial statements 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 by the Companies (Indian Accounting Standards) Rules, 2016 and other relevant provisions of the Act.

b) Basis of Measurement

The financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities (including financial instruments) which have been measured at fair value at the end of each reporting period as explained in the accounting policies stated below. The Financial Statements have been prepared on accrual and going concern basis.

c) Current versus non-current classification

The Company has classified all its assets and liabilities under current and non-current as required by Ind AS 1-Presentation of Financial Statements.

The asset is treated as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle;

• Held primarily for purpose of trading;

• Expected to be realized within twelve months after the reporting period; or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is treated as current when:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• There is no unconditional right to defer the settlement of liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realizations in cash and cash equivalents. The Company has ascertained its operating cycle as twelve months for the purpose of current and noncurrent classification of assets and liabilities.

The Company''s functional currency is the Indian Rupee. These financial statements are presented in Indian Rupees and all values are rounded to the nearest lakhs, except when otherwise stated.

d) Use of Estimates, Judgments and Assumptions

The preparation of the financial statements in conformity with Ind-AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 3(i) below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

e) Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being received. Revenue towards satisfaction of performance obligation is measure at the amount of transaction prices (net of variable consideration) allocates to the performance obligation. Transaction price of goods sold and services rendered is net of variable consideration on account of various discount and scheme offered by the

company as per Ind AS, specially INDA AS 115. Revenue is measured at value of the consideration received or receivable, taking into account contractually defined terms of payment including excise duty collected which flows to the Company on its own account but excluding taxes or duties collected on behalf of the government.

Revenue from contracts with customers Ind AS 115 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied i.e. when control of the goods and service underlying the particular performance obligation is transferred to the customer.

The Company follows specific recognition criteria as described below before the revenue is recognized.

• Sale of goods

• Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, usually on delivery of goods, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.

• Revenue is measured at the fair value of the consideration received or receivable. The amount recognized as revenue is exclusive of Goods and Service Tax (GST), Value Added Taxes (VAT), and is net of discounts.

• Sale of solar power

• Sale is recognized when the power is delivered by the Company at the delivery point in conformity with the parameters and technical limits and fulfilment of other conditions specified in the Power Purchase Agreement. Sale of power is accounted for as per tariff specified in the Power Purchase Agreement.

• The sale of power is accounted for net of all local taxes and duties as may be leviable on sale of electricity for all electricity made available and sold to customers.

• Other Operating Revenue

• Other Operating revenue comprises of following Items

1. Job work income

2. Duty drawback and other export incentives

• Revenue from manufacturing charges is recognized on completion of contractual obligation of manufacturing and delivery of product manufactured.

• Revenue from export incentives are recognized upon adherence to the compliances as may be prescribed with regard to export and / or realization of export proceeds as per foreign trade policy and its related guidelines.

• Revenue from sale of scrap is recognized on delivery of scrap items.

• Other Income

• Other income comprises of interest income, rent income, dividend from investment and profits on redemption of investments.

• Interest income from financial assets is recognized when it is probable that the economic benefit will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on time basis by reference to the principal outstanding and at the effective rate applicable, which is the rate exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset''s net carrying amount on initial recognition.

• Dividend income from investment is recognized when the shareholder''s right to receive payment has been established (provided that it is probable that the economic benefit will flow to the Company and the amount of income can be measured reliably).

• Profit on redemption of investment is recognized by upon exercise of power by the company to redeem the investment held in any particular security / instrument (non-current as well as current investment).

f) Foreign Currency-Transactions and Balances

Items included in the Financial Statements of the Company are measured using the currency of the primary economic environment in which the Company operates (‘functional currency''). The Company''s functional currency is Indian Rupee and accordingly, the financial statements are presented in Indian Rupee.

Transactions in foreign currencies are initially recorded by the company in functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting period. Gains and losses arising on account of differences in foreign exchange rates on settlement/ translation of monetary assets and liabilities are recognized in the Statement of Profit and Loss except exchange differences on foreign currency borrowings relating to assets under construction for future productive

use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Nonmonetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of that item (i.e. translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

g) Employee Benefits

• Short-term obligations

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employee''s services up to the end of the reporting period and are measured at the undiscounted amounts of the benefits expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

• Other Long-term employee benefit obligations

The liabilities for compensated absences (annual leave) which are not expected to be settled wholly within 12 months after the end of the period in which the employee render the related service are presented as non-current employee benefits obligations. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the Projected Unit Credit method. The benefits are discounted using the market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligations. Re-measurements as a result of experience adjustments and changes in actuarial assumptions (i.e. actuarial losses/ gains) are recognised in the Statement of Profit and Loss.

The obligations are presented as current in the balance sheet, if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period, Regardless of when the actual settlement is expected to occur.

• Post-employment obligations

The Company operates the following post- employment schemes:

I. Defined benefit plans such as gratuity

II. Defined contribution plans such as provident fund.

I. Defined benefit plan - Gratuity Obligations

The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment.

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is actuarially determined using the Projected Unit Credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have a terms approximating to the terms of the obligation. The net interest cost, calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets, is recognised as employee benefit expenses in the statement of profit and loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the other comprehensive income in the year in which they arise and are not subsequently reclassified to Statement of Profit and Loss.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

II. Defined Contribution Plan

The Company pays provident fund contributions to publicly administered provident funds as per local regulatory authorities. The Company has no further obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due.

h) Tax Expenses

The tax expense for the period comprises current and deferred tax. Taxes are recognised in the statement of profit and loss, except to the extent that it relates to the items recognised in the comprehensive income or in Equity. In which case, the tax is also recognised in the comprehensive income or in Equity.

• Current tax:

Current tax payable is calculated based on taxable profit for the year. Current tax is recognized based on the amount expected to be paid to or recovered from the tax authorities based on applicable tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in the tax return with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

• Deferred tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognized for all taxable temporary timing difference. Deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and adjusted to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted on the reporting date. Current and deferred tax for the year are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.

• Minimum Alternate Tax (MAT) Credit:

MAT credit is recognized as asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

i Property, Plant and Equipment

Land is carried at historical cost. All other items of property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. When significant parts of plant and equipment are required to be replaced at intervals, the company depreciates them separately based on their specific useful lives. All other repairs and maintenance costs are recognized as expense in the statement of profit and loss account as and when incurred.

Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre - operative expenses and disclosed under Capital Work- in- Progress.

Cost of the assets less its residual value (estimated at 5% of the cost) is depreciated over its useful life. Depreciation is calculated on written down basis over the useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

Depreciation on additions/ deletions to fixed assets is calculated pro-rata from/ up to the date of such additions/ deletions.

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year-end to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between sale proceeds and the carrying amount of the asset and is recognised in profit and loss account.

The management believes that the estimated useful lives are realistic and reflects fair approximation of the period over which the assets are likely to be used. At each financial year end, management reviews the residual values, useful lives and method of depreciation of property, plant and equipment and values of the same are adjusted prospectively where needed.

j) Investment Properties

Investment properties are properties that is held for longterm rentals yields or for capital appreciation (including property under construction for such purposes) or both, and that is not occupied by the Company, is classified as investment property.

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated impairment loss, if any.

Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes.

Fair values are determined based on reasonable interval performed by an accredited external independent valuer.

Investment properties are de-recognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit and loss in the period of derecognition.

k) Borrowing Costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.

l) Impairment of Non-Financial Assets

The Company assesses at each reporting date as to whether there is any indication that any property, plant and equipment and intangible assets or group of assets, called cash generating units (CGU) may be impaired. If any such indication exists the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognized in the Statement of Profit and Loss to the extent, asset''s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

m) Inventories

Inventories are valued at lower of cost (on First-In-First-Out) or net realizable value after providing for obsolescence and other losses, where considered necessary. Cost of

inventories comprises all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost of purchased inventory is determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

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Mar 31, 2018

Note 1: Company Overview

Bhageria Industries Limited is a public limited company domiciled in India having its registered office at 1002, 10th Floor, Topiwala Centre, Off. S.V. Road, Near Goregaon Railway Station, Goregaon (West), Mumbai - 400062. The Company was incorporated on July 12, 1989 under the provision of the Companies Act, 1956. The Company is engaged in manufacturing of Dyes & Dyes Intermediate and generation and distribution of solar power. The equity shares of the Company are listed on the National Stock Exchange of India Limited and BSE Limited.

Note 2: Key Accounting Judgements, Estimates & Assumptions

The preparation of the Company''s financial statements requires the management to make judgments'', estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures and the disclosure of contingent liabilities. 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. 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:

A. Income taxes and Deferred tax assets:

The Company''s tax jurisdiction is India. Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Deferred tax asset is recognised for all the deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The management assumes that taxable profit will be available while recognizing the deferred tax assets.

B. Property, Plant and Equipment:

Property, Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset''s expected useful life as prescribed in the Schedule II of the Companies Act, 2013 and the expected residual value at the end of its life. The useful lives and residual values of Company''s assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in market demand of the product or service output of the asset.

C. Impairment of non-financial assets:

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or Cash Generating Units (CGU''s) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or a group of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.

D. Impairment of financial assets:

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

E. Recognition and measurement of defined benefit obligation:

The obligation arising from the defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation and vested future benefits and life expectancy. The discount rate is determined with reference to market yields at the end of the reporting period on the government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations.

F. Recognition and measurement of other provisions:

The recognition and measurement of other provisions are based on the assessment of the probability of an outflow of resources, and on past experience and circumstances known at the balance sheet date. The actual outflow of resources at a future date may, therefore, vary from the figure included in other provisions.

G. 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.

H. Allowances for uncollected trade receivable and advances:

Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for estimated amounts which are irrecoverable. Individual trade receivables are written off when management deems them not 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. The impairment provisions for financial assets are based on assumption about risk of default and expected loss rates. Judgement in making these assumptions and selecting the inputs to the impairment calculation are based on past history, existing market condition as well as forward looking estimates at the end of each reporting period.

a) The Investment Property consist of three offices situated at Goregaon, Mumbai.

b) Amount recognised in the statement of profit and loss for the above investment properties is Rs.10.23 Lakhs (P.Y. Rs. 7.77 Lakhs) during the financial year ended March 31, 2018 and March 31, 2017 respectively

c) Disclosure for Fair Value

d) Description of valuation techniques used and key inputs to valuation on investment properties.

The Company obtains independent valuations for its investment properties at reasonable interval. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the Company considers information from a variety of sources including:

i) Current prices in an active market for investment properties of different nature or recent prices of similar investment properties in less active markets, adjusted to reflect those differences.

ii) Discounted cash flow projections based on reliable estimates of future cash flows.

iii) Capitalised income projections based upon a estimated net market income from investment properties and a capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by reputed third party and independent valuers. The main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on comparable transactions and industry data. All resulting fair value estimates for investment properties are included in level 2.

Pursuant to approval of the Members :

# Authorised share capital of the Company was subdivided from Rs. 8 Crore (consisting of 80,00,000 equity shares of face value of Rs.10 each) to Rs. 8 Crore (consisting of 1,60,00,000 equity shares of face value of Rs. 5 each). Consequent to the decision, Issued and paid-up capital was subdivided from 79,62,750 equity shares of face value of Rs. 10 each as on the record date, i.e. October 27, 2016 (end of the day), into 1,59,25,500 equity shares of face value of Rs. 5 each.

Business combination of Nipur Chemicals Limited with Company :

* 1,20,00,000 Equity Shares of Rs. 5/- each fully paid added to authorised capital of the company pursuant to the Scheme of Arrangement & Amalgamation sanctioned by Hon''ble National Company Law Tribunal, Mumbai Bench on April 5, 2018 w.e.f. Appointed Date : October 1, 2016

^- 45,940 Equity Shares of Rs. 5/- each held by Nipur Chemicals Limited has been cancelled in pursuant to the Scheme of Arrangement & Amalgamation sanctioned by Hon''ble National Company Law Tribunal, Mumbai Bench on April 5, 2018 w.e.f. Appointed Date : October 1, 2016

(a) Terms / rights attached to:

Equity Shares

The Company has only one class of Equity Shares having par value of Rs. 5/- each. ((p.y. equity shares of Rs.10/- each). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.

Dividend

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the approval of the shareholders in the ensuring Annual General Meeting.

NATURE AND PURPOSE OF RESERVES

(a) Capital Reserve : Capital Reserve is utilised in accordance with provision of the Act

(b) Security Premium Reserve : Security Premium Reserve is used to record the premium on issue of shares. These reserve is utilised in accordance with the provision of the Act.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

(c) General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act 2013.

(d) Retained Earnings : Retained earnings are the profit that the Company has earned till date, less any transfer to general reserve, dividend or other distributions paid to shareholders.

These facilities are secured against the following charge on various assets of the Company :

1. Primary : Hypothecation charge on the entire current assets of the Company, both present & future.

2. Collateral : Extension of mortgage charge on factory land, building and plant & machinery situated at Vapi,Gujarat and Office premises situated at Goregaon,Maharashtra owned by the Company.

3. Buyer''s Credit taken from bank against immovable and movable assets of 30MW Solar Power Plant situated at Kombhale, Maharashtra. Exclusive charge on current assets of the company related to the project,both present and future. and second charge on entire current assets of the Company,both present and future.

4. Personal Guarantees of some of the Directors of the company.

5. Short Term Loan Taken from Bank against Fixed Deposits.

Note: Disclosure for micro and small enterprises:

As per information available with the Company, there are no Micro and Small Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006, to whom the Company owes dues, which are outstanding as at March 31, 2018.

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations directly or indirectly. The Company''s principal financial assets include investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :

Credit Risk :

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Trade receivables

Customer credit risk is managed by the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed by the management on regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company does not expect any credit risk on account of trade receivables.

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company''s treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

Liquidity Risk :

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.

The table below provides details regarding the maturities of significant financial liabilities as of March 31, 2018, March 31, 2017 and April 1, 2016:

Market Risk :

Market risk comprises three types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure to, and the Management of, these risks is explained below:

Price risk

Equity price risk is related to the change in market price of the investments in quoted equity securities. The value of the financial instruments is not material and accordingly any change in the value of these investments will not affect materially the profit or loss of the Company.

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. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is very low. The Company has not used any interest rate derivatives.

Interest rate sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company''s results arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.

Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes mandatory initial hedging requirements for exposure above a threshold.

The Company''s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings, primarily with respect to USD.

The Company''s exposure to foreign currency changes for all other currencies is not material.

Foreign currency sensitivity analysis

The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities and derivatives is as follows:

Note 3 : Capital Management

For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.

Note 4 : Segment Information:

Information about Primary Business Segment

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in Dyes, Dyes Intermediates and Basic Chemicals and Generation and Distribution of Solar Power during the year, consequently the Company have separate reportable business segment for the year ended March 31, 2018.

Information about Secondary Geographical Segment

The Company is engaged in providing services to customers located in India and outside india, consequently the Company have separate reportable geographical segment for the year ended March 31, 2018. i.e) Domestic and Export.

The Company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans

a. Employers'' Contribution to Provident Fund and Employee''s Pension Scheme

b. Employers'' Contribution to Employee''s State Insurance

During the year, the Company has incurred and recognised the following amounts in the Statement of Profit and Loss:

The Company has acquired M/s. Nipur Chemicals Limited, under the scheme of amalgamation with appointed date as October 1, 2016. The scheme has been approved on April 5, 2018. This acquisition will enable the company to reduce the cost of production and increase in production capacity.

Upon business combination, 45,940 equity shares held by Nipur Chemicals Limited in the Company get cancelled on account of cross holdings and the Company is required to allot 59,42,530 Equity shares to the shareholders of Nipur Chemicals Limited in pursuance to the Scheme of Amalgamation. Thereafter, the Paid-up Capital of the company will increase to Rs. 10,91,10,450 (Ten Crore Ninety One Lakh Ten Thousand Four Hundred and Fifty) divided into 2,18,22,090 (Two Crore Eighteen Lakh Twenty Two Thousand & Ninety) Equity shares of Rs. 5 each.

Company has given effect to the Scheme in the Accounts and accordingly the Assets and the Liabilities of Nipur Chemicals Limited are transferred to and vested in the Company with effect from October 1, 2016, being the Appointed Date of the Scheme.

Income accruing and expenses incurred by Nipur Chemicals Limited, during the period from October 1, 2016 to March 31, 2018, have been incorporated in the Financial Statements after eliminating inter-company transactions. The effects of these transactions are reflected in the Financial Statements.

Purchase Consideration:

59,42,530 equity shares pending for issuance as consideration payable to Shareholders of M/s. Nipur Chemicals Limited was based on face value of shares as on date of acquisition of Rs. 5 per share. i.e. Rs. 297.13 Lakhs

Acquired receivables

The fair value of acquired trade receivables is Rs. 1,551.72 Lakhs with respect to M/s. Nipur Chemicals Limited (gross of inter-company adjustments).

Revenue and profit contribution

The acquired business contributed revenues and profits to the group for the period March 31,2017 as follows:

For the date of acquitision, NCL has contributed Rs. 3096.75 Lakhs of revenue and Rs. 91.97 Lakhs to the Net profit before tax (gross of inter-company adjustments) to the continuing operation of the Company. If the acquistion had taken at the beginning of the year, revenue from continuing operations of the NCL would have been Rs. 6,324.52 Lakhs and the profit before tax from continuing operations for the year would have been Rs. 920.61 lakhs (gross of inter-company adjustments).

Contingent liability on business combination

A contingent liability of Rs 41.88 lacs was recognised on the acquisition of M/s. Nipur Chemicals Limited for disputed custom liabilities and bank guarantee given by company.

Note 5 : Events after the Reporting Period

The Board of Directors at its meeting held on May 4, 2018, have recommended final dividend for the financial year 2017-18 of Rs. 5.5/- per equity share (face value: Rs. 5/- each) i.e) 110% , being subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. This dividend will be paid on expanded equity of Rs. 10.91 Crores with an outlay of Rs. 12.00 Crores plus dividend distribution tax of Rs. 2.47 Crores thereon aggregating to Rs.14.47 Crores due to amalgamation of Nipur Chemicals Limited as approved by NCLT. The actual dividend amount will be dependent on the relevant share capital outstanding as on record date/ book closure.

Note No. 6 First Time Adoption of Ind-AS

For all periods up to March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 Indian GAAP ("IGAAP"). These standalone financial statements of Bhageria Industries Limited for the year ended March 31, 2018 have been prepared in accordance with Ind-AS. This is the first set of Financial Statements in accordance with Ind-AS. For the purpose of transition from the IGAAP to Ind-AS, the Company has followed guidance provided in Ind-AS 101 - First Time Adoption of Indian Accounting Standards, w.e.f. April 01, 2016 as the transition date.

The transition to Ind-AS has resulted in changes in the presentation of the financial statements, disclosures in the notes, accounting policies and principles. The accounting policies set out in Note 2 have been applied in preparing the standalone financial statements for the year ended on March 31, 2018 as well as for March 31, 2017 for comparative information. In preparing these financial statements, opening balance sheet was prepared as at 1 April 2016. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2016 and the financial statements as at and for the year ended March 31, 2017.

Exemptions on first time adoption of Ind-AS availed in accordance with Ind-AS 101, have been described below:

Exemptions availed on first time adoption of Ind-AS 101:

Ind-AS 101 allows certain optional exemptions and mandatory exemptions on first time adoption of Ind-AS from the retrospective application of certain provisions of Ind-AS. The Company has accordingly applied the following exemptions:

A. Ind AS optional exemptions:

- Property, Plant and Equipment and Intangible Assets

Ind-AS 101 permits, a first time adopter to elect to continue with the carrying values for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind-AS 38 and Investment properties covered by Ind-AS 40.

Accordingly, the Company has elected to measure all of its Property, Plant and Equipment, Investment Properties and Intangible Assets at their previous GAAP carrying value.

- Leases

Appendix C to 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 allows a first-time adopter to determine whether an arrangement existing at the date of transition to Ind-AS contains a lease on the basis of facts and circumstances existing at that date, except where the effect is expected to be not material.

The Company has elected to apply this exemption for such contracts/arrangements.

B. Ind AS mandatory exceptions:

- Estimates

An entity''s estimates in accordance with Ind-AS at the date of transition to Ind-AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is an objective evidence that those estimates were in error.

Ind-AS estimates at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.

- Classification and measurement of financial assets

Ind-AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind-AS.

The following reconciliations provides the effect of transition to Ind-AS from IGAAP in accordance with Ind-AS 101:

A. Equity as at beginning of April 1, 2016 and as at March 31, 2017

B. Net profit for the year ended March 31, 2017

C. Reconciliation of Equity as reported under previous GAAP

FOOT NOTES :

1. Investment Property :

Under Indian GAAP, Investment property is investment in offices that are not intended to be occupied substantially for use by, or in the operations of, the investing enterprise. Under Ind-AS, Investment property is land or buildings(or part thereof) or both held (whether by owner or by a lessee under finance lease to earn rentals or earn capital appreciation or both. Accordingly, Property, plant & equipment amounting to Rs. 233.91 lakhs as on March 31, 2017 (Rs. 36.68 lakhs as on April 1, 2016) have been reclassified as Investment Property.

2. Investments in Mutual Fund & Equity Shares :

Under Indian GAAP, Non-current investments and current investments in equity instruments were measured at cost less permanent diminution in value. Under Ind AS, these financial assets have been classified at FVTPL on the date of transition to Ind AS. The fair value changes are recognized in profit or loss . On transitioning to Ind AS, these financial assets have been measured at their fair values which is higher than cost as per previous GAAP. The corresponding deferred taxes have also been recognized as at March 31, 2017 and as at April 1, 2016. The effect of this change is an increase in total equity as at March 31, 2017 of Rs. 8.76 lakhs (Rs. 69.40 lakh as at April 1, 2016), decrease in profit before tax of Rs. 60.62 lakh for year ending March 31, 2017.

3. Borrowings (Non- Current) :

Under Indian GAAP, Long term borrowings were recognized on undiscounted basis. Ind AS requires such liabilities to be recognized at present value (discounted value) where the effect of time value of money is material i.e at amortized cost. This led to a increase in the total equity as at March 31, 2017 of Rs. 32.28 lakhs (Rs. 63.46 Lakhs as on April 1, 2016 which was adjusted against Borrowings (Non current). Ind AS also provides that where discounting is used, the carrying amount of the liability increases in each period to reflect the passage of time. This increase is recognized as finance cost. The interest cost on unwinding of discount and impact of change in discount rate are recognized in the Statement of Profit and Loss under ''Finance costs'', leading to decrease in profit before tax for the year ended March 31, 2017 of Rs. 31.18 lakhs .The corresponding deferred taxes have also been recognized as at March 31, 2017 and as at April 1, 2016.

4. Deferred tax :

Under Indian GAAP, deferred taxes are computed for the timing differences in respect of recognition of items of profit or loss for the purpose of financials reporting and for income taxes. Under Ind AS, deferred taxes are computed for the temporary differences between carrying amount of an asset or liability in the statement of financial position and its tax base. On the date of transition deferred taxes have been calculated as per the approch defined as per Ind AS on financial position as per Ind AS and accordingly difference has been accounted and statement of financial position, profit and loss account and other comprehensive income. The effect of this change is an decrease in total equity as at March 31, 2017 of Rs. 13.22 lakhs (Rs 37.69 lakhs as at April 1, 2016), and increase in profit after tax Rs 24.47 for the year ended March 31, 2017.

5. Proposed Dividend :

Under Indian GAAP, dividends on equity shares recommended by the board of directors after the end of the reporting period but before the financial statements were approved for issue were recognized in the financial statements as a liability. Under Ind AS, such dividends are recognized when declared by the members in a general meeting. The effect of this change is an increase in total equity as at March 31, 2017 of Rs. 958.40 lakh (Rs. 472.54 lakh as at April 1, 2016), but does not affect profit before tax and total profit for the year ended March 31, 2017.

6. Employee benefit expense (Actuarial Gain & Loss) :

Under Indian GAAP, actuarial gains and losses were recognized in profit or loss. Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability / asset which is recognized in other comprehensive income. Consequently, the tax effect of the same has also been recognized in other comprehensive income under Ind AS instead of profit or loss. The actuarial gains / (loss) for the year ended March 31, 2017 were Rs. (6.79) lakh and the tax effect thereon Rs. 2.35 lakh. This change does not affect total equity, but there is a increase in profit before tax of Rs. 4.44 lakh for the year ended March 31, 2017.

7. Other expenses( Amalgamation Expenses) :

Under Indian GAAP, expenses incurred on amalgamation were to be written off in 5 consecutive years starting from year of incurring the expenditure. Under Ind AS, expenses related to amalgamation are to be expensed out in the year in which expense is incurred. The effect of this change is an decrease in profit before tax as at March 31, 2017 of Rs. 11.30 lakhs.

8. Other comprehensive income (OCI)

Concept of other comprehensive income did not exist under Indian GAAP. Under Ind-AS, all items of income and expenses recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income or expenses that are not recognised in profit or loss but are shown in the statement of profit and loss as ''Other comprehensive income'' includes remeasurement of defined employee benefits plans. The amount related to remeasurement of defined employee benefit plan of INR 6.79 lakhs and tax effect of INR 2.35 lakhs is presented as part of OCI during the financial year 2016-17.

9. Statement of Cash Flows :

The Transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.

Note 7: Previous Year’s Figures

The financial statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and polices to the extent applicable. The Company has adopted Ind-AS on April 1, 2017 with the transition date as April 1, 2016, and adoption was carried out in accordance with Ind-AS 101 - First Time Adoption of Indian Accounting Standards. The previous period''s figures have been regrouped or rearranged wherever necessary.

The accompanying notes are an integral part of these financial statements.

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Mar 31, 2016

Notes: (i) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of ''10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.

Notes 1. Contingent Liabilities And Commitments

1 Contingent Liabilities (to the extent not provided for)

i) Letters of Credit Outstanding amounts to Rs.213.54 Lakhs (P.Y. Rs.488.70 Lakhs)

ii) Bank Guarantees Outstanding amounts to Rs.12 Crores

iii) Sales Tax Dispute :

a The Sales Tax Officer, Mazgaon had raised a demand of Rs.1.48 Lakhs while completing the assessment for the Financial Year 2006-07. The company has filed an appeal before the Deputy Commissioner of Sales Tax (Appeals) against the order.

b The Asst. Commissioner of Sales Tax, Mazgaon had raised a demand of Rs.2.37 Lakhs while completing the assessment for the Financial Year 2008-09. The company has filed an appeal before the Deputy Commissioner of Sales Tax (Appeals) against the order.

c The Sales Tax Officer, Mazgaon had raised a demand of Rs.1.40 Lakhs while completing the assessment for the Financial Year 2010-11. The company has filed an appeal before the Deputy Commissioner of Sales Tax (Appeals) against the order.

d The Sales Tax Officer, Vapi had raised a demand of Rs.8.81 Lakhs While completing the assessment of the Financial Year 2008-09. The company has filed an appeal before the Gujarat Value Added Tax Tribunal,Ahmedabad (Appeal) against the order.

2 Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided (net of advances) :

-30 MW Solar Power Plant at Kombhalne, Ahmednagar

1) Land (net of advances) - Rs.2.47 Crores

2) Solar Photovoltaic Plant Cost (including Modules) - Amount Unascertainable

Notes 3 Segment Information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in two segment i.e. manufacturing and Trading in Chemicals and dyes and Dyes intermediates and generation and distribution of solar power. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are China,Indonesia,Tiwan,Thailand,Europe, Africa and Others.

Note 4 (b) Defined benefit plan

The employee''s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

During the year there was a change in the gratuity liability of the company, leading to revision in the opening balance of the defined benefit obligation.

Notes 5 Transfer Of Unclaimed Dividend To Investor Education And Protection Fund

During the year the company has transferred the unclaimed dividend for the year 2007-08 amounting to Rs.2,93,976/to the Investor Education and Protection Fund.

Notes 6 Impairment Of Assets

No material Impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standards (AS 28) issued by the Institute of Chartered Accountants of India.

Notes 7 Previous Year Figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2013

1 Corporate information

The main business is manufacturing and sale of chemicals and dyes ,Dye intermidiate required for Dye manufacturer. The Company is also engaged in merchant export of related item.

2.1 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of indentifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act, 2006. Accordingly the disclosurs in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2012 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.

Note 3 Disclosures under Accounting Standards Note 23.1 (a) Defined Contribtion Plan

Note 3.1 (a) Defined benefit plan

The employee''s gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

3.2 Segment information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in one segment i.e. manufacturing and Trading in Chemicals and dyes and Dyes intermediates.. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Africa and Others.

4 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification /disclosure.

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Mar 31, 2012

1 Corporate information

The main business is manufacturing and sale of chemicals and dyes, Dye intermediate required for Dye manufacturer. The Company is also engaged in merchant export of related item

(I) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. in the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.

2.1 Monies received against share warrants

During the C.Y., the company has allotted 45,00,000 (Fourty Five Lacs) equity shares on preferential basis of Face Value of Rs 10/- each at an exercise price of Rs 30/- (Including Premium).

As at 31 March, 2012 As at 31 March, 2011

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

(i) Commitments

(a) Income Tax Disputes 18.92 18.92

2.3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The management is currently in the process of indentifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act; 2006. Accordingly the disclosurs in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2012 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.

Note 3.1 Defined benefit plan

The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

3.2 Segment information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company is engaged in one segment i.e. manufacturing and Trading in Chemicals and dyes and Dyes intermediates. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Africa and Others.

4 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2011

1. Balances of sundry debtors, loans and advances and sundry creditors are subject to confirmation.

2. In the opinion of the Board of Directors of the Company the Current Assets, Loans and Advances have a value on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequate and are not in excess of the amount reasonably necessary.

3. The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

4. Income Tax Assessments have been completed up to assessment year 2008-2009 pertaining to previous accounting year ended on 31.03.2008. The company does not foresee any Liabilities tor the uncompleted Assessments.

5. Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2005 in respect of Mumbai Jurisdiction. Sales Tax Assessments have been completed upto accounting year ended as on 31.03.2007 in respect Vapi of Jurisdiction. The company does not foresee any Liabilities for the uncompleted Assessments.

6. The liability of Excise Duty on finished goods of Rs 16.77 Lacs (Previous Year 2.66 Lacs has been provided in the accounts and has been included in the valuations of the finished goods. This accounting treatment has no impact on the profit of the year.

7. Fixed Deposit Receipt with Banks Rs. 117.11 Lacs (Previous Years Rs. 157.38 Lacs) are pledged with bank for availing credit facilities and against L/C margin.

8. Small Scale Industries

The management is currently in the process ot identifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosures in respect of amount payable to such Micro, Small and Medium Enterprises as at March 31st 2011 has not been made in the financial statements. However, in view of the management, the impact of the interest, if, any, that may be payable in accordance with the provisions of the Act is not expected to be material.

9. Prior Period Adjustments

Considering the nature of the business, all the prior period adjustments, including those ascertained and determined during the year have been accounted for under the respective heads of accounts.

There are certain changes which have been effected in the accounting policy which result in appropriate presentation of financial statements, however it does not have any material impact in the current as well as in future periods.

10. With the consent and approval of the Company the Board had been authorized to allot on preferential basis upto 45,00,000 [Forty Five Lacs] Equity Shares of face value of Rs.10/- each at an exercise price of Rs.30/-(including Premium) which is not lower than the minimum price specified as per Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 and Chapter VII of the SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2009 and accordingly the application money of Rs. 787.50 lacs has been received.

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Mar 31, 2010

A. NATURE OF OPERATIONS

Bhageria Dye Chem. Ltd., a public limited company operates as integrated chemical organizations with the business encomprising production & distribution of chemicals.

The company presently has manufacturing facilities in India. The companys major market is Asia & Europe. Europe is the largest market. The major product is Vinyl Sulphone.

1. The figures of the previous accounting period are re-grouped, re-classified wherever necessary.

2. Contingent liabilities: (Rs. in Lacs)

Sr. No Particulars Current Year Previous Year

a) Bank Guarantee & Import LVC 30.01 347.83

b) Disputed Income Tax Dues (Net) 91.86 91.86



3. Balances of sundry debtors, loans and advances, Deposits and sundry creditors are subject to confirmation.

4. In the opinion of the Board of Directors of the Company the Current Assets, Loans and Advances have a value on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequate and are not in excess of the amount reasonably necessary.

5. During the current year, the Company has received Rs 57.27 Lacs as Grant under bi-lateral international agreement towards phasing out the consumption of carbon tetrachloride related to implementation of the Montreal Protocol. This amount is shown as Extraordinary income in the Profit & Loss Account. The Company has incurred an expense of Rs. 11.73 Lacs for obtaining the grant which is included in the Legal and Professional fees.

6. The disclosures required under accounting standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) rules 2006, are given below:

7. Income Tax Assessments have been completed up to assessment year 2007-2008 pertaining to previous accounting year ended on 31.03.2007. The company does not foresee any Liabilities for the uncompleted Assessments.

8. Sales Tax Assessments have been completed up to the Accounting year ended as on 31.03.2005 in respect of Mumbai Jurisdiction. Sales Tax Assessments have been completed upto accounting year ended as on 31.03.2006 in respect of Vapi (Gujarat) The company does not foresee any Liabilities for the uncompleted Assessments.

9. The liability of Excise Duty on finished goods of Rs 2.66 Lacs (Previous Year 2.47 Lacs) has been provided in the accounts and has been included in the valuations of the finished goods. This accounting treatment has no impact on the profit of the year.

10. Fixed Deposit Receipt with Banks Rs. 90.34 Lacs (Previous Years Rs. 678.23 Lacs) are pledged with bank for availing credit facilities and against L/C margin.

11. As required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India is as follow:

Companys related parties

Key Managerial Personnel Shri. Suresh Bhageria Shri. Vinod Bhageria

Other Directors

Shri. O.P. Bubna

Dr. Shyam Agrawal

Shri. P.S. Dalvi

Shri. S. P. Tulsian (up to 19.02.2010)

12. Segmental Reporting as per AS-17

Primary Segment

The company is engaged in one segment i.e. manufacturing and trading in chemicals and dyes & dyes intermediates.

13. Small Scale Industries

The management is currently in the process of identifying enterprises which have been provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosures in respect of amount payable to such Micro, Small and Medium Enterprises as at March 31, 2010 has not been made in the financial statements. However, in view of the management, the impact of the interest, if, any, that may be payable in accordance with the provisions of the Act is not expected to be material.

14. Prior Period Adjustments

Considering the nature of the business, all the prior period adjustments, including those ascertained and determined during the year have been accounted for under the respective heads of accounts.

There are certain changes which have been effected in the accounting policy which result in appropriate presentation of financial statements, however it does not have any material impact in the current as well as in future periods.