Independent Auditor'sReport - Escorts Limited · 2018. 9. 11. · Amul Industries Private Limited, and the Company had entered aLease Agreement with the said company for aperiod of

f<anpura:J)ejai & Co.Chartered Accountants

Independent Auditor's Report

To,The Members,Mis. Adico Escorts AgriEquipments Private Limited,Rajkot.

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements ofM/s. Adico Escorts Agri Equipments

Private Limited (hereinafter referred as the "Company"), which comprise the Balance Sheet as at 31

March 2018 and the Statement of Profit and Loss for the year then ended, cash flow statement for the

year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the

Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial

statements that give a true and fair view of the financial position and financial performance of the

Company in accordance with the accounting principles generally accepted in India, including the

Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in

accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing

and detecting frauds and other irregularities; selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and prudent; and design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for ensuring the

accuracy and completeness of the accounting records, relevant to the preparation and presentation of the

financial statements that give a true and fair view and are free from material misstatement, whether due to

fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. \Ve have

taken into account the provisions of the Act, the accounting and auditing standards issued by the Institute

of Chartered Accountants of India.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of

the Act. Those Standards require that we comply with ethical requirements and plan and perform the

audit to obtain reasonable assurance about whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures

in the financial statements. The procedures selected depend on the auditor's judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to

error. In making those risk assessments, the auditor considers internal financial control rele

Company's preparation of the financial statements that give a true and fair view in order to

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

Star Avenue, First Floor, Dr. Radhakrishnan Road, Opp. Rajkumar Collage, Rajkot . 360 001, Phone: +91 ·,281 - 2480035 to 37,Fax: +91 ·281 ·2480034 I email: [email protected] I web: www,ranpuradesal.com

mailto:[email protected]

http://www,ranpuradesal.com

Ranpura2Jejai & Co.Chartered Accountants

whether the Company has in place an adequate internal financial controls system over financial reporting

and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of the accounting policies used and the

reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the

overall presentation of the financial statements.

\YJe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the

aforesaid financial statements give the information required by the Act in the manner so required and give

a true and fair view in conformity with Ind AS, of the state of affairs of the Company as at 3151 March

2018 and its loss for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the

Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in

the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the

extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

(a) \YJe have sought and obtained all the information and explanations which to the best of

our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by the

Company so far as it appears from our examination of those books;

(c) The Company does not have any branch and therefore, this clause is not applicable.

(d) The balance sheet, the statement of profit and loss and the cash flow statement dealt

with by this Report are in agreement with the books of account;

(e) In our opinion, the aforesaid financial statements comply with the Indian Accounting

Standards(Ind AS) as notified under Section 133 of the Companies Act, 2013 (the Act),

and under the Companies (Indian Accounting Standard) Rules, 2015 and the relevant

provisions of the Act.

(f) There are no financial transactions or matters which have any adverse effect on the

functioning of the company.

(g) On the basis of the written representations received from the directors as on 31 March

2018 taken on record by the Board of Directors, none of the directors are disqualified as

4 (2) of the

Star Avenue, First Floor, Dr. Radhakrishnan Road, Opp. Rajkumar Collage, Rajkot - 360001. Phone: +91 - 281 - 2480035 to 37,Fax: +91 - 281 - 2480034 I email: [email protected] I web: www.ranpuradesai.corn


http://www.ranpuradesai.corn

Ranpura2)eJai & Co.Chartered Accountants

(h) There are no qualifications, reservations or adverse remarks relating to the maintenance

of accounts and other matters.

(i) With respect to the adequacy of the internal financial controls over financial reporting of

the company and the operating effectiveness of such controls, refer to our separate

report.

G) \Vith respect to tile other matters to be included in the Auditor's Report in accordance

with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to

the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations, on its financial

position in its financial statements;

(ii) The Company does not have any long-term contracts including derivative

contracts and therefore this clause is not applicable.

(iii) The Company is not liable to transfer any funds to the Investor Education and

Protection Fund.

Place: RajkotDate: 10.05.2018

Chartered Accounta[FRN:117476

(Ketan Y. ShePartner(Membe ip No. 118411)

Star Avenue, First Floor, Dr. Radhakrishnan Road, Opp. Rajkumar Collage, Rajkot - 360 001. Phone: +91 - 281 - 2480035 to 37,Fax: +91 -'281 - 2480034 I email : office@ranpuradesaLcom I web: www.ranpuradesai.com

http://www.ranpuradesai.com

MIS. ADICO ESCORTS AGRI EOUIPMENTS PRIVATE LIMITED

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the

financial statements for the year ended 31st March 2018, we report that:

(i)

(ii)

(a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

(b) As certified by the management, all the assets have been physically verified by themanagement during the year as there is a regular program of verification, In our opinion,the same is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) The Land on which Factory structure/shed is constructed or build is in the name ofAmul Industries Private Limited, and the Company had entered a Lease Agreement withthe said company for a period of 5 years ended on September 2017 and on expiration oflease period, such lease is extended for further 5 years. The Factory structure is in thename of the Company. However, we are not produced any evidence establishing thatFactory Structure/Shed are in the name of the Company.

(a) As reported to us, the inventory has been physically verified during the year by themanagement. We are unable to state whether the frequency of verification is reasonableor not.

(ill) As reported to us, the Company had not granted loans, secured or unsecured to companies,firms, or other parties covered in the register maintained under section 189 of the CompaniesAct, 2013 ('the Act,)

(a) The company has not given loans to any party and hence this clause is not applicable.

(b) The company has not given loans to any party and hence this clause is not applicable.

(c) The company has not given loans to any party and hence this clause is not applicable.

(iv) As reported to us, the provisions of section 185 and 186 of the companies Act, 2013 have beencomplied with.

(v) The Company has not accepted any deposits from the public.

(vi) \YJehave been informed that the Central Government has not prescribed the maintenance of costrecords under section 148(1) of the Act, for the Company.

(vii) (a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company, amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund, employees'state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty ·ofexcise, value added tax, goods and services tax, cess and other material statutory dueshave been regularly deposited during the year by the Company with the appropriateauthorities. No undisputed amounts payable in respect of provident fund, employees'state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, valueadded tax, goods and services tax, cess and other material statutory dues were in arrearsas at 31st March 2018 for a period of more than six months from the date they becamepayable.

(b)

tax, goods and services tax, and cess which have not been deposited with the appropriateauthorities on account of any dispute.

(viii) The Company did not have any outstanding dues to financial institutions, banks or debentureholders during the year.

(ix) On the basis of the records examined by us, the Company has not raised any term loans andtherefore this clause is not applicable.

(x) On the basis of our examination of the books of account and other relevant records andinformation made available to us, prima facie, we have not noticed any fraud (i.e. intentionalmaterial misstatements resulting from fraudulent financial reporting and misappropriations ofassets) on or by the company, during the year. Further, the management has represented to usthat no fraud on the companyor any fraud on the company by its officers or employees has beennoticed or reported during the year. However, we are unable to determine/verify as to whetherany such reporting has been made during the year.

(xi) We have been informed that section 197 of the Companies Act, 2013 is for Public Company.Hence, this Clause is not applicable.

(xii) This clause is for Nidhi Company. Hence, not applicable.

(xiii) On the basis of our examination of the books of account and other relevant records andinformation made available to us, we have noticed that all transactions with the related parties arein compliance with section 188 of the Companies Act, 2013 and the details have been disclosedin financial statements are in compliance with applicable accounting standards.

(xiv) The company has not made private placement of shares during the year under review and therequirement of section 42 of the Companies Act, 2013 is not required to be complied with.

(xv) In our opinion and according to the information and the explanations given to us, the Companyhas not entered into non-cash transactions with directors or persons connected with him.

(xvi) In our opinion and according to the information and the explanations given to us, the Companyis not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For RANPURA DESAI & Co,Chartered Accountants[FRN:117476W]

Place: RajkotDate: 10.05.2018 Partner

(Memb ship No. 118411)

.' Ranpura2)ejai & Co .Chartered Accountants

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of

Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/ s. Adico Escorts Agri

Equipments Private Limited (hereinafter referred to as the "Company") as of 31=March, 2018 in

conjunction with my / our audit of the standalone financial statements of the Company for the year ended on that

date.

Management's Responsibility for Internal Financial Controls:

TIle Company's management is responsible for establishing and maintaining internal financial controls based on the

internal control over financial reporting criteria established by the Company considering the essential components

of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting

issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation

and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and

efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the

prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the

timelypreparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility:

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting

based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial

Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and

deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of

internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute

of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical

requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal

financial controls over financial reporting was established and maintained and if such controls operated effectivelyin

allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial

controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls

over financial reporting included obtaining an understanding of internal financial controls over financial reporting,

assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of

internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including

the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit

opinion on the Company's internal financial controls system over financial reporting.

Star Avenue, First Floor, Dr. Radhakrishnan Road, Opp Rajkumar Collage, Rajkot - 360 001. Phone: +91 - 281 - 2480035 to 37Fax: +91 - 281 - 2480034 I email: [email protected] I web: www.ranpuradesai.com '



Ranpura:J)ejai & Co.Chartered Accountants

Meaning of Internal Financial Controls Over Financial Reporting:

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with generally accepted accounting principles. A company's internal financial control over financial

reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable

detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

accordance with generally accepted accounting principles, and that receipts and expenditures of the company are

being made only in accordance with authorizations of management and directors of the company; and (3) provide

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting:

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of

collusion or improper management override of controls, material misstatements due to error or fraud may occur and

not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to

future periods are subject to the risk that the internal financial control over financial reporting may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may

deteriorate.

Opinion:

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over

financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st

March, 2018 based on the internal control over financial reporting criteria established by the Company considering

the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls

Over Financial Reporting issued by the Institute of Chartered Accountants of India.


0,Chartered Accou[FRN:11747

(KetanPartner(Mem ership No. 118411)

Star Avenue, First Flo.or, Dr. Radhakrishnan Road, ?pp. Rajkumar Collage, Rajkot - 360001. Phone: +91 - 281 - 2480035 to 37,Fax . +91 - 281 - 2480034 I ernail : [email protected] I web: www.ranpuradesai.com



ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDBalance Sheet as at 31 March 2018

(Amount in ~ (Amount in ~Note 31 March 2018 31 March 2017

ASSETS-Non-current assets

Property, plant and equipment 4 3,48,50,965 3,87,67,652

Capital work-in-progress

Investment Property

Other intangibles assets 5 22,19,513 27,86,595

Intangible assets under development

Investments accounted for using the equity method

Financial assets

Investments

Loans 6 3,44,089 3,55,489

Other financial asset 7 5,00,000 5,00,000

Deferred tax assets (net) 8 4,18,44,808 3,87,78,440

Current tax asset (net)

Other non current assets 9

Total non-current assets 7,97,59,375 8,11,88,176

Current assets

Inventories 10 7,31,86,944 2,39,30,000

Financial assets

Current investments

Trade receivables 11 3,48,13,883 1,63,21,082

Cash and cash equivalents 12 1,71,96,186 7,11,473

Other bank balances

Loans 6 77,627 95,385

Other financial asset

Current tax asset (net)

Other current assets 9 2,48,78,773 45,24,010

Assets held for sale

Total current assets 15,01,53,412 4,55,81,950

Total assets 22,99,12,788 12,67,70,126

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDBalance Sheet as at 31March 2018." (Amount in ~ (Amount in ~

Note 31 March 2018 31 March 2017

-- EQUITY AND LIABILITIES

Equity

Equity share capital 13 15,00,00,000 15,00,00,000

Other equity 14 (13,38,50,4692 ~12,45,57,685)

Equity attributable to owners of the parent 1,61,49,531 2,54,42,315

Non-controlling interest

Total equity 1,61,49,531 2,54,42,315

Non-current liabilities

Financial liabilities

Borrowings 15

Other financial liabilities 16 3,826 3,826

Other non-current liabilities 17

Deferred tax liabilities (net)

Long-term provisions 18 9,05,913 9,22,400

Total non-current liabilities 9,09,739 9,26,226

Current liabilities

Financial Liabilities

Borrowings 19 1,71,98,111 2,89,36,656

Trade payables 20 11,81,69,847 4,31,03,617

Other financial liabilities 21

Other current liabilities 22 7,59,77,014 2,58,88,815

Current tax liabities

Short term provisions 18 15,08,546 24,72,497

Total current liabilities 21,28,53,518 10,04,01,585

Total equity and liabilities 22,99,12,788 12,67,70,126

Summary of significant accounting policies 3

The accompanying notes are integral part of the financial statements.This is the balance sheet referred to in our report of even date.

For and on Behalf of the BoardMis. Adico Escorts Agri Equipments Pvt. Ltd.

For RANPURA DESAI & CO.,/

Gauta~(DIN: 07188485)

(Membe 'p No. 118411)

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED."Cash Flow Statement for the year ended 31 March 2018

A CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax

Adjustments for:

Depreciation and amortisation expense

Gain on disposal of fixed assets (net)

Deferred income on security deposit received

Interest income

Rent income

Gain on fair valuation of financial instruments (net)

Dividend income

Gain on foreign currency transactions (net)

Finance costs

Preliminary expenses written off

Loss on sale of non current investments

Provision for doubtful advances/receivables

Movement in provision for employee benefits and others

Amounts/ assets written off

Unclaimed balances and excess provisions written back

Mark to market of derivative asset

Operating profit before working capital changes

Movement in working capital

Decrease/ (Increase) in non-current loans

Decrease/ (Increase) in inventories

Increase in other financial assets

Decrease/ (Increase) in other current assets

Decrease/ (Increase) in trade and other receivables

(Decrease)/ Increase in other financial liabilites

(Decrease'[/ Increase in other liabilites _

Decrease in trade and other payables

Cash flow from operating activities post working capital changes _

Income tax paid (net)

Net cash flow from operating activities (A)

(Amount in ~31 March 2018


(1,23,59,152.58) (3,28,57,237.33)

94,93,657.33 1,02,34,103.00

(48,411.00)

(1,20,000.00)

(32,372.00)

(1,20,000.00)

90,26,384.00 62,21,533.00

59,92,477.75 (1,65,53,973.33)

11,400.00

(4,92,56,944.00) (13,67,801.00)

(2,03,37,004.52) 82,37,643.00

(1,84,92,800.83) (1,62,86,104.37)

(16,487.00) 1,94,455.00

~,91,24,247..8~L 7)5,202.)2.

7,50,66,230.00 2,22,01,141.34

4,20,91,119.28 (28,59,437.24)

4,20,91,119.28 (28,59,437.24)

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDCash Flow Statement for the year ended 31March 2018

B CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (including capital work-in-progress)

Proceeds from sale/ disposal of fixed assets

Purchase of intangible assets

Purchase of current and non-current investments

Proceeds from sale of investments

Assets held for sale

Movement in fixed deposits (net)

Interest received

Rent received

Dividend received

Net cash flows used in investing activities (B)

C CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of capital (including securities premium and share applicati

Repayment from long-term borrowings (net)

Proceeds fro .n short-term borrowings (net)

Repayment of short-term borrowings (net)

Movement in retained earnings

Finance cost paid

Dividend paid (including tax)

Net cash used in financing activities (C)

Increase in cash and cash equivalents (A+B+C)

Cash and cash equivalents at the begining of the year

Cash and cash equivalents at the end of the year

For and on Behalf of the BoardM/ s. Adico Escorts Agri Equipments Pvt. Ltd.

Gaut~olci(DIN: 07188485)(DIN: 0132139)




(46,88,782.58) (1,20,79,013.00)

20,000.00

(3,21,105.92)

48,411.00

1,20,000.00

32,372.00

1,20,000.00

(48,41,477 .50) (1,19,06,641.00)

(1,17,38,545.00)

2,12,33,908.00

(90,26,384.00) (62,21,533.00)

(2,07,64,929.00) 1,50,12,375.00

1,64,84,712.78 2,46,296.76

7,11,473.76 4,65,177.00

1,71,96,186.54 7,11,473.76

For RANPURA DESAI & CO.,

Pa(Membership No. 118411)

MIS. ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED. RAJKOT

NOTES TO FINANCIAL STATEMENTS

COMPANY OVERVIEW:

MIs. Adico Escorts Agri Equipments Pvt. Ltd. is incorporated on 13thJune, 2011 and theCompany is manufacturing & trading of agricultural equipments and its spares and implements.

II SIGNIFICANT ACCOUNTING POLICIES.

[1] Basis of preparation of Financial Statements:

The accompanying financial statements are prepared under the historical costsconvention and on accrual basis of accounting and in compliance, in all materialsrespects, with Indian Accounting Standards (Ind AS) notified under Section 133 of theCompanies Act, 2013 (the Act), [Companies (Indian Accounting Standard) Rules, 2015]and the relevant provisions of the Act.

The Financial Statements up to the year ended March 31, 2016 were prepared inaccordance with the accounting standards notified under Companies (AccountingStandard) Rules, 2006 (as amended) and other relevant provisions of the Act.

[2] Use of Estimates:

The preparation of financial statements in conformity with Ind AS requires estimatesand assumptions to be made that affect the reported amount of assets and liabilities onthe date of the financial statements and the reported amount of revenues and expensesduring the reporting period. Difference between the actual results and estimates madeare recognized in the period in which the results are materialized.

[3] Property. plant and equipment:

Property, plant and equipment are stated at costs. The costs of an assets comprise itspurchase price, all taxes and duties other than those recoverable in cash or kind from therespective authorities, additions and improvements thereon as well as all expensesdirectly attributable to bring the assets to its working conditions.

[4] Depreciation:

In respect of fixed assets acquired prior to 1st April 2016, its carrying amount 1S

depreciated, on written down value basis, over its remaining useful life.

In respect of fixed assets acquired, installed, erected, purchased, during the year isdepreciated, on written down value basis, over its useful lives.

Useful lives of depreciable assets and rate of depreciation for respective fixed assetsexcept Factory Shed and Electrification therein are adopted as prescribed underSchedule II of the Companies Act, 2013.

However, Factory Building and Electrification installations thereto are depreciated, onstraight line method basis, over lease period of 4 years.

[5] Impairment of Assets:

All assets are treated as impaired when the carrying costs thereof exceeds its recoverablevalue. An impairment loss is charged to Profit and Loss Statement in the year in whichan asset is identified as impaired. The impairment loss recognized in prior accountingperiod is reversed if there has been a change in the estimates of recoverable amount.

[6] Inventories:

Items of inventories are measured

Raw ma terials At costs or net realizable value, whichever islower.

Finished Goods At costs or net realizable value, whichever islower.

Work in progress At costs or net realizable value, whichever islower.

Costs of above inventories are assigned by using weighted average costs formula.

Costs of inventories comprise of costs of purchase, costs of conversion and other costsincurred in bringing them to their respective present location and conditions. Costs ofraw materials, process chemicals, stores and spares, packing materials, trading and otherproducts are determined on weighted average basis.

[7] Trade Receivables:

Trade receivable are recognized at fair value.

[8] Trade and other Payables:

These amounts represent liabilities for goods and services provided to the Companyprior to the end of the financial year which are unpaid. These amounts are unsecuredand usually paid within the operating cycle of the Company. Trade and other payablesare presented as current liabilities unless payment is not due within twelve months afterthe reporting period. They are recognized initially at their fair value.

[9] Recognition of Revenue and Expenses:

Revenue recognized only when the amount can be reliable, measured and it is probablethat future economic benefits associated with the transaction will flow to the Companyand significant risk and rewards of ownership transferred to the buyer and no effectiveownership is retained.

There is no significant uncertainty exists as to its ultimate collection.

Timing of Revenue:

Revenue from sale of goods is recognized as and when the Company has transferred tothe buyer significant risks and reward of ownership of the goods and the amount ofrevenue can be measured reliably.

Measurement of Revenue:

Revenue is measured at the fair value of the consideration received or receivable.Amounts disclosed in the revenue are net of sales tax/value added tax, goods and servicetax but it includes excise duty collected, if any.

Rental from properties is recognized on accrual basis.

[10] Service tax and Sales Tax / Value Added Tax/Goods and Service Tax:

Service tax is accounted as and when goods cleared / services provided and in respect ofservice tax reverse charge, it is accounted as and when payment is made.

Sales Tax and Value Added Tax is accounted for on exclusive method prescribed by theInstitute of Chartered Accountants of India and on when goods are cleared.

After 30thJune, 2017, Goods and Service Tax is accounted for as and when goods clearedand services are provided and as applicable, in respect of goods and service tax reversecharge, it has been accounted for as and when payment has been made.

[11] Employee Benefits:

Employee benefits such as salaries, allowances, non-monetary benefits and employeebenefits under defined contribution plans such as provident and other funds, which falldue for payment within a period of twelve months after rendering service, are charged asexpense in the statement of profit and loss in the period in which the service is rendered.

[12] Borrowing Costs:

Borrowing costs that are attributable to the acqws1t1on or construction of qualifyingassets are capitalized as part of the costs of such assets. A qualifying asset is one thatnecessarily takes substantial period to get ready for its intended use.

All other borrowing costs are charged to profit and loss statement.

During the year, a review has been carried out and borrowing costs, which werepreviously capitalized, are charges to profit and loss statement to the extent they are nolonger considered as costs of such assets. Such borrowing costs are charges as interestexpenses and considered as prior period items.

[13] Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognizedwhen there is a present obligation as a result of past events and it is probable that therewill be an outflow of resources. Contingent liabilities are not recognized but aredisclosed in the notes. Contingent assets are neither recognized nor disclosed in thefinancial statements.

[14] Income Taxes:

Income tax expense or credit for the period is the tax payable in current period taxableincome based on the applicable income tax rates for India.

The current income tax charges is calculated on the basis of tax laws enacted orsubstantially enacted at the end of the reporting period in India where the Companygenerate taxable income. Management periodically evaluates the position taken in taxreturns with respect to situation in which applicable tax regulation is subject tointerpretation. It establishes provisions where appropriate on the basis of amountsexpected to be paid to the tax authorities.

Deferred income tax is based on temporary differences arising between the tax bases ofassets and liabilities and their carrying amounts in the financial statements. Deferredincome tax is determined using tax rates that have been enacted or substantially enactedby the end of the reporting period and are expected to apply when the related deferredincome tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized for all deductible temporary differences and unusedtax losses only if it is probable that future taxable amounts will be available to utilizethose temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right tooffset current tax assets and liabilities and when the deferred tax balances relate to thesame taxation authorities.

Current tax assets and tax liabilities are offset where the Company has a legallyenforceable right to offset and intends either to settle on a net basis, or to realize theasset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that itrelates to items recognized in other comprehensive income or directly in equity.

III NOTES ON FINANCIAL STATEMENTS:

[1] CURRENT ASSETS, LOANS & ADVANCES AND LIABILITIES:

In the opinion of the Board, the value on realization of Current Assets, Loans andAdvances, if realized in the ordinary Course of Business, shall not be less than theamount, which is stated in the current year Balance Sheet.

The Provision for all known liabilities is reasonable and not in excess of the amountconsidered reasonably necessary.

[2] TRADE PAYABLE COVERED UNDER MSME ACT, 2006:

The Company has during the financial year 2017-18 traded with Escorts Limited.However, the Company has circulated a request letter of confirmation for theidentification of suppliers registered under the Micro, Small and Medium EnterprisesDevelopment Act, 2006.

However, The Company has not received any confirmation from suppliers regardingtheir status under the Micro, Small and Medium Enterprises Development Act, 2006 andhence disclosures, relating to amounts unpaid, if any, as at the year-end together withinterest paid/ payable as required under the said Act have not been given in financialstatement.

[3] PROPERTY, PLANT AND EQUIPMENTS AND DEPRECIATION:

The Company has extended its lease agreement for a period of further 5 years. However,Factory building (shed) and electrification therein has been written off during the yearwithout considering such extension.

Minor additions to factory building (shed) has been charged to profit and loss statementfor the financial year 2017 -18

For and on behalf of the Board of directorsMis. Adico Escorts Agri Equipments Private Limited

For RANPURA DESAI & CO,

Gauta~(DIN: 07188485)

, '.ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDStatement of changes in equity for the year ended 31March 2018

ABalance at the Redempt

beginning of the ion ofreporting period equity

Balance at the endParticulars share

of reporting periodcapitalduringthe year

Equity Share Capital 15,00,00,000.00 15,00,00,000.00

B ~~4. __ -"1-.

Other comprehensive income -Reserves and Surplus Reserve

ForeignEquity

RemeasureShare Application Capital Securities Employee's Additional InstrumentsMoney Pending

CapitalRedemption Premium

Generalstock options paid-in

Revaluation currencyRetained Earnings through Other

ment ofTotal

AOotmentReserve

Reserve Reservereserve

outstanding capitalreserve translation

Comprehensivedefmed

reserveIncome

benefit plans

Balance as at 1 April 2016 - - - - - - (9,69,10,300.54) - (9,69,10,300.54)Profit for the year - - - - - - (2,76,47,384.57) - - (2,76,47,384.57)Dividends - - - - - - - - - -Tax on dividends - - - - - - - -Transfer from/to retained earnings - - - - - - -Transferred from/to employee's stock optionsoutstanding for lapsed options - - - - - -Transfer from/to securities premium - - - - - -On dilution of subsidiary - - - - - -Adjustment on account change in nature of groupentity' - - - - - - - - -Sahres issued by subsidiary companies - - - - - - - -Amalgamation reserve and others - - - - - - - - -Gain on acount of dilution of stake in joint ventureentities - - - - - - -Loss on acount of purchase of compounf financialinstrunent - - - - - - - - -Translation reserve during the year - - - - - - -Application money pending allotment - - - - - - -

Others - - - - -Balance as at 31 March 2017 - - - - - - (12,45,57,685.11) - - (12,45,57,685.11)

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDStatement of changes in equity for the year ended 31March 2018

Profit for the yearDividendsTax on dividendsTransfer from/to retained earningsTransferred from/to employee's stock optionsoutstanding for lapsed optionsTransfer from/LO securities premiumOn dilution of subsidiaryAdjustment on account change in nature of groupentity"Sahrcs issued by subsidiary companiesAmalgamation reserve and othersGain on acount of dilution of stake in joint ventureentitiesLoss on acount of purchase of compounf financialinstrunentTranslation reserve during the yearApplication money pending allotmentOthers

(92,92,784.0S)

Badance as at 31 March 2018

(92,92,784.08)

(13,38,50,469.20) (13,38,50,469.20)

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31 March 2018

25,01,934.003,29,937.00

28,31,871.001,11,328.58

29,43,199.58

5,66,872.994,82,631.00

1,44,73,083.9573,91,948.00

10,49,503.994,12,200.13

3,27,67

OfficeI Equipment

P&Munderlease

Totalequipments

-1---

8,56,143.00 ~.!l~.IHI().UU+--- O,/~,':>O/.UU I ~,93,186.5R

2,84,338.42

1,89,898.00 II-1---

4,74,236.4~+- 55,~6,826.~ 1

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31March 2018

4. Property, plant and equipment

22,45,660.00

22,45,660.00

22,45,660.0022,45,660.00

3,87,26,738.00

3,87,26,738.00

3,87,26,738.003,87,26,738.00

Total

4,51,45,391.0

4,51,45,391.00

8,56,143.008,56,143~


how

, .,

52,79,328.0052,79,328.00

52,79,328.00 52,79,328.003,21,105.92 3,21,105.92

3,21,105.92 52,79,328.00 I 56,00,433.92 I

12,46,184.00----------~------

24,92,733.00 I 24,92,733.00

31,751~OOI 8,56,437.00 8,88,188.00its for dispos~loss on translating foreign operations

alance as at 31 March 2018 31,751.00 I 33,49,170.00 I 33,80,921.00

Net book value as at 1April 2016 - 40,32,779.00 ' 40,32,779.00Net book value as at 31 March 2017 - 27,86,595.00 27,86,595.00Net book value as at 31 March 2018 2,89,354.92 19,30,158.00 22,19,512.92

12,46,549.00 12,46,549.0012,46,184.00


31 March 2018 31 March 2017 1 April 20166. Loans(Unsecured, considered good unless otherwise stated)Security deposits- considered good- considered doubtfulLoans to joint ventures/operations and associatesIntercorporate depositsLoan to related partiesLoan to emp loyeesOthers

Long-term Long-term Long-term

3,44,089.00 3,55,489.00 3,55,489.00

.1.44,089.00 3,55.4R<).OO 3,55,4~9.0(lLess: provision for doubtful receivables

3,44,089.00 3,55,489.00 3,55,489.00

31 March 2018 31 March 2017 1 April 20167. Other financial assets(Unsecured, considered good unless otherwise stated)Bank deposits for maturity more than 12 monthsAdvances to related partiesAdvances recoverable- considered good- considered doubtful

Long-tern} Long-rcrm Long-term

5,00,000.00 5,00,000.00 5,00,000.00

5,00,000.00 5,00,000.00 5,00,000.00Less: provision for doubtful receivables

5,00,000.00 5,00,000.00 5,00,000.00

8. Deferred taxDeferred tax liability arising on account of:

(Amount in ~)

31 March 2018 1April 201631 March 2017

Short-term Short-term Short-term

77,627.00 95,385.00

77.0'27.00 <)5,385.00

77,627.00 95,385.00

31 March 2018 31 March 2017 1April 2016

Short-term Short-term Short-term

Particulars Deferred tax assets/(liabilities) as at Changes/(credit) during the year Deferred tax assets/ (liabilities) as at Changes/(eredit) during the Deferred tax assets/(Iiabilities) as at01.04.2016 2016-17 01.04.2017 year 2017-18 31.03.2018

Amount Tax Amount Tax Amount Tax Amount Tax Amount TaxDepreciation 1,23,605.91 7,11,386.61 - 8,34,992.53 - 3,16,343.00 - 11,51,335.53KMC, Lease, Sale/W-offs of Assets - - - - - -Misc. Exp. - - - - - - - -Provision for d/debts, Adv., Inv. etc. - - - - - -438 - - - - 2,26,478.00 - 2,26,478.00Brought forward depreciation and loss - 3,34,44,981.16 44,98,466.15 dJ; OE~ 3,79,43,447.31 - 25,23,547.50 - 4,04,66,994.80Assets Depreciate Thru Reserve As Per New Co. Act - - Q. - - -Exception Iterns - - Q '1' - - - - -MAT Credit - - Z (} I - - - -lnd As Adjustment 4: 0 - -

, - 3,35,68,587.07 - 52,09,852.76 ~ r*A ,87,78,439.83 - 30,66,368.50 - 4,18,44,808.33

~//

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31 March 2018ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31 March 2018

Movement in deferred tax liabilities

Recognised inother

comprehensive Recognised inParticulars 1April 2016 income equity 31 March 2017Non-current assets - - -Property plant and equipment - -Intangible asset - - -

Investment property -Other long term financial asset - - - -

InvestmentsCurrent assets - -

Trade and other recievable - - -

Non-current liabilites - - -

Long term financial liability - - - -

Current liabilities - - - -Provisions - - -

Employee obligations - - -Unused tax losses : - -Total - - - -

----

Movement in deferred tax assets

Recognised inother

corn prehensive Recognised inParticulars 31 March 2017 income equity 31March 2018Non-current assets - - -PrOflertyQiant and equipment - - -Intangible asset - - - -

Investment property - - - -

Other long term financial asset - - -Investments - - - -Current assets - - -

Trade and other recievable - - - -

Non-current liabilites - - -

Long term financial liability - - - -

Current liabilities - - -

Provisions - -

EmjJIoyee obligations - -Unused tax losses - - -Total - - - -


9. Other assetsAdvances recoverable in kind

SecuredUnsecured

Advances to suppliersAdvance tax (Net of provisions)Prepaid expenses- InsuranceBalances with statutory authoritiesCapital advancesSecurity depositsOthers: Income accrued and due

Less: provision for doubtful receivables

. . ..31 March 2018 I April 2016 31 March 2018 31 March 2017 1Apri1201631 March 2017

Short-term Short-term Short-termLong-term Long-term Long-term

2,72,848.00 43,59,457.00 1,20,17,764.00

57,647.00 16,790.002,43,49,877.52 7,33,578.00

2,56,047.00 1,06,906.00 88,906.002,48,78,772.52 45,24,010.00 1,28,57,038.00

2,48,78,772.52 45,24,010.00 1,28,57,038.00


31March 201810. Inventories(Valued at cost, unless otherwise stated)Raw material and componentsGoods-in-transit

Less: Provision for obsolete and slow moving

5,81,84,709.00

5,81,84,709.00

Work-in-progress 18,97,435.00

Finished goods

Goods-in -transit


1,31,04,800.00

1,31,04,800.00Traded goods

Goods-in-transit


Stores and spares

Loose tools


7,31,86,944.00

31March 2017

2,19,30,000.00

2,19,30,000.00

20,00,000.00

2,39,30,000.00

, I "

(Amount in ~1April 2016

2,07,62,199.00

2,07,62,199.00

18,00,000.00

2,25,62,199.00


Number of units31 March 2018 31 March 2017 1 April 2016

11. Trade receivables

Outstanding for a period exceeding six months from the date they are due for payment

Unsecured: considered good: considered doubtful

Less: provision for doubtful receivables

OthersSecured, Considered GoodUnsecured, Considered GoodUnbilled receivables*

31 March 2018 1 April 2016

Amount

31 March 2017

3,48,13,882.83

3,48,13,882.833,48,13,882.83

1,63,21,082.00

1,63,21,082.001,63,21,082.00

34,977.63

34,977.6334,977.63


31March 201731March 201812. Cash and bank balancesCash and cash equivalentsCash in handDebit balance of cash credit accountsBalances with banks

Current accounts

2,74,920.00 2,42,829.00

1,69,21,265.78 4,68,644.00

Bank deposits with maturity Jess than 3 months7,11,473.001,71,96,185.78

(Amount in ~)31March 2016

1,18,961.00

3,46,216.00

4,65,177.00


13. Equity share capitalAuthorised capital

31 March 201815,00,00,000

31 March 201715,00,00,000

1April 201615,00,00,000

15,00,00,000 15,00,00,00015,00,00,000

Issued, subscribed and paid-up capital 15,00,00,000

15,00,00,00015,00,00,000

15,00,00,000

15,00,00,000

15,00,00,000

a) Reconciliation of equity shares outstanding at the beginning and at the end of the year.31 March 2018 31 March 2017 1April 2016

15,00,00,000 15,00,00,000Equity shares at the beginning of the yearNo. of SharesAdd: Issued during the yearNo. of SharesLess: Buyback during the yearNo. of SharesEquity shares at the end of the yearNo. of Shares

15,00,00,000

15,00,00,000 15,00,00,00015,00,00,000

b) Rights/preferences/ restrictions attached to equity sharesThe Company has only one class of shares, i.e., equity shares having a face value of ~ 10 per share. In the event of liquidation of the Company, equity shareholders will be entitledto receive remaining assets of the Company after distribution of all preferential amounts if any. The distribution will be in proportion to the number of equity shares held by theshareh olders.

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31March 2018c) Details of shareholders holding more than 5% shares in the company

..

Particulars 31 March 2018 31 March 2017 1April 2016Amul Industries Pvt. Ltd. - No. of Shares 73,50,000 73,50,000 73,50,000% holding 49.00 49.00 49.00Shakutanlaben 1.Jagani - No. of Shares 7,49,998 7,49,998 7,49,998% holding 5.00 5.00 5.00Escorts Ltd. - No. of Shares 60,00,000 60,00,000 60,00,000% holding 40.00 40.00 40.00Anmol Infrabuild LLP - No. of Shares 6,00,000 6,00,000 6,00,000% holding 4.00 4.00 4.00Manishkumar Manvar - No. of Shares 3,00,000 3,00,000 3,00,000% holding 2.00 2.00 2.00

d) Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the dateMarch 31, 2017

As on 31 March 2018 As on 31 March 2017Particulars No of shares No of shares

Equity shares allotted as fully paid pursuant to consideration other thancash


14. Other equityStatement of profit and lossAs per last balance sheet

31 March 2018

(12,45,57,685.11)(12,45,57,685.11)

(92,92,784.08)Add: Net profit for the yearLess: Appropriations

Transfer to debenture redemption reserveTransfer to general reserveEquity dividendTax on equity dividendPreference dividendTax on preference dividendAmalgamation reserve and othersInd AS adjustmentsDepreciation adjustmentCapital redemption reserveGain on acount of disposal of interestsLoss on acount of purchase of DE Shaw instrumentTotal appropriations

Net surplus in statement of profit and loss (13,38,50,469.20)

Other reserveGeneral reserveAs per last balance sheet

Add: Transferred from employee's stock options outstanding for lapsed optionsAmount transferred from statement of profit and loss

Capital reserveAs per last balance sheetAmount transferred from statement of profit and loss

31 March 2017

(9,69,10,300.54)(9,69,10,300.54)(2,76,47,384.57)

(12,45,57,685.11)

TreasuryAs per last balance sheetAmount transferred from statement of profit and loss

..

(Amount in ~1April 2016

(6,28,57,407.02)(6,28,57,407.02)(3,40,52,893.52)

(9,69,10,300.54)


Revaluation reserveAs per last balance sheetMovement

Equity instruments through Other Comprehensive IncomeAs per last balance sheetMovement

Re-measurements of defined benefit plansAs per last balance sheet .Movement

Capital redemption reserveAs per last balance sheetAmount transferred from statement of profit and loss

Securities premium accountAs per last balance sheetAdd: Additions on ESOP exercised

Forfeiture of shares

Debenture redemption reserveAs per last balance sheet

Add: Amount transferred from statement of profit and lossLess: Amount transferred to general reserve

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31March 2018Additional Paid-in CapitalAs per last balance sheetAdd: Amount transferred from statement of profit and loss

Foreign currency translation reserveTranslation reserve during the year

Employee's stock options outstandingAs per last balance sheetTransferred to share premium on ESOP exercised

Impact due to options lapsed / forfeited

Total reserves - 2018Total reserves - 2017

(13,38,50,469.20)(12,45,57,685.11)

AUleD ESCORTS .:\GRI EQUIPMENTS PRIVAtE LIMITEDNotes to the Financial Statements for the year ended 31 March 2018

Long- term Long- term31 March 2018 31 March 2017

15. BorrowingsSecuredTerm loansFrom banksFrom other parties

UnsecuredFinance lease obligationOther loans and advancesLiability portion of compound i.rstrurnents

(Amount in ~)Long- term1 April 2016

ADICO ESCC)RTSAGRI EQUIPMENTS PRIVATE LIMITEDNotes to 'the Financial Statements for the year ended 31 March 2018

,-, ". ,

Long-term31March 2018

16. Other financial liabilitiesSecurity deposits Refundable (Form C)Others

3,826.00

3,826.00.,.',.,.

17. Other non-current liabilitiesAdvan ce receivedI;eferred income.Lo<:ig: term Prepaid Income

Long-term

18A. Provisions31March 2018

Pt.ovisron for contingencyI:;:.~vIS~OGfor leave encashmentFrovision for gratuity!-'l:GV1S1Unfor other employee benefits;?-CC',islon for warran t;

9,05,913.00

9,05,913.00

Short-term31March 2018

18B. PrevisionsProvision for gratuity 'STProvision for superannuation STProvision for leave encashment STProvision for warranty expense STProvtsion for eontmge!1cy STPrevision £01 .ax ST'?~uJ!.si(1, for others - ST

51,210.0010,14,000.00

4,43,336.0015,08,546.00

Long-term31 March 2017

3,826.00

3,826.00

Long-term31March 2017

9,22,400.00

9,22,400.00

Short-term31March 2017

88,362.009,05,000.00

14,79,135.0024,72,497.00

.

(Amount in ~)

Long-term1April 2016

3,826.00

3,826.00

Long-term1April 2016

7,27,94500

7,27,945.00

Short-term1April 2016

10,00,000.00

4,25,368.0014,25,368.00


(Amount in ~

31 March 2018 31 March 2017 1 April 2016

19. Short-term borrowingsSecured

UnsecuredShort-term loans from :.

Members 1,40,29,607Inter corporate deposits 31,68,504 2,89,36,656 77,02,748.00

Hundi Discounted1,71,98,111.00 2,89,36,656.00 77,02,748.00

(~ in crares)

20 ..Trade payables

Trade. payables - acce(>tancesTradePayables dues to other than micro and small enterprisesTrade payables - Other accrued liabilitiesOther .current liabilties - Expenses payable

31 March 2018 31 March 2017 1 April 2016

11,81,69,847.00 4,31,03,617.00 2,09,02,475.66

11,81,69,847.00 4,31,03,617.00 2,09,02,475.66

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31 March 201821. Other financial liabilitiesCurrent maturities of long-term borrowingsCurrent maturities of finance lease obligationInterest accrued but not due on borrowingsInterest accrued and due on borrowingsSecurity depositsUnpaid dividends+Payable to related parriesEmployee related payablesRetention moneyMatures/ Unclaimed Fixed Deposits and Interest thereonMargin money payableOther payables

* not due for credit to 'Investor Education and Protection Fund'

22. Other current liabilitiesAdvances receivedStatutory duesDeferred revenueDeferred income

7,50,00,000.009,77,014.00

7,59,77,014.00

2,50,00,000.008,88,815.12

2,58,88,815.12

2,50,00,000.0012,20,742.00

2,62,20,742.00


.

(Amount in ~31 March 2018 31 March 2017

23. Revenue from operationsOperating revenueRevenue from export salesRevenue from domestic sales 37,98,91,438 17,97,75,032

37,98,91,438.45 17,97,75,032.00

Other operating revenueErection and ServicingExport IncentiveScrap Sale 2,05,505.00 2,09,340.00

Others2,05,505.00 2,09,340.00

38,00,96,943.45 17,99,84,372.00

ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITEDNotes to the Financial Statements for the year ended 31 March 201824. Other incomeIncome from current investmentsDividend received*

Interest from:Bank depositsCustomersLoans and depositsIncome-tax refundsDebenturesFinancial asset carried at amortised costOthers - PGVCL

Other incomeProfit on disposal of fixed assetsUnclaimed balances and excess provisions written backGain on foreign currency transactions (net)Mark to market of derivative asset **Gain on fair valuation of financial assetsMiscellaneous InterestRent

Input Tax credit of Excise on stock on 01.07.2017

4,800.00290.00

43,321.00

48,411.00

1,20,000.00

1,20,000.001,68,411.00

32,372.00

32,372.00

1,44,493.001,20,000.00

2,64,493.002,96,865.00


25 (a). Cost of material consumedOpening Stock

Add : Purchases

(Amount in ~31 March 2018 31 March 2017

2,19,30,000.00 2,07,62,199.00

36,73,28,325.86 15,93,82,179.0038,92,58,325.86 18,01,44,378.006,00,82,144.00 2,19,30,000.0032,91,76,181.86 15,82,14,378.00

Less: Closing Stock

25 (b). Purchase of traded goodsPurchase of traded goods

25 (c). Changes in inventories of work- in-progress, stock-in-trade and finished goodsOpening stockFinished goodsWork-in-progressTraded goods

20,00,000.00 18,00,000.00

20,00,000.00 18,00,000.00

1,31,04,800.0020,00,000.00

-1,31,04,800.00 20,00,000.00

(1,11,04,800.00) (2,00,000.00)

1,11,74,337.00 1,53,60,789.00

2,94,690.00 7,99,193.00

53,400.00 1,94,455.004,08,603.00 6,15,427.00

6,66,359.57 5,29,548.001,25,97,389.57 1,74,99,412.00

Closing stockFinished goodsWork-in-progressTraded goods

Total (increase)/ decrease in inventories

26. Employee benefit expenseSalaries, wages and bonusLeave EncashmentGratuityContribution to provident and other fundsAmortisation of deferred employees compensationStaff welfare


31 March 2018

30. Tax expenseCurrent taxShort/ excess provision for income tax earlier yearsMinimum alternate tax credit entitlementDeferred tax 30,66,368.50

30,66,368.50

31. OCI scheduleOther Comprehensive Income(A) Items that will not be reclassified to profit or loss

(i)Re-measurement gains (losses) on defined benefit plansIncome tax effect

(ii)Net Qoss)/gain on FVTOCI equity securitiesIncome tax effect

(B) Items that will be reclassified to profit or loss

(Amount in ~)31March 2017

(52,09,852.76)(52,09,852.76)


"

32. Earnings per equity shareThe Group's Earnings Per Share (EPS') is determined based on the net profit attributable to the shareholders' of the Parent. Basic earnings per share is computed'using the weighted average number of shares outstanding during the year. Diluted earnings per share is computed using the weighted average number of commonand dilutive common equivalent shares outstanding during the year including share options, except where the result would be anti-dilutive.

31 March 2018 31 March 2017

Net profit attributable to equity shareholdersPro fit after tax

Profit attributable to equity holders of the parent adjusted for the effect of dilution!

(92,92,784.08) (2,76,47,384.57)

(92,92,784.08) (2,76,47,384.57)

Nominal value of equity share ~

Weighted-average number of equity shares for basic EPSBasic earnings per share (~

10.001,50,00,000

(0.62)

10.001,50,00,000

(1.84)

Nominal value of equity share ~

Weighted-average number of equity shares adjusted for the effect of dilutionDiluted earnings per share (~


(Amount in ~)

31 March 20181 Security Deposits considered Good

Broadband Security Deposit 2,799.00NSC (VIII Issue) 10,000.00Security Deposit- C02 Gas Cylinder 12,000.00Security Deposit- PGVCL 100KW 2,64,190.00Security Deposit- Gujarat Gas Limited 54,600.00Telephone Deposit BSNL 500.00

3,44,089.00

2 Loan to EmployeesChetanbhai Dilipbhai Pithava 55,000.00Chintankumar Vrajlal Savsani 10,502.00Kaushik Hasmukhbhai Kansara 12,502.00Vinod B. Jotva (377.00d

77,627.00

3 Advances to SuppliersBhurjee Machine Tools 2,50,000.00Deusch Motocomp Pvt. Ltd. 22,848.00

2,72,848.00

4 Balances with Statutory AuthoritiesGST 2,40,96,940.00VAT 2,49,494.52TCS Receivable 3,443.00

2,43,49,877.52

5 Other Assets: Income Accrued and DueInterest Receivable PGVCL 59,647.00Escorts Ltd Rajkot Depot (Rent) 1,96,400.00

2,56,047.00

6 Balances with BankDena Bank Current AIC 55,235.00SBI Current A/C 1,68,66,030.78

:,69,21,265.78

7 Other Provisions- STProvsion for Bonus 3,32,136.00Audit Fee Payable 1,08,00O.OCProfessional Tax Contractor 3,200.00

4,43,336.00

8 Unsecured Short Term Borrowings from MembersShakuntalaben Ishwarbhai Jagani

9 Unsecured Short Term Borrowings Inter Corporate Deposits

Amul Industries Pvt. Ltd.

10 Trade Payables- dues to other than Micro or Small EnterprisesTrade Payables for Expenses and ServicesTrade Payables for ServicesTrade Payables for VendorsTrade Payables on Hold

11 Advances ReceivedAmul Industries Pvt. Ltd.K. Santoki & Sons Marketing LLP

12 Statutory DuesGujarat Labour Welfare Fund - CompanyGujarat Labour \V'elfareFund - EmployeeProfessional Tax - EmployeeProvident Fund PayableIDS Payable

13 Revenue from Domestic Sales

TractorTractor PartsMiscellanous 12.5%Miscellanous 4%Miscellanous 18%

1,40,29,607.001,40,29,607.00

31,68,504.00

31,68,504.00

59,09,620.00(2,82,594.00)

11,20,48,697.004,94,124.00

11,81,69,847.00

2,50,00,000.005,00,00,000.007,50,00,000.00

936.00180.00

4,490.001,05,374.008,66,034.00

9,77,014.00

37,41,66,028.0053,75,312.45

744.003,35,354.0014,000.00

37,98,91,438.45

~ , .

14 Purchase

LOCAL PURCHASEPurchase 12% Registered 2,32,113.00Purchase 18% Registered 12,39,30,852.05Purchase 28% Registered 2,70,36,323.97Purchase Tax Free 47,756.00

Purchase VAT 12.5% 25,75,155.00

Purchase VAT 15% 936.00Purchase VAT 4% 4,65,04,299.00Purchase 28% RCM Unregistered (3,600.00)

20,03,23,835.02

OGS PURCHASEPurchase against C Form 1% 11,36,609.00Purchase against C Form 1.5% 15,39,403.00Purchase against C Form 2% 2,80,99,700.00Purchase without C Form 36,855.00Purchase 12% 4,80,800.80Purchase 18% 10,18,07,224.17Purchase 28% 3,67,95,625.87

16,98,96,217.84

VAT Reduction 2% 87,484.00GST Credit Receivable (29,79,211.00)

Total Purchase 36,73,28,325.86

14 Salary, Wages and BonusWages 17,62,350.00Liasoning & Techincal Services 23,25,972.00Bonus Expense 3,70,240.00Salary Expenses 68,94,085.00Provision for Salary (1,78,310.00)

1,11,74,337.00

15 Staff WelfareStaff Welfare Expense Registered 54,032.57Staff Welfare Expense Unregistered 5,920.00Tea Expense 4,66,549.00Water Expense Unregistered 1,39,210.00Gujarat Welfare Fund 648.00Staff Welfare- Medical and \Vorkshop expenseWater Expense Registered

6,66,359.57

16 HundiInterest on Hundi 47,91,469.00

Provision for Interest on Hundi (24,75,000.00)23,16,469.00

17 JobworkJ obwork Charges Regular 1,24,59,278.53

J obwork Charges ( Contract) 76,35,955.00

Jobwork Charges (Other) 14,27,774.00

J obwork Charges (Other Registered) 27,680.00

J obwork Charges (JID ) 11,200.002,15,61,887.53

18 Tractor Testing ChargeUnregistered Tractor Testing Expense 6,90,000.00Registered Tractor Testing Expense 2,30,296.00

9,20,296.00

19 Other Manufacturing ExpensesUnregistered Material Testing Expense 4,180.00

Unregistered Loading and Unloading Expense 12,218.00

Crane Hiring Charges 65,400.00

Registered Material Testing Expense 8,207.00Registered Loading and Unloading Expense 6,844.00

Factory General Expense 21,00,049.00Electric Misc Expense Registered 1,41,121.00

23,38,019.00

20 WarrantiesMaterial \'\1arranty Expense

Provision for warmty expenses12,14,000.00(3,50,036.00)8,63,964.00

21 Travelling and ConveyanceLocal Conveyancae on Duty- ExemptLocal Conveyancae on Duty- No RCM No ITCLocal Conveyancae on Duty- UnregisteredRegistered Director Travelling Expense

Regis tered Staff Travelling ExpenseRCM Travelling Expense

Hotel ExpensesRailway FareTravelling Expenses- No RCM No ITCStaff Travelling Expenses- No RCM No ITCDhoraji Depo Travelling Expense

71,591.00

60,612.003,794.00

2,01,556.00. 38,686.00

1,69,379.002,792.00

2,81,751.001,84,044.0032,755.00

10,46,960.00

22 Legal and ProfessionalAudit Fee 85,000.00I-CAT Testing Certification Fees 90,000.00ISO Consultancy Certification Fees 66,930.00Unregistered RCM Legal and Professional Fee

Legal Expenses 2,11,265.004,53,195.00

23 Miscellanous ExpensesService Expense 4,48,553.00Guest House Expenses 3,26,142.00Guest & Entertainment Expenses 2,01,540.00Packing Charges 4,771.00Kasar (349.70)Office Expense 55,478.00ROC Fees 1,800.00Security Expense 3,42,300.00Vehicle 2,58,061.00

Gardening Expenses 56,590.00GST on FOC Sales 54,101.00

17,48,986.30

Documents

Independent Auditor'sReport - Escorts Limited · 2018. 9. 11. · Amul Industries Private Limited, and the Company had entered aLease Agreement with the said company for aperiod of