Notes to Accounts of Captain Polyplast Ltd.

Mar 31, 2025

(viii) Provisions, contingent liabilities and contingent assets:

A provision is recognised when the company has a present obligation as a result of past events and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to their present value and are determined based on best estimates required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current
best estimates.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably.

Contingent liabilities are disclosed by way of notes to the accounts. Contingent assets are not recognized.

(ix) Revenue Recognition:

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods or services. The Company has generally concluded that it is the principal in its revenue arrangements, except for
the agency services below, because it typically controls the goods or services before transferring them to the customer.

Sales of goods

Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer,
generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery.

The Company considers whether there are other promises in the contract that are separate performance obligations to
which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points). In determining
the transaction price for the sale of equipment, the Company considers the effects of variable consideration, the
existence of significant financing components, noncash consideration, and consideration payable to the customer (if
any).

1. Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it
will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract
inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative
revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently
resolved. Some contracts for the sale of electronic equipment provide customers with a right of return the goods within a
specified period. The Group also provides retrospective volume rebates to certain customers once the quantity of
electronic equipment purchased during the period exceeds the threshold specified in the contract. The rights of return
and volume rebates give rise to variable consideration.

• Rights of return

The Group uses the expected value method to estimate the variable consideration given the large number of contracts
that have similar characteristics. The Group then applies the requirements on constraining estimates of variable
consideration in order to determine the amount of variable consideration that can be included in the transaction price. A
refund liability is recognized for the goods that are expected to be returned (i.e., the amount not included in the
transaction price). A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right
to recover the goods from a customer.

• Volume rebates

The Group applies the most likely amount method or the expected value method to estimate the variable consideration
in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the
number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single
volume threshold, while the expected value method is used for those with more than one volume threshold. The Group
then applies the requirements on constraining estimates in order to determine the amount of variable consideration that
can be included in the transaction price and recognised as revenue. A refund liability is recognised for the expected
future rebates (i.e., the amount not included in the transaction price).

Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable
interest rate. Interest income is included under the head "other income" in the statement of profit and loss.

Dividend Income

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.
Windmill energy income

Consideration for electricity generated by the windmill division and fed into the state power grid is received in the form of
credit in the manufacturing division''s power bill. Credits are recognised as income net of wheeling charges. Income so
recognised is shown separately from the power cost under Other operating revenue.

Other income is recognized on accrual basis provided that it is probable that the economic benefits will flow to the
company and the amount of income can be measured reliably.

(x) Retirement Benefits and other employee benefits:

Defined Contribution Plans:

Defined contribution to provident fund is charged to the profit and loss account on accrual basis.

Defined Benefit Plans:

Provision for gratuity liability is provided based on actuarial valuation made at the end of the financial year. Re¬
measurement of Defined Benefit Plan in respect of post-employment are charged to the Profit & Loss account.

Leave encashment expenditure, if any, is charged to profit and loss account at the time of leave encashed and paid. Bonus
expenditure is charged to profit and loss account on accrual basis.

(xi) Foreign Currency Transactions:

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.
Exchange difference arising on settlement of transactions is recognised as income or expense in the year in which they
arise.

Monetary assets and liabilities related to foreign currency transactions outstanding at the balance sheet date are
translated at the exchange rate prevailing on that date and the net gain or loss is recognized in the profit and loss account.

Foreign currency translation differences relating to liabilities incurred for purchasing of fixed assets from foreign
countries are adjusted in the carrying cost of fixed asset for differences up to the year-end in the year of acquisition,
whereas differences arising thereafter to be recognized in the profit and loss account. All other foreign currency gain or
losses are recognized in the profit and loss account.

(xii) Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are
capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to
get ready for intended use. Costs incurred in raising funds are amortized equally over the period for which the funds are
acquired. All other borrowing costs are charged to profit and loss account.

(xiii) Taxes on Income:

Tax expenses comprise Current Tax and deferred tax charge or credit.

Current Tax:

Provision for current tax is made based on tax liability computed after considering tax allowances and exemptions, in
accordance with the provisions of The Income Tax Act, 1961.

Deferred Tax:

Deferred tax assets and liability is recognized, on timing differences, being the differences between taxable income and
accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred
tax assets arising mainly on account of brought forward losses, unabsorbed depreciation and minimum alternate tax
under tax laws, are recognised, only if there is a virtual certainty of its realization, supported by convincing evidence. At
each Balance Sheet date, the carrying amounts of deferred tax assets are reviewed to reassure realization. The deferred
tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively
enacted by the Balance Sheet date.

(xiv) Earnings/(Loss) per Share:

Basic earnings/(loss) per share are calculated by dividing the net profit / (loss) for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period are adjusted for any bonus shares issued during the year and also
after the balance sheet date but before the date the financial statements are approved by the board of directors.

(xv) Segment Reporting:

The Chief Operational Decision Maker(CODM) monitors the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated
based on the profit or loss and is measured consistently with the profit or loss in the financial statements. Operating
segments are reported in a manner consistent with the internal reporting provided to CODM.

In accordance with Ind AS - 108 - "Operating Segments", the Company has identified its business segment as
"Manufacturing of Micro Irrigation Systems & Allied Products" and "DCA cum CS of Indian Oil Corporation Ltd.(IOCL)
-Polymer Business". There are no other primary reportable segments. The major and material activities of the company
are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not
applicable.

(xvi) De-recognition:

The Company derecognizes a Financial Asset when the contractual rights to the cash flows from the Financial Asset expire
or it transfers the Financial Asset and the transfer qualifies for de-recognition under Ind AS 109. A Financial liability (or a
part of a financial liability) is derecognized from the Company''s Balance Sheet when the obligation specified in the
contract is discharged or cancelled or expires.

(xvii) Offsetfng:

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and only
when, the Company has a legally enforceable right to set-off the amount and it intends, either to settle them on a net basis
or to realise the asset and settle the liability simultaneously.

3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENTS

In the course of applying the policies outlined in all notes under section 2 above, the company is required to make judgement,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factor that are considered
to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future period, if the revision affects current and future period.

(I) Useful lives of property, plant and equipment and Intangible assets

Management reviews the useful lives of property, plant and equipment at least once a year. Such lives are dependent upon an
assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external
factors including relative efficiency and operating costs. Accordingly depreciable lives are reviewed annually using the best
information available to the Management.

(ii) Impairment of Investment in Subsidiary

Determining whether the investments in subsidiary are impaired, requires an estimate in the value in use of investments. In
considering the value in use, the Directors have anticipated the future commodities prices, capacity utilization of plants,
operating margins, discount rates and other factors of underlying businesses / operations of the investee companies. Any
subsequent changes to the cash flows due to changes in the above mentioned factors could impact the carrying value of
investments.

(iii) Provisions and liabilities

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds
resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of
judgement to existing facts and circumstances which may be subject to change. The amounts are determined by discounting
the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability.

(iv) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the company.
Potential liabilities that are possible but not probable of crystallizing or are very difficult to quantify reliably are treated as
contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

(v) Fair value measurements

When the fair values of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree
of judgement is required in establishing fair values. Judgments include consideration of inputs such as liquidity risk, credit risk
and volatility.

(vi) Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.

4. Recent pronouncements

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 Group has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its financial statements.

For & on Behalf of For and on behalf of Board of Directors,

J C Ranpura & Co M/s. Captain Polyplast Limited

Chartered Accountants (CIN: L25209GJ1997PLC031985)

FRN:108647W

SD/- SD/-

Ramesh Khichadia ^{Ritesh Khichadia}

Managing Director DIN: 00087859 Wholetime Director DIN: 07617630

SD/- SD/- SD/-

Ketan Sheth Kaushik Mori Khyati S Mehta

Partner 118411 Chief Financial Officer Company Secretary M No.: ACS30529

UDIN:

Place: Rajkot Place: Rajkot

Date: 10-May-2025 Date: 10-May-2025

---

Mar 31, 2024

(viii) Provisions, contingent liabilities and contingent assets :

A provision is recognised when the company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on best estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

Contingent liabilities are disclosed by way of notes to the accounts. Contingent assets are not recognized.

(lx) Revenue Recognition:

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements, except for the agency services below, because it typically controls the goods or services before transferring them to the customer.

Sales of goods

Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery.

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g.. warranties, customer loyalty points). In determining the transaction price for the sale of equipment, the Company considers the effects of vanable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any).

1. Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of electronic equipment provide customers with a right of return the goods within a specified period. The Group also provides retrospective volume rebates to certain customers once the quantity of electronic equipment purchased during the period exceeds the threshold specified in the contract. The rights of return and volume rebates give rise to variable consideration.

? Rights of return

The Group uses the expected value method to estimate the variable consideration given the large number of contracts that have similar characteristics. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price. A refund liability is recognized for the goods that are expected to be returned (i.e.. the amount not included in the transaction price). A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from a customer.

? Volume rebates

The Group applies the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for

those with more than one volume threshold. The Group then applies the requirements on constraining estimates in order to determine the amount of variable consideration that can be included in the transaction price and recognised as revenue. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price).

Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head “other income" in the statement of profit and loss.

Dividend Income

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

Windmill energy income

Consideration for electricity generated by the windmill division and fed into the state power grid is received in the form of credit in the manufacturing division''s power bill. Credits are recognised as income net of wheeling charges. Income so recognised is shown separately from the power cost under Other operating revenue.

Other income is recognized on accrual basis provided that it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably.

(x) Retirement Benefits and other employee benefits: Defined Contribution Plans :

Defined contribution to provident fund is charged to the profit and loss account on accrual basis.

Defined Benefit Plans :

Provision for gratuity liability is provided based on actuarial valuation made at the end of the financial year. Re- measurement of Defined Benefit Plan in respect of post-employment are charged to the Other Comprehensive Income.

Leave encashment expenditure, if any, is charged to profit and loss account at the time of leave encashed and paid. Bonus expenditure is charged to profit and loss account on accrual basis.

(xi) Foreign Currency Transactions :

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Exchange difference arising on settlement of transactions is recognised as income or expense in the year in which they arise.

Monetary assets and liabilities related to foreign currency transactions outstanding at the balance sheet date are translated at the exchange rate prevailing on that date and the net gain or loss is recognized in the profit and loss account.

Foreign currency translation differences relating to liabilities incurred for purchasing of fixed assets from foreign countries are adjusted in the carrying cost of fixed asset for differences up to the year-end in the year of acquisition, whereas differences arising thereafter to be recognized in the profit and loss account. All other foreign currency gain or losses are recognized in the profit and loss account.

(xii) Borrowing Cost:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. Costs incurred in raising funds are amortized equally over the period for which the funds are acquired. All other borrowing costs are charged to profit and loss account.

(xiii) Taxes on Income :

Tax expenses comprise Current Tax and deferred tax charge or credit.

Current Tax :

Provision for current tax is made based on tax liability computed after considering tax allowances and exemptions, in accordance with the provisions of The Income Tax Act. 1961.

Deferred Tax :

Deferred tax assets and liability is recognized, on timing differences, being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets arising mainly on account of brought forward losses, unabsorbed depreciation and minimum alternate tax under tax laws, are recognised, only if there is a virtual certainty of its realization, supported by convincing evidence. At each Balance Sheet date, the carrying amounts of deferred tax assets are reviewed to reassure realization. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

(xiv) Eamings/(Loss) per Share :

Basic earnings/(loss) per share are calculated by dividing the net profit / (loss) for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period are adjusted for any bonus shares issued during the year and also after the balance sheet date but before the date the financial statements are approved by the board of directors.

(xv) Segment Reporting :

The Chief Operational Decision Maker (CODM) monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on the profit or loss and is measure consistently with the profit or loss in the financial statements. Operating segments are reported in a manner consistent with the internal reporting provided to CODM.

In accordance with Ind AS - 108 - “Operating Segments", the Company has identified its business segment as "Manufacturing of Micro Irrigation Systems & Allied Products" and "DCA cum CS of Indian Oil Corporation Ltd. (IOCL) - Polymer Business" There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable.

(xvl) De-recognition :

The Company derecognizes a Financial Asset when the contractual rights to the cash flows from the Financial Asset expire or it transfers the Financial Asset and the transfer qualifies for de-recognition under Ind AS 109. A Financial liability (or a part of a Financial liability) is derecognized from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

(xvll) Offsetting :

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and only when, the Company has a legally enforceable right to set-off the amount and it intends, either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENTS

In the course of applying the policies outlined in all notes under section 2 above, the company is required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period, if the revision affects current and future period.

(i) Useful lives of property, plant and equipment and Intangible assets

Management reviews the useful lives of property, plant and equipment at least once a year. Such lives are dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external factors including relative efficiency and operating costs. Accordingly depreciable lives are reviewed annually using the best information available to the Management.

(ii) Impairment of Investment in Subsidiary

Determining whether the investments In subsidiary are impaired, requires an estimate in the value in use of investments. In considering the value in use, the Directors have anticipated the future commodities prices, capacity utilization of plants, operating margins, discount rates and other factors of underlying businesses / operations of the investee companies. Any subsequent changes to the cash flows due to changes in the above mentioned factors could impact the carrying value of investments.

(Hi) Provisions and liabilities

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of judgement to existing facts and circumstances which may be subject to change. The amounts are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

(iv) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the company. Potential liabilities that are possible but not probable of crystallizing or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

(v) Fair value measurements

When the fair values of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be measured based on quoted pnces in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgments include consideration of inputs such as liquidity risk, credit risk and volatility".

(vi) Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

4. Recent pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2024 MCA has not notified any new standards or amendments to the existing standards applicable to the Group.

On behalf of the Board of Directors

For J C Ranpura & Co._t M/s.Captain Polyplast Limited (CIN& L25209GJ1997PLC031985)

Chartered Accountants (FRN No. 108647W)

Sd/- ^StJ/'' Sd/-

Ketan Y Sheth Ramesh Khichdia Ritesh Khichdia

Partner Managing Director Wholetime Director

(Membership No. 118411) [DIN:00087859] [DIN: 07617630]

UDIN:241I8411BJZWSX7768

Sd/- Sd/-

Place: Rajkot. Kaushik Mori Khayati S Mehta

Date : 25 May, 2024 Chief Financial Officer Company Secretary

M. No. ACS30529

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Mar 31, 2023

Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 2 each. Each holder of equity shares is entitled to one vote per

share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after

Note:

Business Loans from Bank :

Secured by hypothecation over Inventory, Stock in Process, Finished Goods, Receivables and the entire current assets of the Company (Present & Future), hypothecation of plant & machinery of the Company, hypothecation of Receivables IOCL Polymer Division Dealership (Present & Future), registered equitable mortgage of industrial properties (Land & Building) in the name of Company, registered equitable mortgage of residential premises in the name of promoter, pledge of Fixed Deposits and Shares in the name of Directors and personal guarantee of Directors / Promoters. Rate of Interest for borrowings from banks ranges between 7.40% p.a. to 10.25% p.a. Repayable within 1 to 6 Years from the balance sheet date, as per the terms of respective banks.

Unsecured Loans From Directors :

Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 12% p.a.

Unsecured Loans From Banks :

Unsecured Loans from bank are long term in nature repayable within 1 to 5 Years from the balance sheet date, rate of interest being 10.32% p.a.

Unsecured Inter Corporate Deposits : (Loan from Others)

Unsecured Inter Corporate Deposits are long term in nature repayable within 1 to 2 Years from the balance sheet date and are carrying NIL rate of interest.

Note :

Working Capital Facilities from Banks :

Secured by hypothecation over Inventory, Stock in Process, Finished Goods, Receivables and the entire current assets of the Company (Present & Future), hypothecation of plant & machinery of the Company, hypothecation of Receivables IOCL Polymer Division Dealership (Present & Future), registered equitable mortgage of industrial properties (Land & Building) in the name of Company, registered equitable mortgage of residential premises in the name of promoter, pledge of Fixed Deposits and Shares in the name of Directors and personal guarantee of Directors / Promoters. Rate of Interest between 8.25% p.a. to 10.00% p.a. as per the terms of respective banks.

15. A Details of Borrowings from banks or financial institutions on the basis of Security of Current Assets

a) Whether quarterly returns or statement of current assets filed by the company with banks or financial institution are in agreement with the books of account.

* Whatever information the company could identify as above were possible at the yearend only, and in view of the same & according to the company, it could not identify payments beyond due date during the year and to make interest provisions to that extent, as per the agreed terms with the suppliers. The company could identify the principal amount remaining unpaid as on 31st March, 2023 based on the status of respective suppliers received during the year. However, as informed by the management, considering the materiality aspect and as per the agreed terms with respective suppliers, the company has not made provision of any interest due to suppliers for outstanding balance / payment made beyond respective due dates.

Note :

a) Other Payables - Polymer Division denote amounts payables to parties for transactions done on DCA cum CS basis of Indian OilCorporation Ltd. (IOCL) - Polymer Business.

b) Other Payables - Others denote provisional amounts received from dealers / customers pending certain statutory approvals for acquiring the goods, which may be required to be refunded, if such approvals are not received by such persons

(2) GEOGRAPHICAL SEGMENTS:

The major and material activities of the company are restricted to only one geographical segment i.e., India, hence the secondary segment disclosures are also not applicable.

39. Derivatives and Foreign Currency exposures :

The Company uses forward contract to mitigate its risks associated with foreign currency fluctuations having underlying transaction in relation toSale of goods. The company does not enter into any forward contract which is intended for trading or speculative purposes.

40. Employee benefit

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service.

The following table summarizes the component of net benefit expenses recognized in Statement of Profit & Loss.

Gratuity Obligation as at year end as per Actuarial Valuation Report.

The Board provides guiding principles for overall risk management as well as policies covering specific areas such as foreign exchange risk, credit risk and investment of surplus liquidity

(a) Credit risk

Credit risk refers to the risk of a counter party default on its contractual obligation resulting into a financial loss to the Company. The maximum exposure of the Financial assets represents trade receivables, work in progress and other receivables. In respect of tradereceivables, the Company used a provision matrix to compute the expected credit loss allowances for trade receivables in accordance with the expected credit loss ( ECL ) policy of the Company. The Company regularly reviews trade receivables and necessary provisions, wherever required are made in the financial statements.

(b) Liquidity risk

Liquidity risk is that the Company will encounter difficulty in raising funds to meet its commitments associated with financial instruments. Liquidity risk may result from an inability to sell as financial asset quickly at close to its fair value.

The Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. Contractual maturities of significant financial liabilities are as

(c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in foreign currency exchange rates, interest rates, credit, liquidity and other market changes. foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

The Company is earning in foreign currency and consequently, the company is exposed to foreign exchange risk. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

(d) Capital management

The Company''s capital management objective is to maximize the total shareholders'' return by optimizing cost of capital through flexible capital structure that supports growth. Further, the Company ensure optimal credit risk profile to maintain / enhance credit rating.

The Company determined the amount of capital required on the basis of annual operating plan and long-term strategic plans. The funding requirements are met through internal accruals and long term / short term borrowings.

The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

44. In the opinion of the Board of Directors, Current assets and other noncurrent assets have a value on realization in ordinary courseof business at least equal to the amount at which they are stated.

45. Confirmation of debit / credit balances have not been received and hence these balances are subject to adjustment if any.

46. Previous year figures :

The company has regrouped / rearranged previous year figures in view of easy comparison with current year figures.

47. Figures rounded off to nearest rupee. All the figures including previous year figures have been rounded off to nearest rupee.

48. In the opinion of the Board and to the best of its knowledge and belief, all other contractual liabilities connected with business operations of theCompany have been appropriately provided for.

49. In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

50. Willful Defaulter

a) Whether a company is a declared willful defaulter by any bank or financial institution or other lender.

No

51. Relationship with Struck off Companies

a) Whether a company has any transactions with companies struck off under section 248 of the Companies Act 2013 or section 560 of the Companies Act, 1956.

No

52. Compliance with approved Scheme(s) of arrangements Not Applicable

53. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Companyto

or in any other person/s or entity/ies including foreign entity/ies ("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall lend or invest in party (“Ultimate Beneficiaries) identified by or on behalf of the Company.

The Company has not received any fund from any party(s) (“Funding Party/ies”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiary”) or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiary.

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Mar 31, 2018

1 Corporate Information

Captain Polyplast Ltd. (‘the company") having its manufacturing facilities at Shapar (Veraval), Rajkot, is engaged in the business of manufacturing and selling of quality Micro Irrigation Systems and allied products. Further, the company also undertakes installation of micro irrigation systems and providing of agronomical services to farmers. During the year under review, the company has also carried out business activities on DCA cum CS basis of Indian Oil Corporation Ltd. (IOCL) of Polymer Business.

Notes

1. The company has elected to present to present government grant as a separate non-current line item on the face of ''- balance sheet.

2. Borrowing cost measured applying effective interest rate method as described in Ind AS 109. The cost related to the period prior to 1⁵'' April, 2016 has been adjusted to the retained earnings and the cost related to the period thereafter has been debited to the statement of profit and loss of respective periods.

3. Under Ind AS, investment in mutual funds are shown at fair value through other comprehensive income, which were shown at cost under previous IGAAP.

4. Above Ind AS adjustments resulted into Deferred Tax adjustments, effect of which duly given in respective periods.

Notes

1. Borrowing cost measured applying effective interest rate method as described in Ind AS 109. The cost related to the period prior to 1st April. 2016 has been adjusted to the retained earnings and the cost related to the period thereafter has been debited to the statement of profit and loss of respective periods.

2. Under Ind AS, investment in mutual funds are shown at fair value through other comprehensive income, which were '' shown at cost under previous IGAAP

3. Above Ind AS adjustments resulted into Deferred Tax adjustments, effect of which duly given in respective periods.

2. Realisation:

In the opinion of the Board and to the best of its knowledge and belief, the value on realisation of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

3. Contratual Liabilities :

All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

4. Gratuity Benefits

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service

5. Previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary Accordingly, amounts and other disclosures for the preceding year are Included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year

6. Balances of Trade Payables. Unsecured Loans. Trade Receivables. Long Term and Short Term Loans & Advances. Other Current and Other Non Current Assets and Provisions are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments. If any, will be made when the accounts are reconciled I settled.

7. Segment Reporting

The Group''s operating segments are established on the basis of those components of the Group that are evaluated regularly by the Executive Committee (the Chief Operating Decision Maker'' as defined in Ind AS 108 - ''Operating Segments''), in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal business reporting systems.

In accordance with Ind AS -108 - "Operating Segments", the Company has identified its business segment as

Segment-1 : "Manufacturing of Micro Inigation Systems & Allied Products" and

Segment-2 : “DCA cum CS of Indian Oil Corporation Ltd (IOCL) - Polymer Business"

The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a. Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Unallocable"

b. Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable".

Secondary Segment Information

The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable,

8. In the absence of information regarding outstanding dues of MICRO or Small Scale Industnal Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act. the Company has not disclosed the same as required by Schedule III to the Companies Act.

9. Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the authentication given by management of the company.

10. Figures have been rounded off to nearest rupee and have been regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2016

Notes :

Secured Loans From Banks :

a) Term Loan-1 from S. B. I., Current O/s. as on 31-03-16 Rs. 2,26,01,711/-, secured by hypothecation of machinery and guarantee by all Directors, Rate of Interest @ 12.15% p. a., Repayable in monthly installment of Rs. 1050000/p. m. plus interest

b) Wind Turbine -1 Term Loan from S. B. I., Current O/s. as on 31-03-16 Rs. 19,19,674/- is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 12.15% p. a. Repayable in monthly installment of Rs. 150000/- p. m. plus interest.

c) Wind Turbine - II Term Loan from S. B. I., Current O/s. as on 31-03-16 Rs. 1,06,33,133/- is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 12.15% p. a. Repayable in monthly installment of Rs. 455000/- p. m. plus interest.

d) HDFC Bank Car Loan -1, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

e) HDFC Bank Car Loan - 2, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

f) HDFC Bank Car Loan - 3, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

Business Loans From Bank & Financial Institutions :

g) Term Loan from TATA Capital Ltd, Current O/s. as on 31-03-16 Rs. 597563/- secured by hypothecation of Machinery, Rate of Interest 14.01% p. a., Repayable in 48 monthly HP Installment of Rs. 291851/-, Last Installment due on 15-07-17

h) Business loan from Bajaj Finance Ltd, Current O/s. as on 31-03-16 Rs. 3894847/- is secured by hypothecation of residential building of Directors, Rate of interest 10.75% p. a., Repayable in 180 monthly EMI of Rs. 44166/-, Last Installment due on 02-10-30.

i) Car Loan from BMW Financial Services, Current O/s. as on 31-03-16 Rs. 218656/- is secured by hypothecation of Car registered in the name of Directors, Rate of interest 9.00% p. a., Repayable in 36 monthly EMI of Rs. 110450/-, Last installment due on 16-06-17

j) Business loan from Bajaj Finance Ltd, Current O/s. as on 31-03-16 Rs. 25787244/- is secured by hypothecation of residential building of Directors, Rate of interest 11.35% p. a., Repayable in 178 monthly EMI of Rs. 320121/-, Last Installment due on 05-03-29

Unsecured Loans

From Directors

k) Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 12% p.a.

From Banks

I) Business loan from Kotak Mahindra Bank Ltd, Current O/s. as on 31-03-16 Rs. 52,20,848/- Rate of interest 15.72% p. a.,

Repayable in 18 monthly EMI of Rs. 4,66,875/-, Last Installment due on 05.03.2017

Note :

Working Capital Facilities from Banks:

Cash Credit from Banks o/s. as on 31.03.2016 Rs. 16,57,62,418 secured by way of first charge by hypothecation of stocks, book debts and all current assets of the Company (Present & Future) including Plant & Machinery situated at Company''s premises. Rate of interest at PLR 12.05% subject to change from time to time..

1. There is no employees getting remuneration as required under

Section 217 (2-A) of the Companies Act, 2013 NA NA

2. Realization :

In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

3. Contratual Liabilities:

All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

4. Gratuity Benefits

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service.

The following table summarizes the component of net benefit expenses recognized in Statement of Profit & Loss and Gratuity Obligation as at year end as per Acturial Valuation Report.

5. Previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

6. Balances of Trade Payables, Unsecured Loans, Trade Receivables, Long Term and Short Term Loans & Advances, Other Current and Other Non Current Assets and Provisions and are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments, if any, will be made when the accounts are reconciled / settled.

7. In the absence of information regarding outstanding dues of MICRO or Small Scale Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule III to the Companies Act,

8. Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the authentication given by management of the company.

9. Figures have been rounded off to nearest rupee and have been regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2015

1. Corporate Information :

The Company is engaged in the business of manufacturing and selling of quality Micro irrigation Systems and allied products tor more than decade and half. Apart form manufacturing and selling of products the Company also undertakes supply and installation of micro irrigation systems and provision of agronomical services to farmers.

2. Secured Loans From Banks :

a) Term Loan from S.B Current O/s. as on 31-03-15 Rs. 1486365/-, secured by hypothecation of machinery and guarantee My all Pi rectors, Rate of interest @13.5% . p. a Repayable in monthly installment of Rs 140000/- p. m plus interest

b) Term Loan-M from &. 8.) Current O/s. as on 31-03-15 Rs. 35396245V-, secured by hypothecation of machinery and guarantee by ell Drnectom-, Rate of interest @ 13 5% p m Repgygbte in monthly installment of Rs- 1050000'- p m- plus

c) Wind Turbine -1 Term Lean from S B. L, Currant O.'s. as on 31-03-15 Rs. 3T44111/- Is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 13.5% p a Repayable in monthly mslallment of Rs. 150000/- p. m. plus interest.

3. Realisation :

In the opinion of the Board and to the best of its knowledge and belief, the value on realisation of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they am stated in (he Balance shaet.

4. Contratual Liabilities i

All other contractual liabilities connected with business operations of the Company have been appropriately provided for

5. Previous year's figures have been regrouped wherever necessary to confirm to the Current years

6. Related Party Disclosure :

a, Key Management Personnel:

Mr. Ramesh D. Khichadia CHairman and Managing Director

Mr, Ashok K, Patel Whole time Director

b. Related Key Management Personnel :

M/s. Capital Polymers Relative Party

IWs. Captain Pipes Ltd. Associated Parly

7. In the absence of information regarding ouIslanding dues of MICRO or Small Scale Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule Vl to the Companies Act,