Notes to Accounts of Indo Amines Ltd.

Mar 31, 2025

P. Provisions, Contingent Liabilities and Contingent Asset:- (IND AS 37)

Provisions

A provision is recognized, when the company has a present obligation ( legal or constructive) as a result of past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reasonable estimate can
be made of the amount of the obligation. These estimates are reviewed at each reporting date and adjusted to reflect the current
best estimates.

Contingent Liabilities

A contingent liability is a possible obligation that arise from past events whose existence will be confirmed by 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 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 can not be recognized because it can not
measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements
unless the probability of resources is remote.

Contingent Assets

A Contigent Asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurance or
non occurance of one or more uncertain future events not wholly within the control of the entity.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

Q. Segment Reporting (IND AS 108)

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker (CODM) of the Company. The CODM is responsible for allocating resources and assessing performance of the operating
segment of the Company.

R. Investment in Subsidiary Companies(IND AS 27)

The Company has elected to recognize its investment in subsidiary companies at historical cost in accordance with the option
available in Ind As 27, ''Separate Financial statement''

S. Income Taxes (IND AS 12)

Income tax expense for the year comprises of net of current tax expenses and deferred tax expenses/income. Current and deferred
taxes are recognized in Statement of Profit & Loss., except when they relate to items that are recognized in other Comprehensive
Income or Directly in equity , in which case , the current and deferred tax are also recognized in Other Comprehensive Income or
directly in equity respectively.

Current Tax

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of
the Income tax Act,1961.

Deferred Tax

Deferred tax is recognized using the Balance sheet approach on timing differences arising between the tax bases of assets and
liabilities and their carrying amounts. Deferred Tax adjustments are recognised in the statement of Profit & loss for the year.

T. Risk Analysis :

Commodity Price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the on going purchase or
continuous supply of raw commodities. Therefore the company monitors its purchases closely to optimize the price.

Management of Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations.
Trade Receivables

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value through profit
or loss (FVTP L), transaction costs that are attributable to the acquisition of the financial asset.However, trade receivables that do
not contain a significant financing component are measured at transaction price.

Interest rate risk

The company has very minimum exposure to interest rate risk due to its Fixed interest rate of Major borrowings.

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet is financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or risk to the company''s reputation.

Foreign Exchange risk

The Company''s foreign exchange risk arises from its foreign operations, foreign currency revenue and expenses. The company uses
forward contract to mitigate the risk of fluctuation in foreign exchange rates in respect of highly probable forecasted transactions
and are recognized as assets and liabilities.

U. Expected Credit Loss (ECL) (IND AS 109)

The Company has a Policy of calculating the provisions using its own historical trends and the nature of its receivables & do
impairment testing every year for those receivable which are due for a substantial period . Considering the historical trends
and market information, the Company estimates that the provision amount computed on its trade receiveables is not materially
different from the amount to be computed using Expected Credit Loss (ECL) method presribed under Ind As 109.

V. Financial Assets

The Company recognize a financial assets in its Balance sheet when it becomes the party to the contractual provisions of the
instrument.

W. Impairment (IND AS 16)

Impairment Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested for
impairment annually and whenever there is an indication that the asset may be impaired.

Assets that are subject to depreciation and amortization and assets representing investments in subsidiary and associate companies
are reviewed for impairment, whenever events or changes in circumstances indicate that carrying amount may not be recoverable.
Such circumstances include, though are not limited to, significant or sustained decline in revenues or earnings and material adverse
changes in the economic environment.

An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds its recoverable
amount. The recoverable amount of an asset is the greater of its fair value less cost to sell and value in use. To calculate value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market rates
and the risk specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is

determined for the CGU to which the asset belongs. Fair value less cost to sell is the best estimate of the amount obtainable from
the sale of an asset in an arm''s length transaction between knowledgeable, willing parties, less the cost of disposal.

Impairment losses, if any, are recognized in the Statement of Profit and Loss and included in depreciation and amortization
expense. Impairment losses, on assets other than goodwill are reversed in the Statement of Profit and Loss only to the extent that
the asset''s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had
previously been recognized.

X. Business Combination

Business combinations are accounted for using the acquisition method except Business Combination of entities under common
control. At the acquisition date, identifiable assets acquired and liabilities assumed are measured at fair value. For this purpose,
the liabilities assumed include contingent liabilities representing present obligation and they are measured at their acquisition
date fair values irrespective of the fact that outflow of resources embodying economic benefits is not probable. The consideration
transferred is measured at fair value at acquisition date and includes the fair value of any contingent consideration. Where the
consideration transferred exceeds the value of the net identifiable assets acquired and liabilities assumed, the excess is recorded
as goodwill. Alternatively, in case of a bargain purchase wherein the consideration transferred is lower than the value of the net
identifiable assets acquired and liabilities assumed, the Company after assessing value of all identified assets and liabilities, record
the difference as a gain in other comprehensive income and accumulate the gain in equity as capital reserve.

In case of Business Combination of entities under common control, Business Combinations are accounted for using Pooling of
Interest Method in compliance with Appendix C of Ind AS 103 as on appointed date all assets, liabilited and reserves of the transferor
company are recoreded at their carrying values in the books of transferee company. The consideration for the business combination
may consist of securities, cash or other assets. Securities are recorded at nominal value. If the consideration paid exceeds the net
assets acquired, the difference is adjusted against capital reserves. If the net assets acquired exceed the consideration paid, the
difference is accounted as capital reserve. The costs of acquisition excluding those relating to issue of equity or debt securities
are charged to the Statement of Profit and Loss in the period in which they are incurred.

NOTE 15.1 - LONG TERM BORROWINGS - NATURE OF SECURITY & TERMS OF REPAYMENT

Loan from banks carry interest ranging from 2.9% to 12.45% p.a. and are secured by way of hypothecation of Plant & Machinery &
Equitable Registered Mortgage on some of the company''s immovable property and personal guarantees of promoter Directors.

Default in terms of repayment of principal and interest - NIL.

The Company has used the borrowings taken from banks and financial institution for the specific purposes for which they were taken
as at the balance sheet date

The Company has registered all the required charges with Registrar of Companies within the statutory period.

Company has made no default in making repayment of borrowings
The major term loan has been availed for financing of Dhule plant.

The term loan is secured by pari passu charge on the land & building and hypothecation of all the present & future fixed assets and
intangible assets pertaining to Dhule plant

NOTE 32 : NOTE ON MICRO SMALL OR MEDIUM ENTERPRISES

(a) the principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year ? 459.51 Lakh.
(Previous Yr ? 383.56 Lakh)

(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act,
2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the appointed day during each accounting
year; Nil (Previous Year Nil)

(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed
day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act,
2006; Nil (Previous year Nil)

(d) the amount of interest accrued and remaining unpaid at the end of each accounting year: Nil ( Previous Year: Nil)

(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006.: Nil ( Previous Year :Nil)

NOTE 41:- A. EMPLOYEE BENEFITS AS PER IND AS 19:-

The Company has classified various employee benefits as under:-

a) Defined Contribution Plan: Provident Fund

The Provident Fund and the State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner.Under
the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to
fund the benefits. These funds are recognised by the Income Tax Authorities.

b) Defined benefit Plan: Gratuity

The Company has defined benefit gratuity plan for its employees, which requires contributions to be made to a separately
administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years
of service is entitled to specific benefit. The level of benefits provided depends on the member''s length of service and salary at
retirement age. Such Gratuity Fund is administered by the LIC of India.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk,interest rate
risk, longevity risk and salary escalation risk.

A. Investment Risk: These Plans invest in long term debt instruments such as Government securities and highly rated corporate
bonds. The valuation of which is inversely proportionate to the interest rate movements. There is risk of volatility in asset
values due to market fluctuations and impairment of assets due to credit losses.

Note:

1) Earning for Debts Service : Net profit after tax Non cash operating Expenses lioke Depreciation interest /- Other adjustment
like Profit /(loss) on sales of asset.

2) Debt Service: Interest Payment Principle Payments.

3) Working Capital : Current Asset -Current Liabilities.

4) Capital Employed : Total Assets - Total Current Liabilities.

xv) No scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies
Act, 2013 during financial year.(P.Y. Nil)

(xvi) Utilisation of Borrowed funds and share premium

a) Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or
kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee,
security or the like to or on behalf of the Ultimate Beneficiaries; (P.Y. Nil)

b) Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the company shall (i) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)
or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.(P.Y. Nil)

NOTE 48:

The Board approved draft scheme of Amalgamation of M/s Pious Engineering Private Limited with the company at its meeting held
on August 8, 2022, considering appointed date of Amalgamation as January 1,2023. The Scheme received the No-objection Letter
from NSE Ltd & BSE Ltd on 19th July 2023. The Scheme has been approved by the Hon''ble NCLT, Mumbai bench vide its order dated
11th Nov. 2024 approving the appointed date for the Scheme as 1st Jan 2023. The Company has given effect to the Scheme from the
Appointed Date specified in the Scheme i.e. 1st Jan 2023 in accordance with IND AS 103- Business Combination. Figures for previous
Financial year are also restated accordingly.

Accounting treatment of the amalgmation of Pious Engineering Pvt Ltd :

a) As per the requirements under the Scheme of Amalgamation, the Company has accounted for the amalgamation of “Pious
Engineering Private Limited"or “PEPL" as per the Pooling of Interest Method in compliance with the principles laid down by
Appendix C of Ind AS 103, i.e. business combination of entities under common control read with the clarification issued by Ind
AS Transition Facilitation Group'' (“ITFG") issued by Institute of Chartered Accountants of India (''ICAI'').

b) Consequently, the Company has recognized the assets and liabilities of PEPL at their carrying values.

c) The Company has recorded the asset and liabilities of the Merged Undertaking vested in it pursuant to thisScheme at the
respective book values appearing in the books of the Merged Undertaking (Appointed date as approved by the scheme of
Amalgamation).

d) The consideration for the business combination consisting of securities are recorded at nominal value.

e) As the consideration paid exceeds the net assets acquired by ? 58.50 Lakhs, the difference is adjusted against Capital reserve
as per provision of IND AS 103.

NOTE 50:

Capital commitments (Net of Advances) ? 507.42 lakhs. (P Yr. 1627.31 lakhs)

NOTE 51:

During the year , the company has conducted an exhaustive physical verification of its property, plants & equipment. The net excess
in value on such physical verification of ? 34.53 lakh is reflected in these accounts as reduction in repairs & maintainance of assets.

NOTE 52:

On 12th June 2024, there was a fire at Company''s W-35 plant facility in Dombivli location, which resulted in damage to Inventory
and Property, Plant & Equipments situated therein. The cost of inventory destroyed by fire is ? 260.30 Lakh. The said loss is shown
as receivable from insurance company. The cost of repairing or replacing the damaged property alongwith book value of property,
plant & machinery amounts to ? 336.46 lakh. The said loss is shown as receivable from insurance company.

NOTE 53:

Previous years figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.

As per our report of even date attached

For Kulkarni and Khanolkar For and on behalf of the Board

Chartered Accountants Indo Amines Limited

Firm Registration No : 105407W

Sd/- Sd/- Sd/-

Mihir M Bapat Vijay Palkar Rahul Palkar

Proprietor Managing Director & CEO Joint Managing Director

Membership No. :163657 DIN 00136027 DIN 00325590

Sd/- Sd/-

Place : Dombivli Suniti Thombre Tripti Sawant

Date : 22nd May 2025 Chief Financial Officer Company Secretary

Mem No. A39926

---

Mar 31, 2024

P. Provisions, Contingent Liabilities and Contingent Asset:- (IND AS 37)

Provisions

A provision is recognized, when the company has a present obligation ( legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Contingent Liabilities

A contingent liability is a possible obligation that arise from past events whose existence will be confirmed by 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 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 can not be recognized because it can not measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements unless the probability of resources is remote.

Contingent Assets

A Contigent Asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurance or non occurance of one or more uncertain future events not wholly within the control of the entity.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

Q. Segment Reporting (IND AS 108)

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM) of the Company. The CODM is responsible for allocating resources and assessing performance of the operating segment of the Company.

R. Investment in Subsidiary Companies(IND AS 27)

The Company has elected to recognize its investment in subsidiary companies at historical cost in accordance with the option available in Ind As 27, ''Separate Financial statement''.

S. Income Taxes (IND AS 12)

Income tax expense for the year comprises of net of current tax expenses and deferred tax expenses/income. Current and deferred taxes are recognized in Statement of Profit & Loss., except when they relate to items that are recognized in other Comprehensive Income or Directly in equity , in which case , the current and deferred tax are also recognized in Other Comprehensive Income or directly in equity respectively.

Current Tax

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income tax Act,1961.

Deferred Tax

Deferred tax is recognized using the Balance sheet approach on timing differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred Tax adjustments are recognised in the statement of Profit & loss for the year.

T. Risk Analysis :

Commodity Price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the on going purchase or continuous supply of raw commodities. Therefore the company monitors its purchases closely to optimize the price.

Management of Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations. Trade Receivables

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value through profit or loss (FVTP L), transaction costs that are attributable to the acquisition of the financial asset.However, trade receivables that do not contain a significant financing component are measured at transaction price.

Interest rate risk

The company has very minimum exposure to interest rate risk due to its Fixed interest rate of Major borrowings.

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet is financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the company''s reputation.

Foreign Exchange risk

The Company''s foreign exchange risk arises from its foreign operations, foreign currency revenue and expenses. The company uses forward contract to mitigate the risk of fluctuation in foreign exchange rates in respect of highly probable forecasted transactions and are recognized as assets and liabilities.

U. Expected Credit Loss (ECL) (IND AS 109)

The Company has a Policy of calculating the provisions using its own historical trends and the nature of its receivables & do impairment testing every year for those receivable which are due for a substantial period . Considering the historical trends and market information, the Company estimates that the provision amount computed on its trade receiveables is not materially different from the amount to be computed using Expected Credit Loss (ECL) method presribed under Ind As 109.

V. Financial Assets

The Company recognize a financial assets in its Balance sheet when it becomes the party to the contractual provisions of the instrument.

W. Impairment (IND AS 16)

Impairment Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested for impairment annually and whenever there is an indication that the asset may be impaired.

Assets that are subject to depreciation and amortization and assets representing investments in subsidiary and associate companies are reviewed for impairment, whenever events or changes in circumstances indicate that carrying amount may not be recoverable. Such circumstances include, though are not limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic environment.

An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less cost to sell and value in use. To calculate value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market rates and the risk specific to the asset. For an asset that does not generate largely independent cash inflows, the

recoverable amount is determined for the CGU to which the asset belongs. Fair value less cost to sell is the best estimate of the amount obtainable from the sale of an asset in an arm''s length transaction between knowledgeable, willing parties, less the cost of disposal.

Impairment losses, if any, are recognized in the Statement of Profit and Loss and included in depreciation and amortization expense. Impairment losses, on assets other than goodwill are reversed in the Statement of Profit and Loss only to the extent that the asset''s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had previously been recognized.

X. Business Combination

Business combinations are accounted for using the acquisition method. At the acquisition date, identifiable assets acquired and liabilities assumed are measured at fair value. For this purpose, the liabilities assumed include contingent liabilities representing present obligation and they are measured at their acquisition date fair values irrespective of the fact that outflow of resources embodying economic benefits is not probable. The consideration transferred is measured at fair value at acquisition date and includes the fair value of any contingent consideration. However, deferred tax asset or liability and any liability or asset relating to employee benefit arrangements arising from a business combination are measured and recognized in accordance with the requirements of Ind AS 12, Income Taxes and Ind AS 19, Employee Benefits, respectively. Where the consideration transferred exceeds the fair value of the net identifiable assets acquired and liabilities assumed, the excess is recorded as goodwill. Alternatively, in case of a bargain purchase wherein the consideration transferred is lower than the fair value of the net identifiable assets acquired and liabilities assumed, the Company after assessing fair value of all identified assets and liabilities, record the difference as a gain in other comprehensive income and accumulate the gain in equity as capital reserve. The costs of acquisition excluding those relating to issue of equity or debt securities are charged to the Statement of Profit and Loss in the period in which they are incurred.

NOTE 32 : NOTE ON MICRO SMALL OR MEDIUM ENTERPRISES

(a) the principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year ? 383.56 Lakh. (Previous Yr ? 247.19 Lakh)

(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the appointed day during each accounting year; NIL ( Previous Year NIL)

(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006; NIL (Previous year NIL)

(d) the amount of interest accrued and remaining unpaid at the end of each accounting year:NIL ( Previous Year NIL)

(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.NIL ( Previous Year NIL)

The above information is provided based on the information available as per company records.

NOTE 41:- A. EMPLOYEE BENEFITS AS PER IND AS 19:-

The Company has classified various employee benefits as under:-

a) Defined Contribution Plan: Provident Fund

The Provident Fund and the State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner.Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognised by the Income Tax Authorities.

b) Defined benefit Plan: Gratuity

The Company has defined benefit gratuity plan for its employees, which requires contributions to be made to a separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member''s length of service and salary at retirement age. Such Gratuity Fund is administered by the LIC of India.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk,interest rate risk, longevity risk and salary escalation risk.

A. Investment Risk: These Plans invest in long term debt instruments such as Government securities and highly rated corporate bonds. The valuation of which is inversely proportionate to the interest rate movements. There is risk of volatility in asset values due to market fluctuations and impairment of assets due to credit losses.

Note:

1) Earning for Debts Service : Net profit after tax Non cash operating Expenses lioke Depreciation interest /- Other adjustment like Profit /(loss) on sales of asset.

2) Debt Service: Interest Payment Principle Payments.

3) Working Capital : Current Asset -Current Liabilities.

4) Capital Employed : Tangible Networth Total Debts Deferred Tax Liabilities.

xv) No scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during financial year.(PY. Nil)

(xvi) Utilisation of Borrowed funds and share premium

a) Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries; (PY Nil)

b) Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.(PY. Nil)

As per our report of even date attached

For Kulkarni and Khanolkar For and on behalf of the Board

Chartered Accountants Indo Amines Limited

Firm Registration No : 105407W

Sd/- Sd/- Sd/-

Mihir M Bapat Vijay Palkar Rahul Palkar

Proprietor Managing Director & CEO Joint Managing Director

Membership No. :163657 DIN 00136027 DIN 00325590

Sd/- Sd/-

Place : Dombivli Suniti Thombre Tripti Sharma

Date : May 22, 2024 Chief Financial Officer Company Secretary

Mem No. A39926

---

Mar 31, 2023

NOTE 16.1 - LONG TERM BORROWINGS - NATURE OF SECURITY & TERMS OF REPAYMENT

Loan from banks carry interest ranging from 2.9% to 12.45% p.a. and are secured by way of hypothecation of Plant & Machinery & Equitable Registered Mortgage on some of the company''s immovable property and personal guarantees of promoter Directors.

Default in terms of repayment of principle and interest-NIL

The Company has used the borrowings taken from banks and financial institution for the specific purposes for which they were taken as at the balance sheet date

The Company has registered all the required charges with Registrar of Companies within the statutory period.

Company has made no default in making repayment of borrowings

The major term loan has been availed for financing of Dhule and Badlapur plant.

The term loan is secured by pari passu charge on the land & building and hypothecation of all the present & future immovable fixed assets and intangible assets pertaining to Dhule and Badlapur plant

NOTE 33 : NOTE ON MICRO SMALL OR MEDIUM ENTERPRISES

(a) the principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year. 247.19 lakh ( Previous Yr 281.60 Lakh )

(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the appointed day during each accounting year; NIL ( Previous Year NIL)

(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006; NIL (Previous year NIL)

(d) the amount of interest accrued and remaining unpaid at the end of each accounting year:NIL (Previous Year NIL)

(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.NIL ( Previous Year NIL)

The above table represent total exposure of the company towards foreign exchange denominated liabilities (Net) the companies policy is to hedge its exposure above pre defined threseholds from recognised liabilities and firm commitment. The company does not enter into any derivative instrument for trading or speculation purposes.

The company is mainly exposed to changes in USD.The below table demonstrates the sensitivity to a 5% increase or decrease in the USD against INR with all other variables held constant. The sensitivity anylisis ie prepared on the net unhedged exposure of the company as at the reporting date. 5% represents management''s assessments of reasonably possible change in foreign exchange rate.

NOTE 43:- A. EMPLOYEE BENEFITS AS PER IND AS 19:-

The Company has classified various employee benefits as under

a) Provident Fundb) Defined Contribution Plans

The Provident Fund and the State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner.Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognised by the Income Tax Authorities.

c) Defined benefit gratuity plan (Funded)

The Company has defined benefit gratuity plan for its employees, which requires contributions to be made to a separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member''s length of service and salary at retirement age. Such Gratuity Fund is administered by the LIC of India.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk,interest rate risk, longevity risk and salary risk.

A. Investment Risk: These Plans invest in long term debt instruments such as Government securities and highly rated corporate bonds. The valuation of which is inversely proportionate to the interest rate movements. There is risk of volatility in asset values due to market fluctuations and impairment of assets due to credit losses.

B. Interest Risk : The present value of the defined benefit liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on Government securities. A decrease in yields will increase the fund liabilities and vice-versa.

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

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

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

x) Company is not declared wilful defaulter by any bank or financial institution or other lender.

xi) Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

xii) No charge or satisfaction of charge is yet to be registered with ROC beyond the statutory period.

Note:

1) Earning for Debts Service : Net profit after tax Non cash operating Expenses lioke Depreciation interest /- Other adjustment like Profit /(loss) on sales of asset.

2) Debt Service: Interest Payment Principle Payments.

3) Working Capital : Current Asset -Current Liabilities.

4) Capital Employed : Tangible Networth Total Debts Deferred Tax Liabilities.

xv) No scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during financial year 2022-23

(xvi) Utilisation of Borrowed funds and share premium

a) Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

b) Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

NOTE 51:

The Board has approved revised draft scheme of Amalgamation of M/s Pious Engineering Private Limited with the company at its meeting held on April 3, 2023, considering appointed date of Amalgamation as January 1 2023. The scheme will be implemented after a sanction by National Company Law Tribunal (NCLT).

NOTE 52:

Capital commitments (Net of Advances) Rs 206.81 lakhs. (P Yr. 158.64 lakhs)

NOTE 53:

Previous years figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.

---

Mar 31, 2018

NOTE 1 - CORPORATE INFORMATION

Indo Amines Limited ( the Company) is public limited Company domiciled and incorporated in India under the Indian Companies Act,1913. The registered office of the Company is located at, W-44, Phase II, MIDC, Dombivali (E), Dist. Thane - 421204.

The Company is engaged in the Business of manufacturing, selling and distribution of Specialty Chemical with diversified end-user into Agrochemicals, Pharmaceuticals, High performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals etc.

The company is a Public Limited Company domiciled in India and is incorporated under the provisions of Companies Act and its shares are listed on recognized stock exchanges of India.

The Standalone financial statements for the year ended 31st March 2018 are authorized and approved for the issue by the Board of Directors.

NOTE : 2 -A - TERMS/RIGHTS/RESTRICTIONS

The company has only one class of equity shares having par value of RS. 10/- per share. Each holder of equity share is entitled to one vote per share.

The company declares and pays dividend in Indian rupees. The dividend proposed by Board of directors, if any is subject to the approval of shareholders in the ensuing Annual General Meeting.

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

NOTE 3.1 - LONG TERM BORROWINGS - NATURE OF SECURITY & TERMS OF REPAYMENT

The Term Loan are secured against the hypothecation of specific Plant & Machinery & Equitable register Mortgage on same of the company’s immovable property and personal guarantees of promoter Directors.

1 Term Loan from DNS Bank - RS. 60.00 Lakhs (outstanding is NIL (RY. 5.97 Lakhs) was taken in Financial Year 2010-11 and carries interest @ 11.00% p.a. The loan is repayable in 84 monthly installments of RS. 1.16 Lakhs

2 Term Loan from DNS Bank - V 24.00 Lakhs (outstanding is NIL (PY. 2.27 Lakhs) was taken in Financial Year 2010-11 and carries interest @ 11.00% p.a. The loan is repayable in 84 monthly installments of RS. 0.44 Lakhs after Moratorium period of 3 months

3 Term Loan from DNS Bank - RS. 148.00 Lakhs (outstanding is NIL (PY. 27.28 Lakhs) was taken in Financial Year 2014-15 and carries interest @ 11.00% p.a. The loan is repayable in 36 monthly installments of RS. 5.01 Lakhs after Moratorium period of 6 months

4 Term Loan from DNS Bank - RS. 320.00 Lakhs (outstanding RS. 158.81 Lakhs (PY. 113.77 Lakhs) was taken in Financial Year 2015-16 and carries interest @ 9.00% p.a. The loan is repayable in 48 monthly installments of RS. 9.90 Lakhs including Moratorium period of 9 months

5 Term Loan from DNS Bank - RS. 90.00 Lakhs (outstanding RS. 78.19 Lakhs (PY. 90.81 Lakhs) was taken in Financial Year 2016-17 and carries interest @ 9.00% p.a. The loan is repayable in 60 monthly installments of RS. 1.96 Lakhs including Moratorium period of 9 months

6 Term Loan from DNS Bank - RS. 400.00 Lakhs (outstanding V 288.20 Lakhs (PY. 402.75 Lakhs) was taken in Financial Year 2016-17 and carries interest @ 9.00% p.a. The loan is repayable in 48 monthly installments of RS. 11.84 Lakhs including Moratorium period of 6 months

7 Term Loan from DNS Bank - V 255.00 Lakhs (outstanding V 239.10 Lakhs (PY. 149.70 Lakhs) was taken in Financial Year 201617 and carries interest @ 9.00% p.a. The loan is repayable in 60 monthly installments of RS. 5.55 Lakhs after Moratorium period of 9 months

8 Term Loan from DNS Bank - RS. 315.00 Lakhs (outstanding RS. 168.48 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.00% p.a. The loan is repayable in 60 monthly installments of RS. 6.85 Lakhs after Moratorium period of 9 months

9 Term Loan from DNS Bank - V 250.00 Lakhs (outstanding RS. 155.04 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.00% p.a. The loan is repayable in 60 monthly installments of RS. 5.43 Lakhs after Moratorium period of 9 months

10 Term Loan from DNS Bank - RS. 188.00 Lakhs (outstanding RS. 188.00 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.00% p.a. The loan is repayable in 60 monthly installments of RS. 3.90 Lakhs after Moratorium period of NIL months

11 Term Loan from RBL Bank - V 293.14 Lakhs (outstanding RS. 175.89 Lakhs (PY. 234.51 Lakhs) was taken in Financial Year 201516 and carries interest @ 10.85% p.a. The loan is repayable in 60 installments. RS. 4.88 Lakhs paid against principal amount in every month.

12 Term Loan from RBL Bank - RS. 446.25 Lakhs (outstanding V 297.50 Lakhs (PY. 371.87 Lakhs) was taken in Financial Year 201516 and carries interest @ 10.85% p.a. The loan is repayable in 72 installments. RS. 6.19 Lakhs paid against principal amount in every month.

13 Term Loan from RBL Bank - RS. 150.00 Lakhs (outstanding RS. 87.50 Lakhs (PY. 137.49) was taken in Financial Year 2016-17 and carries interest @ 10.75% p.a. The loan is repayable in 36 monthly installments of RS. 4.89 Lakhs

14 Term Loan from SVC Bank - V 277.50 Lakhs (outstanding RS. 101.40 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.00% p.a. The loan is repayable in 78 monthly installments of RS. 4.81 Lakhs after Moratorium period of 6 months

15 Term Loan from YES Bank - V 222.49 Lakhs (outstanding V 222.49 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 4.61 Lakhs after Moratorium period of 8 months

16 Term Loan from YES Bank - RS. 17.70 Lakhs (outstanding Rs17.70 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.36 Lakhs after Moratorium period of 8 months

17 Term Loan from YES Bank - RS. 34.55 Lakhs (outstanding RS. 34.55 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.71 Lakhs after Moratorium period of 8 months

18 Term Loan from YES Bank - RS. 31.96 Lakhs (outstanding RS. 31.96 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.66 Lakhs after Moratorium period of 8 months

19 Term Loan from YES Bank - RS. 12.63 Lakhs (outstanding RS. 12.63 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.26 Lakhs after Moratorium period of 8 months

20 Term Loan from YES Bank - V 21.33 Lakhs (outstanding V 21.33 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.44 Lakhs after Moratorium period of 8 months

21 Term Loan from YES Bank - RS. 50.15 Lakhs (outstanding RS. 50.15 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 1.03 Lakhs after Moratorium period of 8 months

22 Term Loan from YES Bank - RS. 40.68 Lakhs (outstanding RS. 40.68 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 8.95% p.a. The loan is repayable in 60 monthly installments of RS. 0.84 Lakhs after Moratorium period of 8 months

23 Term Loan from YES Bank - V 213.56 Lakhs (outstanding RS. 196.87 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.20% p.a. The loan is repayable in 71 monthly installments of RS. 3.33 Lakhs after Moratorium period of 0 months

24 Term Loan from YES Bank - RS. 64.70 Lakhs (outstanding RS. 53.15 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.20% p.a. The loan is repayable in 36 monthly installments of V 2.31 Lakhs after Moratorium period of 0 months

25 Term Loan from YES Bank - RS. 14.88 Lakhs (outstanding RS. 8.68 Lakhs (PY. NIL) was taken in Financial Year 2017-18 and carries interest @ 9.20% p.a. The loan is repayable in 12 monthly installments of RS. 1.23 Lakhs after Moratorium period of 0 months

26 Term Loan from RBL Bank - RS. 125.00 Lakhs (outstanding RS.35.23 (PY. 43.36) was taken in Financial Year 2016-17 and carries interest @ 10.75% p.a. The loan is repayable in 48 monthly installments of RS. 0.90Lakhs

27 The Term Loan CBI Bank - RS.140.00 Lakhs ( Outstanding NIL ( PY. 88.49) was taken in the Scheme of Amalgamation during the Financial Year 2016-17 and carries Interest @ 12.50% p.a.

28 The Term Loan Laxmi Villas Bank - RS.250.00 Lakhs ( Outstanding NIL ( PY. 233.49) was taken in the Scheme of Amalgamation during the Financial Year 2016-17 and carries Interest @ 13% p.a.

Note: In Accordance with the requirement of Ind AS, revenue for the period April 1, 2017 to June 30, 2017 is inclusive of excise duty of RS. 355.32 lakh and revenue for the period July 1, 2017 to March 31, 2018 is net of Goods and Service Tax (‘GST’). However, revenue for the year ended March 31, 2017 is inclusive of excise duty of 1554.87 Lakhs.

NOTE 4 : NOTE ON MICRO SMALL OR MEDIUM ENTERPRISES

(a) The amount remaining unpaid to any supplier at the end of each accounting year; Principal amount due to Micro & Small enterprises NIL lakh ( P Yr RS. 18.25 lakh )

(b) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year; NIL ( Previous Year NIL)

(c) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006, nIl (Previous year NIL)

(d) The amount of interest accrued and remaining unpaid at the end of each accounting year;

(e) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.NIL ( Previous Year NIL)

The above information is provided based on the information available as per company records.

NOTE 5 : BORROWING COST (IND AS 23)_

Borrowing cost directly attributable to the acquisition /construction of a qualifying asset are capitalized as part of the cost of asset during the period is RS.12.82 lakhs ( P Yr RS. 30.57 lakhs)

NOTE 6 : SEGMENT REPORT.

SEGMENT REPORTING - 2017-18

(A) SEGMENTWISE DETAILS (PRIMARY)

A) The company is primarily operating in only one business (i.e. manufacturing of chemicals) as well as one geographical segment, hence no Primary segment reporting has been made.

NOTE 7 : INTANGIBLE ASSETS

During the year the Company acquired assets along with business of M/s Shree Sai industries located at K-33 MIDC Tarapur Kolawada Naka MIDC Tarapur-401506. Our Company paid RS. 101 lakhs towards Goodwill.

NOTE 8 : AMALGAMATION

During the year, the Hon’ble National Company Law Tribunal, Mumbai Bench vides Order dated 29th November, 2017 has approved a scheme of Amalgamation of the Classic Oil Limited (wholly owned subsidiary of the Company) and Sigma Solvents Private Limited with the Company.

The standalone financial results for the current year include the operations of the merged undertaking. The figures for the previous year ended March 31, 2017 have been restated accordingly to incorporate the impact of the Scheme of Amalgamation in accordance with the requirements of the Ind AS 103.

NOTE 9 :

Capital commitments (Net of Advances) RS. 643.31 lakhs. (P Yr. 270.81 lakhs)

NOTE 10 :

Previous years figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.

---

Mar 31, 2016

Contingent Assets are neither recognized nor disclosed in the financial statement N. Earnings Per Share

Basic and diluted earnings per share are computed in accordance with Accounting Standard - 20.

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

Diluted earnings per share is calculated as follows:-

The net profit attributable to equity shareholders and the weighted average of number of shares outstanding are adjusted for the effect of all dilutive potential equity shares from the exercise of options on unissued share capital. The number of equity shares is the aggregate of the weighted average number of equity shares and the weighted average number of equity shares which would be issued on the conversion of all the dilutive potential equity shares into equity shares

Note 1 : Note on Micro Small or Medium Enterprises

(a) The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year; Principal amount due to Micro & Small enterprises RS, 26.49 lac ( P Yr RS, 46.76 Lacs)

(b) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;---NIL

(c) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006---NIL

(d) The amount of interest accrued and remaining unpaid at the end of each accounting year; --- NIL

(e) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.---NIL

Note 2 : Borrowing Cost:

Borrowing cost directly attributable to the acquisition /construction of a qualifying asset are capitalized as part of the cost of asset during the period of RS, NIL ( P Yr. RS, 7.55 lac)

Note 3 : Segment Report.

SEGMENT REPORTING - 2015-16 (A) SEGMENTWISE DETAILS (PRIMARY)

A) The company is primarily operating in only one business (i.e. manufacturing of chemicals) as well as one geographical segment, hence no Primary segment reporting has been made.

Note 4 : Previous year’s figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.

---

Mar 31, 2015

Note 1 : Preferential Convertible Warrants :

Pursuant to ordinary resolution passed and after the approval of the Bombay Stock Exchange , dated 05/02/2013, the Board had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue the Board has allotted 11,25,000 & 22,75,000 equity shares against the convertible warrants on 26/03/2013 & 08/02/2014 respectively. During the year, the company has received Rs 1,14,75,000/- towards balance 9,00,000 warrants pending for conversion @ of Rs.12.75/-. The said warrants were converted into equity on 09/08/2014 & thus the paid-up capital of the Company increased by Rs. 90,00,000/- Further 22,75,000 & 9,00,000 warrants were also entitled for bonus in the ratio 1:1, pursuant to ordinary resolution passed in the Annual General Meeting held on 5/09/2013.Accordingly even number of Bonus Equity shares were allotted on conversion of 22,75,000 & 9,00,000 convertible warrants.

Note 2: Fire insurance claim

The company had recognized insurance claim receivable of Rs. 357.56 lacs during the FY 2013-14 towards loss of stock, fixed assets & expenses at company's Dhule plant. The insurance company has settled the claim for Rs. 314.77 lacs. Hence the difference of Rs. 42.79 lacs is charged to P/L A/c under the head loss due to fire during FY 2014-15. The additional claim for Rs. 15.73 lac made by the company is also considered in the final settlement of Rs. 314.77 lac by the insurance company. The company has not made any additional claim other than the two claims mentioned hereinabove. The Company is still in the of process of filing claim for Loss of Profit.

Note 3:- Borrowing Cost ( AS16)

Borrowing cost directly attributable to the acquisition /construction of a qualifying asset are capitalised as part of the cost of asset during the period. Borrowing cost of Rs. 7.55 lac was captipalised ( P. Yr.Rs 69.29 lac).

The estimate of future salary increases considered in actuarial valuation takes into account general trend in inflation, promotion, and other relevant factors such as supply and demand factors in the employment market

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held and historical results of the return on the plan assets.

Note 4 : Segment Report.

SEGMENT REPORTING - 2014-15

( A ) SEGMENTWISE DETAILS (PRIMARY)

A)The company is primarily operating in only one business (i.e. manufacturing of chemicals) as well as one geographical segment , hence no Primary segment reporting has been made.

Note 5: Due to inadequacy of profits, the company has paid managerial remuneration in accordance with the Schedule V of the Companies Act,2013. But the amount of such managerial remuneration to the extent of Rs 18.09 lacs is subject to shareholder's approval by way of special resolution in ensuing Annual General Meeting.

Note 6 : Previous years figures are regrouped/rearranged wherever necessary, to conform to the layout of accounts of current year.

---

Mar 31, 2014

Note 1 : Preferential Convertible Warrants :

Pursuant to the approval dated 05/02/2013 of the Bombay Stock Exchange, as per terms of approval of shareholders of the company vide A.G.M held on 09/02/2013 and as per the applicable provisions including

Securities and Exchange Board of India ( Discloure and Investor Protection) Guidelines,2000, the company had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue, the warrant holders have a right to apply for equity shares of the company at a price of Rs 17/- each, within a period of 18 months from the date of allotment. The company has allotted 11,25,000 equity shares against the warrants during the F. Yr 12-13. During the year, the company has received Rs 2,90,06,250/- as under:

1) 22,75,000 warrants @ Rs12.75/-each

The company has allotted 22,75,000 equity shares of Rs 10/- each on 03/09/2013 against 22,75,000 warrants. Consequently,equityshare capitalofthecompany has increasedbyRs2,27,50,000/-,SharePremium Reservehas increased by Rs 1,59,25,000/- and the amount of Rs 38,25,000 /- against 9,00,000 share warrants has been shown under "Share Application money pending allotment".

Note 2 : Fire insurance claim

During the year fire broke out atCompany''s Dhule Plant on 27th July 2013.Subsequently,company lodged fire insurance claim of Rs 357.56 lacs with insurance Company .

i) Company is still in the process of filing additional claims for expenses and Loss of Profit. Insurance company hasalready paid Ad-hoc sum of Rs75.00 lacs andthe balance is awaited..

ii) The company has adjusted the Addition to Fixed assets of Rs 224.85 lacs agaist claim receivable from the Insurance company.

iii) The additional claim of Rs 15.73 lacs has been made. However, the claim for loss of profit is yet to be ascertained.

iv) The balance W.D.V of the assets lost due to fire has been adjusted against accumulated reserves of the Company.

Note3:Notes on Micro Small or Medium Enterprises

In the absence of necessary information in relation to the suppliers registered as Micro or Small enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company is not able to identify such suppliers and the informationrequired under thesaidAct could not be compiled anddisclosed.

Note 4 :- BorrowingCost ( AS16)

Borrowing cost directly attributable to the acquisition /construction of a qualifing asset & capitalised as part ofthe cost of assetduringthe period isRs of Rs 69.29lac ( P. Yr.Rs 32.98 lac).

Note 5 : Contingent Liabilities: & Commitment Rs. In Lacs

A Contingent Liability 2013-2014 2012-2013

a) Bank Guarantee with IDBI 42.37 109.90

b) Letter of Credit with IDBI for Import Bills 125.57 902.93

c) Letter of Credit with IDBI for Local Bills 138.52 135.64

d) Income Tax Appeal A. Y 2010-11 85.43 0

e) Income Tax Appeal A. Y 2011-12 55.70 0

f) Income Tax Appeal - Penalty A. Y 2009-10 M/s. Indo Amines Ltd. 58.79 0

g) Appeal under Central Sales Tax- M/s Flame Pharma For the F. Y. 2002-03 4.16 4.16

h) Income Tax - Reopen Assessment - A. Y 2009-10 M/s. Versatile Chemicals Ltd. 7.00 0

i) Order – in – appeal F. No. V/ST/DN-V (BEL) Dt. 20.04.12 Non payment of service tax on BIS for 2006 -2012 70.33 70.33

j) Order – in – appeal no. PKS/10/BEL/2011, Dt. 28.04.11 non reversal of cenvat credit/remission or loss of goods in flood 2005- Rabale Location 6.45 6.45

k) Show cause notice dt. 10/10/2012 regarding Service Tax on Commission 15.58 15.58

l) Case No. WP/8536/2012 - Versatile Chemicals Ltd. - Non Encroachment case before the MIDC 11.88 11.88

The estimate of future salary increases considered in actuarial valuation takes into account general trend in inflation,promotion, and other relevant factors such as supply anddemand factors in the employmentmarket The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held andhistorical results of the return on the planassets

Since the company is complying the AS-15 thro Actuarial Certificatet for the first time,the additional expenses on account of gratuity has beendebitedto Profit & Loss a/c to theextent of Rs 47.68Lac

Note6:Segment Report.

SEGMENT REPORTING-2013-2014

( A ) The Company has identified four major Geographical Segments as requiredby Accounting Standard - 17 ''Segment Reporting'' andon thebasis ofwhich theCompany reports internally.

These segments are:

1) Dombivli Unit - Manufacturingof Chemicalslike Organic Chemicals,&Speciality Chemicals.

2) Baroda Unit - Manufacturingof Chemicalslike FattyAmines, Quarternary Ammonium Compoundsetc.

3) Rabale Unit - Manufacturing of Bulk Drugs& Intermediates forpharmaceutical companies.

4) Dhule Unit - Manufacturing of Fatty Acids.

Note 7 : Previous years figures are regrouped/rearranged wherever necessary, to confirm to the layout of accounts of current year.

---

Mar 31, 2013

Note 1 : Preferential Convertible Warrants :

Pursuant to the approval dated 05/02/2013 of the Bombay Stock Exchange, as per terms of approval of shareholders of the company vide A.G.M held on 09/02/2013 and as per the applicable provisions including Securities and Exchange Board of India ( Discloure and Investor Protection) Guidelines,2000, the company had allotted 43,00,000 warrants on 09/02/2013 on preferential basis to entities in the promoter group. As per the terms of the said issue, the warrant holders have a right to apply for equity shares of the company at a price of Rs 17/- each, within a period of 18 months from the date of allotment. During the year, the company has received Rs 3,26,18,750/- as under:

1) Rs 1,91,25,000/-against 11,25,000 warrants @ Rs 17/-each and

2) Rs 1,34,93,750/- against 33,75,000 warrants(application amount)

The company has allotted 11,25,000 equity shares of Rs 10/- each on 09/03/2013 against 11,25,000 warrants.Consequently, equity share capital of the company has increased by Rs 1,12,50,000/-, Share Premium Reserve has increased by Rs 78,75,000/- and the amount of Rs 1,34,93,750/- against 33,75,000 share warrants has been shown under "Share Application money pending allotment".

Note 2 .-Notes on Micro Small or Medium Enterprises

In the absence of necessary information in relation to the suppliers registered as Micro or Small enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company is not able to identify such suppliers and the information required under the said Act could not be compiled and disclosed.

Note 3: Contingent Liabilities:

a) Contingent Liability in respect of Central Sales tax for the financial year 2005-2006 is amounting to Rs. 16.08 lacs ( Prev Year Rs. 16.08 lacs )

b) Contingent Liability in respect of penalty on remission of duty on loss due to flood during the Financial year 2005-06 is amounting to Rs. 2.82 lacs/- ( Prev Year Rs. 2.82 lacs)

c) Contingent Liability in respect of Penalty on non payment of excise Duty on Freight Income is Rs.0.75 lacs (Prev Year Rs.0.75 lacs)

d) Contingent liability in respect of Income Tax Scrutiny Order for tax amount of Rs.85.43 lacs.(Prev year Rs.77.68)

e) Bank Guarantee with IDBI is amounting to Rs 109.90 Lacs. (Previous year Rs. 70.52 Lacs )

f) Letter of Credit with IDBI for Import Bills is amounting to Rs. 902.93 Lacs. (Previous Year Rs.432.70 Lacs)

g) Letter of Credit with IDBI for Local Bills is amounting to Rs. 135.64 Lacs. (Previous Year Rs.392 lacs)

Note 4 : Segment Report.

SEGMENT REPORTING - 2012-2013

(A) The Company has identified four major Geographical Segments as required by Accounting Standard - 17 ''Segment

Reporting'' and on the basis of which the Company reports internally. These segments are:

1) Dombivli Unit-Manufacturing of Chemicals like Organic Chemicals, & Speciality Chemicals.

2) Baroda Unit - Manufacturing of Chemicals like Fatty Amines, Quarternary Ammonium Compounds etc.

3) Rabale Unit - Manufacturing of Bulk Drugs & Intermediates for pharmaceutical companies.

4) Dhule Unit - Manufacturing of Fatty Acids.

---

Mar 31, 2010

1. Convertible Warrants:

In terms of the approval of shareholders of the Company and as per the applicable statutory provisions including Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines 2000, the Company, on 26th March, 2009 has issued and allotted 8,50,000 warrants on preferential basis to entities in the Promoter Group entitling them to apply for equivalent number of fully paid up equity shares of Rs. 10/- each of the Company, at a price of Rs. 12/- per equity share. The warrant holders have a right to apply for equity shares within 18 months from the date of allotment of warrants. Amounts received against the warrants are shown as Convertible Warrants in the Balance Sheet, pending exercise thereof. During the year 417000 equity warrants have been converted into equity shares & premium thereon of Rs. 8,34,000/- is transferred to share premium account.

2. The balances of debtors, creditors, loans & advances are subject to confirmation. Sundry debtors include debts due from companies under same management [u/s 370 (1B)]

3. The Company is in the process of identifying the Micro & Small Units and hence:

a) Interest, if any payable to units covered under Micro, Small and Medium Enterprises Development Act 2006, is not ascertainable, and

b) Amount payable to such Units is not ascertainable.

4. Contingent Liabilities:

a) Contingent Liability in respect of Central Sales tax for the financial year 2005-2006 is amounting to Rs. 16.08 lacs. ( Prev Year Rs. 16.08 lacs )

b) Contingent Liability in respect of Excise Duty for the Financial year 2005-06 is amounting to Rs. 2.82 lacs ( Prev Year Rs. 2.82 lacs )

c) Letter of Credit with SBI for Import Bills is amounting to Rs. 52.70 Lacs. (Previous Year Rs. 255.77 Lacs)

d) Letter of Credit with SBI for Local Bills is amounting to Rs. NIL. (Previous Year Rs. 2.21 Lacs)

e) Bank Guarantees with SBI is amounting to Rs. 6.74 Lacs. (Previous year Rs. 56.99 Lacs)

f) Liability on account of Bills discounted is Rs.NIL/-( Prev year Rs.70.23Lacs )

g) Bank Guarantee with IDBI is amounting to Rs 23.63 Lacs. (Previous year Rs. NIL )

h) Letter of Credit with IDBI for Import Bills is amounting to Rs. 175.71 Lacs. (Previous Year NIL)

i) Letter of Credit with IDBI for Local Bills is amounting to Rs. 19.16 Lacs. (Previous Year NIL)

Note : Licensed and Installed capacity are as certified by Managing Director.

5. Computation of net profits in accordance with section 349 of the Companies act, 1956 and the commission payable to the director:

6. Cashflow statement

We have audited the attached cash flow statement of INDO AMINES LIMITED derived from the audited financial statements, books and records maintained by the Company for the year ended 31st March, 2010 and found the same in agreement therewith.