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ISO 9001:2008 Certffied AD 2000-Merkblatt W 9 With Certificate PED/97/23/EC Certified Registration No. with Certificate 01 100106688 Registration No.

01 2021ND/Q-11-D006

To, The Manager, Department of Corporate Service, BSE Limited (Bombay Stock Exchange Limited) 25th Floor, P.J Towers, Dalal Street, Mumbai-400 001

Date:- 08/09/2016

Dear Sir,

ADITYA~ FORGE LTD.~

ON : U27100GJ1992PLC017196

Sub: Submission of Annual Report for the year ended 31st March 2016

Please find attached audited Annual Report for the year ended 31st March 2016.

Kindly acknowledge receipt

Thanking you,

Manufacturers & Suppliers of Forged Flanges & Pipe Fittings www.adityaforge.com

Works : 415, G.I.D.C., Ramangamdi, Por- 391243 Dist. Vadodara, Gujarat, India. Tel : +91-265-2830325 I 2830729, 2830731 Fax: +91-265-2830324

A .. ®

TUV Rheinland ADITYA~ FORGE LTD.~ ISO 9001 :2008 Certified

With Certificate Registration No.

AD 2000-Merkblatt W 0 PED/97/23/EC Certified

with Certificate Registration No. 01 100106688

01 2021ND/Q-11-0006

NOTICE CIN: U27100GJ1992PLC017196

Notice is hereby given that the Twenty Fourth Annual General Meeting of the members of ADITYA FORGE LIMITED will be held on Friday, 30th September 2016, at 10.00 a.m. at 415, GIDC Ramangamdi , Por, NH-8, Vadodara- 391243 to transact the following Business:

ORDINARY BUSINESS:

1. To receive, consider and adopt the audited Financial Statement of the Company including Profit & Loss Account for the year ended 31 '1 March, 2016, Balance Sheet as at that date and the Directors' and Auditors' Reports thereon.

2. To appoint a Director in place of Shri Vishnubhai Indubhai Patel (DIN: 00070985), who retires by rotation and being eligible, offers himself for re-appointment.

3. To appoint Auditors and fix their remuneration and in this regard to consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

"RESOLVED THAT M/s. K.J Shah & Co., Chartered Accountants, (Registration No. 132369W), be and are hereby appointed as Auditors of the Company, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting at such remuneration as may be mutually agreed upon between the Board ofDirectors of the Company."

NOTES:

1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself I herself. Such a proxy need not be a member of the company. A person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent of the total share capital of the company carrying voting rights. A member holding more than ten percent of the total share capital of the company carrying voting rights may appoint a single person only as a proxy and such person shall not act as proxy for other shareholder.

2. The Register of Members and the Share Transfer books of the Company will remain closed from 25th September, 2016 to 28th September, 2016 (both days inclusive) for the purpose of Annual General Meeting for the financial year ended 31st March, 2016.

3. Members desirous of obtaining any information concerning the Accounts and Operations of the Company are requested to address their queries to the Company Secretary at the Registered Office of the Company, so as to reach him at least seven days before the date of Meeting.

4. Members I Proxies attending the Meeting are requested to bring their Attendance Slip, sent herewith, duly filled in and also their copies of the Annual Report.

5. In case of joint holders attending the meeting, the Member whose name appears as the first holder in the order of names as per the Register of Members of the Company will be entitled to vote.

6. The transfer of Unclaimed Dividend to Investor Education & Protection Fund of the Central Government as required in terms of Section 124 of the Companies Act, 2013, during the current Financial Year is not applicable.

www.adityaforge.com Manufacturers & Suppliers of Forged Flanges & Pipe Fittings

Works: 415.' G.I.D.C., Ramangamdi, Por- 391243 Dist. Vadodara, Gujarat, India. Tel . +91-265-2830325 I 2830729, 2830731 Fax: +91-265-2830324

7. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, which sets out details relating to Special Business at the meeting, is annexed hereto.

8. The instrument of Proxy in order to be effective, should be deposited at the Registered Office of the Company, duly completed and signed, not less than 48 hours before the commencement of the meeting. A Proxy form is sent herewith. Proxies submitted on behalf of the companies, societies etc., must be supported by an appropriate Resolution/authority, as applicable.

9. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by every participant in securities market. The Members holding shares in electronic form are, therefore, requested to submit the PAN to their Depository Participants with whom they are maintaining their demat accounts and the Members holding shares in physical form can submit their PAN details to the Company.

10. Details under Clause 49 of the Listing Agreement (amended) with the Stock Exchange in respect of the Directors seeking appointment/re-appointment at the Annual General Meeting, forms integral part of the notice. The Directors have furnished the requisite declarations for their appointment/re-appointment.

11. Electronic copy of the Notice of the 24rd Annual General Meeting of the Company inter alia indicating the process and manner of e-voting along with Attendance Slip and Proxy Form is being sent to all the members whose email IDs are registered with the Company/Depository Participants(s) for communication purposes unless any member has requested for a hard copy of the same. The members who have not registered their email address, so far are required to register their email address for receiving all communication including Annual Report, notices, circular etc, from the Company electronically. The physical copies of the Notice of the 24rd Annual General Meeting of the Company inter alia indicating the process and manner of e-voting along with Attendance Slip and Proxy Form is being sent in the members.

12. Members may also note that the Notice of the 24rd Annual General Meeting and the Annual Report for financial year 2015-2016 will also be available on the Company's website www.adityaforge.com for their download. The physical copies of the aforesaid documents will also be available at the Registered Office of the Company for inspection during normal business hours on working days. Even after registering for e-communication, members are entitled to receive such communication in physical form, upon making a request for the same, by post free of cost. For any communication, the shareholders may also send requests to the Company's investor email id: investor @adityaforge.com.

13. All documents referred to in the Notice will be available for inspection at the registered office ofthe Company during normal business hours on working days excluding Sunday and Public Holiday from 11.00 a.m. to 2.00 p.m. up to the date of AGM.

14. Members are requested to kindly notify changes including email address, if any, in their address to the Company's Registrar & Transfer Agent.

A) The instructions for shareholders voting electronically are as under:

(i) The voting period begins on 27th September, 2016 at 10.00 a.m. and ends on 29th September 2016 at 05.00 p.m. During this period shareholders' of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date of23rd September 2016 may cast their vote electronically. The e-voting moaule shall be disabled by CDSL for voting thereafter.

(ii) The shareholders should log on to thee-voting website www.evotingindia.com.

(iii) Click on Shareholders.

(iv) Now Enter your User ID

a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Members holding shares in Physical Form should enter Folio Number registered with the

Company.

(v) Next enter the Image Verification as displayed and Click on Login.

(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting of any company, then your existing password is to be used.

(vii) If you are a first time user follow the steps given below:

For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

• Members who have not updated their PAN with the Company/Depository

Participant are requested to use the first two letters of their name and the 8 digits of the sequence number in the PAN Field. The Sequence Number is printed on the Postal Ballot/ Attendance Slip.

• In case the sequence number is less than 8 digits enter the applicable number of

O's before the number after the first two characters of the name in CAPITAL letters. Eg. If your name is Ramesh Kumar with sequence number 1 then enter RAOOOOOOO I in the PAN field.

DOB Enter the Date of Birth as recorded in your demat account or in the company records for the said demat account or folio in dd/mm/yyyy format.

Dividend Enter the Dividend Bank Details as recorded in your demat account or in the company Bank records for the said demat account or folio. Details • Please enter the DOB or Dividend Bank Details in order to login. If the details

are not recorded with the depository or company please enter the member id I folio number in the Dividend Bank details field as mentioned in instruction

(iv).

(viii) After entering these details appropriately, click on "SUBMIT" tab.

(ix) Members holding shares in physical form will then directly reach the Company selection screen. However, members holding shares in ~emat form will now reach 'Password Creation' menu

wherein they are required to mandatorily enter their login password in the new password field.

Kindly note that this password is to be also used by the demat holders for voting for resolutions of

any other company on which they are eligible to vote, provided that company opts for e-voting

through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

(x) For Members holding shares in physical form, the details can be used only fore-voting on the resolutions contained in this Notice.

(xi) Click on the EVSN for the relevant <Company Name> on which you choose to vote.

(xii) On the voting page, you will see "RESOLUTION DESCRIPTION" and against the same the

option "YES/NO" for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

(xiii) Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolution details.

(xiv) After selecting the resolution you have decided to vote on, click on "SUBMIT". A confirmation

box will be displayed. If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modifY your vote.

(xv) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modifY your vote.

(xvi) You can also take out print of the voting done by you by clicking on "Click here to print" option on the Voting page.

(xvii) If Demat account holder has forgotten the same password then enter the User ID and the image

verification code and click on Forgot Password & enter the details as prompted by the system.

(xviii) Note for Non- Individual Shareholders and Custodians

• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are

required to log on to www.evotingindia.com and register themselves as Corporates.

• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be

emailed to [email protected].

• After receiving the login details a compliance user should be created using the admin login and

password. The Compliance user would be able to link the account(s) for which they wish to vote

on.

• The list of accounts should be mailed to [email protected] and on approval of the

accounts they would be able to cast their vote.

• A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in

favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.

In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions ("F AQs") and e-voting manual available at www.evotingindia.com, under help section or write an email to [email protected]

Date: 06.09.2016 ard of Directors

Place : Por, Ramangamdi

~@ TUV Rheinland

ISO 9001 :2008 Certified AD 2000-Merkblatt W 0 With Certificate PED/97/23/EC Certified Registration No. with Certificate 01100106688 Registration No.

01 202 IND/Q-11-0006

ADITYA~ FORGE LTD.~

CIN : U271COGJ1992PLC017196

BOARD'S REPORT

We are pleased to present the Twenty Fourth Annual Report of ADITYA FORGE LIMITED together with Audited Financial Statements and Auditor's Report for the financial year ended on 31st March, 2016. The Financial Highlights of the year under review are given below:

1. FINANCIAL RESULTS:

I R n upees Particulars 2015-16 2014-15 Total Income 79,080,853 19,400,113 Total Expenses 84,019,458 41,310,054 Gross Profit/(Loss} Before Depreciation (4,938,605} (21 ,909,941} (Less): Depreciation 10,907,906 24,520,157 Profit/(Loss)Before Taxation (15,846,511) (46,430,098} (Less):Provision for Deferred Tax (3,071 ,337) 86,966 (Less): Tax Adjustments for prior year -

Net Profit/(Loss} After Tax (18,917,848) (46,343,132)

Earnings Per Share Basic (4.39) - (10.76) Diluted (4.39) (10.76)

FINANCIAL PERFORMANCE:

During the year under review your Company has recorded a higher turnover of Rs. 7.90 Crore as against Rs. 1.94 crore in the previous year. The Net Loss (after Tax and Extraordinary iteam) for the financial year ended 31st March, 2016 is Rs. 1.58 Crore as against Net Loss of Rs. 4.64 crore in the previous year.

2. DIVIDEND:

In view of carried forward loses and current loses your director do not recommend any dividend for the financial year under review.

3. SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2016 was Rs. 43,086,000/-. During the year under review the Company has not issued any shares or any convertible instruments.

4. MATERIAL CHANGES:

No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which this financial statement relate on the date of this report. --

Manufacturers & Suppliers of Forged Flanges & Pipe Fittings www.adityaforge.com

Works : 415, G.I.D.C., Ramangamdi, Por- 391243 Dist. Vadodara, Gujarat, India. Tel : +91-265-2830325 I 2830729, 2830731 Fax: +91-265-2830324

5. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure I and is attached to this report.

6. RISK MANAGEMENT

The Company has framed a sound Risk Management Policy to identify and evaluate business risks and opportunities and the same has become integral part of Company's day to day operations. The key business risks identified by the Company are as follows viz. Industry Risk, Management and Operations Risk, Market Risk, Government Policy risk, Liquidity risk, and Systems risk. The Company has in place adequate mitigation plans for the aforesaid risks.

7. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not applicable to the Company for the financial year 2015-16.

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT,2013

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the furnishing above information is not applicable.

9. RELATED PARTY TRANSACTIONS:

Related party transactions that were entered during the financial year were on an arm's length basis and were in the ordinary course of business. There were no materially significant related party transactions with the Company's Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. Transactions with related parties entered by the Company in the normal course of business, particulars of contracts entered during the year as per Form AOC-2 are enclosed.

10. DIRECTORS:

Mr. Vishnubhai Patel who retire by rotation from the Directorship at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

11. MEETINGS:

A calendar of Meetings is prepared and circulated in advance to the Directors. During the financial year 2014-15 the Board met 05 (Five) times on 21.04.15, 27.07.15, 09.09.2015, 16.10.2015, 12.01.2016, and Audit Committee Meetings were convened and held for 05 (Five) times on 21.04.15, 27.07.15,09.09.2015, 16.10.2015, 12.01.2016. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

12. DECLARATION OF INDEPENDENT DIRECTORS:

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

13. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility Statement:-

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

14. ANNUAL RETURN:

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in Annexure and the same is attached to this Report.

15. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company does not have any Subsidiary, Joint venture or Associate Company.

16. DEPOSITS:

The Company has neither accepted nor renewed any deposits during the year under review.

17. AUDITORS:

M/s. KJ Shah and Co, Chartered Accountants, Auditors of the Company retires at the Conclusion of this Annual General Meeting and being eligible offer themselves for reappointment.

18. STATUTORY AUDITORS

The Company's Auditors M/s. KJ Shah and Co, Chartered Accountants, Vadodara who retired at the ensuring Annual General Meeting of the Company is eligible for reappointment. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for reappointment as Auditors of the Company. As required under Clause 49 of the Listing Agreement, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

19. OBSERVATION OF AUDITORS:

There is no qualifications, reservations or adverse remarks made by the either by the Auditors or by the Practicing Company Secretary in their respective reports.

20. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate system of internal control to safeguard and protect from Joss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal auditor of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

21. SHARES:

a. BUY BACK OF SECURITIES The Company has not bought back any of its securities during the year under review.

b. SWEAT EQUITY The Company has not issued any Sweat Equity Shares during the year under review.

c. BONUS SHARES No Bonus Shares were issued during the year under review.

d. EMPLOYEES STOCK OPTION PLAN The Company has not provided any Stock Option Scheme to the employees.

22. CORPORATE GOVERNANCE:

As per Clause 49 of the Listing Agreement with Stock Exchanges, a separate section on corporate governance practices followed by the Company, together with a certificate from the Company's Auditors confirming compliance forms an integral part of this Report.

23. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report is appended as Annexure to this Report.

24. PARTICULARS OF EMPLOYEES:

The Company did not have any employee who draw monthly remuneration more than Rs.8, 50,000/- and Yearly remuneration more than Rs. 1,20,00,000 as per Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

25. COST AUDIT:

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014 dated 31/12/2014 prescribed by the Central Government under section 148 (1)(d) of the Companies Act, 2013 is not applicable to the Company.

26. HUMAN RESOURCES:

During the period under review, the personal and industrial relations with the employees remained cordial in all respects. The management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The Company recognizes talent and has judiciously followed the principle of rewarding performance.

ACKNOWLEDGEMENTS:

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confid ce eposed on your Company.

Place: Vadodara Date: 15.05.2016

Annexure-! to the Director's Report 2014-15

Particulars under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 for the year ended 31st March, 2015

I. Conservation of Energy:

a) Energy conservation measures taken: b) Additional Investments and proposals, if any, being implemented for reduction of

consumption of energy: c) Impact of the measures at (a) and (b) above for reduction of energy consumption and

consequent impact on the cost of production of goods: d) Total energy consumption and energy consumption per unit of production as per Form A

of the Annexure in respect of Industries specified in the schedule thereto:

ANNEXURE FORMA

Form for disclosure of particulars with respect of conservation of energy

(A) Power and Fuel Consumption: 2015-16

1. Electricity: );> Purchased:

Units (HT Line) 677659 Total Amount (Rs.) 5379684

RateRs. /Unit 7.94

);> Own Generation: I. Through Diesel Generation N.A.

Unit Qunt. Purchased (Ltrs.) Amount (RS.) Unit per ltr. Of Diesel Oil Cost/unit

II. Through steam turbine N.A. /Generator Units Units per Litre. Of Fuel Oil/Gas Cost/Unit

2. Coal (specify quality and where used): N.A. (Agro Waste for Boiler) Quantity (Tones) Total Cost [Rs.] Average Rate [Rs./MT]

3. Furnace Oil: N.A. Quantity (K Ltrs.) Total Amount Average Rate

4. Others/internal generation (please ghte details) N.A. Quantity Total Cost Rate/Unit

2014-15

691230 5155571

7.46

N.A.

N.A.

N.A.

N.A.

N.A.

(B) Consumption per unit of production: N.A

Products (With detailed) Unit Electricity Furnace Oil Coal (Specific Quality) Others (specify)

Notes:

Standard (If any) Current Year Previous Year

1. Please give separate details for different products/items produced by the company and covered under these rules.

2. Please give reasons for variation in the consumption of power and fuel from standards of previous year.

3. In case of production of different varieties/specifications consumption details may be given for equivalent production. FORMB

Form for disclosure of particulars with respect to absorption.

Research & Development (R&D): 1. Specific areas in which R&D carried out by the Company: 2. Benefits derived as a result of the above R&D: 3. Future Plan of Action: 4. Expenditure on R&D:

a) Capital b) Recurring c) Total d) Total R&D expenditure as a Percentage of total turnover.

II. Technology absorption, adaptation and innovation: N.A. 1. Efforts, in brief, made towards technology absorption, adaptation and innovation: 2. Benefits derived as a result of the above efforts e.g. products improvement, cost

reduction, product development, import substitution, etc.: 3. In case of imported technology(imported during the last 5 years from the beginning of

the financial year),following information may be furnished: a) Technology imported. b) Year of import c) Has technology been fully absorbed?

d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plan of action.

Ill. FOREIGN EXCHANGE EARNINGS & OUTGO: a) Foreign Exchange Earned N.A. b) Foreign Exchange Used N.A.

Place: Vadodara Date: .15.05.2016

L .

Kamlesh Shah B.Com.,F.C.A.

Independent Auditors' Report

To The Members of, Aditya Forge Limited

on

(CAJ K. J. Shah & Co. Chartered Accountants

We have audited the accompanying financial statements of Aditya Forge Limited ("the company"), which comprises of Balance Sheet as at March 31, 2016, the statement of Profit and Loss for the period ending March 31, 2016, the Cash Flow Statement for the year then ended March 31, 2016 and a summary of significant accounting policies and other explanatory information.

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 of these financial statements that give true & fair view of the financial position, financial performance and cash flows 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 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 effective 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.

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision of the Act, the accounting and auditing standards and matter which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

• 1st Floor, Sats ppartment, Kothi- Salatwada Road, Vadodara-390 001. Ph : 0265-2429411, 2439931 [email protected] • 301, Akshar Appartment, Opp. Rosary School, Pratapgunj, Vadodara-390 002. Office Email : [email protected]

We conducted our audit in accordance with the standards on auditing specified under section 143(10) of the Act. Those standards required 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and 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 fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statement that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on 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 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 the accounting principles generally accepted in India.

Report on other Legal and Regulatory Requirement

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 1 a statement on the matters specified in paragraphs 3 and 4 of the order.

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

a) We 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 Balance Sheet, the Profit and Loss Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of the written representations received from the directors as on March 31, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial control over financial reporting of the Company and operating effectiveness of such controls, refer to our separate Report in "Annexure-2."

g) With respect to the 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 did not have any long-term contracts including derivative contracts for which there were any material foresseable losses.

iii. There has been no delay in transferring amounts, required to be transferred to the investor Education and protection Fund by the Company.

Place: Vadodara Date: 15th May 20 16

For, K J Shah & Co., Chartered Accountants F~ No. 132369W

Kamlesh J Shah (Proprietor) Membership No.42390

~-------~----------~-------------

CARO 2016 Report on the financial statement of ADITYA FORGE LIMITED for the year ended March 31, 2016.

To the Member of Aditya Forge Limited

On the basis of records produced to us for our verification/ examination as we considered appropriate and in terms of information and explanations given to us for our enquiries, we state that;

i. In respect of its ilxed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets on the basis of available information. It is kept for updation at works as the records were reported damaged.

b) All the fixed assets have not been physically verified by the management during the year but there is regular program of verification, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. As informed to us, no material discrepancies were noticed on such physical verification.

c) According to the information and explanations given by the management the title deeds of immovable properties included in fixed assets are held in the name of the Company.

ii. In respect of its inventories:

a) The inventories have been physically verified during the year by the management. According to the information and explanations given by the management looking to the size of the articles & weight it is difficult to conduct physical verification frequently. In our opinion the verification needs to improve. According to the information and explanations given by the management the no material discrepancies were noticed on such physical verification.

iii. In respect of the loans, secured or unsecured, granted by the company to companies, firms or other parties ..

a) The Company has not granted loan to firms and other parties during the current financial year under section 189 of the Co. Act 2013

b) The Company has not given any loan under the section 189 of companies act, 2013. Hence no reporting is required.

iv. In respect Loans, Investments,--Guarantees and Securities.

In our opinion and according to the information and explanations given to us, provisions of section 185 and 186 of the Act in respect of loans to directors including entities in which they are interested and in respect of loans and advances given, investments made and guarantee and securities given have been complied with by the Company.

v. In respect of deposits from public

The Company has not accepted any deposits from the public. Therefore in our opinion , the clause (v) of the order are not applicable to the Company. According to the information and explanation given to us, in respect of deposits accepted earlier under relevant provisions of the erstwhile Companies Act, 1956 and the rules framed thereunder, there are no unclaimed deposits or litigations pending thereon ..

vi. In respect of maintenance of cost records

We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by Central Government for the maintenance of Cost records under section 148(1) of the Act, related to manufacture of Forged products, and are of Opinion the prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

vii. In respect of statutory dues:

Sr. No.

1

a) According to the records of the Company, undisputed statutory dues including Employees' State Insurance, Sales Tax, Income Tax, , Duty of Customs, Duty of Excise, Value Added Tax, Local body Tax,Cess and other material statutory dues have been generally deposited with appropriate authorities, though there has been regular delay in depositing the same with appropriate authority

b) According to the information and explanations given to us, undisputed dues in respect of Employees' State Insurance, Sales Tax, Income Tax, Duty of Customs, Duty of Excise, Value Added Tax, Local body Tax,Cess and other material statutory dues outstanding at the year end for a period of more than six months on account of any dispute were are as follow.

Name of Nature of Amount Period to Forum where dispute the Statue the Due which the is pending

amount relates

Income Tax & 2,79,130/- F.Y 2009- Income Tax Appellate Tax Interest 10 Tribunal Ahmadabad

Benches -

2 Income Tax & 77,51,550 I- F.Y 2010- Income Tax Appellate Tax Interest 11 Tribunal Ahmadabad

Benches.

3 Income Tax & 17,50,510/- F.Y 2011- CIT(A) Baroda Tax Interest 12

viii. In respect of dues to financial institution /banks/debentures.

The company is not making payments to the Madhavpura Mercantile Co-op Bank Limited(MMCB). The bank has filed a case against the company in the Court of Board of Nominees. The company has provided for Interest of Rs.1, 92, 11, 140 to arrive at the figure for which case is filed by the Bank with the Court of Board of Nominees as per the Notice No. MMCB/HO/ 44/229/2011-12 dated 4th January, 2012 issued to the company by MMCB. Interest from the date of decree on the outstanding amount of the suit is yet to be charged to the Profit and loss account. The Company had shown their willingness to settle the account as per OTS offered to them by the Bank (MMCB) The request of Company is pending.

ix. In respect of application of Term Loans

In our opinion and according to the information and as per the books and records examined by us the Company has not raised Term Loan during the year. The Term Loan outstanding at the beginning of the year has been applied for the purpose for which they were raised.

x. In respect of Fraud.

Based upon the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanation given by the management to us, we report that no fraud by the Company or no fraud on the Company by the officers and employees of the Company has been noticed or reported during the year ..

xi. In respect of Managerial Remuneration.

According to the information and explanations given to us by the management, the managerial remuneration has been paid/provided in accordance with the requisite approval mandated by the provisions of section 197 of the Act read with schedule V to the Act ..

xii. In respect of Nidhi Companies

In our opinion the Company is not a Nidhi Company. Therefore the provision of clause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

xiii. In respect of Related Parties Transactions

According to the· information and explanation given to us by the management transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable. The relevant details, if any, have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

xiv. In respect of Preferential allotment/ Private placement

According to the information and explanation given to us by the management and on overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly paid convertible debentures during the year under review and hence reporting requirements under clause 3(xiv) are not applicable to the Company and not commented upon.

xv. In respect of Non-Cash Transactions with Directors

According to the information and explanation given to us by the management the Company has not entered into any non-cash transactions with the directors or persons connected with them as referred to in section 192 of the Act.

xvi. In respect of Registration with RBI

According to the information and explanation given to us by the management the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company and hence not commented upon.

Place: Vadodara Date: 15thMay, 2016

Annexure-2 Report on the Internal Financial Control 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 "Aditya Forge Limited" as of March 31,2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

The company's management is responsible for establishing and maintaining internal financial controls based on the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the institute of Chartered Accountants of India (ICAI). 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 timely preparation of reliable financial information, as required under the Companies Act,20 13.

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 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 if such controls operated effectively in all material 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 co 1 based on the assessed risk. The procedures selected depend on

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the auditor's judgment, 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 are sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

over

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 purpose in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that;

I. Pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

II. 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

III. 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.

over Financial

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 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.

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 March 31, 2016, based on;

1. Existing policies and procedures adopted by the Company for ensuring orderly and efficient conduct of business.

u. Continuous adherence to Company's policies. m. Existing procedures in relation to safeguarding of Company's fixed

assets, inventories, receivables, loans and advances made and cash and bank balances.

1v. Existing system to prevent and detect fraud and errors. v. Accuracy and completeness of Company's accounting records; and

v1. Existing capacity to prepare timely and reliable financial information.

Place: Vadodara Date: 15th May 2016

For, K J Shah & Co., Chartered Accountants Finn~No. 132369W

Kamlesh J Shah (Proprietor) Membership No.42390

Particulars

A EQUITY AND LIABILITIES

1 Shareholders' funds (a) Share capital (b) Reserves and surplus (c) Money received against share warrants

2 Share application money pending allotment

3 Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions

4 Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities

.(d) Short-term provisions

TOTAL

8 ASSETS

1 Non-current assets (a) Fixed assets

(i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (iv) Intangible assets under development (v) Fixed assets held for sale

(b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets

2 Current assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets

C CONTINGENT LIABILITIES

See accompanymg notes formmg part of the financial statements

TOTAL

Note As at 31 March 2016 As at 31 March, 2015 No. ~

3 43,086,000 4 (113,496,711)

-

5 83,345,476 23.1 1,144,973

--

6 402,323 7 18,801,664 8 42,249,810 9 2 755,383

10 45,950,732 -

10 ---

45,950,732 -

23.1 --

11 1,631,600 12 10,457,237 13 3,175,277 14 457,491 15 13,262,756 15a 3,353 826

16

Place : Vadodara Date: 15/05/2016

~ ~ ~

43,086,000 (94,578,863)

-(70,410,711) (51 ,492,863)

- -

83,345,476 ---

84,490,449 83,345,476

3,210,377 21,082,819 24,064,412 1,906 567

64,209,180 50,264,175

78 288 918 82116 788

56,534,594 ----

56,534,594 -

1,926,364

--

45,950,732 58,460,958

1,631,600 2,850,755 5,464,299 1,444,036 8,905,207 3 359 933

32,338,187 23,655,830

78 288 919 82116 788

13,112,264 13,112,264

Fva, 1"\ullyu rorge limited c9~·MMv~

Director Director I Authorised Signatory

Particulars

1 Revenue from operations (net)

2 Other income

3 Total revenue (1+2)

4 Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense (e) Finance costs (t) Depreciation and amortisation expense (g) Other expenses

5 Total expenses

6 Profit before exceptional and extraordinary items and tax (3-5)

7 Exceptional Items 8 Profit before Extraordicary Items and Tax (6-7) 9 Extraordinary Items 10 Profit I (Loss) before tax (8±9)

11 Tax expense: (a) Current tax expense for current year (b) (Less): MAT credit (where applicable)

12

13

(c) (Less ):Current tax expense relating to prior years (d) Net current tax expense (e) Add:Deferred tax

Profit I (Loss) for the year (10 ± 11)

Earnings per share (of· 101- each): (a) Basic (b) Diluted

See accompanymg notes formmg part of the financml statements

In accordance of our report of even date. For, K. J. Shah & Co. Chartered Accountants Firm \:W369W

Kamlesh J. Shah Proprietor Membership No.: 042390 Place: Vadodara Date:

31 March, 2016

Note As at 31st March, 2016 As at 31st March, 2015

No. . . . .

17 78,721,823 19,013,615

18 359,030 386,498

79,080,853 19,400,113

19.a 70,976,566 14,888,698 - -

19.b (7,606,482) 9,634,134

20 10,418,322 5,988,648 21 50,289 755,873 10 10,907,906 24,520,157 22 10,180,763 10,042,701

94,927,364 65,830,211

(15,846,511) (46,430,098)

- -(15,846,511) ( 46,430,098)

- -(15,846,511) ( 46,430,098)

- -- -- -- -

-3,071,337 86,966 - -

(18,917 848) (46 343 132)

22.2.a (4.39) (10.76)

22.2.b (4.39) (10.76)

For and on behalf of the o .. fJd of irectors Aditya Forge Limited

\ c)-·

~L Dv~ ~;::. ,..~,.... t tlll'~miseeb1jg!Ntory Director

Place : Vadodara Date:

· Aditya Forge Limited Notes forming part of the Financial Statements

Particulars As at 31 March, 2016 As at 31 March, 2015 No. of shares No. of shares

Note 3 Share capital :

(a} Authorised Equity shares of · 1 0 each with voting rights 6,000,000 60,000,000 6,000,000 60,000,000

(b) Issued, Subscribed & Fully paid up

Equity shares of· 1 0 each with voting rights 4,308,600 43,086,000 4,308,600 43,086,000

Refer Notes as below;

(i} Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

At the beginning of the reporting period 4,308,600 43,086,000 4,308,600 43,086,000 Issued during the reporting period Bought back during the reporting period At the close of the reporting period 4,308,600 43,086,000 4,308,600 43,086,000

Total 43,086,000 43,086,000

(ii) Particulars of equity share holders holding more than 5% of the total number of equity share capital: (a) Nitin Parekh 1,120,400 11,204,000 1,082,800 10,828,000

. Aditya Forge Limited Notes forming part of the Financial Statements

Particulars

Note 4 Reserves and surplus :

(a) Surplus I (Deficit) in Statement of Profit and Loss

Opening balance Add: Profit I (Loss) for the year

Amounts allocated I transferred from I to:

Closing balance

Note 5 Long-term borrowings :

(a) Term loans From banks Secured

Unsecured

From other parties Secured Unsecured

As at 31 March, 2016

(94,578,863) (18,917,848)

(113,496,711)

83,345,476

83,345,476

Total ======8=3=,3=4=5,!:::::4::::76== Refer Notes:


(48,235,731) (46,343,132)

(94,578,863)

83,345,476

83,345,476

83,345,476

(i) Details of terms of repayment for the other long-term borrowings and security provided in respect of the secured other long-term borrowings:

Particulars

Term loans from banks: Madhavpura Mercantile Co-op Bank Ltd (Equipment Finance)*

Madhavpura Mercantile Co-op Bank Ltd(Term Loan)*

Madhavpura Mercantile Co-op Bank Ltd (CC)*

Terms of repayment

As per Original Sanction :Monthly

Repayment

As per Original Sanction :Monthly

Repayment

* As per note below

Security Provided

Secured against Hypothecation of Plant

and Machinery

Secured against Hypothecation of Plant

and Machinery

First exclusive charge on the entire Current Assets for the Company

*Since, March 2001the bank is not functioning and the proporsal of OTS is under discussion. Hence, in the uncertain circumstances the amount is trated as long term liability irrespective whether it is Equipment loan or Cash Credit. MMCBL has proposed a scheme of OTS. In response to the same payment of Rs. 32,50,0001-has been made towards the OTS Scheme as 5% of OTS amount.

(ii) Details of long-term borrowings guaranteed by some of the directors or others:

As at31 March, 2016

Secured

20,960,255

31,929,316

30,455,905

83,345,476


Secured

20,960,255

31,929,316

30,455,905

83,345,476

Aditya Forge Limited Notes forming part of the Financial Statements

Particulars As at 31 March, As at 31 March, 2016 2015

Note 6 Short-term borrowings :

(a) Loans and advances from related parties

Secured Unsecured (from Directors) 402,323 3,210,377

(b) From bank Secured Unsecured

Total 402,323 3,210,377

Refer Notes (i) & (ii)

Note 7 Trade payables :

Trade payables: Acceptances 18,801,664 21,082,819 Other than Acceptances

Total 181801 1664 21!082!819

Note 8 Other current liabilities :

(a) Other payables (i) Statutory remittances (Contributions to 6,958,806 7,862,651 PF & ESIC, Withholding Taxes, Excise Duty, VAT, Service Tax, TDS etc.)

(ii) Advances from Customers 35,265,677 16,176,632 (iii) Other Current Liabilites 25327 25,129

Total 4212491810 241064z412

Note 9 Short-term provisions

(a) Provision for employee benefits: (i) Provision for Salary & Wages 631931 387,915

631,931 387,915 (b) Provision- Others:

(i) Provision for Current tax (ii) Provision for expenses (iii)Director remuneration 1,987,103 1,262,303 (iv) Auditor remuneration 136,349 256,349

2,123,452 1,518,652

Total 2z7551383 119061567


Note 6 Short Term Borrowings: Cont ... (i) Details of security for the secured short-term borrowings:

Particulars Nature of security

(i) Loans and advances from related parties:

Nitin Rasiklal Parekh Rekhaben Parekh Nitin Rasiklal Parekh (HUF) Sangita Adhvaryu

Total- Loans and advances from related parties

Unsecured Unsecured Unsecured Unsecured


-161,417

50,000 513,740

402,323

(ii) Details of short-term borrowings guaranteed by some of the directors or others:

a. Loans repayable on demand from banks


2,646,637

50,000 513,740

3,210,377

The Loan mentioned at Notes 6 (i) is Unsecured and having no back up guarante. The Details of the same are as per above notes (i).

---- ~ --~~- ~---~- -

Aditya Forge Limited Notes forming part of the Financial Statements Note 10:

A. Schedule of Tangible Assets :

Particulars As at

114/2015

(i) Tangible Assets :

Land 3,090,144

Building 28,505,127

Furniture & Fixture 1,841,609

Electrical Installation 7,434,188

Office Equipments 2,108,819

Computer & Software* 1,640,328

Vehicles 1,417,138

Dies & Jigs 32,066,722

Lab & Quality Control Equipment 1,339,127

Plant & Machinary 74,483,620

Total 153,926,822

Previous Year 175,760,829

Gross Block

Additions Ded. I Adj. ' '

- -- -- -- -- -- -- -- -- -

330,375 255,972

330,375 255,972

1,858,557 23,692,564

b.Depreciation and amortisation relating to continuing operations: Particulars

Depreciation and amortisation for the year on tangible assets as per Note 12 A

Less: Utilised from revaluation reserve

Depreciation and amortisation relating to continuing operations

As at

31103/2016

3,090,144

28,505,127

1,841,609

7,434,188

2,108,819

1,640,328

1,417,138

32,066,722

1,339,127

74,558,023

154,001,225

153,926,822

For the year ended

31 March, 2016

10,907,906

10,907,906

As at

114/2015

-16,236,046

1,200,981

6,361,756

1,699,048

1,633,273

1,199,727

15,380,695

547,923

53,132,778

97,392,227

72,872,071

For the year ended

31 March, 2015

24,520,157

24,520,157

Depreciation Net Block

Additons Deduction As at 31103/2016 31103/2015 ' ' 31103/2016 ' '

- - - 3,090,144 3,090,144

1,299,514 - 17,535,560 10,969,567 12,269,081

245,828 - 1,446,809 394,800 640,628

246,494 - 6,608,250 825,938 1,072,432

291,863 - 1,990,911 117,908 409,771

2,955 - 1,636,228 4,100 7,055

33,937 - 1,233,664 183,474 217,411

4,102,021 - 19,482,716 12,584,006 16,686,027

114,554 - 662,477 676,650 791,204

4,570,740 249,640 57,453,878 17,104,145 21,350,842

' 10,907,906 249,640 108,050,493 45,950,732 56,534,595

31,424,803 6,904,646 97,392,228 56,534,594


Particulars

Note 11 Current Investments (a) Madhavpura Mercantile Co-op Bank Ltd.

(16,250 shares@ Rs.100 each) (b) Baroda City Co-op Bani Ltd

(660 shares @ Rs.1 0 each) Total

Note 12 Inventories : (As certified by the Management) (Valued at cost)

(a) Finished Goods (b) Scrap (c) Consumables (d) Raw Material (e) Work In Progress

Total

Note 13 Trade Receivables :

(i) Trade receivables outstanding for a period exceeding six months from the date they were due for payment :

Secured, considered good Unsecured, considered good Doubtful

Less: Provision for doubtful trade receivables

(ii) Other Trade receivables : Secured, considered good Unsecured, considered good Doubtful

Less: Provision for doubtful trade receivables

Total Note: (i) Trade receivables include debts due from: Directors Other officers of the Company Firms in which any director is a partner Private companies in which any director is a director or member:

Note 14 Cash and cash equivalents :

(a) Cash on hand (b) Balances with banks

(i) In current accounts Total


1,625,000

6,600

1 631 600

10,457,237

10,457,237

1,431,306

1,431,306

1,431,306

1,743,971

1,743,971

1,743,971

3!175!277

N.A. N.A. N.A. N.A.

626,767

-169,276 457!491


1,625,000

6,600

1 631 600

2,850,755

2,850,755

1,826,628

1,826,628

1,826,628

3,637,671

3,637,671

3,637,671

5!464!299

N.A. N.A. N.A. N.A.

1 '161 ,283

282,753 1!444!036


Particulars

Note 15 Short-term loans and advances :

(a) Security deposits Unsecured, considered good Doubtful

Less: Provision for doubtful deposits

{b) Advances to Suppliers Unsecured, considered good Doubtful

Less: Provision for doubtful loans and advances

(c) Balances with government authorities Unsecured, considered good

(i) CENVAT Receivable (ii) VAT Receivable (iii) Service Tax Credit Receivable (iv) MAT Deposit Receivable (v) TDS Receivable

(vi) Income Tax Refund

(d) Prepaid expenses Advance Expenses Paid

(e) Other advances Secured, considered good Unsecured, considered good Doubtful

Less: Provision for other doubtful loans and advances


1,500,967

1,500,967

1,500,967

7,211,132

7,211,132

7,211,132

570,150

540,617 742,769

2,043,100

130,457

4,027,093

41,964 41,964

481,600

481,600

481,600

1312621756 Total======~~!:::::::::= Note: (i) Short-term loans and advances include amounts due from: Directors Other officers of the Company Firms in which any director is a partner Private companies in which any director is a director or member

15a Other current Assets (a) The company has opted for OTS scheme of MMCBL. The company paid @ 5% of OTS amount

(b) Interest receivable

N.A N.A N.A N.A

3,250,000

103,826

Total ====3=,3=5=3,=8=26=


1,500,967

1,500,967

1,500,967

3,358,010

3,358,010

3,358,010

332,411

491,745 742,769

1,832,580

130,457

3,529,962

34,669 34,669

481,600

481,600

481,600

819051208

N.A N.A N.A N.A

3,250,000

109,933 3,359,933


Particulars

Note 16 Contingent Liabilities :

(b) Income tax demand outstanding for the Financial Year 2010-11, for which the company has filed an appeal.

(b) Income tax demand outstanding for the Financial Year 2011-12, for which the company has filed an appeal.


7,751,550.00

1,750,510.00

Total ===9~,5~0~2~,0~60~


7,751,550

1,750,510

9,502,060


Particulars

Note 17 Revenue from operations :

(a) Sale of products@ (Refer Note (i) below) (b) Sale of services @ (Refer Note (ii) below) (C) Others @ (Refer Note (iii) below)

For the year ended 31 March, 2016

67,728,692 9,971,338 1,021,793

Total 78,721,823 ==:::::::..=:==========

Notes: (i) Sale of products comprises :

(As per Note 21 Additional Information to Financial Statements) (ii) Sale of Services comprises :

(a) Jobwork Income (iii) Other Income from Operation

Note 18 Other income :

(a) Interest income (Refer Note (i) below)

(b) Other non-operating income (net of expenses directly attributable to such income) (Refer Note (ii) below)

Total Notes: (i) Interest income comprises:

Other interest Total

(ii) Profit on sale of assets

Total

9,971,338 1,021,793

115,362

243,668

359z030

115,362 115,362

243,668

243,668

For the year ended 31 March, 2015

1,531,167 16,705,312

777,136 19,013,615

16,705,312 777,136

122,148

264,350

386z498

122,148 122,148

264,350

264,350


Particulars

Note 19.a Cost of materials consumed :

Opening stock Add: Purchases

Less: Closing stock

For the year ended

31 March. 2016

70,976,566 70,976,566

Cost of material consumed 70,976,566 ==::::::::!:::===!::::::::::=

Material consumed comprises:(Under Broad Head) : (As per Note 21 Additional information to Financial Statements)

For the year ended

31 March. 2015

14,888,698 14,888,698

14,888,698

Note 19.b Changes in inventories offinished goods, work-in-progress and stock-in-trade:

Inventories at the end of the year: Finished goods Scarp Consumables Work in progress

Inventories at the beginning of the year: Finished goods Scrap Consumables Raw Marerials Work in progress

10,457,237

10,457,237

2,850,755

2,850,755

Net (increase) I decrease===·=7!:::,6=0=6=,4=8=2

Note 20 Employee benefits expense :

Salaries,wages & Bonus Contributions to provident and other funds Staff welfare expenses Total

Note 21 Finance Cost :

(a) Interest expense on: (i) Borrowings MMCB (ii) Others

-Interest on CENVAT -Interest on VAT - Interest on Raw Material Supplier -Interest on Service Tax - Interest on TDS

10352133 63858

2331 10,418,322

4,613

- Others 12,988 (b) Other borrowing (Bank Charges & Commission) costs 32,688

Total ====5=0:::!:,2=8=9=

2,850,755

2,850,755

12,484,889

12,484,889

9,634,134

5,844,468 65,412 78,768

5,988,648

623,131 79,905

2,480

50,357 755,873


Particulars

Note 22 Other expenses :

Adminisrative Exps. Selling & Distribution Exps. Manufacturing & Others Directors Remuneration Electricity Charges Rates & Taxes Misc.Exps Professional Tax Prior Period Expense Service Tax Loss on Sale of Assets

For the year ended 31st March, 2016

2,806,428 44,671

768,774 1,020,000 5,387,077

153,813

For the year ended 31st March, 2015

2,118,459 39,705

853,326 1,080,000 5,164,846

730,330 43,871

9,078 3,086

Total ======10:!:::, 1::8:::;0,~:::::76=3= ====1 0=,0=4=2:!::::,7::::01=


Note Particulars

Note 23 Disclosures under Accounting Standards :

23.1 Deferred tax (liability) I asset :

Tax effect of items constituting deferred tax liability: On difference between book balance and tax balance of fixed assets Tax effect of items constituting deferred tax liability

Tax effect of items constituting deferred tax assets: On difference between book balance and tax balance of fixed assets Tax effect of items constituting deferred tax assets

Net deferred tax (liability) I asset


1,926,364

9,939,603 3,071,337

-1,144,973


1,839,398

281,443 86,966

1,926,364

The Company has recognised deferred tax asset on depreciation to the extent of the difference between the book balance and the written down value of fixed assets under Income Tax.

23.2 Earnings per share :

23.2.a Basic

Net profit I (loss) for the year Less: Preference dividend and tax thereon Net profit I (loss) for the year attributable to the equity shareholders Weighted average number of equity shares Par value per share Earnings per share - Basic

23.2.b Diluted

(18,917,848) (46,343,132)

(18,917,848) (46,343, 132)

4,308,600 4,308,600 10 10

{4.39} {10.76}

The diluted earnings per share has been computed by dividing the Net Profit After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti-dilutive, it has been

Net profit I (loss) for the year Less: Preference dividend and tax thereon Net profit I (loss) for the year attributable to the equity shareholders Add: Interest exp. and exchange fluctuation on convertible bonds (net) Profit I (loss) attributable to equity shareholders (on dilution)

Weighted average number of equity shares for Basic EPS Add: Effect of warrants, ESOPs & Convertible bonds which are dilutive Weighted average number of equity shares- for diluted EPS

Par value per share Earnings per share - Diluted

(18,917,848) ( 46,343, 132)

(18,917,848) (46,343, 132)

(18,917,848) (46,343, 132)

4,308,600 4,308,600

4,308,600 4,308,600

10 10 {4.39) {10.76}

,----

Aditya Forge Limited Cash Flow Statement prepared persuant to clause 32 of listing agreement

for the year ended as on 31st March, 2016

Particulars

A) Cash Flow from Operating Activities:

Profit I (Loss) for the year before Tax

Atijustments for;

Add: Net Increase and Decrease in Accumulated Depreciation

Interest Paid (Net)

Miscellaneous Expd. W -off ( Incl Defferred Revenue Expd.)

Less: Tax Adjustments For Prior Year/FBT/DTL

Operating Profit/(Loss) Before Working Capital Changes

Atijustments for;

Add: Decrease in Sundry Debtors

Add: Increase in Current Liabilites

Add : Decrease in Loans and Advances

Add: Decrease in Inventory

Less : Decrease in Current Liabilites

Less : Increase in Loans and Advances

Less : Increase in Inventory

Less : Increase in Sundry Debtors

Cash Generated from Operations.

Less : Interest Paid

Cash flow before extraordinary item

Net Cash Generated from (used) in Operating Activities (A)

B) Cash Flow from Investing Activities:

Less : Purchase or Investment in Fixed Assets (Net)

Add: Reduction in Advance against Capital Goods

Less : Increase in Advance against Capital Goods

C) Cash Flow from Financial Activities:

Add: Proceeds from Long term borrowings

Less : Repayment oflong term borrowings

Net cash used in investing activities (B)

2015-16

0

(15,846,511)

10,907,906

50,289

(4,888,316)

2,289,022

16,753,059

4,351,441

7,606,482

7,084,158

50,289

2,145,554

2,145,554 ========== 324,048

(324,048) ========

Less: Repayment of Short term borrowings 2,808,054

Net Cash Generated (Used) in Financing Activities (C) ===(=2=,8=0=8=,0=5=4=)

Net Increase /(Decrease) in Cash and Cash Equivalents (A+B+C)

Cash and Cash Equivalensts at the Beginning of the Period

Cash and Cash Equivalents at the End of the Period

* Note: Last year comparative figure are derived from the last years Audited Cash Flow Statemer

AUDITOR'S CERTIFICATE

(986,548)

1,444,039

457,491

2014-15

()

( 46,430,098)

24,520,157

755,873

(21,154,068)

(7,860,971)

3,685,546

(9,634,134)

(2,905,698)

993,315

755,873

(20,916,626)

(20,916,626)

(21,834,007)

21,834,007

(468,908)

468,908

1,386,289

57,750

1,444,039

The above Cash Flow Statement has been compiled from and is based on the audited accounts of ADITYA FORGE LIMITED for the

year ended 31st March 2014. According to the informations and explanations given the aforesaid Cash Flow Statement has been prepared pursuant to Clause 32 of the Listing Agreements with the Stock Exchanges and the reallocations required for the purpose are as made by the Company.

Place: Vadodara

Date:

For, K. 1. Shah & Co.

Chartered Accountants

~o132369VV

Kamlesh J. Shah

Proprietor

Membership No.: 042390

aditya~ with certificate ped/97/23/ec certified forge ltd ...€¦ · tuv rheinland aditya~ iso...

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