Notes to Accounts of Gujarat Apollo Industries Ltd.

Mar 31, 2025

Q. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised only when:

a) the company has a present obligation (legal or constructive) as a result of a past event;

b) it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

c) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of
time value of money is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

a) a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

b) a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Department appeals, in respect of cases won by the Company, are also considered as Contingent Liabilities.

R. Cash and Cash Equivalents

Cash and cash equivalents include cash and cheques in hand, bank balances, demand deposits with banks
and other short term highly liquid investments that are readily convertible to know amounts of cash and which
are subject to an insignificant risk of changes in value where original maturity is three months or less.

S. Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing
activities. Cash flow from operating activities is reported using indirect method, adjusting the net profit for the
effects of:

i. changes during the period in inventories and operating receivables and payables transactions of a non¬
cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and
losses, andundistributed profits of associates; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items
which are not available for general use as on the date of Balance Sheet.

Notes

Terms /Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value Rs. 10/- per share. Each
holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees.
Payment of dividend is also made in foreign currency to shareholders outside India.

As Per the Companies Act 2013, the holders of equiy shares will be entitled to receive remaining assets of the
company, after distirbution of all the preferential amounts in the event of liquidation of the Company. The distribution
will be in proportion to the number of equity shares held by the shareholders.

The Company has bought back 6,34,379 Equity Shares in FY 2013-14, 7,85,294 Equity Shares in FY 2014-15,
14,95,327 Equity Shares in FY 2015-16, 9,98,085 Equity Shares in FY 2017-18 and 8,61,915 Equity Shares in FY
2021-22.

General Reserve : The general reserves are the retained earnings of the company which are kept aside out of
company''s profit to meet future (knowm or unknown) obligations. The general reserves is a free reserve which can
be utilized for any purpose after fulfiling certain conditions.

Capital Redemption Reserve : The Capital Redemption Reseve is craeted out of buy back of shares, the
company may issue fully paidup bonus shares to its memebers out of capital redemoption reserve account.
Retained Earnings : The retained earnings are the profit that the company has earned to date, less any dividends
or other distributions made to investors.

Share Warrant : During the financial year 2024-25, the Company issued 11,70,000 share warrants at an issue
price of Rs. 292 per warrant, with an upfront payment of Rs. 73 per warrant (constituting 25% of the issue price).
Each warrant entitles the holder to apply for and be allotted one equity share of Rs. 10 each at a premium of Rs. 282
per share, upon payment of the balance amount of Rs. 219 per warrant.The warrants are exercisable within 9
months from the date of allotment. The amount received against share warrants as of March 31,2025, is Rs. 8.54
Crore, which is presented under ‘Money received against share warrants'' within ‘Shareholders'' Funds'' in the
Balance Sheet.

Fair value of financial assets and liabilities measured at amortized cost is not materially different from the
amortized cost. Further, impact of time value of money is not significant for the financial instruments classified
as current. Accordingly, the fair value has not been disclosed separately.

Types of inputs are as under:

Input Level I (Directly Observable) which includes quoted prices in active markets for identical assets such
as quoted price for an equity security on Security Exchanges.

Input Level II (Indirectly Observable) which includes prices in active markets for similar assets such as
quoted price for similar assets in active markets, valuation multiple derived from prices in observed transactions
involving similar businesses etc.

Input Level III (Unobservable) which includes management''s own assumptions for arriving at a fair value
such as projected cash flows used to value a business etc.

B. Measurement of fair values

Valuation techniques and significant unobservable inputs
Transfers between Levels 1 and 2

There have been no transfers between Level 1 and Level 2 during the reporting periods
Level 2 fair values

Movements in the values of unquoted equity instruments for the period ended 31st March 2025 and 31st March

2024 is as belowr

C. Financial Risk Management

The Company''s principal financial liabilities comprises of loans & borrowings and trade & other payables. The
main purpose of these financial liabilities is to finance the Company operations and to provide guarantees to
support its operations. The Company''s principal financial assets include trade & other receivables, cash &
cash equivalents and investments that are derived directly from its operations.The Company has exposure to
the following risks arising from financial instruments:

i. Credit Risk

ii. Liquidity Risk

iii. Market Risk

(i) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to
pay amounts due causing financial loss to the company. The potential activities where credit risks may
arise include from cash and cash equivalents, derivative financial instruments and security deposits or
other deposits and principally from credit exposures to customers relating to outstanding receivables.
The maximum credit exposure associated with financial assets is equal to the carrying amount. Details
of the credit risk specific to the company along with relevant mitigation procedures adopted have been
enumerated below:

Trade Receivables

The Company''s exposure to credit Risk is the exposure that Company has on account of services
rendered to a contractual counterparty or counterparties, whether with collateral or otherwise for which
the contracted consideration is yet to be received. The Company''s customer base are Industrial and
Commercial.

The above receivables which are past due but not impaired are assessed on case-to-case basis. The
instances pertain to third party customers which have a proven creditworthiness record. Management is
of the view that these financial assets are not impaired as there has not been any adverse change in
credit quality and are envisaged as recoverable based on the historical payment behaviour and extensive
analysis of customer credit risk, including underlying customers'' credit ratings, if they are available.
Consequently, no additional provision has been created on account of expected credit loss on the
receivables. There are no other classes of financial assets that are past due but not impaired. The
provision for impairment of trade receivables, movement of which has been provided below, is not
significant / material. The concentration of credit risk is limited due to fact that the customer base is large
and unrelated.

Other Financial Assets

Other financial assets comprise of cash and cash equivalents, loans provided to employees and
investments in equity shares of companies other than subsidiaries, associates and joint ventures.

- Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past
track record with adequate credit rating. The Company reviews their credit-worthiness at regular intervals.

- Investments are made in credit worthy companies.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The
Company''s financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the
liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company''s reputation.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The
amounts are gross / undiscounted values and include estimated interest payments and exclude the
impact of netting agreements.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value
interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of
fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating
interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company
does not have any undrawn or outstanding borrowings at fluctuating rate of interest and hence does not
possess any interest rate risk.

D. Capital Management

The Company defines capital as total equity including issued equity capital, share premium and all other equity
reserves attributable to equity holders of the Company (which is the Company''s net asset value). The primary
objective of the Company''s financial framework is to support the pursuit of value growth for shareholders, while
ensuring a secure financial base.

The Company monitors capital using a ratio of ‘adjusted net debt'' to ‘adjusted equity''. For this purpose,
adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations
under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.

Note 40

Other Statutory Information

The Company does not have anything to report in respect of the following

a) Transactions with the companies struck off as per Companies Act, 2013.

b) In respect to benami property held, company has no such benami property held.

c) Immovable property of which title deeds are not held in the name of the company.

d) Non-compliance with number of layers as prescribed under the Companies Act, 2013, read with Companies
(Restriction on number of Layers) Rules, 2017.

e) Trading or investing in crypto or vertual currency.

f) Transactions not recorded in books that were surrendered or disclosed as income during income-tax
assessment.

g) Charges or satisfaction not registered with ROC beyond statutory period.

h) Giving / receiving of any loan or advance or funds with the understanding that the recipient shall lend, invest,
provide security or guarantee on behalf of the Company / funding party.

i) Wilful Defaulter by any bank or financial institution or other lender.

Note : 42

Corporate Social Responsibility (CSR) Activity

Total Expenditure towards CSR Activity - -

Amount Required to be spent U/s 135 of Companies Act, 2013 - -

Excess (Short) - -

In terms of Amendment to Companies (Corporate Social Responsibility Policy Amendment Rules, 2021 (the CSR
Rules, 2021) effective from 22nd January, 2021, if a company fails to spend the prescribed CSR amount during the
year and such unspent amount pertains to any ongoing project, the company shall transfer the unspent amount to
a special bank account to be opened by the comany in that behalf for that financial year in any scheduled bank to be
called the Unspent Corporate Social Responsibility Account within specified period from the end of the relevant
financial year.

Note : 43

Figures of previous year have been recasted / restated where necessary.

The notes on accounts form integral part of the financial statements 1 to 44

As per our Report of even date attached

For, MAAK & Associates F d T be^f. B d ¦ ?V^rectors

Chartered Accountants ^GuJ^{arat A}p°^M° ^Industries Limited

FRN : 135024W ^{Neha Chikani Shah}

^Comp^any ^Secretary Arjun A. Patel Asit A. Patel

M^Art^{RMIK G SHAH Mem}. ^NoA25420 Whole-time Director Managing Director

M^aem^eNo. 133926 Nirav A. Shah ^DIN : ^{09088869 DIN} : ^00093332

Place : Ahmedabad ^{Chief Financial Officer Pl}ace : ^Ahme^da^ba^d

Date : 30.05.2025 ^{Date : 30.05.2025}

---

Mar 31, 2024

Q. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised only when:

a) the company has a present obligation (legal or constructive) as a result of a past event;

b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

c) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

a) a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation; and

b) a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date. Department appeals, in respect of cases won by the Company, are also considered as Contingent Liabilities.

R. Cash and Cash Equivalents

Cash and cash equivalents include cash and cheques in hand, bank balances, demand deposits with banks and other short term highly liquid investments that are readily convertible to know amounts of cash and which are subject to an insignificant risk of changes in value where original maturity is three months or less.

S. Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow from operating activities is reported using indirect method, adjusting the net profit for the effects of:

i. changes during the period in inventories and operating receivables and payables transactions of a noncash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available for general use as on the date of Balance Sheet.

Notes

Terms /Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.

As Per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all the preferential amounts in the event of liquidation of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company has bought back 6,34,379 Equity Shares in FY 2013-14, 7,85,294 Equity Shares in FY 2014-15, 14,95,327 Equity Shares in FY 2015-16, 9,98,085 Equity Shares in FY 2017-18 and 8,61,915 Equity Shares in FY 2021-22.

The Company’s principal financial liabilities comprises of loans & borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company operations and to provide guarantees to support its operations. The Company’s principal financial assets include trade & other receivables, cash & cash equivalents and investments that are derived directly from its operations.The Company has exposure to the following risks arising from financial instruments:

i. Credit Risk

ii. Liquidity Risk

iii. Market Risk

(i) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the company. The potential activities where credit risks may arise include from cash and cash equivalents, derivative financial instruments and security deposits or other deposits and principally from credit exposures to customers relating to outstanding receivables. The maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific to the company along with relevant mitigation procedures adopted have been enumerated below:

Trade Receivables

The Company’s exposure to credit Risk is the exposure that Company has on account of services rendered to a contractual counterparty or counterparties, whether with collateral or otherwise for which the contracted consideration is yet to be received. The Company’s customer base are Industrial and Commercial.

Services are generally subject to security deposit and/or bank guarantee clauses to ensure that in the event of non-payment the company’s receivables are secured. The Company provides for allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix.

The above receivables which are past due but not impaired are assessed on case-to-case basis. The instances pertain to third party customers which have a proven creditworthiness record. Management is of the view that these financial assets are not impaired as there has not been any adverse change in credit quality and are envisaged as recoverable based on the historical payment behaviour and extensive analysis of customer credit risk, including underlying customers’ credit ratings, if they are available. Consequently, no additional provision has been created on account of expected credit loss on the receivables. There are no other classes of financial assets that are past due but not impaired. The provision for impairment of trade receivables, movement of which has been provided below, is not significant / material. The concentration of credit risk is limited due to fact that the customer base is large and unrelated.

Other Financial Assets

Other financial assets comprise of cash and cash equivalents, loans provided to employees and investments in equity shares of companies other than subsidiaries, associates and joint ventures.

- Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with adequate credit rating. The Company reviews their credit-worthiness at regular intervals.

- Investments are made in credit worthy companies.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The Company’s financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross / undiscounted values and include estimated interest payments and exclude the impact of netting agreements.

(iii) Market Risk

Market risk is the risk or uncertainty arising from possible market price movements and their impact on the present / future performance of a business. The market risks include price risk, currency risk and interest rate risk. The primary price risk for the company is commodity price risk i.e. price risk of that could adversely affect the value of the Company’s financial assets, liabilities or expected future cash flows.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company does not have any undrawn or outstanding borrowings at fluctuating rate of interest and hence does not possess any interest rate risk.

The Company defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable to equity holders of the Company (which is the Company’s net asset value). The primary objective of the Company’s financial framework is to support the pursuit of value growth for shareholders, while ensuring a secure financial base.

The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.

Note 40

Other Statutory Information

The Company does not have anything to report in respect of the following

a) T ransactions with the companies struck off as per Companies Act, 2013.

b) In respect to benami property held, company has no such benami property held.

c) Immovable property of which title deeds are not held in the name of the company.

d) Non-compliance with number of layers as prescribed under the Companies Act, 2013, read with Companies (Restriction on number of Layers) Rules, 2017.

e) Trading or investing in crypto or virtual currency.

f) Transactions not recorded in books that were surrendered or disclosed as income during income-tax assessment.

g) Charges or satisfaction not registered with ROC beyond statutory period.

h) Giving / receiving of any loan or advance or funds with the understanding that the recipient shall lend, invest, provide security or guarantee on behalf of the Company / funding party.

i) Wilful Defaulter by any bank or financial institution or other lender.

Note : 42

Corporate Social Responsibility (CSR) Activity

Total Expenditure towards CSR Activity - -

Amount Required to be spent U/s 135 of Companies Act, 2013 - -

Excess (Short) -

In terms of Amendment to Companies (Corporate Social Responsibility Policy Amendment Rules, 2021 (the CSR Rules, 2021) effective from 22^nd January, 2021, if a company fails to spend the prescribed CSR amount during the year and such unspent amount pertains to any ongoing project, the company shall transfer the unspent amount to a special bank account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account within specified period from the end of the relevant financial year.

Note : 43

Figures of previous year have been recasted / restated where necessary.

The notes on accounts form integral part of the financial statements 1 to 43

As per our Report of even date attached For, MAAK & Associates

For and on behalf of Board of Directors

Chartered Accountants

_{FRN : 135024W} Neha Chikani Shah ^Guj^{arat a}p^o||° ^{Industries Limited}

Company Secretary

MARMIK G SHAH M_em. N_o.A25420 Navinchandra V. Shah Asit A. Patel

Partner Director Managing Director

Mem. No. 133926 ^{Nirav A}- ^Shah DIN : 03027647 DIN : 00093332

Chief Financial Officer

Place : Ahmedabad Place : Ahmedabad

Date : 30.05.2024 Date : 30.05.2024

---

Mar 31, 2023

Notes

Terms /Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.

As Per the Companies Act 2013, the holders of equiy shares will be entitled to receive remaining assets of the company, after distirbution of all the preferential amounts in the event of liquidation of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company has bought back 6,34,379 Equity Shares in FY 2013-14, 7,85,294 Equity Shares in FY 2014-15, 14,95,327 Equity Shares in FY 2015-16, 9,98,085 Equity Shares in FY 2017-18 and 8,61,915 Equity Shares in FY 2021-22.

Nature and Purpose of Reserve General Reserve

The general reserves are the retained earnings of the company which are kept aside out of company''s profit to meet future (knowm or unknown) obligations. The general reserves is a free reserve which can be utilized for any purpose after fulfiling certain conditions.

Capital Redemption Reserve

The Capital Redemption Reseve is craeted out of buy back of shares, the company may issue fully paid up bonus shares to its memebers out of capital redemption reserve account.

Retained Earnings

The retained earnings are the profit that the company has earned to date, less any dividends or other distributions made to investors.

Note 34 : Contingent Liabilities
I. In Respect of Sales Tax, Excise, Service Tax Demand and Income Tax	159.08	159.08
II. In Respect of Guarantee Given to Customer	6.76	103.23
III. Claim by Customer not Acknowledged by Gujarat Apollo Industries Ltd	17.69	17.69
Total Contingent Liabilities	183.53	280.00

Fair value of financial assets and liabilities measured at amortized cost is not materially different from the amortized cost. Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately.

Fair value of financial assets and liabilities measured at amortized cost is not materially different from the amortized cost. Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately.

Types of inputs are as under:

Input Level I (Directly Observable) which includes quoted prices in active markets for identical assets such as quoted price for an equity security on Security Exchanges.

Input Level II (Indirectly Observable) which includes prices in active markets for similar assets such as quoted price for similar assets in active markets, valuation multiple derived from prices in observed transactions involving similar businesses etc.

Input Level III (Unobservable) which includes management''s own assumptions for arriving at a fair value such as projected cash flows used to value a business etc.

The Company''s principal financial liabilities comprises of loans & borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company operations and to provide guarantees to support its operations. The Company''s principal financial assets include trade & other receivables, cash & cash equivalents and investments that are derived directly from its operations.The Company has exposure to the following risks arising from financial instruments:

i. Credit Risk

ii. Liquidity Risk

iii. Market Risk

(i) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the company. The potential activities where credit risks may arise include from cash and cash equivalents, derivative financial instruments and security deposits or other deposits and principally from credit exposures to customers relating to outstanding receivables. The maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific to the company along with relevant mitigation procedures adopted have been enumerated below:

Trade Receivables

The Company''s exposure to credit Risk is the exposure that Company has on account of services rendered to a contractual counterparty or counterparties, whether with collateral or otherwise for which the contracted consideration is yet to be received. The Company''s customer base are Industrial and Commercial.

Services are generally subject to security deposit and/or bank guarantee clauses to ensure that in the event of non-payment the company''s receivables are secured. The Company provides for allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix.

The above receivables which are past due but not impaired are assessed on case-to-case basis. The instances pertain to third party customers which have a proven creditworthiness record. Management is of the view that these financial assets are not impaired as there has not been any adverse change in credit quality and are envisaged as recoverable based on the historical payment behaviour and extensive analysis of customer credit risk, including underlying customers'' credit ratings, if they are available. Consequently, no additional provision has been created on account of expected credit loss on the receivables. There are no other classes of financial assets that are past due but not impaired. The provision for impairment of trade receivables, movement of which has been provided below, is not significant / material. The concentration of credit risk is limited due to fact that the customer base is large and unrelated.

Other Financial Assets

Other financial assets comprise of cash and cash equivalents, loans provided to employees and investments in equity shares of companies other than subsidiaries, associates and joint ventures.

- Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with adequate credit rating. The Company reviews their credit-worthiness at regular intervals.

- Investments are made in credit worthy companies.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The Company''s financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross / undiscounted values and include estimated interest payments and exclude the impact of netting agreements.

(iii) Market Risk

Market risk is the risk or uncertainty arising from possible market price movements and their impact on the present / future performance of a business. The market risks include price risk, currency risk and interest rate risk. The primary price risk for the company is commodity price risk i.e. price risk of that could adversely affect the value of the Company''s financial assets, liabilities or expected future cash flows.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company does not have any undrawn or outstanding borrowings at fluctuating rate of interest and hence does not possess any interest rate risk.

The Company defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable to equity holders of the Company (which is the Company''s net asset value). The primary objective of the Company''s financial framework is to support the pursuit of value growth for shareholders, while ensuring a secure financial base.

The Company monitors capital using a ratio of ‘adjusted net debt'' to ‘adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.

Note 40

Other Statutory Information

The Company does not have anything to report in respect of the following

a) Transactions with the companoies struck off as per Companies Act, 2013.

b) In respect to benami property held, company has no such benami property held.

c) Immovable property of which title deeds are not held in the name of the company.

d) Non-compliance with number of layers as prescribed under the Companies Act, 2013, read with Companies (Restriction on number of Layers) Rules, 2017.

e) Trading or investing in crypto or vertual currency.

f) Transactions not recorded in books that were surrendered or disclosed as income during income-tax assessment.

g) Charges or satisfaction not registered with ROC beyond statutory period.

h) Giving / receiving of any loan or advance or funds with the understanding that the recipient shall lend, invest, provide security or guarantee on behalf of the Company / funding party.

i) Wilful Defaulter by any bank or financial institution or other lender.

In terms of Amendment to Companies (Corporate Social Responsibility Policy Amendment Rules, 2021 (the CSR Rules, 2021) effective from 22nd January, 2021, if a company fails to spend the prescribed CSR amount during the year and such unspent amount pertains to any ongoing project, the company shall transfer the unspent amount to a special bank account to be opened by the comany in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account within specified period from the end of the relevant financial year.

Note : 43

Figures of previous year have been recasted / restated where necessary.

---

Mar 31, 2018

A. General Information

Gujarat Apollo Industries Limited (APOLLO) was incorporated as a joint venture between Apollo Earthmovers Pvt Ltd and Gujarat Industrial Investment Corporation Limited (GIIC) on 7th October, 1986. The original name - Gujarat Apollo Equipments Limited was changed to Gujarat Apollo Industries Limited with effect from 28th November, 2006. Your company is primarily engaged in the manufacturing of different types of Mining & Road Construction and Maintenance Machineries catering to the needs of the majority of the mining companies in India and many parts of the world. Your company has consistently offered of latest technology products. The technology sourced is constantly developed by the R & D team of your company based on customer feedback. Adoption of Continuous Improvement Program as a standard practice across the board, the company''s products have over the years maintained a very high untime, which is critical to stay in the lead.

Terms /Rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value Rs. 10/- per share. Each Holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupes. Payment of dividend is also made in foreign currency to shareholders outside India. The Dividend proposed by the Board of Directors is Subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend.

As per the Companies Act 2013, the holders of equiy shares will be entitled to receive remaining assets of the company, after distirbution of all the preferential amounts in the event of liquidation of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 1 Segment Reporting

(i) The company has primarily business segment “Construction Equipments and Maintenance Machineries” The Company''s operation are solely situated in India.

(ii) The secondary segment is based on Geographical demarcation i.e. India and rest of the world.

Note 2 Disclosure Under Micro,Small and Medium Enterprise Development Act,2006

No Amount is payable to suppliers register under Micro, Small and Medium Enterprise Development Act 2006. No interest has been paid / payable by compay during the year to this suppliers covered under the Micro, Small and Medium Enterprise Development Act 2006.The above information takes into account only those suppliers who have responded to enquires made by the company for these purpose.

Note 3 : Explanation of transition to Ind AS

These are the Company''s first standalone financial statements prepared in accordance with Ind ASs.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31st March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 01st April 2016 (the Company''s date of transition).

In preparing its opening Ind AS balance sheet, the Company has adjusted amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (Indian GAAP or previous GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables and notes:

Exemption and exception applied

In preparing these financial statements, the Company has applied the below optional exemptions and mandatory exceptions in line with principles of Ind AS 101.

Optional exemptions

I. Property, Plant and Equipment (PPE)

Ind AS 101 provides the below options with respect to the items of PPE:

- Carry forward the previous GAAP carrying values as at the transition date as “deemed cost” under Ind AS, provided there is no change in functional currency.

- Fair value the items of PPE as at the transition date and use this as the “deemed cost” under Ind AS.

- Restate the carrying values of PPE retrospectively as at the transition date based on Ind AS 16.

The above options are available for intangible assets and investment property as well except fair value option not permitted for investment property.

The Company has opted to measure all the items of PPE at the previous GAAP carrying values as at the transition date.

II. Decommissioning liabilities included in the cost of PPE

A first-time adopter need not comply with these requirements for changes in such liabilities that occurred before the date of transition to Ind ASs. If a first-time adopter uses this exemption, it shall:

- Measure the liability at the transition date in accordance with Ind AS 37;

- Using the historical risk adjusted discount rate, determine the amount which would have been capitalized when the liability first arose; and

- Compute the amount of depreciation based on the estimated useful life.

III. Determining whether an arrangement contains a lease

As per Appendix C to Ind AS 17, at the inception, an assessment is to be made whether an arrangement contains a lease or not. Ind AS 101 permits an entity to make an assessment based on the facts and circumstances existing as at the transition date.

Based on the exemption, the Company has opted not to apply the requirements retrospectively. Assessment of whether an arrangement contains a lease or not has been made on the basis of facts and circumstances existing as at the transition date. Further, lease classification i.e. operating or finance lease is made at the inception of lease.

VI. Accounting for Investment in Mutual Funds

Ind AS 101 permits designation of investment in mutual fund as investments Fair Valued through the Other Comprehensive Income (FVOCI).

Accordingly, the Company has opted to designate certain equity investments as FVOCI on the transition date.

VI. Deemed cost for investments in equity shares of subsidiaries and associates

Under, Ind AS 101 an entity can determine the value of investment in a subsidiary, associate or joint arrangement as either of the below:

- Cost determined in accordance with Ind AS 27 (i.e. retrospective application of Ind AS 27)

- Fair value at the entity''s date of transition to Ind AS

- Previous GAAP carrying amount Accordingly, if an entity chooses to measure its investment at fair value at the date of transition then that is deemed to be cost of such investment for the company and, therefore, it shall carry its investment at that amount (i.e. fair value at the date of transition) after the date of transition.

The Company has elected to fair value investments in equity shares of certain subsidiaries, associates and joint ventures and carry the same as deemed cost after the transition date.

Mandatory exceptions

Below are the key mandatory exceptions used in preparation of these financial statements:

Under Ind AS 101, an entity''s estimates in accordance with Ind AS at ‘the date of transition to Ind AS'' or ‘the end of the comparative period presented in the entity''s first Ind AS financial statements'', as the case may be, should be consistent with estimates made for the same date in accordance with previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

The Company''s Ind AS estimates as on the transition date are consistent with the estimates made under previous GAAP as on this date. Key estimates considered in preparation of these financial statements that were not required under the previous GAAP are listed below:

- Fair valuation of financial instruments carried at FVTPL or FVOCI.

- Impairment of financial assets based on the expected credit loss model.

- Discounted value of liability on account of decommissioning cost.

- Allocation of previous GAAP carrying values of fixed assets.

B. Derecognition of Financial Assets and Liabilities

As per Ind AS 101, an entity should apply the derecognition requirements in Ind AS 101, Financial Instruments, prospectively for transactions occurring on or after the date of transition to Ind AS.

However, an entity may apply the derecognition requirements retrospectively from a date chosen by it if the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the derecognition principles of Ind AS 109 prospectively.

3.1 Fair Value of Investment in Mutual Funds

Under previous GAAP, investment in Mutual Funds were classified in to current Investments.Current Investment were carried at lower of cost or fair value.Under Ind AS these Investments are required to be measured at Fair Value either Through OCI (FVTOCI) or through Profit & Loss (FVTPL) .The Company has opted to Fair Value these Investments Through OCI (FVTOCI). Accordingly, resulting fair value change of these Investments have been recognised in retained earnings as at the date of transition and subsequently in the Profit & Loss account through OCI at the time of Sale.

3.2 Remeasurement of Post Employment Benefit Obligations

Under the previous GAAP, cost relating to Post Employment Benefit Obligations including actuarial gain / losses were recognised in Profit & Loss. Under Ind AS, actuarial gain / losses on the net Defined Benefit Liability are recognised in Other Comprehensive Income instead of Profit & Loss.

3.3 Deferred Tax

Under previous GAAP, Deferred Taxes were recognised based on Profit & Loss approach i.e. tax impact on difference between the accounting income and taxable income. Under Ind AS, Deferred Tax is recognised by following Balance Sheet approach i.e. tax impact on temporary difference between the carrying value of assets and liabilities in the books and their respective tax base.

Investments in subsidiaries and equity accounted investees are carried at amortized cost.

Fair value of financial assets and liabilities measured at amortized cost is not materially different from the amortized cost.Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately.

Types of inputs are as under:

Input Level I (Directly Observable) which includes quoted prices in active markets for identical assets such as quoted price for an equity security on Security Exchanges

Input Level II (Indirectly Observable) which includes prices in active markets for similar assets such as quoted price for similar assets in active markets, valuation multiple derived from prices in observed transactions involving similar businesses etc.

Input Level III (Unobservable) which includes management''s own assumptions for arriving at a fair value such as projected cash flows used to value a business etc.

B. Measurement of fair values

Valuation techniques and significant unobservable inputs Transfers between Levels 1 and 2

There have been no transfers between Level 1 and Level 2 during the reporting periods

C. Financial risk management

The Company''s principal financial liabilities comprises of loans & borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company operations and to provide guarantees to support its operations. The Company''s principal financial assets include trade & other receivables, cash & cash equivalents and investments that are derived directly from its operations.The Company has exposure to the following risks arising from financial instruments:

i. Credit risk

ii. Liquidity risk

iii. Market risk

(i) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the company. The potential activities where credit risks may arise include from cash and cash equivalents, derivative financial instruments and security deposits or other deposits and principally from credit exposures to customers relating to outstanding receivables. The maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific to the company along with relevant mitigation procedures adopted have been enumerated below:

Trade receivables

The Company''s exposure to credit Risk is the exposure that Company has on account of services rendered to a contractual counterparty or counterparties, whether with collateral or otherwise for which the contracted consideration is yet to be received. The Company''s customer base are Industrial and Commercial.

Services are generally subject to security deposit and/or bank guarantee clauses to ensure that in the event of non-payment the company''s receivables are secured. The Company provides for allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix.

The above receivables which are past due but not impaired are assessed on case-to-case basis. The instances pertain to third party customers which have a proven creditworthiness record. Management is of the view that these financial assets are not impaired as there has not been any adverse change in credit quality and are envisaged as recoverable based on the historical payment behaviour and extensive analysis of customer credit risk, including underlying customers'' credit ratings, if they are available. Consequently, no additional provision has been created on account of expected credit loss on the receivables. There are no other classes of financial assets that are past due but not impaired. The provision for impairment of trade receivables, movement of which has been provided below, is not significant / material. The concentration of credit risk is limited due to fact that the customer base is large and unrelated.

Other financial assets

Other financial assets comprise of cash and cash equivalents, loans provided to employees and investments in equity shares of companies other than subsidiaries, associates and joint ventures. - Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with adequate credit rating. The Company reviews their credit-worthiness at regular intervals. -Investments are made in credit worthy companies.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The Company''s financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross / undiscounted values and include estimated interest payments and exclude the impact of netting agreements.

(iii) Market risk

Market risk is the risk or uncertainty arising from possible market price movements and their impact on the present/future performance of a business. The market risks include price risk, currency risk and interest rate risk. The primary price risk for the company is commodity price risk i.e. price risk of that could adversely affect the value of the Company''s financial assets, liabilities or expected future cash flows.

Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company does not have any undrawn or outstanding borrowings at fluctuating rate of interest and hence does not possess any interest rate risk.

D. Capital management

The Company defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable to equity holders of the Company (which is the Company''s net asset value). The primary objective of the Company''s financial framework is to support the pursuit of value growth for shareholders, while ensuring a secure financial base. The Company monitors capital using a ratio of ‘adjusted net debt'' to ‘adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.

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Mar 31, 2016

(c) Terms/rights attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend.

As per the Companies Act, 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Segment Reporting

(i) The Company has primarily business segment "Construction Equipments and Maintenance Machineries" The company’s operation are solely situated in India

(ii) The Secondary segment is based on Geographical demarcation i.e India and rest of the world.

2. Investment in Foreign Subsidiary

There is a dimunition in value of investment in Apollo Maschinebau, GmbH, Germany to the extent of Rs. 2,47,31,826/-.

3. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

No Amount is payable to suppliers registered under Micro, Small and Medium Enterprise Development Act 2006. No interest has been paid / payable by the company during the year to this suppliers covered under the Micro, Small and Medium Enterprise Development Act, 2006. The above information takes into account only those suppliers who have responded to enquiries made by the company this purpose.

4. Disclosures as per AS 15

The disclosures as per the notified AS-15 under companies (Accounting Standard) Rules, 2006 on "Employees Benefits" are as follows.

The Company has a defined benefit Gratuity Plan. Every employees who has completed 5 year or more of services gets a gratuity on departure at 15 days salary (taking last drawn as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the gratuity scheme is currently not ascertainable.

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Mar 31, 2015

1 Segment Reporting

(i) The Company has primarily one business segment "Road Construction and Maintenance Machineries". The compan's operations are solely situated in India.

(ii) The secondary segment is based on Geographical demarcation i.e. India and Rest of the World. Information about secondary segment are as follows:

2 Investment in Foreign Subsidiary

There is further dimunition in the value of investment in Apollo Maschinenbau, GmbH, Germany to the extent of Rs.2,17,54,346/- (Excluding Rs 2,43,09,000/- Loan written of treated as other income) (PY Rs.1,17,63,681/-), on the basis of annual accounts of this subsidiary as on 31.03.2015, for which no provision has been made since the management is expecting positive turnaround in coming years.

3 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

No amount is payable to Suppliers' registered under the Micro, Small and Medium Enterprise Development, Act 2006. No interest has been paid / payable by the company during the year to the Suppliers' covered under the Micro, Small and Medium Enterprise Development, Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

4 Disclosures as per AS 15

The disclosure as per the notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The company has a defined benefit gratuity plan. Every employee who has completed 5 years or more of services gets a gratuity on departure at 15 days salary (taking last drawn as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the gratuity scheme is currently not ascertainable.

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Mar 31, 2013

1 Background

Gujarat Apollo Industries Limited (APOLLO) was incorporated as a joint venture between Apollo Earthmovers Pvt. Limited and Gujarat Industrial Investment Corporation Limited (GIIC) on 7th October 1986. The original name - Gujarat Apollo Equipments Limited-was changed to Gujarat Apollo Industries limited with effect from 28th November 2006. Your company is primarily engaged in the manufacturing of different types of Road Construction & Maintenance Machinery catering to the needs of the majority of the road construction companies in India and many parts of the world. Your company has consistently offered the latest technology products by entering into technology tie up with the some of the world''s leading players in the industry. The technology sourced is constantly developed by the R & D team of your company based on customer feedback. Adoption of Continuous Improvement Program as a standard practice across the board, the company''s products have over the years maintained a very high uptime, which is critical to stay in the lead.

The high quality standards combined with the customer driven, value for money approach has paid rich dividends to the company''s performance over the years. This is manifest in the high market share that the company enjoys in all the product range with particular reference to Asphalt Batch Plants (over 65%) where the main competition is from foreign manufacturers in Europe & SE Asia.The equipment manufactured by the company as well as its subsidiary are widely used in all the NHAI & State Highways projects and the products are in line with the laid down specifications of the Government. Export has always been a thrust area and today the company''s equipment are used in more than 55 countries.

Particulars As at As at 31.03.2013 31.03.2012

2 Contingent Liabilities

I. Inrespect of Bank Guarantees issued by Banks 6,26,52,202 2,22,93,630

II. In respect of Letter of Credits issued by Banks 16,30,385 13,05,070

III. Director General of Foreign Trade, Demand not 1,60,96,767 1,60,96,767 Acknowledge by the company law board

IV. In respect of Sales Tax, Excise and Service Tax Demand 1,98,32,000 1,93,33,781

V. Liability on Account of Non fulfillment under EPCG Scheme 19,83,00,000 1,01,33,537 (the same has not been provided in the books as the company is of the opinion that the required exports would be made in stipulated time as prescribed in the scheme).

VI. In respect of Corporate Guarantee given to a subsidiary 1,73,85,950 1,89,33,750

VII. In respect of Demand for Additional Stamp Duty on Purchase 19,81,300 of Office Premises by Deputy Collector (Revenue) Ahmedabad

3 Investment in Foreign Subsidiary

There is further dimunition in the value of investment in Apollo Maschinenbau, GmbH, Germany to the extent of Rs. 2,31,23,446/- (PY Rs. 3,86,86,181/-), on the basis of annual accounts of this subsidiary as on 31.03.2013, for which no provision has been made since the management is expecting positive turnaround in coming years.

4 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

No amount is payable to Suppliers'' registered under the Micro, Small and Medium Enterprise Development, Act 2006. No interest has been paid / payable by the company during the year to the Suppliers'' covered under the Micro, Small and Medium Enterprise Development, Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

5 Disclosures as per AS 15

The disclosure as per the notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The company has a defined benefit gratuity plan. Every employee who has completed 5 years or more of services gets a gratuity on departure at 15 days salary (taking last drawn as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying

6 Discontinuing Operations

Gujarat Apollo Industries Limited (GAIL) has executed an agreement for a strategic joint venture with Switzerland based Ammann Group. GAIL and its wholly owned subsidiary (WOS), Apollo Earthmovers Limited (AEML) has been transferred their respective identified businesses, being the entire product portfolio of asphalt plants and the paver business excluding crushing and screening business of GAIL, on 10/04/2013 to Apollo Construction Equipments Limited (ACEL) on slump sale basis. which has been discharged by payment on Closing as per the definitive agreements between the joint venture parties. Now Ammann Group hold 70% of the equity of ACEL and balance 30% is held by AEML, WOS of GAIL.

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Mar 31, 2012

1. BACKGROUND

Gujarat Apollo Industries Limited (APOLLO) was incorporated as a joint venture between Apollo Earthmovers Pvt. Limited and Gujarat Industrial Investment Corporation Limited (GIIC) on 7th October, 1986 to manufacturing of different types of Road Construction & Maintenance Machinery catering to the needs of the majority of the road construction companies in India and many parts of the world. Company has consistently offered the latest technology products by entering into technology tie up with the some of the world's leading players in the industry. The technology sourced is constantly developed by the R & D team of your Company based on customer feedback. Adoption of Continuous Improvement Program as a standard practice across the board, the company's products have over the years maintained a very high uptime, which is critical to stay in the lead. The equipment manufactured by the Company as well as its subsidiary are widely used in all the NHAI & State Highways projects and the products are in line with the laid down specifications of the Government. Export has always been a thrust area and today the Company's equipment are used in more than 50 countries including Australia, New Zealand, Kingdom of Saudi Arabia, Algeria to name a few.

2 CONTINGENT LIABILITIES

I. In respect of Bank Guarantees issued by Banks 2,22,93,630 5,22,80,981

II. In respect of Letter of Credit issued by Banks 13,05,070 54,09,554

III. Director General of Foreign Trade, Demand not acknowledge by the company 1,60,96,767 1,60,96,767

IV. In respect of Sales Tax and Service Tax Demand 1,93,33,781 40,13,168

V. Liability on account of non fulfillment under EPCG Scheme (the same has not been provided in the books as Company is of opinion that the required exports would be made in stipulated time as prescribed in the scheme) 1,01,33,537 75,62,540

VI. In respect of corporate guarantee given to one of the subsidiary 1,89,33,750 1,78,47,500

2 SEGMENT REPORTING

(i) The Company has primarily one business segment "Road Construction and Maintenance Machineries" The Company's operations are solely situated in India.

(ii) The secondary segment is based on geographical demarcation i.e. India and rest of the world. Information about secondary segment are as follows:

3 There is diminution in the value of investment in Apollo Maschinenbau, GmbH, Germany, to the extent of Rs. 3,86,86,181/- (on the basis of annual accounts of this subsidiary as on 31-03-2012) for which no provision has been made since the management is expecting positive turnaround in coming years.

4 During the year Company has changed its accounting system for retention/unrealized sales to more accurate method to account for full invoice value in the same year, due to which the sales and profit for the year is higher by Rs. 1,37,39,054/- (net amount).

5 The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small, and medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest payable as required under the Act have not been given.

6 During the year company has donated the amount of Rs. 200,000/- (P.Y.-Nil) to Bhartiya Janta Party.

7 Disclosures as per AS-15

The disclosures as per the Notified AS-15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (taking last drawn salary as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the Gratuity Scheme is currently not ascertainable.

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Mar 31, 2011

1. Quantitative Details as per Para-III and IV of Schedule VI of Companies Act, 1956 Additional information in respect of quantitative details required to be given under Para-III and IV of Schedule VI of Companies Act, 1956 (as certified by Managing Director)

a) License Capacity: The company products are exempt from license requirement under the Industrial policy by virtue of notification No. 477(E) of 25.07.1991

b) Installed capacities – 300 Nos. (As certified by the Management, but not verified by the Auditors, being a technical matter).

2. The confirmation of some of the parties for the amount due to them/amount due from them as per the books of accounts is not reconciled. Necessary adjustment, if any, will be made when the Accounts are Reconcile / Settled.

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small And Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given.

4. Segment Reporting:

(i) The company has primarily one business segment "Road Construction And Maintenance Machineries" The company's operations are solely situated in India.

5. Previous year figures

The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary to confirm to this year's classification.

6. Disclosures as per AS-15:

The disclosures as per the Notified AS 15 under the Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (taking last drawn salary as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company under the Gratuity Scheme is currently not ascertainable.

7. Related Party Disclosures :

(A) List of related parties with whom transactions have taken place during the year Subsidiaries & Associates

Name of the related parties. Nature of the relationship

(a) Apollo Industries & Projects Limited. Associate

(b) Apollo Earthmovers Limited. Subsidiary

(c) Circuit Systems India Limited. Associate

(d) Apollo Maschinenbau GmbH, Germany Subsidiary

(e) Apollo Quarry Works Associate

(f) Zam Zam Exports Limited. Associate

(g) Apollo Construction Equipments Limited Associate

ii Key Managerial Personnel

(a) Mr. Asit A. Patel Managing Director

(b) Mr. Anand A. Patel Whole-Time Director

(c) Mr. Anil T. Patel Director

(d) Mr. Ajitkumar T. Patel Whole-Time Director

(e) Mr. Manibhai V. Patel Director

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Mar 31, 2010

1. ALLOTMENT OF EQUITY SHARES

The Company had allotted 8,25,000 Shares (including 2,75,000 by way of bonus on 5,50,000 convertible warrants) on 20th June 2009 on preferential basis, to various share holders. Warrant money received for the aforesaid options of Rs 990 lacs has been appropriated towards the share capital Rs 55 lacs and share premium account Rs 935 lacs on allotment of shares. The shares rank pari passu in all respect with the existing equity shares of the company.

2. Quantitative Details as per Para-Ill and IV of Schedule VI of Companies Act, 1956

Additional information in respect of quantitative details required to be given under Para-Ill and IV of Schedule VI of Companies Act, 1956 (as certified by Managing Director)

a) License Capacity: The company products are exempt from license requirement under the Industrial policy by virtue of notification No. 477(E) of 25.07.1991

b) Installed capacities - 300 Nos. (As certified by the Management, but not verified by the Auditors, being a technical matter).

3. The confirmation of some of the parties for the amount due to them/amount due from them as per the books of accounts is not reconciled. Necessary adjustment, if any, will be made when the Accounts are Reconcile / Settled.

4. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small And Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid As at the year end together with interest payable as required under the said Act have not been given.

5. (a) Managerial remuneration paid/payable to Directors in pursuant to Section 269 read with Schedule XIII of the Companies Act, 1956:

6. Segment Reporting:

(i) The company has primarily one business segment "Road Construction And Maintenance Machineries" The companys operations are solely situated in India.

(ii) The secondary segment is based on geographical demarcation i.e. India and rest of the world .Information about secondary segment are as follows:

7. Previous year figures

The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary to confirm to this years classification. Figures in brackets relate to previous year.

8. Disclosures as per AS-15:

The disclosures as per the Notified AS 15 underthe Companies (Accounting Standards) Rules, 2006 on "Employee Benefits", are as follows:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (taking last drawn salary as a base) for each completed year of service. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy. The future contribution payable by the company

Gratuity Scheme is currently not ascertainable.

9. A. Related Party Disclosures :

List of related parties with whom transactions have taken place during the year i Subsidiaries & Associates

Name of the related parties. Nature of the relationship

(a) Apollo Industries & Projects Limited. Associate

(b) Apollo Earthmovers Limited. Subsidiary

(c) Apollo Industrial Products Limited. Fellow-Subsidiary

(d) Circuit Systems India Limited. Associate

(e) Apollo Maschinenbau Gmbh, Germany Subsidiary

(f) Apollo Quarry Works Associate

(g) Zam Zam Export Limited. Associate

ii Key Managerial Personnel

(a) Mr. Asit A. Patel Managing Director

(b) Mr. Anand A Patel Executive Director

(c) Mr. Anil T. Patel Director

(d) Mr. Ajit T Patel Director

(e) Mr. Manibhai V. Patel Director