Notes to Accounts of Kisan Mouldings Ltd.

Mar 31, 2025

8. Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. Provisions are measured at the best
estimate of the expenditure required to settle the
present obligation at the Balance Sheet date.

If the effect of time value of money is material,
provisions are discounted using a current pre-tax

rate that reflects the current market assessments
of the time value of money and the risks specific
to the obligation. When discounting is used, the
increase in the provision due to the passage of
time is recognised as a finance cost.

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

9. Revenue recognition
Sale of goods

Revenue from sale of goods is recognised when
control of the goods being sold is transferred
to our customer and when there are no longer
any unfulfilled obligations. The Performance
Obligations in our contracts are fulfilled at the
time of dispatch, delivery or upon formal customer
acceptance depending on customer terms.

Revenue is measured on the basis of contracted
price, after deduction of any trade discounts,
volume rebates and any taxes or duties collected
on behalf of the Government such as goods and
services tax, etc. Accumulated experience is used
to estimate the provision for such discounts and
rebates. Revenue is only recognised to the extent
that it is highly probable a significant reversal will
not occur.

Our customers have the contractual right to return
goods only when authorised by the Company. An
estimate is made of goods that will be returned
and a liability is recognised for this amount using a
best estimate based on accumulated experience.

Contract balances
Trade receivables

A receivable represents the Company''s right to an
amount of consideration that is unconditional.

Contract liabilities

A contract liability is the obligation to transfer
goods or services to a customer for which
the Company has received consideration (or
an amount of consideration is due) from the
customer. If a customer pays consideration
before the Company transfers goods or services
to the customer, a contract liability is recognised
when the payment is made. Contract liabilities
are recognised as revenue when the Company
performs under the contract.

Sale of services

Income from services rendered is recognised
based on agreements/arrangements with the

customers as the service is performed and there
are no unfulfilled obligations.

Dividend income

Dividend income on investments is recognised
when the right to receive dividend is established.

Interest income

Interest income is recognised using the effective
interest rate (EIR) method.

10. Employee benefits

i. Short term employee benefits

Short term employee benefits consisting of
salaries, wages, short-term compensated
absences, performance incentives, etc., and
the expected cost of bonus, ex-gratia are
benefits payable and recognized in 12 months.
Short-term employee benefits expected to be
paid in exchange for the services rendered
by employees are recognized undiscounted
during the year as the related service are
rendered by the employee.

ii. Defined contribution plans

The Company''s contribution towards
provident fund, superannuation fund and
employee state insurance scheme, employee
pension scheme and labour welfare fund for
certain eligible employees are considered to
be defined contribution plan for which the
Company made contribution on monthly
basis.

Company''s contribution for the year paid/
payable to defined contribution retirement
benefit schemes are charged to Statement of
Profit and Loss.

iii. Defined benefit plans

Company''s liabilities towards defined benefit
plans viz. gratuity which is expected to occur
after twelve months, is determined using
the Projected Unit Credit Method. Actuarial
valuations under the Projected Unit Credit
Method are carried out at the balance sheet
date. Actuarial gains and losses are recognized
in the Statement of other comprehensive
income in the period of occurrence of such
gains and losses for gratuity. The retirement
benefit obligation recognized in the balance
sheet represents the present value of the
defined benefit obligation as adjusted for
unrecognized past service cost, and as
reduced by the fair value of scheme assets, if
any.

Other long-term employee benefits such
as compensated absences payable to the
employees is provided for in the books of
accounts on accrual basis.

iv. Termination benefits

Termination benefits are recognised as an
expense in the period in which they are
incurred, if any.

11. Impairment of non-financial assets

The carrying amount of the assets are reviewed at
each Balance Sheet date if there is any indication
of impairment based on internal / external factors.
An asset is impaired when the carrying amount
of the asset exceeds its recoverable amount.
The recoverable amount is higher of the asset''s
fair value less costs of disposal and value in use,
which means the present value of future cash
flows expected to arise from the continuing use
of the asset and its eventual disposal. For the
purposes of assessing impairment, assets are
grouped at their lowest levels for which there
are separately identifiable cash inflows which are
largely independent of the cash inflows from other
assets or groups of assets (cash generating units).
Impairment loss is charged to the profit and loss
account in the year in which the asset is identified
as impaired.

An impairment loss for an asset is reversed if, and
only if, the reversal can be related objectively to
an event occurring after the impairment loss was
recognized or relates to a change in the estimate
of the recoverable amount in the previous periods.
The carrying amount of an asset is increased to
its revised recoverable amount, provided that this
amount does not exceed the carrying amount
that would have been determined (net of any
accumulated amortization or depreciation) had
no impairment loss been recognized for the asset
in prior years.

12. Income Tax

Income tax expense comprises current and
deferred tax. It is recognized in profit and loss
except to the extent that it relates to items
recognized directly in equity or in OCI.

i. Current tax

Current tax comprises the expected tax
payable or receivable on the taxable income
or loss for the year and any adjustment to
the tax payable or receivable in respect of
previous years. It is measured using tax rates
enacted as at the reporting date.

Current tax assets and liabilities are offset
only if:

a) there is a legally enforceable right to set
off current tax assets against current
tax liabilities and when they relate to
income taxes levied by the same taxation
authority; and

b) there is intention either to settle on a net
basis, or to realize the asset and settle the
liability simultaneously.

ii. Deferred tax

Deferred tax is recognized in respect of
temporary differences between the carrying
amounts of assets and liabilities for financial
reporting purposes and the amounts used
for taxation purposes. However, deferred tax
liabilities are not recognized if they arise from
the initial recognition of goodwill. Deferred
income tax is also not accounted for if it
arises from initial recognition of an asset or
liability in a transaction other than a business
combination that at the time of the transaction
affects neither accounting profit nor taxable
profit (tax loss).

Deferred tax assets are generally recognized
for deductible temporary differences (if any)
to the extent that it is probable that future
taxable profits will be available against
which they can be used. The existence of
unused tax losses is strong evidence that
future taxable profit may not be available.
Therefore, in case of history of recent losses,
the Company recognises a deferred tax asset
only to the extent that it has sufficient taxable
temporary difference or there is convincing
other evidence that sufficient taxable profits
will be available against which such deferred
tax asset can be realized. Deferred tax assets
are reviewed at each reporting date and are
reduced to the extent that it is no longer
probable that the related tax benefit will be
realized. Unrecognized deferred tax assets
are reassessed at each reporting date and
recognized to the extent that it has become
probable that future taxable profits will be
available against which they can be used.

Deferred tax is measured at the tax rates
that are expected to be applied to temporary
differences when they reverse, using tax
rates enacted or substantively enacted at
the reporting date and are expected to apply
when the related deferred income tax asset is
realized or the deferred income tax liability is
settled.

Deferred tax assets and liabilities are offset
only if they relate to income taxes levied by
the same taxation authority on the same
taxable entity.

13. Leases

The Company has adopted Ind AS 116- Leases
effective 1^st April, 2019. The Company has
evaluated the impact of Ind AS 116 on its existing
leases as on the transition date (1 April 2019) and

as on the reporting date (31 March 2020) and
have concluded that there are no leases which fall
within the purview of Ind AS 116.

The Company assesses whether a contract is or
contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract
conveys the right to control the use of an
identified asset for a period of time in exchange
for consideration. To assess whether a contract
conveys the right to control the use of an identified
asset, the Company assesses whether:

a. the contract involves the use of an identified
asset

b. the Company has substantially all of the
economic benefits from use of the asset
through the period of the lease and

c. the Company has the right to direct the use of
the asset.

The Company has leases with a term of twelve
months or less (short-term leases) and leases
of low value assets. For these short-term
and leases of low value assets, the Company
recognizes the lease payments as an operating
expense on a straight-line basis over the term
of the lease.

14. Foreign currency

(i) Foreign currency transactions

Transactions in foreign currencies are
translated into the respective functional
currencies of company at the exchange rates
at the dates of the transactions or an average
rate if the average rate approximates the actual
rate at the date of the transaction. Foreign
exchange gains and losses from settlement
of these transactions are recognised in the
Statement of Profit and Loss.

(ii) Transactions and balances

Monetary assets and liabilities denominated
in foreign currencies are translated into the
functional currency at the exchange rate at
the reporting date, the gain or loss arising
from such translations are recognised in the
statement of profit and loss.

15. Earnings per share (EPS)

Basic earnings per share is computed by dividing
the net profit for the period attributable to the
equity shareholders of the Company by the
weighted average number of equity shares
outstanding during the period. The weighted
average number of equity shares outstanding
during the period and for all periods presented is
adjusted for events, such as bonus shares, other
than the conversion of potential equity shares
that have changed the number of equities shares
outstanding, without a corresponding change in
resources.

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

16. Borrowing cost

Borrowing cost includes interest, amortization
of ancillary costs incurred in connection with
the arrangement of borrowings and exchange
differences arising from foreign currency
borrowings to the extent they are regarded as an
adjustment to the interest cost.

Borrowing costs, if any, directly attributable to
the acquisition, construction or production of an
asset that necessarily takes a substantial period of
time to get ready for its intended use or sale are
capitalized, if any. All other borrowing costs are
expensed in the period in which they occur.

17. Operating Segments

The Company has presented segment information
in the financial statements which are presented in
the same financial report. Accordingly, in terms of
Paragraph 3 of Ind AS 108 ''Operating Segments'',
no disclosures related to segments are presented
in this standalone financial statement.

18. Events after reporting date

Where events occurring after the balance sheet
date provide evidence of conditions that existed
at the end of the reporting period, the impact
of such events is adjusted within the standalone
financial statements. Otherwise, events after the
balance sheet date of material size or nature are
only disclosed.

Note 37
Leases

As Lessee:

a) Operating Lease:

The Company has taken office premises on lease which are cancellable by either parties and there is no
lock in period. These leave and license agreements for the office premises are generally for a period not
exceeding one year and are in most cases renewable by mutual consent, on mutually agreeable terms. There
are no restrictions imposed by lease arrangements or any contingent rents payable . There are no sub leases.
Therefore for the purposes of Ind AS 116 - Leases, there are no leases which required specific disclosures.

b) Finance lease:

The company has entered into long-term leasing arrangements for land with government authorities which
are in the nature of long term leases. These arrangements do not involve any material recurring payments,
hence other disclosures are not given. These long term land leases are accounted as per Ind AS 16 - Property,
Plant & Equipment.

Note 38

Related Party Disclosure

As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:-

a) Subsidiary Company

KML Tradelinks Pvt. Ltd.

b) Holding Company

Apollo Pipes Limited (APL)

Note 39

Employee benefits
(A) Defined benefit plans

a) Gratuity

Gratuity liability is provided in accordance with the provisions of the Payment of Gratuity Act, 1972
based on actuarial valuation. The plan provides a lump sum gratuity payment to eligible employee at
retirement or termination of their employment. The amounts are based on the respective employee''s
last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation was carried out at the balance
sheet date. The present value of the defined benefit obligations and the related current service cost and
past service cost were measured using the Projected Unit Credit Method.

b) Leave Obligations

The leave obligations cover the Company''s liability for casual, sick & earned leave. The amount of the
provision is presented as current, since the Company does not have an unconditional right to defer
settlement for any of these obligations. However, based on past experience, the Company does
not expect all employees to take the full amount of accrued leave or require payment within the
next 12 months.

c) The plan above is typically exposed to actuarial risk such as interest risk, mortality risk and salary risk

a) Interest risk: The decrease in the bond interest rate will increase the liability.

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

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

B) Defined contribution plan

The Company makes contributions towards provident fund and other funds which are in the nature of
defined contribution post employment benefit plans. Under the plan, the Company is required to contribute
a specified percentage of payroll cost to fund the benefits.

Amount recognised as an expense in the Statement of Profit and Loss - included in Note 3 - “Contribution
to provident and other funds” '' 98.85 lakhs (Previous year - '' 31.63 lakhs).

The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity
risk. The Company''s risk management assessment and policies and processes are established to identify and
analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and
compliance with the same. Risk assessment and management policies and processes are reviewed regularly to
reflect changes in market conditions and the Company''s activities.

Market risk :

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and other prices
such as equity price. These will affect the Company''s income or the value of its holdings of financial instruments.
Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables
and payables and long term debt. Financial instruments affected by market risk include loans, borrowings and
deposits. The Market risk which the Company is exposed can be classified as Currency risk and Interest rate risk.

i. Foreign Currency risk :

The Company is exposed to currency risk on account of its operations in other countries. The functional
currency of the Company is Indian Rupee. The Company evaluates exchange rate exposure arising from
foreign currency transactions and follows established risk management policies.

ii. 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 instruments because of fluctuations in
the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing
instruments will fluctuate because of fluctuations in the interest rates.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s receivables from
customers, loans and investments. Credit risk is managed through credit approvals, establishing credit limits
and continuously monitoring the creditworthiness of counterparty to which the Company grants credit
terms in the normal course of business. (Refer trade receivable note 11).

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with
counterparties that have a good credit rating. The Company does not expect any losses from non-performance
by these counter-parties, and does not have any significant concentration of exposures to specific industry
sectors or specific country risks.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach
to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities. The Company
monitors the net liquidity position through forecasts on the basis of expected cash flows.

The Company has obtained fund and non-fund based working capital lines from various banks.

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

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of
long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual and long-term strategic plans.
The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis 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 lease, less cash and cash equivalents, Bank balance and current investments. Adjusted
equity comprises Equity attributable to the shareholders of the Company (other than amounts accumulated in
the hedging reserve, if any).

Note 45

Additional Regulatory Information

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

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

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

d) The company has submitted quarterly returns or statements with banks or financial institutions pursuant
to terms of sanction letters for working capital limits secured by current assets as all working capital
loans.

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

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

g) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on
behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

f) Trade Receivable & Trade Payable are subject to balance confirmation. However, the Management is confident
that such receivables/ Payables are stated at their realisable/ payable value and adequate provision are
made in the accounts wherever required.

As per our attached report of even date For and on behalf of the Board of Directors of

For Sen & Ray Kisan Mouldings Limited

Chartered Accountants

Firm Registration No. 303047E

Rakesh Kumar Kogta Sanjeev A. Aggarwal

Partner Chairman & Managing Director

Membership No. 122300 DIN: 00064076

Suresh Purohit
Chief Financial Officer
FCA:045574
Vijay Joshi

Date:- 06 May 2025 ^C°mpany ^Secreta^ry

Place:- Mumbai ^M. ^{Na A7298}

---

Mar 31, 2024

8. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.

If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

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

9. Revenue recognition Sale of goods

Revenue from sale of goods is recognised when control of the goods being sold is transferred to our customer and when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

Our customers have the contractual right to return goods only when authorised by the Company. An estimate is made of goods that

will be returned and a liability is recognised for this amount using a best estimate based on accumulated experience.

Contract balances

Trade receivables

A receivable represents the Company''s right to an amount of consideration that is unconditional.

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Company performs under the contract.

Sale of services

Income from services rendered is recognised based on agreements/arrangements with the customers as the service is performed and there are no unfulfilled obligations.

Dividend income

Dividend income on investments is recognised when the right to receive dividend is established.

Interest income

Interest income is recognised using the effective interest rate (EIR) method.

10. Employee benefits

i. Short term employee benefits

Short term employee benefits consisting of salaries, wages, short-term compensated absences, performance incentives, etc., and the expected cost of bonus, ex-gratia are benefits payable and recognized in 12 months. Short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized undiscounted during the year as the related service are rendered by the employee.

ii. Defined contribution plans

The Company''s contribution towards provident fund, superannuation fund and employee state insurance scheme, employee pension scheme and labour

welfare fund for certain eligible employees are considered to be defined contribution plan for which the Company made contribution on monthly basis.

Company''s contribution for the year paid/ payable to defined contribution retirement benefit schemes are charged to Statement of Profit and Loss.

iii. Defined benefit plans

Company''s liabilities towards defined benefit plans viz. gratuity which is expected to occur after twelve months, is determined using the Projected Unit Credit Method. Actuarial valuations under the Projected Unit Credit Method are carried out at the balance sheet date. Actuarial gains and losses are recognized in the Statement of other comprehensive income in the period of occurrence of such gains and losses for gratuity. The retirement benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of scheme assets, if any.

Other long-term employee benefits such as compensated absences payable to the employees is provided for in the books of accounts on accrual basis.

iv. Termination benefits

Termination benefits are recognised as an expense in the period in which they are incurred, if any.

11. Impairment of non-financial assets

The carrying amount of the assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. An asset is impaired when the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is higher of the asset''s fair value less costs of disposal and value in use, which means the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. For the purposes of assessing impairment, assets are grouped at their lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Impairment loss

is charged to the profit and loss account in the year in which the asset is identified as impaired.

An impairment loss for an asset is reversed if, and only if, the reversal can be related objectively to an event occurring after the impairment loss was recognized or relates to a change in the estimate of the recoverable amount in the previous periods. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

12. Income Tax

Income tax expense comprises current and deferred tax. It is recognized in profit and loss except to the extent that it relates to items recognized directly in equity or in OCI.

i. Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted as at the reporting date.

Current tax assets and liabilities are offset only if:

a) there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority; and

b) there is intention either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

ii. Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss).

Deferred tax assets are generally recognized for deductible temporary differences (if any) to the extent that it is probable that future taxable profits will be available against which they can be used. The existence of unused tax losses is strong evidence that future taxable profit may not be available. Therefore, in case of history of recent losses, the Company recognises a deferred tax asset only to the extent that it has sufficient taxable temporary difference or there is convincing other evidence that sufficient taxable profits will be available against which such deferred tax asset can be realized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets and liabilities are offset only if they relate to income taxes levied by the same taxation authority on the same taxable entity.

13. Leases

The Company has adopted Ind AS 116- Leases effective 1^st April, 2019. The Company has evaluated the impact of Ind AS 116 on its existing leases as on the transition date (1^st April, 2019) and as on the reporting date (31^st March, 2020) and have concluded that there are no leases which fall within the purview of Ind AS 116.

The Company assesses whether a contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

a. the contract involves the use of an identified asset

b. the Company has substantially all of the economic benefits from use of the asset through the period of the lease and

c. the Company has the right to direct the use of the asset.

The Company has leases with a term of twelve months or less (short-term leases) and leases of low value assets. For these short-term and leases of low value assets, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

14. Foreign currency

(i) Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of company at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions are recognised in the Statement of Profit and Loss.

(ii) Transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date, the gain or loss arising from such translations are recognised in the statement of profit and loss.

15. Earnings per share (EPS)

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equities shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period

is adjusted for the effects of all dilutive potential equity shares.

16. Borrowing cost

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized, if any. All other borrowing costs are expensed in the period in which they occur.

17. Operating Segments

The Company has presented segment information in the financial statements which are presented in the same financial report. Accordingly, in terms of Paragraph 3 of Ind AS 108 ''Operating Segments'', no disclosures related to segments are presented in this standalone financial statement.

18. Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the standalone financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

Note 37

in the month of March, 2024, the Company entered into One-time settlement (OTS) with its lenders namely viz, Punjab National Bank (lead bank), The SVC Bank Limited, Union Bank of india and IDBI bank Limited. The following consequential impacts have been given in accordance with approved resolution plan / Accounting Standards: -

(a) The Board of Directors in its meeting held on March 26, 2024, considered and approved allotment of 8,56,00,000 Equity Shares of face value of '' 10/- each, at an issue price of '' 18.50 each, by way of preferential allotment on private placement in accordance with Regulation 164 A of SEBI (ICDR) Regulations, to persons belonging to ''Non- Promoter'' Category. However, upon allotment of 6,40,00,000 Equity Shares to Apollo Pipes Limited (APL), the APL is classified as ''Promoter'' of the Company in terms of the Special Resolution passed at the Extra Ordinary General Meeting of the Company held on March 14, 2024. Further, post allotment of above stated equity shares on preferential basis, the existing issued, subscribed and paid up

Note 39 Leases As Lessee:

a) Operating Lease:-

The Company has taken office premises on lease which are cancellable by either parties and there Is no lock in period. These leave and license agreements for the office premises are generally for a period not exceeding one year and are in most cases renewable by mutual consent, on mutually agreeable terms. There are no restrictions imposed by lease arrangements or any contingent rents payable. There are no subleases. Therefore for the purposes of Ind AS 116 - Leases, there are no leases which required specific disclosures.

b) Finance lease:

The company has entered into long-term leasing arrangements for land with government authorities which are in the nature of long term leases. These arrangements do not involve any material recurring payments, hence other disclosures are not given. These long term land leases are accounted as per Ind AS 16 -Property, Plant & Equipments.

Note 40

Related Party Disclosure

As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:-

a) Subsidiary Company KML Tradelinks Pvt. Ltd

b) Holding company Apollo Pipes Limited (APL)

c) ‘Entites in where control/significant influence by Director, KMPs and their relative and with whom transaction has taken place

Reliance Industrial Product Poisons Traders LLP

Zitura Investment & Finance Pvt Ltd Jaisal Venture LLP

Note 41

Employee benefits

(A) Defined benefit plans

a) Gratuity

Gratuity liability is provided in accordance with the provisions of the Payment of Gratuity Act, 1972 based on actuarial valuation. The plan provides a lump sum gratuity payment to eligible employee at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation was carried out at the balance sheet date. The present value of the defined benefit obligations and the related current service cost and past service cost were measured using the Projected Unit Credit Method.

b) Leave Obligations

The leave obligations cover the Company''s liability for casual, sick & earned leave. The amount of the provision is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at balance sheet date:

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company''s risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company''s activities.

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and other prices such as equity price. These will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. Financial instruments affected by market risk include loans, borrowings and deposits. The Market risk which the Company is exposed can be classified as Currency risk and Interest rate risk.

i. Foreign Currency risk :-

The Company is exposed to currency risk on account of its operations in other countries. The functional currency of the Company is Indian Rupee. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

ii. 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 instruments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in the interest rates.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, loans and investments. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of counterparty to which the Company grants credit terms in the normal course of business. (Refer trade receivable note 11)

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from nonperformance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities The Company monitors the net liquidity position through forecasts on the basis of expected cash flows.

The Company has obtained fund and non-fund based working capital lines from various banks.

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

Capital Management

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual and long-term strategic plans. The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis 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 lease, less cash and cash equivalents, Bank balance and current investments. Adjusted equity comprises Equity attributable to the shareholders of the Company (other than amounts accumulated in the hedging reserve, if any.)

Additional Regulatory Information

a) The Company was sent a show cause notice by IDBI bank on April 15, 2023, for being a wilful defaulter on its term loan and working capital facilities. In the month of March, 2024, the Company received “No dues certificate” against one time settlements (OTS) and the same been removed at year end.

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

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

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

e) The Company has not submitted quarterly returns or statements with banks or financial institutions pursuant to terms of sanction letters for working capital limits secured by current assets as all working capital loans were non-performing assets in the books of banks or financial institutions and subsequently settled through one - time settlement in the books of account of the Company.

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

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

h) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

i) Trade Receivable & Trade Payable are subject to balance confirmation. However, the Management is confident that such receivables/ payables are stated at their realisable/ payable value and adequate provision are made in the accounts wherever required.

As per our attached report of even date For and on behalf of the Board of Directors of

For Sen & Ray Kisan Mouldings Limited

Chartered Accountants.

Firm Registration No. 0303037E

Rakesh Kumar Kogta Sanjeev A. Aggarwal

Partner Chairman & Managing Director

Membership No. 122300 DIN. 00064076

Suresh Purohit

Chief Financial Officer

FCA: 045574

Vijay Joshi

Date: May 15, 2024 Company Secretary

Place: Mumbai M.No. A7298

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Mar 31, 2018

BACKGROUND

Kisan Mouldings Limited (the ‘Company’) is a public limited Company domiciled in India with its registered office located at 26 ‘A’, 3rd Floor, K-wing, “Tex Centre”, Chandivali, Off Saki Vihar Road, Andheri (East), Mumbai - 400 072. The Company is listed on the Bombay Stock Exchange (BSE). The Company is a well-known brand in the PVC Pipes, Fittings and Allied Products. Its pipes and fittings are widely used for water management, irrigation, water distribution, cable ducting, drinking water, tube wells and sewage disposal systems. The Company has also engaged itself in the manufacturing of Custom Moulded Articles and Moulded Furniture. The Company has manufacturing facilities across the country and sells primarily in India through independent distributors.

1. BASIS OF PREPARATION

A. Statement of compliance

The financial statements have been prepared in compliancewith Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) notified under Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, Companies (Indian Accounting Standards) Amendment Rules, 2016 and other relevant provisions of the Act.

These financial statements for the year ended March 31^st, 2018 are the first that the Company has prepared under Ind AS. For all periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India immediately before adopting Ind AS. The financial statements for the year ended March 31^st, 2017 and the opening Balance Sheet as at April 1^st, 2016 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Company’s Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are provided in note 46.

The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the openingInd AS Balance Sheet as at April 1^st, 2016 being the ‘date of transition to Ind AS’. All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and the time between acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

The financial statements of the Company for the year ended March 31^st, 2018 were approved for issue in accordance with the resolution of the Board of Directors on May 21^st, 2018.

B. Standards issued but not yet effective

In March 2018, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) Amendment Rules, 2018, notifying Ind AS 115 ‘Revenue from Contracts with Customers’ (New Revenue Standard), which replaces Ind AS 11 ‘Construction Contracts’ and Ind AS 18 ‘Revenue’. The core principle of the New Revenue Standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Some of the key changes introduced by the New Revenue Standard include additional guidance for multiple-element arrangements, measurement approaches for variable consideration, adjustments for time value of money etc. Significant additional disclosures in relation to revenue are also prescribed. The New Revenue Standard also provides two broad alternative transition options - Retrospective Method and Cumulative Effect Method - with certain practical expedients available under the Retrospective Method. The Company is in the process of evaluating the impact of the New Revenue Standard on the present and future arrangements and shall determine the appropriate transition option once the said evaluation has been completed.

Also Appendix B to Ind AS 21, foreign currency transactions and advance consideration was notified along with the same notification which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The company is in the process of evaluating the effect of these on the financial statements.

The amendments will come into force from April 1, 2018.

C. Functional and presentation currency

These financial statements are presented in Indian Rupees (INR), which is also the Company’s functional currency All amounts have been rounded-off to the nearest lakhs, unless otherwise indicated.

D. Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items:

E. Key estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosures along with contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments to the carrying amount of assets or liabilities affected in future periods. The Company continually evaluates these estimates and assumptions based on the most recently available information. The Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable.

In particular, information about significant areas of estimates and judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are included in the following notes:

- Financial instruments (Refer note 41 & 42);

- Estimates of useful lives and residual value of Property, Plant and Equipment and Intangible assets (Refer note 2&3);

- Estimates of fair value of property, plant and equipment’s (Refer note 2);

- Estimates of fair value less cost to sale for assets held for sale (Refer note 17);

- Valuation of inventories (Refer note 10);

- Measurement of Defined Benefit Obligation, key actuarial assumptions (Refer note 39);

- Provisions and Contingencies (Refer note 22 and 27) and

- Evaluation of recoverability of deferred tax assets (Refer note 8)

Revisions to accounting estimates are recognized prospectively in the Statement of Profit and Loss in the period in which the estimates are revised and in any future periods affected.

F. Measurement of fair values

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The Company has an established control framework with respect to the measurement of fair values.This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments.If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.

Significant valuation issues are reported to the Company’s audit committee.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

- Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 2 - Financial instruments - Fair values and risk management

Notes:

(a) The Company has elected the option of fair value as deemed cost for certain Land and Buildings, as on the date of transition to Ind AS. Other tangible assets are restated retrospectively. This has resulted in net increase in the value of Land and Buildings by B 5919.68 lakhs with corresponding increase in the Retained Earnings.

(b) Measurement of Fair value

The Group has in accordance with provisions of Ind-AS 101 “First time adoption of Indian Accounting Standards”, considered fair value for certain properties viz. freehold and leasehold land as the deemed cost as on the transition date to Ind-AS. Accordingly:

i) Fair value hierarchy:

The Fair value of freehold and leasehold land has been determined by external, independent property valuers, having appropriate recognised professional qualifications and experience in the category of the property being valued.

ii) Valuation technique:

Value of the property has been arrived at using market approach using market corroborated inputs. Adjustments have been made for factors specific to the assets valued including location and condition of the assets, the extent to which inputs relate to items that are comparable to the asset and the volume or level of activity in the markets within which the inputs are observed.

Refer Statement of Changes in Equity for detailed movement in equity balance.

b) Nature and purpose of the reserve Securities Premium

Securities premium is used to record the premium received on issue of shares. It shall be utilised in accordance with the provisions of the Companies Act, 2013.

General Reserve

General reserve forms part of the retained earnings and is permitted to be distributed to shareholders as part of dividend.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

Other Comprehensive Income - Remeasurements of defined benefit plans

It represents Remeasurements of defined benefit plan i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit and loss.

Additional Information to Secured Long Term Borrowings

“The long term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown are shown under other Current Liabilities as per disclosure requirements of the Schedule III.”

Details Relating to Term Loans

Secured by way of :-

1. First charge on pari-passu basis on entire fixed assets both present and future of the Company.

2. Second charge on pari-passu basis on current assets of the Company.

3. Personal Guarantee of Mr. Sanjeev A. Aggarwal - Chairman & Managing Director, Mr. Ashok J. Aggarwal - Whole Time Director, Mr. Satish J. Aggarwal and Mr. Vijay J. Aggarwal.

4. Pledge of 1,21,56,355 Lakhs equity shares held by the following directors/associates/their relative of the Company on parri-passu basis with working capital bankers.

Note 3 Leases As Lessee:

a) Operating Lease:

The Company has taken office premises on operating lease which are cancellable. These leave and license agreements for the office premises are generally for a period not exceeding one year and are in most cases renewable by mutual consent, on mutually agreeable terms. There are no restrictions imposed by lease arrangements or any contingent rents payable . There are no subleases.

b) Finance lease:

The company has entered into long-term leasing arrangements for land with government authorities which are in the nature of finance lease. These arrangements do not involve any material recurring payments, hence other disclosures are not given.

Note 4

Employee benefits

(A) Defined benefit plans -

Gratuity liability is provided in accordance with the provisions of the Payment of Gratuity Act, 1972 based on actuarial valuation. The plan provides a lump sum gratuity payment to eligible employee at retirement or termination of their employment. The amounts are based on the respective employee’s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation was carried out at the balance sheet date. The present value of the defined benefit obligations and the related current service cost and past service cost were measured using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the details of the employee benefit obligation as at balance sheet date:

Notes:

a) Amount recognised as an expense in the Statement of Profit and Loss and included in Note 34 under “Employee benefit expenses”: Gratuity RS.87.79 lakhs (Previous year - RS.19.34 lakhs).

b) The estimates of future salary increases considered in the actuarial valuation take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

c) The plan above is typically exposed to actuarial risk such as interest risk, mortality risk and salary risk

a) Interest risk: The decrease in the bond interest rate will increase the liability.

b) Mortality risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

c) Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

(B) Defined contribution plan -

The Company makes contributions towards provident fund and other funds which are in the nature of defined contribution post employment benefit plans. Under the plan, the Company is required to contribute a specified percentage of payroll cost to fund the benefits.

Amount recognised as an expense in the Statement of Profit and Loss - included in Note 34 - “Contribution to provident and other funds” RS.126.32 lakhs (Previous year - RS.95.97 lakhs).

The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Note 5

Financial Instruments - Fair Value

- Carrying value of financial assets and financial liabilities, are presented below.

- It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Note 6

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk ;

- Liquidity risk ; and

- Market risk

Risk management framework

The Company’s Risk Management Framework encompasses practices relating to the identification, analysis, evaluation, treatment, mitigation and monitoring of the strategic, external and operational controls risks in achieving key business objectives.

The Company has laid down the procedure for risk assessment and their mitigation through an internal Risk Committee. Key risks and their mitigation arising out of periodic reviews by the Committee are assessed and reported to the Audit Committee, on a periodic basis.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to policies and procedures.

The Company has an independent Internal Audit and assurance team. There is a practice of reviewing various key select risks and report to Audit Committee from time to time. The Company, has also, during the year, has adopted a co-sourced model for internal audit. The internal audit team carry out internal audit reviews in accordance with the approved internal audit plan. Internal audit team reviews the status of implementation of internal audit recommendations. Summary of Critical observations if any and recommendations under implementation are reported to the Audit Committee.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers, deposits and cash and cash equivalents.The Company makes provision on trade receivables based on Expected Credit loss (ECL) method based on provision matrix.

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company has a detailed review mechanism of overdue trade receivables at various levels in the organisation to ensure proper attention and focus on realisation.

Summary of the Company’s exposure to credit risk by age of the outstanding from various customers is as follows:

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Management believes that the unimpaired amounts that are past due are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk

The movement in the allowance for impairment in respect of trade receivables during the year was as follows:

Cash and cash equivalents

The Company held cash and cash equivalents and bank deposits with banks. The credit worthiness of such banks are evaluated by the management on an on-going basis and is considered to be good.

Others

Other than trade receivables reported above , the Company has no other financial assets that is past due but not impaired.

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 settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities .The Company monitors the net liquidity position through forecasts on the basis of expected cash flows.

The Company has obtained fund and non-fund based working capital lines from various banks.

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

iii. Interest rate risk

I nterest 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 instruments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of the Company is as follows.

Interest rate sensitivity - fixed rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss for any of these fixed interest bearing financial instruments.

Interest rate sensitivity - variable rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

iv. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and other prices such as equity price. These will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. Financial instruments affected by market risk include loans, borrowings and deposits. The Market risk which the Company is exposed can be classified as Currency risk and Interest rate risk .

v. Currency risk:

The Company is exposed to currency risk on account of its operations in other countries. The functional currency of the Company is Indian Rupee. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Note 7

Capital Management

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and shortterm goals of the Company.

The Company determines the amount of capital required on the basis of annual and long-term strategic plans. The Company’s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis 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 lease, less cash and cash equivalents, Bank balance and current investments. Adjusted equity comprises Equity attributable to the shareholders of the Company (other than amounts accumulated in the hedging reserve, if any.)

Note 8

Related Party Disclosure

As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:

a) Subsidiary Company KML Tradelinks Pvt. Ltd.

b) Associate Company

Polson Traders LLP.

Reliance Industrial Products Zitura Investment & Finace Pvt. Ltd.

c) Key managerial personnel

Sanjeev A. Aggarwal - Chairman & Managing Director Ashok J. Aggarwal - Whole Time Director*

Vijay J. Aggarwal*

Rishav S. Aggarwal Anjana Motwani Sunil Goyal Pravin Kumar Tripathi T.V. Rao*

Upendra Kamath

d) Relatives of Key managerial personnel

Nishi Sanjeev Aggarwal Neerav Sanjeev Aggarwal Amit V Aggarwal Shasha Thakar Radhika A Aggarwal Rishav Aggarwal Gaurav Aggarwal Veena V Aggarwal Amita A Aggarwal Sarita Gupta

*Note: Mr. Vijay Aggarwal and Mr. Ashok Aggarwal, Whole-time Director of the Company has resigned from their respective posts w.e.f. February 09, 2017 and May 29, 2017 respectively. Mr. T. V Rao, Independent Director of the Company has resigned from the Company w.e.f. July 01, 2017.

Note 9

Operating Segments

The Company has presented segment information in the consolidated financial statements which are presented in the same financial report.

Accordingly, in terms of Paragraph 3 of Ind AS 108 ‘Operating Segments’, no disclosures related to segments are presented in this standalone financial statements.

Note 10

First-time adoption of Ind AS

These are Company’s first financial statements prepared in accordance with Ind AS. The accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 01, 2016 (the Company’s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

A. Exemptions and exceptions availed

A.1 Ind AS mandatory exceptions

A.1.1 Estimates

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.

The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

1. Determination of the discounted value for financial instruments carried at amortised cost.

2. Impairment of financial assets based on expected credit loss model.

A.1.2 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

A.2 Ind AS optional exemptions

A.2.1 Deemed cost - Property plant and equipment and intangible assets

Ind AS 101 permits a first time adopter to elect to measure an item of property, plant and equipment at the date of transition to Ind AS at its fair value and use that fair value as its deemed cost in the financial statements at the date of transition to Ind AS. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible assets. Accordingly, the Company has elected to measure land and buildings at fair value as at transition date and use that fair value as deemed cost for those assets. All other items of property, plant and equipment and intangible assets have been retrospectively restated using Ind AS 16, property, plant and equipment and Ind AS 38, Intangible assets.

A.2.2 Deemed cost - Investments in subsidiary

I nd AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its Investments in subsidiary as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.

Accordingly, the Company has elected to measure its Investment in subsidiary at their previous GAAP carrying value.

B. Reconciliations between previous GAAP and Ind AS

For the purposes of reporting as set out in note 1, we have transitioned our basis of accounting from Indian Generally Accepted Accounting Principles (“IGAAP”) to Ind AS. The accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of opening Ind AS balance sheet at 1 April 2016 (the “transition date”).

In preparing our opening Ind AS balance sheet, we have adjusted amounts reported in financial statements prepared in accordance with IGAAP. An explanation of how the transition from IGAAP to Ind AS has affected our financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made under IGAAP except where required by Ind AS.

IV. Adjustments to Statement of Cash flows

There were no material differences between the Statement of Cash Flows presented under Ind AS and the Previous GAAP Notes to reconciliation

1. Property, plant and equipment:

On transition to Ind AS, the Company has opted to consider the fair value of certain land and buildings as on the date of transition i.e. April 1, 2016 as deemed cost. All other items of property, plant and equipment have been restated by applying Ind AS 16, Property, plant and equipment retrospectively.

2. Trade receivables:

Under previous GAAP, the Company had recognised provision on trade receivables based on a provisioning policy basis actual losses estimated by the management. Under Ind AS, the Company provides loss allowance on receivables based on the Expected Credit Loss (ECL) model which is measured following the “simplified approach” at an amount equal to the lifetime ECL at each reporting date.

3. Assets held for sale:

Under Ind AS 105, Non current assets held for sale and disposal group, certain land and buildings are classified as held for sale and initially measured at fair value less cost to sale and subsequent as lower of carrying value or fair value less cost to sale.

4. Borrowings:

Under previous GAAP, transaction cost incurred on origination of borrowings were expensed out in the period in which the borrowings originated. Under Ind AS 109, transaction cost incurred towards origination of borrowings is to be deducted from the carrying amount of borrowings on initial recgnition. These costs are recognised in the statement of profit and loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate method.

5. Actuarial gain and loss:

Under the previous GAAP, the actuarial gains and losses were forming part of the profit or loss for the year. Under Ind AS, Remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss.

6. Excise Duty:

Under the previous GAAP, revenue from sale of goods was presented net of excise duty on sales. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. Excise duty is presented in the statement of profit and loss as expense.

7. Deferred Tax:

Under Previous GAAP, deferred taxes were recognized for the tax effect of timing differences between accounting profit and taxable profit for the year using the income statement approach. Under Ind AS, deferred taxes are recognized using the balance sheet for future tax consequences of temporary differences between the carrying value of assets and liabilities and their respective tax bases. The above difference, together with the consequential tax impact of the other Ind AS transitional adjustments lead to temporary differences. Deferred tax adjustments are recognized in correlation to the underlying transaction either in retained earnings or through other comprehensive income.

8. Retained earnings:

Retained earnings has been adjusted to reflect the above Ind AS transition adjustments.

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Mar 31, 2016

1. The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per Share.

2. Information of shareholders having holding more than 5% of Shares in the Company.

Details of shareholders having holding more than 5% of Shares in the Company.

3. Bonus shares /Buy back /shares for consideration other than cash issued during Past Year 66.86 lacs equity share were alloted as fully paid up without payment being effected in cash under the scheme of amalgamation in the F.Y. 2012-13 reporting date.

Apart from above on April 16, 2016, the Company allotted 11,38,000 Equity Shares on Preferential basis to the Promoters and Promoter Group of the Company in compliance with the provisions of the SEBI (ICDR) Regulations, 2011 due to which the issued, subscribed and Paid up Capital of the Company stands increased from Rs.2032.51 to Rs.2146.30 lakhs.

-Dividend Right Relinquished by the Promoter and Promoters group of the Company in Annual General Meeting held dated on September 27, 2015.

**In accordance with the Companies Act, 2013, the Company has computed depreciation with reference to the useful life of respective assets as specified in Schedule II of the Act and re-assessed by the Company based on internal and external technical evaluation. Consequently depreciation for the year ended on March 31, 2015 is higher by Rs.239.52 lacs and same charged to retained earning, while depreciation calculated with reference to useful life of the respective assets in the current Financial year has been given effect in the above driven Profit /(Loss) during the F.Y 15-16.

4. Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other Current Liabilities as per disclosure requirements of the Revised Schedule VI.

5. Details Relating to Term Loans

6. Rupee Term Loans and Working Capital Term Loans including funded interest on the same, other than ICICI Bank Housing Loan. Details Terms of repayment

A. Secured by way of :-

7. First charge on pari-passu basis on entire fixed assets (Excluding fixed assets acquired by Housing Loan from ICICI Bank) both present and future of the Company.

8. Second charge on pari-passu basis on current assets of the Company.

9. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal -Joint Managing Director , Mr Ramesh J. Aggarwal and Mr Satish J. Aggarwal.

10. Pledge of 84,24,177 Lakhs equity shares held by the following directors/associates/their relatives of the Company on pari-passu basis with woking capital bankers.

* The original sanction Term Loan outstanding as on 31/12/2014 is considered for the Corporate Debts restructuring with revised term and condition.

** Term Loan is not part of the Corporate Debts Restructuring Scheme.

***The ICICI Bank Original Sanction Loan in Foreign Currency which outstanding $4.48 million dated on 21.04.15 has been considered for conversion into the India Rupees under the corporate debts restructuring scheme and cover under the same term on first and second charges creation on pari passu basis on entire fixed and current assets of the Company with other Consortium members of Bank.

11. Office Loan for Office Premises -ICICI Bank

A) Secured by way of hypothecation of specific office premises relates to ICICI Housing Loan

B) Details Terms of repayment

12. Rupees Term Loan- NBFC

A) Secured by way of;

13. First charges on the mortgage of property situated at Gala-K-1 & Gala -K-3, K Wing, Tex center, 26A, Chandivali Road, Off. Saki Vihar road Andheri - East, Mumbai having appprox market value of Rs.2.5 Cr. which is standing in the name of the Reliance Industrial Product a Partnership which directors of Kisan Mouldings Ltd and their relative are partners.

14. Second charge on pari-passu basis on fixed assets of the Company to the extent of Rs. 6.00Cr.

15. Personal Guarantee of Mr. Vijay J. Aggarwal - Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director. and erstwhile director of Mr. Ramesh J. Aggarwal and Mr. Satish J. Aggarwal.

B) Details Terms of repayment

16. Details Terms of repayment of Vehicle Loans

A) Secured by way of hypothecation of specific vehicle relates to vehicle loans

17 DEFERRED TAX LIABILITY

Deferred Tax Liabilities for the Period ended March, 2016 has been Provided on the Provisional Tax Computation of the year.

Note The above Schedule Includes the fixed assets added due to merged entity of "Roha & Silvassa Unit" and their assets which still are in the name of erstwhile companies name by "M/s Kisan Irrigations Ltd/ Bhagirath Agro Plast Ltd /Kisan Extrusions Ltd", Procedure to change its name in the "Kisan Mouldings Ltd" has been commenced.

Note In accordance with the Companies Act, 2013, the Company has computed depreciation with reference to the useful life of respective assets as specified in Schedule II of the Act and re-assessed by the Company based on internal and external technical evaluation. Consequently depreciation for the year ended on March 31, 2015 is higher by Rs. 239.52 lacs and same charged to retained earning, while depreciation calculated with reference to useful life of the respective assets in the current Financial year has been given effect during the Financial year Profit/(Loss) 2015-16.

18 The Above shares 3488 Number of Shares are held in the erstwhile name of the Company Gaurav Agro Plast Pvt Ltd, Kisan Mouldings Kisan Extrusion Pvt Ltd, Bhagirath Agro Plast Ltd & Kisan irrigations Ltd which is merged with the Kisan Mouldings Ltd.

19. Out of the 22453 Number of Shares 2453 Shares are held in the erstwhile name of Company Bhagirath Agro Plast Ltd and Kisan Irrigations Ltd which merged with the Kisan Mouldings Ltd.

20. The classification of trade receivable between 6 month period have been taken according to the Company''s standards policy of the due date i.e. 90 days for the Micro Irrigations and for rest of products 45 days from the date of invoice.

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Mar 31, 2015

1A. Previous year's figures has been regrouped or recast wherever considered necessary to make them comparable with current year's figures.

2.1 Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other Current Liabilities as per disclosure requirements of the Revised Schedule VI

2.2 Restructuring of Credit Facilities

In the month of the March 2015, consortium member banks of the company have accorded sanction to the restructuring proposal Consisting of deferral of term liabilities for two [2] year,part conversion of working capital limit into Working Capital Term Loan, sanction of funded interest term loan and working capital term loan, for fifteen month W.E.F 1st January, 2015 and sanction a fresh rupees term loan to pay back External Commercial Borrowing of 4.48 millions USD $ and due to repayment of External Commercial Borrowing after the date of balance sheet foreign currency exchange fluctuation[Loss] amounting to Rs. 83.32 lacs have been charged to revenue in accordance with "AS-4 of ICAI

2.3 Details Relating to Term Loans

2.3.1 Rupee Term Loans

Details Terms of repayment

A. Secured by way of :-

1. First charge on pari-passu basis on entire fixed assets (excluding fixed assets acquired by external commercial borrowing (ECB) term loan from ICICI Bank and Office Premises acquired by Housing Loan from ICICI bank) both present and future of the Company.

2. Second charge on pari-passu basis on current assets of the Company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J. Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal- Joint Managing Director, Mr Ramesh J Aggarwal and Mr Satish J. Aggarwal.

4. Pledge of 7.15 Lakh equity shares held by the following directors/associates/their relatives of the company on pari-passu basis with working capital bankers.

2.3.2 Foreign Currency Term Loan- ICICI Bank

A) Secured by way of;

1. First charges on all fixed assets financed from using ICICI Bank ECB Term Loan.

2. Second charge on pari-passu basis on current assets of the Company

3. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director and Mr Satish J. Aggarwal.

2.4.1 Rupees Term Loan- NBFC

A) Secured by way of;

1. First charges on the mortgage of property situated at Gala-K-1 & Gala -K-3, K Wings, Tex center, 26A, Chandiwali Road, Off. Saki vihar raod, Andheri - East, Mumbai having approx market value of Rs. 2.5 Cr. which is standing in the name of the Reliance Industrial product,a partnership in which Director of Kisan Mouldings Ltd and their relatives are partners.

2. Second charge on pari-passu basis on fixed assets of the Company to the extent of Rs.6.00Cr.

3. Personal Guarantee of Mr. Vijay J. Aggarwal-Chairman, Mr. Ashok J. Aggarwal-Joint Managing Director, Mr. Sanjeev A. Aggarwal- Joint Managing Director and Mr Satish J. Aggarwal.

3.1. Working Capital Loans

A. Secured by way of

1. First charge on pari-passu basis by way of hypothecation entire current assets of the Company.

2. Second charge on pari-passu basis over entire Fixed Assets of the Company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal - Chairman, Mr. Ashok J. Aggarwa l- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director, Mr. Ramesh J. Aggarwal and Mr. Satish J. Aggarwal.

4. Pledge of 7.15 Lakh equity shares held by the following directors/associates/their relatives persons of the company on pari-passu basis with term loan lenders.

4.1.1 The above 3,488 number of shares are held in the earstwhile name of the Companies i.e. Gaurav Agro Plast Pvt Ltd ,Kisan Extrusion Pvt Ltd Bhagirath Agro Plast Ltd & Kisan irrigations Ltd, Procedure to change its name with Kisan Mouldings Ltd has been commenced.

4.1.2 Out of 22,453 number of Shares, 2,453 Shares are held in the earstwhile name of Companies Bhagirath Agro Plast Ltd and Kisan Irrigations Ltd, Procedure to change its name with Kisan Mouldings Ltd has been commenced.

5.1 The classification of trade receivable between ><6 month period have been taken according to the Company's standards policy of the due date i.e. 90 days for the Micro Irrigations and for rest of products 45 days from the date of invoice.

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Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS (in Lacs)

Year Ended, Year Ended,

Particulars 31st March, 2014 31st March, 2013

Contingent Liabilities Guarantees

Guarantees given by Banks and Financial In- stitutions agains Export obligation to Custom 581.13 575.46

Authorities Commitments

Demand from Central Excise under appeal 1701.80 1880.65

Sales Tax Demand under appeal 1177.02 979.68

Income tax 14.46 29.45

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Mar 31, 2013

1 A. Roha & Silvassa Undertakings

The Roha & Silvassa Undertakings which was de-merged from a group company i.e. Kisan Irrigations & Infrastructure Ltd (Formerly known as Kisan Irrigations Ltd) and merged with the company "Kisan Mouldings Ltd" vide merger scheme filed with the Hon,ble Mumbai High Court and as approved vide its order dated 11th July,2012. The same is now stated as "Roha & Silvassa Undertakings"

1B. Previous year''s figures has been regrouped or recast wherever considered necessary to make them comparable with current year''s figures.

1C. The company is in the process of appointing a full time Company Secretary by the provision of section 383A of the Companies act, 1956. In the absence of the company secretary, these financial statements have not been authenticated by a whole time company secretary as required under section 215A of the companies act, 1956.

2.1 The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per Share. The Company declares & pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

2.2 During the year ended March 31, 2013, the company has recognised Rs. 0.50 (Previous Year Rs. 0.60) per share dividend as proposed for distribution to equity shareholders which is subject to approval of Shareholedrs in the ensuing Annual General Meeting.

2.3 Information of shareholders having holding more than 5% of Shares in the company

There are no shareholders having holding more than 5% of Shares in the Company

2.4 Bonus shares /Buy back /shares for consideration other than cash issued during past year

There is no issue of the bonus shares /buy back of own shares issued during previous five financial year from the reporting date.

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Mar 31, 2012

1.1 - The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares & pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

1.2 - During the year ended March 31,2012, the company has recognised Rs.0.60 (P.Y Rs.1.00) per share dividend as proposed for distribution to equity shareholders which is subject to approval of shareholders in Annual General Meeting.

1.3 - Bonus shares /Buy back/shares for consideration other than cash issued during past year

There is no issue of the bonus shares /buy back of own shares/ shares issued for consideration without payment being received in cash during previous five financial year from the reporting date

2.1 - Additional Information to Secured Long Term Borrowings

The long Term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other current liabilities as per disclosure requirements of the Revised Schedule VI.

2.2 - Details Relating to Term Loans

2.2.1 - Rupee Loans A) Secured by way of

1. First charge on parri-passu basis on entire fixed assets (excluding all fixed assets financed from using ICICI Bank ECB Term Loan and Housing Loan) both present and future of the company.

2. Second charge on parri-passu basis on current assets of the company.

3. Personal Guarantee of Mr. Ramesh J. Aggarwal - Chairman, Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

4. Pledge of 7.15 Lakh equity shares held by the following persons of the company on parri-passu basis with Woking capital lenders.

2.2.2 - Foreign Currency Term Loan- IOCI Bank A) Secured by way of;

1. First charges on all fixed assests financed from using ICICI Bank ECB Term Loan.

2. Second charge on parri-passu basis on current assets of the company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

A Treatment of Foreign Exchange Fluctuation

The Company has capitalised Rs. 441.90 lacs of foreign currency loss on external commercial borrowing in term of amendments made in Companies (accounting standards rules) 2009 as per revised accounting standard-11 "Accounting for foreign exchange".

4.1 - Working Capital Loans A. Secured By way of

1. First Pari passu charge by way of hypothecation of the company's entire current assets of the company.

2. Second charge on parri-passu basis over entire fixed assets of the company.

3. Personal Guarantee of Mr. Ramesh J. Aggarwal - Chairman, Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

5.1 - The classification of debtors between ><6 month period have been taken according to the company's standards policy of the due date i.e. 45 days from the date of Invoice.

5.2 - Sundry Debtors exceeding Six month includes Rs.138.83 (P.YRs. 157.85) as doubtful. The Efforts for recovery are under process and hence no Provision has been made in the books of accounts.

6.1 - Fixed Deposits Classification between ><12 month period have been taken from the reporting date (i.e. 01.04.2012 ) to its maturities mentioned on the Fixed deposits receipts

6.2 - Some bank accounts are still in the name of erstwhile M/ Gaurav Agro - Plast Ltd merged with the company w.e.f. 01-04-2005.

7.1 - The Sales of Manufactured goods includes the related party sales made to our associate Concern Kisan Irrigations Limited Rs. 74.44 Lacs (P.Y. Rs. 105.33 Lacs) net of taxes.

8.1 - The Purchase includes related party purchase made from our associates concern Kisan Irrigations Limited amounting of Rs.1511.98 Lacs (P.Y. Rs.1942.81 Lacs)

9. CONTINGENT LIABILITIES AND COMMITMENTS (Rs. in Lacs)

(I) Contingent Liabilities

(a) Guarantees

(i) Guarantees given by Banks and Financial 94.34 68.05

Institutions against Export obligation to Custom Authorities

(II) Commitments

(i) Demand from central Excise under appeal 1090.74 576.86

(ii) Sales Tax Demand under appeal 59.57 275.14

(iii) Income tax 29.44 89.09

10. The Financial results of the Roha & Silvassa undertaking (as merging entity & demerging from Kisan Irrigations Limited) as approved by the shareholders in the meeting held on 27th January, 2012 is not included in above results due to matter pending before hon'ble Mumbai high Court.

11. These Financial Statement are not authenticated by a whole time company secretary as required by section 383Aof the Company act, 1956.

12. Debtors and staff loan and advance are subject to confirmation and reconcilation, if any.

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Mar 31, 2011

1 Contingent Liabilities

a) Guarantees given by the banks on behalf of the company Rs. 68.05 Lacs (Previous year Rs. 60.05 Lacs).

b) Demand from Central Excise under appeal Rs. 576. 86 Lacs. (Previous year Rs.121.87 Lacs)

c) Sales tax Demand under appeal Rs. 275.14 Lacs (Previous Year Rs.266.99 Lacs)

2.2 Geographical Segment

The Geographical Segmentation is not relevant.

3 RELATED PARTY DISCLOSURES

(a) Associates/Joint Ventures:

Kisan Irrigations Limited

Polson Investment & Finance Pvt. Ltd

Zitura Investment & Finance Pvt. Ltd.

Reliance Industrial Products Spread Fintrade Limited

Classic Creations Impex Pvt. Ltd.

Softline Securities Private Limited

Leeward Investment & Finance Pvt. Ltd.

Vijay Steel Traders

Kisan Distributors Jay Ambe Enterprises

Lotus Space Pvt. Ltd.

Jaisal Finance Private Limited

Ess Ess Bathroom Products Pvt Ltd

(b) Key Management Personnel:

Shri Ramesh J. Aggarwal

Shri Vijay J. Aggarwal

Shri Ashok J. Aggarwal

Shri Sanjeev A. Aggarwal

Shri Satish J. Aggarwal

Shri Suresh .K. Purohit

(c) Relatives of Key Management Personnel:

Smt. Santosh Aggarwal

Nitin S. Gupta

Note: Related parties are as identified by the company and relied upon by the Auditors.

4 Secured Loans

Term Loans:

Term loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd and IDBI Bank Ltd. are secured by way of first charge on parri-passu basis on entire fixed assets both present and future of the Company subject to prior charges created/to be created in favour of Bankers for working capital borrowings and are further collaterally secured by way of second charge on parri-passu basis on current assets of the Company and personal Guarantee of five directors of the company.

During the year, the Company has taken a new foreign currency term loan of amount Rs. 33.41 Crores (US $ 7.45 Million) from ICICI Bank Limited for new project at Banglore and Phulera.

Further, Term loan is collaterally secured by way of pledge of equity shares of the company held in the name of promoters.

Working Capital Loans:

Working capital loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd, IDBI Bank, Barclays Bank & ICICI Bank Limited are secured by way of first charge on parri-passu basis over entire current assets of the Company and further collaterally secured by way of second charge on parri-passu basis on the entire fixed assets of the Company and personal Guarantee of five directors of the company.

Other Loans:

Vehicle Loans from banks are secured by hypothecation of specific vehicle.

5 Outstanding Balances

5.1 Sundry Debtors exceeding six months includes Rs.157.85 Lacs (Previous Year Rs. 100.47Lacs) as doubtful. The efforts for recovery are under process and hence no provision has been made in the books of accounts of the company.

5.2 Advance recoverable in cash or in kind includes Rs.1.54 Lacs (Previous Year Rs. 5.31 Lacs) the recovery of which is doubtful. The recovery procedures are under process and hence no provision has been made in the books of accounts.

5.3 In the opinion of the Board of Directors, the current assets, loans and advances have a value unless otherwise stated, on realisation at least equal to the amount at which they are stated in the Balance Sheet.

5.4 Three current accounts which are non operativewith Public Sector Bank are subject to confirmations.

6 Immovable assets, fixed deposits with banks and some bank accounts are still in the name of erstwhile M/s Gaurav Agro - Plast Ltd merged with the company w.e.f.01-04-2005.

7 During the year the company has paid Rs. 320.33 Lacs as Central Sales Tax Including applicable interest for the year 2005-2006 to 2009-2010 (for current year Rs. 77.87 Lacs and for previous year figures Rs. 242.46 Lacs shown in Extraordinary Items) due to difference of interpretation with department in the matter of Branch Transfer under the Central Sales Tax Act.

8 These are standalone results of the Company awaiting of approval Merger of "Roha & Silvassa Undertaking "of Kisan Irrigations Limited into Kisan Mouldings Limited in accordance with the Board Resolution dated 12th February, 2011.

9 In pursuance to Accounting Standard -28 issued by the Institute of Chartered Accountants of India, the company has assessed no impairment of assets as on 31st March, 2011, hence no provision has been made in the books of accounts.

10 In the absence of information with the company regarding the status of the supplier as defined under the "Micro Small and Medium Enterprises Development Act, 2006" the details if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

11 The Company is in the process of appointing a full time company secretary by the provision of section 383A of the companies Act 1956. In the absence of the company secretary, these financial statements have not been authenticated by a whole time company secretary u/s 215 of the companies Act 1956.

12 Previous year's figures have been regrouped wherever considered necessary to make them comparable with current year's figures.

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Mar 31, 2010

1. Contingent Liabilities

a. Guarantees given by the banks on behalf of the company Rs. 60.05 Lacs (Previous year Rs. 60.75 Lacs).

b. Demand from Central Excise under appeal Rs. 121.87 Lacs. (Previous year Rs.121.87 Lacs).

c. Sales tax Demand under appeal Rs. 266.99 Lacs (Previous Year Rs.266.99 Lacs).

Notes:

1. The revenue and results amount given above are directly identifiable to respective segments and common services incurred at the corporate level are not directly identifiable to respective segments have been shown as "Other Unallocable".

2. The other information given above are directly identifiable to respective segments and information for corporate services for head office and investments have been shown as "Others Un-allocable".

3. Geographical Segment

The Geographical Segmentation is not relevant.

4. RELATED PARTY DISCLOSURES

a. Associates/Joint Ventures:

Kisan Irrigations Limited

Poison Investment & Finance Private Limited

Zitura Investment & Finance Private Limited

Reliance Industrial Products

Vijay Steel Traders

Kisan Distributors

Jay Ambe Enterprises

Lotus Space Private Limited

Ess Ess Bathroom Products Private Limited

b. Key Management Personnel:

Shri Ramesh J. Aggarwal Shri Vijay J. Aggarwal Shri Ashok J. Aggarwal Shri Kunal R. Aggarwal Shri Sanjeev A. Aggarwal Shri Satish J. Aggarwal Shri Suresh K. Purohit Note: Related parties are as identified by the Company and relied upon by the Auditors.

5. Secured Loans

Term Loans:

Term loans under consortium from Punjab National Bank, Union Bank of India, the Shamrao Vithal Co-operative Bank Ltd and IDBI Bank Ltd. are secured by way of first charge on parri-passu basis on entire fixed assets both present and future of the Company subject to prior charges created/to be created in favour of Bankers for working capital borrowings and are further collaterally secured by way of second charge on parri-passu basis on current assets of the Company and personal Guarantee of five directors of the company.

Term loan from PNB is further collaterally secured by way of pledge of equity shares of the company held in the name of promoters.

Working Capital Loans:

Working capital loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd and IDBI Bank are secured by way of first charge on parri-passu basis ovesr entire current assets of the Company and further collaterally secured by way of second charge on parri-passu basis on the entire fixed assets of the Company and personal Guarantee of five Directors of the Company.

Other Loans:

Vehicle Loans from banks are secured by hypothecation of specific vehicle.

6. Out Standing Balances

6.1 Sundry Debtors exceeding six months includes Rs.100.47 Lacs (Previous Year Rs. 94.91 Lacs) as doubtful. The efforts for recovery are under process and hence no provision has been made in the books of accounts of the Company.

6.2 Advance recoverable in cash or in kind includes Rs.5.31 Lacs (Previous Year Rs. 14.87 Lacs) the recovery of which is doubtful. The recovery procedures are under process and hence no provision has been made in the books of accounts.

6.3 In the opinion of the Board of Directors, the Current Assets, Loans and Advances have a value unless otherwise stated, on realisation at least equal to the amount at which they are stated in the Balance Sheet.

6.4 Three current accounts with Public Sector Bank are subject to confirmations, which are non operative.

7. Immovable assets, fixed deposits with banks and some bank accounts are still in the name of erstwhile M/s Gaurav Agro - Plast Ltd merged with the company w.e.f.01-04-2005.

8. Other Income includes loss of Rs 84.23 Lacs due to fire occurred at Indore Depot, for which necessary claim is yet to be lodged with insurance Company.

9. Quantitative information pursuant to paragraph 3, 4 and 4D of Part II of Schedule VI to the Companies Act, 1956. I. Goods Manufactured:

* Installed capacity is as certified by the Management and relied on by the Auditors without verification, being a technical matter.

# Includes Products Processed bv Third Parties.

10. In pursuance to Accounting Standard-28 issued by the Institute of Chartered Accountants of India, the Company has assessed no impairment of assets as on 31st March, 2010, hence no provision has been made in the books of accounts.

11. In the absence of information with the Company regarding the status of the supplier as defined under the "Micro Small and Medium Enterprises Development Act, 2006" the details if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

12. The Company is in the process of appointing a full time Company Secretary by the provision of section 383A of the Companies Act 1956. In the absence of the Company Secretary, these financial statements have not been authenticated by a whole time company secretary u/s 215 of the Companies Act, 1956.

13. Previous years figures have been regrouped wherever considered necessary to make them comparable with current years figures.

Signature to Schedules 1 to 22 annexed to and forming part of the Accounts.