Notes to Accounts of Vikram Thermo (India) Ltd.

Mar 31, 2025

Assistance by government in the form of transfers of resources to the Company in return for past or future
compliance with certain conditions relating to operating activities of the entity other than those which cannot
reasonably have a value placed upon them or those that cannot be distinguished from normal trading transactions
of the Company are termed as government grants. All government grants are identified as either relating to assets
or relating to income. Government grants whose primary condition is that a Company qualifying for them should
purchase, construct or otherwise acquire long-term assets are identified as grants related to assets. Grants other
than those related to assets are identified as related to income. Government grants are recognised when there is
a reasonable assurance that the Company will comply with the conditions attaching to them and the grants will
be received. A forgivable loan from government is treated as a government grant when there is a reasonable
assurance that the entity will meet the terms for forgiveness of the loan. The Company recognises Government
grants in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the
related costs for which the grants are intended to compensate. Grants related to assets, including non-monetary
grants at fair value, are presented in the balance sheet as deferred income. Deferred income is recognised in profit
or loss on the basis the related assets are depreciated or amortised if they are related to asset or under other
income when the grant becomes receivable. Grants related to income are presented in profit or loss under other
operating income. Grants received in advance before fulfilment of conditions are recognised as Other Liability
classified into current or non-current, as appropriate in the circumstances of the case.

(xv) Earnings per Share

Basic earnings per share is calculated by dividing net profit after tax for the year attributable to Equity Shareholders
of the company by the weighted average number of Equity Shares issued during the year. Diluted earnings per
share is calculated by dividing net profit attributable to equity Shareholders (after adjustment for diluted earnings)
by average number of weighted equity shares outstanding including the effect of all dilutive potential ordinary
shares.

(xvi) Taxes on Income :

a) Current tax:

Current tax is determined on income for the year chargeable to tax in accordance on the basis of the tax laws
enacted or substantively enacted at the end of the reporting period. Current tax items are recognised in
correlation to the underlying transaction either in profit or loss or OCI or directly in equity. The Company has
provided for the tax liability based on the significant judgment that the taxation authority will accept the tax
treatment.

b) Deferred tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
in the Financial Statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets
are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised.

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

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted
or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from
the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India,
which is likely to give future economic benefits in the form of availability of set off against future income tax
liability. Accordingly, MAT is recognised as deferred tax asset in the balance sheet when the asset can be
measured reliably and it is probable that the future economic benefit associated with asset will be realised.

Deferred tax relating to items recognised outside profit or loss is recognised either in other comprehensive
income or in equity.

(xvii) Leases :

As a Lessee

The Company''s leased assets consist of leases for Land. At inception of a contract, the company assesses whether
a contract is, or contains, a lease. 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: (i) the contract involves the use
of an identified asset (ii) the company has the right to obtain substantially all of the economic benefits from use
of the asset throughout the period of use; and (iii) the company has the right to direct the use of the asset.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-
use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is
located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful
lives of right-of-use assets are determined on the same basis as those of Property, Plant and Equipment. In
addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company''s incremental borrowing rate. Generally, the Company uses its incremental borrowing
rate as the discount rate.

The lease liability is subsequently measured as given below:

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

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

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

It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there
is a change in the Company''s estimate of the amount expected to be payable under a residual value guarantee, or
if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of
the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been
reduced to zero.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-of-use assets and lease liabilities for short term lease that have a
lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments
associated with these leases on straight line basis as per the terms of the lease.

(xviii) Statement of Cash flows:

Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted for the effects of
transactions of non cash nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flows from operating, investing and financing activities of the Company are segregated based on the available
information.

Note: 2.1

With respect to amendments made vide notification no. G.S.R 255(E) dated 31st March 2023 by The Ministry of Corporate
Affairs for Companies (Indian Accounting Standards) Amendment Rules,2022. There was no material impact on the financial
statements of the company during the financial year with respect to the said IND AS amendment related to Ind AS 1 -
Presentation of Financial Statements, Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors & Ind AS 12
- Income Taxes.

Note:2.2

Standards issued but not yet effective

Till the date of approval of these financial statements, no notification issued in respect of amendments to Ind AS that would
be effective in future periods have been notified by the Ministry of Corporate Affairs.

The above fair value hierarchy explains the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost for which fair values
are disclosed in the financial statements. To provide the indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments in to three levels prescribed is as under:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilties

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

Level 3 - Inputs for the assets or liabilties that are not based on observable market data (unobservable inputs)

There were no transfers between the levels during the year
Valuation process

The finance department of the Company includes a team that performs the valuations of financial assets and liabilties
required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2
classified assets and liabilties are readily available from the quoted pricies in the open market and rates available in
secondary market respectively. The valuation method applied for various financial assets and liabilties are as follows

1. Quoted price in the primary market (NAV) considered for the fair valuation of the current investment i.e Mutual fund.
Gain / (loss) on fair valauation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances,
statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to
their short-term nature.

42 Financial risk management

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

I Credit Risk

II Liquid Risk

III Market Risk

Risk Management Framework

''The Company''s risk management is governed by policies and approved by the board of directors. Company identifies,
evaluates and hedges financial risks in close co-operation with the Company''s operating units. The company has policies
for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments.

''The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the audit committee

I Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company
maintain its cash and cash equivalents and bank deposits with banks having good reputation, good past track record
and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always
been managed by the company 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.

On account of the adoption of Ind AS 109, the company uses ECL model to assess the impairment loss or gain. The
company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The
provision matrix takes into account available external and internal credit risk factors and the company''s experience
for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is
doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables.The company
has assessed that credit risk on loans given, Investments, Other Financial Assets, Cash & Cash Equivalents and Other
bank Balance are insignificant based on the empirical data.

''The provision for doubtful debts including ECL allowances for non-collection of receivables and delay in collection,
on a combined basis, was Rs.254.94 Lakhs as at March 31, 2025 and Rs.301.19 Lakhs as at March 31, 2024. The
movement in allowances for doubtful accounts comprising provision for both non-collection of receivables and delay

in rnllprfinn ic pq fnllnu/Q-

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, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s
reputation.

Management regularly monitors the position of cash and cash equivalents vis-a-vis projections. Assesment of maturity
profiles of financial assets and libilities including debt financing plans and maintainance of balance sheet liquidity
ratios are considered while reviewing the liquidity position. The company has undrawn borrowing facilities to the
extent of Rs.1331.38 Lakhs as at March 31, 2025(PY. Rs 1950.00 Lakhs as at March 31, 2024).

i) Exposure to Liquid Risk:

''The table below provides details regarding the contractual maturities of financial liabilities including estimated
interest payments as at 31 March 2025. The amounts are gross and undiscounted, and include estimated interest
payments and exclude the impact of netting agreements.

The functional currency of the Company is Indian Rupee. The Company is exposed to currency risk on account of
payables and receivables in foreign currency. Company is exposed to currency risk on account of payables and
receivables in foreign currency.

Company does not use derivative financial instruments for trading or speculative purposes.

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because
of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and
interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk
management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities,
the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was
outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally
to key management personnel and represents management''s assessment of the reasonably possible change in interest

ratPQ

c) Price Risk

The company''s exposure to price risk arises from investments in equity shares of other companies (Refer Note 9). The
company has not undertaken any risk mitigation measures to reduce the price risk. The table below summarises the
impact of increases / decreases of Mutual fund price of the investments and profit for the period. The analysis is based
on the assumption that the market price of those investments in equity shares of other companies move by 5% point on
either side with all other variables held constant.

The disclosures required by amendment to Division II of Schedule III of the Companies Act,2013 are given only to the
extent applicable:

(a) There are no transactions that have been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961 which have not been recorded in the books of account.

(b) There are no charges or satisfaction of charges yet to be registered with Registrar of Companies beyond the statutory
period.

(c) No proceedings have been initiated or pending against the company for holding any benami property under the
Benami transactions (Prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

(d) During the year there has been no change in the aggregate of the net carrying value of assets on account of revaluation
in respect of Property, Plant & Equipment and intangible assets.

(e) There are no intangible assets under development in the Company during the current reporting period.

(f) The company has not entered in to any transaction with companies struck off under section 248 of the Companies
Act,2013.

(g) The borrowing taken by the company from the banks has been used for the specific purpose for which it was taken at
the balance sheet date.

(h) The Company has not been declared as a willful defaulter by any bank or financial institution or other lender in
accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

(i) Details in respect of Difference in respect of Current assets as per books and details as provided in quarterly returns
filed by the company, the details of the same is as under:

49 During the current year ended 31 March 2025, the Hob''ble National Company Law Tribunal, Ahmedabad Bench vide its
order dated 26th April 2024 (''NCLT order'') has approved the Scheme of Arrangement (''the Scheme'') Involving transfer by
way of demerger of business of Aromatic Chemical unit of the company (''Demerged company'') to the M/s Vikram Aroma
Limited ('' the Resulting company''), pursuant to section 230-232 and other relevant provisions of the Companies Act,
2013 read with Rules made thereunder.Pursuant to such scheme, the total assets and liabilities pertaining to the
Aromatic Chemical undertaking , have been transferred to the resulting company, from effective date being 04 May
2024 and share holders of demerged company has been alloted 1 equity share of Rs.10 each of resulting company
against every 10 shares of Rs.10 each held by the share holders of Demerged company.

50 The scheme of Demerger under section 230-232 of the Companies Act, 2013 has been approved by Hob''ble National
Company Law Tribunal, Ahmedabad Bench,became effective from 04/05/2024. In view of the same the performance of
demerged business of Aromatic Chemical unit for the period from 01/04/2024 to 03/05/2024 and for the year from
01/04/2023 to 31/03/2024 has been shown seperately as the Profit/(Loss) from the discontinued operations.

51 The financial statement are approved by the Audit Committee as at its meeting on 26th May,2025 and by the Board of
Directors on 26th May,2025.

Signature to notes "T’ to "⁵¹" For & on behalf of the Board of Directors of

^As p^{er our re}p°rt ^{of even date attached herewith} Vikram Thermo (India) Limited.

FOR, J. T. SHAH & CO

Chartered Accountants ^{Sd/- Sd/-}

(Firm Regd. No.109616W) (D. K. PATEL) (A. D. PATEL)

Sd/_- Chairman & Managing Director Whole Time Director

(_A. _R. _Pandit) (DIN: 00044350) (DIN: 07395218)

Partner Sd/- Sd/-

^{(M.No.127917)} (Switi S. Patel) (M.K SHAH)

^{place : Ahmedabad} Chief Financial Officer Company Secretary

Date : 26-05-2025

---

Mar 31, 2024

(a) Assets pledged as Security

Brorowrings are Primarily secured by mortgaged of Industrial Unit-I, Stock, Industrial Unit-II and and personal guarantee of the directors.

1. Industrial Unit-I Situated at Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.

2. Industrial Unit-II Situated at Block No.122/C & 122/D, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.

Furhter borrowings are Colleterally Secured by Plant & Machinery. Refer Note.45 for disclosure of Assets pledged as Security

(b) Capitalised Borrowing Cost

Borrowing Cost Capitalised on Property, Plant and Equipment during the year 2023-24 Rs.Nil Lakhs (PY. 2022-23 Rs.Nil Lakhs )

(c) Contractual Obligations

Refer Note.38 for disclosure of Contractual Commitments for the acquisition of Property, Plant & Equipment.

(d) During the year there has been no change of 10% or more in the aggregate of the net carrying value of assets on account of revaluation of assets in respect of Property, Plant & Equipments.

(e) Title deeds of immovable property other than proper taken on lease by duly executed lease agreement are held in the name of the company.

(a) Inventory of Raw Material includes material in transit- as on 31-03-2024 of Rs. 0.66 Lakhs (as on 31-03-2023 of Rs. Nil Lakhs)

(b) Inventory of Finished Goods Includes Goods in Transit- as on 31-03-2024 Rs. 98.61 Lakhs (as on 31-03-2023 Rs. 41.33 Lakhs)

(c) Inventories pledged as Security with bank for borrowing as on 31-03-2024 of Rs. 1466.28 Lakhs (as on 31-032023 of Rs. 992.99 Lakhs) (Refer Note 45)

(i) The general credit period in respective on Domestic sale ranges between 30-90 days and for Export it ranges between 30-90 days, by and large company is not charging any interest on late payment.

(ii) Credit risk is managed at the operational segmental level. The credit limit and credit period are fixed for each customer after evaluating the financial position, past performance, business opportunities, credit references etc. The credit limit and the credit period are reviewed regularly at periodical intervals.

(iii) Concentration risk considers significant exposures relating to industry, counterparty, geography, currency etc. The concentration of credit risk is not significant as the customer base is large and diversified.

(a) The company has only one class of shares referred to as Equity shares having face value of Rs 10/-. Each Holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

No Shares has been reserved for issue under options or contracts/commitments for the shares/disinvestment.

(e) In the Period of five years immediately preceding 31st March,2024

The company has not alloted any equity shares as fully paid up without payment being received in cash or Bonus shares or Bought backany equity Shares except during the Financial year 2022-23 the company has alloted 2,50,86,280 Shares as Bonus shares of Face value of Rs.10/- each to its share holder.Further in the period of last five years the company has not forfeited any amount received on issue of Shares.

Security:

* Borrowings are Primarily and extending the second ranking charge secured by mortgaged of Industrial Unit-I, Stock, Industrial Unit-II and and personal guarantee of the directors.

1. Industrial Unit-I Situated at Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.

2. Industrial Unit-II Situated at Block No.122/C & 122/D, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.

Furhter borrowings are Colleterally Secured by Plant & Machinery, Trade Receivables, Fixed Deposits, LC issued by other Banks and Stock for Export.

* Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

* Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of the information collected by the Management.This has been relied upon by the Auditors.

38	Contingent liabilities and Commitments
	Particulars	As at	As at
		31/J3/2024	31/J3/2023
	Goods and Service Tax demands disputed in appeal by Company/Authorities (Against which Company has paid Rs. 2.28 Lakhs, as at 31st March, 2024 and Rs.0.14 Lakhs, as at 31st March, 2023	48.62	2.16
	Bank Guarantee	43.37	Nil
	Commitments
	Estimated amount of contracts remaining to be executed on Capital Account. Advance paid against such Contract is Rs. 414.97 Lakhs (31st March, 2023 Rs.407.65 Lakhs ) which is shown under the head other non current assets	2,976.41	2,950.14

39 Segment Reporting

The Company''s management, consisting of the chief executive officer, the chief financial officer and the manager for corporate planning, monitors the operating results of the below business segments separately for the purpose of making decisions about resource allocation and performance assessment and accordingly, based on the principles for determination of segments given in Indian Accounting Standard 108 "Operating Segments " and in the opinion of management, the Company is primarily engaged in the business of manufacturing of "Chemicals". All other activities of the Company revolve around the main business and as such there is no separate reportable business segment.

The above fair value hierarchy explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost for which fair values are disclosed in the financial statements. To provide the indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments in to three levels prescribed is as under:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilties

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

Level 3 - Inputs for the assets or liabilties that are not based on observable market data (unobservable inputs)

There were no transfers between the levels during the year Valuation process

The finance department of the Company includes a team that performs the valuations of financial assets and liabilties required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilties are readily available from the quoted pricies in the open market and rates available in secondary market respectively. The valuation method applied for various financial assets and liabilties are as follows

1. Quoted price in the primary market (NAV) considered for the fair valuation of the current investment i.e Mutual fund. Gain / (loss) on fair valauation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.

42 Financial risk management

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

I Credit Risk

II Liquid Risk

III Market Risk

Risk Management Framework

The Company''s risk management is governed by policies and approved by the board of directors. Company''s identifies, evaluates and hedges financial risks in close co-operation with the Company''s operating units. The company has policies for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments.

The audit committee oversees how management monitors compliance with the company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

I Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintain its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the company 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.

On account of the adoption of Ind AS 109, the company uses ECL model to assess the impairment loss or gain. The company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the company''s experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables.The company has assessed that credit risk on loans given, Investments, Other Financial Assets, Cash & Cash Equivalents and Other bank Balance are insignificant based on the empirical data.

''The provision for doubtful debts including ECL allowances for non-collection of receivables and delay in collection, on a combined basis, was Rs. 301.19 Lakhs as at March, 2024 and Rs. 253.72 Lakhs as at March, 2023. The movement in allowances for doubtful accounts comprising provision for both non-collection of receivables and delay in collection is as follows:

II Liquid 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, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Management regularly monitors the position of cash and cash equivalents vis-a-vis projections. Assesment of maturity profiles of financial assets and libilities including debt financing plans and maintainance of balance sheet liquidity ratios are considered while reviewing the liquidity position. The company has undrawn borrowing facilities to the extent of Rs. 1950.00 Lakhs as on 31/03/2024 (PY. Rs 987.94 Lakhs).

i) Exposure to Liquid Risk:

The table below provides details regarding the contractual maturities of financial liabilities including estimated interest payments as at 31 March 2024. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

III Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market factors. Market risk comprises three type of risks:

a) Currency Risk

b) Interest Risk

c) Price Risk

a) Currency Risk

The functional currency of the Company is Indian Rupee. The Company is exposed to currency risk on account of payables and receivables in foreign currency. Company is exposed to currency risk on account of payables and receivables in foreign currency.

Company does not use derivative financial instruments for trading or speculative purposes.

b) Interest Risk

''Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio. According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

c) Price Risk

The company''s exposure to price risk arises from investments in equity shares of other companies (Refer Note 9). The company has not undertaken any risk mitigation measures to reduce the price risk. The table below summarises the impact of increases / decreases of Mutual fund price of the investments and profit for the period. The analysis is based on the assumption that the market price of those investments in equity shares of other companies move by 5% point on either side with all other variables held constant.

43 Capital management

The Company''s capital management is intended to maximise the return to shareholders and benefits for other stakeholders for meeting the long-term and short-term goals of the Company; and reduce the cost of capital through the optimization of the capital structure i.e. the debt and equity balance.

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

48 Additional Regulatory Information (Non Ind AS)

The disclosures required by amendment to Division II of Schedule III of the Companies Act,2013 are given only to the extent applicable:

(a) There are no transactions that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 which have not been recorded in the books of account.

(b) There are no charges or satisfaction of charges yet to be registered with Registrar of Companies beyond the statutory period.

(c) No proceedings have been initiated or pending against the company for holding any benami property under the Benami transactions (Prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

(d) During the year there has been no change in the aggregate of the net carrying value of assets on account of revaluation in respect of Property, Plant & Equipment and intangible assets.

(e) There are no intangible assets under development in the Company during the current reporting period.

(f) The company has not entered in to any transaction with companies struck off under section 248 of the Companies Act,2013.

(g) The borrowing taken by the company from the banks has been used for the specific purpose for which it was taken at the balance sheet date.

(h) The Company has not been declared as a willful defaulter by any bank or financial institution or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

49 The Hon''ble National Company Law Tribunal, Ahmedabad Bench ("Tribunal") vide its order dated 26th April 2024 has sanctioned the Scheme of Arrangement involving Demerger between Vikram Thermo (India) Limited ("Demerged Company") and Vikram Aroma Limited("Resulting Company") and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme"). The scheme has become effective on Saturday, 4th May, 2024 on filing of requisite forms with the Registrar of Companies, Gujarat. The Appointed date for the scheme has been specified as 01/37/2022 as per the approved scheme.

50 The financial statement are approved by the Audit Committee as at its meeting on 29th May,2024 and by the Board of Directors on 29th May, 2024.

---

Mar 31, 2018

1. CORPORATE INFORMATION :

Vikram Thermo (india) Limited (referred to as ‘the company’) is a leading in manufacturing and selling of basic pharma co-polymer ‘Drug Coat’ and ‘Diphenenyle Oxide’. The company has its registered office at 101, Classic Avenue, 1st Floor, Opp. Sales India, Ashram Road, Ahmedabad - 380009, Gujarat, India.

In accordance with Ind-AS transitional provisions, the company opted to consider previous GAAP carrying value of property, plant and equipment as deemed cost on transition date owing to exemption given in Para D7AA of Ind AS 101 -First time adoption of Indian Accounting Standards. Refer significant accounting policy Sr. No iii (c)

(a) Assets pledged as Security

“Secured loan are secured against first charge on all present and future Plant & Equipment.”Secured Loan are Collateral Equitable Mortage of the below properties as per the valuation report of Bank’s approved valuer (To be registered with registrar of assurance) : “1. Unit 1, Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.”2. Unit II, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.”

(b) Capitalised Borrowing Cost

Borrowing Cost Capitalised on Property, Plant and Equipment during the year 2017-18 Rs.25,79,177/- (PY.2016-17 Rs.23,34,250/- )

(c) Contractual Obligations

Refer Note.2 for disclosure of Contractual Commitments for the acquisition of property, Plant & Equipment.

In accordance with Ind-AS transitional provisions, the company opted to consider previous GAAP carrying value of intangible asstes as deemed cost on transition date owing to exemption given in Para D7AA of Ind AS 101 -First time adoption of Indian Accounting Standards. Refer significant accounting policy Sr. No iv (b)

a. The company has only one class of shares referred to as Equity shares having face value of Rs. 10/-. Each Holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholder.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

No Shares has been reserved for issue under options or contracts/commitments for the shares/disinvestment.

Security:

* Secured loans are secured against first charge on all present and future current assets inclusive of all Stocks, Book Debts and Plant & Equipment and personal guarantee of the directors, Shareholders and collateral security owners of the company.

Secured Loans are secured against Collateral Equitable Mortage of the below properties as per the valuation report of Bank’s approved valuer (registered with registrar of assurance) :

1. Unit 1, Block No 131/1 and 131/2, Village Dhanot, Chhatral Kadi Road, Dist . Gandhinagar.

2. Unit II, Survey No. 322 Paiki 4 and 322 Paiki 5, Village Indrad, Chhatral Kadi Road, Dist. Mehsana.*

** Vehicle loans are secured against hypothecation of vehicles

Interest:

* Term Loans carry an interest rate which shall be HDFC Bank base rate plus 0.85% payable on monthly basis.

** Vehicle loans carry an interest rate ranging between 9.55 % to 10%

Repayment:

* Term Loans carry an interest rate which shall be HDFC Bank base rate plus 0.85% payable on monthly basis.

(a) There were no overdue amounts/interest payble to Micro, Small and Medium Enterprises Develpoment Act, 2006 as at the Balance Sheet date or any time during the year.

(b) Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of the information collected by the Management.This has been relied upon by the Auditors.

3 Segment Reporting

The Company’s management, consisting of the chief executive officer, the chief financial officer and the manager for corporate planning, monitors the operating results of the below business segments separately for the purpose of making decisions about resource allocation and performance assessment and accordingly, based on the principles for determination of segments given in Indian Accounting Standard 108 “Operating Segments “ and in the opinion of management the Company is primarily engaged in the business of manufacturing of “Chemicals”. All other activities of the Company revolve around the main business and as such there is no separate reportable business segment.

Key Managerial Personnel and Relatives of Key Management Personnel who are under the employment of the Company are entitled to post employment benefits and other long term benefits recognised as per Ind As 19 - ‘Employee Benefits’ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.

The above fair value hierarchy explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost for which fair values are disclosed in the financial statements. To provide the indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments in to three levels prescribed is as under:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilties

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

Level 3 - Inputs for the assets or liabilties that are not based on observable market data (unobservable inputs)

There were no transfers between the levels during the year

Valuation process

The finance department of the Company includes a team that performs the valuations of financial assets and liabilties required for financial reporting purposes, including level 3 fair values. The fair valuation of level 1 and level 2 classified assets and liabilties are readily available from the quoted pricies in the open market and rates available in secondary market respectively. The valuation method applied for various financial assets and liabilties are as follows-

1. Quoted price in the primary market (NAV) considered for the fair valuation of the current investment i.e Mutual fund. Gain / (loss) on fair valauation is recognised in profit and loss.

2. The carrying amount of trade receivable, trade payable, cash and bank balances, short term loans and advances, statutory/ receivable, short term borrowing, employee dues are considered to be the same as their fair value due to their short-term nature.

4 Financial risk management

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

I Credit Risk

I I Liquid Risk III Market Risk

Risk Management Framework

The Company’s risk management is governed by policies and approved by the board of directors. Company’s identifies, evaluates and hedges financial risks in close co-operation with the Company’s operating units. The company has policies for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments.

The audit committee oversees how management monitors compliance with the company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

I Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company maintain its cash and cash equivalents and bank deposits with banks having good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.”The maximum exposure to credit risk at the reporting date is primarily from trade receivables. Credit risk has always been managed by the company 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. “On account of the adoption of Ind AS 109, the company uses ECL model to assess the impairment loss or gain. The company uses a provision matrix to compute the ECL allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk factors and the company’s experience for customers.

The Company reviews trade receivables on periodic basis and makes provision for doubtful debts if collection is doubtful. The Company also calculates the expected credit loss (ECL) for non-collection of receivables. The Company makes additional provision if the ECL amount is higher than the provision made for doubtful debts. In case the ECL amount is lower than the provision made for doubtful debts, the Company retains the provision made for doubtful debts without any adjustment.

The provision for doubtful debts including ECL allowances for non-collection of receivables and delay in collection, on a combined basis, was Rs. 62.94 lakhs as at March, 2017 and Rs. 97.32 lakhs as at March 31, 2018. The movement in allowances for doubtful accounts comprising provision for both non-collection of receivables and delay in collection is as follows:

II Liquid 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, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Management regularly monitors the position of cash and cash equivalents vis-a-vis projections. Assesment of maturity profiles of financial assets and libilities including debt financing plans and maintainance of balance sheet liquidity ratios are considered while reviewing the liquidity position.

i) Exposure to Liquid Risk:

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 Market Risk

Market risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market factors. Market risk comprises three type of risks:

a) Currency Risk

b) Interest Risk

c) Price Risk

a) Currency Risk

The functional currency of the Company is Indian Rupee. The Company is exposed to currency risk on account of payables and receivables in foreign currency. Company is exposed to currency risk on account of payables and receivables in foreign currency.

Company does not use derivative financial instruments for trading or speculative purposes.

b) Interest Risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

c) Price Risk

As of 31st March 2018, the company has nil exposure on security price risks.

5 Capital management

“The Company’s capital management is intended to maximise the return to shareholders and benefits for other stakeholders for meeting the long-term and short-term goals of the Company; and reduce the cost of capital through the optimization of the capital structure i.e. the debt and equity balance.”The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.”

6 The financial statement are approved for issue by the Audit Committee as at its meeting on 29th May,2018 and by the Board of Directors on 29th May,2018.

7 The board has recommended dividend of 5% (Re. 0.50 per share of face value of Rs. 10/- each) for the financial year ended 31st March, 2018 which is subject to approval of shareholders in the ensuing Annual General Meeting.

8 Transition to Ind-AS

These financial statements, for the year ended 31 March 2018, are the first the company has prepared in accordance with Ind-AS.

The accounting policies set out in note 2 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 the opening Ind AS balance sheet at 1 April 2016 (the Company’s date of transition to Ind AS). In preparing its opening Ind AS balance sheet the company has adjusted amount reported previously in financial statements in accordance with accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and other relavent provisions of the act (previous GAAP). An explanation of how transition from previous GAAP to Ind AS has affected the Company’s financials position, financial performance and cash flows is set out in following tables and notes.

8.1 Exemptions and exceptions availed

In preparing these financial statement, the Company has elected to apply the below optional exemptions and mandatory exceptions in line with principles of Ind AS 101.

I Optional exemptions

I Property, Plant and Equipment (PPE) and intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

II Mandatory Exceptions

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:

- Impairment of financial assets based on expected credit loss model

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

2 Classification and measurement of financial assets

Ind AS 101 provides exemptions to certain classification and measurement requirements of financial assets under Ind AS 109, where these are impracticable to implement. Classification and measurement is done on the basis of facts and circumstances existing as on the transition date. Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the transition date.

1 Prepayment Charges

Under previous GAAP, leasehold land was shown as a part of property, plant and equipment and depreciated based on leasehold period. Whereas under Ind AS, all leases are considered as operating leases and therefore are shown as prepaymemnt charges and amortized over the leasehold period. This reclassification resulted in depreciation by Rs. 850/- with corresponding increase in other expenditure.

2 Prior Period Items

Under Previous GAAP, prior period items were reflected as part of current year expense or income in the statement of profit & loss. Under Ind AS, material prior period items are adjusted to the period to which they relate and in case they relate to the period earlier than period presented, these are adjusted against opening equity of the earliest period presented.

Under previous GAAP, the defined benefit obligations in respect of gratuity were recognised as per the employee’s gratuity fund managed by the Life Insurance Corporation of India (LIC). Also leave encashment and bonus was charged to revenue on payment basis. Whereas under Ind As, the defined benefit obligations in respect of gratuity, leave encashment, bonus expense and depreciation written back were recognised as prior period item. All material prior period items are adjusted against the profit of the year to which it relates or against the opening equity as the case may be. The defined benefit obligations in respect of gratuity and leave encashment are recognised as per the actuary valuation under Ind As 19 - ‘Employee Benefits’.

Accordingly, the prior period items of Rs. 47,25,396/- have been adjusted against equity as on the transition date i.e. 1 April, 2016 resulting in increase in other equity as on 1 April, 2016 and Rs. 24,37,999 /- have been adjusted against equity as on the 31 March, 2017 resulting in decrease in profit before tax for the year ended 31 March, 2017 .

3 Current Investments

Under previous GAAP, the company accounted for short term investments in mutual funds as investment measured at cost. As per Ind AS, investments in liquid mutual funds have been revalued at fair value. The resulting fair value changes of these investments have been recognised in profit and loss.

4 Remeasurement of post employment benefit obligations

As per Ind AS, remeasurement of defined benefit plans have been disclosed under ‘Other Comprehensive Income’(OCI) , which was being debited to statement of profit and loss under previous GAAP.

5 Retained Earnings

Retained earnings as at 1 April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

6 Deferred Tax Liabilties (Net)

Tax adjustments include deferrred tax impact on account of differences between previous GAAP and Ind AS adjustments

7 Proposed dividend

Under previous GAAP, the Company used to provide for proposed dividend including distribution tax as and when the same is declared by the Board of directors considering the same as adjusting event. Under Ind As, declaration of dividend by Board of Directors would be considered as non-adjusting event and the same would be provided once it is approved by the shareholders in their general meeting.

8 Excise Duty

Under previous GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is separately presented on the face of statement of profit and loss.

9 Other Comprehensive Income

As per Ind AS, re-measurement of defined benefit plans have been disclosed under ‘Other Comprehensive Income” (OCI). The impact of tax has been disclosed separetely. The re-measurement of defined benefit plans was being debited to statement of profit and loss under previous GAAP.

9 In the opinion of Management, any of the assets other than items of property, plant and equipment, intangible assets and Non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, unless otherwise stated.

10 Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. 25,79.177 (Previous Year Rs. 23,34,250) is capitalized by the company.

11 The Company has entered into certain operating lease agreements and an amount of Rs. 2,81,298 ( P.Y Rs.2,54,100) paid under such agreements has been charged to the Statement of Profit & Loss. These lease are generally non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by such agreements.

12 On periodical basis and as and when required, the Company reviews the carrying amounts of its assets and found that there is no indication that those assets have suffered any impairment loss. Hence, no such impairment loss have been provided in the Financial Year 2017-18 (Previous Year Rs. Nil)

13 Previous year’s figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.

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Mar 31, 2016

Contingent Liabilities are not recognized but are disclosed in the notes.

Contingent Assets are neither recognized nor disclosed.

a. There is no movement in share capital during the current year and previous year.

b. Details of Equity shares held by shareholders holding more than 5% shares in the company.

No shareholder holds more than 5% of shares of the company.

* Security for Long term and Short term borrowings:

Working Capital facilities and Term Loan are secured against first charge on entire present and future current assets including entire stock, Book Debt, Loans and Advances and mortgage of Fixed Assets and personally guaranteed by some of the directors/promoters of the company.

a. There is no amounts due and outstanding to be credited to Investor Education and Protection Fund under section 125 of The Companies Act,2013 as at year end.

1. Related Party Disclosures

Related party disclosure as per Accounting Standard 18 issued by the Institute Of Chartered Accountants Of India.

I. Related Party & Their Relationship

Name Of Related Party Nature Of Relationship

Dr. Chimanbhai K Patel Chairman Cum Director

Mr. Dhirajbhai K Patel Managing Director - Key Management Personnel

Dr. Dinesh H. Patel Director Production & Research - Key Management Personnel

Mrs. Alpaben A. Patel Director - Key Management Personnel

Mr.Ankur D. Patel Director - Key Management Personnel

Mr. Motibhai D Fosi C.F.O - Key Management Personnel

Mr. Ambalal K. Patel Brother - Key Management Personnel

Mr. Harjivanbhai K Patel Brother/Father - Key Management Personnel

Mr. Ghanshyambhai K Patel Brother - Key Management Personnel

Mr. Jaimin C Patel Son - Key Management Personnel

Mr.Alpesh A. Patel Husband - Key Management Personnel

Mr. Vikalp D. Patel Son - Key Management Personnel

Mrs. Rachana V Patel Daughter-In Law -Key Managerial Personnel

2. Segment Reporting

As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the company.

3. Contingent Liabilities and Commitments

- Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs. 10,84,96,500/- (Previous year Rs.25000000/-)

4. Previous year’s figures

The previous year figures have been regrouped / re-classified to conform to the current year''s classification wherever is necessary.

---

Mar 31, 2015

1. Segment Reporting

As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the company.

2. Contingent Liabilities and Commitments

- Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs. 2,50,00,000/- (Previous year Rs.1,77,16,273/-)

3. Previous years figures

The previous year figures have been regrouped / re-classified to conform to the current year's classification whereever is necessary.

---

Mar 31, 2014

1. Share Capital

a. There is no movement in share capital during the current year and previous year.

b. Details of Equity shares held by shareholders holding more than 5% shares in the Company.

No shareholder holds more than 5% of shares of the Company.

1.1. Working Capital facilities are secured against first charge on entire present and future current assets including entire stock, Book Debts, Loans and Advances And mortgage of Fixed Assets.

2. Segment Reporting

As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the company.

3. Contingent Liabilities and Commitments Commitments

- Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs.1,77,16,273/- (Previous year Rs.2,16,29,628/-)

- Bills Discounted but not matured NIL (Previous year Rs.24,80,466/-)

4. Previous years figures

The previous year figures have been regrouped / re-classified to conform to the current year''s classification whereever is necessary.

---

Mar 31, 2013

1. Segment Reporting

As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the Company.

2. Contingent Liabilities and Commitments

Commitments

Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs.2,16,29,628/- (Previous year Rs.2,68,12,391/-)

Disputed Income Tax demand of Rs.3,38,980/-.

Bills Discounted but not matured Rs.24,80,466/-

3. Previous years figures

The previous year figures have been regrouped / re-classified to conform to the current year''s classification whereever is necessary.

---

Mar 31, 2012

A. There is no amounts due and outstanding to be credited to Investor Education and Protection Fund under section 205C of The Companies Act,1956 as at year end.

a. Fixed deposit with banks includes deposits of Rs. 1 Lac (Previous Year Rs. 1 Lac) with maturing of more than 12 months. Fixed deposit with banks also includes deposit of Rs. 3 Lacs (Previous Year 3 Lacs) marked as Margin for Letter of Credit.

1. Segment Reporting

As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the Company.

2. Contingent Liabilities and Commitments Commitments

- Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs.2,68,12,391/- (Previous year Rs.38,82,411/-)

- Disputed Income Tax demand of Rs.3,38,980/-.

3. Previous years figures

In view of revision to the Schedule VI issued by Ministry of Corporate Affairs(MCA), the financial statements for the financial year ended 31st March,2012 have been prepared as per the requirements of the Revised Schedule VI.The previous year figures have been accordingly regrouped / re-classified to confirm to the current year's classification.

---

Mar 31, 2010

(1) Previous years figures have been re-arranged and regrouped where ever necessary to make them comparable with the figures of current year

(2) Estimated amount net of advance payments for contract remaining to be executed on capital account and not provided for is Rs.4391412/- (Previous year Rs. NIL)

(3) Related party disclosure as per Accounting Standard 18 issued bv the Institute Of Chartered Accountants Of India.

I. Related Party & Their Relationship Name Of Related Party

Dr. Chimanbhai K Patel Mr. Dhirajbhai K Patel Mr. Ambalal K. Patel Dr. Dinesh H. Patel Mr. Harjivanbhai K Patel Mr. Ghanshyambhai K Patel Mr. Jaimin C Patel Mr. Alpesh A. Patel Mr. Ankur D. Patel

Nature Of Relationship

Chairman Cum Executive Director

Managing Director - Key Management Personnel

Director Liaison - Key Management Personnel

Director Production & Research - Key Management Personnel

Brother/Father - Key Management Personnel

Brother - Key Management Personnel

Son - Key Management Personnel

Son - Key Management Personnel

Son - Key Management Personnel

(4) As per the definition of Reportable Segment in accordance with Accounting Standard-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has only one reportable segment i.e. "Chemicals", hence separate disclosure for segment reporting is not applicable to the company.

(5) During the year foreign exchange amounting US $ NIL i.e.Rs. NIL(Prev. YearUS$463 i.e.Rs.24136/-) is spent on R & D Chemical expense. & US$ 6451/ -i.e. Rs.303650/- (Previous Year US$ 16822/- amounting Rs.718880/-) on Sales Commission.

(6) During the year foreign exchange amounting to Rs. 89,00,302 - ( Prev. Year 1,06,16,794/-) is remitted for import of raw materials on CIF basis.

(7) During the year company has earned foreign exchange of US $1,92,249/-( Previous Year US$ 1,23,375/-) amounting Rs85,48,271/-(Previous year Rs.50,92,456/-) on FOB basis against export sales.

(8) During the year company has remitted US $ 270.67 ( Previous Year US$ 519.50/-)amounting to Rs12800/- (Previous year Rs.25,350/-)as dividend to non resident shareholders.

(9) Disclosure required by AS 29 Provisions, Contingent Liabilities and Contingent Assets : Movements in Provisions ( Figures in brackets are in respect of the previous year).



Particulars As at 31-3-09 Addition

Income Tax Provision 1,483,000 7,730,000

(11,500,000) (10,229,368)

Wealthtax Provision (4,105) -

- (4,105)

Provision For FBT 2078 -

(41,588) (99,498)

Proposed Dividend 5582570 5,582,570

(8,373,855) (5,582,570)

Provision For Div. tax 948758 948,758

(1,423,137) (948,758)

Prov For Doubtful Debts 11,682,713 5,372

(6,749,245) (4,933,468)



(Figures in brackets are in respect of the previous year)

Particulars Utililised Reversed As at 31-3-10

Income Tax Provision 1,483,000 - 7,730,000

(20,246,368) - (1,483,000)

Wealthtax Provision - (4,105)

- (4,105)

Provision For FBT 2,078 -

(139,008) - (2,078)

Proposed Dividend 5,582,570 - 5,582,570

(8,373,855) - (5,582,570)

Provision For Div. tax 948,758 - 948,758

(1,423,137) - (948,758)

Prov For Doubtful Debts 6,177,937 - 5,510,148

- - (11,682,713)